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Financial Sector Development, Openness, and Entrepreneurship: Panel Regression Analysis

Yilmaz Bayar (), Marius Dan Gavriletea () and Zeki Ucar ()
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Yilmaz Bayar: Faculty of Economics and Administrative Sciences, Usak University, Usak 64100, Turkey
Marius Dan Gavriletea: Faculty of Business, Department of Business, Babeş-Bolyai University, Cluj-Napoca 400084, Romania
Zeki Ucar: Faculty of Economics and Administrative Sciences, Bitlis Eren University, Bitlis 13100, Turkey

Sustainability, 2018, vol. 10, issue 10, 1-11

Abstract: Entrepreneurship plays a major role in all countries’ economies through generating new jobs and innovation, and in turn making a contribution to the economic growth. Therefore, the determinants underlying entrepreneurship have become important for designing an environment that increases entrepreneurial activity. In this study, we considered it important to investigate the influence of factors such as financial sector development, foreign direct investment (FDI) inflows, and trade and financial openness on entrepreneurship, using information from 15 upper middle income and high-income countries over the 2001–2015 period. The findings reveal that the banking sector and capital market development, FDI inflows, and trade openness affect the total early-stage entrepreneurial activity positively. Furthermore, the crises had a negative impact on the entrepreneurship.

Keywords: financial sector development; trade openness; financial openness; entrepreneurship; panel regression analysis (search for similar items in EconPapers)
JEL-codes: Q Q0 Q2 Q3 Q5 Q56 O13 (search for similar items in EconPapers)
Date: 2018
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