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What Drives the Creation of New Businesses? A Panel-Data Analysis for EU Countries

Angela Roman (), Irina Bilan and Cristina Ciumaș

Emerging Markets Finance and Trade, 2018, vol. 54, issue 3, 508-536

Abstract: Our article aims to identify the key factors that affect the establishment of new businesses in 18 developed and emerging member countries in the European Union over the period 2003–2015. Using panel-data estimation techniques, we alternatively assess the effects of some macroeconomic, demographic, individual, and business environment-related factors on the dynamics of new firm creation, proxied by the rates of nascent entrepreneurship and entrepreneurial intentions. The results show that macroeconomic and demographic variables are the most significant determinants, followed by the individual characteristics of potential entrepreneurs and of the business environment. In addition, the sovereign debt crisis in Europe in 2010 positively affected entrepreneurship through increased support for new firms by individual country governments and the European Union.

Date: 2018
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