Determining Factors of Entrepreneurial Motivation: Evidence from EU Countries

Angela Roman and Valentina Rusu

Ovidius University Annals, Economic Sciences Series, 2016, vol. XVI, issue 1, 97-103

Abstract: The aim of our paper is to identify the main determinants of entrepreneurial motivations and to empirically evaluate their impact in 18 EU member states, over the period 2002-2014. The empirical analysis is performed based on data from the Global Entrepreneurship Monitor and the World Bank. In the econometric model, we considered as dependent variables, alternatively, opportunity-driven entrepreneurial activity and necessity-driven entrepreneurial activity. As independent variables we took into account 11 factors that could have an impact on the motivations of entrepreneurs. The empirical results indicate that the motivation of entrepreneurial activity is influenced by unemployment rates, inflation rates, tax rates, domestic credit to private sector, fear of failure, entrepreneurial intentions and perceived capabilities. Overall, our study highlights that macroeconomic conditions and the perception of the entrepreneurs about entrepreneurial activity are affecting significantly and with opposite signs the entrepreneurial activity depending on the motivation of entrepreneurs (opportunity or necessity).

Keywords: entrepreneurship; motivation of entrepreneurs; entrepreneurship opportunity; necessity entrepreneurs (search for similar items in EconPapers)
JEL-codes: C33 L26 M13 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:xvi:y:2016:i:1:p:97-103

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