Seizing the day: increasing entrepreneurial activity in the wake of resource windfalls through FDI, human capital, and democracy

Pankaj C. Patel

Applied Economics, 2025, vol. 57, issue 13, 1475-1492

Abstract: We analyse the influence of exogenous resource windfalls on country-level entrepreneurial activity, emphasizing the importance of subsequent enhancements in net FDI inflows and democratization. Non-OECD nations undergoing resource windfalls show a marginal decline in new business density. Yet, those non-OECD countries elevating net FDI inflows and democratization post-resource windfalls experience heightened new business density. Our results, validated through a variety of sensitivity analyses, emphasize the pivotal role of boosting net FDI inflows and democratization in the post-windfall phase for non-OECD countries aspiring to foster entrepreneurial activity.

Date: 2025
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DOI: 10.1080/00036846.2024.2312961

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