Entrepreneurship Capital and Technical Efficiency : The Role of New Business/Firms as a Conduit of Knowledge Spillovers
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Increasingly, entrepreneurship is being
discussed and considered as a source of high economic growth
and competitiveness. A conceptual process of creative
construction that characterizes the dynamics between
entrants and incumbents can prove quite useful to analyze
the impact of countries' entrepreneurship capital on
economic performance and can be a guide for economic policy.
This paper applies a Stochastic Frontier Analysis approach
to test the hypothesis that entrepreneurship capital
promotes economic performance by serving as a conduit of
knowledge spillovers. In addition, kernel density functions
are employed to analyze convergence (or divergence) in the
efficiency estimated for individual countries. The empirical
evidence and results here tend to support the hypothesis.
Specifically, the empirical analysis shows that the rate of
expenditure on research and development in relation to new
businesses registered has a positive and significant effect
in increasing technical efficiency. These factors facilitate
the dissemination of existing knowledge, develop
entrepreneurship capital, and thus provide the missing link
to economic performance -- entrepreneurship capital. The
authors also show the trends and dynamics of changes in
countries technical efficiency.
Palabras clave
ABSORPTIVE CAPACITY, AGRICULTURAL PRODUCTS, AGRICULTURE, ALLOCATIVE EFFICIENCY, ANIMAL PRODUCTS, BENEFICIAL EFFECTS, BIOTECHNOLOGY, BOUNDARIES, BUSINESS ENTRY, BUSINESSES, CAPABILITIES, CAPABILITY, CAPABILITY ENHANCEMENT, CAPITAL EXPENDITURES, CD, COMPETENCIES, COMPETITIVE ADVANTAGE, COMPETITIVENESS, COMPETITORS, CONCEPTUAL FRAMEWORK, CONSTANT RETURNS TO SCALE, CONTRACTUAL AGREEMENTS, CONVERGENCE HYPOTHESIS, CUSTOMER SERVICES, DEVELOPMENT POLICY, DISCUSSIONS, DISTRIBUTED LAGS, DYNAMIC ANALYSIS, E-MAIL, ECONOMETRICS, ECONOMIC ACTIVITY, ECONOMIC DEVELOPMENT, ECONOMIC EFFICIENCY, ECONOMIC GROWTH, ECONOMIC PERFORMANCE, ECONOMIC THEORY, ECONOMICS, ELASTICITY, EMPLOYMENT, EMPLOYMENT CREATION, ENERGY RESOURCES, ENTERPRISE SECTOR, ENTREPRENEURIAL OPPORTUNITIES, EQUIPMENT, EQUIPMENTS, EXCHANGE RATES, EXISTING KNOWLEDGE, EXPORTS, FINANCIAL SERVICES, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FUTURE RESEARCH, GDP, GROSS DOMESTIC PRODUCT, GROSS FIXED CAPITAL FORMATION, GROSS VALUE, GROWTH MODELS, GROWTH RATE, GROWTH THEORY, HANDICRAFTS, HUMAN CAPITAL, IDEA, IDEAS, INEFFICIENCY, INHERITANCE, INNOVATION, INNOVATIONS, INSIGHTS, INTELLECTUAL PROPERTY, INTERNATIONAL COMPETITIVENESS, KNOWLEDGE TRANSFER, LABOR FORCE, LABOR ORGANIZATION, LABOUR, LEADING, LEARNING, MANUFACTURING, MANUFACTURING INDUSTRIES, MEDIUM ENTERPRISE, NATURAL RESOURCES, NETWORKS, NEW TECHNOLOGY, OPEN ACCESS, OUTPUTS, OUTSOURCING, PERFORMANCES, PHONE, POLITICAL ECONOMY, POSITIVE EFFECTS, PRIVATE SECTOR, PRIVATE SECTOR DEVELOPMENT, PRODUCT INNOVATIONS, PRODUCTION FUNCTION, PRODUCTION FUNCTIONS, PRODUCTIVITY, R&D, REAL GDP, RESULT, RESULTS, SIDE EFFECTS, SILICON, SOCIAL CAPITAL, SOFTWARE PRODUCTION, SUPPLY CHAIN, TECHNICAL SUPPORT, TECHNOLOGY TRANSFER, TEXTILES, TIME PERIODS, TRADE DEFICIT, TRANSMISSION, UNEMPLOYED, UNIVERSITIES, USE OF KNOWLEDGE, USES, VALUE ADDED, WEALTH, WEALTH CREATION, WEB, WOOD