Drivers of Entrepreneurship and Post-entry Performance of Newborn Firms in Developing Countries
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World Bank Group, Washington, DC
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The aim of this paper is to provide an
updated survey of the "state of the art" in
entrepreneurial studies with a particular focus on
developing countries (DCs). In particular, the concept of
"entrepreneurship" is critically discussed,
followed by a discussion of the institutional,
macroeconomic, and microeconomic conditions that affect the
entry of new firms and the post-entry performance of newborn
firms. The reviewed literature bears some policy
implications for the support of the creation new firms, such
as the targeting of policy measures to prospective
entrepreneurs who possess high education levels, long
previous job experience, and innovative skills.
Specifically, for DCs, tailored subsidies and support should
be coupled with framework and infrastructural policies that
are able to improve the business environment such that new
ventures can start and grow.
Palabras clave
ABSENCE OF CREDIT, ACCESS TO EXTERNAL FINANCE, AGRICULTURAL CREDIT, AUTONOMY, BANK DEPOSITS, BANK LOANS, BANK OFFICIALS, BANKRUPTCY, BANKRUPTCY LAWS, BANKS, BARRIERS TO GROWTH, BORROWING, BRIBES, BRIBING, BUSINESS CYCLES, BUSINESS ENTERPRISE, BUSINESS ENTRY, BUSINESS ENVIRONMENT, BUSINESS FORMATION, BUSINESS OPPORTUNITIES, BUSINESS OPPORTUNITY, BUSINESS ORGANIZATION, BUSINESS OWNERS, CAPITAL MARKET, CAPITAL MARKETS, CAPITAL STOCK, COMPARATIVE ADVANTAGE, COMPARATIVE ANALYSIS, CONTRACT ENFORCEMENT, CORRUPTION, CREDIT ACCESS, CREDIT CONSTRAINTS, CREDIT GUARANTEE, CREDIT RATIONING, CREDIT SCORING, CREDIT SCORING MODEL, DEBT, DEMOGRAPHICS, DEVELOPED COUNTRIES, DEVELOPING COUNTRY CONTEXT, DEVELOPMENT BANK, ECONOMETRIC EVIDENCE, ECONOMIC ACTIVITIES, ECONOMIC ACTIVITY, ECONOMIC DEVELOPMENT, ECONOMIC DYNAMICS, ECONOMIC GROWTH, ECONOMIC POLICY, ECONOMIC SUCCESS, ECONOMICS, EDUCATION LEVELS, ELIGIBILITY CRITERIA, EMPIRICAL EVIDENCE, EMPIRICAL STUDIES, EMPLOYEE, EMPLOYER, EMPLOYMENT, EMPLOYMENT GROWTH, ENTREPRENEUR, ENTREPRENEURIAL ACTIVITIES, ENTREPRENEURIAL ACTIVITY, ENTREPRENEURIAL BEHAVIOR, ENTREPRENEURIAL DEVELOPMENT, ENTREPRENEURIAL INITIATIVES, ENTREPRENEURIAL OPPORTUNITIES, ENTREPRENEURIAL SUCCESS, ENTREPRENEURIAL VENTURES, ENTREPRENEURS, ENTREPRENEURSHIP, ENTREPRENEURSHIP DEVELOPMENT, ENTREPRENEURSHIP TRAINING, ENTRY BARRIERS, ENVIRONMENTAL, EQUILIBRIUM, ETHNIC MINORITIES, ETHNIC MINORITY, EXPANSION, EXPLOITATION, EXTERNAL CAPITAL, EXTERNAL FINANCE, EXTERNALITIES, FINANCIAL AID, FINANCIAL CAPITAL, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIARIES, FINANCIAL MARKETS, FINANCIAL RATIOS, FINANCIAL SUPPORT, FIRM SIZE, FIRMS, FORMAL BANK, GOVERNMENT CREDIT, GOVERNMENT FUNDING, GOVERNMENT POLICY, HUMAN CAPITAL, INDIGENOUS COMPANIES, INEQUALITIES, INEQUALITY, INFORMAL LOANS, INFORMATION ASYMMETRIES, INTERNAL FINANCE, INTERNATIONAL BANK, JOB CREATION, JOB LOSSES, LABOR FORCE, LABOR MARKET, LACK OF COLLATERAL, LACK OF CREDIT, LACK OF PROPERTY, LEARNING OPPORTUNITIES, MANUFACTURING ENTERPRISE, MANUFACTURING ENTERPRISES, MARKET POWER, MICROCREDIT, MICROFINANCE, MICROFINANCE ORGANIZATIONS, MINORITY COMMUNITY, MINORITY ENTREPRENEURS, MINORITY GROUP, MULTINATIONALS, NEW BUSINESS, NEW BUSINESSES, NEW COMPANIES, NEW COMPANY, NEW ENTRANTS, OUTREACH, OVERDRAFTS, PARENT COMPANY, POLICY INSTRUMENTS, POLICY MAKERS, POLITICAL ECONOMY, PRODUCERS, PRODUCTIVITY, PRODUCTIVITY GROWTH, PROFITABILITY, PROPERTY RIGHTS, PUBLIC POLICY, REAL WAGES, RECESSION, RED TAPE, REGULATORY FRAMEWORK, SALES GROWTH, SAVING PLANS, SELF-EMPLOYMENT, SIZE OF FIRMS, SMALL BUSINESS, SMALL BUSINESS MANAGEMENT, SMALL BUSINESSES, SMALL ENTERPRISES, SMALL FIRM, SMALL FIRMS, SME, SME LENDING, SOCIAL NETWORK, SOURCES OF CREDIT, SPINOFFS, START-UP, START-UPS, STATISTICAL ANALYSIS, SUPPLIER, TAX CREDITS, TAXATION, TECHNOLOGICAL CHANGE, TRADE CREDIT, TRANSACTION COSTS, TRANSPORT, UNEMPLOYMENT, VENTURE CAPITAL, WATER SUPPLY