Financial Development and Entrepreneurial Dynamics: Evidence from Panel Data

June 30, 2025Financial Economics فصلنامه اقتصاد مالیOpen Access

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This study aims to explore the relationship between financial development and entrepreneurial dynamics across different economies.
Utilized two-step system GMM estimator with corrected standard errors.
Analyzed panel data from 66 countries from 2005 to 2023.
Examined the effects of various financial variables on entrepreneurship.
In developed economies, venture capital and stock market depth have significant positive effects on entrepreneurial activities.
In developing countries, ease of bank loan access is the main facilitator for new business creation.
Unemployment drives necessity-based entrepreneurship in developing nations, while in developed countries, entrepreneurship aligns more with the economic cycle.

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This research analyses the impact of financial development on entrepreneurial dynamics in 66 countries, suggesting implications for economic growth.

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Kakha et al. (2025) studied this question.

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