Entrepreneurial Success in Africa: How Relevant Are Foreign Direct Investment and Financial Development?
Entrepreneurial Success in Africa: How Relevant Are Foreign Direct Investment and Financial Development?
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非洲的创业成功：外国直接投资与金融发展有何相关性？
DOI：
10.1111/1467-8268.12345
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发表时间：
2018
期刊：
影响因子：
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通讯作者：
Jonathan Munemo
中科院分区：
文献类型：
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作者：
Jonathan Munemo
使用2004年至2014年期间28个非洲国家的面板数据集来实证分析外国直接投资（FDI）和金融发展对新业务密度（创业精神的关键衡量标准）的影响。面板固定效应和动态面板回归估计，同时控制其他重要因素，影响创业精神。该文件认为，外国直接投资在金融机构和市场较为发达的非洲国家增强了创业能力。这些国家有更强的吸收能力，可以从潜在的外国直接投资溢出效应中获益。此外，研究结果还表明，改善金融发展的所有不同方面（深度、准入和效率）对于刺激新的创业活动非常重要。
A panel dataset of 28 African countries spanning the period 2004–2014 is used to empirically analyze the effects of foreign direct investment (FDI) and financial development on new business density, a critical measure of entrepreneurship. Panel fixed effects and dynamic panel regressions were estimated while controlling for other important factors that influence entrepreneurship. The paper finds that FDI enhances entrepreneurship in African countries with more developed financial institutions and markets. These countries have greater absorptive capacity needed to benefit from potential FDI spillovers. In addition, the results also show that improving all the different dimensions of financial development (depth, access, and efficiency) is important for stimulating new entrepreneurial activity.