Foreign Direct Investment, Institutional Quality, Economic Freedom and Entrepreneurship in Emerging Markets

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dc.contributor.authorHerrera, Hernán
dc.contributor.authorHaar, Jerry
dc.contributor.authorEstévez-Bretón, Juan Benavides
dc.contributor.eafitauthorhherrer2@eafit.edu.co
dc.contributor.eafitauthorhaarj@fiu.edu
dc.contributor.eafitauthorjbenavid@uniandes.edu.co
dc.coverage.spatialMedellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degreeseng
dc.date.accessioned2014-06-18T01:46:13Z
dc.date.available2014-06-18T01:46:13Z
dc.date.issued2013-05-01
dc.description.abstractThis study investigates the relationship between foreign direct investment, institutional quality, economic freedom, and entrepreneurship in emerging markets. The research compares the capacity and appetite for business creation among high-income, low-income and emerging countries. The results are based on a panel study of data, from 2004 to 2009 for 87 countries, using as its source “The World Bank Entrepreneurship Snapshots” to look at the connection between business creation, institutional quality, market freedom and foreign direct investment (FDI). The findings reveal a strong positive relationship between institutional quality and business generation in all three of the above categories. Meanwhile, institutional quality and how this develops remains significant to business creation at least two years after a business is incubated, underscoring its importance as a contributory factor for creating an environment conducive to entrepreneurship. The freedom to create businesses and invest has a marked impact on business generation in emerging countries, while the influence of international trade appears more important as a spur to the genesis of business in low-income countries. Results also show that regulation of the free market has a short-term effect on business creation. Finally, there is a direct and significant relationship between FDI and business development in emerging countries. The effect of FDI is also felt for at least two years after the foreign investment. This result is consistent with “the spillover theory of entrepreneurship” (Acs et al, 2009; Görg and Strobl, 2002; Ayyagari et al, 2010).eng
dc.identifier.jelF21
dc.identifier.jelG18
dc.identifier.jelG24
dc.identifier.urihttp://hdl.handle.net/10784/2689
dc.language.isoengeng
dc.publisherUniversidad EAFITspa
dc.publisher.departmentEscuela de Economía y Finanzasspa
dc.rights.accessrightsinfo:eu-repo/semantics/openAccesseng
dc.rights.localAcceso abiertospa
dc.subject.keywordForeign Direct Investmenteng
dc.subject.keywordInstitutional Qualityeng
dc.subject.keywordEconomic Freedomeng
dc.subject.keywordEntrepreneurshipeng
dc.titleForeign Direct Investment, Institutional Quality, Economic Freedom and Entrepreneurship in Emerging Marketseng
dc.typeworkingPapereng
dc.typeinfo:eu-repo/semantics/workingPapereng
dc.type.hasVersiondrafteng
dc.type.localDocumento de trabajo de investigaciónspa

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