International financial integration and entrepreneurial firm activity:
We explore the relation between international financial integration and the level of entrepreneurial activity in a country. We use a unique firm level data set of approximately 24 million firms in nearly 100 countries in 2004 and 1999, which enables us to present both cross-country and industry leve...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13118 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | We explore the relation between international financial integration and the level of entrepreneurial activity in a country. We use a unique firm level data set of approximately 24 million firms in nearly 100 countries in 2004 and 1999, which enables us to present both cross-country and industry level evidence. We establish robust cross-country correlations between increased international financial integration and the activity of entrepreneurs using various proxies for entrepreneurial activity such as entry, size, and skewness of the firm-size distribution and de jure and de facto measures of international capital integration. We then explore causal channels through which foreign capital may encourage entrepreneurship. We find evidence that entrepreneurial activity in industries which are more reliant on external finance is disproportionately affected by international financial integration, suggesting that foreign capital may improve access to capital either directly or through improved domestic financial intermediation. Second we find that entrepreneurial activity is higher in industries which have a large share of foreign firms or in vertically linked industries. |
| Beschreibung: | 29, [20] S. 22 cm |
Internformat
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| 520 | 8 | |a We explore the relation between international financial integration and the level of entrepreneurial activity in a country. We use a unique firm level data set of approximately 24 million firms in nearly 100 countries in 2004 and 1999, which enables us to present both cross-country and industry level evidence. We establish robust cross-country correlations between increased international financial integration and the activity of entrepreneurs using various proxies for entrepreneurial activity such as entry, size, and skewness of the firm-size distribution and de jure and de facto measures of international capital integration. We then explore causal channels through which foreign capital may encourage entrepreneurship. We find evidence that entrepreneurial activity in industries which are more reliant on external finance is disproportionately affected by international financial integration, suggesting that foreign capital may improve access to capital either directly or through improved domestic financial intermediation. Second we find that entrepreneurial activity is higher in industries which have a large share of foreign firms or in vertically linked industries. | |
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Datensatz im Suchindex
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| id | DE-604.BV023593028 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
| institution | BVB |
| language | English |
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| physical | 29, [20] S. 22 cm |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Alfaro, Laura Verfasser (DE-588)131449060 aut International financial integration and entrepreneurial firm activity Laura Alfaro ; Andrew Charlton Cambridge, Mass. National Bureau of Economic Research 2007 29, [20] S. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13118 We explore the relation between international financial integration and the level of entrepreneurial activity in a country. We use a unique firm level data set of approximately 24 million firms in nearly 100 countries in 2004 and 1999, which enables us to present both cross-country and industry level evidence. We establish robust cross-country correlations between increased international financial integration and the activity of entrepreneurs using various proxies for entrepreneurial activity such as entry, size, and skewness of the firm-size distribution and de jure and de facto measures of international capital integration. We then explore causal channels through which foreign capital may encourage entrepreneurship. We find evidence that entrepreneurial activity in industries which are more reliant on external finance is disproportionately affected by international financial integration, suggesting that foreign capital may improve access to capital either directly or through improved domestic financial intermediation. Second we find that entrepreneurial activity is higher in industries which have a large share of foreign firms or in vertically linked industries. Charlton, Andrew 1978- Verfasser (DE-588)132810123 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13118 (DE-604)BV002801238 13118 http://papers.nber.org/papers/w13118.pdf kostenfrei Volltext |
| spellingShingle | Alfaro, Laura Charlton, Andrew 1978- International financial integration and entrepreneurial firm activity |
| title | International financial integration and entrepreneurial firm activity |
| title_auth | International financial integration and entrepreneurial firm activity |
| title_exact_search | International financial integration and entrepreneurial firm activity |
| title_exact_search_txtP | International financial integration and entrepreneurial firm activity |
| title_full | International financial integration and entrepreneurial firm activity Laura Alfaro ; Andrew Charlton |
| title_fullStr | International financial integration and entrepreneurial firm activity Laura Alfaro ; Andrew Charlton |
| title_full_unstemmed | International financial integration and entrepreneurial firm activity Laura Alfaro ; Andrew Charlton |
| title_short | International financial integration and entrepreneurial firm activity |
| title_sort | international financial integration and entrepreneurial firm activity |
| url | http://papers.nber.org/papers/w13118.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT alfarolaura internationalfinancialintegrationandentrepreneurialfirmactivity AT charltonandrew internationalfinancialintegrationandentrepreneurialfirmactivity |