عنوان انگلیسی مقاله:
Formal versus informal entrepreneurship in emerging economies: The roles of governance and the financial sector
ترجمه فارسی عنوان مقاله:
کارآفرینی رسمی در مقابل غیررسمی در اقتصادهای نوظهور: نقش حاکمیت و بخش مالی
Sciencedirect - Elsevier - Journal of Business Research, 108 (2020) 277-290: doi:10:1016/j:jbusres:2019:11:027
This study contributes to the existing entrepreneurship literature by demonstrating how formal and informal entrepreneurship in emerging economies are differentially driven by the interplay between financial develop- ment and good governance. The following findings are obtained through the two-step system Generalized Method of Moments: (i) there exists an unconditional positive (negative) impact of financial development on formal (informal) entrepreneurship; (ii) the conditional effect of quality of governance increases formal en- trepreneurship and decreases informal entrepreneurship; (iii) the net effects on formal entrepreneurship from the interactions of financial development with the indicators of governance quality are mostly positive, in- dicating that the quality of governance can be employed to enhance the positive weak effect of financial de- velopment on formal entrepreneurship; and (iv) the net effects on informal entrepreneurship from the inter- actions between financial development and the indicators of governance quality are negative for most estimated models, indicating that good governance can be used as a policy variable that improves the potentially weak impact of financial development on reducing informal entrepreneurship. Theoretical and empirical contribu- tions, policy and practical implications are also discussed.
Keywords: Formal versus informal entrepreneurship | Governance quality | Financial sector