Abstract

This paper explains why the models based on World Bank (WB) data and models based on Global Monitor Entrepreneurship (GEM) data lead to conflicting results regarding the impact of a country’s economic development, technological level, and institutional environment and cultural peculiarity on its national rate of entrepreneurship. It contributes to the literature a set of higherorder determinants that explains variation in entrepreneurship across countries. Unlike previous studies, this study has a well-rounded examination of entrepreneurship drivers, including factors on the human side of entrepreneurship that have been neglected in the literature. As such, this paper contributes to the literature an overarching empirically assessed model of entrepreneurship.

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