Impact of country-level governance on entrepreneurial performance: a cross-country analysis
by Najib H.S. Farhan; Faozi A. Almaqtari; Waleed M. Al-Ahdal; Mohd Mohd Yasir Arafat
Afro-Asian J. of Finance and Accounting (AAJFA), Vol. 14, No. 2, 2024

Abstract: The current study aims to investigate the impact of country-level corporate governance and directors' liability on entrepreneurship performance. The study sample consists of 52 European and non-European countries for the period from 2014 to 2021. Factor analysis is used which results in selecting three dimensions out of 20 dimensions of entrepreneurship. The study runs PCSE estimation on balanced panel data. The empirical outcome of the work revealed that R&D transfer is positively impacted by voice and accountability and government effectiveness; negatively affected by quality of regulatory framework, rule of law, and directors' liability. It is also found that aggregate early-stage entrepreneurial activity is negatively associated with rule of law and government effectiveness. Further, aggregate early-stage entrepreneurial activity is positively impacted by regulatory quality, control of corruption, and directors' liability. Moreover, this work includes directors' liabilities to examine their impact on entrepreneurship.

Online publication date: Thu, 14-Mar-2024

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