Article
Linking academic training with experience in the market can boost entrepreneurship
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1Both general human capital (higher education) and specific human capital (start-up or business angel experience) are positively related to higher entrepreneurial growth aspirations.
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2Liberalised markets have an especially strong relationship with ambitious entrepreneurship due to reducing transaction costs and ensuring an adaptive business environment.
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3The positive relationship between economic liberalisation and entrepreneurial growth aspirations is weaker for individuals with general human capital, but stronger for those with specific human capital (market experience).
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4During the global financial crisis and the covid-19 pandemic, the differential effect of economic liberalisation on entrepreneurial growth aspirations existed only for entrepreneurs with market-based human capital.
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5All results are confirmed by controlling for entrepreneur demographics (age, gender and income) and network (knowing other entrepreneurs), macroeconomic conditions (gross domestic product per capita, gross domestic product growth and unemployment), and industry and country characteristics.
