Initially, in model 1, we enter the control variables
that measure the education level (lower) and development
level (CDP-PPP). This model explains 47% of the
entrepreneurship variation across countries. The ordinary
least squares (OLS) estimated coefficients shown
in Table 3 are consistent with the existing literature
which indicates a negative and significant correlation
between entrepreneurial activity and development
level. This result could be explained by necessity entrepreneurship
(people who start their own business
because other employment options are either absent
or unsatisfactory), which usually occurs in less developed
countries (Reynolds et al. 2001). Possibly, due to
necessity entrepreneurship, a lower educational level
has a significant positive relationship with entrepreneurial
activity. In this case, the adjusted R-squared
increases to 49%, and the Akaike criterion (AIC) and
the Schwarz criterion (BIC) confirm that the explanatory
potential of the creativity variable increases the
fitness of the model significantly.
Initially, in model 1, we enter the control variables
that measure the education level (lower) and development
level (CDP-PPP). This model explains 47% of the
entrepreneurship variation across countries. The ordinary
least squares (OLS) estimated coefficients shown
in Table 3 are consistent with the existing literature
which indicates a negative and significant correlation
between entrepreneurial activity and development
level. This result could be explained by necessity entrepreneurship
(people who start their own business
because other employment options are either absent
or unsatisfactory), which usually occurs in less developed
countries (Reynolds et al. 2001). Possibly, due to
necessity entrepreneurship, a lower educational level
has a significant positive relationship with entrepreneurial
activity. In this case, the adjusted R-squared
increases to 49%, and the Akaike criterion (AIC) and
the Schwarz criterion (BIC) confirm that the explanatory
potential of the creativity variable increases the
fitness of the model significantly.
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