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| Tekijä: | Guiso, L. Schivardi, F. |
| Otsikko: | What determines entrepreneurial clusters? |
| Lehti: | Journal of the European Economic Association
2011 : FEB, VOL. 9:1, p. 61-86 |
| Asiasana: | externalities productivity entrepreneurship Italy companies forecasting |
| Kieli: | eng |
| Tiivistelmä: | Two potential explanations of the considerable differences in entrepreneurial activity observed across geographical areas are contrasted: entry costs and external effects. We expand the Lucas model of entrepreneurship to take into account heterogeneous entry costs and externalities shifting the distribution of entrepreneurial talents. These assumptions are demonstrated to have opposite predictions on the relation between entrepreneurial activity and firm-level TFP: with different entry costs, average firm productivity should be lower in areas with more entrepreneurs, whereas with heterogeneous external effects it should be higher. These implications are tested on a sample of Italian firms and the entry costs explanation is rejected, leaving the externalities explanation to hold. We also examine the external effects' sources, finding robust proof of learning externalities as a key determinant of cross-sectional differences in entrepreneurial activity. |
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