Vliv ekonomické svobody a dostupnosti financování na vznik nových firem

Mattanelli, Matyáš

This thesis investigates the effects of economic freedom and finance accessibil- ity on new firm formation. The former is proxied by the Index of Economic Freedom and its subindices published by The Heritage Foundation, while the latter is represented by four characteristics of the country's financial system re- trieved from the World Bank's Global Financial Development Database. The dependent variable is proxied by the measure of new business density obtained from the World Bank's Entrepreneurship Survey and database. As a result, the data set employed in this thesis is an unbalanced panel consisting of 136 countries observed between the years 2006 and 2017. Given the inclusion of past realizations of the dependent variable, the models are estimated by the dynamic panel estimator System GMM. The variables found to affect new firm formation positively and with a statistical significance are economic freedom, financial freedom, and rule of law. The last variable captures the degree of pro- tection of property rights and the country's level of corruption. On the other hand, the findings suggest that countries with less stable banking sectors enjoy greater new firm formation rates. No significant relationship has been found between financial access and new firm formation.

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