Fiscal Spending, Economic Growth and Entrepreneurship Development in Sub-Saharan Africa
Keywords:
Education, entrepreneurship, fiscal spending, panel data, youth empowerment
Abstract
In the attempt to find solution to youth unemployment in Africa, several studies have been conducted. However, while the studies concentrate on how entrepreneurship impact growth, the extent to which growth propels entrepreneurship is overlooked. Thus, it is on this premise this paper examines the impact of fiscal spending and growth in fostering entrepreneurship development over the period 2009-2018 in SSA. By employing thesystem-GMM technique to estimate a single equation, the results show that each of fiscal spending on education, per capita income, banks credit to the private sector, and economic freedom averagely impacts positively on entrepreneurship development. Therefore, while economic growth is not impactful, it is concluded that fiscal spending fosters entrepreneurship development in SSA. Thus, an increased fiscal spending on education is suggested for youth empowerment in the region.
References
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Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 58, 277–297.
Arnold, J., Mattoo, A., & Narciso, G. (2006). Services input and firm productivity in sub-Saharan Africa: Evidence from firm-level data. World BankPolicyResearch Working Paper 4048, South Africa.
Audretsch, D. B., & Keilbach, M. (2004). ‘Entrepreneurship capital and economic performance’. Regional Studies, 38, 949–59.
Baltagi, B.H. (2008). Econometric analysis of panel data. 6th Edition, England: John Wiley. Baumol, W. J. (1990). ‘Entrepreneurship: Productive, unproductive, and destructive’. Journal of Political Economy, 98(5), 893–921.
Baumol, W.J. (2014). Stimulating growth amid recession: Entrepreneurship, innovation, and the Keynesian revolution. Journal of Political Model, 36, 629-635.
Bissola, R., Imperatori, B., & Biffi, A. (2017). A rhizomatic learning process to create collective knowledge in entrepreneurship education: Open innovation and collaboration beyond boundaries. Management Learning, 19.
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-143.
Boettke, P., & Coyne, C.J. (2003). ‘Entrepreneurship and development: Cause or consequence?’ Advances in Austrian Economics, 6, 67–88.
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Harbi, S.E., Grolleau, G., & Bekir, I. (2011). Entrepreneurship and growth: What causes what? Advances in the study of entrepreneurship, Innovation, and Economic Growth, 22, 73-91. DOI: 10.1108/S1048-4736(2011)0000022007.
Holcombe, R.G. (1998). Entrepreneurship and economic growth. The Quarterly Journal of Austrian Economics, 1, 45-62.
Ighobor, K. (2017). Africa’s joblessyouth cast ashadow over economic growth. Retrieved from https://www.un.org/africarenewal/magazine/special-edition-youth-2017/africas-jobless- youth-cast-shadow-over-economic-growth.
Jones, G., & Wadhwani, R.D. (2006). Entrepreneurship and business history: Renewing the research agenda. Harvard Business School Working Paper 07-007, Retrieved 2nd July, 2019 from http://www.hbs.edu/faculty/Publication%20Files/07-007.pdf.
Judson, R. A., & Owen. A. L. (1999). Estimating dynamic panel data models: A guide for macroeconomists. Economic Letters, 65, 9-15. Doi.org/10.1016/S0165-1765(99)00130-5.
Kolawole, B.O. (2020). Government spending and entrepreneurship development in Nigeria. ABUAD Journal of Social and Management Sciences (AJSMS), 1(1), 15-29.
Ladzani, W.M., & Van Vuuren, J.J. (2002). Entrepreneurship training for emerging smes in South Africa. Journal of Small Business Management, 40(2), 153-160.
Levin, A., Lin, C.F., & Chu, C.S.J. (2002). Unit root tests in panel data asymptotic and finite-sample properties. Journal of Econometrics, 108, 1-24.
Miller, T., Kim, B.A., & Roberts, J.M. (2019). 2019 index of economic freedom.25th anniversary edition. The Heritage Foundation. Retrieved from https://www.heritage.org/index/about.
Nelson, R. R., & Pack, H. (1999). ‘The Asian miracle and modern growth theory’. The Economic Journal, 109 (457), 416–36.
Nickell, S. J. (1981). Biases in dynamic models with fixed effects. Econometrica, 49, 1417-1426. Doi.org/10.2307/1911408.
Nnyanzi, J.B., Yawe, B. L., & Ddumba-Ssentamu, J. (2019). Entrepreneurship and economic performance in Africa: A sectoral analysis with focus on the role of finance, institutions and globalization. International Journal of Economics and Finance,11(1), 37-55. Doi:10.5539/ijef.v11n1p37.
North, D., & Thomas, R.P. (1973). The rise of the western world: A new economic history. Cambridge: Cambridge University Press, pp. viii + 171.
North, D. (1990). Institutions, institutional change, and economic performance. Cambridge: Cambridge University Press.
North, D. C. (1993). The new institutional economics and development. Economic History 9309002, EconWPA.
Ochonu, M. (2015). CFP: Entrepreneurship in African history. Retrieved from https://networks.h-net.org/node/28765/discussions/71427/cfp-entrepreneurship-african- history.
Omoruyi, E.M.M., Olamide, K.S., Gomolemo, G., & Donath, O.A. (2017). Entrepreneurship and economic growth: Does entrepreneurship bolster economic expansion in Africa? Journal of Socialomics, 6(4), 1-11. Doi: 10.4172/2167-0358.1000219.
Organisation for Economic Cooperation and Development (OECD) (1998). Fostering entrepreneurship. Paris: OECD.
Ostrom, E. (1990). Governing the commons: The evolution of institutions for collective action. Cambridge, New York: Cambridge University Press.
Pauli, U., Buchelt, B., & Pocztowski, A. (2019). Self-employment: A promising agenda for IHRM research. European Journal of International Management, 13(1), 111-125.
Porter, M.E. (1990). The competitive advantage of nations. New York: Free Press.
Powell, B. (2008). Making poor nations rich. Entrepreneurship and the process of economic development. Stanford: Stanford University Press.
Rao, A. (2017). Prospects of entrepreneurship development. In Singh, R., Mishra, R.K., Singh, S.P., & Singh, S. (eds.), Economic Growth and Sustainable Development: Innovative Business Practices, pp. 165-174. New Delhi: Dominant.
Reis, D.A., & Fleury, A. (2019). Brazilian students’ entrepreneurial intentions, confidence and competences. Innovation Management, Entrepreneurship and Sustainability (IMES).
Reynolds, P.D., William, D., Bygrave, E.A., Larry, W.C., & Michael, H. (2000). Global entrepreneurship monitor 2000 executive report. Wellesley, MA/London: Babson College/London Business School.
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Stam, E. (2008). ‘Entrepreneurship and innovation policy’. In Nooteboom, B., & Stam, E. (eds.), Micro-Foundations for Innovation Policy. Amsterdam and Chicago: Amsterdam University Press and Chicago University Press.
Stam, E., & Van Stel, A. (2009). Types of entrepreneurship and economic growth. UNU-WIDER Research Paper No. 2009/47.
Bashir O. Kolawole * Fiscal Spending, Economic Growth and Entrepreneurship Development…
The Heritage Foundation (2019). Index of economic freedom. Retrieved from https://www.heritage.org/index/explore?view=by-region-country-year&u=637001970602765694.
Todaro, M.P., & Smith, S.C. (2003). Economic development. Eight edition. Delhi: Pearson Education.
United Nations Conference on Trade and Development (UNCTAD) (2000). Tax incentives and foreign direct investment. A Global Survey, ASIT Advisory Studies, No. 16.
United Nations Conference on Trade and Development (UNCTAD) (2005). Entrepreneurship and economic development: The Empretec showcase. English only. Retrieved from https://unctad.org/en/docs/webiteteb20043_en.pdf.
Well, L.T., & Allen, N. (2001). 'Tax holidays to attract foreign direct investment: Lessons from two experiments.' In Well, L.T., Allen, N.J., Morisset, J., & Prima, N. (eds.) Using Tax Incentives to Compete for Foreign Investment - Are they worth the costs? Foreign Investment Advisory Services, Occasional Paper 15.
Wennekers, S., & Thurik, R., (1999). Linking entrepreneurship and economic growth. Small Business Economics, 13, 27-55.
World Bank (2013). Africa’s pulse: An analysis of issues shaping Africa’s economic future. 7 (April).
World Bank (2014). Doing business 2014: Understanding regulations for small and medium-sized enterprises. Washington, DC: World Bank.
World Bank (2019a). World development indicators. Retrieved from https://datacatalog.worldbank.org/dataset/world-development-indicators.
World Bank (2019b). World bank Africa human capital plan. Retrieved from https://www.worldbank.org/en/region/afr/publication/africa-human-capital-plan.
Zahir, S. (2003).'Fiscal incentives, the cost of capital and foreign direct investment in Pakistan. A neoclassical approach.' A research paper submitted to Pakistan Institute of Development Economics (PIDE), Annual Conference.
Zee, H.H., Stotsky, J.G., & Ley, E. (2002). 'Tax incentives for business investment: A primer for policymakers in development countries.' World Development, 30(9), 1497-1516.
Adegboye, E. (2018). Entrepreneurship – A pathway to sustainable development in Africa. In The Andela Way. Retrieved from https://medium.com/the-andela-way/entrepreneurship-a-pathway-to-sustainable-development-in-africa-971b6498fd4.
Afolabi, A. (2015). The effect of entrepreneurship on economy growth and development in Nigeria. International Journal of Development and Economic Sustainability, 3(2), 49-65.
African Development Bank (2013). Recognizing Africa’s informal sector. Retrieved from https://blogs.afdb.org/afdb-championing-inclusive-growth-across-africa/post/recognizing-africas-informal-sector-11645.
African Development Bank (2014). Human capital strategy 2014-2018. One billion people one billion opportunities: Building human capital in Africa. Retrieved from https://www.afdb.org/fileadmin/uploads/afdb/Documents/Policy_Documents/AfDB_ Human_Capital_Strategy_for_Africa_2014-2018_-_May_2014.pdf.
African Development Bank (2017). Jobs for youth in Africa strategy. Regional Ministerial Conferences onYouthEmployment and Entrepreneurship in Africa. Engagement with the Regional Member Countries 18 October 2016 to 27 February 2017 Report. Retrieved from https://www.afdb.org/fileadmin/uploads/afdb/Documents/Generic_Documents/Minis terial_Conferences_Report_En.pdf.
African Union (2006). African youth charter. Retrieved from https://www.un.org/en/africa/osaa/pdf/au/african_youth_charter_2006.pdf.
African Union (2011). African youth decade 2009-2018 plan of action: Accelerating youth empowerment for sustainable development. Road Map towards the Implementation of the African Youth Charter. Retrieved from https://www.un.org/en/africa/osaa/pdf/au/african_youth_decade_2009-2018.pdf.
African Union (2014). Agenda 2063: The Africa we want. Second Edition, Popular Version. Retrieved from http://archive.au.int/assets/images/agenda2063.pdf.
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 58, 277–297.
Arnold, J., Mattoo, A., & Narciso, G. (2006). Services input and firm productivity in sub-Saharan Africa: Evidence from firm-level data. World BankPolicyResearch Working Paper 4048, South Africa.
Audretsch, D. B., & Keilbach, M. (2004). ‘Entrepreneurship capital and economic performance’. Regional Studies, 38, 949–59.
Baltagi, B.H. (2008). Econometric analysis of panel data. 6th Edition, England: John Wiley. Baumol, W. J. (1990). ‘Entrepreneurship: Productive, unproductive, and destructive’. Journal of Political Economy, 98(5), 893–921.
Baumol, W.J. (2014). Stimulating growth amid recession: Entrepreneurship, innovation, and the Keynesian revolution. Journal of Political Model, 36, 629-635.
Bissola, R., Imperatori, B., & Biffi, A. (2017). A rhizomatic learning process to create collective knowledge in entrepreneurship education: Open innovation and collaboration beyond boundaries. Management Learning, 19.
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-143.
Boettke, P., & Coyne, C.J. (2003). ‘Entrepreneurship and development: Cause or consequence?’ Advances in Austrian Economics, 6, 67–88.
Carnevali, F. (2005). Europe’s advantage: Banks and small firms in Britain, France, Germany and Italy since 1918. Oxford: Oxford University Press.
Carree, M.A., & Thurik, A.R. (2003). The impact of entrepreneurship on economic growth. In Acs, Z.J. & Audretsch, D.B. (eds.), International Handbook of Entrepreneurship Research, Boston/Dordrecht: Kluwer Academic Publishers.
Gompers, P., & Lerner, J. (2000). The venture capital cycle. Cambridge: MIT Press. Gompers, P., & Lerner, J. (2005). “Equity financing.” In Acs, Z. & Audretsch, D. (eds.), Handbook of Entrepreneurship Research: An Interdisciplinary Survey and Introduction. Boston: Kluwer Academic Publishers.
Greene, W. H. (2011). Econometric analysis. 7th Edition. Pearson Education: New York University.
Gries, T., & Naudé, W. (2008). ‘Entrepreneurship and structural economic transformation’. Research Paper 2008/62. Helsinki: UNU-WIDER.
Hamdan, A.M.M. (2019). Entrepreneurship and economic growth: An Emirati perspective. The Journal of Developing Areas, 53(1), 65-78. DOI: 10.1353/jda.2019.0004.
Harbi, S.E., Grolleau, G., & Bekir, I. (2011). Entrepreneurship and growth: What causes what? Advances in the study of entrepreneurship, Innovation, and Economic Growth, 22, 73-91. DOI: 10.1108/S1048-4736(2011)0000022007.
Holcombe, R.G. (1998). Entrepreneurship and economic growth. The Quarterly Journal of Austrian Economics, 1, 45-62.
Ighobor, K. (2017). Africa’s joblessyouth cast ashadow over economic growth. Retrieved from https://www.un.org/africarenewal/magazine/special-edition-youth-2017/africas-jobless- youth-cast-shadow-over-economic-growth.
Jones, G., & Wadhwani, R.D. (2006). Entrepreneurship and business history: Renewing the research agenda. Harvard Business School Working Paper 07-007, Retrieved 2nd July, 2019 from http://www.hbs.edu/faculty/Publication%20Files/07-007.pdf.
Judson, R. A., & Owen. A. L. (1999). Estimating dynamic panel data models: A guide for macroeconomists. Economic Letters, 65, 9-15. Doi.org/10.1016/S0165-1765(99)00130-5.
Kolawole, B.O. (2020). Government spending and entrepreneurship development in Nigeria. ABUAD Journal of Social and Management Sciences (AJSMS), 1(1), 15-29.
Ladzani, W.M., & Van Vuuren, J.J. (2002). Entrepreneurship training for emerging smes in South Africa. Journal of Small Business Management, 40(2), 153-160.
Levin, A., Lin, C.F., & Chu, C.S.J. (2002). Unit root tests in panel data asymptotic and finite-sample properties. Journal of Econometrics, 108, 1-24.
Miller, T., Kim, B.A., & Roberts, J.M. (2019). 2019 index of economic freedom.25th anniversary edition. The Heritage Foundation. Retrieved from https://www.heritage.org/index/about.
Nelson, R. R., & Pack, H. (1999). ‘The Asian miracle and modern growth theory’. The Economic Journal, 109 (457), 416–36.
Nickell, S. J. (1981). Biases in dynamic models with fixed effects. Econometrica, 49, 1417-1426. Doi.org/10.2307/1911408.
Nnyanzi, J.B., Yawe, B. L., & Ddumba-Ssentamu, J. (2019). Entrepreneurship and economic performance in Africa: A sectoral analysis with focus on the role of finance, institutions and globalization. International Journal of Economics and Finance,11(1), 37-55. Doi:10.5539/ijef.v11n1p37.
North, D., & Thomas, R.P. (1973). The rise of the western world: A new economic history. Cambridge: Cambridge University Press, pp. viii + 171.
North, D. (1990). Institutions, institutional change, and economic performance. Cambridge: Cambridge University Press.
North, D. C. (1993). The new institutional economics and development. Economic History 9309002, EconWPA.
Ochonu, M. (2015). CFP: Entrepreneurship in African history. Retrieved from https://networks.h-net.org/node/28765/discussions/71427/cfp-entrepreneurship-african- history.
Omoruyi, E.M.M., Olamide, K.S., Gomolemo, G., & Donath, O.A. (2017). Entrepreneurship and economic growth: Does entrepreneurship bolster economic expansion in Africa? Journal of Socialomics, 6(4), 1-11. Doi: 10.4172/2167-0358.1000219.
Organisation for Economic Cooperation and Development (OECD) (1998). Fostering entrepreneurship. Paris: OECD.
Ostrom, E. (1990). Governing the commons: The evolution of institutions for collective action. Cambridge, New York: Cambridge University Press.
Pauli, U., Buchelt, B., & Pocztowski, A. (2019). Self-employment: A promising agenda for IHRM research. European Journal of International Management, 13(1), 111-125.
Porter, M.E. (1990). The competitive advantage of nations. New York: Free Press.
Powell, B. (2008). Making poor nations rich. Entrepreneurship and the process of economic development. Stanford: Stanford University Press.
Rao, A. (2017). Prospects of entrepreneurship development. In Singh, R., Mishra, R.K., Singh, S.P., & Singh, S. (eds.), Economic Growth and Sustainable Development: Innovative Business Practices, pp. 165-174. New Delhi: Dominant.
Reis, D.A., & Fleury, A. (2019). Brazilian students’ entrepreneurial intentions, confidence and competences. Innovation Management, Entrepreneurship and Sustainability (IMES).
Reynolds, P.D., William, D., Bygrave, E.A., Larry, W.C., & Michael, H. (2000). Global entrepreneurship monitor 2000 executive report. Wellesley, MA/London: Babson College/London Business School.
Reynolds, P.D., William, D., Bygrave, E.A., Larry, W.C., & Michael, H. (2002). Global entrepreneurship monitor 2002 executive report. Wellesley, MA/London: Babson College/London Business School.
Rodrik, D. (2007). One economics many recipes. Globalisation, institutions, and economic growth. Princeton: Princeton University Press.
Runge, I. (2000). Capital and uncertainty. Edward Elgar: Cheltenham UK.
Solow, R. M. (1957). ‘Technical change and the aggregate production function’. The Review of Economics and Statistics, 39 (3), 312–20.
Stam, E. (2008). ‘Entrepreneurship and innovation policy’. In Nooteboom, B., & Stam, E. (eds.), Micro-Foundations for Innovation Policy. Amsterdam and Chicago: Amsterdam University Press and Chicago University Press.
Stam, E., & Van Stel, A. (2009). Types of entrepreneurship and economic growth. UNU-WIDER Research Paper No. 2009/47.
Bashir O. Kolawole * Fiscal Spending, Economic Growth and Entrepreneurship Development…
The Heritage Foundation (2019). Index of economic freedom. Retrieved from https://www.heritage.org/index/explore?view=by-region-country-year&u=637001970602765694.
Todaro, M.P., & Smith, S.C. (2003). Economic development. Eight edition. Delhi: Pearson Education.
United Nations Conference on Trade and Development (UNCTAD) (2000). Tax incentives and foreign direct investment. A Global Survey, ASIT Advisory Studies, No. 16.
United Nations Conference on Trade and Development (UNCTAD) (2005). Entrepreneurship and economic development: The Empretec showcase. English only. Retrieved from https://unctad.org/en/docs/webiteteb20043_en.pdf.
Well, L.T., & Allen, N. (2001). 'Tax holidays to attract foreign direct investment: Lessons from two experiments.' In Well, L.T., Allen, N.J., Morisset, J., & Prima, N. (eds.) Using Tax Incentives to Compete for Foreign Investment - Are they worth the costs? Foreign Investment Advisory Services, Occasional Paper 15.
Wennekers, S., & Thurik, R., (1999). Linking entrepreneurship and economic growth. Small Business Economics, 13, 27-55.
World Bank (2013). Africa’s pulse: An analysis of issues shaping Africa’s economic future. 7 (April).
World Bank (2014). Doing business 2014: Understanding regulations for small and medium-sized enterprises. Washington, DC: World Bank.
World Bank (2019a). World development indicators. Retrieved from https://datacatalog.worldbank.org/dataset/world-development-indicators.
World Bank (2019b). World bank Africa human capital plan. Retrieved from https://www.worldbank.org/en/region/afr/publication/africa-human-capital-plan.
Zahir, S. (2003).'Fiscal incentives, the cost of capital and foreign direct investment in Pakistan. A neoclassical approach.' A research paper submitted to Pakistan Institute of Development Economics (PIDE), Annual Conference.
Zee, H.H., Stotsky, J.G., & Ley, E. (2002). 'Tax incentives for business investment: A primer for policymakers in development countries.' World Development, 30(9), 1497-1516.
Published
2020-03-01
Section
Articles
