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Creating Value Through Entrepreneurship Based on the Economic Cycle

Creating Value Through Entrepreneurship Based on the Economic Cycle
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Author(s): Fernando E. Callejas Albiñana (University of Castilla-La Mancha, Spain) and Isabel Martínez Rodríguez (University of Castilla-La Mancha, Spain)
Copyright: 2020
Pages: 22
Source title: Analyzing the Relationship Between Innovation, Value Creation, and Entrepreneurship
Source Author(s)/Editor(s): Miguel-Ángel Galindo-Martín (University of Castilla-La Mancha, Spain), Maria-Teresa Mendez-Picazo (University Complutense of Madrid, Spain) and María-Soledad Castaño-Martínez (University of Castilla-La Mancha, Spain)
DOI: 10.4018/978-1-7998-1169-5.ch002


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This chapter examines in-depth the behavior of necessity- and opportunity-driven entrepreneurship. First, it considers their relevance to total entrepreneurial activity. The chapter determines which social and economic factors affect the two types of entrepreneurship, as well as their relative importance for a sample of 32 previously selected countries during a period of expansion (2001-2008) and of crisis and recovery (2009-2016). The analyzed factors include monetary and fiscal policy instruments (economic factors) and representative variables of governance and human capital (social ones). The findings show that both necessity- and opportunity-driven entrepreneurship largely explain the behavior of total entrepreneurial activity. They moreover show that the explanatory factors of both kinds of entrepreneurship differ depending on the business cycle phase considered. These findings will be key to proposing efficient economic policy measures to promote entrepreneurial activity and, thus, economic growth in economies around the world.

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