The influence of entrepreneurship on economic growth in BRICS economies

Figures & data

Table 1. Entrepreneurial attitudes and behaviour and EFCs variables.

Variable	Definition
Panel A: Entrepreneurial attitudes and behaviour variables
Total early-stage entrepreneurial activity (tea)	% of the population aged 18–64 who are a nascent entrepreneur or owner-manager of a new business
Entrepreneurial intentions rate (inten)	% of the population aged 18–64 who are inactive entrepreneurs and who aim to establish a business in the next three years
Fear of failure rate (fear)	% of the population aged 18–64 who specify that fear of failure could hinder them from starting a business
Perceived capabilities rate (pcap)	% of the population aged 18–64 who think they have the knowledge and skills required to start a business
Perceived opportunities rate (popp)	% of the population aged 18–64 who perceive good opportunities to begin a corporation in the area where they live
Panel B: EFCs variables
Governmental support and policies (govsup)	The degree to which public policies promote entrepreneurship as an appropriate economic activity
Taxes and bureaucracy (taxb)	The degree to which public policies promote entrepreneurship—regulations or taxes are size-neutral or promote new businesses and small and medium enterprises (SMEs)
Governmental programmes (govprog)	The existence and calibre of programmes directly supporting SMEs at all levels of government
Internal market openness (mktope)	The degree to which new corporates are free to penetrate prevailing markets
Physical and services infrastructure (physerv)	Ease of accessing physical resources at a price that does not discriminate against SMEs
Cultural and social norms (culsoc)	The degree to which cultural and social norms promote or permit activities resulting in novel business approaches or action that can grow personal income and wealth

Source. GEM (2022).

Table 2. Descriptive statistics for GDP per capita and entrepreneurial behaviour and attitudes indicators.

Country	log(gdp)		popp		pcap		fear		inten		tea
	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD
Brazil	3.86	0.21	44.93	6.51	55.47	4.79	35.94	4.66	29.22	9.61	16.45	3.81
Russia	3.91	0.26	23.09	5.77	25.75	6.38	43.83	5.51	4.28	2.32	5.24	1.74
India	3.07	0.22	54.36	14.73	56.89	14.57	42.93	8.93	23.16	9.28	10.73	2.40
China	3.63	0.35	35.78	10.48	35.97	9.00	35.50	6.92	24.87	7.83	13.92	3.28
South Africa	3.78	0.13	36.14	10.48	40.53	9.37	33.01	6.81	11.61	3.26	8.02	2.89
Total Sample	3.65	0.39	38.86	14.43	42.92	15.07	38.24	7.90	18.63	11.63	10.87	4.94

Source. Authors’ computations.

Table 3. Descriptive statistics for EFCs indicators.

	govsup		taxb		govprog		mktope		physerv		culsoc
	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD	Avg.	SD
Brazil	3.49	0.42	2.54	0.26	3.77	0.38	3.66	0.27	5.29	0.31	4.23	0.38
Russia	3.79	0.30	3.52	0.26	3.55	0.25	3.69	0.26	5.59	0.35	4.25	0.42
India	4.93	0.73	4.09	0.55	4.57	0.57	4.80	0.43	6.24	0.45	5.27	0.43
China	4.93	0.37	4.75	0.40	4.51	0.26	4.56	0.31	6.81	0.28	5.47	0.63
South Africa	4.71	0.55	3.46	0.20	3.51	0.25	3.94	0.38	5.28	0.43	4.31	0.29
Total Sample	4.37	0.78	3.67	0.82	3.98	0.59	4.13	0.57	5.84	0.70	4.71	0.70

Source. Authors’ computations.

Table 4. Correlation coefficients between variables.

	log(gdp)	popp	pcap	fear	inten	tea	govsup	tax	govprog	mktope	physerv	culsoc
log(gdp)	1
popp	−0.286**	1
pcap	−0.269**	0.917**	1
fear	0.010	0.330**	0.221*	1
inten	−0.321**	0.568**	0.624**	−0.138	1
tea	−0.037	0.445**	0.542**	−0.136	0.768**	1
govsup	−0.341**	0.214*	0.000	0.075	−0.012	−0.114	1
tax	−0.337**	0.133	−0.102	0.188	0.037	−0.065	0.737**	1
govprog	−0.441**	0.479**	0.314**	0.209*	0.375**	0.245*	0.674**	0.705**	1
mktope	−0.563**	0.462**	0.307**	0.138	0.313**	0.112	0.714**	0.765**	0.805**	1
physerv	−0.337**	0.149	−0.027	0.158	0.214*	0.103	0.545**	0.762**	0.722**	0.624**	1
culsoc	−0.435**	0.344**	0.148	0.173	0.310**	0.111	0.647**	0.764**	0.813**	0.814**	0.723**	1

**Correlation is significant at the 0.01 level (2-tailed). *Correlation is significant at the 0.05 level (2-tailed). Source. Authors’ computations.

Table 5. Panel unit root tests.

	PP - Fisher Chi-square
Variable	Statistic	Prob**
log(gdp)	34.0650	0.0002
popp	28.9716	0.0013
pcap	20.3078	0.0265
fear	27.5664	0.0021
inten	19.3005	0.0366
tea	30.1361	0.0008
govprog	42.4079	0.0000
tax	42.3697	0.0000
govsup	28.1400	0.0017
mktope	45.3946	0.0000
physerv	40.5165	0.0000
culsoc	40.2513	0.0000

**Fisher tests probabilities are calculated using an asymptotic Chi-square distribution. However, all other tests presume asymptotic normality.

Source. Authors’ computations.

Table 6. Eigenvalues.

Panel A: Entrepreneurial behaviour and attitudes variables
Component	Eigenvalue	Cumulative proportion
PC1	2.949	58.988
PC2	1.301	85.014
PC3	0.461	94.240
PC4	0.216	98.561
PC5	0.072	100.000
Panel B: EFCs variables
Component	Eigenvalue	Cumulative proportion
PC1	4.613	76.875
PC2	0.482	84.911
PC3	0.376	91.184
PC4	0.238	95.158
PC5	0.166	97.928
PC6	0.124	100.000

Source. Authors’ computations.

Table 7. Principal component analysis indexes.

Indicator	PC1	PC2	Indicator	PC3
popp	0.878	0.352	govsup	0.817
pcap	0.915	0.221	taxb	0.900
fear	0.139	0.904	govprog	0.899
inten	0.846	−0.365	mktope	0.901
tea	0.778	−0.421	physerv	0.830
			culsoc	0.908

Table 8. Fixed effects model.

Indicator	Coefficient	Std. Error	t-Statistic	Prob.
PC1	−0.024129	0.045630	−0.528798	0.5982
PC2	0.120380	0.031828	3.782208	0.0003
PC3	−0.007458	0.050459	−0.147811	0.8828
Constant	3.652908	0.022547	162.0119	0.0000
Adjusted R-squared	0.651124
F-statistic	28.72863
Prob(F-statistic)	0.000000

Source. Authors’ computations.

Data availability statement

The data employed in this study is publicly available on the GEM website.