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Entrepreneurship and Economic Development

Entrepreneurship and Economic Development. Leora F. Klapper Senior Economist DECRG-FPD l klapper@w o rldbank.org 1-202-473-8738. Why a database on entrepreneurship?. To answer: What drives firm creation and entrepreneurship?

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Entrepreneurship and Economic Development

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  1. Entrepreneurship and Economic Development Leora F. Klapper Senior Economist DECRG-FPD lklapper@worldbank.org 1-202-473-8738

  2. Why a database on entrepreneurship? • To answer: • What drives firm creation and entrepreneurship? • What policies are needed to create and support the emergence of new entrepreneurs? • Use for Monitoring and Evaluation • How can greater formal sector participation / corporate registration be encouraged? • What are the benefits for firms that join the formal economic sector?

  3. Using data from the registrar of companies • This improves upon previously used datasets in that it includes a large number of private firms and all industrial sectors, including a large fraction of new & small companies. • Challenges in comparing data across countries include differences in registration and annual filing requirements; the identification of exited firms; re-registrations; and decentralized registry systems. • This data can be used to benchmark changes in the composition of the private sector over time and study the impact of regulatory, political, and macroeconomic institutional changes on entrepreneurship and growth.

  4. Methodology New Economic Units Informal Sector Formal Sector Micro Businesses Self Employment Civil Law Common Law Sole Proprietorship Companies Companies Partnerships Sole Proprietorship New Businesses

  5. Survey Structure • Panel A: Total and new registrations recorded: • - Total firms • - New firms • - Year-end 2000-05 • Panel B: Number of corporations, by sector and size: • - By sector: Manufacturing, Services, Financial, Wholesale & Retail Trade • Panel C: The Role of Corporate Registries:

  6. Panel C: The Role of Corporate Registries • What information are firms required to register? • - Is registration compulsory? • - Incorporations/ closings/ re-registrations • - Is annual financial information compulsory? • How do firms register? • What information does the Registrar collect? • - Corporate registrations, Internet domain names, Patents • How is Registrar data distributed? • - Accessibility by creditors, suppliers, lenders and private vendors • (i.e. D&B) • What is the relationship with new and total registrations? • What is the relationship with the business environment?

  7. M&E: International Reforms

  8. Relationship with the Business Environment • Scatter-plots / Bivariate tests • Multivariate tests

  9. Conclusions • Corporate registry data can be an important tool for • researchers and policymakers to study the size and • growth of the private sector. • Benchmarks can be constructed to study the impact of • reforms: Entry rates can be used to measure the • success of private sector development policies and • regulatory and legal reforms. • The process of gathering the data becomes a valuable • research tool to diagnose problems related to • entrepreneurship. • This data can be used to empirically test the many • factors that affect business creation and to support the • findings in other studies (e.g. Doing Business).

  10. New sectoral requirements/ re-registrations 20000 . 18000 16000 14000 12000 10000 8000 6000 4000 2000 1998 1995 1996 1997 1999 2000 2002 2003 Reforms that Affect Business Statistics: The Algerian Case

  11. 19 5 20 10 29

  12. Panel A: Summary statistics, by region Panel A: Summary statistics, by region Average entry rate 2003-2005

  13. 49 Average Business Density 2003-2005

  14. Panel B: Summary statistics by sector Panel B: Summary statistics by sector

  15. Panel B: Summary statistics by sector Panel B: Summary statistics by sector

  16. Panel C: What information does the Registrar collect?

  17. Panel C: What information are firms required to register?

  18. Panel C: How do firms register?

  19. Panel C: How is Registrar data distributed?

  20. Panel C: What is the relationship with new and total registrations?

  21. Panel C: What is the relationship with the business environment?

  22. EBR Implementation EBR implementation Active Modernization plan Inactive Modernization plan Panel C: EBR Country Cases  Evolution of Firm registration 1993-2005 (Guatemala, Sri Lanka and Jordan) Stages of the EBR implementation / Evolution of firm registration (Guatemala)

  23. Entry rate (percent) Entry rate (percent) 20 20 15 15 10 10 5 5 0 0 0 20 40 60 -2 -1 0 1 2 Governance (Kraay indicators average) Cost to start a business 2 b=-.087, p=0.00, R =0.17, obs=63 b=1.57, p=0.00, R2 =0.23, obs=81 Scatter Plots GDP per capita GDP per capita Cost of starting a business Governance

  24. Multivariate Test

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