Self-employed business activity failure. Regional, macroeconomic and institutional factors
DOI:
https://doi.org/10.54571/ajee.456Keywords:
self-employed entrepreneurship, business failure, socioeconomic factors, institutional conditions, macroeconomic magnitudes, multilevel analysis, Labour Force SurveyAbstract
Spain is, under a structural and cultural point of view, a small and medium enterprises country. In fact, available data show the 99,9% of the Spanish business structure is based on small and medium enterprises. Nevertheless, it is also very important to know that the 55% of those firms does not have any employees. Despite self-employed entrepreneurship is one the most important pillars of the Spanish economy and in spite of the importance of entrepreneurship policies, sustainability and failure of these business projects has not had enough attention.
Under this context, this paper has the aim of analyzing the main factors which conditionate the early surveillance of self-employed entrepreneurs. Through a multilevel analysis based on Labour Force Survey microdata, it is sought to understand the socioeconomic, macroeconomic and institutional factors which characterized failed self-employed business projects. To sum up, results show the following regional variables are significant factors of self-employed entrepreneurship failure: GDP growth, unemployment rate, public debt rate, banking credit and tax burden growth rate, regulatory pressure and the efficiency of the judicial system.
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