Economic Policy Uncertainty and Entrepreneurship: A Bad for a Good?

Author:

Nguyen Bach12,Schinckus Christophe3,Canh Nguyen Phuc4,Thanh Su Dinh5

Affiliation:

1. Economics, Finance and Entrepreneurship Department, Aston Business School, Aston University, UK.

2. University of Economics Ho Chi Minh City, Vietnam.

3. School of Finance and Economics, Taylor’s University, Selangor, Malaysia.

4. School of Banking, University of Economics Ho Chi Minh City, Vietnam.

5. School of Public Finance, University of Economics Ho Chi Minh City, Vietnam.

Abstract

The study examines the influences of the global/domestic economic policy uncertainty (EPU) on entrepreneurship in a sample of 23 economies over the period 2006–2016. Employing the two-step system General Method of Moment estimation for unbalanced panel data, our study provides surprising evidence, indicating that EPU may not always be harmful to entrepreneurship. Precisely, in contrast with existing literature emphasising the negative impact of the uncertainty on entrepreneurship, our article suggests that EPU seems to boost pro-entrepreneurial social and cultural norms (i.e., encouraging actions for creation of new businesses). As such, we suggest that uncertainty may serve as an exogenous shock, filtering ‘good’ business ventures from ‘not-so-good’ ones.

Publisher

SAGE Publications

Subject

Strategy and Management,Economics and Econometrics,Business and International Management

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