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Reassessing the Linkages Among Entrepreneurship, Institutions and Growth
Get PDFThis article examines the role of institutions and entrepreneurship to foster economic development under increasing complex economic structures caused by structural changes. The empirical work utilizes data from several sources including the Penn World Table 9.1, The Global Entrepreneurship and Development Institute, the Observatory of Economic Complexity (OEC) at the MIT, and The International Country Risk Guide (ICRG). The empirical work circumvents the endogeneity and heterogeneity problem that plague cross-country regressions by using the Arellano and Bover (1995) and Blundell and Bond (1998) system GMM estimator. The results show that while entrepreneurship is positively correlated to economic development, this correlation disappears when controlling for heterogeneity and/or for differences in quality of institutions. There is also evidence that the importance of institutional quality for economic development increases when an economy become more complex. Overall, findings of this research suggest that quality of institutions is not only important to foster entrepreneurship, but also very important to mediate complex economic structures that emerge as part of the development process and structural changes. The main policy implication of this work is that economies in transition must take steps to improve the quality of their institutions, particularly of institutions that enable productive entrepreneurship and mediate the increased complexity resulting from the inherent structural transformation associated with economic development
Broken Asset Bubbles: The Factors affect Japan\u27s Economy from Prosperity to Decline
Get PDFJapan was in the most prosperous period of the economy in the 1980s, during which the GDP growth rate of Japan was high-speed, and the economic scale of Japan was second only to the United States in the world. Japan became the second largest economy in the world. But the boom was the unsustainable illusion of a bubble economy of rising house and stock prices. In the early 1990s, the collapse of Japanese real estate and stock market prices severely affected the Japanese economy, leaving many banks and companies heavily indebted. Japan\u27s economy fell into a decade-long stagnation known as the lost decade. The effects of this bubble economy on Japan have persisted even to the present. This paper will study the variables affecting the Japanese economy from the aspects of macroeconomic factors and social structure factors and discuss what led to the prosperity of the Japanese economy in the period of the bubble economy and what led to the breakdown of the Japanese bubble economy and the decline that continues to this day
Shifting the Ice: Analyzing the Impact of the 2013 NHL CBA to the Competitive Balance of the League
Get PDFThis paper investigates whether the 2013 National Hockey League (NHL) Collective Bargaining Agreement (CBA), which hardened the existing salary cap, increased team revenue sharing, and instituted additional restrictions on player contracts, results in a more competitively balanced league. The study incorporates an OLS regression and Quantile regression to examine the impact of the 2013 CBA on the competitive balance of the league. The results show that the changes allow for a dispersion of talent, specifically offensive talent, and demonstrated a positive relationship between spending and points obtained by teams in the top 25% of the league. Conversely, teams that did not spend (bottom 25%) had a negative correlation
Breaking the Sound Ceiling: An Empirical Investigation of Gender Discrimination in the Music Industry
Get PDFThis study investigates women\u27s representation, or lack thereof, in the music industry by examining Billboard charts from 2016-2023, which corresponds with the years that Spotify began their Wrapped program. The studied years are also directly related to the timeline in which algorithms have generated personalized recommendations, playlists, and radio stations based on users\u27 previous listening history and preferences. In recent years, the demographic makeup of the music industry has been benchmarked by equity imbalance and gender inequality. The research being conducted analyzes how the significance of male artist dominance brings forth the main barriers that female producers, songwriters, and artists face. This includes, but is not limited to, stereotyping, objectification, and being a statistical minority. The study uses a regression analysis, testing a variety of variables including year, artist(s), song, sex of artist, genre of music, subgenre of music, record label(s), and whether the artist is signed under a major label. The listed variables will be tested against the dependent variable of ranking, which ultimately correlate with overall artist success rate. The analysis will provide findings and guidelines that the industry can follow to increase equity among genders. Additionally, it will explore the implications and opportunities the music industry, as well as the labor force, could capitalize on to further address gender equity and position themselves to bring the issue to light