INFLUENCE OF ENTREPRENEURSHIP ON ECONOMIC GROWTH AND EFFICIENCY: IMPORTANCE OF INSTITUCIONAL QUALITY AND SOCIAL INNOVATION FROM AN INTERNATIONAL PERSPECTIVE

This work has a dual objective; the analysis of the influence of the entrepreneurship on economic growth and the effects of institutional quality, social innovation and entrepreneurship on the efficiency in a complete panel/incomplete of 31/49 countries in the period 2004-2014. The methodological proposal consists in the use of stochastic production functions (Greene, 2005). The variables of output (GDP) and inputs (gross capital formation, total expenditure and labor force) have been extracted from the World Bank. Entrepreneurship data, measured as the percentage of adults participating in the creation of enterprises TEA has been taken from the Global Entrepreneurship Monitor GEM. Corruption indices, management of new businesses have been extracted from the Economic Freedom IEF. The human development index HDI has been obtained from the Human Development Reports. The main results suggest; (i) that entrepreneurship has a positive contribution as input to explain economic growth, (ii) entrepreneurship, the absence of levels of corruption, the freedom of business (the reduction of formalities and costs in the opening of new business) and the highest levels of social innovation are explanatory factors of positive technical efficiency at the country level.