Social Capital as an Entrepreneurship Factor in OECD Countries: Implementation of a Model with Panel Data

Abstract

In the present article, social capital is analyzed as entrepreneurship factor across OECD countries. The databases of Global Entrepreneurship Monitor (GEM) and the World Values Survey (WVS) are used. Entrepreneurship variable is obtained from GEM, and social capital variables are obtained from WVS. Confidence and to belong a social group are considerate as social capital variables. A panel model with random effects is used. The results suggest that social capital variables have a positive impact on entrepreneurial activity, increasing their probability of success, not only in the initial phase but also in the long term.