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THENEXUSBETWEENDIGITALIZATION,
ENTREPRENEURIALECOSYSTEMQUALITY,
ANDECONOMICRESILIENCE
ACROSS-COUNTRYANALYSISDURINGTHECOVID-19PANDEMIC
Yeng-MayTan,ErkkoAutio,GemmaEstrada,DonghyunPark,andGaziSalahUddin
N0.716
ADBECONOMICS
=*=*****E****=*E*#E*EFEFHEFEF#F#F*F#E
February2024
WORKINGPAPERSERIES
ASIANDEVELOPMENTBANK
ADBEconomicsWorkingPaperSeries
TheNexusbetweenDigitalization,EntrepreneurialEcosystemQuality,andEconomicResilience:ACross-CountryAnalysisduringtheCOVID-19Pandemic
Yeng-MayTan,ErkkoAutio,GemmaEstrada,
DonghyunPark,andGaziSalahUddin
No.716|February2024
TheADBEconomicsWorkingPaperSeries
presentsresearchinprogresstoelicitcommentsandencouragedebateondevelopmentissuesinAsiaandthePacific.Theviewsexpressed
arethoseoftheauthorsanddonotnecessarilyreflecttheviewsandpoliciesofADBor
tsBoardofGovernorsorthegovernmentstheyrepresent.
Yeng-MayTan(ymtan@.my)isanassistant
professoroffinanceattheXiamenUniversity
Malaysia.ErkkoAutio(erkko.autio@imperial.ac.uk)
saprofessorandChairinTechnologyVenturingat
lmperialCollegeBusinessSchool.GaziSalahUddin
(gazi.salah.uddin@liu.se)isanassociateprofessor
atLinköpingUniversity.GemmaEstrada(gestrada@
)isasenioreconomicsofficerandDonghyun
Park(dpark@)isaneconomicadvisorat
theEconomicResearchandDevelopmentImpact
Department,AsianDevelopmentBank.
ASIANDEVELOPMENTBANK
CreativeCommonsAttribution3.0IGOlicense(CCBY3.0IGO)
@2024AsianDevelopmentBank
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Tel+63286324444;Fax+63286362444
Somerightsreserved.Publishedin2024.
ISSN2313-6537(print),2313-6545(electronic)
PublicationStockNo.WPS240033-2
DOl:
/10.22617/WPS240033-2
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ABSTRACT
Informationandcommunicationtechnologyordigitaltechnologyhelpedentrepreneurssurvivethecoronavirusdisease(COVID-19)restrictions.Forinstance,theyshiftedtoonlinesalesinthefaceofstringentlockdownsandmobilityconstraints.Theenhancedresilienceofentrepreneurs,inturn,contributedtotheresilienceofthebroadereconomy.Thisstudyexplorestherelationshipbetweenthequalityofacountry'sdigitalentrepreneurialecosystem,measuredbytheGlobalIndexofDigitalEntrepreneurshipSystems(GIDES),anditseconomicperformanceduringtheCOVID-19pandemic.Basedonacross-countryanalysisof100globaleconomies,wefindapositiveassociationbetweenGIDESandeconomicperformanceduringthepandemic.Thissuggeststhatthequalityofacountry'senvironmentfordigitalentrepreneurscanstrengthenitseconomic
resilienceeveninthefaceofmajorshocks.
Keywords:digitalentrepreneurship,digitalization,entrepreneurialecosystem,
economicresilience,COVID-19,GiobalIndexofDigitalEntrepreneurshipSystems(GIDES)
JELcodes:L26,L86,F62
1.Introduction
Entrepreneurship,ortheactivityofstartingandrunningabusiness,isvitalforeconomicgrowthanddevelopment.Theadventofinformationandcommunicationtechnology(ICT)ordigitaltechnologyhassignificantlyreducedthecostofentrepreneurship.Forinstance,ICTenablesentrepreneurstostartabusinesswithoutexpensivephysicalstores,outsourceawiderangeofactivities,andreachlargenumbersofpotentialcustomersatlowcosts.DigitalorICT-enabledentrepreneurshiphasblossomed,evidentintherapidgrowthofcompaniessuchasAlibaba,Amazon,andGoogle,whichhavebecomesomeofthebiggestcompaniesintheworld.Inaddition,duringthecoronavirusdisease(COVID-19)pandemic,ICTcontributedgreatlytotheresilienceofentrepreneurs,which,inturn,contributedtotheresilienceoftheeconomyasawhole.Forexample,ICTenabledentrepreneurstoshifttheirsalesonlinewhenlockdownsandcommunityquarantines
severelyrestrictedin-storesales,thusenablingthemtoremaininbusiness.
SuchcontributionofdigitalentrepreneurshiptoeconomicresiliencesuggeststhatcountrieswithbetterenvironmentsfordigitalentrepreneurswouldcopebetterinthefaceofbigshockssuchastheCOVID-19pandemic.Thecentralobjectiveofourpaperistoempiricallyanalyzewhetherbetterdigitalentrepreneurshipecosystemsstrengthenedeconomicresilienceduringthepandemic.Todoso,weperformacross-countryeconometricanalysisof100globaleconomies.Ourmeasureofeconomicresilienceistheextenttowhichactualgrossdomesticproduct(GDP)growthduringthepandemicfellshortoftheforecastGDPgrowth.Thesmallertheshortfall,thegreatertheeconomy'sresilience.Themaincontributionofourpapertotheliteratureisthatitisthefirstattempt
toempiricallyanalyzetherelationshipbetweenthequalityofacountry'senvironmentfor
2
digitalentrepreneursanditseconomicresilience.Thelackofearlierstudiesisprobably
duetothelackofdataonthequalityofdigitalentrepreneurshipenvironment.
Inthispaper,weusetheGlobalIndexofDigitalEntrepreneurshipSystems(GIDES),anewlydevelopedindex,tomeasurethequalityofaneconomy'sdigitalentrepreneurialecosystem.PleaserefertothebackgroundpaperfortheAsianDevelopmentOutlook2022Updateforadetailedexplanationofhowtheindexwasconstructed(ADB2022,Autioetal.2022).GIDESallowsustoempiricallyassesstherelationshipbetweenthequalityofdigitalentrepreneurshipsystemandeconomic
resilience.
Covering113economiesandusing103indicators,GIDESassessesthequalityofacountry'sdigitalframeworkconditionsforentrepreneurialactivitiesatthecountrylevel.Itfocusesoncapturingdigitalizationinsocietyandeconomyandisguidedbytwoframeworkconditions:GeneralFrameworkConditions(GFC)andSystemicFrameworkConditions(SFC).Theseconditionsarefurtherbrokendownintoeightpillarsthatfall
undereitherofthetwoframeworks.
TheGFCdescribesthegeneralcontextofaneconomy'sentrepreneurshipandfocusesonfourkeyareas:(i)cultureandinformalinstitutions;(ii)formalinstitutions,regulations,andtaxation;(ii)marketconditions;and(iv)physicalinfrastructure.Ontheotherhand,theSFCnarratestheresourceprovisiondirectlyconnectedwithvariousphasesofentrepreneurialdevelopment.ThefactorsunderSFCare(i)humancapitalandtalent,(ii)knowledgecreationanddissemination,(ii)finance,and(iv)networkingandsupport.Insummary,acountry'sgeneralconditionsregulatehowsystematicconditions
facilitatedifferentlifecyclestagesofentrepreneurship,includingstand-up,start-up,and
3
scale-upentrepreneurship.Therefore,thedigitalentrepreneurshipecosystemindexcomprisesatotalof16pillars,ofwhich4areunderGFCand12underSFC.Foreachpillar,acorrespondingdigitalweightiscalculatedtoaccountforthecountry-leveldigitalconditionsrelevanttoitsentrepreneurshipecosystem.Furthermore,anon-digitalizedversion,representingthephysicalconditionoftheentrepreneurshipecosystem,iscomputedtofacilitatecomparisonalongsidethedigitalizedversion.Lastly,thecountry'scompositeGIDESscoreiscalculatedasthebottleneck-correctedaverageofGFCandSFCdigitalizedversions.Figure1reproducesthestructureandframeworkofGIDESfor
illustrativepurposes.
Figure1:StructureoftheGlobalIndexofDigitalEntrepreneurshipSystems
DigitalizationConditions
GeneralFrameworkConditions
FormalInstitutions,
regulation,andtaxation
SystemicFrameworkConditions
Knowledgecreation
anddissemination
Stand-Up
Start-Up
Scale-Up
CultureandInformalInstitutions
Networkingandsupport
PhysicalInfrastructure
HumanCapital
MarketConditions
Financ
Source:AdaptedfromAutioetal.(2022,Figure6).
4
Theremainderofthepaperisorganizedasfollows:Section2discussestherelevantliterature.Section3describesthedataandempiricalframework.ResultsandfindingsarediscussedinSection4.Section5concludesanddiscussespolicy
implications.
2.LiteratureReview
Whiletherehasbeenanoticeableriseinscholarlyworksfocusingonthelinkbetweenentrepreneurshipandeconomicgrowthovertime,theexistingresearchremainssomewhatfragmentedanddispersedacrossvarioussources.Theexistingbodyofresearchinthefieldpredominantlyconcentratesoncross-sectionalanalysisandfocusesondevelopedcountries,oftenrelyingontheGlobalEntrepreneurshipMonitor(GEM)data(Kim,Castillejos-Petalcorin,etal.2022).Generally,empiricalevidencepointstowardapositiveassociationbetweenentrepreneurialactivityandeconomicgrowth.Itisconceivablethatawell-functioningentrepreneurialenvironmentcanenhanceaneconomy'soveralltotalfactorproductivity(ADB2022).Encompassing18developedmarkets,Acsetal.(2005)arguethatentrepreneurialactivityfosterseconomicgrowth.Furthermore,stronginstitutionsareshowntoinfluencegrowthpositively(Urbanoetal.2019)byfacilitatingproductiveentrepreneurship(AcemogluandJohnson2012),sociallyproductiveentrepreneurship(BaumolandStrom2007),andinnovativeentrepreneurship(ADB2020).Additionally,StamandvandeVen(2021)demonstrateapositivelinkbetweenhigh-growthfirmsandthequalityoftheentrepreneurialecosystem.Despitethesomewhatconsistentrelationshipbetweenentrepreneurialactivityandeconomicgrowth,variousstudieshavereportedmorenuancedanddiversefindings.WhileSalgado-banda
(2007)considers22OrganisationforEconomicCo-operationandDevelopment(OECD)
5
countries'entrepreneurshipandfindsapositiverelationshipbetweentheproposedmeasureofproductiveentrepreneurship,theauthorreportsanegativeornullinfluenceoneconomicgrowthwhenusingself-employmentdata.With44countries'data,ValliereandPeterson(2009)documentthathigh-performingentrepreneurscontributesubstantiallytoeconomicgrowthindevelopedeconomiesbutnotemergingmarkets.Kim,Castillejos-Petalcorin,etal.(2022)donotfindevidenceofapositivelinkbetweeneconomicgrowthandtotalentrepreneurshipusingtheGEMdatabase,1thoughreportapositiveassociationbetweenopportunity-drivenentrepreneurshipandgrowthfordevelopingeconomies.Tosumup,thecurrentresearchhadnotyetyieldedconclusiveevidenceestablishingaconsistentrelationshipbetweenentrepreneurshipandeconomicgrowth,particularlyinemergingeconomies.Furthermore,themajorityoftheexisting
studiesconcentratepredominantlyondevelopedmarkets.
Theadventandwidespreadadoptionofdigitalizationhaverevolutionizedtheentrepreneuriallandscape,reshapingthewayentrepreneurshipisconducted.Digitalizationhastransformedsocietiesandeconomies,enablingentrepreneurstolowertransactioncosts,scalebusinesses,accessnewmarkets,andimproveefficiency(WorldBank2016,Berman2012,Cardonaetal.2013,HawashandLang2020).Studiesshowthatfimsthatadoptdigitalizationfacilitateinnovations(Gaglio2022),spurproductivitygrowth(Cetteetal.2022,Galetal.2019),andenhancecompetitiveness(deRosnayandStalder2020,Ferreiraetal.2019,Dahlmanetal.2016).Despiteemergingintheearly1990s,digitalentrepreneurshipisoftenperceivedasanewoccurrence(Kollmannetal.
2022).TheoutbreakofCOVID-19hasaccelerateddigitaladoptionandfurtherhighlighted
1TheGEMadoptsthreemeasuresofentrepreneurship:totalearly-stage,opportunity-drivenearly-stage,andnecessity-drivenearly-stageentrepreneurship.
6
thebeneftsofdigitalization.Inresponsetothecrisis,therehasbeenanotablesurgeinacademicliteratureinvestigatingtheramificationsofthepandemiconbusinessactivity(Abidietal.2022).IntheirstudyexaminingtheMiddleEastandCentralAsiaregion,Abidietal.(2022)provideevidencethatdigitally-enabledfirmsexperiencedalowerdeclineinsalesthantheirdigitally-constrainedcounterparts,highlightingthehedgingeffectofdigitalizationduringthepandemic.Longetal.(2022)reportapronouncedassociationbetweendigitaltechnologyandentrepreneurialresiliencemeasuredasthelikelihoodoffirms'closureduringthepandemic.Xiongetal.(2021)arguethatthesocialandeconomiccrisisofthepandemiccreatesthe"windowofopportunity"leadingtotheleapfroggingofdigitaltransfomation.Kim,Estrada,etal.(2022)reportthatICThaspositivelyimpactedeconomicperformanceduringthepandemic.Hayakawaetal.(2021)findthatalthoughtheseverityofthepandemicsignificantlyimpededinternationaltrade,positivedevelopmentoftheimportingcountry'se-commercemitigatestheadverseeffect.Usinginformationtechnology(IT)adoptiondatafornearlythreemillionestablishmentsintheUnitedStates(US),Oikonomouetal.(2023)confirmthemitigatingroleofITduringthe
COVID-19crisis.
Althoughpriorresearchhasdiscussedthepotentialcontributionsofentrepreneurshipanddigitalizationtopositiveeconomicoutcomes,itisimperativetointegratethesetwoimportantconceptstoshedlightontheircombinedeffectsoneconomicresilienceandgrowth.Byunderstandingtheinterplaydynamicsbetweentheentrepreneurialecosystemanddigitalization,policymakersandpractitionerscaneffectivelynavigatetheevolvinglandscapeofdigitalentrepreneurshipandharnessits
potentialtofostereconomicgrowthandresilience.
7
3.EmpiricalApproachandData
Thisstudyusescross-sectional,country-leveldataandperformsordinaryleastsquares(OLS)regressionsfor2020.Westartedwithall113countriesavailablefromtheGIDESdataset.Usingascorepointona0-100scale,GIDESmeasuresthequalityoftheentrepreneurialresourceallocationdynamic,focusingprimarilyonthedigitalconditionatthecountrylevel.Afterexcludingcountrieswithmissingdata,thefinalsampleconsistsof100countries,ofwhich31areadvancedeconomies,and69areemergingmarketsanddevelopingeconomies(hereinafterreferredtoasdevelopingcountriesoreconomies).Table1showsthenumberofcountriesineacheconomy.Thefulllistofcountriesis
availableinAppendix1.
Table1:RegionalDistributionofCountries
Region
NumberofCountries
NorthAmerica
EuropeandCentralAsia
EastAsiaandPacific
MiddleEastandNorthAfrica
LatinAmericaandCaribbean
SouthAsia
Sub-SaharanAfrica
2
36
13
11
16
5
17
Total
100
Source:Authors'compilation.
ThedependentvariableistheeconomicdamagemeasuredasGDPgrowthdeceleration.WedefineGDPgrowthdecelerationby,firstly,thedifferencebetweentheactualGDPgrowthin2019andtheOctoberforecastofGDPgrowthin2020and,secondly,thedivergencebetweentheOctober2019forecastof2020GDPgrowthandtheOctober2020forecastofGDPgrowthin2020.Thekeyindependentvariablesofourbaselineempiricalmodelarethequalityofthedigitalentrepreneurialsystem,the
prevalenceofCOVID-19,andtheinteractiontermbetweenthetwo.TheGIDESquantifies
8
thequalityandproductivitypotentialofdigitalentrepreneurialresourceallocationdynamics,andCOVID-19prevalencerepresentsthecumulatednumberofCOVID-19confirmedcasesforevery100people.Asweaimtoexaminethepotentialmoderatingroleofacountry'sdigitalentrepreneurialenvironmentqualityinmitigatingtheadverseimpactofCOVID-19prevalenceonitseconomicresilience,weconsidertheinteractionterminvolvingthetwomainindependentvariables.AsignificantinteractiontermsuggeststhattherelationshipbetweenCOVID-19prevalenceandeconomicperformanceiscontingentuponthelevelofdigitalentrepreneurshipasmeasuredbyGIDES.Thislogicaldeductionimpliesthatcountrieswithamorerobustdigitalentrepreneurshipecosystemarebetterequippedtonavigatecrisesthatrequiremovementrestrictionssincebusinessescancontinueunimpededwheneconomicactivitiesareshiftedonline.Toaccountforpotentialconfoundingfactors,weincorporateseveralcontrolvariablesrelatedtoCOVID-19orbasedontheeconomicprofileofeachcountry.ThetwoCOVID-19-relatedcontrolvariablesaremobilityrestrictionandtheOxfordStringencyIndex.Countriesimposerestrictionsonmobilitytocontainthespreadofthedisease,andOxfordStringencyIndexindicatesthelevelofacountry'scontainmentmeasures.Predictably,whenahighervalueisobservedforeitherofthetwomeasurements,itleadstosubduedeconomicactivities,resultinginadeclineinGDP.Theotherfourcontrolvariablesincludedinthemodelaretradeopenness,services'shareofGDP,pastGDPpercapitagrowth,andeconomicdevelopmentlevel.Tradeopennesswassignificantlyimpactedduringthepandemicduetolockdownsandsupplychaindisruptions.Similarly,variousshutdownmeasuresimposedduringthepandemicnegativelyimpactedtheshareof
servicesofGDP.Therefore,itisconceivablethatthetwovariablesdampenacountry's
9
economicperformance.Additionally,acountry'spastproductivitytrajectorymayinfluenceitsabilitytonavigatepresentchallenges.Typically,pastsolidGDPgrowthindicatesawell-performingeconomywithfavorableconditions,suchashighinvestment,productivity,andconsumerconfidence.Thispositivemomentumcancontributetosustainedgrowthinthefuture.Hence,wepositanegativerelationshipbetweenpastGDPpercapitagrowthandthedependentvariable.Lastly,weintroduceadummyvariabletoaccountforvariationsintheeconomicdevelopmentlevelsamongcountries,therebycontrollingforpotentialconfoundingfactors.Theeconomicdevelopmentdummyvariabletakesonthevalueofoneifthecountryfallsunderthecategoryofemergingmarketsanddevelopingcountries.Table2listsallvariables,alongwiththeirrespectivedescriptionsandanticipateddirectionalrelationshipswiththedependentvariable.Thebaselinemodelof
ourstudyisshowninEq1.
GDPDEC₁=α+β₁COVID₁+β₂GIDESi+β₃GIDESi*COVID₁+β₄CONTROLi+E
(Eq1)whereaistheintercept,GDPDECdenotesGDPdeceleration,COVIDrepresentsCOVID-19prevalence,GIDESistheGlobalIndexofEntrepreneurshipSystems(GIDES),GIDES*COVIDistheinteractiontermbetweenGIDESandCOVID,andCONTROL;representsthesubsetofcontrolledvariables,namelymobilityreduction,OxfordStringencyIndex,tradeopenness,servicesshare,pastGDPpercapitagrowth,andeconomy.β₁toβ₄arethecoefficientsofeachvariable,andaistheerrorterm.Thesubscriptidenotescountryi.Additionally,weconsidertheinteractiontermsbetween
GIDESandmobilityreduction(GIDES*MOBRED)andGIDESandstringencyindex
10
(GIDES*STRINGENCY)tocapturethemoderatingeffectsbetweentheindependent
variables.Eq2and3exhibitthetwoequations.
GDPDECi=α+β₁COVID₁+β₂GIDESi+β₃GIDESi*MOBRED₁+β₄CONTROLi+εi
(Eq2)
GDPDEC₁=α+β₁COVID₁+β₂GIDESi+β₃GIDESi*STRINGENCYi+β₄CONTROL₁+Ei
(Eq3)
Table2:DescriptionofVariables
Variable
Description
PredictedSign
DataSource
Dependentvariable
GDPgrowth
Actual2019growth-2020growth
IMFWEO
deceleration1
forecast(annual%)
October2020
GDPgrowth
deceleration2
GDPgrowthdeceleration2-
2020growthforecast(Oct2019)-2020growthforecast(Oct2020)(annual%
IMFWEO
October2020
andWEO
October2019
Independentvariable
GIDES
GlobalIndexofDigitalEntrepreneurshipSystem(0-100)(annual%)
(-)
Autioetal.2022
EntrepreneurialEcosystem
EntrepreneurialEcosystemIndex(EEl)(0-100)
(-)
Autioetal.2022
Digital
Entrepreneurial
DigitalEntrepreneurialIndex(DEl)(0-100)
(-)
Autioetal.2022
COVID-19
prevalence
Economy
TheratiooftotalcumulativeCOVID-19infectionstopopulation,orthepositivity
ratio
Advancedeconomies(0)versus
Emergingmarketsanddevelopingeconomies(1)
(+)
WHO
WorldBank's
WDI
Controlvariable
Mobilityreductior
Reductioninmovementofpeopleduetomovementrestrictivemeasuressuchasockdownsandstay-at-homeorders.
(+)
StringencyIndex
Stringencylevelofcontainmentmeasures
(+)
OxforddatainCSVfromGithub
Tradeopenness
TheratiobetweenthesumofexportsandimportsandGDP
(+)
WoddBank's
WDI
Serviceshare
PastGDPper
capitagrowth
ValueaddedintheservicessectoraspercentofGDP
AverageGDPpercapitagrowth(2000-2019)(annual%
(+)
(-)
WorldBank's
WDI
WorldBank's
WDI
COVID-19=coronavirusdisease,GDP=grossdomesticproduct,GIDES=GlobalIndexof
EntrepreneurshipSystems,WDI=WorldDevelopmentIndicators,IMF=InternationalMonetaryFund,WEO=WorldEconomicOutlook,WHO=WorldHealthOrganization
Note:Thepredictedsign(+or-)indicatestheexpecteddirectionalrelationshipbetweenthedependent
andtheindependentvariable.
Source:Authors'compilation
11
4.ResultsandDiscussionofFindings
Table3presentsthesummarystatisticsofthewholesample(PanelA),advancedeconomies(PanelB),anddevelopingeconomies(PanelC).Asexpected,allGIDES-relatedindexesexhibithighervaluesinadvancedeconomieswhileregisteringlowervaluesindevelopingeconomies.ThedifferencebetweenthemeanGIDESvaluesofadvancedeconomies,whichstandsat58.35(rangingfrom27.31to81.29),anddevelopingeconomies,whichis21.63(rangingfrom8.03to54.33),isconsiderable.Likewise,whenitcomestodigitalconditions,developingeconomiesexhibitsubstantiallylowerscores,averagingat0.40(rangingfrom0.23to0.66),incontrasttothehighermeanscoreof0.73(rangingfrom0.50to0.88)observedindevelopedeconomies.Theobserveddifferenceisexpected,consideringadvancedeconomieshaveaccesstosuperiorresources,moredevelopedinfrastructure,andstrongerinstitutionsthantheirlessdevelopedcounterparts(Autioetal.2022).Despitethedisparityintheireconomicresources,bothadvancedanddevelopingeconomiesfacedcomparablelevelsofeconomicdamageduringthepandemic,withadvancedeconomiesrecordinganaveragedecelerationof8.239%perannumwhiledevelopingeconomiesreportedaslightlyhigherfigureof8.559%perannum.Table4showsthecorrelationmatrix.Thevarianceinflationfactor(VIF)valuesrangefrom1.3and2.4,indicatinglowlevelsofmulticollinearityamong
thevariables.
12
Table3:SummaryStatistics
PanelA:Wholesample(100countries)
Mean
Std.Dev.
Min
Max
GDPgrowthdeceleration1
8.181
3.171
2.010
18.100
GDPgrowthdeceleration2
8.738
3.597
2.320
25.860
COVID-19prevalence
GlobalIndexofDigitalEntrepreneurshipSystems
0.020
0.019
0.000
0.073
(GIDES)
33.015
20.630
8.030
81.290
EntrepreneurialEcosystemIndex(EEl)
0.655
0.137
0.410
0.980
DigitalEntrepreneurialIndex(DEI)
0.504
0.183
0.230
0.880
Stand-up
33.023
20.514
7.840
79.940
Start-up
32.950
21.441
7.870
83.640
Scale-up
33.073
20.028
7640
80.440
Mobilityreduction
16.892
21.142
-43.470
58.370
StringencyIndex
51.588
9.924
29.889
72.688
Tradeopenness
0.909
0.616
0.120
3.640
Servicesshare
57.518
8.989
33.498
79.158
PastGDPpercapitagrowth
2.501
1.749
-1.692
8.427
PanelB:Advancedeconomies(31countries)
Mean
Std.Dev.
Min
Max
GDPgrowthdeceleration1
8.257
2.496
3.920
14.810
GDPgrowthdeceleration2
8.221
2.425
4.100
14.680
COVID-19prevalence
GlobalIndexofDigitalEntrepreneurshipSystems
0.030
0.020
0.000
0.073
(GIDES)
58.352
15.136
27.310
81.290
EntrepreneurialEcosystemIndex(EEI)
0.808
0.098
0.610
0.980
DigitalEntrepreneurialIndex(DEl)
0.727
0.095
0.500
0.880
Stand-upsub-index
57.974
15.395
26.570
79.940
Start-upsub-index
59.759
14.990
29.780
83.640
Scale-upsub-index
57.321
15.179
25.570
80.440
Mobilityreductior
2.357
18.044
-28.840
29.490
StringencyIndex
46.482
7.372
31.186
56.155
Tradeopenness
1.195
0.817
0.310
3.640
Ser
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