Note(s): Standard errors in parentheses

***p < 0.01, **p < 0.05, *p < 0.1

Dependent variable: a dummy variable, either a respondent is involved or not in early-stage entrepreneurial activity (0 = No, 1 = Yes). Independent variables: The current age of the respondents (in years) (Age), UN harmonized educational attainment (Education), The gender of the respondent (0 = male, 1 = female) (Gender), The percentage people with age more than 10 years who access internet in the last 3 month based on province within service industry (Internet), Skilled construction worker at province level (Construction worker), Natural logarithm foreign direct investment realization by Province (million US$) (Ln Investment), Percentage non-performing loan to total amount of loan in large conventional banks at province level (NPL), Percentage non-performing financing to total amount of financing in large Islamic banks at province level (NPF), Population density per sq.km by province (Population density), Natural logarithm per capita gross regional domestic product at current market prices by Province (thousand rupiahs) (Ln GDP),), Principal-component factor of: (1) sum of Islamic primary school, Islamic junior high school, and Islamic senior high school at the provincial level, (2) the number of Islamic seminary school (pesantren) by province, (3) the number of Hajj application by province, (4) the number of Mosque registered under Ministry of Religious Affair at the provincial level, (5) the number of halal certification at the provincial level (Factor Religiosity). Model 7 is estimated using IV-probit regression. Instrumental variables: (1) lagged 1 year natural logarithm of the number of natural disasters by province, and (2) lagged 1 year natural logarithm of the number of houses destroyed/damaged by natural disaster. The p−values for the CLR and AR are against the null hypothesis that the coefficient of the endogenous variable, i.e. lagged one year natural logarithm of natural disaster events and lagged one year natural logarithm of houses being destroyed and damaged by natural disasters, is zero