Table 3 Opportunity-motivated versus...

Table 3

Opportunity-motivated versus necessity-motivated entrepreneurship (logit models; odds ratios with 95% CIs)

	Model I	Model II	Model III
Individual level
University education	1.342** [1.315, 1.363]	1.328** [1.289, 1.352]	1.205 [0.994, 1.448]
Perceived entrepreneurial skills	5.724** [5.678, 5.819]	5.739** [5.665, 5.856]	5.763** [5.645, 5.882]
Fear of failure	0.615** [0.602, 0.631]	0.616** [0.603, 0.632]	0.631** [0.611, 0.658]
Gender (male)	1.401** [1.390, 1.420]	1.365** [1.343, 1.403]	1.357** [1.321, 1.425]
Age	1.083** [1.072, 1.093]	1.053** [1.026, 1.074]	1.093** [1.083, 1.097]
Age-square	0.999** [0.999, 0.999]	00.999** [0.999, 0.999]	00.999** [0.999, 0.999]
Country level
GDP per capita (log) (t−1)	1.031 [0.945, 1.133]	0.957 [0.911, 0.995]	0.902 [0.846, 0.954]
GDP growth rate (t−1)	1.003 [0.999, 1.006]	1.001 [0.994, 1.006]	1.005 [1.000, 1.009]
Population (log)	0.995 [0.925, 1.075]	0.984 [0.932, 1.045]	0.964 [0.914, 1.034]
Lagged business freedom (H1a) (t−1)		0.994** [0.992, 0.996]	0.995** [0.991, 0.997]
Lagged labor freedom (H2a) (t−1)		1.002 [0.999, 1.004]	1.003 [0.996, 1.007]
Lagged monetary freedom (H3a) (t−1)		1.017** [1.010, 1.022]	1.016** [1.010, 1.024]
Lagged business freedom * more highly educated individuals (H1b)			0.997* [0.994, 1.000]
Lagged labor freedom * more highly educated individuals (H2b)			1.002* [1.000, 1.004]
Lagged monetary freedom * more highly educated individuals (H3b)			1.005** [1.001, 1.008]
Year-survey fixed effects	Yes	Yes	Yes
Number of countries	86	86	86
Number of entrepreneurs	128,253	128,253	128,253
Country-level ICC	0.083	0.080	0.078
LR tests	**	**	**

	Model I	Model II	Model III
Individual level
University education	1.342** [1.315, 1.363]	1.328** [1.289, 1.352]	1.205 [0.994, 1.448]
Perceived entrepreneurial skills	5.724** [5.678, 5.819]	5.739** [5.665, 5.856]	5.763** [5.645, 5.882]
Fear of failure	0.615** [0.602, 0.631]	0.616** [0.603, 0.632]	0.631** [0.611, 0.658]
Gender (male)	1.401** [1.390, 1.420]	1.365** [1.343, 1.403]	1.357** [1.321, 1.425]
Age	1.083** [1.072, 1.093]	1.053** [1.026, 1.074]	1.093** [1.083, 1.097]
Age-square	0.999** [0.999, 0.999]	00.999** [0.999, 0.999]	00.999** [0.999, 0.999]
Country level
GDP per capita (log) (t−1)	1.031 [0.945, 1.133]	0.957 [0.911, 0.995]	0.902 [0.846, 0.954]
GDP growth rate (t−1)	1.003 [0.999, 1.006]	1.001 [0.994, 1.006]	1.005 [1.000, 1.009]
Population (log)	0.995 [0.925, 1.075]	0.984 [0.932, 1.045]	0.964 [0.914, 1.034]
Lagged business freedom (H1a) (t−1)		0.994** [0.992, 0.996]	0.995** [0.991, 0.997]
Lagged labor freedom (H2a) (t−1)		1.002 [0.999, 1.004]	1.003 [0.996, 1.007]
Lagged monetary freedom (H3a) (t−1)		1.017** [1.010, 1.022]	1.016** [1.010, 1.024]
Lagged business freedom * more highly educated individuals (H1b)			0.997* [0.994, 1.000]
Lagged labor freedom * more highly educated individuals (H2b)			1.002* [1.000, 1.004]
Lagged monetary freedom * more highly educated individuals (H3b)			1.005** [1.001, 1.008]
Year-survey fixed effects	Yes	Yes	Yes
Number of countries	86	86	86
Number of entrepreneurs	128,253	128,253	128,253
Country-level ICC	0.083	0.080	0.078
LR tests	**	**	**

Note(s): *p < 0.05 and **p < 0.01 (standard beta coefficients and standard errors presented)

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