Table 1. Operationalization of variables... | Emerald Publishing

Table 1.

Operationalization of variables

Variables	Definition/operationalization	Source	Acronyms	Obs.	Mean	SD	Min.	Max.
Dependent variable
New business density	Number of new firms per 1,000 people between the age of 15 and 64	World Bank’s Entrepreneurship Database	NBD	403	4.88	4.42	0.07	25.04
Independent variables
Business confidence index	Provides information on future financial environments (bullish or bearish) using opinion surveys.	OECD data	BCI	465	99.89	1.82	92.53	104.04
Uncertainty avoidance (dummy)	The extent to which people of the community feel threatened by unknown future measured as dummy	Hofstede’s Cultural Index	UA	465	0.55	0.50	0	1
Institutional quality index	Includes six sub-indicators:	World Bank governance indicators
	Control of corruption		CC	465	0.90	0.98	−0.95	2.46
	Government effectiveness		GE	465	1.00	0.73	−0.52	2.35
	Regulatory quality		RQ	465	1.01	0.69	−0.48	2.08
	Rule of law		RoL	465	0.94	0.85	−0.70	2.12
	Voice and accountability		VAA	465	0.88	0.71	−1.75	1.74
	Political stability and absence of violence		PSAV	465	0.34	0.84	−2.01	1.56
Control variables
Gross tertiary enrollment	The ratio of the number of students enrolled in tertiary education (regardless of age) to the population of the age group	World Bank	GTE	392	62.87	24.58	11.43	143.31
Log GDP per capita	The sum of gross value added by all the producers in the country minus taxes plus subsidies/total population	World Bank	LogGDP-PC	465	10.01	0.99	6.69	11.55
Patents/GDP ratio	The ratio of total patent applications filed in a country and GDP per capita	World Bank	Patent-GDP ratio	465	5.41	21.93	0	165.36
Market openness	Includes trade, investment, and financial freedom	Heritage Foundation	MO	465	73.09	11.91	34.67	89.27

Variables	Definition/operationalization	Source	Acronyms	Obs.	Mean	SD	Min.	Max.
Dependent variable
New business density	Number of new firms per 1,000 people between the age of 15 and 64	World Bank’s Entrepreneurship Database	NBD	403	4.88	4.42	0.07	25.04
Independent variables
Business confidence index	Provides information on future financial environments (bullish or bearish) using opinion surveys.	OECD data	BCI	465	99.89	1.82	92.53	104.04
Uncertainty avoidance (dummy)	The extent to which people of the community feel threatened by unknown future measured as dummy	Hofstede’s Cultural Index	UA	465	0.55	0.50	0	1
Institutional quality index	Includes six sub-indicators:	World Bank governance indicators
	Control of corruption		CC	465	0.90	0.98	−0.95	2.46
	Government effectiveness		GE	465	1.00	0.73	−0.52	2.35
	Regulatory quality		RQ	465	1.01	0.69	−0.48	2.08
	Rule of law		RoL	465	0.94	0.85	−0.70	2.12
	Voice and accountability		VAA	465	0.88	0.71	−1.75	1.74
	Political stability and absence of violence		PSAV	465	0.34	0.84	−2.01	1.56
Control variables
Gross tertiary enrollment	The ratio of the number of students enrolled in tertiary education (regardless of age) to the population of the age group	World Bank	GTE	392	62.87	24.58	11.43	143.31
Log GDP per capita	The sum of gross value added by all the producers in the country minus taxes plus subsidies/total population	World Bank	LogGDP-PC	465	10.01	0.99	6.69	11.55
Patents/GDP ratio	The ratio of total patent applications filed in a country and GDP per capita	World Bank	Patent-GDP ratio	465	5.41	21.93	0	165.36
Market openness	Includes trade, investment, and financial freedom	Heritage Foundation	MO	465	73.09	11.91	34.67	89.27

Source(s): Table by authors