Table 1. Correlation matrix No. Variable...

Table 1.

Correlation matrix

No.	Variable	1	2	3	4	5	6	7	8	9	10	11	12
1	Level of entrepreneurial activity	1
2	Stigma	−0.11	1
3	Individualism	−0.46***	−0.09	1
4	Masculinity	0.38**	0.41***	−0.504***	1
5	Uncertainty avoidance	0.133	0.076	−0.552***	0.244***	1
6	Power distance	0.085	−0.12	−0.75***	0.18**	0.713***	1
7	Environmental munificence	0.123	−0.12	0.02	−0.018	−0.09	−0.04
8	Legal system and property rights	−0.201**	0.12	0.623***	−0.11	−0.68***	−0.72***	0.11	1
9	Credit market controls	−0.39***	0.23***	0.55***	−0.066	−0.16**	−0.49***	0.28***	0.37***	1
10	Business regulation	−0.07	−0.16*	0.42***	−0.09	−0.52***	−0.47***	0.09	0.65***	0.17*	1
11	Proportion unemployed	0.13	−0.27***	−0.12	−0.02	0.46***	0.30***	−0.27***	−0.38***	−0.36***	−0.19**	1
12	Tax rates	−0.09	−0.07	0.24***	−0.16*	−0.06	−0.17**	0.13	0.46***	0.04	0.27***	−0.04	1

No.	Variable	1	2	3	4	5	6	7	8	9	10	11	12
1	Level of entrepreneurial activity	1
2	Stigma	−0.11	1
3	Individualism	−0.46***	−0.09	1
4	Masculinity	0.38**	0.41***	−0.504***	1
5	Uncertainty avoidance	0.133	0.076	−0.552***	0.244***	1
6	Power distance	0.085	−0.12	−0.75***	0.18**	0.713***	1
7	Environmental munificence	0.123	−0.12	0.02	−0.018	−0.09	−0.04
8	Legal system and property rights	−0.201**	0.12	0.623***	−0.11	−0.68***	−0.72***	0.11	1
9	Credit market controls	−0.39***	0.23***	0.55***	−0.066	−0.16**	−0.49***	0.28***	0.37***	1
10	Business regulation	−0.07	−0.16*	0.42***	−0.09	−0.52***	−0.47***	0.09	0.65***	0.17*	1
11	Proportion unemployed	0.13	−0.27***	−0.12	−0.02	0.46***	0.30***	−0.27***	−0.38***	−0.36***	−0.19**	1
12	Tax rates	−0.09	−0.07	0.24***	−0.16*	−0.06	−0.17**	0.13	0.46***	0.04	0.27***	−0.04	1

Notes:

***p < 0.01; **p < 0.05; *p < 0.1. With data being from a number of different sources, eventually there were 15 countries in the final regressions in view of restrictions imposed by missing data. The countries are Belgium, Bulgaria, the Czech Republic, Germany, Greece, Hungary, The Netherlands, Poland, Romania, Spain, Sweden, Switzerland, Turkey, the UK and the USA (narrower than Damaraju et al., 2021 in view of stigma measures used)

Source: Table by author Naga Lakshmi Damaraju

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