Resumen de Determinants of spanish firms' life cycle and job creation: A pseudo-panel approach
This paper examines the role of human capital, individualentrepreneurial traitsand the business environment on firms’ life cycle andonjob creation in Spain. For this purpose, we have constructeda pseudo-panel, byusing the Global Entrepreneurship Monitor survey over the period 2001-2008. We have foundthat the creation, maturity and survival of firms wereaided by the availabilityof bank credit and the large immigration inflows that Spain receivedover thisperiod. However, ofthese two factors,only bankcredit had a positive effect on the creation of jobs and on improvingexpectations ofjob expansion. Therelatively high levelsof youth unemployment experienced even before the crises of 2008 hurtthe firm’s chances of maturity and survival. The results also suggested thatthe gender gap in entrepreneurial activities had narrowed. In relative terms,women withhigher levels of education were more likely to createmature firmsthan men.Based on the empirical findings and those of related literature, the paper offers policy recommendations to foster a sustainable entrepreneurial sector capable of contributing to the recovery of theSpanish economy.
