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Article
Publication date: 3 February 2025

Thi Thu Tra Pham, Tung Bui Duy, Tuan_Thanh Chu and Trinh Nguyen

This study aims to reexamine the moderating role of human capital on the effect of extended financial inclusion (FI) for entrepreneurship, using data from the Global…

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Abstract

Purpose

This study aims to reexamine the moderating role of human capital on the effect of extended financial inclusion (FI) for entrepreneurship, using data from the Global Entrepreneurship Monitor for a sample of 42 countries from 2006 to 2017.

Design/methodology/approach

This study distinguished between actual and perceived human capital. Actual human capital was measured through formal education while perceived human capital was captured by self-perceived capabilities for business start-ups. The moderating role of human capital was captured by the interaction terms between FI and human capital to investigate how the effects of FI on entrepreneurship vary with levels of human capital. The estimation used the panel-corrected standard error estimators and the two-step system generalized method of moments estimators.

Findings

Higher levels of formal education decrease the positive effect of extended FI on entrepreneurial activities. Individuals with high levels of self-capability do not leverage FI for entrepreneurial activities as much as those with lower levels of perceived capability. The results are robust to different estimation methods and different forms of actual human capital.

Research limitations/implications

Both financial and human capital matter for new business formation worldwide. The findings suggest that FI policies must account for the decreasing effect in response to high levels of human capital. Future research should explore different measures of entrepreneurial performance, various types of entrepreneurship and entrepreneurship across gender groups to gain deeper insights into strategies for promoting entrepreneurship.

Practical implications

Education strategies should focus on specific types of education, such as entrepreneurship education with financial literacy, rather than traditional academic curriculum, to foster entrepreneurship knowledge, skills and creativity. Likewise, entrepreneurship support schemes should aim to nurture and share appropriate levels of self-efficacy, avoiding excessively high self-efficacy, which is deleterious to the benefits of FI for entrepreneurial activities.

Originality/value

This study offers novel evidence of the decreasing effects of FI on entrepreneurial activities in response to increased actual and perceived human capital.

Details

Journal of Entrepreneurship in Emerging Economies, vol. 17 no. 7
Type: Research Article
ISSN: 2053-4604

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Available. Content available
Article
Publication date: 29 November 2022

Marco Valeri

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Abstract

Details

Journal of Family Business Management, vol. 12 no. 3
Type: Research Article
ISSN: 2043-6238

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