The Effects of Financial Literacy on Sustainable Entrepreneurship
Abstract
:1. Introduction
2. Literature Review
3. Methodology
4. Results and Discussion
Descriptive Statistics and Correlation
5. Robustness and Study Limitations
6. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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Argentina | Germany | Mexico |
Austria | Hong Kong | Netherlands |
Brazil | Hungary | Poland |
Canada | India | Portugal |
China | Indonesia | Russia |
Croatia | Italy | Saudi Arabia |
Estonia | Jordan | South Africa |
Finland | Korea | Thailand |
France | Latvia | Turkey |
Georgia | Malaysia | United Kingdom |
Name | Definition | Source |
---|---|---|
The total early-stage entrepreneurial activity rate (TEA) | The percentage of the 18–64 population who are either a nascent entrepreneur or owner-manager of a new business. | Global Entrepreneurship Monitor |
Nascent Entrepreneurship Rate (SUBOAN) | The percentage of the 18–64 population who are currently a nascent entrepreneur. They are actively engaged in creating a business or are the owners of it. This new business venture has not yet paid wages or other types of payments in the past three months. | Global Entrepreneurship Monitor |
New Business Ownership Rate (BABYBU) | The percentage of 18–64 population who are currently an owner/manager of a new business. They are the owners of a new business. This new business venture has already paid wages or other types of payments but that money flow started no more than 3.5 years ago. | Global Entrepreneurship Monitor |
Informal Investors Rate (BUSANG) | The percentage of 18–64 population who have personally provided funds for a new business, started by someone else, in the past three years, excluding stocks and funds. | Global Entrepreneurship Monitor |
Getting Credit total score (GETCRED) | The total score for getting credit is the sum of the strength of legal rights index and the depth of credit information index. The first measure is based on the effectiveness of applicable laws on guarantees and bankruptcies. The second measure evaluates the accessibility of credit information available through credit reporting service providers such as credit bureaus or credit registers. https://www.doingbusiness.org/en/methodology/getting-credit (last access: 21 April 2021). | World Bank, Doing Business |
Cost (% of claim) (ENCO) | The cost to enforce contracts is recorded as a percentage of the claim value, assumed to be equivalent to 200% of income per capita or $5000, whichever is greater. Three types of costs are recorded: average attorney fees, court costs and enforcement costs. Bribes are not taken into account. Average legal fees are the expenses that the seller (plaintiff) must advance to a local lawyer to represent. Court costs include all costs that the seller (plaintiff) must advance to the court. Enforcement costs are all costs that the seller (plaintiff) has to anticipate to enforce the judgment through a public sale of the buyer’s assets. https://www.doingbusiness.org/en/methodology/enforcing-contracts (last access: 21 April 2021). | World Bank, Doing Business |
Fear of Failure Rate (FRFAIL) | The percentage of the 18–64 population who agree that they see good opportunities but would not start a business for fear it might fail. | Global Entrepreneurship Monitor |
Perceived to have required knowledge and skills (SUSKIL) | The Percentage of 18–64 population who perceive to have the required knowledge and skills to start a business. | Global Entrepreneurship Monitor |
Personal contact with someone who has started a new business. (KNOENT) | The Percentage of 18–64 population who personally knows someone who started a firm in the past two years. | Global Entrepreneurship Monitor |
GDP per capita growth (GDPCG) | Annual percentage growth rate of GDP per capita based on constant local currency. | World Bank, World Development Indicators |
Corruption (CORRUP) | Perceptions of the extent to which public power is exercised for private gain. https://tcdata360.worldbank.org/indicators/hc153e067?country=BRA&indicator=364&viz=line_chart&years=1996, 2019 (last access: 21 April 2021). | World Bank, Worldwide Governance Indicator Project |
Global Competitiveness Index (GCI) | The index measures different aspects of the competitiveness of a country. Competitiveness is defined as “the set of institutions, policies, and factors that determine the level of productivity of a country”. https://tcdata360.worldbank.org/indicators/gci?country=BRA&indicator=631&viz=line_chart&years=2007, 2017 (last access: 21 April 2021). | World Economic Forum |
Political stability (POL) | Pol measures perceptions of the likelihood of political instability and/or politically-motivated violence, including terrorism. The value of this index ranged from approximately −2.5 (political instability) to 2.5 (political stability). https://datacatalog.worldbank.org/political-stability-and-absence-violenceterrorism-estimate (last access: 21 April 2021). | World Bank, Worldwide Governance Indicator Project |
QK3 | Percentage of the population that answered question 3 correctly in the financial literacy measurement exercise. | OECD/INFE |
QK4 | Percentage of the population that answered question 4 correctly in the financial literacy measurement exercise. | OECD/INFE |
QK5 | Percentage of the population that answered question 5 correctly in the financial literacy measurement exercise. | OECD/INFE |
FINLIT1 | Sum of variables QK3 and QK4 | OECD/INFE |
FINLIT2 | Sum of variables QK3, QK4 and QK5 | OECD/INFE |
Question Code | Text Note that Words or Phrases in < > Can Be Edited to Fit the National Context. | Possible Responses |
---|---|---|
QK3 | Now imagine that the <brothers> have to wait for one year to get their share of the $1000 and inflation stays at <X> percent. In one year’s time will they be able to buy. | Multiple choice [correct response depends on inflation used] |
QK4 | You lend $25 to a friend one evening and he gives you $25 back the next day. How much interest has he paid on this loan? | Open response [correct response ‘none’/0] |
QK5 | Suppose you put $100 into a <no fee, tax free> savings account with a guaranteed interest rate of 2% per year. You don’t make any further payments into this account and you don’t withdraw any money. How much would be in the account at the end of the first year, once the interest payment is made? | Open response [correct response $102] |
Variable | n | Mean | S.D. | Min | 0.25 | Mdn | 0.75 | Max |
---|---|---|---|---|---|---|---|---|
TEA | 30 | 10.23 | 4.13 | 4.42 | 6.91 | 9.53 | 14.08 | 19.56 |
SUBOAN | 30 | 5.30 | 2.36 | 1.96 | 3.86 | 4.66 | 6.05 | 11.65 |
BABYBU | 30 | 5.13 | 2.98 | 1.67 | 3.04 | 4.45 | 6.10 | 14.04 |
BUSANG | 30 | 5.01 | 2.73 | 1.29 | 3.15 | 4.30 | 6.46 | 13.67 |
GETCRED | 30 | 11.90 | 3.58 | 0.00 | 9.00 | 12.00 | 14.00 | 18.00 |
ENCO | 30 | 24.54 | 11.52 | 12.70 | 16.90 | 22.40 | 27.50 | 70.30 |
FRFAIL | 30 | 42.09 | 6.96 | 31.11 | 35.62 | 41.24 | 46.09 | 58.41 |
SUSKIL | 30 | 44.43 | 10.30 | 28.34 | 37.41 | 43.58 | 50.15 | 70.68 |
KNOENT | 30 | 37.20 | 11.20 | 22.43 | 30.69 | 35.13 | 39.88 | 71.73 |
GDPCG | 30 | 1.69 | 2.32 | −4.07 | 0.83 | 1.66 | 2.84 | 7.08 |
CORRUP | 30 | 0.54 | 0.90 | −0.82 | −0.25 | 0.25 | 1.40 | 2.24 |
GCI | 30 | 4.71 | 0.50 | 3.79 | 4.31 | 4.52 | 5.13 | 5.53 |
EASEBUS | 30 | 72.19 | 8.98 | 54.52 | 66.24 | 74.81 | 79.13 | 84.32 |
QK3 | 30 | 59.20 | 17.51 | 14.00 | 52.00 | 63.00 | 71.00 | 83.00 |
QK4 | 30 | 82.47 | 10.87 | 54.00 | 76.00 | 85.00 | 92.00 | 98.00 |
QK5 | 30 | 56.17 | 16.46 | 12.00 | 47.00 | 57.00 | 68.00 | 79.00 |
FINLIT1 | 30 | 141.67 | 25.41 | 90.00 | 124.00 | 149.00 | 157.00 | 181.00 |
FINLIT2 | 30 | 197.83 | 33.93 | 137.00 | 178.00 | 201.50 | 218.00 | 260.00 |
TEA | SUBOAN | BABYBU | BUSANG | GETCRED | ENCO | FRFAIL | SUSKIL | KNOENT | GDPCG | CORRUP | GCI | EASEBUS | QK3 | QK4 | QK5 | FINLIT1 | FINLIT2 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
TEA | 1 | |||||||||||||||||
SUBOAN | 0.7403 * | 1 | ||||||||||||||||
(0.000) | ||||||||||||||||||
BABYBU | 0.8383 * | 0.2553 | 1 | |||||||||||||||
(0.000) | (0.1733) | |||||||||||||||||
BUSANG | 0.2418 | 0.3697 * | 0.0406 | 1 | ||||||||||||||
(0.198) | (0.0443) | (0.8313) | ||||||||||||||||
GETCRED | −0.0577 | 0.1717 | −0.235 | −0.0122 | 1 | |||||||||||||
(0.7619) | (0.3643) | (0.2114) | (0.9489) | |||||||||||||||
ENCO | 0.0993 | −0.1288 | 0.2415 | −0.134 | 0.0105 | 1 | ||||||||||||
(0.6015) | (0.4975) | (0.1986) | (0.4803) | (0.9562) | ||||||||||||||
FRFAIL | 0.1411 | −0.0335 | 0.2283 | −0.0879 | −0.1012 | −0.1841 | 1 | |||||||||||
(0.457) | (0.8604) | (0.2249) | (0.644) | (0.5947) | (0.33) | |||||||||||||
SUSKIL | 0.5919 * | 0.4287 * | 0.4901 * | 0.2158 | −0.1608 | 0.1922 | 0.0827 | 1 | ||||||||||
(0.0006) | (0.0181) | (0.006) | (0.252) | (0.396) | (0.3089) | (0.6639) | ||||||||||||
KNOENT | 0.2182 | −0.0814 | 0.3634 * | 0.3612 * | 0.0397 | 0.3964 * | 0.0558 | 0.3659 * | 1 | |||||||||
(0.2466) | (0.669) | (0.0484) | (0.0499) | (0.8351) | (0.0301) | (0.7696) | (0.0468) | |||||||||||
GDPCG | −0.1912 | −0.1646 | −0.1459 | 0.1725 | 0.2519 | 0.0452 | 0.1387 | −0.308 | 0.0497 | 1 | ||||||||
(0.3116) | (0.3849) | (0.4417) | (0.3621) | (0.1792) | (0.8124) | (0.4649) | (0.0977) | (0.7944) | ||||||||||
CORRUP | −0.1823 | 0.121 | −0.3589 | 0.0571 | 0.1597 | −0.1799 | −0.0091 | −0.0569 | −0.1752 | −0.0273 | 1 | |||||||
(0.335) | (0.5241) | (0.0515) | (0.7643) | (0.3993) | (0.3413) | (0.962) | (0.7653) | (0.3544) | (0.886) | |||||||||
GCI | −0.2653 | −0.1842 | −0.2393 | 0.1276 | 0.1754 | −0.0239 | −0.0774 | −0.2586 | 0.1447 | 0.1151 | 0.7595 * | 1 | ||||||
(0.1564) | (0.3298) | (0.2028) | (0.5017) | (0.3538) | (0.9001) | (0.6844) | (0.1676) | (0.4454) | (0.5447) | (0.000) | ||||||||
EASEBUS | −0.3081 | 0.0736 | −0.5009 * | −0.1445 | 0.5506 * | −0.2455 | 0.094 | −0.3606 | −0.2476 | 0.194 | 0.6499 * | 0.6030 * | 1 | |||||
(0.0977) | (0.6989) | (0.0048) | (0.446) | (0.0016) | (0.1909) | (0.6212) | (0.0503) | (0.1871) | (0.3042) | (0.0001) | (0.0004) | |||||||
QK3 | 0.0154 | 0.3365 | −0.2424 | 0.1747 | 0.2756 | −0.6889 * | 0.0375 | −0.2334 | −0.2062 | 0.0222 | 0.292 | 0.1193 | 0.4502 * | 1 | ||||
(0.9354) | (0.069) | (0.1969) | (0.3559) | (0.1405) | (0.000) | (0.8439) | (0.2146) | (0.2743) | (0.9071) | (0.1174) | (0.5301) | (0.0126) | ||||||
QK4 | 0.1191 | 0.3632 * | −0.1167 | −0.0136 | 0.3789 * | −0.3272 | −0.2148 | −0.0934 | −0.1383 | −0.0328 | 0.3685 * | 0.2073 | 0.4777 * | 0.5796 * | 1 | |||
(0.5306) | (0.0485) | (0.5392) | (0.9433) | (0.0389) | (0.0776) | (0.2543) | (0.6237) | (0.4662) | (0.8634) | (0.0451) | (0.2718) | (0.0076) | (0.0008) | |||||
QK5 | 0.097 | 0.1386 | 0.0335 | 0.1237 | −0.0108 | −0.1093 | 0.3226 | −0.0812 | 0.1265 | 0.3556 | 0.5390 * | 0.4845 * | 0.4398* | 0.2357 | 0.2772 | 1 | ||
(0.6103) | (0.4651) | (0.8605) | (0.515) | (0.9548) | (0.5653) | (0.0821) | (0.6695) | (0.5055) | (0.0538) | (0.0021) | (0.0067) | (0.015) | (0.2098) | (0.1381) | ||||
FINLIT1 | 0.0616 | 0.3874 * | −0.217 | 0.1146 | 0.3521 | −0.6148 * | −0.0661 | −0.2008 | −0.2013 | 0.0013 | 0.359 | 0.1709 | 0.5147 * | 0.9372 * | 0.8274 * | 0.2811 | 1 | |
(0.7463) | (0.0344) | (0.2495) | (0.5466) | (0.0564) | (0.0003) | (0.7286) | (0.2874) | (0.2862) | (0.9946) | (0.0514) | (0.3665) | (0.0036) | (0.000) | (0.000) | (0.1324) | |||
FINLIT2 | 0.0932 | 0.3572 | −0.1462 | 0.1458 | 0.2584 | −0.5133 * | 0.107 | −0.1897 | −0.0894 | 0.1735 | 0.5302 * | 0.3630 * | 0.5987 * | 0.8160 * | 0.7540 * | 0.6955 * | 0.8851 * | 1 |
(0.6243) | (0.0526) | (0.4408) | (0.4421) | (0.168) | (0.0037) | (0.5736) | (0.3153) | (0.6386) | (0.3593) | (0.0026) | (0.0487) | (0.0005) | (0.000) | (0.000) | (0.000) | (0.000) |
TEA | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|
BUSANG | 0.332 | 0.230 | 0.405 | 0.345 | 0.284 | 0.297 |
(1.00) | (0.72) | (1.33) | (1.19) | (0.97) | (1.14) | |
GETCRED | 0.200 | 0.171 | 0.138 | 0.472 | 0.136 | 0.312 |
(0.71) | (0.64) | (0.53) | (1.77) | (0.55) | (1.41) | |
ENCO | 0.0245 | 0.141 | 0.0862 | 0.0343 | 0.167 | 0.162 * |
(0.31) | (1.44) | (1.13) | (0.50) | (1.90) | (2.26) | |
FRFAIL | 0.114 | 0.154 | 0.217 | 0.0514 | 0.213 | 0.165 |
(0.96) | (1.35) | (1.85) | (0.48) | (1.92) | (1.76) | |
SUSKIL | 0.220 * | 0.270 * | 0.220 * | 0.239 * | 0.266 ** | 0.274 ** |
(2.21) | (2.75) | (2.43) | (2.73) | (2.98) | (3.46) | |
KNOENT | −0.0698 | −0.135 | −0.122 | −0.163 | −0.160 | −0.211 * |
(−0.68) | (−1.30) | (−1.26) | (−1.68) | (−1.65) | (−2.36) | |
GDPCG | −0.213 | −0.156 | −0.199 | −0.627 | −0.153 | −0.418 |
(−0.58) | (−0.45) | (−0.60) | (−1.76) | (−0.48) | (−1.44) | |
CORRUP | −1.028 | −1.898 | −1.874 | −2.836 | −2.327 | −3.358 * |
(−0.61) | (−1.14) | (−1.19) | (−1.75) | (−1.49) | (−2.30) | |
GCI | 1.010 | 3.391 | 2.698 | 2.266 | 4.183 | 4.717 |
(0.32) | (1.04) | (0.91) | (0.81) | (1.38) | (1.77) | |
EASEBUS | −0.0586 | −0.156 | −0.153 | −0.165 | −0.204 | −0.259 |
(−0.36) | (−0.95) | (−0.99) | (−1.11) | (−1.32) | (−1.86) | |
QK3 | 0.122 | |||||
(1.81) | ||||||
QK4 | 0.182 * | |||||
(2.24) | ||||||
QK5 | 0.161 * | |||||
(2.63) | ||||||
FINLIT1 | 0.110 * | |||||
(2.59) | ||||||
FINLIT2 | 0.101 ** | |||||
(3.64) | ||||||
_cons | −6.009 | −20.59 | −25.23 | −9.907 | −30.82 | −31.28 |
(−0.36) | (−1.15) | (−1.43) | (−0.67) | (−1.75) | (−2.10) | |
N | 30 | 30 | 30 | 30 | 30 | 30 |
adj. R-sq | 0.131 | 0.224 | 0.283 | 0.338 | 0.331 | 0.471 |
SUBOAN | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|
BUSANG | 0.452 * | 0.404 * | 0.482 ** | 0.458 ** | 0.431 * | 0.437 ** |
(2.69) | (2.48) | (3.01) | (2.97) | (2.80) | (3.06) | |
GETCRED | 0.0850 | 0.0714 | 0.0592 | 0.202 | 0.0567 | 0.134 |
(0.60) | (0.53) | (0.44) | (1.43) | (0.43) | (1.10) | |
ENCO | 0.0164 | 0.0710 | 0.0417 | 0.0206 | 0.0792 | 0.0762 |
(0.42) | (1.42) | (1.04) | (0.57) | (1.72) | (1.94) | |
FRFAIL | −0.00967 | 0.00915 | 0.0327 | −0.0364 | 0.0338 | 0.0128 |
(−0.16) | (0.16) | (0.53) | (−0.65) | (0.58) | (0.25) | |
SUSKIL | 0.0871 | 0.111 * | 0.0872 | 0.0950 | 0.107 * | 0.110 * |
(1.74) | (2.21) | (1.83) | (2.06) | (2.29) | (2.55) | |
KNOENT | −0.0492 | −0.0796 | −0.0705 | −0.0892 | −0.0889 | −0.111 * |
(−0.95) | (−1.50) | (−1.39) | (−1.74) | (−1.75) | (−2.26) | |
GDPCG | −0.175 | −0.149 | −0.170 | −0.353 | −0.149 | −0.265 |
(−0.95) | (−0.84) | (−0.97) | (−1.88) | (−0.88) | (−1.67) | |
CORRUP | 0.479 | 0.0720 | 0.132 | −0.296 | −0.0925 | −0.536 |
(0.56) | (0.08) | (0.16) | (−0.34) | (−0.11) | (−0.67) | |
GCI | −2.340 | −1.225 | −1.646 | −1.801 | −0.943 | −0.725 |
(−1.47) | (−0.74) | (−1.05) | (−1.22) | (−0.59) | (−0.50) | |
EASEBUS | 0.104 | 0.0583 | 0.0649 | 0.0582 | 0.0399 | 0.0166 |
(1.26) | (0.70) | (0.80) | (0.74) | (0.49) | (0.22) | |
QK3 | 0.0572 | |||||
(1.66) | ||||||
QK4 | 0.0747 | |||||
(1.75) | ||||||
QK5 | 0.0692 * | |||||
(2.13) | ||||||
FINLIT1 | 0.0486 * | |||||
(2.17) | ||||||
FINLIT2 | 0.0442 ** | |||||
(2.89) | ||||||
_cons | 3.552 | −3.272 | −4.348 | 1.880 | −7.375 | −7.456 |
(0.42) | (−0.36) | (−0.47) | (0.24) | (−0.80) | (−0.91) | |
N | 30 | 30 | 30 | 30 | 30 | 30 |
adj. R-sq | 0.327 | 0.384 | 0.393 | 0.433 | 0.437 | 0.515 |
BABYBU | (1) | (2) | (3) | (4) | (5) | (6) |
---|---|---|---|---|---|---|
BUSANG | −0.115 | −0.172 | −0.0688 | −0.106 | −0.143 | −0.136 |
(−0.52) | (−0.79) | (−0.34) | (−0.54) | (−0.71) | (−0.74) | |
GETCRED | 0.101 | 0.0849 | 0.0619 | 0.268 | 0.0630 | 0.169 |
(0.54) | (0.47) | (0.36) | (1.48) | (0.37) | (1.08) | |
ENCO | 0.00977 | 0.0762 | 0.0486 | 0.0158 | 0.0952 | 0.0929 |
(0.19) | (1.15) | (0.95) | (0.34) | (1.58) | (1.85) | |
FRFAIL | 0.125 | 0.148 | 0.190 * | 0.0871 | 0.185 * | 0.157 * |
(1.60) | (1.91) | (2.42) | (1.20) | (2.43) | (2.38) | |
SUSKIL | 0.133 | 0.161 * | 0.133 * | 0.144 * | 0.160 * | 0.165 ** |
(2.01) | (2.42) | (2.18) | (2.42) | (2.62) | (2.97) | |
KNOENT | −0.0209 | −0.0579 | −0.0535 | −0.0782 | −0.0748 | −0.106 |
(−0.31) | (−0.82) | (−0.83) | (−1.19) | (−1.13) | (−1.70) | |
GDPCG | −0.0471 | −0.0147 | −0.0386 | −0.302 | −0.0114 | −0.172 |
(−0.19) | (−0.06) | (−0.17) | (−1.25) | (−0.05) | (−0.84) | |
CORRUP | −1.487 | −1.983 | −2.020 | −2.597 * | −2.265 * | −2.897 * |
(−1.33) | (−1.76) | (−1.91) | (−2.35) | (−2.12) | (−2.82) | |
GCI | 3.220 | 4.576 | 4.282 * | 3.991 | 5.119 * | 5.462 ** |
(1.54) | (2.07) | (2.15) | (2.10) | (2.47) | (2.92) | |
EASEBUS | −0.160 | −0.216 | −0.220* | −0.226 * | −0.247 * | −0.282 ** |
(−1.48) | (−1.94) | (−2.12) | (−2.23) | (−2.34) | (−2.88) | |
QK3 | 0.0696 | |||||
(1.52) | ||||||
QK4 | 0.114 | |||||
(2.10) | ||||||
QK5 | 0.0991 * | |||||
(2.38) | ||||||
FINLIT1 | 0.0660 * | |||||
(2.26) | ||||||
FINLIT2 | 0.0613 ** | |||||
(3.14) | ||||||
_cons | −8.846 | −17.15 | −20.93 | −11.24 | −23.70 | −24.13 * |
(−0.79) | (−1.41) | (−1.77) | (−1.11) | (−1.96) | (−2.31) | |
N | 30 | 30 | 30 | 30 | 30 | 30 |
adj. R-sq | 0.266 | 0.313 | 0.377 | 0.410 | 0.396 | 0.499 |
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Burchi, A.; Włodarczyk, B.; Szturo, M.; Martelli, D. The Effects of Financial Literacy on Sustainable Entrepreneurship. Sustainability 2021, 13, 5070. https://doi.org/10.3390/su13095070
Burchi A, Włodarczyk B, Szturo M, Martelli D. The Effects of Financial Literacy on Sustainable Entrepreneurship. Sustainability. 2021; 13(9):5070. https://doi.org/10.3390/su13095070
Chicago/Turabian StyleBurchi, Alberto, Bogdan Włodarczyk, Marek Szturo, and Duccio Martelli. 2021. "The Effects of Financial Literacy on Sustainable Entrepreneurship" Sustainability 13, no. 9: 5070. https://doi.org/10.3390/su13095070