Startups or Takeovers: Individual and regional determinants of differentiated entrepreneurial logics?

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1 4th ECFED International Workshop Klagenfurt, Austria, July 3-4, Startups or Takeovers: Individual and regional determinants of differentiated entrepreneurial logics? Rafik Abdesselam*, Jean Bonnet**, Pascal Cussy** and Marcus Dejardin *** * COACTIS, Université Lumière Lyon 2, France. **CREM-CNRS UMR 6211, UFR de Sciences Economiques et de Gestion, Université de Caen Basse-Normandie, 19 rue Claude Bloch, Caen Cedex, France. *** Université de Namur, CERPE, Faculté des Sciences économiques, sociales et de gestion 8, Rempart de la Vierge, 5000 Namur, Belgium.

2 - Motivation To report and assess individuals characteristics and regional context of the entrepreneurial phenomenon according to the two modes of entry: Start-up: creation of a new activity with a new added value. Takeover: means at least a continuation of an activity already existing.

3 -Entrepreneurial choice -Analytical framework: economic literature in the field of occupational choice (more substantially, the personal economy) and the regional economy. -The hypotheses formulated are tested through econometric and data analysis methods. -Databases -INSEE-SINE Individual characteristics of entrepreneurs -INSEE Addition of regional characteristics

4 Two modes of entry: > Startup > Takeover The chosen mode depends on multiple factors (profile, motivation, competences and resources of the entrepreneur; kind of product/service; kind of market ). To our best knowledge, differenciated explanation of Startup/Takeover, taking into account individual and regional characteristics, has still to be provided.

5 Motivation Entry s mode Literature review Entry s mode and regional context Data and methodology Results Conclusions

6 Individual and sectoral effects on startup/takeover modes Parker et Van Praag (2011) Bastié, Cieply et Cussy (2011) Intentions regarding the entry modes Block, Thurik et van der Zwan (2010) Descriptive study of entry modes according to constraints (financial, technical, informational and insertion in entrepreneurial networks and regional context). Abdesselam, Bonnet, Le Pape (2004)

7

8 Startup or Takeover = f (relative expected profitability, nonmonetary factors) Relative expected profitability and nonmonetary factors = f (regional context)

9 Variables characterizing the regional context Structural variables Density Development (GDP/Inhab) Trend (past growth) Age pyramid of the population Inequality of revenues Formation and qualification Migratory and touristic dynamics General situation on the labor market (underemployment) Importance of self-employment Institutions and culture

10 Database INSEE-SINE (2002) and EUROSTAT (INSEE) Probit Models: takeover versus startup Models based on individual and regional data Models based on individual data and regional dummies (test on the intercept) Database INSEE Data analysis Annual data over the period Typology of regional development Illustrative variables (Startup/takeover)

11 Explanatory regional variables

12

13 REGIONS Coefficients Ile-de-France -0,325*** Alsace Ref Class Franche-Comté 0,197** Bretagne 0,241*** Poitou-Charentes 0,394*** Languedoc-Roussillon -0,276*** Pr. Alpes-Côte-Azur -0,266*** With individual factors

14 The most significant individual variables of entry mode: Household services (+), More than on employee at the beginning (+), first time in entrepreneurship (+), a long experience in the small size (+). Services for the enterprises (-), Construction (-), average size projects (-), important amount of capital in the financing (-), belonging to an innovative branch of activity (-), small projects (-).

15

16 Annual data over the period

17 UNEM PLRATE.28 Average rates over the period (annual data) Corse PACA Startups.24 Type 3 Languedoc-Roussillon Ile de France Type 1 NFSTRATE.20 Startups Rhône-Alpes Aquitaine Midi-Pyrénées.16 Takeovers.12 Alsace Limousin Type 4 Poitou-Charentes Bretagne, Centre, Pays de la Loire, Auvergne, Bourgogne Franche-Comté Lorraine, Basse-Normandie Champagne-Ardenne Picardie Haute-Normandie Type 2 Nord-Pas-de-Calais

18 The type 1 includes strongly urbanized regions, with a high level of GDP and household income per capita. The high-technology sectors represent an important part of the employment and the manufacturing industry is under represented. The educational level seems also higher than what is observed in the bulk of regions. The type 2 groups regions showing a high long-term unemployment rate and an educational. level lower than average. High-technology sector employment and self-employment are weak. The number of nights spent at tourist accommodation establishments and the migratory balance are significantly lower than the average of regions. The type 3 gathers regions that are among the most attractive regions in the French area for around thirty years now. They have organized their development around the tourist sector and activities linked to the spending of retired people, to migrations linked to heliotropism etc. It results into a strong unemployment qualified as growth s unemployment but also a strong propensity to get into entrepreneurship. The type 4 gathers regions that present a high share of employment in the manufacturing industry. Rates of urbanization, long-term unemployment and failure of companies are significantly lower than the population average. Startups Startups Takeovers

19 Mode of entry (Startups or Takeovers) is significantly determined by regional structural factors although the bulk of the variance remains unexplained. Explanatory power from individual origin dominates. Typologizing regions reveals difference in terms of modes of entry.

20 Comments? Questions after the workshop? Please, contact:

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