Table 3 Impact of Greenfield investment on necessity driven, opportunity-driven, and total entrepreneurial activity

Tea_t−1

0.2***

(0.03)

Opportunity_t−1

0.2***

(0.03)

Necessity_t−1

0.31***

(0.03)

Lngreen

−0.37***

(0.11)

−0.50***

(0.13)

−0.26***

(0.09)

−0.19**

(0.1)

−0.22*

(0.12)

−0.03

(0.08)

−0.07

(0.05)

−0.14**

(0.06)

−0.04

(0.04)

Gdpcapita

−0.28

(0.32)

1.62***

(0.51)

−1.54

(2.53)

0.30

(0.26)

2.16***

(0.42)

−0.66

(1.97)

−0.80***

(0.1)

−0.48**

(0.22)

−1.7*

(0.001)

Gdpgrowth

−0.04

(0.04)

−0.05

(0.04)

0.002***

(0.004)

−0.004

(0.03)

−0.01

(0.03)

0.001***

(0.004)

−0.03*

(0.02)

−0.04**

(0.02)

0.005**

(0.002)

Fof

−0.04**

(0.02)

−0.03*

(0.02)

−0.07***

(0.02)

−0.04**

(0.02)

−0.03*

(0.02)

−0.05***

(0.01)

−0.02***

(0.007)

−0.01

(0.008)

−0.01*

(0.007)

Ei

0.30***

(0.02)

0.22***

(0.02)

0.3***

(0.02)

0.19***

(0.02)

0.14***

(0.02)

0.2***

(0.02)

0.09***

(0.007)

0.05***

(0.008)

0.08***

(0.008)

Constant

12.94***

(3.01)

−3.56

(4.85)

14.09

(10.8)

4.52*

(2.45)

−12.8***

(4.0)

7.02

(8.39)

10.09***

(1.15)

7.92***

(2.04)

8.28*

(4.31)

Observations

695

695

571

555

555

447

555

555

447

R-squared

0.53

0.24

0.44

0.18

0.55

0.11

Adjusted R²

0.52

0.12

0.44

0.03

0.54

0.05

F statistic

767.22***

37.57***

(df = 5; 604)

163.55

(df = 6, 564)

438.01***

21.04***

(df = 5; 466)

105.22

(df = 6, 440)

661.76***

11.84***

(df = 5; 466)

129.72

(df =6, 440)