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Financial Development, Corruption and Entrepreneur's “Mass Entrepreneurship and Innovation” Spirit: Empirical Study Based on Threshold Panel Model |
CHEN Qianru,HE Jianfeng |
School of Economics and Finance, South China University of Technology |
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Abstract Based on the panel data of provincial regions in China and the Hansen threshold model, this paper investigates the threshold effect of financial development between corruption and the “Mass Entrepreneurship and Innovation” spirit of the entrepreneur. The empirical results show that corruption has a significant effect on the “Mass Entrepreneurship and Innovation” spirit of the entrepreneur, and the inhibitory effect is the threshold characteristic of the financial development. With the improvement of the level of financial development, the negative effect of corruption on the “Mass Entrepreneurship and Innovation” spirit of the entrepreneur will be continuously attenuated. From the perspective of entrepreneur's “Mass Entrepreneurship and Innovation”, the spirit of innovation requires higher financial development threshold to weaken the negative effect of corruption. The results of regional heterogeneity analysis show that the threshold value of financial development of entrepreneurship in the central and western regions is higher than that in the eastern region. However, the threshold value of financial development of innovation spirit is higher in the eastern and lower in the central and western. The research results not only enrich the literature on “Mass Entrepreneurship and Innovation” spirit of the entrepreneur, but also provide theoretical basis and empirical evidence for further anticorruption work and coordinated development of financial level.
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Received: 04 August 2020
Published: 15 December 2020
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Corresponding Authors:
HE Jianfeng
E-mail: ectjhjf@scut.edu.cn
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