Table 8.
Full Entrepreneurial Information Results. Dependent variable is the employment growth rate, 2000–2007. Coefficients with one, two, and three stars are significant at the 10%, 5%, and 1% levels, respectively, using a two-tailed test. See the Table 1 and the data appendix for details on the variables. The weak instrument-robust p-value is for the Anderson-Wald F test statistic; the weak instrument test is the Cragg-Donald Wald F statistic. The test for the endogeneity of entrepreneurship (i.e., the birth rate) is the GMM distance measure; the test for the endogeneity of the instrument is the Hansen’s J statistic.
| Birth Rate, 1998 | 4.73*** (0.56) | 5.2*** (0.75) | 5.37*** (0.75) | 7.74* (4.32) | 7.31* (4.35) |
| Death Rate, 1998 | −1.84*** (0.5) | −3.2*** (0.84) | −2.97*** (0.84) | −9.44* (5.07) | −6.11 (4.64) |
| Births×Deaths, 1998 | 0.17 (0.19) | 0.71** (0.28) | 0.49** (0.22) | 1.99** (0.94) | 1.05 (0.84) |
| Predicted Employment Growth, 2000–07 | 0.67*** (0.11) | 0.83*** (0.18) | 0.68*** (0.16) | 0.93*** (0.18) | 0.64*** (0.12) |
| Lagged Employment Growth, 1990–2000 | 0.19*** (0.038) | 0.24*** (0.032) | 0.26*** (0.032) | 0.15** (0.07) | 0.16** (0.07) |
| Log Employment, 2000 | −0.31 (0.42) | −0.11 (0.49) | −0.08 (0.51) | −0.35 (0.49) | −0.15 (0.45) |
| Log Income, 2000 | −12.5*** (3.39) | −14.7*** (4.01) | −16.2*** (3.51) | −16.1*** (4.66) | −15.2*** (4.13) |
| Density, 2000 | 0.1*** (0.035) | 0.11** (0.042) | 0.06 (0.04) | 0.13*** (0.043) | 0.06 (0.039) |
| HC Share, 2000 | 0.81*** (0.28) | 0.63** (0.31) | 0.45* (0.25) | 1.26*** (0.31) | 0.92*** (0.3) |
| Arts Share, 2000 | −1.83** (0.89) | −1.22 (1.06) | 0.54 (0.96) | −2.01** (1.02) | −0.43 (0.9) |
| BA Share, 2000 | −0.41*** (0.14) | −0.35* (0.18) | −0.3** (0.14) | −0.67*** (0.17) | −0.52*** (0.14) |
| Pop Growth, 1950–1960 | 0.67 (0.84) | −0.48 (0.83) | −0.013 (0.77) | 0.7 (0.99) | 0.25 (0.85) |
| Median Age, 2000 | −0.5*** (0.1) | −0.36*** (0.13) | −0.53*** (0.13) | −0.33** (0.16) | −0.62*** (0.12) |
| Amenity Score | 0.15 (0.14) | 0.17 (0.15) | −0.22 (0.27) | 0.47** (0.18) | −0.16 (0.25) |
| Distance to MSA | −0.017* (0.009) | 0.06*** (0.023) | −0.048** (0.022) | 0.000 (0.005) | −0.005 (0.01) |
| Marginal distance to MSA > 250k | −0.003 (0.004) | −0.008 (0.005) | −0.02** (0.008) | −0.004 (0.005) | −0.011* (0.006) |
| Marginal distance to MSA > 500k | −0.004 (0.004) | 0.000 (0.005) | 0.005 (0.007) | 0.005 (0.005) | −0.001 (0.005) |
| Marginal distance to MSA > 1M | 0.004 (0.003) | 0.006 (0.004) | 0.003 (0.005) | 0.408 (0.422) | 0.006 (0.005) |
| Constant | 132*** (32.5) | 150*** (37.8) | 176*** (33.7) | 175*** (45.3) | −173*** (40.2) |
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| N | 3072 | 825 | 825 | 3072 | 3072 |
| R2 | 0.56 | 0.65 | 0.74 | 0.44 | 0.6 |
| F | 59.8 | 50.6 | 30.7 | 41.5 | 35.6 |
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| Counties | All | Metro | Metro | All | All |
| Fixed Effects | No | No | No | No | Yes |
| Regression | OLS | OLS | OLS | IV | IV |
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| Weak ID F -test | 5.98 | 7.86 | |||
| Weak IV-Robust P-value | — | — | — | 0.046 | 0.13 |
| Endogeneity of Entrepreneurship P-value | — | — | — | 0.5 | 0.99 |
| Endogeneity of IVs P-value | 0.99 | 0.9 | |||