Entrepreneurship is essential for the continued dynamism of the modern market economy and a robust entry rate of new businesses can foster competition and economic growth (Klapper, Laeven and Rajan, 2006; Djankov, La Porta, Lopez de Silanes and Shleifer, 2002). Entrepreneurial activity can also contribute to employment generation. For instance, in the United States, young firms accounted for nearly all net job creation between 1980 and 2005 (Haltiwanger, et al.; Strangler and Litan, 2009). In the wake of the 2009-09 financial crisis, a better understanding of new firm creation, and its relationship with macroeconomic indicators and the local business environment, can help policymakers working towards economic recovery. This paper uses a panel dataset for 95 countries on the number of newly registered limited liability firms to study the dynamics of entrepreneurial activity. The 2010 World Bank Group Entrepreneurship Snapshots (WBGES) offer a unique methodology for collecting comparable, international data on new business creation. Data is collected directly from the Registrar of Companies, which is the entry point for entrepreneurs joining or transitioning to the formal sector. We use the data to study the relationship between the regulatory environment, institutional quality, and entrepreneurship. We find that the ease of starting a business, country-level governance and corporate tax rate are significant indicators of new firm registrations, even after controlling for the overall level of economic development. These results are consistent with prior work on the efficient allocation of inputs and other resources to entrepreneurial activities (Jovanovic, 1982) and the impact of regulatory reform and institutional quality (Mullainathan and Schnabl, 2009; Demirguc-Kunt, Love, Maksimovic, 2006).download
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