THE DYNAMICS OF ENTREPRENEURIAL OUTPUT AND ECONOMIC GROWTH IN NIGERIA

admin/ December 3, 2019/ Journal of Business and Social science/ 0 comments

THE DYNAMICS OF ENTREPRENEURIAL OUTPUT AND ECONOMIC GROWTH IN NIGERIA

1OKONEDO E. & 2AGBONTAEN Osaro

1 Senior Fellow, Lagos Business School,  2Lagos Business School, Department of Accounting, Economics and Finance, Lagos State, Nigeria.

Corresponding email: oagbontaen@lbs.edu.ng

 

Abstract

In this study we test the degree of impact that economic growth, the rate of unemployment, capital performance and the lagged values of entrepreneurial output exhibit on the present value of entrepreneurial output in an autoregressive distribution lag (ARDL) model.  Quarterly data from 1980 to 2018 was used for this study.  The objective of this study is to evaluate the extent to which entrepreneurial output is a critical component of economic growth in Nigeria, taking into consideration its short-run and long-run impact on capital performance and the rates of unemployment.  We noticed that changes in the rates of growth in the economy did not encourage entrepreneurial output growth in the short-run and long-run.  On the long-run, persistent increase in entrepreneurial output growth curtailed the high and steadily growing rates of unemployment despite the fact that such entrepreneurial output growth levels are not directly linked with the prevailing levels of growth in the economy.  Also, capital performance was more effective in contributing to entrepreneurial output growth in the short-run than in the long-run.  The results obtained from the empirical evaluation in the study have implications for entrepreneurs, policy makers and researchers.

KEYWORD: Economic- Growth, Econometric- modeling, Firm, Production, Microeconomics.

 

 

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