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Enhancing the Potential of Cultural Entrepreneurship: Connecting Regional Development and Performance of Cultural Firms in Europe

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Entrepreneurship in Culture and Creative Industries

Part of the book series: FGF Studies in Small Business and Entrepreneurship ((FGFS))

Abstract

It is commonly recognized that individuals’ motivations drive the entrepreneurial process, though the qualities and outcomes of such are regulated by the environment. This article focuses on the regional dimension of entrepreneurship in the cultural sector found within Europe. A large sample of cultural firms from 13 European countries were selected from the Amadeus database in order to study the relationship of cultural firms’ performances and regional development using linear mixed models. Relevant results of this article include the finding that regional entrepreneurial development is related to the performance of cultural firms with respect to their primary relationships, capital financing, and firm debt. Moreover, there is evidence that variability of results is associated with the country, as opposed to the regional, level. Lastly, differences depend on the cultural sector under concern and on the different dimensions of regional entrepreneurial development. We conclude with some policy recommendations and reflections.

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Notes

  1. 1.

    Throughout the article we use cultural entrepreneurship as denoting both the firms in the cultural as well as creative sector.

  2. 2.

    The choice of the countries was guided by data availability and geographic representation.

  3. 3.

    Related to the topic we could also mention works of DeAngelo and Masulis (1980), Taggart (1985), Ashton (1989), Adedeji (1998), Klapper et al. (2002), Graham (2003), Frank and Goyal (2005).

  4. 4.

    In the robustness checks we included both the Dilli and Elert (2016) classification, as well as the more common welfare regime and capitalism systems’ typologies; no significant differences in the main results were observed.

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Authors and Affiliations

  1. Institute for Economic Research, Ljubljana and Faculty of Economics, University of Ljubljana, Ljubljana, Slovenia

    Andrej Srakar

  2. Burgundy School of Business, Dijon, France

    Marilena Vecco

Authors
  1. Andrej Srakar
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  2. Marilena Vecco
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Correspondence to Andrej Srakar .

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Editors and Affiliations

  1. Center for Advanced Studies, Eurac Research, Bolzano-Bozen, Italy

    Elisa Innerhofer

  2. Chair of Tourism, Catholic University of Eichstätt-Ingolstadt, Eichstätt, Germany

    Harald Pechlaner

  3. Burgundy School of Business, ESC Dijon Bourgogne, Dijon, France

    Elena Borin

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Srakar, A., Vecco, M. (2018). Enhancing the Potential of Cultural Entrepreneurship: Connecting Regional Development and Performance of Cultural Firms in Europe. In: Innerhofer, E., Pechlaner, H., Borin, E. (eds) Entrepreneurship in Culture and Creative Industries. FGF Studies in Small Business and Entrepreneurship. Springer, Cham. https://doi.org/10.1007/978-3-319-65506-2_12

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