The determinants of business start-ups in tertiary education: evidence for Greece through a panel data approach


Up to now there is no consensus in the relevant literature on the exact factors that lead a student to entrepreneurship. In addition, evidence on differences in the entrepreneurial activity among regions and, even more, in the entrepreneurial education provided by individual universities, within the same region, call for context-specific longitudinal studies. The primary objective of this paper is to provide evidence on the determinants that influence the propensity of young students of a Greek University to establish a new business venture. The methodological approach employed is based on a questionnaire survey collecting data from 1,500 students, spanning the period 2005–2010. Data has been processed through the use of a panel cointegration and panel causality methodology. The empirical findings entail useful insights on students’ attitudes and perceptions of entrepreneurship.

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    The original questionnaire was created for the purposes of the “International Innovative Foundations and Entrepreneurship of Students”—GEST– study and it was comprised of 25 questions, which explored 31 hypotheses and 153 variables (for further information, see, for e.g., Ruda et al. 2008).


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A earlier version of this paper presented at the Academy of Economics and Finance meetings in Jacksonville, February 2011. The authors wish to thank the participants in the session ‘The Business of Education’ for their constructive comments and suggestions. They also thank the Editor as well as a referee from this journal. Their comments really uplifted the quality of the paper. Needless to say, the usual disclaimer applies.

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Correspondence to Nicholas Apergis.

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Apergis, N., Fafaliou, I. The determinants of business start-ups in tertiary education: evidence for Greece through a panel data approach. J Econ Finan 38, 287–301 (2014).

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  • Would-be Entrepreneurs
  • Students
  • Entrepreneurial Education
  • Panel Data
  • Greece

JEL Classification

  • C33
  • L26
  • A2