Richard J. Cebula

Richard J. Cebula
George Mason University | GMU · Department of Economics

Ph.D.

About

611
Publications
58,826
Reads
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4,035
Citations
Citations since 2017
74 Research Items
1247 Citations
2017201820192020202120222023050100150200250
2017201820192020202120222023050100150200250
2017201820192020202120222023050100150200250
2017201820192020202120222023050100150200250
Additional affiliations
August 2010 - June 2020
Jacksonville University
Position
  • Walker/Wells Fargo Endowed Chair in Finance
Description
  • Still working hard
August 1999 - May 2010
Armstrong State University
Position
  • Shirely & Philip Solomons Eminent Scholar
September 1992 - July 1999
Georgia Institute of Technology
Position
  • Professor (Full)
Description
  • Taught, did collaborative research, and performed university and professional service on the job.

Publications

Publications (611)
Article
This paper examines and compares the determinant of geographic living-cost differentials in the United States for the years 1970 and 1975. In both cases the cost of living is affected by population density, population size, per capita income and right-to-work legislation.
Article
Presents a model of interregional wage-rate determination. Assumptions of indeterminacy under the wage theory; Presentation of the short-run and long-run labor supply; Impact of labor mobility constraint on wage determination. (Abstract copyright EBSCO.)
Article
This study investigates the impact of ending the military draft on voter turnout in the U.S. The main study period runs from 1948 through 2006. After controlling for the unemployment rate, the degree of labor force unionization, the U.S.-Iraq War, the impact of voting in presidential elections, the female labor force participation rate, the percent...
Article
This paper examines the relationship between union corruption actions and union membership. State-level data from the Office of Labor-Management Standards, and other sources, are utilized over two study periods (1974–2000 and 2001–2008) to test three hypotheses, including the union corruption hypothesis, as possible explanations for the decline in...
Article
We investigate whether Minority Owned/Controlled Banks (MDIs) perform better or worse than Non-Minority Banks (NMDIs) in terms of lower profit rates and higher risk. MDIs and NMDIs are compared using a propensity score matching (PSM) methodology. We also compare the performance when their headquarters are in the same census tract. In contrast to pr...
Article
Purpose This paper to identify those states that suffered the largest job losses, largest GDP declines and the highest unemployment rates and those states whose employment levels, unemployment rates and GDP declines were smallest during the COVID-19 recession. In addition, this paper endeavors to provide at least preliminary insights into why some...
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This study uses Bureau of Economic Analysis data on state-level productivity levels and growth rates over the period 1977–2019. We find that states with relatively high productivity tend to experience somewhat lower productivity growth over time, whereas states with relatively lower productivity experience somewhat higher productivity growth over t...
Article
This study provides new insight into factors that influence the poverty rate by testing the following hypothesis: the percentage of the population in poverty is positively related to rent levels. Rent levels constitute an issue effectively overlooked in the poverty determinants literature. The present study estimates a panel data set inclusive of c...
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Given the importance to businesses of having a better understanding of factors that influence migration, this study argues that there are two dimensions of the quality of life and economic opportunities that have largely been ignored in previously published studies of migration patterns in the U.S.: the impacts of (1) the costs of commuting between...
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This study utilizes logistic regression to identify annual financial statement and performance ratio factors that influenced the failure rate of U.S. small banks before and after the Financial Crisis identified during December 2007 through June, 2009. The study includes rates of small bank failure before and Financial Crisis spanning the years 2001...
Article
Using a sample of 863 offerings on the ChiNext Market in China from 2009 through 2020, this study explores the roles of the board of directors and the moderating effects played by venture capitalists on IPO underpricing. The study finds that board reputation and board members’ experiences could lower the degree of IPO underpricing. There is a U-sha...
Article
In this exploratory study, it is observed that there is a potentially important dimension of the quality of life that has been effectively ignored in prior migration studies in the U.S.: air quality as reflected by the presence of coal dust per se. Accordingly, it is hypothesized in this study that an elevated presence of coal dust in close proximi...
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Purpose The purpose of this analysis is to explain why labor shortages may have appeared during this pandemic. Interestingly, in this COVID-19 pandemic period, the labor supply shortage could very well become more easily explained than under the traditional portrayal of consumer economic behavior. The matter seemingly lends itself to provocative em...
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Impact of economic freedom on the overall cost of living.
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Factors underlying rapidly escalating college costs and solutions for the problem.
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Factors underlying the degree of homelessness in the U.S. These include labor market freedom and the overall cost of living.
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Conflict of interest and herding behavior.
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Issues that occur with any tax system involve the incentives and disincentives of individuals to evade the tax. This theoretical note investigates how risk preferences could affect tax evasion under the proposed FairTax. We develop a constrained utility-maximization framework to examine how individuals with different risk preferences could respond...
Article
Prior research uses the collapse of Soviet-style communism in 1991 as a de facto experimental framework within which to examine the impact of prospective benefits on the motivation of athletes to succeed in the Olympic Games. Prior to the collapse, successful Soviet Bloc Olympians were provided extraordinary living conditions and lifestyles. These...
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Effectively no scholarly research has been published in peer-reviewed journals on the potential migration impacts of environments that are more conducive to entrepreneurship. Similarly, the potential migration impact of personal freedom also is essentially ignored in the literature. This study seeks to add to the literature by investigating the imp...
Article
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The annualized interest rate charged on payday loans can reach 1,950 percent, whereas similar rates charged by banks are typically less than 25 percent. Also, persons borrowing from payday lenders and paying the higher interest rates are disproportionately lower-income Blacks. This provides an incentive for Blacks seeking loans to turn to banks rat...
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Focusing on the 311 Chinese firms listed in the global markets from 2008 to 2019, based on the trade-off theory and the resource slack theory, using panel vector autoregressive model and panel threshold model, this paper explores the impact of fulfilling ESG responsibility on firm performance. The study reveals that in the short run, fulfilling ESG...
Preprint
An examination of what is happening to China's share of U.S. debt over the past two decades.
Article
Purpose This study mathematically aims to evaluate the implications of a central bank’s adoption of a policy of quantitative easing (QE)/relative QE. Design/methodology/approach It is shown, within an investment-savings (IS)-liquidity preference-money supply (LM) framework, that this policy prerogative has, depending upon the aggressiveness which...
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This study seeks to provide new insights into factors that influence homelessness in the U.S. by empirically investigating two heretofore effectively unexplored hypotheses as they relate to homelessness. The first hypothesis is that the greater the overall degree of entrepreneurial activity in a given environment, the lower the degree of homelessne...
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Over the last several years, a body of the scholarly literature has emerged analysing the effects of proximity to coal mines and various human health indicators in the United States. These studies have found evidence of an increased poor health status associated with the production of coal and with close proximity to coal mines. The present study c...
Article
This study investigates the impact of local culture, as measured by religiosity, on corporate risk-taking, based on a sample of 155 Italian listed firms, involving 2,382 firm-year observations over the study period 2000–2016. The empirical estimation results suggest a statistically significant negative relationship between corporate risk-taking and...
Article
We examine the impact of differences in state‐level higher education policies on location choices of undocumented immigrants in the U.S. using six years of available data over the period 2000 to 2012. The effect of greater access to higher education on the percentage of undocumented migrants residing in a state is positive, suggesting the existence...
Article
Public higher education in the United States is being challenged, as never before, by numerous conditions that need to be addressed if the public college and university systems are to survive and fulfill their responsibilities to the American public. Student enrollment at these institutions has been on a significant downward trend for a full decade...
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The age-adjusted death rate from drug overdoses in the United States per 100,000 individuals rose from 6.8 in 2010 to 17.1 in 2018. The most common explanation offered is the "deaths of despair" hypothesis. We identify additional factors that have contributed to the rise in drug overdose deaths in cities and counties.
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This study identifies factors that may have influenced the degree of aggregate federal personal income tax evasion in the U.S. An established tax evasion model is updated to include the most recent data available and augmented with the addition of heretofore neglected or overlooked explanatory variables. To measure the degree of aggregate tax evasi...
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A large empirical literature has found positive effects from economic freedom on economic outcomes, such as output and per capita economic growth. This study seeks to explain empirically the disparate timing of state manufacturing earnings and employment decline, as well as the shift among states in both manufacturing earnings and manufacturing emp...
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‘Deaths of despair’ is the most commonly cited explanation for the 151% increase in drug-overdose deaths that occurred in the USA between 2010 and 2018. We use panel data describing 84 Virginia cities and counties to assess the validity of the deaths of despair hypothesis and alternate explanations that focus on disability rates, travel time to wor...
Article
This study explores the impact of housing prices on urban land use efficiency based on data collected from 30 municipalities and provincial capitals in China over the 2007–2017 period. The empirical results show that there is a significantly negative association between the average housing price and urban land use efficiency. Furthermore, we find t...
Article
While the research linking interest rates to government deficits is extensive, the impact of other tax-related variables is uncommon. This study seeks to add to the literature on credit markets by exploring the impact of not only the budget deficit but also average effective personal income tax rates and personal income tax evasion as explanatory v...
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This study empirically investigates the “relative tax gap hypothesis,” which posits that the greater the size of the relative tax gap, the greater the degree to which the U.S. Treasury must borrow from domestic and/or other credit markets and hence the higher the ex ante real interest rate yield on the Bellwether 30 year U.S. Treasury bond. The stu...
Article
Using the Kauffman indices of entrepreneurial activity, which effectively have been entirely overlooked in the domestic migration literature to date, this study seeks to investigate the relationship between entrepreneurial activity and domestic gross in-migration in the U.S. and whether that relationship is bi-directional. The two-part hypothesis b...
Article
In this exploratory state‐level empirical study for the United States, the authors estimate a pooled time‐series/cross‐section framework, with control variables for population size and population growth, for the years 2015–2016. Within this context, the least squares estimates lead to the following tentative findings: (1) homelessness is positively...
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The rise of the COVID-19 novel coronavirus led to the postponement, and possible cancellation, of the remainder of the National Basketball Association's (NBA) 2019–20 season. Major League Baseball's (MLB) (2020 season) and the National Football League's (NFL) (2020–21) seasons may be cancelled too. This empirical note estimates the loss of jock tax...
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This empirical study adopts an open-economy loanable funds model to investigate the impact of post-Bretton Woods U.S. federal government budget deficits and personal income tax rates on the ex post real interest rate yield on thirty-year Treasury bonds. In this study, the budget deficit is measured in two different ways, the total (“unified”) budge...
Article
This empirical study posits and tests the ‘tax-rate induced bond substitution hypothesis,’ wherein the propensity for bond buyers to substitute tax-exempt municipal bonds for taxable bonds in their portfolios is hypothesized to be an increasing function of the maximum federal personal income tax rate. This substitution acts to elevate the real inte...
Article
Purpose Influences on the pattern of internal migration in the US, including economic factors, quality-of-life factors and public policy variables have been extensively studied by regional scientists since the early 1970s. Interestingly, a small number of studies also address the effects of economic freedom on migration. The purpose of this paper i...
Article
Purpose The purpose of this study is to empirically investigate the impact of aggregate federal personal income tax evasion on the real interest rate yield on 10-year Treasury notes, 20-year Treasury bonds and 30-year US Treasury bonds. Design/methodology/approach An open-economy loanable funds model is developed, with income tax evasion expressly...
Article
The present paper statistically examines whether it can be inferred that the greater the labor market freedom in an environment, the lower the unemployment rate in that environment, other things held the same. The hypothesis is predicated on the tenet that enhanced labor market freedom in a state leads to a more efficiently operating labor market a...
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This exploratory empirical study investigates the validity of a claim by the U.S. Office of the Comptroller of the Currency (2014) that The Community Reinvestment Act of 1977 may have acted to reduce the interest rate on high grade municipal bonds in the United States. The model also investigates the interest-rate effect of the federal budget defic...
Article
In this study, we investigate whether debt overhang may contribute to explaining the declining growth rate of investment in China. By using firm-level data, we find a nonlinear firm debt–investment relationship and derive thresholds beyond which debt has a negative and significant impact on investment, which supports the theory of debt overhang.
Article
In the 15 years since publication of the book Moneyball: The Art of Winning an Unfair Game in 2003, major-league baseball (MLB) has seen the embrace of analytics by both fans and teams. Using 45 seasons of MLB data, since the introduction of the designated-hitter in the American League in 1973, the present study validates the central premise in Mon...
Article
In the present study, we empirically investigate the uncertainty of the effectiveness of recent monetary policies in lowering the real mortgage rate in the U.S. In particular, we have an eye towards determining whether the Fed’s policies have been consistently effective or whether, instead, there is uncertainty regarding whether, when, and to what...
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Full-text available
This study investigates the impact of various factors on the ex-ante real interest rate yield on high grade municipal bonds. The AR/2SLS estimation implies that this ex ante real interest rate is an increasing function of the ex-ante real interest rate yield on thirty-year Treasury bonds while being a decreasing function of net capital flows. The y...
Article
This exploratory study seeks to add to the income tax evasion literature by investigating a heretofore ignored potential determinant of aggregate federal personal income tax evasion in the U.S., namely, the labour force participation rate. It is hypothesized that the higher (lower) the labour force participation rate, the lower (greater) the degree...
Article
Using annualized data for the 1974–2015 period, this study adopts a loanable funds approach to investigate empirically the impact of U.S. federal government fiscal policy of income tax rate cuts on the ex ante real interest rate yield on high grade municipal bonds. Empirical appears to show that the ex ante real interest rate yield on high grade ta...
Article
Purpose This study investigates the impact of federal income tax rates and budget deficits on the nominal interest rate yield on high-grade municipal tax-free bonds (municipals) in the US. The 58-year study period covers the years 1959 through 2016 and thus is very recent. Design/methodology/approach The study develops a loanable funds model tha...
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The data presented in this article are related to the research article entitled “Do shareholder coalitions affect agency costs? Evidence from Italian-listed companies” Research in International Business and Finance, Forthcoming (Rossi et al., 2018) [1]. The study shows an empirical analysis using an extensive balanced panel dataset of 163 Italian l...
Article
This study investigates the relationship between agency costs and ownership structure for a sample of listed Italian companies to determine the impact of shareholder coalitions on agency costs. Using a balanced panel dataset of 1956 firm-year observations for the period 2002–2013, the results provide evidence that ownership concentration and debt p...
Article
Full-text available
This study investigates the impact of various factors on the ex-ante real interest rate yield on high grade municipal bonds. The AR/2SLS estimation implies that this ex ante real interest rate is an increasing function of the ex-ante real interest rate yield on thirty-year Treasury bonds while being a decreasing function of net capital flows. The y...
Article
Purpose The purpose of this study is to investigate the relationship between financial decisions and ownership structure by using the control contests on a sample of Italian listed companies. Design/methodology/approach The analysis adopts a balanced panel data set of 984 firm-year observations for the period of 2002-2013, with estimation using a...
Article
This exploratory empirical study investigates the hypothesis that greater labor market freedom should elevate the female labor force participation rate of women age 65 years and older. Strong and consistent empirical support for this hypothesis is provided in this study. For example, a one unit increase in the labor market freedom index appears to...
Article
This exploratory empirical study adopts an open-economy loanable funds model to investigate the impact of post-Bretton Woods U.S. federal government budget deficits on the ex ante real interest rate yield on ten-year Treasury notes. Autoregressive, two stage least squares (AR/2SLS) estimation for the 1972–2016 study period reveals that the ex ante...
Article
Purpose The purpose of this paper is to examine the impact of labor market freedom on state-level cost of living differentials in the USA using cross-sectional data for 2016 after allowing for the impacts of economic and quality of life factors. Design/methodology/approach The study uses two-stage least squares estimation controlling for factors...
Article
This brief study revisits the issue of whether higher unemployment rates elicit an increase in the voter participation rate. Using a state-level panel dataset for all five of the Presidential election cycles of this century, it is hypothesized that, following Cebula (2008) and Burden and Wichowsky (2014), the higher the unemployment rate, the great...
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Using a panel dataset of non-financial public companies in Italy covering the period 2005–2013, this paper provides an empirical analysis of the relationship between female representation on corporate boards and corporate debt. The presence of women in the boardroom might seem to push significantly on debt leverage and suggest a complementary role...
Article
Prior studies in agricultural and forestry economics that employ Blinder decomposition methods assume that each of the samples compared is characterized by a single regression function. The present study is the first to relax this assumption in order to allow for the existence of latent classes represented by different regression functions hidden w...
Article
In this study, we investigate whether non-public school enrolment affects the performance of public school districts. If homeschooling and private schools act as competition, public school districts test scores should be positively associated with non-public enrolment. Using data on West Virginia county school districts, and controlling for endogen...
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The impact of the Electoral College on U.S. presidential elections is often criticized by academics and political commentators. One facet of its impact, the winner-take-all allocation of states’ Electoral College votes, serves in practice to overweight some votes in some states relative to other votes in other states. These disparities in the relat...
Article
Voter participation rates vary widely across the 50 states. We seek to identify a source of this interstate variation, focusing upon the 2000, 2004, 2008, and 2012 general elections. Of note is that the latter two general elections featured a minority (i.e., African-American) nominee for president from one of the major political parties. Within the...
Article
Voter participation rates vary widely across the 50 states and the District of Columbia. This empirical study seeks, within the context of a broadened version of the “rational voter model,” to identify determinants of this geographic variation. Using the 2014 mid-term general election, it was found that the voter participation rate across states an...
Article
Purpose To investigate the impact of the federal budget deficit (expressed as a percent of the Gross Domestic Product, GDP) in the U.S. on the ex ante real interest rate yield on Moody's Baa-rated corporate bonds and to provide evidence that is both contemporary and covers an extended time period, namely, 1960 through 2015. Design/methodology/appr...
Article
Purpose The objective of this study is to investigate the relationship between the debt and ownership structure of a sample of Italian listed companies in order to measure the role assumed in the control and monitoring of agency costs. Design/methodology/approach This study examines a balanced panel data using both a Random Effects Model and a Gene...
Article
This article provides a framework that can be used to increase undergraduate publishing in economics. A two-track research delivery system is outlined in detail: faculty–student co-authorship of papers targeting peer-reviewed journals, and student-authored, faculty-mentored/directed, papers intended for presentation at academic conferences offering...
Article
We find that candidate quality is a key determinant of US Senate election outcomes. We model the results for the last 10 US Senate election cycles, from 2012 back to 1994, for a total of 345 election contests. For the contests where an incumbent seeks re-election, a quality challenger can significantly diminish the advantage that usually attaches t...
Article
Purpose – The purpose of this paper is to evaluate whether two specific forms of government policy influence entrepreneurship and hence the performance economy as a whole. Performance is measured in terms of living standards and growth therein. The policies are, as follows: higher quality government regulation of businesses and higher levels of eco...
Article
This empirical investigation applies a hedonic pricing model to estimate how much historic district designation has influenced the sales price of single-family houses in the oldest city in the United States, namely, St. Augustine, Florida. There were sufficient data in this context to study a total of 4017 single-family houses for a 6-year period f...
Article
Purpose This study aims to identify factors influencing the bank failure rate in the USA over the period from 1970 to 2014 with an emphasis on economic/financial factors on the one hand and on banking legislation on the other hand. Regarding the latter, this study empirically investigates four major banking statutes: the Community Reinvestment Act...
Article
Purpose The purpose of this study is to provide new empirical evidence on the impact of a variety of financial market forces on the ex post real cost of funds to corporations, namely, the ex post real interest rate yield on AAA-rated long-term corporate bonds in the USA. The study is couched within an open-economy loanable funds model, and it adopt...
Conference Paper
The objective of this study is to investigate the relationship between debt, dividend, cash holding, and ownership structure of a sample of Italian listed companies through the use of a balanced panel data of 984 firm-year observations during the period 2002-2013. Using a system of Seemingly Unrelated Regressions (SUR), and a Generalized Method of...
Article
This empirical note seeks to provide preliminary insights into factors that may have influenced the high school dropout rate in the US cities. For some 300-plus cities for the year 2011, OLS estimates reveal that the dropout rate is a decreasing function of both the per cent of the population that is Hispanic and per pupil public education spending...
Article
This empirical study investigates, unlike previous studies, the presence of a liquidity trap using firm-level data. The study focuses on the case of China. A panel threshold model is employed. The empirical estimation reveals that the interest elasticity of money demand declines as the interest rate falls, a finding indicating that China has not be...
Article
Full-text available
This exploratory study empirically investigates the hypothesis that the higher the degree of economic freedom in a nation, the lower the unemployment rate in that nation, ceteris paribus. This hypothesis is based on the idea that greater economic freedom leads to greater real GDP growth, which in turn reduces the unemployment rate. As such, it repr...
Article
Full-text available
This study empirically investigates the hypothesis that the higher the degree of economic freedom in a state, the lower the unemployment rate in that state, other thing held the same. This hypothesis is based on the principle that greater economic freedom leads to greater real economic growth, which in turn reduces the unemployment rate. The framew...
Article
Full-text available
This study seeks to identify key factors influencing the geographic settlement pattern of undocumented immigrants in the U.S., with a particular emphasis on the impact of economic freedom, and to extend the OLS findings in previous related studies. Indeed, this study adds to the literature in several ways. First, it provides current insights into t...

Questions

Questions (4)
Question
As I look at my ResearchGate account, I see no numbers reflecting the reads of my work, which should be around 46,000.
HELP! Thank you
Question
My impact pints were 161.16 two days ago; it is 123 today.
Question
Why did my impact points fall from 161+ to 123+ in one day?

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Projects

Projects (6)
Project
Entrepreneurship has multiple determinants. They range from history, through institutions, to local government policies. Although the research on entrepreneurship plays a crucial role in modern economy and finance, the factors responsible for new businesses formation are still under debate. The background for this discussion very often is created by features describing the historical experiences and unique local and regional conditions. Moreover, the role of local government policies in entrepreneurship support is still not sufficiently recognized. Therefore, there is still scope for analysing entrepreneurship form regional perspective, especially in post-communist countries. We look for contributions that investigate how local government policies, history and institutions shaping entrepreneurial activity in the region of Central and Eastern Europe (CEE), with special emphasis on Poland, Slovak Republic and Estonia. We look for contributions that investigate how institutions, institutional heritage, knowledge, innovation activities, and entrepreneurship are interconnected shaping regional development in post-communist countries of Eastern Europe. Particularly interesting questions are: • How history, institutions, and innovations determine entrepreneurship in CEE? • What are the differences in tools available for local government in process of entrepreneurship supporting across CEE? • Which policies for entrepreneurship support provided by local government are the most successful? • What are the regional cultural traits, values and traditions conducive to innovation and entrepreneurship? • What is the role of migration (both regional and cross-countries) in the persistence of innovation and entrepreneurship? • What is the role of regional corruption and more generally quality of government as a crucial factor in entrepreneurship and innovation in CEE? • What is different about innovation and entrepreneurship performance of regions after institutional shocks, including the end of the Soviet-type regime, and other historical disruptions in general? Is there the effect of the (still longer) historical knowledge base on entrepreneurship? • What determines the level of persistence of entrepreneurial activities over longer periods of time? How can persistence of entrepreneurship be explained? The project „International Science Exploration Event 2019” has received funding from the Ministry of Science and Higher Education under the contract 532/P-DUN/2019 by the Ministry of Science and Higher Education allocated to the activities of disseminating science.
Archived project