Abstract
Entrepreneurship plays an essential role in economic development and identifying factors that incentivise entrepreneurial activity is relevant for both academia and policy. This paper investigates the impact of Foreign Direct Investment inflow (iFDI) and financial development on entrepreneurship in member countries of ASEAN for the period 2006–2020. We use common panel analysis approaches including pooled OLS, fixed, and random effects regressions to inspect the data. To address endogeneity issues, we further employ GMM estimation. Our analysis reveals that iFDI has a significant positive effect on entrepreneurship in ASEAN countries where financial development is high. The direct relationship between entrepreneurship and financial development is not significant and warrants further investigation.
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