Start-up rate, human capital, industry diversity, entrepreneurial culture, and interactions.

The dependent variable is entrepreneurship rate, measured in # start-ups / 1,000 employees in a region. The independent variables are human capital, industry diversity and entrepreneurial culture based on personality data of current residence. Additional control variables include unemployment rate and its change over time, per capita income and its change over time, population density and growth, the share of recently migrated people, the population share of the age group 25–44 and geographic dummy variables (e.g., Region Midwest in the US and Wales in the GB). All variables are z-standardised. Models 1–3 report OLS regressions for the US and Models 4–6 for GB. OLS regressions are weighted by the number of observations per region in the personality data file giving more weight to regions with more observations and a more precise measurement of the entrepreneurial culture variable. Displaying unstandardized coefficients, standardised coefficients in brackets and standard errors in parentheses.**,* = 1%, 5% significance level.Start-up rate, human capital, industry diversity, entrepreneurial culture, and interactions.