The impact of economic crisis on high-impact entrepreneurship
: evidence from Brazil

  • Julia Katharina Kleber (Student)

Student thesis: Master's Thesis


High-impact entrepreneurship (HIE) as a type of entrepreneurship is an essential driver of economic growth. However, HIE is sensitive to the economic climate. Therefore, this study analyzes how the crisis impacts the different determinants of HIE and, in turn, HIE itself. Brazil’s 2014 economic crisis serves as a case. I conducted a quantitative analysis using logistic regression, with data from the Adult Population Survey provided by Global Entrepreneurship Monitor (GEM). I created two samples to compare the determinants’ effects on HIE in the period before and during a crisis. My findings indicate that only some determinants have an increased effect on HIE during the crisis period. The results vary among the two periods and different dimensions of HIE. Entrepreneurs with higher education-levels, or who are driven into entrepreneurship by economic necessity are more likely to be innovative during the crisis. Entrepreneurs that fear failure are less likely to have strong growth-intentions during the crisis. Wealthier entrepreneurs seem to be generally more likely to engage in HIE. Having a good network and using new technologies seem to be the strongest determinants of HIE in the crisis period. To mitigate the effects of a crisis on HIE, public and private entities may provide educational programs focusing on innovation and should create networking platforms for entrepreneurs. The different levels of innovativeness of entrepreneurs with different entrepreneurial motives should be considered when designing initiatives.
Date of Award15 Oct 2020
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorDaniela Campello da Costa Ribeiro (Supervisor)


  • High-impact entrepreneurship
  • Economic growth
  • Economic crisis
  • Determinants of entrepreneurship
  • Entrepreneurial perceptions
  • Growth-intentions
  • Innovativeness
  • Technologies


  • Mestrado em Gestão e Administração de Empresas

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