Non-Financial Stimulus for Business in BRICS

Abstract

This research investigates the influence of financial and non-financial incentives on business density in BRICS countries using an ARDL model. The study highlights the importance of these incentives in shaping entrepreneurial activity within the BRICS economies. Findings suggest that while financial incentives, notably foreign direct investment, play a significant role in stimulating business density, the impact of nonfinancial incentives appears comparatively weaker. This analysis contributes to a nuanced understanding of the economic landscape in BRICS nations and informs strategies aimed at enhancing business environments and fostering sustainable growth.