The rate of business formation is higher in countries that rank better on dimensions of social progress. This creates a need for investment capital and helps drive a positive relation between social progress and IPO activity. For example, my results suggest that a one standard deviation improvement in a country's Social Progress Index is associated with an additional 0.372 IPOs and a $69.416 increase in cumulative IPO proceeds raised per million people. The relation is stronger for emerging markets than for developed markets. Social progress is also positively correlated with the proportion of IPO firms that receive venture capital funding.

中文翻译：

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社会进步、企业形成和获得投资资本

在社会进步方面排名较高的国家，企业形成率较高。这产生了对投资资本的需求，并有助于推动社会进步与 IPO 活动之间的积极关系。例如，我的结果表明，一个国家的社会进步指数提高一个标准差与 0.372 次 IPO 和每百万人的累计 IPO 收益增加 69.416 美元相关。新兴市场的这种关系要强于发达市场。社会进步也与获得风险投资资金的IPO公司比例呈正相关。