Rod íguez To es, Oma
Wo king Pape
The p oduc i e ole o social policy
UNU-MERIT Wo king Pape s, No. 2022-010
P o ided in Coope a ion wi h:
Maas ich Economic and Social Resea ch Ins i u e on Inno a ion and Technology (UNU-MERIT),
Uni ed Na ions Uni e si y (UNU)
Sugges ed Ci a ion: Rod íguez To es, Oma (2022) : The p oduc i e ole o social policy, UNU-MERIT
Wo king Pape s, No. 2022-010, Uni ed Na ions Uni e si y (UNU), Maas ich Economic and Social
Resea ch Ins i u e on Inno a ion and Technology (UNU-MERIT), Maas ich
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/326819
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by-nc-sa/4.0/









#2022-010
Thep oduc i e oleo socialpolicy

Oma Rod íguezTo es












Published18Ma ch2022





Maas ich EconomicandsocialResea chins i u eonInno a ionandTechnology(UNU‐MERIT)
email:[email p o ec ed]u|websi e:h p://www.me i .unu.edu

Boschs aa 24,6211AXMaas ich ,TheNe he lands
Tel:(31)(43)3884400
UNU-MERIT Wo king Pape s
ISSN 1871-9872
Maas ich Economic and social Resea ch Ins i u e on Inno a ion and Technology
UNU-MERIT
UNU-MERIT Wo king Pape s in end o dissemina e p elimina y esul s o esea ch ca ied
ou a UNU-MERIT o s imula e discussion on he issues aised.


1
THE PRODUCTIVE ROLE OF SOCIAL POLICY
Oma Rod íguez To es
ABSTRACT
This pape assesses he p oduc i e ole o social policy. I analyses he e ec ha pa icipa ing
in social policy p og ammes has on business pe o mance o en e p ises in Ca agena,
Colombia. To in es iga e hese e ec s, we employ an ins umen al a iable analysis o accoun
o he po en ial endogenei y o pa icipa ion. Exploi ing he exis ence o a pa ially complied
eligibili y ule o Pa icipa ion in he po e y educ ion p og amme we a e able o iden i y he
e ec on se e al en e p ise indica o s. The pape con ibu es o he li e a u e on
en ep eneu ship policies in de eloping coun ies om he social policy pe spec i e. I sheds
ligh on he e ec s and po en ial mechanisms ha he pa icipa ion on social policy schemes
has on he en ep eneu ial ac i i y o household en e p ises. The esul s show ha complie
pa icipa ing en ep eneu s a e mo e c edi -o ien ed and wo k mo e hou s pe day. No
s a is ically signi ican e ec is ound on p o i measu es.
Keywo ds: Social policy, po e y educ ion, en ep eneu ship, public policy, en e p ise policy
JEL Classi ica ion codes: I31, I32, L26, J48, L53.
2
1. INTRODUCTION*
This pape analyses he e ec ha pa icipa ing in he Colombian social policy p og ammes has on
en e p ises in Ca agena, Colombia. In 2009, he go e nmen in oduced an income gene a ion
policy aimed a enhancing he p oduc i e capaci y o he poo and ulne able popula ion. I came
a e he ealisa ion o he need o boos hei income-gene a ing abili ies as one o he pi o al
aspec s in hei way ou o po e y. This policy was implemen ed o complemen he po e y
educ ion policy, con igu ing a comp ehensi e app oach o inclusi e social de elopmen , whe e
en ep eneu ial abili y is ein o ced by in es men s in human capi al. The go e nmen ’s objec i e
was o build a social policy sys em ha p o ec s he gains in economic g ow h by secu ing a s able,
sel -sus aining pe manence ou o po e y o s eng hened household en e p ises.
In his con ex , p oduc i e inclusion can be unde s ood as he esul o he ha moniza ion o wo
policy app oaches. On he one hand, en ep eneu ship suppo p og ammes expec ed o impac
household-en e p ise e enues ia changes in business p ac ices and hence imp o emen s in
business pe o mance; h ough s eng hening he en ep eneu s’ basic manage ial skillse ,
imp o ing hei chances o ge ing in o inancial ma ke s, hence achie ing p o i inc emen s, cos
educ ions, o sales inc eases. These in e en ions seek o o e come some o he es ic ions ha
en ep eneu s con on , es ic ions ha a e di e o hose ope a ing unde dep essed con ex s
and po e y condi ions.
On he o he hand, social policy p og ammes, usually in he o m o Condi ional T ans e
P og ammes (CTPs), ha e he pu pose o b eaking he in e gene a ional ansmission o po e y
ia imp o emen s in he human capi al o child en (heal h, educa ion). The mone a y componen
o CTPs, he addi ional income, has educed bo h he in ensi y and se e i y o po e y wi hou
educing i s incidence (CEPAL, 2016). The en ep eneu ship suppo can help o channel his
addi ional income con igu ing an indi ec e ec o CTPs.
Complemen a ily, he mul idimensional analy ical oolki o po e y educ ion b ings a b oade
policy pe spec i e in o he app oach o well-being. In he Colombian case, his app oach has
esul ed in an in e -agency e o o add ess he mul i-na u ed needs o households (Angulo, 2016);
* I am g a e ul o Se gio Pa a, Ma ia Fe ei a, Clo ilde Mahé, he pa icipan s a he Po e y esea ch u o ial a UNU-Me i and he
3ie-WWG Summi 2016 a London o hei aluable commen s and sugges ions. I am also indeb ed o Alejand o Ma eus a DNP, Juliana
Sanchez a ANSPE, and Paula Al ama a DPS o acili a ing and cla i ying echnical de ails abou he go e nmen da ase s used in his
pape .

3
i is embodied in he ‘UNIDOS Ne wo k’ (in oduced in sec ion 2.2.2). Unde his app oach, he non-
mone a y elemen s o po e y imply an addi ional bu den on business ope a ion. Fo ins ance, he
poo popula ion shows wo se heal h indica o s, bo h physical –unde nou ishmen , ailmen s- and
men al –highe le els o s ess.
1
Thus, he abili y o i ms o achie e g ow h accele a ions may depend on bo h ypes o heal h o
he en ep eneu . In his sense, ha ing good heal h is expec ed o imp o e en ep eneu ial abili y.
Complemen a ily, he ac o ha ing heal h insu ance means a elie om heal h conce ns o he
en ep eneu and he household membe s. In conclusion, he well-being o he household plays an
impo an ole in he way business is un and hence jus i ies i s conside a ion in o he analysis o
en ep eneu ship policies ha a ge businesses ope a ing a he base o he py amid.
This pape p esen s an analysis o he po en ial gains ha social policies can ha e on en ep eneu s
unde ulne abili y and po e y. In pa icula , we analyse whe he en ep eneu s ha pa icipa e in
he Colombian social policy show imp o emen s in hei business indica o s and business
pe o mance. Fo his assessmen , we employ da a om a ollow-up su ey on pa icipan s o he
en ep eneu ship suppo , and he egis a ion on he social policy (CTPs and mul idimensional
suppo ). This unique da ase o en ep eneu s enables building g oups ha allows compa ing he
in e ac ion o he pa icipa ion in en ep eneu ship policy and social policy in e en ions. The
hypo hesis is ha en ep eneu ship policies a e po en ia ed o he poo when hey a e
complemen ed by policies di ec ed a imp o ing he well-being o households.
In his quasi-expe imen al se ing, we exploi he impe ec compliance o he assignmen ule in o
he po e y educ ion scheme. Following Hahn, Todd, and Van de Klaauw (2001), we use he
sco ing a iable as an ins umen al a iable o con ol o he selec ion bias in o his scheme.
This pape is o ganized as ollows. Sec ion 2 e iews he heo e ical and empi ical li e a u e o bo h
he impac o en ep eneu ship suppo p og ammes on household-en e p ise ou comes and he
impac o po e y educ ion p og ammes (CTPs) on non-human capi al indica o s. Sec ion 3
p o ides an accoun o he ins i u ional backg ound. Sec ion 4 in oduces he da ase s. The
me hodological app oach is p esen ed in Sec ion 0. Sec ion 6 p esen s and discusses he main
esul s. The inal sec ion concludes wi h a summa y o he indings, policy ecommenda ions and
sugges ions o u he esea ch.
1
Pe manen exposu e o shocks and he p ospec s o hei consequences a e a sou ce o s ess hinde ing decision-making
p ocesses (Mani e al., 2013; Mullaina han & Sha i , 2013), hence in e e ing in he e icacy o e e yday business ope a ion.
4
2. RELEVANT LITERATURE
Two s ands o li e a u e a e iden i ied and p esen ed in his sec ion. Bo h o hem e ol e a ound
he s udy o small-scale en ep eneu ship bu a e mo i a ed by di e en app oaches. On he one
hand, a la ge body p o ides e idence on he impac o en ep eneu ship policies, mos ly on
dep i ed con ex s in de eloping coun ies. Al hough some s udy poo popula ions, he social policy
componen wi hin he analysis o en ep eneu ship is commonly missing.
On he o he hand, he e is inc easing e idence o he impac o social policy on ou comes di e en
om he o iginal human capi al objec i es, o ins ance, on labou ma ke ou comes such as
pa icipa ion, and occupa ional choice –(dis)incen i es o wo k. The s udy o i s e ec s on
en ep eneu ship is a i s ini ial s age. This pape in ends o ill some o hese gaps.
2.1 En ep eneu ship suppo
The key elemen s ha con ibu e o he po en ial success o an en ep eneu ship policy in
de eloped coun ies ha e been a ibu ed o aspec s anging om inno a ion o c edi suppo , o
idiosync a ic cha ac e is ics and beha iou al esponses (Aud e sch e al., 2007; Lunds öm &
S e enson, 2005; Mo is e al., 2005; Van De Zwan e al., 2010). Consequen ly, en ep eneu ship
policy analysis ocuses la gely on he kind o suppo ha go e nmen s equi e o os e en e p ises
ha con ibu e o economic g ow h and inno a ion.
The se ing changes in de eloping coun ies whe e c edi is mo e cons ained. S a -ups and
exis ing businesses ace addi ional obs acles, such as slowe business dynamics. The poo
popula ion, usually in sel -employmen o low- e u n en ep eneu ial ac i i ies, deal wi h
de iciencies in educa ion, nu i ion, heal h, among o he di icul ies, inding i e en ha de o join
he labou ma ke o make a li ing h ough (in) o mal businesses. The a ionales behind mos
policies and p og ammes suppo ing subsis ence en ep eneu s e ol e a ound wo main issues:
insu iciency o capi al and lack o manage ial skills.
Financial inclusion in e en ions ollowing he p inciples o mic o inance a ge a wo old pu pose,
access and adequa e le els o capi al.
Rega ding access o unding, he e is a ma ke ailu e (mos ly missing ma ke s) in he p o ision o
capi al whe e he inancial ins i u ions ail o each he poo and poo es . Fo o mal inancial
ins i u ions lending o his popula ion is expensi e, easons such as high cos s o po olio
5
managemen and sc eening, high de aul isk, and low epaymen a es de e hese ins i u ions
om en e ing hese ma ke s (Bane jee & Du lo, 2007).
Besides his, he poo a e ypically ineligible o loans om egula banks. This ineligibili y is a
symp om o s uc u al issues, o en associa ed wi h hei ulne abili y and po e y condi ions, i.e.,
hey lack colla e al and/o gua an o s. The o me is a consequence o hei lack o asse s. The la e
sugges s low le els o social capi al. They lack p ope suppo ne wo ks – iends, ela i es-, o hei
ne wo ks su e om simila le els o ulne abili y and po e y.
F om a beha iou al pe spec i e, de Mel, McKenzie and Wood u (2008) ind ha some
en ep eneu s do no apply o loans sel -deselec ing om he inancial ma ke . They explain ha
en ep eneu s con o m o he scale o hei business – ypically low o e all e u ns- a ec ing hei
mo i a ions and aspi a ions, hence choosing no o bo ow. Bane jee, Ka lan, and Zinman (2015)
con i m his inding, showing e idence o low o e all ake-up a e om se e al s udies on
mic o inance.
In consequence, es ic ed inancial ma ke s plus he lack o social capi al pushes he poo
popula ion o use in o mal channels. The main sou ce o uncondi ional inancing a e moneylende s,
who cha ge high in e es a es (Bane jee & Du lo, 2011). In he case o he poo , en ep eneu s
included, his inancing sou ce ends up su oca ing hei ac i i y ins ead o helping hem.
En ep eneu s ind hemsel es alling behind on deb s, and in a icious cycle o bo owing o pay
loans (Belman & Chang, 2010; Rhyne, 2011). Fo en ep eneu s, his sou ce equi es hem o s a
epaying immedia ely, clashing wi h he need o mid- and long- e m planning equi ed o g owing.
Field e al. (2013) es whe he changes in he iming o he i s ins almen a ec s business
pe o mance – e u n on in es men -, inding ha longe e m con ac s encou aged mo e isky
ac i i ies sui ing mo e en ep eneu ial endea ou s.
T ials conduc ed wi h en ep eneu s ha e ound ha capi al injec ions ia (un)condi ional cash
g an s o mic oc edi s des ined o iginally o boos capi al we e no exclusi ely spen on business-
ela ed uses. de Mel, McKenzie and Wood u (2009b) and Field e al. (2013) show ha emale
en ep eneu s employ pa o a g an in non-business ela ed uses. These indings poin o he need
o unde s and he dynamics be ween household and en e p ises o a deepe le el and o e alua e
he e ec s o ha ing a social policy scheme in place o p e en his d ain.
Conce ning en ep eneu ial abili ies, basic manage ial skills in e en ions aim a changing business
p ac ices such as bookkeeping; budge ing; ma ke ing; p oduc ion echniques; and pe sonnel
6
managemen ( o hose who can hi e). The unde lying assump ion is ha changes in business
p ac ices a ec business indica o s -p o i abili y, sales, cos s, e enue, o job g ow h. These
in e en ions commonly consis o : cou se con en , cou se ex ension, ollow-up, and echnical
assis ance. D exle , Fische , and Schoa (2010) es whe he eaching simple ules o humb in lieu
o a s anda d managemen cu iculum imp o e business p ac ices and indica o s, inding ha ule
o humb aining wo ks be e o low educa ed en ep eneu s.
McKenzie and Wood u (2013) p esen a comp ehensi e su ey o expe imen s and e alua ions
es ing en ep eneu ship in e en ions. A key elemen is popula ion he e ogenei y, and hence
di e en ial ou comes o in e en ions. Fo ins ance, whe eas Mano e al. (2012); Bloom e al. (2013)
and B uhn, Ka lan and Schoa (2013) concen a e on small and medium en e p ises inding posi i e
impac s on bo h business p ac ices and indica o s; Calde on, Cunha and de Gio gi (2013) and
Valdi ia (2015) concen a e on small-scale businesses and poo e con ex s, inding less e idence o
impac on business indica o s. In pa icula , Valdi ia (2015) inds ha he e ec is highe as he scale
o he businesses inc eases.
Some s udies ind posi i e impac s on business p ac ices, al hough s udies ha concen a e on long
e m impac s ind ha hese changes end o wi he (Cho, 2015; Cho & Hono a i, 2014; de Mel e al.,
2014; Ka lan e al., 2012). The e is mixed e idence o esul s on business indica o s, mos s udies
ind li le o no impac on business p o i s and e enues, as scale diminishes he impac is smalle
(McKenzie & Wood u , 2013).
Ka lan and Valdi ia (2010); Be ge, Bjo a n, and Tungodden (2014); Bla man e al. (2014); de Mel,
McKenzie, and Wood u (2014); Giné and Mansu i (2014); Ka lan, Knigh , and Ud y (2014) explo e
he combina ion o en ep eneu ial in e en ions, i.e. manage ial skills aining and inancial access.
These s udies ind ha his combina ion gene a es g ea e impac s han single in e en ions, end
o be la ge when measu ed in he sho e m and when he a ge ed popula ions a e la ge-scale
business. Cho (2015, p. 8) epo s ha he in eg a ion wi h sa e y ne s is a way o add essing he
“complex cons ain s aced by small-scale en ep eneu s in de eloping coun ies".
2.2 Social Policy P og ammes
The e idence on he impac o social policy p og ammes comp ises wo main s ands. One s udies
Condi ional T ans e P og ammes (CTPs), common in La in-Ame ican coun ies, and he o he on
mul idimensional suppo p og ammes. The o me is mo e de eloped han he la e as i was
in oduced a ound he la e 1990s, whe eas he la e ha e isen mo e ecen ly wi h he ad en o
he mul idimensional po e y index os e ed by he Ox o d (see sec ion 2.2.2).
13
3.2.1.1 T aining P o ided
The co e in e en ion o CEMPRENDE is basic manage ial skills aining. I is conduc ed by an in-
house ad iso who guides he g oup h ough a didac ic, hands-on bookle co e ing basic business
opics. In heo y, he aining is adjus ed o he need o e e y g oup o en ep eneu s. To his end,
an en y diagnosis is conduc ed checking socio-demog aphic ea u es, namely, educa ional
backg ound, ype o business, loca ion, and expec a ions. Each cou se s a s once a minimum
quo um is en olled.
The aining is an o ganized bu lexible model and i s success depends on he abili y o o ien a e
he pa icipan s and o sol e he needs de ec ed du ing he same aining p ocess. This aining
helps he pa icipan s o os e he skills o o mula e hei business p ojec s, applying heo y and
p ac ice culmina ing wi h a business plan. In p ac ice, en ep eneu s lack basic li e acy and
nume acy skills, so hei business plan (when hey submi i ) is assis ed by a ailable ad iso s.
Du ing ieldwo k, I pa icipa ed in he aining. I wi nessed se e al o he di icul ies aced by he
a ge ed popula ion. Among he salien ones, he cou se schedule o e laps wi h egula opening
businesses hou s, so he e is a high oppo uni y cos o closing hei businesses o class ime. This
p esen s a choice be ween ecei ing aining and gene a ing income, which o his popula ion
mean he choice be ween ha ing o no ha ing enough money o eed hei amilies he ollowing
day. T a elling ime and cos s add an ex a bu den on he poo and ulne able, especially because
hey usually li e in emo e a eas. Ano he issue is childca e. While aking he aining a couple o
women a ended hei session wi h hei child en c ea ing dis ac ions no only o hem bu also
o he low o he session. I en ep eneu s a e al eady sac i icing po en ial ea ning ime, no being
able o ully a ail hei aining ime ep esen s a majo obs acle o hei lea ning.
4. DATA OVERVIEW
Fo he empi ical analysis, we use se e al da ase s. All in o ma ion ela ed o business and
en ep eneu s comes om he CEMPRENDE adminis a i e eco ds and he ollow-up su ey.
In o ma ion on household pa icipa ion in he social policy p og ammes comes om wo
go e nmen agencies, DPS and ANSPE. In o ma ion on household eligibili y comes om he
go e nmen SISBEN egis y.
4.1 CEMPRENDE eco ds & Follow-up su ey

14
A en olmen , in o ma ion on basic socio-demog aphic a iables is collec ed, no business
in o ma ion is collec ed. Be ween June and July 2013, a ollow-up su ey was conduc ed. Fo he
sampling s a egy, CEMPRENDE p o ided a lis o pa icipan s. The p ima y sampling uni is he
household en e p ise pa icipa ing in he en ep eneu ship p og amme. The main esponden s
we e he en ep eneu , who is gene ally he pe son in cha ge o he business. The su ey was pape -
based and ca ied ou among a andomly selec ed, s a i ied sample o 356 en ep eneu s.
S a i ica ion sough o main ain bo h he male- emale and pa icipan -nonpa icipan p opo ion
he same as he a ge popula ion. The pa icipan g oup e e s o he bene icia ies o he social
policy p og amme.
The su ey consis s o 66 ques ions di ided in o h ee main pa s. Pa One (54 ques ions) co e s
opics conce ning he en e p ise -age, loca ion, o maliza ion-, accoun ancy p ac ices, needs,
inancing, mon hly sales and cos s (including de ailed cos s uc u e), p o i s use, ne wo h, clien s,
and employees. Pa Two (3 ques ions) asks ques ions conce ning he expenses and income o he
household. Pa Th ee (9 ques ions) enqui es abou he p og amme, namely, en ep eneu ’s
a endance and compliance o aining equi emen s, pe cep ion o use ulness, among o he s.
4.2 Household Pa icipa ion in social policy
Household pa icipa ion in he mone a y and non-mone a y componen s is epo ed by he
bu eaus ope a ing he p og ammes, DPS and ANSPE espec i ely. Those households appea ing in
bo h Familias en Acción and UNIDOS da ase s a e assigned o he In eg a ed g oup, and hose
appea ing exclusi ely in one o hem a e assigned o hei espec i e componen (Table 4.1).
Pa icipa ion in only one o he componen s is unde s ood as a hidden ea men con igu ing a
po en ial con ounding ac o (Gue zoni & Rai e i, 2015). Ou in e es lies in he pa icipa ion in he
ull po e y educ ion scheme, so he in eg a ed g oup will be he ea men g oup. The con ol
g oup is cons uc ed by hose households no pa icipa ing in any o he componen s.
15
Table 4.1 Sampled En ep eneu s by T ea men
4.3 Household Eligibili y
The SISBEN index
11
is he ins umen used by he go e nmen o a ge popula ion bene icia y o
social p og ammes. The Na ional Planning Bu eau (DNP) conduc s a dedica ed su ey o col he
in o ma ion necessa y o calcula e his sco e. The sco e is a p oxy-means es ed indica o ha
cap u es he li ing s anda ds o households. I akes in o accoun se e al socioeconomic a iables
o each household -localiza ion, housing condi ions and se ices, owne ship o di e en goods,
human capi al, social secu i y, demog aphic and occupa ional a iables (CONPES, 2009).
The uzzy se s me hod is used o es ima e i , ob aining a ange be ween 0 and 100. The sco es a e
used o o de ing he popula ion, and subsequen ly a ge ing and loca ing hem.
12
The sco e is
11
I s ac onym s ands o Iden i ica ion Sys em o Po en ial Bene icia ies o Social P og ams, also e e ed o as SISBEN sco e o
simply SISBEN.
12
In 2007, he popula ion a he lowes le el was di ided acco ding o hei sco e in i e quan iles. The wo bo om quin iles o he
anking ( he poo es o he poo ) we e a ge ed. A ha ime, 1.2 million households ( he poo es among he poo ) we e selec ed o
joining he CCT p og amme (CONPES, 2006).
T ea men
T ea ed
Con ol
Desc ip ion
T ea men ulne able
o con ounding ac o *
1. CCT
173
201
Households pa icipa ing in he condi ional cash
ans e p og amme (‘Familias en Acción’)
2. UNIDOS
185
189
Households pa icipa ing in he psychosocial
suppo and p e e en ial access o social se ices
p og amme (‘Red UNIDOS’)
T ea men in isola ion
3. CCT only
38
151
Households pa icipa ing exclusi ely in he
condi ional cash ans e p og amme (‘Familias en
Acción’)
4. UNIDOS only
50
151
Households pa icipa ing exclusi ely in he
psychosocial suppo plus p e e en ial access o
social se ices p og amme (‘Red UNIDOS’)
Simul aneous
ea men s
5. CCT+UNIDOS
135
151
Households pa icipa ing in he in eg a ed po e y
educ ion p og amme (‘Familias en Acción’ + ‘Red
UNIDOS’)
Sou ce: Follow-up su ey, 2013 No e: *G oups 1 and 2 do no ake in o accoun he po en ial simul anei y o he componen s
and show he po en ial hidden con ounding ac o p oblem.
16
designed so he popula ion had no knowledge o which o how a iables a e used o calcula e i ,
no he model o i s calcula ion
13
, making i di icul o manipula e i .
Ne e heless, i has been changed and upg aded o se e al easons.
14
Fi s ly, o e lec he dynamic
cha ac e o po e y and he changing na u e o needs and dep i a ions o he popula ion.
Secondly, o a e people’s abili y o “ge h ough” he sys em (manipula ion). Finally, o educe
iden i ica ion e o s, ha is, bo h selec ing hose who should no be in (leakage), and lea ing ou
hose who should be in (unde -co e age) (CONPES, 2001, 2006, 2008).
In ou case, we use he sco e employed a he incep ion o he po e y educ ion s a egy in 2007.
15
.
A household is eligible i i ge s a sco e o 11 poin s o less.
𝐸𝑙𝑖𝑔𝑖𝑏𝑙𝑒 𝐻𝑜𝑢𝑠𝑒ℎ𝑜𝑙𝑑𝑖={1,𝑖𝑓 𝑠𝑐𝑜𝑟𝑒 <11
0, 𝑖𝑓 𝑠𝑐𝑜𝑟𝑒 >11
4.4 Final da ase
The inal da ase ma ches hese h ee da a sou ces. To ma ch he en ep eneu s’ da ase wi h he
o icial eco ds, we used he iden i ica ion in o ma ion o he pa icipan s, i.e. ID numbe , ull name
and da e o bi h.
16
The inal analy ical sample consis s o 286 household en e p ises. I is impo an
o no e ha all o hese en ep eneu s ha e been suppo ed by he en ep eneu ship suppo
in e en ion h ough he CEMPRENDE. This ac means ha he conclusions apply only o
en ep eneu s ha ha e eques ed he en ep eneu ial suppo and ha e pa icipa ed in he
aining.
The lack o in o ma ion on en ep eneu s no suppo ed by he en ep eneu ial in e en ion limi s
he cons uc ion o a ‘pu e’ con ol g oup, his g oup would allow iden i ying he e ec o he
en ep eneu ial suppo . This limi a ion means ha ou es ima es could be upwa ds biased because
a andomly assigned en ep eneu ial suppo would include also en ep eneu s ha o he wise
would no be in e es ed in pa icipa ing in en ep eneu ial suppo . Ano he way o looking a his
issue is ha pa icipan en ep eneu s a e mo e mo i a ed o imp o e hei businesses, hence hey
a e mo e ‘en ep eneu ial’ and a e expec ed o show highe business pe o mance indica o s. In any
case, his ac applies o bo h g oups, ea men and con ol.
13
Wi hin he go e nmen he calcula ion algo i hm is exclusi ely known by DNP.
14
The e ision p ocess is de ined by na ional policy (CONPES, 2001) and backed by law (Law 715 - 2001)
15
SISBEN II is he second e sion o he sco e
16
To educe he numbe o unma ched egis ies all h ee bu eaus, DNP, DPS and ANSPE used an app oxima e ma ching algo i hm
allowing o di e ences in spelling o names and su names, as well as ID numbe s and bi h da es.
17
4.5 Ou come Va iables
Two g oups o ou come a iables a e analysed. Bo h a e business- ela ed, gi en ou in e es in he
e ec o pa icipa ion in he po e y educ ion scheme in en e p ises business indica o s. The i s
g oup a e a iables ela ed o bo owing. As p esen ed in he li e a u e e iew, mic oen e p ises
a e commonly c edi cons ained. Ei he by sel -deselec ing om he ma ke (demand ailu e) o by
unde co e age o exclusion (supply ailu e). To analyse bo owing we analyse whe he he
en ep eneu has applied o a loan.
17
I is a bina y a iable.
The second g oup o a iables cap u e business pe o mance. Fo he analysis a hand, we i s
examine epo ed hou s wo ked pe day. Secondly, we analyse six p oxies o business pe o mance.
Measu emen o p o i s is c i ical in assessing he e ec o he policy on he a ge popula ion.
18
Jus like collec ing in o ma ion on sensi i e opics such as household income, i is necessa y o
discuss he di icul y in cap u ing accu a e and eliable business in o ma ion. One ac o is he lack
o bookkeeping. De Mel e al. (2009a, p. 21) epo low le els o eco d-keeping a ound 20% among
mic oen e p ises in de eloping coun ies. Con a ily, Colombian mic oen e p ises show high
indica o s in his p ac ice. The Colombian Mic oen e p ise su ey epo s, in 2009 and 2010, a
pe cen age o bookkeeping a ound 56.8% and 58.4% espec i ely. Fo ou sample, 66.6% o he
g oup epo ed keeping business eco ds. One possible explana ion is ha all su eyed
en ep eneu s pa icipa ed in he en ep eneu ial aining.
19
We ollow Willeb ands e al. (2012), Daniels (2001b) and de Mel e al. (2009a) and adap hei
measu es o mic oen e p ise p o i s. Acco dingly, we asked a se o ques ions ega ding business
ac i i y o cons uc se e al p oxies o business p o i s, mainly de ined as e enue minus expenses.
We asked en ep eneu s o p o ide es ima es o sales –p oxy o e enues- and inpu cos s –p oxy
o expenses- o h ee di e en le els o business ac i i y, namely high ac i i y mon h, mid ac i i y
mon h, and low ac i i y mon h.
20
In his way, we ob ained six es ima es, h ee pe e enue-
17
Ques ion eads: In he pas wel e mon hs ha e you applied o loans o de elop o ope a e you business?
18
An ini ial assessmen o he EXCEL ile eco ds kep by CEMPRENDE ale ed abou possible issues in he p o ocol ollowed by
CEMPRENDE o cap u e business p o i s. These issues we e co obo a ed in he ieldwo k, plus he addi ional issue o poo ansc ip ion
om physical eco ds o he EXCEL ile.
19
See de Mel e al. (2009a) o some esul s on bookkeeping expe imen s.
20
This is also how Colombian mic oen ep eneu s somewha quali y hei ac i i y, using adjec i es such as bad, egula (so-so) o
good.
18
expenses pai . In addi ion, we asked o an 18-i em de ailed accoun o business expenses o
con as hem wi h epo ed cos s.
21
Then, we asked en ep eneu s o cha ac e ise mon h by mon h he pe iod be ween Janua y 2012
o May 2013 ollowing Willeb ands, Lamme s, and Ha og (2012) using he h ee ca ego ies
men ioned abo e (high, mid, low ac i i y). In his way, we ob ained an app oxima ion o he a e age
mon hly ac i i y by cap u ing some o he a iabili y and seasonali y ha cha ac e ises hese
mic oen e p ises’ ac i i y. This was also o ci cum en possible ecall issues associa ed wi h
ques ions ega ding business ac i i y, pa icula ly, hose ela ed o p o i s, e enues, expenses, and
pu chases (Daniels, 2001b; de Mel e al., 2009a; Samphan ha ak & Townsend, 2012; Vij e be g, 1992;
Vij e be g & Mead, 2000). To complemen his in o ma ion, we enqui ed abou opening days and
hou s o each mon h o e he same pe iod o calcula e an a e age o e he ac i e yea .
The su ey also eques ed o p o i es ima es using he h ee p o i componen s es ed by Daniels
(2001a, 2001b) and simila o he one used by de Mel e al. (2009a) om he Mexican Na ional
Mic oen e p ise Su ey. The h ee ques ions ead as ollows. The i s one: “Does you household
consume o use some o he goods o se ices p oduced in you business? I yes, wha is he (es ima ed)
alue o he p oduc s no mally consumed o used by you household? (Place ZERO i he household
has no consumed o used any p oduc )”.
The second ques ion asks: “Do you use any o he money ea ned in you business o you o you
household? I yes, how much (es ima ed) money does you business use o you o you home? (Pu
ZERO i you do no )”. The ques ion could be in e p e ed as a p oxy o he sum ea ma ked as sala y
by he en ep eneu . These wo ques ions seek o cap u e he un epo ed ca ego ies by
mic oen ep eneu s ecognised by de Mel e al. (2009a). These ca ego ies a e ela ed o he
ungibili y o esou ces sha ed be ween he business and he household, ypical o mic oen e p ises;
who in addi ion o hei low bookkeeping do no keep di e en ia ed accoun s o he business and
he household (de Mel e al., 2009a, pp. 22–23).
22
The hi d ques ion eads: “A e making pu chases o you business (supplies, ma e ials, aw
ma e ials, se ices, e c.) and a e spending some money on you and/o you household, do you
21
Expenses such as: Ren o land and buildings; elec ici y; gas and uel; elephone o mobile cha ges; c edi paymen s; s a ione y
and o ice supplies pu chases; in en o y pu chases ( aw ma e ial and supplies / goods o sale); wages and sala ies o employees; wa e ;
main enance and gene al epai s; anspo (Hauling, packing, packaging) and a elling expenses; ad e ising; axes; in e es paid;
ope a ing license paymen s; business egis a ion paymen s; associa ion ees; and o he (cleaning, su eillance, e c.)
22
E en highe educa ed en ep eneu s o ge o se a sala y o hemsel es, especially in he i s yea s o ope a ion (Vesga e al.,
2015).

19
usually ha e money le o e ? I you answe is YES, usually how much money do you ha e le a e
shopping o you business and using some money o you sel and / o you household? (Place ZERO
i you ha e no emaining money le )”. This ques ion could be seen as a ough unadjus ed p oxy o
mic oen e p ise p o i . A e each ques ion, en ep eneu s we e asked o epo he equency o
he espec i e amoun s, he op ions being: Daily; Weekly; Mon hly; Qua e ly; Semes e ; Annually.
The ease in answe ing hese h ee ques ions yields a lowe non esponse a e as epo ed by Daniels
(2001b, p. 604). By cons uc ion, his p oxy does no allow nega i e alues which in he
mic oen e p ise sec o a e no uncommon.
Table 4.2 displays he de ini ions o he p oxies and hei summa y s a is ics. P o i 3 epo s e enue
minus o al expenses (de ailed accoun ). P o i 4 and P o i 5 adjus s e enue adding back he i s
wo amoun s o he di ec p o i , assuming ha hese amoun s a e nei he included in epo ed
e enues no in epo ed expenses. Finally, as an addi ional exe cise, we cons uc a p oxy o ixed
cos s om he de ailed o al expenses, excluding wo i ems epo ed, namely, pu chase o
in en o ies, and wages and sala ies o employees; as hese a e assumed o be cap u ed by he
epo ed expenses.
23
Thus, P o i 6 is calcula ed as he adjus ed e enue minus adjus ed expenses.
The obse ed Pea son coe icien (.41
24
) be ween he Di ec p o i (p oxy 1) and P oxy 2 alls wi hin
he ange epo ed by de Mel e al. (2009a, pp. 21–22) o o he de eloping coun ies. The highes
coe icien (P o i 1 s P o i 6) epo ed in Table 4.2 e lec s he e ec o he adjus men o
un epo ed ca ego ies. I is no ewo hy ha he calcula ed p o i s o some en e p ises a e nega i e
when he 18-i em de ailed cos s a e used. Using his p oxy, a ound 30% o he sample show
nega i e p o i s. Al hough no uncommon in he mic oen e p ise sec o , he p esence o nega i e
p o i s aises he ques ion o whe he he e a e businesses consis en ly unning on losses. Again,
his p opo ion is educed once he un epo ed ca ego ies a e conside ed.
23
The obse ed Pea son coe icien be ween es ima ed a e age mon hly cos s and he sum o hese wo i ems is 0.4478.
24
The obse ed Pea son coe icien is e en lowe o he un immed sample, 0.159.
20
Table 4.2 Mic oen e p ise P o i s (Sampled en ep eneu s)
The mean and median epo ed p o i s a e oughly 1.3 imes as la ge as he mean and median o
P o i 3, while i s s anda d de ia ion is 2.5 imes la ge han ha o p o i s. These esul s a e simila
o he esul s epo ed in o he coun ies as accoun ed by de Mel e al. (2009a). Apa om P o i
3, he es o he mean p oxies a e highe han he di ec ly epo ed p o i s be ween 1.10 and 1.95
imes. Medians a e highe be ween 1.17- and 1.70- imes excluding P o i 2 and 3.
Table 4.3 p esen s he summa y s a is ics o he cons uc ed ea men g oups.
Table 4.3 Summa y s a is ics
Obs.
Mean
S.D.
Median
% o nega i es
Pea sona
Re enue
Repo ed Sales (June 2012 – May 2013)
339
1308,79
1718,77
695,83
0
P o i 1
Di ec P o i (Th ee ques ions)
327
520,51
805,28
350
0
1
P o i 2
Repo ed Re enue minus Expenses
345
712,78
1471,43
340
0
0.5464*
P o i 3
Repo ed Re enue minus De ailed Expenses
347
251,14
3955,87
235,83
29,91
0.1693*
P o i 4
Adjus ed Re enue minus Expenses
360
1016,13
1684,36
596
0
0.6886*
P o i 5
Adjus ed Re enue minus De ailed Expenses
362
571,94
3940,24
408,96
18,82
0.4002*
P o i 6
Adjus ed Re enue minus Adjus ed Expenses
362
784,44
1532,70
438,33
6,18
0.6947*
Sou ce: Su ey 2013, CEMPRENDE. No e: Figu es in Colombian pesos (COP) in housands, one USD was abou $1.879 COP be ween May and June 2013.
The a e age o 2013 was a ound $1.868. All da a immed a 1/99%. a Obse ed co ela ion o P o i s 2 o 6 wi h P o i 1.
Ou come a iable
Con ol
S.D.
T ea men
S.D.
Di e ence
*Bo owing
Ask loan
0.32
(0.466)
0.36
(0.482)
-0.044
(-0.773)
Pe cen age ob ained
1.00
(0.352)
1.03
(0.329)
-0.025
(-0.333)
*Business indica o s
Hou s wo ked
8.42
3.21
8.85
4.15
-0.196
(-0.403)
A g. Mon hly Sales Jun12/May13
1,759
(2182)
1,086
(1450)
672**
(2.848)
P o i 1
614
(645)
338
(296)
276***
(4.249)
P o i 2
833
(1029)
463
(489)
370***
(3.563)
P o i 3
419
(1352)
444
(1039)
-25
(-0.570)
P o i 4
1,176
(1217)
663
(612)
513***
(4.316)
P o i 5
832
(1554)
647
(1042)
184
(-0.155)
P o i 6
906
(1128)
541
(571)
365**
(3.319)
Obse a ions
128
117
Sou ce: Follow-up su ey, 2013. No e: Figu es in Colombian pesos (COP) in housands, one USD was abou $1.879 COP be ween May and June
2013. The a e age o 2013 was a ound $1.868. All Business and Household indica o s immed a 1/99%. Due o missing alues, he numbe o
obse a ions a ies: o Business a iables be ween [128, 142] o Con ol g oup, and [117,130] o T ea men g oup; and Household a iables
be ween [133, 147] o Con ol g oup, and [124,132] o T ea men g oup.
21
Fo he analysis, all mone a y a iables a e ans o med in o logs. Fo a iables P o i 3, P o i 5,
and P o i 6 he minimum alue is added so he e a e no nega i e alues be o e he log-
ans o ma ion. Thus, he dis ibu ion is a i icially shi ed o a oid any in o ma ion loss.
Figu e 1 p esen s he six p o i p oxies by ea men s a us.
Figu e 1 P o i s measu es by T ea men (in logs)
Table 4.4 p esen s an o e iew o he cha ac e is ics o ea men and con ol g oups. In gene al,
ea men g oup consis s o en ep eneu s composed mainly by women (96.3% s 77.5%); ha e
a ound wo yea s less o educa ion; a e sligh ly younge ; ha e had a business be o e in a highe
p opo ion bu ha e less expe ience in en ep eneu ship ( h ee yea s o less). These las wo
a iables ela ed o en ep eneu ship a e included o cap u e he le el o households’ ini ia i e,
expec ing ha he longe people ha e been doing business, he mo e en ep eneu ial hey a e
expec ed o be.
Social policy pa icipan en e p ises consis o s a -ups in a highe p opo ion (25.9% s 11.9%);
appea o egis e o Chambe o Comme ce in a lowe p opo ion (21.8 p.p. less) al hough egis y
is low o he whole sample (only 36.4% o con ol household en e p ises a e egis e ed); he
0.1 .2 .3 .4 .5
10 12 14 16
P o i s 1
In eg a ed Con ol
0.1 .2 .3 .4
10 12 14 16 18
P o i s 2
In eg a ed Con ol
020 40 60
17.8 17.9 18 18.1 18.2
P o i s 3
In eg a ed Con ol
0.1 .2 .3 .4
10 12 14 16 18
P o i s 4
In eg a ed Con ol
01020304050
17.9 17.95 18 18.05 18.1 18.15
P o i s 5
In eg a ed Con ol
0.5 1
1.5
13 14 15 16 17
P o i s 6
In eg a ed Con ol
22
p opo ion o sepa a ed p oduc ion uni s is also compa a i ely lowe (19.8% s 36%); ea ed uni s
concen a e sligh ly mo e on ade sec o wi h no di e ence in hei pa icipa ion in he se ice
sec o and a ma ginally lowe p opo ion o i ms dedica ed o manu ac u ing. An in e es ing ac
is ha he e is no s a is ically signi ican di e ence in eco d keeping be ween he wo g oups, his
business p ac ice being iden i ied as pi o al in his sec o (de Mel e al., 2009a; D exle e al., 2010;
Ka lan e al., 2012).
Table 4.4 Summa y S a is ics Sample o En ep eneu s (by T ea men )
Va iable
Con ol
T ea men
Di e ence
P opo ion Female
0.775
0.963
-0.188***
(0.419)
(0.190)
(-4.99)
Yea s o schooling*
10.66
8.311
2.345***
(3.630)
(3.159)
(5.80)
Age o en olmen
43.45
39.46
3.990**
(11.97)
(9.288)
(3.12)
Business be o e his one?
0.518
0.669
-0.152*
(0.501)
(0.472)
(-2.50)
Yea s as en ep eneu
13.53
10.20
3.333**
(9.679)
(8.746)
(2.95)
Age o business in yea s
8.671
5.644
3.027***
(7.637)
(5.393)
(3.62)
P opo ion o s a -ups*
0.119
0.259
-0.140**
(0.325)
(0.440)
(-2.86)
P opo ion o i ms egis e ed
0.364
0.145
0.218***
(0.483)
(0.354)
(4.22)
P opo ion o i ms ha don' keep any ype o biz.
eco ds
0.243
0.299
-0.0561
(0.430)
(0.460)
(-1.01)
P oduc ion uni sepa a ed om li ing space?
0.360
0.198
0.161**
(0.482)
(0.400)
(2.93)
Sec o : T ade
0.462
0.610
-0.149*
(0.500)
(0.490)
(-2.43)
Sec o : Se ices
0.371
0.314
0.0571
(0.485)
(0.466)
(0.97)
Sec o : Manu ac u ing
0.168
0.0763
0.0916*
(0.375)
(0.267)
(2.31)
Obse a ions
151
135
286
Sou ce: Follow-up su ey, 2013
29
6.2.2 Business indica o s
E o ! Re e ence sou ce no ound. p esen s he IV-LATE es ima ion esul s, showing ha he
complie g oup, who pa icipa es in he social policy p og ammes, epo s mo e a e age hou s
wo ked pe day. Resul s show a posi i e e ec be ween 2.3 o 3.1 hou s wo ked pe day (Panel A
columns 4, 5 and 6); in line wi h indings on labou ou comes o CCT pa icipan s (Alzúa e al., 2013;
A au Pon ones, 2014; ECLAC & ILO, 2014; Fe nald e al., 2008; Fiszbein e al., 2009).
Fo he 2SLS, he e is a ade-o be ween he s a is ical signi icance o he coe icien and he
alidi y o he ins umen s. When employing he h ee ins umen s he esul s a e signi ican , a he
cos o a lowe F-s a is ic o he ins umen s. The IV-LATE using he endogenous ea men model
(bina y i s s age equa ion) p o ides mo e obus , as well as mo e conse a i e, esul s (Panel B
columns 3 and 4).
A po en ial mechanism sugges s ha hanks o he a ailabili y o ca e p og ammes, en ep eneu s
-usually women- ha e mo e ime o p oduc i e pu poses. Time ha o he wise would spend ca ing
o child en o he elde ly. This complemen s he o iginal CCT pu pose o educing absen eeism
since households ha e g ea e incen i es o send child en o school.
Table 0.1 in Appendix epo he IV-LATE es ima es o he di e en measu es o pe o mance.
Resul s show no s a is ically signi ican di e ence in any business indica o s o he complie g oup,
in ei he o he speci ica ions, LPM o bina y i s s age. Es ima es close o ze o may sugges a null
e ec a e con olling o o he s ac o s associa ed wi h en e p ise and en ep eneu ha can a ec
business p o i s. The ac ha ea men g oup o en ep eneu s showed lowe esul s in se e al
obse able a iables is ac o ed in, one possible in e p e a ion is ha he social policy in e en ion
is wo king as a le elling ac o among o he wise di e en g oup o en ep eneu s.
This esul needs o be in e p e ed conside ing he posi i e impac on hou s wo ked on he complie
g oup because, o he ac o s hold cons an , p oduc i i y may be lowe o social p og amme
pa icipan s, who e en a e exe ing a highe e o – ep esen ed in mo e hou s wo ked- no gains
seem o show in hei p o i abili y.

30
Table 6.2 E ec o pa icipa ion in he social p o ec ion p og amme on Hou s wo ked pe day
PANEL A. 2SLS (Linea ou come + LPM i s -s age eg ession)
(1)
(2)
(3)
(4)
(5)
(6)
E ec
2.674
3.338
2.090
2.348*
2.931*
3.126**
SE
(2.150)
(2.194)
(1.457)
(1.411)
(1.623)
(1.557)
CI
[-1.569,6.917]
[-0.993,7.669]
[-0.786,4.965]
[-0.437,5.133]
[-0.272,6.135]
[0.052,6.200]
Ins umen s
Sco e
✓
✓
✓
✓
✓
✓
Sco e Sq.
✓
✓
✓
Sub-dis ic loc.
✓
✓
✓
✓
F
9.886
8.779
6.629
6.292
7.757
6.682
Dummies
No
No
No
No
Yes
Yes
Obse a ions
190
190
190
190
189
189
PANEL B. Linea eg ession wi h Endogenous T ea men
(1)
(2)
(3)
(4)
E ec
2.215*
2.020
2.417**
2.340**
SE
(1.331)
(1.317)
(1.014)
(1.006)
CI
[-0.393,4.822]
[-0.562,4.601]
[0.430,4.405]
[0.369,4.311]
Ins umen s
Sco e
✓
✓
✓
✓
Sco e Sq.
✓
✓
Sub-dis ic loc.
✓
✓
Lambda
-1.082
-0.951
-1.388**
-1.334**
se(lambda)
0.836
0.829
0.666
0.662
Dummies
No
No
No
No
Obse a ions
190
190
190
190
No es: Numbe o obse a ions in ea men g oup = 109; in con ol g oup = 91. Linea eg ession wi h endogenous ea men . * p- alue<0.1 ** p- alue<0.05 *** p-
alue<0.01).
31
7. CONCLUDING REMARKS
This pape analysed he e ec s o social policy pa icipa ion by en ep eneu s. Using pa ial
compliance in o his pa icipa ion we compa e he subg oup o complie s in bo h ea men and
con ol g oups. We ind e idence ha poo en ep eneu s suppo ed by social policy apply in highe
p opo ion o loans, showing ha social p o ec ion may educe sel -deselec ion om c edi ma ke s
hanks o inancial inclusion in e en ion and a mo e s able sou ce o income.
Conce ning pe o mance, indings show a posi i e impac on epo ed hou s wo ked pe day. This
is in line wi h CCT s udies ha ind posi i e impac s on labou ma ke ou comes on he a ge ed
popula ion. Null esul s in he analysis o p o i measu es need o be in e p e ed cau iously as hese
es ima es seem unable o de ec a signi ican di e ence in business p o i s be ween complie
g oups. S udies by Cho (2015), Cho and Hono a i (2014), and McKenzie and Wood u (2013) discuss
he di icul ies in iden i ying any e ec on en ep eneu ship in e en ions, pa icula ly in de eloping
con ex s and when a ge poo popula ion.
Ne e heless, o he pu pose o inclusi e de elopmen o poo and ulne able popula ion, p o i
s ill needs o be a key indica o o policy success, o i is he way o ensu e su icien , au onomous
income o households. I is impo an o no e ha he use o p o i s may be a be e indica o o
iabili y and/o sel -sus enance –in he sense o su i al. Howe e , maximizing p o i s may no be
he goal o he business. In his case, en ep eneu ship is a bu e agains po e y. Fo ins ance,
p o i s can be imp o ed by employing ewe amily membe s and ge ing mo e wo k om he ew
ha does. To del e in o his ype o conclusions i would be necessa y o s udy he household
assignmen o asks and hei ole in he business.
Some ca ea s a e impo an . E en hough he g oup o en ep eneu s su eyed is ep esen a i e o
he popula ion suppo ed by he en ep eneu ship p og amme; he educed sample limi s he
s a is ical powe o he esul s gi en ha IV es ima ion analyses only he complie g oups a ound
he assignmen h eshold in a simila ein as uzzy RDD does.
Among he limi a ions, a ‘pu e’ con ol g oup (nei he en ep eneu ship no social suppo ) would
be ideal o assess he impac o he en ep eneu ship policy independen ly and he addi ionali y o
in e ac ed in e en ions. None heless, loca ing hese household en e p ises is pa icula ly
32
cumbe some conside ing ha hey ope a e wi h no on sign, and would equi e a mo e
sophis ica ed, and cos ly su ey logis ics.
Fu he a enues o esea ch in he s udy o p oduc i e e ec s o social p o ec ion a e o include
ime o pa icipa ion in o he social policy o cap u e di e en ial e ec s o in ensi y o dosage. In
addi ion, including he amoun o he cash ans e ecei ed would allow o assess i s impac mo e
accu a ely. Finally, conside ing ha ou g oup o en ep eneu s concen a e below he cu -o sco e,
s udying in dep h he ac o s a ec ing hei en ep eneu ial ac i i ies in po e y is s ill o g ea
in e es , o ins ance, iden i ying addi ional cu -o poin s o compa e poo and he ‘ul a-poo ’.
33
BIBLIOGRAPHY
Acción Social & DNP. (2010). El camino eco ido: Diez años Familias en Acción. Acción Social, Agencia
P esidencial pa a la Acción Social y la Coope ación In e nacional : DNP, Depa amen o Nacional de
Planeación.
Alde man, H., & Yem so , R. (2012). P oduc i e ole o sa e y ne s (Social P o ec ion & Labo Discussion
Pape ) [Backg ound pape o he Wo ld Bank 2012-2022 social p o ec ion and labo s a egy]. The
Wo ld Bank. h ps://ideas. epec.o g/p/wbk/hdnspu/67609.h ml
Alzúa, M. L., C uces, G., & Ripani, L. (2013). Wel a e p og ams and labo supply in de eloping coun ies:
Expe imen al e idence om La in Ame ica. Jou nal o Popula ion Economics, 26(4), 1255–1284.
h ps://doi.o g/10.1007/s00148-012-0458-0
Angulo, R. (2016). F om mul idimensional po e y measu emen o mul isec o public policy o po e y
educ ion: Lessons om he Colombia. OPHI Wo king Pape s, 102, 1–25.
A au Pon ones, J. (2014). The E ec s o Condi ional Cash T ans e s on Wo k Incen i es o he Mexican Ru al
Popula ion: Does Opo unidades C ea e Income Dependency? h p://lup.lub.lu.se/s uden -
pape s/ eco d/4499420
Aud e sch, D. B., G ilo, I., & Thu ik, A. R. (Eds.). (2007). Handbook o Resea ch on En ep eneu ship Policy.
Edwa d Elga Publishing L d.
Bane jee, A., & Du lo, E. (2007). The economic li es o he poo . The jou nal o economic pe spec i es: a
jou nal o he Ame ican Economic Associa ion, 21(1), 141.
Bane jee, A., & Du lo, E. (2011). Poo Economics: A Radical Re hinking o he Way o Figh Global Po e y.
PublicA ai s.
Bane jee, A., Du lo, E., Goldbe g, N., Ka lan, D., Osei, R., Pa ien e, W., Shapi o, J., Thuysbae , B., & Ud y, C.
(2015). A mul i ace ed p og am causes las ing p og ess o he e y poo : E idence om six
coun ies. Science, 348(6236), 1260799–1260799. h ps://doi.o g/10.1126/science.1260799
Bane jee, A., Hanna, R., K eindle , G. E., & Olken, B. A. (2017). Debunking he S e eo ype o he Lazy Wel a e
Recipien : E idence om Cash T ans e P og ams. The Wo ld Bank Resea ch Obse e , 32(2), 155–
184. h ps://doi.o g/10.1093/wb o/lkx002
Bane jee, A., Ka lan, D., & Zinman, J. (2015). Six Randomized E alua ions o Mic oc edi : In oduc ion and
Fu he S eps. Ame ican Economic Jou nal: Applied Economics, 7(1), 1–21.
h ps://doi.o g/10.1257/app.20140287
Ba ien os, A. (2012). Social T ans e s and G ow h: Wha Do We Know? Wha Do We Need o Find Ou ?
Wo ld De elopmen , 40(1), 11–20. h ps://doi.o g/10.1016/j.wo ldde .2011.05.012
Ba ien os, A., & Male ba, D. (2018). P oduc i is Social Assis ance and 21s -Cen u y De elopmen Models
[Wo king pape ].
Bas agli, F., Hagen-Zanke , J., Ha man, L., Ba ca, V., S u ge, G., & Schmid , T. (2016). Cash ans e s: Wha
does he e idence say? A igo ous e iew o p og amme impac and he ole o design and
implemen a ion ea u es. London: O e seas De elopmen Ins i u e (www. odi. o g/p ojec s/2797-
social-p o ec ion-li e a u e- e iew-po e y-impac ).
34
Belman, E., & Chang, A. (2010, oc ub e 28). India’s Majo C isis in Mic olending. Wall S ee Jou nal.
h p://www.wsj.com/a icles/SB10001424052702304316404575580663294846100
Be ge, L. I. O., Bjo a n, K., & Tungodden, B. (2014). Human and Financial Capi al o Mic oen e p ise
De elopmen : E idence om a Field and Lab Expe imen . Managemen Science, 1–16.
h ps://doi.o g/10.1287/mnsc.2014.1933
Be golo, M., & Gal án, E. (2018). In a-household Beha io al Responses o Cash T ans e P og ams.
E idence om a Reg ession Discon inui y Design. Wo ld De elopmen , 103, 100–118.
h ps://doi.o g/10.1016/j.wo ldde .2017.10.030
Bla man, C., Fiala, N., & Ma inez, S. (2014). Gene a ing Skilled Sel -Employmen in De eloping Coun ies:
Expe imen al E idence om Uganda. The Qua e ly Jou nal o Economics, 129(2), 697–752.
h ps://doi.o g/10.1093/qje/qj 057
Bloom, N., Ei e , B., Mahajan, A., McKenzie, D., & Robe s, J. (2013). Does Managemen Ma e ? E idence
om India. The Qua e ly Jou nal o Economics, 128(1), 1–51. h ps://doi.o g/10.1093/qje/qjs044
B uhn, M., Ka lan, D., & Schoa , A. (2013). The Impac o Consul ing Se ices on Small and Medium
En e p ises: E idence om a Randomized T ial in Mexico (SSRN Schola ly Pape ID 2285974). Social
Science Resea ch Ne wo k. h p://pape s.ss n.com/abs ac =2285974
Calde on, G., Cunha, J. M., & Gio gi, G. D. (2013). Business Li e acy and De elopmen : E idence om a
Randomized Con olled T ial in Ru al Mexico (Wo king Pape Núm. 19740). Na ional Bu eau o
Economic Resea ch. h p://www.nbe .o g/pape s/w19740
Camacho, A., Cono e , E., Espinosa, F., Fló ez, C., & Sánchez, L. (2010). El Sisben: Su diseño y e olucion.
No as de Poli ica, 4.
Ca nei o, P., Galasso, E., & Ginja, R. (2009). The impac o p o iding psycho-social suppo o indigen
amilies and inc easing hei access o social se ices: E alua ing Chile Solida io. Lond es: Londons
Global Uni e si y.
h p://www.minis e iodesa ollosocial.gob.cl/b ca/ x comple o/e alua ChileSol_b.mundial.pd
Ca aneo, M. D., Jansson, M., & Ma, X. (2018). Manipula ion es ing based on densi y discon inui y. The
S a a Jou nal, 18(1), 234–261.
Ca aneo, M. D., Jansson, M., & Ma, X. (2019). Simple local polynomial densi y es ima o s. Jou nal o he
Ame ican S a is ical Associa ion, jus -accep ed, 1–11.
CEPAL. (2016). Desa ollo Social Inclusi o. Una nue a gene ación de polí icas pa a supe a la pob eza y
educi la desigualdad en Amé ica La ina y el Ca ibe. Naciones Unidas, CEPAL.
Cho, Y. (2015). En ep eneu ship o he poo in de eloping coun ies. IZA Wo ld o Labo .
h ps://doi.o g/10.15185/izawol.167
Cho, Y., & Hono a i, M. (2014). En ep eneu ship p og ams in de eloping coun ies: A me a eg ession
analysis. Labou Economics, 28, 110–130. h ps://doi.o g/10.1016/j.labeco.2014.03.011
CONPES. (2001). Re o ma del Sis ema de Focalización Indi idual del Gas o Social. Depa amen o Nacional
de Planeación: San a Fe de Bogo á.
CONPES. (2006). Red de P o ección Social con a la Ex ema Pob eza. Depa amen o Nacional de
Planeación: San a Fe de Bogo á.

35
CONPES. (2008). Ac ualización de los c i e ios pa a la de e minación, iden i icación y selección de
bene icia ios de p og amas sociales. Depa amen o Nacional de Planeación: San a Fe de Bogo á.
h p://www.dnp.go .co/Po alWeb/LinkClick.aspx? ile icke =epG1wdiIwas%3D& abid=1080
CONPES. (2009). Lineamien os de la Polí ica de Gene ación de Ing esos pa a la Población en Si uación de
Pob eza Ex ema y/o Desplazamien o. Depa amen o Nacional de Planeación: San a Fe de Bogo á.
Daniels, L. (2001a). A guide o measu ing mic oen e p ise p o i s and ne wo h. Small En e p ise
De elopmen , 12(4), 54–66.
Daniels, L. (2001b). Tes ing al e na i e measu es o mic oen e p ise p o i s and ne wo h. Jou nal o
In e na ional De elopmen , 13(5), 599–614.
de Mel, S., McKenzie, D., & Wood u , C. (2008). Re u ns o capi al in mic oen e p ises: E idence om a
ield expe imen . The Qua e ly Jou nal o Economics, 123(4), 1329.
de Mel, S., McKenzie, D., & Wood u , C. (2009a). Measu ing mic oen e p ise p o i s: Mus we ask how he
sausage is made? Jou nal o De elopmen Economics, 88(1), 19–31.
de Mel, S., McKenzie, D., & Wood u , C. (2009b). A e Women Mo e C edi Cons ained? Expe imen al
E idence on Gende and Mic oen e p ise Re u ns. Ame ican Economic Jou nal: Applied Economics,
1(3), 1–32.
de Mel, S., McKenzie, D., & Wood u , C. (2014). Business aining and emale en e p ise s a -up, g ow h,
and dynamics: Expe imen al e idence om S i Lanka. Jou nal o De elopmen Economics, 106, 199–
210. h ps://doi.o g/10.1016/j.jde eco.2013.09.005
De e eux, S., & Saba es-Wheele , R. (2004). T ans o ma i e social p o ec ion. IDS Wo king Pape , 232.
h p://mobile.opendocs.ids.ac.uk/opendocs/handle/123456789/4071
DNP. (2012). E aluación de Impac o de UNIDOS - Red de P o ección Social pa a la Supe ación de la Pob eza
Ex ema (Sine gia E aluaciones, p. 105) [E aluación de Impac o]. Depa amen o Nacional de
Planeación.
D exle , A., Fische , G., & Schoa , A. (2010). Keeping i simple: Financial li e acy and ules o humb. Cen e
o Economic Policy Resea ch.
ECLAC & ILO. (2014). Employmen Si ua ion in La in Ame ica and he Ca ibbean. Condi ional ans e
p og ammes and he labou ma ke (Bulle in Núm. 10; ECLAC-ILO Bulle in, p. 34). ECLAC/ILO.
Fe nald, L. C., Ge le , P. J., & Neu eld, L. M. (2008). Role o cash in condi ional cash ans e p og ammes
o child heal h, g ow h, and de elopmen : An analysis o Mexico’s Opo unidades. The Lance ,
371(9615), 828–837.
Field, E., Pande, R., Papp, J., & Rigol, N. (2013). Does he Classic Mic o inance Model Discou age
En ep eneu ship Among he Poo ? Expe imen al E idence om India. Ame ican Economic Re iew,
103(6), 2196–2226.
Fiszbein, A., Schady, N., Fe ei a, F. H. G., G osh, M., Kelehe , N., Olin o, P., & Skou ias, E. (2009). Condi ional
cash ans e s: Reducing p esen and u u e po e y. Wo ld Bank.
h p://public.eblib.com/choice/public ull eco d.aspx?p=459451
Fló ez, C., Espinosa, F., Sánchez, L., & Angulo, R. (2008). Diseño del índice SISBEN en su e ce a e sión.
Depa amen o Nacional de Planeación.
h ps://www.sisben.go .co/Documen s/Resumen%20ejecu i o/Resumen_ejecu i o_SisbenIII.pd
36
Galasso, E. (2011). Alle ia ing ex eme po e y in Chile: The sho e m e ec s o Chile Solida io. Es udios de
Economía, 38(1), 101–127.
Giné, X., & Mansu i, G. (2014). Money o Ideas? A Field Expe imen on Cons ain s o En ep eneu ship in
Ru al Pakis an (SSRN Schola ly Pape ID 2461015). Social Science Resea ch Ne wo k.
h p://pape s.ss n.com/abs ac =2461015
Gue zoni, M., & Rai e i, E. (2015). Demand-side s. supply-side echnology policies: Hidden ea men and
new empi ical e idence on he policy mix. Resea ch Policy, 44(3), 726–747.
h ps://doi.o g/10.1016/j. espol.2014.10.009
Hahn, J., Todd, P., & Van de Klaauw, W. (2001). Iden i ica ion and es ima ion o ea men e ec s wi h a
eg ession-discon inui y design. Econome ica, 69(1), 201–209.
Heckman, J. (1997). Ins umen al a iables: A s udy o implici beha io al assump ions used in making
p og am e alua ions. Jou nal o human esou ces, 441–462.
Hoces de la Gua dia, F., Hojman, A., & La añaga, O. (2011). E alua ing he Chile Solida io p og am: Resul s
using he Chile Solida io panel and he adminis a i e da abases. Es udios de Economía, 38(1), 129–
168.
Jo gensen, S. L., & Siegel, P. B. (2019). Social P o ec ion in an E a o Inc easing Unce ain y and Dis up ion:
Social Risk Managemen 2.0 (Social P o ec ion & Labo Discussion Pape ). The Wo ld Bank.
Kangasniemi, M., Knowles, M., & Ka akis, P. (2020). The ole o social p o ec ion in inclusi e s uc u al
ans o ma ion. FAO.
Ka lan, D., Knigh , R., & Ud y, C. (2012). Hoping o win, expec ed o lose: Theo y and lessons on mic o
en e p ise de elopmen . Na ional Bu eau o Economic Resea ch.
h p://www.nbe .o g/pape s/w18325
Ka lan, D., Knigh , R., & Ud y, C. (2014). Consul ing and Capi al Expe imen s wi h Mic oen e p ise Tailo s in
Ghana. h p://ka lan.yale.edu/p/ghana ailo s_Oc obe 2014_ 11.pd
Ka lan, D., & Valdi ia, M. (2010). Teaching En ep eneu ship: Impac o Business T aining on Mic o inance
Clien s and Ins i u ions. Re iew o Economics and S a is ics, 93(2), 510–527.
h ps://doi.o g/10.1162/REST_a_00074
Le oy, J. L., Ruel, M., & Ve ho s ad , E. (2009). The impac o condi ional cash ans e p og ammes on child
nu i ion: A e iew o e idence using a p og amme heo y amewo k. Jou nal o De elopmen
E ec i eness, 1(2), 103–129. h ps://doi.o g/10.1080/19439340902924043
Lichand, G. (2010). Decomposing he e ec s o CCTs on en ep eneu ship. Wo ld Bank Policy Resea ch
Wo king Pape Se ies, 5457. h p://pape s.ss n.com/sol3/pape s.c m?abs ac _id=1697964
Lunds öm, A., & S e enson, L. (2005). En ep eneu ship policy: Theo y and p ac ice. Sp inge Ve lag.
Mani, A., Mullaina han, S., Sha i , E., & Zhao, J. (2013). Po e y Impedes Cogni i e Func ion. Science,
341(6149), 976–980. h ps://doi.o g/10.1126/science.1238041
Manley, J., Gi e , S., & Sla che ska, V. (2013). How e ec i e a e cash ans e s a imp o ing nu i ional
s a us? Wo ld de elopmen , 48, 133–155.
Mano, Y., Idd isu, A., Yoshino, Y., & Sonobe, T. (2012). How Can Mic o and Small En e p ises in Sub-
Saha an A ica Become Mo e P oduc i e? The Impac s o Expe imen al Basic Manage ial T aining.
Wo ld De elopmen , 40(3), 458–468. h ps://doi.o g/10.1016/j.wo ldde .2011.09.013
37
Ma ínez-Res epo, S., Mejía, J. C., & En iquez, E. (2015, sep iemb e). Women’s Empowe men among he
Ex emely Poo : E idence om he Impac E alua ion o Red UNIDOS in Colombia. Policy in Focus,
12(2).
McC a y, J. (2008). Manipula ion o he unning a iable in he eg ession discon inui y design: A densi y
es . Jou nal o Econome ics, 142(2), 698–714. h ps://doi.o g/10.1016/j.jeconom.2007.05.005
McKenzie, D., & Wood u , C. (2013). Wha a e we lea ning om business aining and en ep eneu ship
e alua ions a ound he de eloping wo ld? The Wo ld Bank Resea ch Obse e , 29(1), 48–82.
h ps://doi.o g/10.1093/wb o/lk 007
Mo is, M., Schindehu e, M., & Allen, J. (2005). The en ep eneu ’s business model: Towa d a uni ied
pe spec i e. Jou nal o Business Resea ch, 58(6), 726–735.
Mullaina han, S., & Sha i , E. (2013). Sca ci y: The new science o ha ing less and how i de ines ou li es.
Hen y Hol and Company, LLC.
Packa d, T., Gen ilini, U., G osh, M., O’Kee e, P., Palacios, R., Robalino, D., & San os, I. (2019). P o ec ing All:
Risk Sha ing o a Di e se and Di e si ying Wo ld o Wo k. The Wo ld Bank.
h ps://doi.o g/10.1596/978-1-4648-1427-3
Pé ez, G. J., & Salaza , I. (2007). La pob eza en Ca agena: Un análisis po ba ios. Documen os de abajo
sob e economía egional, 94.
h p://ne ne.ban ep.o g/documen os/publicaciones/ egional/documen os/DTSER-94.pd
Rangana han, M., & Laga de, M. (2012). P omo ing heal hy beha iou s and imp o ing heal h ou comes in
low and middle income coun ies: A e iew o he impac o condi ional cash ans e p og ammes.
P e en i e Medicine, 55, S95–S105. h ps://doi.o g/10.1016/j.ypmed.2011.11.015
Reynolds, P., Bosma, N., Au io, E., Hun , S., De Bono, N., Se ais, I., Lopez-Ga cia, P., & Chin, N. (2005).
Global en ep eneu ship moni o : Da a collec ion design and implemen a ion 1998–2003. Small
Business Economics, 24(3), 205–231.
Rhyne, E. (2011, mayo 25). On Mic o inance: Who’s o Blame o he C isis in Andh a P adesh? The
Hu ing on Pos . h p://www.hu ing onpos .com/elisabe h- hyne/on-mic o inance-whos- o-
b_b_777911.h ml
Ribas, R. P. (2014). Liquidi y cons ain s, in o mal inancing, and en ep eneu ship: Di ec and indi ec
e ec s o a cash ans e p og amme. Wo king Pape , In e na ional Policy Cen e o Inclusi e
G ow h, 131. h p://www.econs o .eu/handle/10419/119816
Saa ed a, J. E., & Ga cia, S. (2012). Impac s o condi ional cash ans e p og ams on educa ional ou comes
in de eloping coun ies: A me a-analysis. RAND Labo and Popula ion Wo king Pape Se ies, WR-
921-1.
Samphan ha ak, K., & Townsend, R. M. (2012). Measu ing he e u n on household en e p ise: Wha
ma e s mos o whom? Jou nal o de elopmen economics, 98(1), 58–70.
Valdi ia, M. (2015). Business aining plus o emale en ep eneu ship? Sho and medium- e m
expe imen al e idence om Pe u. Jou nal o De elopmen Economics, 113, 33–51.
h ps://doi.o g/10.1016/j.jde eco.2014.10.005
Van De Zwan, P., Thu ik, R., & G ilo, I. (2010). The en ep eneu ial ladde and i s de e minan s. Applied
Economics, 42(17), 2183–2191.
38
Vesga, R., Rod íguez, M., Schna ch, D., & Ga cía, O. (2015). Emp endedo es en c ecimien o (Emp endedo es
en C ecimien o, p. 129). Uni e sidad de los Andes, Facul ad de Adminis ación, Cen o de Es a egia
y Compe i i idad. h ps://cec.uniandes.edu.co/images/pd /Emp endedo es_en_c ecimien o_3.pd
Vij e be g, W. (1992). Measu ing income om amily en e p ises wi h household su eys. Small Business
Economics, 4(4), 287–305.
Vij e be g, W., & Mead, D. (2000). Household en e p ises. En Designing Household Su ey Ques ionnai es
o De eloping Coun ies: Lessons om 15 yea s o he Li ing S anda ds Measu emen Su ey, ol. 2.
(Vol. 15, pp. 105–137). The Wo ld Bank.
Willeb ands, D., Lamme s, J., & Ha og, J. (2012). A Success ul Businessman is no a Gamble Risk A i ude
and Business Pe o mance among Small En e p ises in Nige ia. Jou nal o Economic Psychology,
33(2), 342–354.
TheUNU‐MERITWORKINGPape Se ies

2022-01 S uc u al ans o ma ionsandcumula i ecausa ion owa dsane olu iona y
mic o‐ ounda iono  heKaldo iang ow hmodelbyAnd éLo en z,TommasoCia li,
Ma iaSa onaandMa coValen e
2022-02 Es ima iono ap oduc ion unc ionwi hdomes icand o eigncapi als ockby
ThomasZieseme 
2022-03 Au oma ionand ela ed echnologies:Amappingo  henewknowledgebaseby
En icoSan a elli,JacopoS accioliandMa coVi a elli
2022-04 Theold‐agepensionhousehold eplacemen  a einBelgiumbyAlessioJ.G.B own
andAnne‐Lo eF aikin
2022-05 Globalisa ioninc eased us inno he nandwes e nEu opebe ween2002and
2018byLoesjeVe hoe enandJoRi zen
2022-06 Globalisa ionand inancialisa ionin heNe he lands,1995–2020byJoanMuysken
andHuubMeije s
2022-07 Impo pene a ionandmanu ac u ingemploymen :E idence omA icaby
SolomonOwusu,GideonNdubuisiandEmmanuelB.Mensah
2022-08 Ad anceddigi al echnologiesandindus ial esiliencedu ing heCOVID‐19
pandemic:A i m‐le elpe spec i ebyElisaCalzaAlejand oLa opaandLigiaZaga o
2022-09 The eckoningo sexual iolenceandco up ion:Agende eds udyo sex o ionin
mig a ion oSou hA icabyAshleighBicke Caa en,Loes anHeug enandO un
Me kle
2022-10 Thep oduc i e oleo socialpolicybyOma Rod íguezTo es