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This study analyzes the determinants of social enterprises by regional welfare and social characteristics, employing panel data analysis. Regional welfare characteristics considered include recipients of national basic livelihood assistance, disabled enrollees, aging rate, registered volunteers, and ratio of financial welfare budget in total regional budget. Variables in regional social characteristics include financial autonomy rate, women’s economic activity participation rate, suicide rate per one hundred thousand people, and GRDP per capita. Major findings are as follows. Among explanatory variables, percentage of registered volunteers and disabled enrollees, the degree of financial autonomy, and GRDP per capita have statistically significant positive effect on the proportion of social enterprises in the considered region. These results imply that the central and local governments need to consider carefully welfare and social characteristics of each region when formulating their support programs and development policies for social enterprise.