Exploring the relationship between entrepreneurship and economic growth in selected countries

Olesia V. Bubnovskaia, Dang Thien Tam, Elena B. Gafforova and Aidin Salamzadeh ()

World Review of Entrepreneurship, Management and Sustainable Development, 2024, vol. 20, issue 2, 272-289

Abstract: Developed entrepreneurial activity is often not directly related to the development of the economy. Therefore, the question of the role of entrepreneurship in the economy remains important. This study aims to assess and understand the interrelationship among conditions for the development of entrepreneurship and economic indicators in selected countries with different types of orientation of their economies: efficiency-oriented and innovation-oriented economies. Data include indicators of international entrepreneurial and economy indexes with a common sample of 18 countries from 2011 to 2020. The results confirmed previous studies that entrepreneurship has no direct effects on economic development. However, the study showed that the conditions of entrepreneurship in the country are strongly associated with economic growth in both groups of countries. Generally, early entrepreneurship is more important for efficiency-oriented countries than for innovative ones, whereas the conditions of entrepreneurship are better in innovation-oriented countries.

Keywords: entrepreneurship; entrepreneurial activity; entrepreneurship context; efficiency-oriented economies; innovation-oriented economies; GEM; economy; economic growth. (search for similar items in EconPapers)
Date: 2024
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