Drivers for the Internationalization of Nascent Entrepreneurs and New Business Owners in Southeast European Countries

Bojan Leković, Renata Amidžić, Dragan Vojinović and Maja Ivanović-Đukić

Journal of East European Management Studies, 2023, vol. 28, issue 1, 182-214

Abstract: This article investigates drivers for the internationalization of nascent entrepreneurs and new business owners during the age of the digital transformation of Southeast European countries (SEE). Empirical research conducted on a sample of 4,066 international entrepreneurs in seven SEE countries has provided empirical evidence of the impact that individual characteristics, innovation, technology, motivation, perception of national culture, and business environment factors have on early internationalization. Empirical research has been conducted on data derived from The Global Entrepreneurship Monitor (GEM) and The World Bank. The empirical research methodology included a presentation of statistical research using Principal Components Analysis and the Ordinary Logistics Regression method. Results have shown that innovation, new technology, opportunity, and motivation are important drivers for the early internationalization of entrepreneurs in the SEE region. Early-stage entrepreneurs, who use new technology and prefer radical innovations, are more oriented towards foreign markets and customers. Increase-wealth opportunity motivated early-stage entrepreneurs to internationalize more frequently than necessity entrepreneurs, or early-stage entrepreneurs, driven by the motive of independence. Additionally, there is a significant influence from external factors such as GDP per capita, openness, financial development, unemployment, corruption, government effectiveness, rule of law, regulatory quality, political stability, the voice of accountability, economic stability, and institutional factors on the early internationalization of entrepreneurs in the SEE region.

Date: 2023
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DOI: 10.5771/0949-6181-2023-1-182

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