Entrepreneurship as a Predictive Factor for Employment and Investment: the Case of Selected European Countries
Keywords:
Domestic investment; employment; entrepreneurial factors; entrepreneurial intentions (EI); early entrepreneurial activity (TEA); established business ownership (EBO); European countriesAbstract
The link between entrepreneurship and economic prosperity has continuously been pointed out by researchers and government institutions. Several studies have proven that a clear relationship between entrepreneurship, economic growth and development (positive in many instances) exist. Within the broader context of growth and development, various other variables also play a significant role such as employment and investment amongst others. The objective of this study was, therefore, to determine the relationship between entrepreneurship, employment and domestic investment specifically focussing on selected European countries (Austria, Croatia, Hungary, Poland and Slovenia). The study made use of a quantitative empirical approach (econometric analysis) using secondary data from 2001 to 2019. Countries were selected based on their homogeneous traits and availability of data. Both, long and short- run relationships between various entrepreneurial variables, employment and investment were tested using a pooled panel analysis. Results indicated a long-run relationship between the variables by using the Fisher-Johansen cointegration analysis. Long-run results via the FMOLS and DOLS econometric models, confirmed the results as estimated in the Fisher-Johansen cointegration tests. It was found that both early entrepreneurial activity (TEA) and established business ownership (EBO) are significant predicators of employment and domestic investment. In the short-run via a Granger causality tests, all of the independent variables of entrepreneurial intentions (EI), TEA and EBO were found to cause changes in employment, while only EBO causes changes in domestic investment. In conclusion, the study proved that links between the mentioned variables do exist and that entrepreneurial activity should be stimulated and supported as it has a significant impact on employment and domestic investment.
References
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Meyer, N. (2018). South African female entrepreneurs’ intention to remain in business. Vanderbijlpark: North-West University (Doctoral thesis).
Meyer, N. & Meyer, D. F. (2017). An econometric analysis of entrepreneurial activity, economic growth and employment: The case of the BRICS countries. International Journal of Economic Perspectives, Vol 11(2), pp. 429-441.
Meyer, N. & Meyer, D. F. (2019). Examining the impact of entrepreneurial activity on employment and economic growth: The case of the Visegrád countries. Polish Journal of Management Studies, 20(1), pp. 277-292. DOI: 10. 17512/pjms. 2019. 20. 1. 25.
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Naudé, W. (2010). Entrepreneurship, developing countries, and development economics: new approaches and insights. Small Business Economics, 34(1), p. 1.
Neumark, D., Wall, B. & Zhang, J. (2011). Do small businesses create more jobs? New evidence for the United States from the National Establishment Time Series. Review of Economics and Statistics 93(1), pp. 16–29.
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Quadrini, V. (1999). The importance of entrepreneurship for wealth concentration and mobility. Review of income and Wealth, 45(1), pp. 1-19.
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Aparicio, S.; Urbano, D. & Gómez, D. (2016). The role of innovative entrepreneurship within Colombian business cycle scenarios: A system dynamics approach. Futures, 81, pp. 130-147.
Athayde, R. (2012). The impact of enterprise education on attitudes to enterprise in young people: An evaluation study. Education and Training, 54(8/9), pp. 709-725.
Audretsch, D. B.; Keilbach, M. C. & Lehman, E. (2006). Entrepreneurship and Economic Growth. Oxford University Press, Oxford, p. 227.
Audretsch, D. B. & Keilbach, M. (2005). Entrepreneurship capital and regional growth. The Annals of Regional Science, 39(3), pp. 457-469.
Audretsch, D. B. (2007). Entrepreneurship capital and economic growth. Oxford Review of Economic Policy, 23(1), pp. 63-78.
Audretsch, D. B.; Bönte, W. & Keilbach, M. (2008). Entrepreneurship capital and its impact on knowledge diffusion and economic performance. Journal of business venturing, 23(6), pp. 687-698.
Audretsch, D. B.; Carree, M. A. ; Thurik, R. & van Stel, A. J. (2005). Does self-employment reduce unemployment? Discussion Paper on Entrepreneurship, Growth and Punlic Policy No. 07-05. Max Planck Institution of Economics. Jena.
Bąk, K. (2016). Academic entrepreneurship – conceptual framework and example from Poland. Forum Scientiae Oeconomia. 4(3), pp. 105-114.
Baloch, M. S.; Saeed, A.; Ahmed, I.; Oláh, J.; Popp, J. & Máté, D. (2018). Role of Domestic Financial Reforms and Internationalization of Non-Financial Transnational Firms: Evidence from the Chinese Market. Sustainability, 10(11), p. 3847.
Baptista, R. & Preto, M. T. (2007). The dynamics of causality between entrepreneurship and unemployment. International journal of technology, policy and management, 7(3), pp. 215-224.
Birch, D. L. (1987). Job Creation in America: How Our Smallest Companies Put the Most People to Work. New York: Free Press.
Birch, D. L. (1979). The job generation process. Unpublished report. Washington, DC: MIT Program on Neighborhood and Regional Change for the Economic Development Administration, U. S. Department of Commerce.
Bird, B. & Brush, C. G. (2002). A gender perspective on organizational creation. Entrepreneurship Theory and Practice. Spring Issue, pp. 41-65.
Bosma, N. & Kelley, D. (2019). Global Entrepreneurship Monitor 2018/2019 Global Report. Babson College: MA.
Botha, M.; Nieman, G. & van Vuuren, J. (2007). Measuring the effectiveness of the Female Entrepreneurship Programme on potential, start-up and established female entrepreneurs in South Africa. South African Journal of Economic and Management Sciences, 10(2), pp. 163-183.
Braunerhjelm, P. (2010). Entrepreneurship, Innovation and Economic Growth. Working Paper 2010:02, pp. 1-79.
Brooks, C. (2014). Introductory Econometrics for Finance (3rd Editio). Camebridge.
Brown, C. & Thornton, M. (2013a). How entrepreneurship theory created economics. Quarterly Journal of Austrian Economics, 16(4).
Brown, C. & Thornton, M. (2013b). Turning the Word Upside Down: Richard Cantillon and the Meaning of Entrepreneurship. Working Paper.
Bula, H. O. (2012). Evolution and theories of entrepreneurship: A critical review on the Kenyan perspective. International Journal of Business and Commerce, 1(11); pp. 81-96.
Cantillon, R. (1931). Essai Sur la Nature du Commerce en General. H. Higgs, ed. and trans. London: Macmillan.
Carree, M. A. & Thurik, A. R. (2010). The Impact of Entrepreneurship on Economic Growth. Acs, Z. J.; Audretsch, D. B. (eds. ). Handbook of Entrepreneurship Research. Springer Science Media, New York, pp. 557-594.
Davis, S. J.; Haltiwanger, J. & Schuh, S. (1996). Job Creation and Destruction. Cambridge, MA: MIT Press.
De Backer, K. & Sleuwaegen, L. (2003). Does foreign direct investment crowd out domestic entrepreneurship? Review of industrial organization, 22(1), pp. 67-84.
European Union. (2020). Countries. available at https://europa. eu/european-union/about-eu/countries_en (accessed: 2 March 2020).
Folorunsho, M.; Ajisafe, R. A. & Olofin, O. P. (2019). Capital controls, entrepreneurship and economic growth in selected developing countries. Asian Economic and Financial Review, 9(2), pp. 191-212.
Gangl, M. (2006). Scar effects of unemployment: An assessment of institutional complementarities. American Sociological Review, 71(6), pp. 986-1013.
GEM Consortium. (2019a). Wiki. available at http://gem-consortium. ns-client. xyz/wiki/1375 (accessed: 10 March 2020).
GEM Consortium. (2019b). Data. available at http://gem-consortium. ns-client. xyz/data (accessed: 2 March 2020).
Haltiwanger, J.; Jarmin, R. S. & Miranda, J. (2013). Who creates jobs? Small versus large versus young. Review of Economics and Statistics, 95(2), pp. 347–361.
Herrera-Echeverri, H.; Haar, J. & Estévez-Bretón, J. B. (2014). Foreign direct investment, institutional quality, economic freedom and entrepreneurship in emerging markets. Journal of Business Research, 67(9), pp. 1921-1932.
Herrington, M. & Kew, J. (2013). GEM 2013 South African Report: Twenty Years of Democracy. University of Cape Town, Cape Town South Africa.
Iyer, S.; Kitson, M. & Toh, B. (2005). Social capital, economic growth and regional development. Regional Studies, 39(8), pp. 1015-1040.
Kirchhoff, B. A. (1992). Entrepreneurship’s contribution to economics. Entrepreneurship theory and practice, 16(2), pp. 93-112.
Kirzner, I. M. (1973). Competition and entrepreneurship. Chicago: University of Chicago Press.
Li, C.; Pervaiz, K.; Asif Khan, M.; Ur Rehman, F. & Oláh, J. (2019). On the Asymmetries of Sovereign Credit Rating Announcements and Financial Market Development in the European Region. Sustainability, 11(23), p. 6636.
Masoud, N. (2014). A contribution to the theory of economic growth: Old and New. Journal of Economics and International Finance, 6(3), p. 47-61.
Meyer, D. F. (2014). Job creation, a mission impossible? The South African case. Mediterranean Journal of Social Sciences, 5(16), p. 65.
Meyer, N. (2018). South African female entrepreneurs’ intention to remain in business. Vanderbijlpark: North-West University (Doctoral thesis).
Meyer, N. & Meyer, D. F. (2017). An econometric analysis of entrepreneurial activity, economic growth and employment: The case of the BRICS countries. International Journal of Economic Perspectives, Vol 11(2), pp. 429-441.
Meyer, N. & Meyer, D. F. (2019). Examining the impact of entrepreneurial activity on employment and economic growth: The case of the Visegrád countries. Polish Journal of Management Studies, 20(1), pp. 277-292. DOI: 10. 17512/pjms. 2019. 20. 1. 25.
Naudé, W. (2011). Entrepreneurship and Economic Development. Palgrave Macmillan, New York, p. 304.
Naudé, W. (2010). Entrepreneurship, developing countries, and development economics: new approaches and insights. Small Business Economics, 34(1), p. 1.
Neumark, D., Wall, B. & Zhang, J. (2011). Do small businesses create more jobs? New evidence for the United States from the National Establishment Time Series. Review of Economics and Statistics 93(1), pp. 16–29.
Nilsen, Ø. A. & Reiso, K. H. (2011). Scarring effects of unemployment. NHH Dept. of Economics Discussion Paper, (26).
OECD. (2005). Is GDP a satisfactory measure of growth? http://oecdobserver. org/news /archivestory. php/ aid/1518/Is_GDP_a_satisfactory _measure_of_growth_. html Date of access: 16 Jan. 2016.
Parker, S. C. (2018). The economics of entrepreneurship. Cambridge University Press.
Pedroni, P. (2000). Fully modified OLS for heterogeneous cointegrated panels. Advances in econometrics, 15, pp. 93-130.
Phillips, M.; Moos, M. & Nieman, G. (2014). The impact of government support initiatives on the growth of female businesses in Tshwane South Africa. Mediterranean Journal of Social Sciences, 5(15), pp. 85-92.
Quadrini, V. (1999). The importance of entrepreneurship for wealth concentration and mobility. Review of income and Wealth, 45(1), pp. 1-19.
Riddle, L. & Nielsen, T. (2011). Policies to strengthen diaspora investment and entrepreneurship: Cross-national perspectives. Realizing the development potential of diasporas, pp. 230-252.
Rowthorn, R. (1995). Capital formation and unemployment. Oxford review of economic policy, 11(1), pp. 26-39.
Schachtebeck, C.; Groenewald, D. & Nieuwenhuizen, C. (2019a). Intrapreneurial orientation in small and medium-sized enterprises: An exploration at the employee level. Acta Commercii, 19(2), pp. 1-13.
Schachtebeck, C.; Groenewald, D. & Nieuwenhuizen, C. (2019b). Intrapreneurial Orientation in SMEs: A South African Perspective. EuroEconomica, 38(2), pp. 243-256.
Schumpeter, J. A. (1949). Economic theory and entrepreneurial history – Change and the entrepreneur postulates and patterns for entrepreneurial history. Harvard University Press: Cambridge, MA.
Shukla, O. P. (2020). Entrepreneurship Development in India: Role of Foreign Direct Investment and Economic Growth. Journal of Business Management & Quality Assurance, 3(2), pp. 11-22.
Singh, A. & Maurya, S. (2020). Role of Technology and Entrepreneurship in Economic Development: A South Asian Perspective. Technological Innovations for Sustainability and Business Growth, pp. 56-70. IGI Global.
Sivvam, M. (2012). Female entrepreneurship: An Indian perspective. Saarbrücken, Germany: LAP Lambert.
Tee, K. A. (1987). Saving, investment and entrepreneurship. The Singapore Economy Reconsidered, 73, p. 78.
Thornton, C. (2009). Cantillon and the Invisible Hand. Quarterly Journal of Austrian Economics, 12(2), pp. 27–46.
Tintin, C. (2009). Testing the Balassa-Samuelson Hypothesis: Evidence from 10 OECD Countries. Lund University (Masters thesis).
Todaro, M. P. & Smith, S. C. (2011). Economic development. 11th ed. Essex: Pearson Education Limited.
Toma, S. G.; Grigore, A. M. & Marinescu, P. (2014). Economic development and entrepreneurship. Procedia, Economics and Finance, 8(2014), pp. 436-443.
Turner, J. B. (1995). Economic context and the health effects of unemployment. Journal of Health and Social Behavior, pp. 213-229.
Turton, N. & Herrington, M. (2012). Global Entrepreneurship Monitor 2012 South Africa. University of Cape Town Centre for Innovation and Entrepreneurship, Cape Town: South Africa.
Van Stel, A.; Carree, M. & Thurik, R. (2005). The effect of entrepreneurial activity on national economic growth. Max Planck Institute for Research into Economic Systems, #0405, p. 22.
Wennekers, S. & Thurik, R. (1999). Linking entrepreneurship and economic growth. Small Business Economics, 13, pp. 27-55.
Wennekers, S.; van Stel, A.; Carree, M. & Thurik, R. (2009). The relationship between entrepreneurship and economic development: is it U-shaped? SCALES, http://www. icesstudy. org/WhatIsEnterpreneurship/Research/%28 knowledge%20web%29%20the%20relationship%20between%20enteprenurship%20and%20economic%20development. pdf.
World Bank. (2019a). Unemployment, total (% of total labor force) (national estimate) - Poland, Croatia, Austria, Hungary, Slovenia. available at https://data. worldbank. org/indicator/ SL. UEM. TOTL. NE. ZS?locations=PL-HR-AT-HU-SI (accessed: 2 March 2020).
World Bank. (2019b). GDP per capita (constant 2010 US$) - Poland, Croatia, Austria, Hungary, Slovenia. Available at https://data. worldbank. org/indicator/NY. GDP. PCAP. KD?locations=PL-HR-AT-HU-SI (accessed: 2 March 2020).
Published
2020-06-03
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Meyer, N. ., & Meyer, D. F. . (2020). Entrepreneurship as a Predictive Factor for Employment and Investment: the Case of Selected European Countries : Array. EuroEconomica, 39(2). Retrieved from https://dj.univ-danubius.ro/index.php/EE/article/view/300
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