Impact of Entrepreneurship on Sustainable Development in Emerging Markets under the Conditions of COVID-19

Ivanović-Đukić, Maja; Rađenović, Tamara; Veselinović, Nemanja

doi:10.35784/pe.2022.2.06

Artykuł - szczegóły

Tytuł artykułu

Impact of Entrepreneurship on Sustainable Development in Emerging Markets under the Conditions of COVID-19

Autorzy

Ivanović-Đukić Maja , Rađenović Tamara , Veselinović Nemanja

Treść / Zawartość

Pełne teksty:

Pobierz

Identyfikatory

DOI

10.35784/pe.2022.2.06

Warianty tytułu

Wpływ przedsiębiorczości na zrównoważony rozwój na rynkach wschodzących podczas pandemii COVID-19

Języki publikacji

Abstrakty

This paper investigates the contribution of entrepreneurship to sustainable development and economic growth in emerging markets in the period before and during the COVID-19 pandemic. Additionally, the importance of various measures implemented by entrepreneurs and governments as responses to the changing environment in the COVID-19 pandemic is examined. By employing the data for 20 emerging markets, the findings revealed that only high-growth-expectation entrepreneurship (HEA) had a significant contribution to economic growth before the pandemic, but this relationship became negative during the COVID-19 crisis. Furthermore, this research pointed out that sufficient responses to the COVID-19 pandemic could be a useful instrument to encourage the development of entrepreneurship and revive the economy in the post-COVID period in emerging markets.

Słowa kluczowe

COVID-19 sustainable development economic growth entrepreneurship emerging markets

COVID-19 zrównoważony rozwój wzrost ekonomiczny przedsiębiorczość rynki wschodzące

Wydawca

Lublin University of Technology

Czasopismo

Problemy Ekorozwoju

Rocznik

2022

Tom

Vol. 17, nr 2

Strony

47--58

Opis fizyczny

Bibliogr. 51 poz., fig., tab.

Twórcy

autor

Ivanović-Đukić Maja

maja.djukic@eknfak.ni.ac.rs

University of Niš, Faculty of Economics, Trg kralja Aleksandra Ujedinitelja 11, 18000 Niš, Serbia

https://orcid.org/0000-0002-0547-7209

autor

Rađenović Tamara

tamara.radjenovic@zrnfak.ni.ac.rs

University of Niš, Faculty of Occupational Safety, Čarnojevića 10a, 18000 Niš, Serbia

https://orcid.org/0000-0003-1632-7772

autor

Veselinović Nemanja

nemanjaveselinovic@gmail.com

University of Niš, Faculty of Economics, Trg kralja Aleksandra Ujedinitelja 11, 18000 Niš, Serbia

https://orcid.org/0000-0001-7254-3870

Bibliografia

1. ACS Z.J., SONG A., SZERB L., AUDRETSCH D.B., KOMLOSI E., 2021, The Evolution of the Global Digital Platform Economy: 1971-2021, Small Business Economics, 57(2):1-31.
2. AIZPUN F.C., KRUEGER F., PUTTAIAH M.H., 2019, Emerging markets: the silver lining amid a challenging outlook, https://www.swissre.com/dam/jcr:a362f430-9d2b-467a-912d-d7e600827438/sigma1_2019_en.pdf (04.03.2022.)
3. AUDRETSCH D.B., BELITSKI M., 2021, Knowledge Complexity and Firm Performance: Evidence from the European SMEs, Journal of Knowledge Management, 25(4): 693-713.
4. AULAKH P., KOTABE M., 2008, Institutional Changes and Organizational Transformation in Developing Economies, Academy of Management Executive, 15(3): 95-108.
5. BANERJEE D., RAI M., 2020, Social isolation in COVID-19: The impact of loneliness, International Journal of Social Psychiatry, 66(6): 525-527.
6. BELGHITAR Y., MORO A., RADIC N. 2021, When the Rainy Day is the Worst Hurricane Ever: The Effects of Governmental Policies on SMEs during COVID-19, Small Business Economics, 58: 943-961.
7. BELITSKI M., GUENTHER C., KRITIKOS A.S., THURIK R., 2021, Economic Effects of the COVID-19 Pandemic on Entrepreneurship and Small Businesses, IZA Institute of Labor Economics, Discussion Paper Series, IZA DP No. 14630.
8. BLOCK J.H., FISCH C., HIRSCHMANN M., 2021, The Determinants of Bootstrap Financing in Crises: Evidence from Entrepreneurial Ventures in the COVID-19 Pandemic, Small Business Economics, 58: 867-885.
9. BLOCK J.H., KRITIKOS A.S., PRIEM M., STIEL C., 2020, Emergency Aid for Self-Employed in the COVID-19 Pandemic: A Flash in the Pan? DIW Berlin, Discussion Paper 1924.
10. BOSMA N., HILL S., IONESCU-SOMERS A., KELLEY D., GUERRERO M., SCHOTT T., 2020, Global Entrepreneurship Monitor – 2020/2021 Global Report, Global Entrepreneurship Research Association, London Business School, Regents Park, London NW1 4SA, UK.
11. BRUTON G.D., AHLSTROM D., OBLOJ K., 2008, Entrepreneurship in Emerging Economies: Where Are We Today and Where Should the Research Go in the Future, Entrepreneurship: Theory and Practice, 32(1): 1-14.
12. BRUTON G.D., FILATOTCHEV I., SE S., WRIGHT M., 2013, Entrepreneurship and Strategy in Emerging Economies, Strategic Entrepreneurship Journal, 7(1):169-180.
13. CARREE M., THURIK, R., 2010, The Impact of Entrepreneurship on Economic Growth, International Handbook of Entrepreneurship Research, 2nd edition, eds. Acs Z., Audretsch D., Springer, London: 557-594.
14. CLAUSS T., ABEBE M., TANGPONG C., HOCK M., 2019, Strategic Agility, Business Model Innovation, and Firm Performance: An Empirical Investigation, IEEE Transactions on Engineering Management: 1-18.
15. CUCKOVIC N., BARTLETT W., 2007, Entrepreneurship and Competitiveness: The Europeanisation of Small and Medium-Sized Enterprise Policy in Croatia, Southeast European and Black Sea Studies, 7(1): 37-56.
16. Digitally Driven, 2021, European Small Businesses Find a Digital Safety Net during Covid-19 Report, Connected Commerce, http://digitallydriven.connectedcouncil.org/europe/ (03.03.2022.)
17. DUTTAGUPTA R., PAZARBASIOGLU C., 2021, Miles to Go: Emerging Markets Must Balance Overcoming the Pandemic, Returning to More Normal Policies, and Rebuilding Their Economies, IMF Finance and Development, 58(2): 4-9.
18. FAIRLIE R., FOSSEN F.M., 2021, Did the Paycheck Protection Program and Economic Injury Disaster Loan Program Get Disbursed to Minority Communities in the Early Stages of COVID-19? Small Business Economics, 58(2):1-14.
19. GRAEBER D., KRITIKOS A.S., SEEBAUER J., 2021, COVID 19: a Crisis of the Female Self-Employed, Journal of Population Economics, 34(4): 1141-1187.
20. GUEGAN D., HASSANI K., ZHAO X., 2014, Emerging Countries Sovereign Rating Adjustment Using Market Information: Impact on Financial Institutions Investment Decisions, Emerging Markets and the Global Economy: A Handbook, eds. Hedi E., Arouri M., Boubaker S., Nguyen D., Academic Press, Oxford, UK: 17-49.
21. IVANOVIĆ-ĐUKIĆ M., KRSTIĆ B., RAĐENOVIĆ T., 2022, Entrepreneurship and Economic Growth in Emerging Markets: An Empirical Analysis, Acta Oeconomica, 72(1): 65-84.
22. KPMG, 2020, Government and institution measures in response to COVID-19, https://home.kpmg/xx/en/home/insights/2020/04/china-government-andinstitution-measures-in-response-to-covid.html (04.03.2022.)
23. KUCKERTZ A., BRANDLE L., GAUDIG A., HINDERER S., REYES C.A.M., PROCHOTTA A., STEINBRINK K.M., BERGER E.S., 2020, Startups in Times of Crisis – A Rapid Response to the COVID-19 Pandemic, Journal of Business Venturing Insights, 13, e00169.
24. KVINT V., 2009, The Global Emerging Market, Strategic Management and Economics, New York, London: Routledge.
25. LIGUORI E., WINKLER C., 2020, From Offline to Online: Challenges and Opportunities for Entrepreneurship Education following the COVID-19 Pandemic, Entrepreneurship Education and Pedagogy, 3(4): 346-351.
26. LIN Y.F., 2011, Global Development Horizons 2011 – Multipolarity: The New Global Economy, http://www.worldbank.org/Gdh2011 (04.03.2022.)
27. LIU Y., ZHANG Y., FANG H., CHEN X., 2021, SMEs’ Line of Credit under the COVID-19: Evidence from China, Small Business Economics, 58(2): 807-828.
28. LU Y., ZHOU L., BRUTON G.D., LI W., 2010, Capabilities as a Mediator Linking Resources and the International Performance of Entrepreneurial Firms in an Emerging Economy, Journal of International Business Studies, 41(3): 419-436.
29. MARKMAN G.D., WALDRON T.L., GIANIODIS P.T., ESPINA M.I., 2019, E Pluribus Unum: Impact Entrepreneurship as a Solution to Grand Challenges, Academy of Management Perspectives, 33(4): 371-382.
30. MEURER M.M., WALDKIRCH M., SCHOU P.K., BUCHER E.L., BURMEISTER-LAMP K., 2022, Digital Affordances: How Entrepreneurs Access Support in Online Communities during the COVID-19 pandemic, Small Business Economics, 58: 637-663.
31. MSCI, 2021, MSCI Market Classification Report, http://www.msci.com/our-solutions/indexes/market-classification (04.03.2022).
32. OECD, 2021, OECD Sovereign Borrowing Outlook, http://www.oecd.org/daf/fin/public-debt/Sovereign-Borrowing-Outlook-in-OECD-Countries-2021.pdf (04.03.2022).
33. PARNELL D., WIDDOP P., BOND A., WILSON R., 2020, Covid-19, Networks and Sport, Managing Sport and Leisure, 1-7.
34. RAMESH S., 2018, Entrepreneurship in China and India, Journal of the Knowledge Economy, 34(5): 74-89.
35. RATTEN V., 2020, Coronavirus (covid-19) and Entrepreneurship: Changing Life and Work Landscape, Journal of Small Business & Entrepreneurship, 32(5): 503-516.
36. SACHS J., SCHMIDT-TRAUB G., KROLL C., LAFORTUNE G., FULLER G., 2021, Sustainable Development Report, University Printing House, Cambridge CB2 8BS, United Kingdom.
37. Statista, 2022, http://www.statista.com/ (04.03.2022)
38. STEPHAN U., ZBIEROWSKI P., PEREZ-LUNO A., KLAUSEN A., 2021, Entrepreneurship during the Covid-19 Pandemic: A global study of entrepreneurs’ challenges, resilience, and well-being, King’s Business School, KBS Covid-19 Research Impact Papers, No. 4.
39. TANG L., KOVEOS E., 2004, Venture Entrepreneurship, Innovation Entrepreneurship and Economic Growth, Journal of Developmental Entrepreneurship, 9(2): 161-171.
40. TRACEY P., PHILLIPS N., 2011, Entrepreneurship in Emerging Markets: Strategies for New Venture Creation in Uncertain Institutional Contexts, Management International Review, 51(1): 23-39.
41. VALLIERE D., PETERSON R., 2009, Entrepreneurship and Economic Growth: Evidence from Emerging and Developed Countries, Entrepreneurship & Regional Development, 21: 459-480.
42. VAN STEL A., CARREE M., THURIK R., 2005, The Effect of Entrepreneurial Activity on National Economic Growth, Small Business Economics, 24(3): 311-321.
43. VAN STEL A., CONCEPCION R., JOSE M., 2018, The Relationship Between Start-Up Motive and Earnings Over the Course of the Entrepreneur's Business Tenure, Journal of Evolutionary Economics, 28(1): 101-123.
44. WALL T., BELLAMY L., 2019, Redressing Small Firm Resilience: Exploring Owner-Manager Resources for Resilience, International Journal of Organizational Analysis, 27(2): 269-288.
45. WILLIAMS T.A., GRUBER D.A., SUTCLIFFE K.M. SHEPHERD D.A., ZHAO, E.Y., 2017, Organizational Response to Adversity: Fusing Crisis Management and Resilience Research Streams, Academy of Management Annals, 11(2): 733-769.
46. World Bank, 2022, https://www.worldbank.org/en/home (04.03.2022).
47. Worldometers, 2021, COVID-19 Coronavirus pandemic, http://www.worldometers.info/coronavirus/ (03.03.2022.)
48. YAMAKAWA Y., PENG M., DEED D., 2008, What Drives New Ventures to Inter-Nationalize from Emerging to Developed Economics? Journal of Entrepreneurship Theory and Practice, 32(1): 59-82.
49. ZAHRA S.A., 2021, International Entrepreneurship in the post Covid World, Journal of World Business, 56(1): 101143.
50. ZAKI N., RASHID N., 2016, Entrepreneurship Impact on Economic Growth in Emerging Countries, The Business and Management Review, 7(2): 31-39.
51. ZHANG T., GERLOWSKI D., ACS Z., 2022, Working from home: Small Business Performance and the COVID-19 Pandemic, Small Business Economics, 58: 611-636.

Uwagi

Opracowanie rekordu ze środków MEiN, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2022-2023).

Typ dokumentu

Bibliografia

Identyfikator YADDA

bwmeta1.element.baztech-1a22babd-9786-4843-92c0-d36e60c899d8