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

Maja Ivanović-Đukić; Tamara Rađenović; Nemanja Veselinović

doi:10.35784/pe.2022.2.06

PDF

Published: 2022-07-03

DOI: https://doi.org/10.35784/pe.2022.2.06

Issue Vol. 17 No. 2 (2022)

Articles

Sustainable Development and Sustainable Science. Where We Came From, Where We Are Now and Where We Are Heading? Part I: The History of the Concept
Magdaléna Drastichová

7-18
The Real Tragedy of the Commons – Garrett Hardin (1968) Revised
Stefan Brunnhuber

19-23
Towards Co-existence. Responsibility in the Anthropocene Debate
Jeremiasz Szyndler

24-30
Post-COVID-19 Revitalisation and Prospects for Climate Neutral Energy Security Technologies
Olena Borysiak, Vasyl Brych

31-38
COVID-19: Vaccine Hesitancy in Africa and the Way Forward
Lukman Ahmed Omeiza, Abul Kalam Azad, Kateryna Kozak, Abaniwo Rose Mafo, Ukashat Mamudu, Daniel Aikhonmu Oseyemen

39-46
Impact of Entrepreneurship on Sustainable Development in Emerging Markets under the Conditions of COVID-19
Maja Ivanović-Đukić, Tamara Rađenović, Nemanja Veselinović

47-58
Do the Outbreak of COVID-19 Influence the China Stock Market?
Junaid Ashraf, Franck Edouard Gnahe, Fei-Ming Huang, Zeinab Rizk

59-68
Digitalization and Sustainable Development: the New COVID-19 Challenge Requires Non-standard Solutions
Oksana Polishchuk, Tetiana Kulinich, Nataly Martynovych, Yuliia Popova

69-79
Digital Information Security: Coronavirus Crisis Impact on the Accountants, Business Analysts and Auditors Training
Karina Nazarova, Mariia Nezhyva, Tetіana Metil, Volodymyr Hordopolov, Liudmyla Prystupa, Olesya Moyseyenko

80-90
Transition of Logistics to Sustainable Development Under the Impact of COVID-19
Maksym Kutsenko, Оleksii Kostiennikov, Petr Yaremovich, Zoreslava Liulchak, Serhii Voroshnov

91-100
Tax Policy for Economic Recovery and Sustainable Development After COVID-19
Tetiana Kaneva, Igor Chugunov, Mykola Pasichnyi, Andriy Nikitishin, Nataliia Husarevych

102-109
Renewable Energy and Poverty in Sustainable Development of the European Union
Julita Mlaskawa

110-123
Evaluation of Social Protection Performance in EU Countries: Multiple-criteria Decision Analysis (MCDA)
Milan Marković, Jelena J. Stanković, Panagiota Digkoglou, Ivana Marjanović

124-132
Environmental Refugees, Suggested Solutions of the Problem in the Framework of International Law
Piotr Krajewski

133-139
A Brief Analysis of SDG 3 – Good Health and Well-being – and its Synergies and Trade-offs with the other Sustainable Development Goals
G Venkatesh

140-147
Impact of Financial Globalization on Environmental Degradation in the E7 Countries: Application of the Hybrid Nonparametric Quantile Causality Approach
Tomiwa Sunday Adebayo

148-160
International Trade, Corruption and Economic Growth: Evidence from Selected Sub-Saharan Countries
Busayo Aderounmu, Eniola Ayoade, Emmanuel Oni

161-165
Corporate Entrepreneurship in the Pursuit of Sustainable Development: Creating a More Sustainable Future
Rajesh Kumar, Govind Swaroop Pathak

166-177
Circular Economy as a Model of Achieving Sustainable Development
Viktoriia Roleders, Tetyana Oriekhova, Galina Zaharieva

178-185
International Tourism as a Tool of European Integration Within Eastern European Countries
Anatoliy Parfinenko, Olena Yevtushenko, Iryna Panova, Polina Podlepina, Maksym Onatskyi

186-196
Eco-innovation and Sustainable Development
Silvana Ilic, Tanja Petrovic, Gordana Djukic

197-203
Intangible Heritage and Sustainable Development Strategies
Jawdat Goussous

204-209
Sericulture in Terms of Sustainable Development in Agriculture
Joanna Grześkowiak, Małgorzata Łochyńska, Jakub Frankowski

210-217
Arsenic Contamination of Groundwater in Bhojpur District of Bihar, India: A Threat to Sustainability
Avinash Ranjan, Pammy Kumari

218-229
How Humble Leadership Affects Voluntary Green Behavior and Green Performance? The Roles of Job Autonomy and Green Supporting Climate in Hotels
Omar Alsetoohy, Mohammed Hasan Ali Al-Abyadh, Esra Sipahi Döngül, Mohamed Fathy Agina, Abdallah Elshaer

230-242
Storytelling for Behavior Change: Use of Folktales for Promoting Sustainable Behaviors
Soumita Mitra, Ahmed Sameer

243-247

Authors

Maja Ivanović-Đukić

maja.djukic@eknfak.ni.ac.rs

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

Serbia

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

Tamara Rađenović

tamara.radjenovic@zrnfak.ni.ac.rs

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

Serbia

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

Nemanja Veselinović

nemanjaveselinovic@gmail.com

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

Serbia

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

Abstract

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.

Keywords:

COVID-19, sustainable development, economic growth, entrepreneurship, emerging markets

References

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. DOI: https://doi.org/10.2139/ssrn.3785411

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.)

AUDRETSCH D.B., BELITSKI M., 2021, Knowledge Complexity and Firm Performance: Evidence from the European SMEs, Journal of Knowledge Management, 25(4): 693-713. DOI: https://doi.org/10.1108/JKM-03-2020-0178

AULAKH P., KOTABE M., 2008, Institutional Changes and Organizational Transformation in Developing Economies, Academy of Management Executive, 15(3): 95-108. DOI: https://doi.org/10.1016/j.intman.2008.04.001

BANERJEE D., RAI M., 2020, Social isolation in COVID-19: The impact of loneliness, International Journal of Social Psychiatry, 66(6): 525-527. DOI: https://doi.org/10.1177/0020764020922269

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. DOI: https://doi.org/10.1007/s11187-021-00510-8

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. DOI: https://doi.org/10.2139/ssrn.3905065

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. DOI: https://doi.org/10.1007/s11187-020-00445-6

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. DOI: https://doi.org/10.2139/ssrn.3769319

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.

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. DOI: https://doi.org/10.1111/j.1540-6520.2007.00213.x

BRUTON G.D., FILATOTCHEV I., SE S., WRIGHT M., 2013, Entrepreneurship and Strategy in Emerging Economies, Strategic Entrepreneurship Journal, 7(1):169-180. DOI: https://doi.org/10.1002/sej.1159

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. DOI: https://doi.org/10.1007/978-1-4419-1191-9_20

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.

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. DOI: https://doi.org/10.1080/14683850701189311

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.)

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.

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. DOI: https://doi.org/10.1007/s11187-021-00501-9

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. DOI: https://doi.org/10.1007/s00148-021-00849-y

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. DOI: https://doi.org/10.1016/B978-0-12-411549-1.00002-8

IVANOVIĆ-ĐUKIĆ M., KRSTIĆ B., RAĐENOVIĆ T., 2022, Entrepreneurship and Economic Growth in Emerging Markets: An Empirical Analysis, Acta Oeconomica, 72(1): 65-84. DOI: https://doi.org/10.1556/032.2022.00004

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.)

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. DOI: https://doi.org/10.1016/j.jbvi.2020.e00169

KVINT V., 2009, The Global Emerging Market, Strategic Management and Economics, New York, London: Routledge. DOI: https://doi.org/10.4324/9780203882917

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. DOI: https://doi.org/10.1177/2515127420916738

LIN Y.F., 2011, Global Development Horizons 2011 – Multipolarity: The New Global Economy, http://www.worldbank.org/Gdh2011 (04.03.2022.)

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. DOI: https://doi.org/10.1007/s11187-021-00474-9

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. DOI: https://doi.org/10.1057/jibs.2009.73

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. DOI: https://doi.org/10.5465/amp.2019.0130

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. DOI: https://doi.org/10.1007/s11187-021-00540-2

MSCI, 2021, MSCI Market Classification Report, http://www.msci.com/our-solutions/indexes/market-classification (04.03.2022).

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).

PARNELL D., WIDDOP P., BOND A., WILSON R., 2020, Covid-19, Networks and Sport, Managing Sport and Leisure, 1-7. DOI: https://doi.org/10.1080/23750472.2020.1750100

RAMESH S., 2018, Entrepreneurship in China and India, Journal of the Knowledge Economy, 34(5): 74-89.

RATTEN V., 2020, Coronavirus (covid-19) and Entrepreneurship: Changing Life and Work Landscape, Journal of Small Business & Entrepreneurship, 32(5): 503-516. DOI: https://doi.org/10.1080/08276331.2020.1790167

SACHS J., SCHMIDT-TRAUB G., KROLL C., LAFORTUNE G., FULLER G., 2021, Sustainable Development Report, University Printing House, Cambridge CB2 8BS, United Kingdom. DOI: https://doi.org/10.1017/9781108992411

Statista, 2022, http://www.statista.com/ (04.03.2022)

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.

TANG L., KOVEOS E., 2004, Venture Entrepreneurship, Innovation Entrepreneurship and Economic Growth, Journal of Developmental Entrepreneurship, 9(2): 161-171.

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. DOI: https://doi.org/10.1007/s11575-010-0066-8

VALLIERE D., PETERSON R., 2009, Entrepreneurship and Economic Growth: Evidence from Emerging and Developed Countries, Entrepreneurship & Regional Development, 21: 459-480. DOI: https://doi.org/10.1080/08985620802332723

VAN STEL A., CARREE M., THURIK R., 2005, The Effect of Entrepreneurial Activity on National Economic Growth, Small Business Economics, 24(3): 311-321. DOI: https://doi.org/10.1007/s11187-005-1996-6

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. DOI: https://doi.org/10.1007/s00191-017-0499-3

WALL T., BELLAMY L., 2019, Redressing Small Firm Resilience: Exploring Owner-Manager Resources for Resilience, International Journal of Organizational Analysis, 27(2): 269-288. DOI: https://doi.org/10.1108/IJOA-02-2018-1364

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. DOI: https://doi.org/10.5465/annals.2015.0134

World Bank, 2022, https://www.worldbank.org/en/home (04.03.2022).

Worldometers, 2021, COVID-19 Coronavirus pandemic, http://www.worldometers.info/coronavirus/ (03.03.2022.)

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. DOI: https://doi.org/10.1111/j.1540-6520.2007.00216.x

ZAHRA S.A., 2021, International Entrepreneurship in the post Covid World, Journal of World Business, 56(1): 101143. DOI: https://doi.org/10.1016/j.jwb.2020.101143

ZAKI N., RASHID N., 2016, Entrepreneurship Impact on Economic Growth in Emerging Countries, The Business and Management Review, 7(2): 31-39.

ZHANG T., GERLOWSKI D., ACS Z., 2022, Working from home: Small Business Performance and the COVID-19 Pandemic, Small Business Economics, 58: 611-636. DOI: https://doi.org/10.1007/s11187-021-00493-6

Ivanović-Đukić, M., Rađenović, T., & Veselinović, N. (2022). Impact of Entrepreneurship on Sustainable Development in Emerging Markets under the Conditions of COVID-19. Problemy Ekorozwoju, 17(2), 47-58. https://doi.org/10.35784/pe.2022.2.06

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

Issue Vol. 17 No. 2 (2022)

Archives

Authors

Abstract

Keywords:

References

License

Article Sidebar

Issue Vol. 17 No. 2 (2022)

Archives

Main Article Content

Authors

Abstract

Keywords:

References

Article Details

License