Abstract
Entrepreneurship has been identified as a catalyst for creating opportunities and enhancing productivity. The Asian economy is one of the fastest growing economies and entrepreneurially inclined continents of the world, owing to the phenomenal strides of China’s economic activities. Despite these, the region is still characterized as developing in terms equality, real income growth and welfare distributions. Thus, one wonders the extent the entrepreneurial strides impact on the continent; and, to what extent are the socio-economic structures of the Asian economy relevant for achieving sustainable entrepreneurship development. Thus, by employing the Generalized Method of Moments (GMM), this study assesses the extent to which the current wave of entrepreneurship outcomes can actualize the Global Development Goals slated for 2030. The findings show that improvement in life expectancy and decrease in inequality influenced entrepreneurial outcomes via the basic requirement channel; while higher education which is an efficiency enhancing channel stimulates income than innovations; thus, indicating the need for continuous investments for nascent training; while investments in research and development is an institutional channel that promotes entrepreneurial outcomes. Thus, if the global goals will be actualized, policy makers should strengthen infrastructures and create enabling environments that will improve entrepreneurial outcomes within Asian economies.
Highlights
In a dynamic and ever-changing world, entrepreneurs remain a standing catalyst for creating opportunities and enhancing productivity (Lucas & Fuller, 2017)
The rest of the article is structured as follows: Section 1 gives an overview on different institutional structures relevant for achieving sustainable development; Section 2 discusses the channels considered for sustainable entrepreneurship development; Section 3 presents the method and data used; while Section 4 presents and discusses the findings, last section concludes the study and states the limitations of the study
Where: i – country identifier; t – time period; Entrepreneurship _Outcomes – Gross National Income (GNI) Entrepreneurship _Outcomesi,t−1 – Lagged value of the Entrepreneurship outcomes-which explains the persistence of entrepreneurial outcomes; Institutional _ Structureit – denotes the extent of the effects of institutional structures identified to include basic requirements, efficiency enhancers and public institutions; X – The vector of control variables which are Foreign Direct Investment (FDI), population growth (PPG); and economic openness (TRO); ηi – the country specific fixed-effects that caters fors the influence of any unobservable factors on entrepreneurship outcomes and which are time-invariant; κt – The fixed effects that account time variant shared shocks; εit – The disturbance term
Summary
In a dynamic and ever-changing world, entrepreneurs remain a standing catalyst for creating opportunities and enhancing productivity (Lucas & Fuller, 2017). This study contributes to unbundling the intricacies or the networks that must be navigated to attain the expected entrepreneurial development within the Asian economy This is with a view to strengthening policy directions that will ensure phenomenal socio-economic structures to complement entrepreneurial activities but to actualize sustainability in business and economic activities. This will not just enhance the development quest in developing economies, rather, it will preserve physical, human and material investments made within these economies. The rest of the article is structured as follows: Section 1 gives an overview on different institutional structures relevant for achieving sustainable development; Section 2 discusses the channels considered for sustainable entrepreneurship development; Section 3 presents the method and data used; while Section 4 presents and discusses the findings, last section concludes the study and states the limitations of the study
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