Abstract
At the panel level, formed of 33 European economies based on resource efficiency enhancers or innovation-driven factors, the present study followed causal relationships between the conditions of economic efficiency ensuring framework and different macroeconomic effects of entrepreneurship, mediated by the entrepreneurial behavior, with delays up to five years. Research findings highlighted that a national efficiency enhancing framework acts as stimulant for the entrepreneurial behavior of nascent entrepreneurs and new small and medium-sized business owners, while a superior level of entrepreneurial behavior generates simultaneous and/or medium-term favorable effects on the growth of gross domestic product, exports, imports and employment, therefore assuring, besides immediate growth, sustainable economic and social progress in the analyzed countries. The causal relationships identified are consistent with the results of other empirical studies in the field.
Highlights
Within the present context of globalization, entrepreneurship is perceived as one of the economic growth engines at European level in the 2020 perspective
Following the adoption of the Small Business Act in 2008, through which the European Union outlined an initial strategic agenda to boost entrepreneurial energies, the Europe 2020 Strategy revived the emphasis on entrepreneurship as a key factor of economic growth, social progress and employment
Answering the question regarding the existence of simultaneous and/or time-lagged direct effects of entrepreneurial behavior on economic growth, inward–outward international trade and the number of employed people across Europe is the main objective of the present research
Summary
Within the present context of globalization, entrepreneurship is perceived as one of the economic growth engines at European level in the 2020 perspective.
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