Entrepreneurship and digitalisation in EU: twinning insights through a panel threshold regression
Abstract
The study methodologically employs, in a novel perspective, the panel threshold analysis, considering the time frame 2006–2020, to capture the relationship between new business density rate, as a proxy for entrepreneurship, and individuals’ digital inclusion, as a proxy for digitalisation in EU countries. Based on the human capital theory, the results indicated a strong single threshold effect between individuals’ digital inclusion and new business creation, confirming that entrepreneurship is influenced by the skills, knowledge, and experience of the entrepreneurs, including their education, training, and work history. For EU countries, individuals’ digital inclusion boosts business creation only after reaching a certain level. When separating the EU countries from the perspective of their Innovation Index performance, the threshold effect was statistically evidenced in all categories but with different values. The strongest positive influence from digitalisation towards entrepreneurship was visible in emerging countries, while the lowest was for countries classified as moderate innovators. The research provides an original framework for understanding the complex factors that drive entrepreneurship and can help researchers and practitioners develop strategies for promoting entrepreneurial activity. Digitalisation’s opportunities are significant, and entrepreneurial individuals and organisations able to adapt and innovate are more likely to be successful.
Keyword : digitalisation, entrepreneurship, innovation, human capital, EU countries, panel threshold
How to Cite
Nicolescu, A.-C., Lobonț, O.-R., Vătavu, S., & Bozga, E. (2024). Entrepreneurship and digitalisation in EU: twinning insights through a panel threshold regression. Journal of Business Economics and Management, 25(2), 315–336. https://doi.org/10.3846/jbem.2024.21206
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Huđek, I., Tominc, P., & Širec, K. (2021b). The human capital of the freelancers and their satisfaction with the quality of life. Sustainability, 13(20), Article 11490. https://doi.org/10.3390/su132011490
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Koch, P. (2021). Economic complexity and growth: Can value-added exports better explain the link? Economics Letters, 198, Article 109682. https://doi.org/10.1016/j.econlet.2020.109682
Lasi, H., Fettke, P., Kemper, H. G., Feld, T., & Hoffmann, M. (2014). Industry 4.0. Business & Information Systems Engineering, 6(4), 239–242. https://doi.org/10.1007/s12599-014-0334-4
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Lobonţ, O.-R., Nicolescu, A.-C., Costea, F., Li, Z.-Z., Ţăran, A.-M., & Davidescu, A. (2022). A panel threshold model to capture the non-linear nexus between public policy and entrepreneurial activities in EU Countries. Mathematics, 10(8), Article 1265. https://doi.org/10.3390/math10081265
Lopez-Nicolas, C., Nikou, S., Molina-Castillo, F. J., & Bouwman, H. (2020). Gender differences and business model experimentation in European SMEs. Journal of Business & Industrial Marketing, 35(7), 1205–1219. https://doi.org/10.1108/JBIM-05-2019-0194
Madriz, C., Leiva, J. C., & Henn, R. (2018). Human and social capital as drivers of entrepreneurship. Small Business International Review, 2(1), 29–42. https://doi.org/10.26784/sbir.v2i1.47
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Nambisan, S. (2017). Digital entrepreneurship: Toward a digital technology perspective of entrepreneurship. Entrepreneurship Theory and Practice, 41(6), 1029–1055. https://doi.org/10.1111/etap.12254
Nambisan, S., Wright, M., & Feldman, M. (2019). The digital transformation of innovation and entrepreneurship: Progress, challenges and key themes. Research Policy, 48(8), Article 103773. https://doi.org/10.1016/j.respol.2019.03.018
Naudé, W. (2022). From the entrepreneurial to the ossified economy. Cambridge Journal of Economics, 46(1), 105–131. https://doi.org/10.1093/cje/beab042
Ogrean, C., & Herciu, M. (2021). Romania’s SMEs on the way to EU’s twin transition to digitalisation and sustainability. Studies in Business and Economics, 16(2), 282–295. https://doi.org/10.2478/sbe-2021-0040
Pelikánová, R. M. (2019). R&D expenditure and innovation in the EU and selected member states. Journal of Entrepreneurship, Management and Innovation, 15(1), 13–34. https://doi.org/10.7341/20191511
Pirtea, M. G., Sipos, G. L., & Ionescu, A. (2019). Does corruption affect business innovation? Insights from emerging countries. Journal of Business Economics and Management, 20(4), 715–733. https://doi.org/10.3846/jbem.2019.10160
Pirtea, M. G., Noja, G. G., Cristea, M., & Panait, M. (2021). Interplay between environmental, social and governance coordinates and the financial performance of agricultural companies. Agricultural Economics – Czech, 67(12), 479–490. https://doi.org/10.17221/286/2021-AGRICECON
Poandl, E. M. (2019). Towards digitalization in academic start-ups – An attempt to classify start-up projects of the Gruendungsgarage. International Journal of Engineering Pedagogy, 9(3), 112–119. https://doi.org/10.3991/ijep.v9i3.9885
Rajahonka, M., & Villman, K. (2019). Women managers and entrepreneurs and digitalization: On the verge of a new era or a nervous breakdown? Technology Innovation Management Review, 9(6), 14–24. https://doi.org/10.22215/timreview/1246
Rietmann, C. (2023). Corporate responsibility and place leadership in rural digitalisation: The case of Hidden Champions. European Planning Studies, 31(2), 409–429. https://doi.org/10.1080/09654313.2022.2059345
Schneider, K. (2022). Influences on the entrepreneurial activities of women academics. Psychology, 13(1), 78–88. https://doi.org/10.4236/psych.2022.131006
Schultz, T. W. (1961). Investment in human capital. The American Economic Review, 51(1), 1–17.
Schultz, T. W. (1963). The economic value of education (1st ed.). Columbia University Press.
Sklavos, G., Duquenne, M. -N., & Theodossiou, G. (2022). Green entrepreneurship and digital transformation of SMEs in food industry: Α bibliometric analysis. Scientific Annals of Economics and Business, 69(4), 651–668. https://doi.org/10.47743/saeb-2022-0027
Sussan, F., & Acs, Z. J. (2017). The digital entrepreneurial ecosystem. Small Business Economics, 49(1), 55–73. https://doi.org/10.1007/s11187-017-9867-5
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