Business demography and economic growth: similarities and disparities in 10 European Union countries
Abstract
The main research aim is to investigate and test the long-term existence of a balanced relationship (cointegration) between business demographics and economic growth, expressed in terms of real GDP per capita, and to estimate the econometric models expressing relationships between analyzed variables in European economy. Our The study has focused on ten out of the eleven former communist countries, currently members of the European Union, during the 2006–2016 time period. Croatia was left out due to the shortness of the time series available for it, that the study would have required. These findings have significant implications in designing and shaping the future business models in European former communist countries, and increase convergence. The results obtained confirm the existence of long-term balanced relationships between the variables examined, the forms of which however vary from one cluster of states to another.
Keyword : business demography, business churn, convergence, econometric methods, economic growth, European economic model, GDP, Hierarchic Cluster methodology, SMEs
How to Cite
Andrei, J. V., Chivu, L., Gogonea, R.-M., Iacob, S. E., Patrascu, A., Popescu, C., Vasic, M., & Zaharia, M. (2021). Business demography and economic growth: similarities and disparities in 10 European Union countries. Journal of Business Economics and Management, 22(5), 1160-1188. https://doi.org/10.3846/jbem.2021.15067
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Bruns, S. B., & Ioannidis, J. P. (2020). Determinants of economic growth: Different time different answer? Journal of Macroeconomics, 63, 103185. https://doi.org/10.1016/j.jmacro.2019.103185
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Flachenecker, F., & Kornejew, M. (2019). The causal impact of material productivity on microeconomic competitiveness and environmental performance in the European Union. Environmental Economics and Policy Studies, 21(1), 87–122. https://doi.org/10.1007/s10018-018-0223-z
García-Escudero, L. A., Gordaliza, A., Matrán, C., & Mayo-Iscar, A. (2010). A review of robust clustering methods. Advances in Data Analysis and Classification, 4(2–3), 89–109. https://doi.org/10.1007/s11634-010-0064-5
Gebauer, J. (2018). Towards growth-independent and post-growth-oriented entrepreneurship in the SME sector. MREV Management Revue, 29(3), 230–256. https://doi.org/10.5771/0935-9915-2018-3-230
Gelbard, R., Goldman, O., & Spiegler, I. (2007). Investigating diversity of clustering methods: An empirical comparison. Data & Knowledge Engineering, 63(1), 155–166. https://doi.org/10.1016/j.datak.2007.01.002
Gonzálvez, F. J. R. (2016). The dynamics of the European social model: An evolving polarisation? In S. Romano & G. Punziano (Eds.), The European social model adrift: Europe, social cohesion and the economic crisis (pp. 17–42). Ashgate. https://cadmus.eui.eu/handle/1814/37498
Gürbüz, G., & Aykol, S. (2009). Entrepreneurial management, entrepreneurial orientation and Turkish small firm growth. Management Research News, 32(4), 321–336. https://doi.org/10.1108/01409170910944281
Holzinger, K., & Schimmelfennig, F. (2012). Differentiated integration in the European Union: Many concepts, sparse theory, few data. Journal of European Public Policy, 19(2), 292–305. https://doi.org/10.1080/13501763.2012.641747
Ingaldi, M., & Ulewicz, R. (2020). Problems with the implementation of Industry 4.0 in enterprises from the SME sector. Sustainability, 12(1), 217. https://doi.org/10.3390/su12010217
Iyke, B. N. (2017). Does trade openness matter for economic growth in the CEE countries? Review of Economic Perspectives, 17(1), 3–24. https://doi.org/10.1515/revecp-2017-0001
Jacques, O., & Noël, A. (2018). The case for welfare state universalism, or the lasting relevance of the paradox of redistribution. Journal of European Social Policy, 28(1), 70–85. https://doi.org/10.1177/0958928717700564
Jenson, J. (2017). Modernising the European social paradigm: Social investments and social entrepreneurs. Journal of Social Policy, 46(1), 31–47. https://doi.org/10.1017/S0047279416000428
Juhász, G. (2006). Exporting or pulling down? The European social model and Eastern enlargement of the EU. European Journal of Social Quality, 6(1), 82–108. https://doi.org/10.3167/146179106780246512
Knogler, M., & Lankes, F. (2012). Social models in the enlarged European Union: Policy dimensions and country classification. Comparative Economic Studies, 54(1), 149–172. https://doi.org/10.1057/ces.2012.4
Loth, W., & Paun, N. (Eds.) (2014). Disintegration and integration in East-Central Europe: 1919-post1989. Nomos Verlagsgesellschaft mbH & Co.-KG. https://doi.org/10.5771/9783845254227
Mead, D. C., & Liedholm, C. (1998). The dynamics of micro and small enterprises in developing countries. World Development, 26(1), 61–74. https://doi.org/10.1016/S0305-750X(97)10010-9
Meerza, S. I. A. (2012). Exchange rate determination of Bangladesh: A cointegration approach. Journal of Economic Cooperation & Development, 33(3), 81–96.
Meyer, N., & de Jongh, J. (2018). The importance of entrepreneurship as a contributing factor to economic growth and development: The case of selected European countries. Journal of Economics and Behavioral Studies, 10(4(J)), 287–299. https://doi.org/10.22610/jebs.v10i4(J).2428
Moeuf, A., Pellerin, R., Lamouri, S., Tamayo-Giraldo, S., & Barbaray, R. (2018). The industrial management of SMEs in the era of Industry 4.0. International Journal of Production Research, 56(3), 1118–1136. https://doi.org/10.1080/00207543.2017.1372647
Moore, D. S., & McCabe, G. P. (2003). Introduction to the practice of statistics (4th ed.). W. H. Freeman & Co.
Murtagh, F., & Legendre, P. (2014). Ward’s hierarchical agglomerative clustering method: Which algorithms implement Ward’s criterion? Journal of Classification, 31(3), 274–295. https://doi.org/10.1007/s00357-014-9161-z
Palevičienė, A., Simanavičienė, Z., & Dumčiuvienė, D. (2014). Lithuanian social policy in the European social model map. Procedia-Social and Behavioral Sciences, 156, 203–207. https://doi.org/10.1016/j.sbspro.2014.11.173
Pratono, A. H., & Mahmood, R. (2015). Entrepreneurial orientation and firm performance: How can micro, small and medium-sized enterprises survive environmental turbulence? Pacific Science Review B: Humanities and Social Sciences, 1(2), 85–91. https://doi.org/10.1016/j.psrb.2016.05.003
Radicic, D., Pugh, G., & Douglas, D. (2020). Promoting cooperation in innovation ecosystems: Evidence from European traditional manufacturing SMEs. Small Business Economics, 54(1), 257–283. https://doi.org/10.1007/s11187-018-0088-3
Rokach, L., & Maimon, O. (2005). Clustering methods. In O. Maimon & L. Rokach (Eds.), Data mining and knowledge discovery handbook (pp. 321–352). Springer. https://doi.org/10.1007/0-387-25465-X_15
Rosetti, N. (2019). Do European trade unions foster social solidarity? Evidence from multilevel data in 18 countries. Industrial Relations Journal, 50(1), 84–101. https://doi.org/10.1111/irj.12242
Rotar, L. J., Pamić, R. K., & Bojnec, Š. (2019). Contributions of small and medium enterprises to employment in the European Union countries. Economic Research-Ekonomska Istraživanja, 32(1), 3302–3314. https://doi.org/10.1080/1331677X.2019.1658532
Saghaian, S. H., Reed, M. R., & Marchant, M. A. (2002). Monetary impacts and overshooting of agricultural prices in an open economy. American Journal of Agricultural Economics, 84(1), 90–103. https://doi.org/10.1111/1467-8276.00245
Santarelli, E., & Vivarelli, M. (2007). Entrepreneurship and the process of firms’ entry, survival and growth. Industrial and Corporate Change, 16(3), 455–488. https://doi.org/10.1093/icc/dtm010
Sen, K., Pritchett, L., Kar, S., & Raihan, S. (2018). Democracy versus dictatorship? The political determinants of growth episodes. Journal of Development Perspectives, 2(1–2), 3–28. https://doi.org/10.5325/jdevepers.2.1-2.0003
Sheng, M. L., Chang, S. Y., Teo, T., & Lin, Y. F. (2013). Knowledge barriers, knowledge transfer, and innovation competitive advantage in healthcare settings. Management Decision, 51(3), 461–478. https://doi.org/10.1108/00251741311309607
Sumiati, S. (2020). Improving small business performance: The role of entrepreneurial intensity and innovation. Journal of Asian Finance, Economics and Business, 7(10), 211–218. https://doi.org/10.13106/jafeb.2020.vol7.n10.211
Van Praag, C. M. (2003). Business survival and success of young small business owners. Small Business Economics, 21(1), 1–17. https://doi.org/10.1023/A:1024453200297
Xanthopoulos, P. (2014). A review on consensus clustering methods. In T. Rassias, C. Floudas, & S. Butenko (Eds.), Optimization in science and engineering (pp. 553–566). Springer. https://doi.org/10.1007/978-1-4939-0808-0_26
Armeanu, D. Ş., Vintilă, G., & Gherghina, Ş. C. (2018). Empirical study towards the drivers of sustainable economic growth in EU-28 countries. Sustainability, 10(1), 4. https://doi.org/10.3390/su10010004
Ball, D. A., Lindsay, V. J., & Rose, E. L. (2008). Rethinking the paradigm of service internationalisation: Less resource-intensive market entry modes for information-intensive soft services. Management International Review, 48(4), 413–431. https://doi.org/10.1007/s11575-008-0024-x
Baute, S., Meuleman, B., Abts, K., & Swyngedouw, M. (2018). Measuring attitudes towards Social Europe: A multidimensional approach. Social Indicators Research, 137(1), 353–378. https://doi.org/10.1007/s11205-017-1587-3
Bednarzik, R. W. (2000). The role of entrepreneurship in US and European job growth. Monthly Labor Review, 123(7), 3. https://go.gale.com/ps/anonymous?id=GALE%7CA66278218&sid=googleScholar&v=2.1&it=r&linkaccess=abs&issn=00981818&p=AONE&sw=w
Bolea, L., Duarte, R., & Chóliz, J. S. (2018). From convergence to divergence? Some new insights into the evolution of the European Union. Structural Change and Economic Dynamics, 47, 82–95. https://doi.org/10.1016/j.strueco.2018.07.006
Bruns, S. B., & Ioannidis, J. P. (2020). Determinants of economic growth: Different time different answer? Journal of Macroeconomics, 63, 103185. https://doi.org/10.1016/j.jmacro.2019.103185
Burroni, L., Pavolini, E., & Regini, M. (2020). Southern European political economies: In search of a road to development. Stato e mercato, 40(1), 79–114. https://ideas.repec.org/a/mul/jl9ury/doi10.1425-97510y2020i1p79-114.html
Cacciolatti, L., & Lee, S. H. (2016). Revisiting the relationship between marketing capabilities and firm performance: The moderating role of market orientation, marketing strategy and organisational power. Journal of Business Research, 69(12), 5597–5610. https://doi.org/10.1016/j.jbusres.2016.03.067
Cappelen, C., & Peters, Y. (2018). Diversity and welfare state legitimacy in Europe. The challenge of intra-EU migration. Journal of European Public Policy, 25(9), 1336–1356. https://doi.org/10.1080/13501763.2017.1314534
Cardinal, R. N., & Aitken, M. R. (2013). ANOVA for the behavioral sciences researcher. Psychology Press. https://books.google.lt/books?id=hlwlmQ9Df7UC&dq=Cardinal,+R.+N.,+%26+Aitken,+M.+R.+(2013).+ANOVA+for+the+behavioral+sciences+researcher.+Psychology+Press.&lr=&hl=lt&source=gbs_navlinks_s
Careja, R., Emmenegger, P., & Giger, N. (2020). The European social model under pressure. Springer Fachmedien Wiesbaden. https://doi.org/10.1007/978-3-658-27043-8
Claassen, R., Gerbrandy, A., Princen, S., & Segers, M. (2019). Rethinking the European social market economy: Introduction to the special issue. JCMS: Journal of Common Market Studies, 57(1), 3–12. https://doi.org/10.1111/jcms.12820
Compbell, N. D., & Rogers, T. M. (2007). Economic freedom and net business formation. Cato Journal, 27(1), 23–36. https://econpapers.repec.org/article/ctojournl/v_3a27_3ay_3a2007_3ai_3a1_3ap_3a23-36.htm
Covin, J. G., & Lumpkin, G. T. (2011). Entrepreneurial orientation theory and research: Reflections on a needed construct. Entrepreneurship Theory and Practice, 35(5), 855–872. https://doi.org/10.1111/j.1540-6520.2011.00482.x
Cravo, T. A., & Piza, C. (2019). The impact of business-support services on firm performance: A metaanalysis. Small Business Economics, 53(3), 753–770. https://doi.org/10.1007/s11187-018-0065-x
Delmar, F., & Davidsson, P. (2000). Where do they come from? Prevalence and characteristics of nascent entrepreneurs. Entrepreneurship & Regional Development, 12(1), 1–23. https://doi.org/10.1080/089856200283063
Eurostat. (2019a). Business demography. Retrieved September 08, 2019, from https://ec.europa.eu/eurostat/web/structural-business-statistics/entrepreneurship/business-demography
Eurostat. (2019b). Entrepreneurship indicator programme. Retrieved September 10, 2019, from https://ec.europa.eu/eurostat/web/structural-business-statistics/entrepreneurship/indicators
Eurostat. (2019c). GDP and main components (output, expenditure and income). Retrieved October 17, 2019, from https://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=namq_10_gdp&lang=en
Fagerberg, J., & Verspagen, B. (2015). One Europe or several? Causes and consequences of the European stagnation. In J. Fagerberg, S. Laestadius, & B. R. Martin (Eds.), The triple challenge for Europe: Economic development, climate change, and governance (pp. 33–59). Oxford University Press. https://doi.org/10.1093/acprof:oso/9780198747413.003.0002
Ferrera, M. (2020). More solidarity than meets the eye? Challenges and prospects for social Europe. In R. Careja, P. Emmenegger, & N. Giger (Eds.), The European social model under pressure (pp. 583–598). Springer VS. https://doi.org/10.1007/978-3-658-27043-8_33
Flachenecker, F., & Kornejew, M. (2019). The causal impact of material productivity on microeconomic competitiveness and environmental performance in the European Union. Environmental Economics and Policy Studies, 21(1), 87–122. https://doi.org/10.1007/s10018-018-0223-z
García-Escudero, L. A., Gordaliza, A., Matrán, C., & Mayo-Iscar, A. (2010). A review of robust clustering methods. Advances in Data Analysis and Classification, 4(2–3), 89–109. https://doi.org/10.1007/s11634-010-0064-5
Gebauer, J. (2018). Towards growth-independent and post-growth-oriented entrepreneurship in the SME sector. MREV Management Revue, 29(3), 230–256. https://doi.org/10.5771/0935-9915-2018-3-230
Gelbard, R., Goldman, O., & Spiegler, I. (2007). Investigating diversity of clustering methods: An empirical comparison. Data & Knowledge Engineering, 63(1), 155–166. https://doi.org/10.1016/j.datak.2007.01.002
Gonzálvez, F. J. R. (2016). The dynamics of the European social model: An evolving polarisation? In S. Romano & G. Punziano (Eds.), The European social model adrift: Europe, social cohesion and the economic crisis (pp. 17–42). Ashgate. https://cadmus.eui.eu/handle/1814/37498
Gürbüz, G., & Aykol, S. (2009). Entrepreneurial management, entrepreneurial orientation and Turkish small firm growth. Management Research News, 32(4), 321–336. https://doi.org/10.1108/01409170910944281
Holzinger, K., & Schimmelfennig, F. (2012). Differentiated integration in the European Union: Many concepts, sparse theory, few data. Journal of European Public Policy, 19(2), 292–305. https://doi.org/10.1080/13501763.2012.641747
Ingaldi, M., & Ulewicz, R. (2020). Problems with the implementation of Industry 4.0 in enterprises from the SME sector. Sustainability, 12(1), 217. https://doi.org/10.3390/su12010217
Iyke, B. N. (2017). Does trade openness matter for economic growth in the CEE countries? Review of Economic Perspectives, 17(1), 3–24. https://doi.org/10.1515/revecp-2017-0001
Jacques, O., & Noël, A. (2018). The case for welfare state universalism, or the lasting relevance of the paradox of redistribution. Journal of European Social Policy, 28(1), 70–85. https://doi.org/10.1177/0958928717700564
Jenson, J. (2017). Modernising the European social paradigm: Social investments and social entrepreneurs. Journal of Social Policy, 46(1), 31–47. https://doi.org/10.1017/S0047279416000428
Juhász, G. (2006). Exporting or pulling down? The European social model and Eastern enlargement of the EU. European Journal of Social Quality, 6(1), 82–108. https://doi.org/10.3167/146179106780246512
Knogler, M., & Lankes, F. (2012). Social models in the enlarged European Union: Policy dimensions and country classification. Comparative Economic Studies, 54(1), 149–172. https://doi.org/10.1057/ces.2012.4
Loth, W., & Paun, N. (Eds.) (2014). Disintegration and integration in East-Central Europe: 1919-post1989. Nomos Verlagsgesellschaft mbH & Co.-KG. https://doi.org/10.5771/9783845254227
Mead, D. C., & Liedholm, C. (1998). The dynamics of micro and small enterprises in developing countries. World Development, 26(1), 61–74. https://doi.org/10.1016/S0305-750X(97)10010-9
Meerza, S. I. A. (2012). Exchange rate determination of Bangladesh: A cointegration approach. Journal of Economic Cooperation & Development, 33(3), 81–96.
Meyer, N., & de Jongh, J. (2018). The importance of entrepreneurship as a contributing factor to economic growth and development: The case of selected European countries. Journal of Economics and Behavioral Studies, 10(4(J)), 287–299. https://doi.org/10.22610/jebs.v10i4(J).2428
Moeuf, A., Pellerin, R., Lamouri, S., Tamayo-Giraldo, S., & Barbaray, R. (2018). The industrial management of SMEs in the era of Industry 4.0. International Journal of Production Research, 56(3), 1118–1136. https://doi.org/10.1080/00207543.2017.1372647
Moore, D. S., & McCabe, G. P. (2003). Introduction to the practice of statistics (4th ed.). W. H. Freeman & Co.
Murtagh, F., & Legendre, P. (2014). Ward’s hierarchical agglomerative clustering method: Which algorithms implement Ward’s criterion? Journal of Classification, 31(3), 274–295. https://doi.org/10.1007/s00357-014-9161-z
Palevičienė, A., Simanavičienė, Z., & Dumčiuvienė, D. (2014). Lithuanian social policy in the European social model map. Procedia-Social and Behavioral Sciences, 156, 203–207. https://doi.org/10.1016/j.sbspro.2014.11.173
Pratono, A. H., & Mahmood, R. (2015). Entrepreneurial orientation and firm performance: How can micro, small and medium-sized enterprises survive environmental turbulence? Pacific Science Review B: Humanities and Social Sciences, 1(2), 85–91. https://doi.org/10.1016/j.psrb.2016.05.003
Radicic, D., Pugh, G., & Douglas, D. (2020). Promoting cooperation in innovation ecosystems: Evidence from European traditional manufacturing SMEs. Small Business Economics, 54(1), 257–283. https://doi.org/10.1007/s11187-018-0088-3
Rokach, L., & Maimon, O. (2005). Clustering methods. In O. Maimon & L. Rokach (Eds.), Data mining and knowledge discovery handbook (pp. 321–352). Springer. https://doi.org/10.1007/0-387-25465-X_15
Rosetti, N. (2019). Do European trade unions foster social solidarity? Evidence from multilevel data in 18 countries. Industrial Relations Journal, 50(1), 84–101. https://doi.org/10.1111/irj.12242
Rotar, L. J., Pamić, R. K., & Bojnec, Š. (2019). Contributions of small and medium enterprises to employment in the European Union countries. Economic Research-Ekonomska Istraživanja, 32(1), 3302–3314. https://doi.org/10.1080/1331677X.2019.1658532
Saghaian, S. H., Reed, M. R., & Marchant, M. A. (2002). Monetary impacts and overshooting of agricultural prices in an open economy. American Journal of Agricultural Economics, 84(1), 90–103. https://doi.org/10.1111/1467-8276.00245
Santarelli, E., & Vivarelli, M. (2007). Entrepreneurship and the process of firms’ entry, survival and growth. Industrial and Corporate Change, 16(3), 455–488. https://doi.org/10.1093/icc/dtm010
Sen, K., Pritchett, L., Kar, S., & Raihan, S. (2018). Democracy versus dictatorship? The political determinants of growth episodes. Journal of Development Perspectives, 2(1–2), 3–28. https://doi.org/10.5325/jdevepers.2.1-2.0003
Sheng, M. L., Chang, S. Y., Teo, T., & Lin, Y. F. (2013). Knowledge barriers, knowledge transfer, and innovation competitive advantage in healthcare settings. Management Decision, 51(3), 461–478. https://doi.org/10.1108/00251741311309607
Sumiati, S. (2020). Improving small business performance: The role of entrepreneurial intensity and innovation. Journal of Asian Finance, Economics and Business, 7(10), 211–218. https://doi.org/10.13106/jafeb.2020.vol7.n10.211
Van Praag, C. M. (2003). Business survival and success of young small business owners. Small Business Economics, 21(1), 1–17. https://doi.org/10.1023/A:1024453200297
Xanthopoulos, P. (2014). A review on consensus clustering methods. In T. Rassias, C. Floudas, & S. Butenko (Eds.), Optimization in science and engineering (pp. 553–566). Springer. https://doi.org/10.1007/978-1-4939-0808-0_26