| Title: | Entrepreneurial dynamism and sustainability : unveiling Europe’s economic growth patterns through cluster analysis |
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| Authors: | ID Bradač Hojnik, Barbara (Author)
ID Širec, Karin (Author) |
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| Files: |  https://systems.enpress-publisher.com/index.php/jipd/article/view/3948
 Entrepreneurial_dynamism_and_sustainability.pdf (369,95 KB)
MD5: 51EB709E300EEFD80564007718C1FCD5
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| Language: | English |
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| Work type: | Scientific work |
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| Typology: | 1.01 - Original Scientific Article |
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| Organization: | EPF - Faculty of Business and Economics
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| Abstract: | This paper highlights the complex relationship between entrepreneurship, sustainable development, and economic growth in 41 European countries, using a reliable K-Means cluster analysis. The research thoroughly evaluates three key factors: the SDG Index for sustainable development, GDP per capita for economic well-being, and the New Business Density Rate for entrepreneurial activity. Our methodology reveals three distinct narratives that embody varying degrees of economic vitality and sustainability. Cluster 1 comprises the financially stable and sustainability-oriented countries of Western and Northern Europe. Cluster 2 showcases the variegated economic and sustainability initiatives in Central and Southern Europe. Cluster 3 envelopes the economic titans with noteworthy business expansion but with the potential for better sustainable practices. The analysis reveals a favourable association between economic prosperity and sustainable development within clusters, although with nonlinear intricacies. The research concludes with a series of strategic imperatives specifically crafted for each cluster, promoting economic variation, increased sustainability, invention, and worldwide collaboration. The resulting findings highlight the crucial need for policy-making that considers the specific context and the potential for combined European resilience and sustainability. |
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| Keywords: | entrepreneurship, sustainable development, economic growth, economic diversification, policymaking, European countries, K-Means clustering |
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| Publication status: | Published |
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| Publication version: | Version of Record |
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| Submitted for review: | 02.01.2024 |
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| Article acceptance date: | 23.01.2024 |
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| Publication date: | 05.06.2024 |
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| Publisher: | EnPress Publisher |
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| Year of publishing: | 2024 |
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| Number of pages: | str. 1-22 |
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| Numbering: | Vol. 8, iss. 6, article ID 3948 |
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| PID: | 20.500.12556/DKUM-92127  |
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| UDC: | 005.9 |
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| ISSN on article: | 2572-7931 |
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| COBISS.SI-ID: | 199381507 |
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| DOI: | 10.24294/jipd.v8i6.3948 |
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| Publication date in DKUM: | 02.07.2025 |
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| Views: | 159 |
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| Downloads: | 10 |
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| Metadata: |    |
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| Categories: | Misc.
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