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The COVID-19 pandemic has caused an economic crisis in advanced economies greater than the 2008 economic crisis, as the latest Organisation for Economic Co-operation and Development (OECD) forecasts indicate. Entrepreneurship activity is an important factor to be considered to reduce this negative. The objective of this paper is to analyze the factors that favor entrepreneurship in the COVID-19 pandemic situation and explore the relationship between entrepreneurship and sustainable development. Monetary, fiscal, competitiveness, and business expectations are factors to consider. To achieve this objective, we reviewed the specialized literature and proposed an economic model to verify the relationships between the relevant variables. The estimation of this model uses the Partial Least Squares (PLS) method. This study looks at select OECD countries where data on entrepreneurial activity are available and there are calculations by the OECD for the economic projections for 2020.

•Innovation positively affects entrepreneurial activity mainly in expansion phases.•Institutions positively affect economic growth and business activity in all periods.•The relationship between social climate and entrepreneurial activity is positive.•Institutions affect growth directly and indirectly through entrepreneurship.

A partir del siglo XVIII y especialmente durante el XIX, la economía va confirmándose como una ciencia social, separándose de otras formas del conocimiento humano. Las publicaciones en este campo ofrecen principios y leyes de comportamiento a una sociedad que estaba experimentando cambios importantes de índole social. El objetivo de este artículo es explicar cómo algunas óperas han introducido ideas económicas en sus argumentos, centrándonos en el caso de las óperas del inicio del siglo XIX y de autores italianos, exponiendo sus aportaciones respecto al emprendedor, los precios y la gobernanza

PurposeEconomic growth is one the most relevant economic objectives for policy makers. In order to determine the variables that enhance such an objective it is important to consider different types of entrepreneurial activity. It is also necessary to consider the level of development and growth of a country to design the proper economic policy measures, given that entrepreneurship motivations and circumstances vary from country to country. Therefore, the purpose of this paper is to analyse the relationship between entrepreneurship and economic growth, including the role played by institutions and innovation considering two types of entrepreneurship (necessity and opportunity) and countries.Design/methodology/approachData analysis of 31 countries with varying levels of growth and development yielded two large groups – either innovation-driven economies or efficiency-driven economies – following GEM classification based on the phases set out by the World Economic Forum. In order to test the hypotheses, a partial least squares analysis is carried out to show the existing relationships between the different variables, specifically: innovation, institutions, entrepreneurship and economic growth.FindingsThe empirical analysis used demonstrates that innovation positively affects economic growth and entrepreneurship. In addition, adequate functioning of institutions is shown to enhance economic growth and opportunity entrepreneurship. Finally, there is a positive relationship between entrepreneurship and economic growth.Originality/valueUnlike other studies, different types of entrepreneurship (by necessity and opportunity) are essential to this analysis of the relationship between entrepreneurship and economic growth. The country sample was divided considering some country-specific structural circumstances. Neither aspect is considered in the literature and should be considered relevant for designing measures to enhance economic activity.

The literature traditionally has focused its attention on the relationship between innovation and entrepreneurial activity. From this perspective, new innovations are accompanied by digital transformations that enhance value creation. However, it is also important to consider the effect of digital dividends on society overall as well as on entrepreneurship activity. Studies generally do not address this latter possibility. This paper analyses the theoretical and quantitative effects of digital transformation and digital dividends on entrepreneurial activity, that is, the broader developmental benefits that using these technologies brings, in the shape of digital transformation. Partial least square (PLS) estimation is used to develop an empirical estimation for the case of 29 European countries.

There is important literature that analyzes the relationship between entrepreneurship and economic growth. But it is also essential to consider the variables that influence entrepreneurship. In this sense, innovations, institutions, and human capital would be the main variables to consider, as they allow the entrepreneur to create new products, make them more competitive, or access new markets. At the same time, entrepreneurs establish the legal framework and the social climate to develop its activity, so innovations are generated and assimilated. But it is also essential to consider the degree of development and economic growth that countries present.

Economic growth is one of the important objectives of economic policy due to the beneficial effects it has on employment and economic well-being. The work carried out in the last few decades has highlighted the roles that entrepreneurship and innovation play in promoting this objective. However, the environmental deterioration resulting from policies implemented to stimulate growth has led to considerations of other objectives that are more compatible with the defense of the environment, such as sustainable development. Therefore, it is important to determine the factors that stimulate them. This paper considers traditional and social entrepreneurship and innovations and green innovation. The effect of institutions as generators of legal and economic environments on both types of entrepreneurship is contemplated. On the other hand, considering the possibility of &ldquo, bidirectional causality&rdquo, the relationship between both types of entrepreneurship and institutions is also analyzed. This will allow us to design measures aimed at stimulating sustainable development. The objective of this paper is to analyze these relationships through two estimates: first, an analysis of the relationship between both types of entrepreneurship and innovations and sustainable development and second, the relationship between social and traditional entrepreneurship and institutions. In both cases, the path coefficient of each of them is compared with respect to the final objective, which would be useful when designing economic policies. Empirical analysis is carried out, producing an estimation of the structural equation modeling (SEM) model using the partial least squares (PLS) technique in the case of 20 Organization for Economic Co-operation and Development (OECD) countries.

[EN] Within organisational analysis, a concept that has been gaining importance has been organisational ambidexterity, where two factors play an important role: entrepreneurial intensity and innovations. The objective of this article is to analyse the relationship between entrepreneurial intensity and ambidexterity. The conceptualisation of ambidexterity distinguishes between ambidextrous activities and ambidextrous outcomes. To carry out this objective, we have tested several theoretical relationships. We have used partial least squares methodology to develop an empirical study in 25 European countries. Results confirm that collaboration networks have a positive effect on entrepreneurship intensity. This effect is greater than the one obtained by ambidextrous activities or new technologies. We also show that entrepreneurship intensity has a mediating role between ambidextrous activities and ambidextrous outcomes.

The literature has traditionally focused on the relationship between innovation and entrepreneurial activity, adopting mainly two perspectives when addressing entrepreneurship: empirical studies focusing on the behaviour of companies, and studies that consider entrepreneurship as a factor promoting the achievement of economic policy objectives. Following Schumpeter, innovation is a key source of value creation, generating growth in companies and the economy as a whole. But it is also important to remember the feedback effects generated in this process. This chapter analyses the relationship among three variables: entrepreneurship, innovation, and value creation, as well as the subsequent feedback effects. The theoretical aspects are considered and an empirical analysis is developed for the case of some European countries.

ResumenLos economistas han estado tradicionalmente interesados en analizar los factores que estimulan el crecimiento económico y uno de los que se han contemplado es el papel desempeñado por los emprendedores. Ahora bien, en este análisis es necesario también contemplar cómo se ve afectado el progreso económico y también la justicia distributiva. Habitualmente se ha considerado que crecimiento y progreso eran sinónimos, pero siguiendo a Holcombe (2007) cabe distinguirlos ya que el primero está relacionado con la cantidad de producto mientras que el progreso económico lo está con la calidad del producto. Ello es importante porque algunas de las medidas de política económica diseñadas para favorecer el crecimiento pueden generar problemas, por ejemplo, desigualdad, que habrá que solucionar, por ejemplo a través de un «principio de compensación» para evitar que la justicia distributiva y el progreso se vean perjudicados. El objetivo de este artículo es analizar estas cuestiones. Para ello comenzaremos refiriéndonos a la relación que existe entre crecimiento y progreso económicos, para pasar después a centrarnos en los aspectos de la justicia distributiva y a exponer algunas medidas a llevar a cabo para favorecer a ambos desde el ámbito de la política económica.AbstractEconomists have traditionally been interest in analyzing economic growth enhancing factors. Entrepreneurship is one of factors considered by economists. However, in this analysis is also necessary to be considered how economic progress and distributive justice are affected. Usually economic growth and progress have been considered as synonymous, but following Holcombe (2007) it is possible to distinguish them since the former is related to the amount of product while economic progress is related to the quality of the product. This is important because some of the economic policy measures designed to promote economic growth can generate problems, for example, inequality. These problems could be solved, for example through a “compensation principle” to avoid that distributive justice and progress will be harmed. The aim of this article is to analyze these issues. We will begin considering the relationship between economic growth and progress in order to focus on the aspects of distributive justice and to design some economic policy measures to enhance economic growth and progress.

Specialized literature has centered on analyzing the relationship between the entrepreneur and innovation, since the former is considered to be a driver for innovation. However, there are other factors that can influence innovation that should be considered: business cash flow, because it uses its own resources to innovate; bank credit, the possibility of accessing external financing; and taxes, which account for a reduction in businesses’ cash flow when they increase. The objective of this article is to analyze the existing relationship between these factors and innovation and the latter with growth. To achieve this, an empirical study has been carried out using a Partial Least Square (PLS) estimation with eleven European countries.

Social entrepreneurship is one of the most important forms of entrepreneurship, especially in the context of the current economic crisis. The aim of this chapter is to analyze the influence of a number of factors, such as income distribution, institutions, and human capital on social entrepreneurship. In addition, it analyses the impact of these factors and social entrepreneurship on economic performance. This chapter includes an empirical analysis, with Partial Least Square (PLS) estimation for 29 countries using data from 2012.

PurposeThe main aim of this paper is to analyze the relationship between innovation and economic growth, following the Schumpeter approach, considering the entrepreneurship activity.Design/methodology/approachSeveral hypotheses are tested considering three equations, for the case of ten developed countries. To estimate the equations, generalized least square (GLS)‐cross‐section weights and panel least squares methodologies for the period 2001‐2009 have been used.FindingsInnovation plays a central role in the economic growth process and the entrepreneur is the vehicle to introduce the new technologies to improve the firms' activity and to obtain higher profits. It is also necessary to include in this process other variables: social climate and the role of institutions.Practical implicationsSome measures can design from these results to improve innovation and entrepreneurship activity, which would have positive effects on economic growth.Originality/valueSchumpeterian approach is developed for this analysis, and empirical estimations are carried out to test hypotheses on economic growth and innovation, considering not only the traditional quantitative variables but also qualitative ones, having a wider view about the process. Drucker statement on innovation effects on entrepreneurship activity is also tested.

In general terms, governance simply means how an organization is governed. It is the science of government performance and behaviour and it refers to several processes that must include historical, cultural, social and political determinants. For this reason, it is possible to establish a relationship between governance and institutions. Communities of persons, firms and institutions are essential ingredients of good governance and its analysis could be developed considering two possibilities. The first is considering the factors, such as entrepreneurship, by which government would more efficiently increase economic growth. Second is taking into account the economic results obtained by government. The primary goal of this paper is to analyze the relationship between governance, entrepreneurship and economic growth, developing an empirical analysis for the case of 11 developed countries.

In the case of economic progress, some of the literature has considered economic growth and economic progress to be the same thing. However, there is a relevant difference between the two concepts. As Holcombe states, economic growth considers the quantity of products and economic progress the quality of products. Innovation has been considered as a key factor to promote economic progress. A culture would have a direct and an indirect effect on innovation through entrepreneurship. The goal of this paper is to analyze the relationship between culture and innovation. To carry out this study, an empirical estimation has been developed for the case of 11 countries.

The goal of this paper is to analyze the role played by innovations on economic activity. In this sense, the relationship between innovation and economic growth is studied, being economic growth the current main objective of economic policy to reduce unemployment and to increase social welfare. To carry out this analysis we base on Schumpeter's model, playing entrepreneurship and social climate an important role in the process. The empirical analysis an innovations equation for the case of 11 developed countries is included, showing that the social climate, represented by the training and income distribution, and monetary policy, represented by money supply, stimulate innovations.

The main goal of this paper is to show that organizations and institutions play a relevant role in the economic growth process, both directly and indirectly. Human capital plays a direct role by facilitating the introduction and use of new technologies. A more indirect role is play by entrepreneurial activity in three ways: 1) supplying monetary funds; 2) creating an adequate social climate and 3) encouraging trust in the society. The hypotheses introduced are tested using the data on eleven countries.

Traditionally different factors and variables have been considered in the economic growth models. Following Solow’s model, economists considered physical capital and technology during 1950s–1980s. With the introduction of endogenous growth models, new forms of capital were introduced in the production function; human capital, public capital and more recently social capital. However, the consideration of qualitative variables is necessary to improve the economic growth analysis. The improvement of statistical information has favored their introduction in the economic growth models. Recently, “entrepreneurship” concept has been considered in this type of analysis. Entrepreneurship considers the capacity and ability to create new business and production activity. It is an activity not an occupation. Some authors like Schumpeter have included it in their models and they have analysed its effects on economic growth. But it is also necessary to include the role of social climate, that in a schumpterian way it could be represented by income distribution. The main objective of the paper is to analyze the relationship between entrepreneurship, income distribution and economic growth following the ideas developed by Schumpeter and we will contrast them from a empirical analysis using the GEM (Global Entrepreneurship Monitor) data.

The improvement of data statistics as well as the econometrician methods have facilitated the introduction the new variables and factors I the economic growth analysis. In this sense, real variables have mainly been considered in the economic growth studies, but not financial or risk management aspects. In this sense, it is interesting to analyze the relationship between economic growth and value at risk and the feed-back process. The goal of the paper is to analyze the relationship between economic growth and risk management and the feed-back process. We will consider economic variables, including economic growth, rule of law, human capital, fiscal policy and monetary policy, among others, in our analysis. We will analyze the theoretical relationships between these variables and risk and the effects of risk on economic growth. We will also develop an empirical analysis considering the case of 15 European Union countries.

Policy makers have traditionally considered the macroeconomic relations and the variables that can affect the economic objectives that they pursue, such as prices, employment, balance of payments, and economic growth. Recently, microeconomic behavior has also been considered. To complete the analysis, it is necessary to include those variables that define the firm's evolution and activities, and cash flow could be this kind of variable to be included in the analysis. The main objective of this paper is to show the relationship between cash flow and one of the final economic policy targets, economic growth. This paper considers the relationship between cash flow and applied economics, then develops the effects of cash flow on economic growth.

[ES] El objetivo de este artículo es analizar el papel que desempeñan las innovaciones en la actividad económica. En este sentido, se muestra la relación que existe entre innovaciones y crecimiento económico, como objetivo esencial actual de la política económica para reducir el desempleo y aumentar el bienestar social. Para llevar a cabo este análisis nos basamos en el modelo de Schumpeter, en el que el empresario-emprendedor y el clima social desempeñan un papel relevante en el proceso. El análisis empírico estima una ecuación de innovaciones para el caso de 11 países desarrollados, mostrando que el clima social, representado por la formación y la distribución de la renta, y la política monetaria, representada por la oferta monetaria, estimulan las innovaciones. [EN] The goal of this paper is to analyze the role played by innovations on economic activity. In this sense, the relationship between innovation and economic growth is studied, being economic growth the current main objective of economic policy to reduce unemployment and to increase social welfare. To carry out this analysis we base on Schumpeter's model, playing entrepreneurship and social climate an important role in the process. The empirical analysis an innovations equation for the case of 11 developed countries is included, showing that the social climate, represented by the training and income distribution, and monetary policy, represented by money supply, stimulate innovations.

Competitiveness in a broad sense is based on a series of pillars in which entrepreneurships play an important role. Due to this fact together with the positive relationship between entrepreneurship and economic growth it is necessary to design appropriate measures to encourage such activity. In this article, in addition to presenting entrepreneurship characteristics, we analyze the effects that fiscal and monetary policies on entrepreneurships. La competividad en un sentido amplio se fundamenta en una serie de pilares en los que los emprendedores desempeñan un papel importante. Ello junto con la relación positiva que guardan con el crecimiento económico hace que sea necesario que se diseñen medidas adecuadas para estimular dicha actividad. En este artículo, además de exponer las características del emprendedurismo, analizaremos los efectos que ejercen las políticas fiscal y monetaria sobre los emprendedores.

Social entrepreneurship is a prominent form of entrepreneurial activity. Given that creating social value is one of the main goals of social entrepreneurs, social entrepreneurship is especially important in today's economic climate, characterised by a severe global crisis that has affected the role of the welfare state for a host of economic agents. Consequently, it is highly advisable to devise measures to foster social entrepreneurship by addressing the key variables that drive this activity. This study's aim was to analyse some of these variables, namely human capital and income distribution, as well as the institutional variables of the rule of law and corruption. To achieve this aim, the economic situation in 29 countries was studied using Partial Least Squares (PLS) methodology.