Entrepreneurship channels and sustainable development: directions for the Asian economy
Abstract
Entrepreneurship has been identified as a catalyst for creating opportunities and enhancing productivity. The Asian economy is one of the fastest growing economies and entrepreneurially inclined continents of the world, owing to the phenomenal strides of China’s economic activities. Despite these, the region is still characterized as developing in terms equality, real income growth and welfare distributions. Thus, one wonders the extent the entrepreneurial strides impact on the continent; and, to what extent are the socio-economic structures of the Asian economy relevant for achieving sustainable entrepreneurship development. Thus, by employing the Generalized Method of Moments (GMM), this study assesses the extent to which the current wave of entrepreneurship outcomes can actualize the Global Development Goals slated for 2030. The findings show that improvement in life expectancy and decrease in inequality influenced entrepreneurial outcomes via the basic requirement channel; while higher education which is an efficiency enhancing channel stimulates income than innovations; thus, indicating the need for continuous investments for nascent training; while investments in research and development is an institutional channel that promotes entrepreneurial outcomes. Thus, if the global goals will be actualized, policy makers should strengthen infrastructures and create enabling environments that will improve entrepreneurial outcomes within Asian economies.
Keyword : entrepreneurship channels, sustainability, efficiency, institutions, generalized moments of method, innovation, economic growth
How to Cite
Cheng, W., & Adejumo, O. O. (2021). Entrepreneurship channels and sustainable development: directions for the Asian economy. Journal of Business Economics and Management, 22(3), 799-822. https://doi.org/10.3846/jbem.2021.14252
This work is licensed under a Creative Commons Attribution 4.0 International License.
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Klein, P. G., Mahoney, J. T., McGahan, A. M., & Pitelis, C. N. (2010). Toward a theory of public entrepreneurship. European Management Review, 7(1), 1–15.
Kohli, A. (2004). State-directed development: Political power and industrialization in the global periphery. Cambridge University Press. https://doi.org/10.1017/CBO9780511754371
Lee, W. S., & Kim, B. Y. (2019). The effects of career orientations on entrepreneurial satisfaction and business sustainability. Journal of Asian Finance, Economics and Business, 6(4), 235–248. https://doi.org/10.13106/jafeb.2019.vol6.no4.235
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Maddala, G. S., & Wu, S. (1999). A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and Statistics, 61(S1), 631–652. https://doi.org/10.1111/1468-0084.0610s1631
Mathew, V. (2010). Women entrepreneurship in Middle East: Understanding barriers and use of ICT for entrepreneurship development. International Entrepreneurship and Management Journal, 6(2), 163–181. https://doi.org/10.1007/s11365-010-0144-1
McCloskey, D. N. (2010). Bourgeois dignity: Why economics can’t explain the modern world. University of Chicago Press. https://doi.org/10.7208/chicago/9780226556666.001.0001
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Ostrom, E. (1990). Governing the commons: The evolution of institutional forms. Cambridge University Press.
Ostrom, E. (2005). Unlocking public entrepreneurship and public economies. Helsinki: EGD.
Prabhugaonkar, Y. B., Minh, D. X., Thirumaran, K., Sim, K. S., Pruhtpahon, S., & Raghav, M. (2020). Asian entrepreneurship in tourism and hospitality: Financial support, business sustainability. In A. Masouras, G. Maris, & A. Kavoura (Eds.), Entrepreneurial development and innovation in family businesses and SMEs (pp. 1–21). IGI Global. https://doi.org/10.4018/978-1-7998-3648-3.ch001
Proctor, B. D., Semega, J. L., & Kollar, M. A. (2016). Income and poverty in the United States: 2015. Washington, DC: United States Census Bureau.
Rekarti, E., Bahari, Z., Zahari, N. M., Doktoralina, C. M., & Ilias, N. A. (2019). The sustainability of Muslim women entrepreneurs: A case study in Malaysia. International Journal of Financial Research, 10(5), 430–439. https://doi.org/10.5430/ijfr.v10n5p430
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