Economic Crisis and the Nature of Entrepreneurial and Management Activities

• Authors: Božidar Leković , Slobodan Marić
• Languages of publication: EN

Abstracts

EN

The essential research intention in this work is oriented toward considering the nature of entrepreneurial activities regarding to the volume of representation, according to some stages of the entrepreneurial process for defined groups of countries, different development degree in crisis conditions. The analysis of research data has drawn some conclusions, which have largely confirmed hypotheses. Obtained results, after the application of adequate statistical procedures, emphasize the existence of negative correlation, degree of economic development and the rate of economic growth. They are partly explained by the place and causes of analysed crisis circumstances, the degree of integrity of financial and economic systems, as well as the heterogeneous economic structure, as the main resistance to negative economic trends. The defined groups of countries of different development degrees show different differences in all the degrees of the entrepreneurial process. There is a positive correlation between the volume of entrepreneurial activities and the rate of economic growth, but on behalf of the countries of the lower development degree. Crisis conditions in the least developed countries generate an additional pressure on entrepreneurial activities; while the relatively stable environment of highly developed countries enables some individuals to find business possibilities outside the entrepreneurial sector.

Keywords

EN

economic crisis; entrepreneurship; economic development; economic conditions; GEM project; M13; M21

• Publisher: Sciendo
• Journal: Economic Themes
• Year: 2016
• Volume: 54
• Issue: 1
• Pages: 21-44

Dates

published

2016-03-01

received

2015-04-07

accepted

2016-04-11

online

2016-06-08

Contributors

author

Božidar Leković

• University of Novi Sad, Faculty of Economics Subotica, Republic of Serbia

author

Slobodan Marić

• University of Novi Sad, Faculty of Economics Subotica, Republic of Serbia

References

• Acs, Z. J., & Audretsch, D. B. (1990). The determinants of small-firm growth in US manufacturing. Applied Economics, 22(2), 143-153.[Crossref]
• Acs, Z. J., Audretsch, D. B., Braunerhjelm, P. B., & Carlsson, B. (2004). The Missing Link: The Knowledge Filter and Entrepreneurship in Endogenous Growth (No. 4783). CEPR Discussion Papers.
• Aidis, R. (2005). Institutional Barriers to Small- and Medium-Sized Enterprise Operations in Transition Countries. Small Business Economics, 25, 305-318.[Crossref]
• Audretsch, D. B. (1995). Innovation and Industry: Evolution. The MIT Press.
• Audretsch, D. B., & Mahmood, T. (1994). Firm selection and industry evolution: the post-entry performance of new firms. Journal of Evolutionary Economics, 4(3), 243-260.[Crossref]
• Baldwin, J. R., & Gellatly, G. (2003). Innovation strategies and performance in small firms. Edward Elgar Publishing.
• Bartlett, D. (2008) Fallout of the Global Financial Crisis. World Economic Forum, 2008. Network of Global Agenda Councils. Summit on the Global Agenda, Dubai, United Arab Emirates 7-9 November 2008.
• Baumol, W.J. (2003.) On Austrian analysis of entrepreneurship and my own. Austiran Economics and Entrepreneurial Studies, 6, 57-66, Amsterdam: Elsevier Science.
• Birch, D. (1987). Job Creation in America. New York: Free Press.
• Bleaney, M. & Nishiyama, A. (2002). Explaining Growth: A Contest Between Models. Journal of Economic Growth, 7, 43–56.[Crossref]
• Bobera, D., Lekovic, B., & Berber, N. (2014). Comparative Analysis of Entrepreneurship Barriers: Findings from Serbia and Montenegro. Engineering Economics, 25(2), 167-176.[Crossref]
• Bosma, N. & Levie, J. (2009). Global Entreperneurship Monitor – 2009 Global Report. Babson College, Boston, USA, Universidad del Desarrollo, Santiago, Chile, Reykjavík University, Háskólinn Reykjavík, Iceland and London Business School, London UK.
• Buracas, A., Zvirblis, A. & Joksiene, I. (2012) Measurement of Entrepreneurship Macro Surrounding Advantages: Country’s Economic Competitiveness Approach. Inzinerine Ekonomika-Engineering, 23(1), 5-13.
• Davidsson, P. (1989). Continued entrepreneurship and small firm growth. Stockholm School of Economics. The Economic Research Institute.
• Doern, R. (2009). Investigating Barriers to SME Growth and Development in Transition Environments A Critique and Suggestions for Developing the Methodology. International Small Business Journal, 27(3), 275-305.[Crossref]
• Drucker, P.F. (1985). Innovation & Entrepreneurship: Practice and Principles. New York: Harper & Row.
• Drucker, P. F. (1985). The effective executive. Franklin Webster Co.
• Ekonomska komisija UN za Evropu (UNECE) Mala i srednja preduzeća u zemljama u tranziciji, dvogodišni pregled za period 2000-2001, str. 11.
• Fairlie, R., W. (2011). Entrepreneurship, Economic Conditions and Great Recession. Santa Cruz: University of California.
• Giamartino, G. (1991) Will small business be the answer for developing economies? Journal of Small Business Management, 91-94.
• Greblikaite, J., & Krisciunas, K. (2012). The Development of Features of Entrepreneurship’s Expression in an Enterprise. Engineering Economics, 23(5), 525-531.
• Hayek, F. A. (1974). The Pretence of Knowledge. Nobel Memorial Lecture, Stockholm, 11 December. Hayek (1978).
• Hunt, S. & Levie, J. (2004). Culture as a predictor of entrepreneurial activity. Frontiers of Entrepreneurship Research, Babson Park, MA.
• International Monetary Fund (2010) World Economic Outlook Database, October.
• Kiessling, T.S. & Richey, R.G. (2004). Examining the theoretical inspirations of a management guru: Peter F. Drucker and the Austrian School of Economics. Management Decision, 42(10), 1269 – 1283.[Crossref]
• Kirzner, I. M. (1997). Entrepreneurial discovery and the competitive market process: An Austrian approach. Journal of economic Literature, 35(1).
• Kraft, J., & Kraftova, I. (2012). Innovation–Globalization–Growth (Selected Relations). Engineering Economics, 23(4), 395-405.[Crossref]
• Krugman, P. (2010) Povratak ekonomije depresije i ekonomska kriza 2008. Smederevo: Heliks.
• Leibenstein, H. (1968). Entrepreneurship and development. The American Economic Review, 72-83.
• Leković B., & Marić S. (2012). Uticaj globalne ekonomske recesije na obim i strukturu preduzetničkih aktivnosti. 17. Međunarodni naučni skup po nazivom: Strategic Management and decision support systems in strategic Management, Subotica: Ekonomski fakultet Subotica, 20 April, 2012, ISBN 978-86-7233-305-3, UDK: 005.52:658.114.1 ; 338.124.4(100).
• Leković, B., Marić, S. & Leković, B. (2014). Characteristics of Entrepreneurial Activities in Transitional Countries and Their Influence on Development. Inzinerine Ekonomika-Engineering Economics, 25(1), 62–71.[Crossref]
• Levie, J., & Autio, E. (2008). A theoretical grounding and test of the Gem model. Small Business Economics, 31(3), 235-263.[Crossref]
• Lundstrom, A. & Stevenson, L. (2005). Entrepreneurship Policy: Theory and Practice. New York: Springer-Verlag.
• McDonnell, A., & Burgess, J. (2013). The impact of the global financial crisis on managing employees. International Journal of Manpower, 34(3), 184-197.[Crossref]
• Mises, L. V. (1949). 1998. Human Action: A Treatise on Economics.
• Niels B., Zoltan J., Erkko A., Alicia C., & Jonathan L. (2009). Global Entreperneurship Monitor – 2008 Global Report. Boston, USA: Babson College, Santiago, Chile: Universidad del Desarrollo, and London, UK: London Business School.
• OECD Centre for Entrepreneurship (2009). SMEs and Local Development, The Impact of the Global Crisis on SME and Entrepreneurship Financing and Policy Responses.
• Pelham, A. M., & Wilson, D. T. (1995). A longitudinal study of the impact of market structure, firm structure, strategy, and market orientation culture on dimensions of small-firm performance. Journal of the academy of marketing science, 24(1), 27-43.[Crossref]
• Reynolds, P., N. Bosma, E., Autio, S. Hunt, N. De Bono, I. Servais, P. Lopez-Garcia, & N. Chin, (2005). Global Entrepreneurship Monitor: Data Collection, Design and Implementation 1998-2003. Small Business Economics, 24, 205-231.[Crossref]
• Rezultati istraživanja GEM projekta u Republici Srbiji za period 2007.-2009. godine, GEM tim Ekonomskog fakulteta u Subotici, Univerziteta u Novom Sadu.
• Schumpeter, J.A. (1934). The Theory of Economic Development. Cambridge, MA: Harvard University Press.
• Schwab, K. (2009). Global Competitiveness Report 2009-2010. World Economic Forum. Geneva, Switzerland. Preuzeto sa: ;
• Shane, S. A. (2003). A general theory of entrepreneurship: The individual-opportunity nexus. Edward Elgar Publishing.
• Sivakumar, N., & Krishnaswami, S. R. (2011). Global financial crisis: dharmic transgressions and solutions. International Journal of Social Economics, 39(1/2), 39-54.[Crossref]
• Smallbone, D. & Welter, F. (2001a). The Distinctiveness of Entrepreneurship in Transition Economies. Small Business Economics, 16, 249-262.[Crossref]
• Smallbone, D. & Welter, F. (2001b). The Role of Government in SMEs Development in Transition Economies. International Small Business Journal, 19, 63-77.[Crossref]
• Smallbone, D., Welter, F. Voytovich, A. & Egorov, I. (2010). Government and entrepreneurship in transition economies: the case of small firms in business services in Ukraine. The Service Industries Journal, 5, 655-670.[Crossref]
• Smith, P. B., Peterson, M. F. & Schwartz, S. H. (2002). Cultural Values, Sources of Guidance, and their Relevance to Managerial Behavior A 47-Nation Study. Journal of cross-cultural Psychology, 33(2), 188-208.
• Starkevičiūtė, M. (2011). Transition towards new global setting in Lithuania. Ekonomika, 90(4), 34-48.
• Storey, D. J. (1996). The ten percenters. London: Deloitte & Touche.
• Vivarelli, M., & Audretsch, D. (1998). The link between the entry decision and postentry performance: evidence from Italy. Industrial and Corporate Change,7(3), 485-500.[Crossref]
• Wells, B., Pfantz, T., & Bryne, J. L. (2003) Russian Women Business Owners: Evidence of Entrepreneurship in a Transitional Economy. Journal of Development Entrepreneurship, 8, 59-71

Identifiers

DOI

10.1515/ethemes-2016-0002