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Showing papers in "Entrepreneurial Business and Economics Review in 2021"



Journal ArticleDOI
TL;DR: In this article, the authors explore the effects of the fear and anxiety of Covid-19 and business opportunity recognition on start-up self-efficacy, entrepreneurial intention, and behaviour, as well as to test entrepreneurial intention-behaviour association.
Abstract: Objective: The major objectives of the article were to explore the effects of the fear and anxiety of Covid-19 and business opportunity recognition on start-up self-efficacy, entrepreneurial intention, and behaviour, as well as to test entrepreneurial intention-behaviour association. Research Design & Methods: The study was performed by means of an online survey questionnaire conducted on 405 students at a Vietnamese university. The survey questionnaire was developed based on prior research. Structural equation modelling (SEM) was utilised to test the research model and hypotheses. Findings: The results illustrated that the fear and anxiety of Covid-19 have a negative impact on start-up self-efficacy and entrepreneurial intention, while business opportunity recognition is strongly and positively correlated with entrepreneurial self-efficacy, entrepreneurial intention, and behaviour. In addition, entrepreneurial intention is found to be the most important antecedent to predict actual start-up behaviour whereas entrepreneurial intention significantly mediates the association between entrepreneurial self-efficacy and entrepreneurial behaviour. Implications & Recommendations: The study offers practical contributions for both universities and policymakers to foster youths' entrepreneurial activities and manage the negative outcome of Covid-19 on students' mental health. Contribution & Value Added: This research contributes to the entrepreneurship literature by addressing the notable gap when testing the linkages between entrepreneurial intention and behaviour. Furthermore, the finding confirms that the fear and anxiety of Covid-19 can decrease entrepreneurial self-efficacy, intention, and behaviour, while business opportunity recognition fosters entrepreneurial activities.

40 citations


Journal ArticleDOI
TL;DR: In this paper, the authors examine the impact of breakthrough innovations, which make up the Fourth Industrial Revolution (4IR), on the volume and structure of international trade and identify their quantitative, structural, and comparative effects on countries and enterprises.
Abstract: Objective: The objective of the article is to examine the impact of breakthrough innovations, which make up the Fourth Industrial Revolution (4IR), on the volume and structure of international trade. Research Design & Methods: The article is based on available literature and online sources. It is based on literature research, reports produced by a variety of research institutions, Internet sources, and desk research. Findings: The application of core innovations of the 4IR will lead to substantial changes to the volume and structure of international trade. There will be a considerable shift towards services, while in terms of products, the goods which will gain in importance owing to digitalization will include primarily those whose costs have so far been high in transport, logistics, information, regulation, and transaction. Implications & Recommendations: The implementation of 4IR’s devices will change trade conditions substantially. First-movers will benefit the most, in line with the rule ‘the winner takes it all.’ Developed countries will enjoy the best competitive chances, given their advantage in terms of capital and technology. However, with falling trading costs and declining requirements in the trade’s material infrastructure, small and medium-sized enterprises from developing countries will be able to increase their world trade share. Contribution & Value Added: The article offers a comprehensive assessment of the potential impact of Industry 4.0 devices on international trade while identifying their quantitative, structural, and comparative effects on countries and enterprises. It outlines the barriers to the changes projected and to the needs that these changes necessitate. Article type: conceptual article

21 citations


Journal ArticleDOI
TL;DR: In this paper, the authors used qualitative information from surveys that cover about 24,000 organisations and 5100 households in all Russian regions to prove the empirical and predictive value of aggregate opinions of businesses and households for expanding cyclical macroeconomic data in Russia, especially during the coronavirus shocks.
Abstract: Objective: The objective of the article is to prove the empirical and predictive value of the aggregate opinions of businesses and households for expanding cyclical macroeconomic data in Russia, especially during the coronavirus shocks. Research Design & Methods: We use qualitative information from surveys that cover about 24 000 organisations and 5100 households in all Russian regions. The total economic sentiment indicator (TESI) combines information on 18 survey-based indicators. Cross-correlation analysis, Hodrick-Prescott filtering, and a vector autoregressive (VAR) model with dummy variables are used as the research methods. Findings: The study confirms an almost synchronous cyclic conformity of the gross domestic product (GDP) growth and TESI dynamics for the period of 1998-2020. Probable GDP growth until the end of 2021 is estimated based on the expected impulses in the TESI dynamics, including those due to the sudden impact of the coronavirus. Implications & Recommendations: Assessments of business and household activity are reliable and available much earlier than quantitative statistics on GDP growth. Therefore, we advise to use them as an early warning system about economic growth and take them into account in policymaking. Contribution & Value Added: We are the first to confirm the effectiveness and reliability of TESI as a leading indicator of GDP growth in Russia, using data from large-scale business surveys and with a focus on crisis shocks. © 2021, Cracow University of Economics. All rights reserved.

20 citations


Journal ArticleDOI
TL;DR: In this paper, the authors investigated the impact of the Covid-19 pandemic on small family businesses in Poland and conducted exploratory studies in 12 entities, based on 29 partially structured interviews with managers of these companies.
Abstract: Objective: The objective of the article is to contribute to research into family businesses by understanding how small family businesses are responding and adapting to the Covid-19 crisis. Research Design & Methods: The research method is based on a comparative analysis of case studies. To investigate the impact of Covid-19 on small family businesses in Poland, we conducted exploratory studies in 12 entities, based on 29 partially structured interviews with managers of these companies. Findings: The sudden spread of the Covid-19 pandemic around the world took many lives and caused severe restrictions in social and private life, including the business sector. While almost every firm has been affected by the pandemic crisis, small businesses, dominated by family businesses, are particularly vulnerable to it. Our findings show that the Covid-19 crisis affects all companies and presents a completely new challenge that has so far had no precedent. Small family businesses are not prepared for the prolonged state of uncertainty and tension threatening the continuity of their operations, which particularly endangers financial stability and employee maintenance. In responding to the crisis, small family firms cannot refer to previous experience or developed methods and patterns of operation. Implications & Recommendations: Small family businesses must quickly adapt their operations to changing conditions, regardless of their size and industry in which they operate. Covid-19 in small family businesses causes changes in their approach to running the business and family life. Contribution & Value Added: According to our knowledge, this is the first empirical study in Poland on the impact of Covid-19 on small family businesses.

19 citations


Journal ArticleDOI
TL;DR: In this paper, the authors describe the unexplored areas of artistry among creative entrepreneurs, and apply the theory of aesthetics from the field of artistic creativity as a basis for the analysis of the phenomenon of entrepreneurial creativity, opening up new potential research areas of creativity among entrepreneurs.
Abstract: Objective: The objective of the article is to understand the changes in artists' identity facing the global obstacle caused by the Covid-19 pandemic and the impact of the identity crisis into the shift towards entrepreneurial behaviours. Creative individuals seems to be perfect examples of adjustments to the changing environment. Research Design & Methods: The qualitative research was conducted in form of in-depth interviews with key informants (artists with different entrepreneurial experiences from different countries and cultures) and auto-ethnography. Findings: The Covid-19 pandemic caused a crisis of the artist's identity. Individuals with complex identities deal with the crisis better than sole identity individuals. Artists-entrepreneurs are increasingly looking for new forms of activity during crisis. The Artistry-Creativity-Entrepreneurship Matrix which allow to understand the shifts among complex identity individuals towards one fractional identity in case of a crisis. Implications & Recommendations: The results can be used by: individuals (entrepreneurs, managers, artists) having complex/mixed identities for better understanding of a crisis situation and its impact and possibilities flowing from different layers of human personality with underlining of creativity;2) business looking for new types of customers and/or wanting to understand more complex market participants. Contribution & Value Added: The article describes the unexplored areas of artistry among creative entrepreneurs. Distinction between artistry and creativity is marked here clearly. The application of the theory of aesthetics from the field of artistic creativity as a basis for the analysis of the phenomenon of entrepreneurial creativity, opens up new potential research areas of creativity among entrepreneurs.

17 citations





Journal ArticleDOI
TL;DR: In this paper, the authors proposed a method to solve the problem of the problem: the one-dimensional Euclidean distance measure (EQ-measure) is used.
Abstract: Article type: research article

14 citations



Journal ArticleDOI
TL;DR: In this paper, the authors identify the reference group of countries with similar Covid strategies and other groups with their performance success, and construct a composite Covid Mitigation Index for comparative purposes, thus, implying how to redesign the strategic policies.
Abstract: Objective: The objective of the article is to identify the reference group of countries with similar Covid strategies and other groups with their performance success, and to construct a composite Covid Mitigation Index for comparative purposes, thus, implying how to redesign the strategic policies. Research Design & Methods: Gaussian Mixture Modelling and Factor Analysis: the main design is quantitative, using Gaussian Mixture Modelling to find the optimal number of country clusters, and Factor Analysis with Principal Axis Factoring (FA-PAF) to build a composite index of governmental policies. Data includes eight mitigation policy variables and three supporting economic policy variables. Data are aggregated to form three periods and the cluster changes are identified by Gaussian Mixture Modelling. Then, the Covid Mitigation Index (CMI) is constructed by FA-PAF to obtain a comparative measure over the periods and the country clusters. The results were obtained by means of R studio and SPSS. Findings: The dynamic clustering leads to a decreasing number of clusters from nine clusters in the first period (January-February 2020), four clusters in the second period (March-April 2020), and two clusters in the third period (May-June 2020). In the first period, China (with CMI=48) took serious actions forming its own cluster, while 11 other countries (with CMI>10), e.g., early affected European countries such as Italy and Spain and large Asian countries such India and Indonesia, took moderate actions. In the second period all cluster averages were greater than China's in the first period, i.e., most world countries were dedicated to fight Covid-19. In Europe, Italy, San Marino and France showed the highest CMI values, similarly to Iraq and Palestine in the Middle East, Peru and Honduras in the Latin America, and China, India and Indonesia in Asia. In the third period, cluster averages showed even tighter policies even though 42 countries had lower CMI values than previously. Implications & Recommendations: The approach provided a big picture for decision makers both in business and in governments. The key idea was to reveal reference groups of countries which help governmental actors to design and adapt their strategies over time by learning by their own experience and the results of the better performing clusters. It was suggested that a multi-criteria approach accounting for individual government's preferences over health and economy is used along with the presented approach. Contribution & Value Added: Clustering with Gaussian Mixture Models and factor analysis based on Principal Axis Factoring for composite-index building were used. The methods are well-established, but they were applied in a novel way dynamically over time and for the composite CMI. CMI was built on two factors which identified the structure of mitigation policies and economic policies. The development of governmental polices over the first cycle of Covid-19 pandemic was described.



Journal ArticleDOI
TL;DR: In this article, the authors examined the structural similarity of different production structures in the EU and found that countries with more similar production structures are characterised by more similar and generally lower levels of corruption.
Abstract: Objective: The objective of the article is the examination of factors that affect structural convergence and assessing their robustness. Research Design & Methods: Determinants of structural similarity are examined using the Bayesian model averaging with dilution prior to establishing robust drivers in the long run. The short-run analysis is conducted using Bayesian model averaging within a dynamic panel framework with weakly exogenous regressors. Findings: The application of Bayesian model averaging allowed for the identification of 12 variables associated with more similar production structures, among others, the bilateral total and intra-industry trade, the level of development, geographical distance, foreign direct investment flows, technology, corruption, and membership in the EU. Accounting for reverse causality showed that trade induces divergence in the short run – in line with predictions of neoclassical theories – but is associated with more similar production structures in the long run. Interestingly, even though old EU countries are characterised by more homogenous production structures, EU membership is associated with structural divergence once differences in income are included in the model. Even more unexpectedly, countries with more similar production structures are characterised by more similar and generally lower levels of corruption. Implications & Recommendations: The analysis shows that policies aiming at the promotion of FDI and technological transfers can speed up the process of structural convergence. Contribution & Value Added: The paper presents the first systematic analysis into the sources of structural similarity. Article type: research article


Journal ArticleDOI
TL;DR: In this paper, the authors proposed a method to solve the problem of the problem: the one-dimensional Euclidean distance measure (EQ-measure) is used.
Abstract: Article type: research article


Journal ArticleDOI
TL;DR: Hassan, Z., Lashari, M.K., and Basit, A. as mentioned in this paper have discussed the importance of entrepreneurial culture among the students in Malaysia and proposed a curriculum for entrepreneurship in Malaysia.
Abstract: Suggested citation: Hassan, Z., Lashari, M.K., & Basit, A. (2021). Cultivating entrepreneurial culture among the students in Malaysia. Entrepreneurial Business and Economics Review, 9(1), 119-136. https://doi.org/10.15678/EBER.2021.090108

Journal ArticleDOI
TL;DR: In this paper, the authors used the SPSS macro process program to test the study hypotheses by adopting questionnaire forms, which were used as a tool to collect data from a group of managers of the Southern Oil Company in Iraq.
Abstract: Objective: The objective of the article is to know the nature of the relationship between creative capital as a positive personal touch capable of promoting sustainable entrepreneurial orientation (SEO). To increase the effectiveness of this orientation, I identified entrepreneurial resilience as an interactive variable. Research Design & Methods: The SPSS macro process program was used to test the study hypotheses by adopting questionnaire forms. These forms were utilised as a tool to collect data from a group of managers of the Southern Oil Company in Iraq. The study distributed 345 forms and received 308 valid forms for analysis. Findings: By testing a set of main and sub-hypotheses, the results showed the role of innovation capital in promoting sustainable entrepreneurial direction. This influence relationship increases with the presence of entrepreneurial resilience as an interactive variable. Implications & Recommendations: The results show the importance of personality traits in creating a sustainable entrepreneurial orientation. Nevertheless, it is important to focus on personal traits such as openness and acceptance by others, which enhance social relationships, because these relationships are significant in attracting or marketing ideas related to the environment. Contribution & Value Added: With the decline in the growth rates of countries and companies, especially with the Covid-19, it is expected that the rate of consumption of natural resources will increase. This increase helps to compensate for the losses and the decrease in profits. Thus, this study is important because it emphasizes the significance of production while maintaining principles of sustainability and requirements of preserving natural resources.


Journal ArticleDOI
TL;DR: In this article, the role of transformational leadership, psychological empowerment, knowledge sharing, and knowledge sharing in inducing entrepreneurial abilities of students in Malaysian higher education system was investigated. But, the results showed that among the four transformational factors, inspirational motivation is deemed to be the strongest predictor of both knowledge sharing and entrepreneurial behaviour.
Abstract: Objective: The objective of the article is to understand entrepreneurial abilities of students in Malaysian higher education system. Hence, the role of transformational leadership, psychological empowerment, and knowledge sharing in inducing this behaviour are imperative to ensure that students are inclined to and familiar with entrepreneurial activities during their studies. Research Design & Methods: This research focused on Malaysian undergraduate students’ entrepreneurial behaviour and related antecedents. A group of 177 undergraduate students from various engineering programs was collected. A partial least square structural equation modelling (PLS-SEM) was conducted to analyse the relationship between entrepreneurial behaviour and related antecedents. Findings: The results show that among the four transformational factors, inspirational motivation is deemed to be the strongest predictor of both knowledge sharing and entrepreneurial behaviour. This is followed by an individualised consideration which tracks full significant impact and partial impact on knowledge sharing and entrepreneurial behaviour. On the other hand, idealised influence and intellectual stimulation show no effect, while psychological empowerment and knowledge sharing show a significant impact on entrepreneurial behaviour. Implications & Recommendations: The outcomes of this study would benefit stakeholders in implementing entrepreneurial activities and foster successful implementation in the curriculum of the Malaysian higher education system. Contribution & Value Added: This study contributes to the body of knowledge in the relationship of knowledge sharing, transformational leadership style, and entrepreneurial behaviour of students in Malaysian higher education institutions. Article type: research article





Journal ArticleDOI
TL;DR: In this article, the authors explored the types of brands in terms of the country of brand origin (COBO) applied by emerging markets' firms and motives for applying them and concluded that the dominant international branding strategy of emerging markets` firms is acquiring/licensing well-known international or even global brands and creating ‘occidental-style’ brands.
Abstract: Objective: The objective of the article is to explore the types of brands in terms of the country of brand origin (COBO) applied by emerging markets’ firms and motives for applying them. Research Design & Methods: A qualitative approach was used, i.e. multi-case study of five emerging markets’ firms and data triangulation. Findings: Studied firms apply in the international market various types of brands in terms of the COBO by 1) referring to the foreign COBO, 2) referring to the origin from the home market, and 3) neutralising the COBO effect. Moreover, the firms differ in terms of their international brand portfolio: from consisting of a single brand to covering several or dozen international – even global – regional, or local brands. Implications & Recommendations: The dominant international branding strategy of emerging markets` firms in terms of the COBO is acquiring/ licensing well-known international or even global brand/ brands and creating ‘occidental-style’ brand. It is driven both by strategic and market motives. The conclusions can be applied by emerging markets’ companies in their foreign expansion. Contribution & Value Added: This study develops a deeper understanding of the brand types applied by emerging markets’ companies in terms of the COBO and brand use motives. Article type: research article

Journal ArticleDOI
TL;DR: In this paper, the authors investigated whether the Islamic bond ratings are the key determinant in affecting stock returns and whether firm-characteristic variables moderate the sukuk ratings effect on stock returns.
Abstract: Objective: The objective of the article is to investigate two issues. First, whether the Islamic bond (sukuk) ratings are the key determinant in affecting stock returns and, second, whether firm-characteristic variables moderate the sukuk ratings effect on stock returns. Research Design & Methods: This study applied the panel estimated generalized least squares (EGLS) regression for two samples (from Indonesia and Malaysia) spanning two years, 2015-2016, for all variables, except for the intrinsic-value variable which spanned eight years, 2009-2016. Findings: The results show that the direct and positive effect of sukuk ratings on stock returns are significantly present in Malaysia but not in Indonesia, while the positive and significant moderating effects of firm-characteristic variables – especially leverage and intrinsic value of the firm – are more pronounced in the positive sukuk rating-stock return relationship in Indonesia than in Malaysia. Implications & Recommendations: The types of firm-characteristic variables involved in determining the effect of sukuk ratings on stock returns depend on the country’s characteristics. As a result, adopting sukuk ratings to determine stock returns is not constant but, instead, it is contingent – to an extent – on other variables: firm-characteristic variables. These results suggest that still many factors should be explored so as to reach a better judgment on the quality of credit, including sukuk. Contribution & Value Added: While most previous studies employed the event-study method and did not specifically consider firm-characteristic effects on analysing the relationship between sukuk ratings and stock returns, this study sought to reveal whether sukuk ratings are the key determinant in affecting prices (or stock returns), and the extent to which firm-characteristic variables moderate the relationship between sukuk ratings and stock returns. Article type: research article