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Marketing i Menedžment Innovacij
Article . 2020 . Peer-reviewed
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Marketing i Menedžment Innovacij
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Business Innovations for Unfolding Stratums of Human Development Indicators: a Worldwide Empirical Analysis

Authors: Sajjad, Muhammad; Orangzab; Chani, Muhammad Irfan;

Business Innovations for Unfolding Stratums of Human Development Indicators: a Worldwide Empirical Analysis

Abstract

Role of entrepreneurial innovations for human development is still invisible and subject to be investigated. This study uniquely unfolds the stratums of human development indicators caused by the activities of entrepreneurship. For this very purpose, the study utilizes the panel data of human development and entrepreneurship from 129 countries ranging for the years of 2016 to 2018. The human development has been measured through the human development index (HDI), and this data has been accessed from indicators of United nations development program (UNDP). The data of global entrepreneurial innovations (GEI) has been accessed from the global entrepreneurship and development index (GEDI). Both HDI and GEI comprised of composite indexes. GEI is the composite index with three sub-indices and 14 pillars. The three sub-indices are attitudes, abilities and aspiration. Out of 14 pillars opportunity perception, startup skills, risk acceptance, networking and cultural support are associated with attitudes. Opportunity startup, technology absorption, human capital and competition are associated with abilities while production innovation, process innovation, high growth, internationalization and risk capital are associated with aspiration. Although, the data of the HDI index was initially developed since 1990. However, due to non-availability of GEI data, only three years of panel data were included in the study. HDI comprised of three basic dimensions which include the knowledge, standard of living and healthy life. Based on the literature, the study hypothesized that global entrepreneurship positively affects human development worldwide. This proposed relationship was measured through generalized methods of moments through EViews. The data trend had been measured through a scatter diagram, before measuring the specific relationship among the major variables of the study. Through this test, normality of the data ad outliers was also checked. Data dispersion and linearity was checked through the test of standard residuals. After checking the appropriateness of data, parameters of the study were estimated. Results showed a strong and positive correlation between entrepreneurship and human development. By applying generalized methods of moments, the analysis revealed that entrepreneurial innovations could explain the 68 per cent variation in human development. So, it can be safely said that entrepreneurship is an important cause to enhance the capabilities of humans and can ultimately improve HDI worldwide. It is suggested that the nations who want to improve the skills, capabilities and living standards of humans in their respective regions should devise the strategies to promote the entrepreneurial activities. Keywords entrepreneurship, entrepreneurial ventures, human development indicators, global entrepreneurship development index, human development index, human capabilities, human skills, human capital.

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Keywords

індекс глобального розвитку підприємництва, людський потенціал, підприємництво, global entrepreneurship development index, entrepreneurship, human skills, human capabilities, показники розвитку людського потенціалу, професійні навички, human development index, індекс людського розвитку, entrepreneurial ventures, підприємницька діяльність, human development indicators, human capital, людські ресурси

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
4
Average
Average
Average
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gold