Comparative Evaluation of the Effects of Entrepreneurship and Innovation on the Economic Growth of Developing and Developed Countries

Abstract :

Entrepreneurship is one of the factors that directly or indirectly affects a country's economy. It is a fact that entrepreneurship plays an important role in shaping a country's economic prospects. In fact, entrepreneurship is the engine of economic growth and is understood as a catalytic factor for the expansion and promotion of productive activities in every sphere of economic life worldwide. Entrepreneurship can have significant effects on economic growth by creating innovation, design, variety of product production and increasing the efficiency and competitiveness of enterprises, and higher economic growth increases the motivation for innovation and knowledge of entrepreneurial people. The aim of the current research is to investigate the impact of entrepreneurship and innovation as two key and effective components on economic growth using GLS method. For this purpose, using the data of 20 developing and developed countries during the time period from 2008 to 2022, and using panel data approach. Findings show that entrepreneurship and innovation have a positive and significant impact on economic growth in both groups of countries. The effect of entrepreneurship and innovation on economic growth in the group of developing countries is greater than that of developed countries

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