Entrepreneurial Activity as a Function of Sustainable Development: Panel Analysis

Jelena Marjanović; Dejan Molnar

doi:10.63356/ace.2026.005

Authors

Jelena Marjanović University of East Sarajevo, Faculty of Economics, Pale https://orcid.org/0009-0004-7957-4601
Dejan Molnar University of Belgrade, Faculty of Economics and Business, Belgrade https://orcid.org/0000-0002-6081-8141

DOI:

https://doi.org/10.63356/ace.2026.005

Keywords:

entrepreneurial activity, new businesses, established businesses, ambitious entrepreneurs, sustainable development

Abstract

The paper studies the impact of entrepreneurial activity on three components of sustainable development: economic, social and environmental. Three distinct variables, i.e. new businesses, established businesses, and ambitious entrepreneurs, represent entrepreneurial activity. Variables, GDP growth rate, modified human development index and carbon dioxide emissions are used to observe sustainable development. The aim of the paper is to determine whether entrepreneurship affects sustainable development and, if yes, in what form. There are three econometric panel models created for research purposes. A panel analysis was performed on a sample of 35 countries over ten years. The results indicated a contradictory impact of the variables used to measure the level of entrepreneurial activity, while none of them showed an effect on overall sustainable development.

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