Vinko Lepojevic, Maja Ivanovic Djukic, Jelena Mladenovic

DOI Number
First page
Last page


The stimulation of economic development is one of the key tasks for macroeconomic policy makers. In recent decades, entrepreneurship has become an increasingly important generator of economic development. Previous research shows that entrepreneurship is important for economic development, but contribution of entrepreneurship to economic development is diverse in countries with different degrees of development, due to the differences in characteristics of the macroeconomic environment, presence of different entrepreneurial activity forms and so on. This paper examines the impact of different types of entrepreneurship (OEA, NEA; HEA) on economic growth through the comparative analysis of developed and developing countries. The aim of this study is to investigate the differences in economic effects of entrepreneurship based on opportunity and entrepreneurship based on necessity. Furthermore, the article should propose measures for encouragement of economic development to macroeconomic policy makers. The analysis includes descriptive statistics, correlation and regression methods. The analysis was carried out by using SPSS software on a sample of 22 countries in three years. It has been shown that the contribution of entrepreneurship to economic development is higher in developed countries in comparison to developing countries. The reason for that fact is the domination of HEA and OEA entrepreneurship whose importance for GDP growth is higher in relation to the importance of NEA which is predominant in developing countries.


economic growth, entrepreneurship, developed countries, developing countries.

Full Text:



Acs, Z.J., Audretsch, D.B., Braunerhjelm, P., Carlsson, B. (2012) Growth and entrepreneurship, Small Business Economics, Volume 39(2): 289-300.

Antoncic, B., Histrich, R. d. (2003) Clarifying the Intrapreneurship Concept, Journal of Small Business and Enterprise Development, Volume 10 (1): 7-24.

Aparicio, S., Urbano, D., Audretsch, D. (2015) Institutional factors, opportunity entrepreneurship and economic growth: Panel data evidence, Technological Forecasting & Social Change

Audretsch, D.B., Keilbach, M. (2004) Entrepreneurship and regional growth: An evolutionary interpretation, Journal of Evolutionary Economics, Volume 14 (5): 605-616.

Audretsch, D.B., Keilbach, M. (2005) Entrepreneurship capital and regional growth, The Annals of Regional Science, Volume 39(3): 457-469.

Audretsch, D.B., Bonte, W., Keilbach, M. (2008) Entrepreneurship capital and its impact on knowledge diffusion and economic performance, Journal of Business Venturing, Volume 23(6): 687-698.

Audretsch, D.B. (2007) Entrepreneurship capital and economic growth, Oxford Review of Economic Policy, Volume 23(1): 63-71.

Barringer, B. R., Bluedorn, A. C. (1999)The Relationship between Corporate Entrepreneurship and Strategic Management, Strategic Management Journal, Volume 20, 421-444.

Birkinshaw,M. (2003) The Paradox of Corporate Entrepreneurship, Strategy and Business, Volume 30 (spring), 46-58.

Burns, P. (2011),Entrepreneurship and small business,New York,Palgrave Macmillan

Bygrave, W.D.Financing Entrepreneurs and Their Business, Working paper presented at the First Annual Global Entrepreneurship Symposium, United Nations, 2003

Chamberlin, E. (1993), The Theory of Monopolistic Competition, Cambridge,MA: MIT Press

Cornelius, B., Landström, H., Persson, O. (2006)Entrepreneurial Studies:The Dynamic Research Front of a Developing Social

Science,Entrepreneurship Theory and Practice, Volume30 (3):375–398.

Covin, J.G., K.M. Green, D.P. Slevin. (2006) Strategic process effects on the entrepreneurial orientation-sales growth rate relationship, Entrepreneurship Theory and Practice, Volume 30(3): 57-82.

Cvetanović, S. (2005), Teorija privrednog razvoja, Niš,Ekonomski fakultet u Nišu

Glaeser, E., Kallal, H., Scheinkman, J., Shleifer, A. (1999) Growth in cities, Journal of Political Economy, Volume 100 (6): 1126-1152.

Leeds, R.S., Sunderland, J. (2003) Private Equity Investing in Emerging Markets, Journal of Applied Corporate Finance, Volume 15(4)

McMillian, J., Woodruff C. (2002) The Central Role of Entrepreneurs in Transition Economies, The Journal of Economic Perspectives, Volume 16(3): 153-170.

Megginson, W.L., Netter, J.M. (2011) From State to Market: A Survey of Empirical Studies on Privatization, Journal of Economic Literature, Volume 39(2): 321-89.

Minniti, M., Levesque, M.Entrepreneurial types and economic growth, Paper presented at the international conference on entrepreneurship in emerging regions, Hyderabad, India, December 5-7, 2006

North, D.C., Thomas, R.P. (1973), The Rise of the Western World: A New Economic History, Cambridge,U.K: University Press

Paunović, B. (2012),Preduzetništvo i upravljanje malim preduzećem, Beograd,Ekonomski fakultet

Pavlov, T., Jelačić, M., Jovanović, J., Milutinović, S.(2013), Preporuke za javne politike: Transnacionalno preduzetništvo i uloga države, Centar za migracije Grupe 484, Beograd, Institut društvenih nauka

Pšenični, V., Jakopin, E., Vukčević, Z., Ćorić, G. (2014) Dynamic Entrepreneurship – Generator of Sustainable Economic Growth and Competitiveness, Management, Volume 19(1): 61-92.

Rodrik, D. (2003) Introduction: what do we learn from country narratives? In: Rodrik, D. (Ed.), In Search of Prosperity: Analytic Narratives on Economic Growth. Princeton University Press, Princeton, NJ, pp. 1-19

Romer, P.M. (1990) Endogenous Technical Change, Journal of Political Economy, Volume 98 (5): 71-102.

Sabella, R.A., Farraj, A.W., Burgar, M., Qaimary, D. (2014) Entrepreneurship and economic growth in West Bank, Palestine, Journal of Developmental Entrepreneurship, Volume 19 (1): 1450003-1 – 1450003-15.

Shane, S. (2005), Economic Development through Entrepreneurship, Government, University and Business Linkages, Cheltenham,Edward Elgar

Shumpeter, J. (2013), Teorija privrednog razvoja, Beograd,Službeni glasnik

Sorin-George, T., Grigore, A., Marinescu, P. (2014). Economic development and entrepreneurship, Procedia Economics and Finance, Volume8: 436 – 443.

Stefanović, S., Ateljević, J., Ivanović-Đukić, M., Janković-Milić, V. Research of the basic preconditions for the growth of the entrepreneurial sector in Serbia, REDETE 2014 – Researching Economic Development and Entrepreneurship in Transition Economies, Banja Luka,april 2014

Suarez-Villa, L. (2000), Invention and the rise of technocapitalism, New York,Rowan & Littlefield

Tang, L., Koveos, P.E. (2004) Venture entrepreneurship, innovation entrepreneurship and economicgrowth, Journal of Developmental Entrepreneurship, Volume 9 (2): 161–171.

Urbano, D., Aparicio, S. (2015) Entrepreneurship capital types and economic growth: International evidence, Technological Forecasting & Social Change

Čučković, N., Bartlett, W. (2007) Entrepreneurship and Competitiveness: The Europeanisation of Small and Medium-sized Enterprise Policy in Croatia, Southeast European and Black Sea Studies, Volume 7(1): 37-56.

Valliere, D., Peterson, R. (2009) Entrepreneurship and economic growth: Evidence from emerging and developed countries, Entrepreneurship & Regional Development, Volume 21 (5-6): 459–480

van Steal, A., Carree, M., Thurik, R. (2004) The effect of entrepreneurship on national economic growth: An analysis using the GEM database, Discussion papers on entrepreneurship, growth and public policy, No. 3404. Jena: Max Planck Institute for Research into Economic Systems

Wennekers, S., Thurik, R. (1999) Linking Entrepreneurship and Economic Growth, Small Business Economics, Volume 13 (1): 27-55

Wiener, M. J.(1981), English Culture and the Decline of the Industrial Spirit 1850-1980,Cambridge, U.K.: Cambridge University Press

Wong, P.K., Ho, Y.P., Autio, E. (2005) Entrepreneurship, innovation and economic growth: Evidence from GEM data, Small Business Economics, Volume 24: 335-350.

Internet sajt Global Entrepreneurship Monitor – GEM, www.gemconsortium.org (13.06.2015.)

Internet sajt Word Bank, www.worldbank.org (15.06.2015.)


  • There are currently no refbacks.

ISSN 0354-4699 (Print)

ISSN 2406-050X (Online)