112
ABSTRACT
The objective of this study was to conduct a critical review of entrepreneurship in a global /
international context and to determine, based on empirical literature reviews whether it has
been an effective tool for economic growth. The study adopted the Systematic Quantitative As-
sessment Technique (SQAT) in identifying and reviewing peer reviewed journal articles, con-
ference papers and book chapters published between the period 2009-2019 which had empiri-
cally examined the link between entrepreneurship on a global basis and economic growth. The
study was categorized into three (3) geographical groups based on national income levels –
low income, medium income and high income countries which also correspond with their re-
spective levels of economic development. Based on the evidence and review thereon conducted
by this study, it was concluded that global entrepreneurship has been an effective tool for eco-
nomic growth and that the degree of effectiveness increases with national income levels or de-
gree of economic development.
Keywords: : : Global, international, entrepreneurship, economic growth, effec-
tiveness
Received: 13 February 2020;
Accepted: 29 April 2020;
Publish; June 2020.
How to Cite:
Egboga, I., Zubairu, U. (2020). How Effective Has Global Entrepreneurship Been As
A Tool For Economic Growth?. Journal of Business and Behavioural Entrepreneur-
ship, 4(1), 112-121. https://doi.org/10.21009/JOBBE.004.1.08
How Effective Has Global Entrepreneurship Been As A Tool
For Economic Growth?
Ike Egboga
Nile University of Nigeria
Email: ikegboga@gmail.com
Umaru Zubairu
Federal University of Technology Minna
Email: uzubairu@gmail.com
113
INTRODUCTION
The socio-economic development of nations and regions is dependent on their
ability to compete in the global market place, their capacity for wealth generation, job
creation and social welfare for the citizenry in a sustainable manner (Farinha, et al.,
2018; Morozova, et al., 2019; Tunali and Sener, 2019). Entrepreneurship is deemed as
a very popular concept in development economics in achieving this objective and has
long been viewed as a tool for enhancing economic growth, competitiveness and job
creation even in difficult times (Audrestch, 2018; Urbano et al., 2019; He, et al.,
2019). It has come to be regarded as a tool for economic growth and creating jobs oth-
erwise perceived to be threatened by globalization (Prashantham and Eranov, 2018;
Ausdrestch, 2019; Morozova, et al., 2019). Although globalization is generally seen as
threat to the creation of new jobs and the sustenance of existing ones, it is also an ena-
bler of vital entrepreneurship activities and outcomes (Ferreira et al., 2017; Prashan-
tham and Eranova, 2018; He et al., 2019). The push to take entrepreneurship to global
level can be due to the creation of global products and services, global market access,
strategic resources and sourcing access. Consequently, entrepreneurship driven activi-
ties is embedded in a global economy and needs to be treated as a mobile resource
across national boundaries (Coulibaly et al., 2017; Bosma and Kelly, 2019; Ngo and
Igwe, 2019). The contemporary economic policy approach is the development of en-
trepreneurs with focus on globalization and technology (Audretsch, 2018; Aydogan
and Sevencen, 2018; Ermal et al., 2018).
It is, therefore, very important to view the two concepts of entrepreneurship and
globalization in a holistic manner. It is this integration that has given rise to global en-
trepreneurship as the area of interest in this study. Global entrepreneurship is about
entrepreneurs developing a global mindset for the internationalization of their activi-
ties and outputs (Kyvic, 2018, Eduardo, 2018). A global mindset is very important
due to increasingly declining local markets and resources coupled with very strong
global competition. Consequently, new entrepreneurial organizations that are able to
thrive in global markets will enhance national competitiveness, serve as a means of
overcoming the effects of global economic crisis and also of avoiding future crisis that
could hamper economic growth (Perenyi and Losoncz, 2018; Prashantham et al., 2018;
Morozova, et al.,2019).
A country’s economic growth can be measured in terms of an increasing gross
domestic product (GDP) per capita, improvement in competitive index in the global
market place and an increasing capacity for wealth and employment creation (Farinha,
et al., 2018; Morozova, et al., 2019; Tunali and Sener, 2019). Empirical studies to
quantify the impact of global entrepreneurship on economic growth are surprisingly
few and in particular, global entrepreneurship is a relatively emerging area of study in
the academic field (Guo and Jiang, 2019; Bosma et al., 2018). It involves the discov-
ery, evaluation and exploitation of various opportunities (cross-cultural, cross-national
and cross-disciplinary) across national boundaries with a view to using them to create
goods and services that will improve global competitiveness and also the lowering of
regional and national barriers in order to facilitate the movement of goods and services
within regions and across national borders (Eduardo, 2018; Guo and Jiang, 2019).
We have seen from the above contributions that global entrepreneurship is a tool
for economic growth. How effective this tool has been is the central research question
that this study seeks to answer. Effectiveness refers to successfully creating, capturing
and sustaining an intended or desired result or benefit (Cambridge dictionary, 2019;
Oxford dictionary, 2019). Accordingly, the objectives of this study are to review the
Egboga, I., Zubairu, U. (2020).
Journal of Business and Behavioural Entrepreneurship Volume 4 Number 1 2020 p (112-121)
How Effective Has Global Entrepreneurship Been As A Tool For Economic Growth?
https://doi.org/10.21009/JOBBE.004.1.08
114
empirical evidences linking global entrepreneurship to economic growth and to deter-
mine how effective global entrepreneurship has been in creating, capturing and sus-
taining the desired result or benefit in terms of economic growth. To arrive at this con-
clusion, 50 articles from journal publications, conference materials and book chapters
(42 peer reviewed and 8 others) addressing global entrepreneurship and economic
growth were downloaded, reviewed and discussed. From the results of these reviews,
the empirically determined effects of global entrepreneurship on economic growth
were identified and used as the basis for concluding on the critical research question.
RESEARCH METHOD
To carry out an effective critical review, this study adopted the “Systematic
Quantitative Assessment Technique” (SQAT) developed by Pickering & Byrne
(2013). SQAT applies a systematic approach in the assessment of papers for inclusion
or otherwise in the critical review process and seeks to maintain a very high quality of
papers by focusing only on peer reviewed original journal publications (Pickering &
Byrne, 2013). It has been found to be a logical, simple, reliable and easy to replicate
method of assessing the current status of a field of research (Pickering & Byrne, 2013).
Table 1:
Table 1 above gives a summary of the five important steps recommended by SQAT for
the conduct of an effective review and how they have been applied in this study. It
shows the topic of study, the central research question and how the relevant materials
were obtained and assessed ensuring that potential biases are minimized using these
clearly articulated steps.
Given the limited peer reviewed articles on the research question within the review
period, journal articles have been augmented with conference materials and book
S/N Step Application in this study
1 Define topic Global entrepreneurship and economic growth
2 Formulate research ques-
tion
One central research question:
How effective has global entrepreneurship been as a
tool for economic growth?
3 Identify key words global, entrepreneurship, economic growth
4 Identify and search data
bases
12 data bases were utilized as follows:
Emerald; Elsevier; Sage; Springer; Taylor &
Francis; Wiley; Cambridge; Jstor; Oxford;
Inderscience; Ingenta and Heinonline journals.
2.“All in title” search using “global”
“entrepreneurship”+“economic growth” and
“international” “entrepreneurship” “economic
growth”
5 Read and assess publica-
tions
Read abstract of papers found to ensure that they
are dealing with entrepreneurship (at global
or international level) and economic growth.
Relevant book chapters and conference materials
from the above databases were also included.
Egboga, I., Zubairu, U. (2020).
Journal of Business and Behavioural Entrepreneurship Volume 4 Number 1 2020 p (112-121)
How Effective Has Global Entrepreneurship Been As A Tool For Economic Growth?
https://doi.org/10.21009/JOBBE.004.1.08
115
chapters from the same databases, a few articles from outside the databases on empiri-
cal evidence and also publication from the Global Entrepreneurship Monitor (GEM) in
order to highlight relevant trends in global entrepreneurship. The search outcome is
given in table 2 below.
Table 2: Outcome of the search for articles
RESULTS AND DISCUSSIONS
The first part of this section gives an overview of the link between global entre-
preneurship and economic growth, the results of the various empirical studies carried
out by scholars on this link and discussions thereon. The second part provides an over-
view on the effectiveness of global entrepreneurship. The analysis of these two in
combination provided this study with the answer to our central research question on
how effective global entrepreneurship has been as a tool for economic growth.
Linking global entrepreneurship to economic growth
Global entrepreneurship as a discipline lies at the junction of entrepreneurship
and international business and is regarded as a major contributor to economic growth
(Ng and Kee, 2017; Perenyi and Losoncz, 2018). It is basically a cross border invest-
ment for the acquisition of specialized human and material resources and assets to cre-
ate and capture value for an enterprise (Eduardo, 2018).
It is mainly facilitated and occasioned by the entry of small and medium enter-
prises (SME’s) into foreign markets taking advantage of global market integration and
Database Peer reviewed
journal articles
Conference
materials
Relevant book
chapters
Total
Emerald
5 - 3 8
Elsevier 6 1 - 7
Sage 2 - - 2
Springer 12 1 2 15
Taylor & Fran-
cis
3 - - 3
Wiley 1 - - 1
Cambridge - - 1 1
JSTOR 1 - - 1
Oxford 2 - 1 3
Inderscience 1 - - 1
Ingenta - - - -
Heinonline - - - -
33 2 7 42
Other sources 6 - 2 8
Total 39 2 9 50
Egboga, I., Zubairu, U. (2020).
Journal of Business and Behavioural Entrepreneurship Volume 4 Number 1 2020 p (112-121)
How Effective Has Global Entrepreneurship Been As A Tool For Economic Growth?
https://doi.org/10.21009/JOBBE.004.1.08
116
globalization (Perenyi and Losoncz, 2018). Economic growth according to Schumpet-
er (1934) has its base on innovations (new products, new production processes, new
sources of raw materials and new organizational structures) and innovations are sought
after and implemented by entrepreneurial initiatives (Farinha et al., 2018). These initi-
atives inclusive of the foreign components increase both productivity and number of
new firms which plays a major role in job creation and economic growth (Farinha et
al., 2018).
A lot of empirical studies have been done to confirm the positive relationship
between global entrepreneurship and economic growth but the extent of the relation-
ship is not yet generally agreed (Content et al., 2019). This study reviewed 25 (20 from
the specified database and 5 from other sources) different empirical studies conducted
from 2009 to 2019 on the link between global or international entrepreneurship and
economic growth.
The discussion of the above results will be done along the lines of geographical
scope given that all the empirical studies as listed above categorized their findings
along those lines, that is, low income (LI), middle income (MI) and high income (HI)
countries. According to the World Bank report as at July 1 2019, the LI countries have
Gross National Income (GNI) per capital of $1,025 or less; the MI countries have GNI
per capita of $1,026 - $12,375 and the HI countries have GNI per capita of above
$12,375. This definition has been adopted by the Global Entrepreneurship Monitor
(Bosma and Kelly, 2019) but noting that there is a thin line between the LI economies
and those on the Lower MI range.
Low Income (LI) countries
These are mainly countries in sub-Sahara Africa and Middle East. Out of the 25
empirical studies conducted between 2009 and 2019, only ten related to these groups
of countries indicating that there is still so much research gap within this scope. Two
of the studies (Doran et al., 2018; Ivanovic-Djukic et al., 2018) indicated that there is a
negative or no significant effect of global entrepreneurship on economic growth. The
other eight empirical studies indicated a positive effect but three of them (Ermal et al.,
2018; Prieger et al., 2016; Aydogan and Sevencen, 2018) concluded that the effect of
global entrepreneurship on economic growth progressively decreases from HI to LI
countries, that is, the effect is dependent on a country’s level of development. This is
in agreement with earlier empirical studies by Korez-Vide and Tominic (2016) which
determined that entrepreneurial activities support economic growth only to the extent
of a favorable broader business environment. Because of less favorable business envi-
ronment in LI countries, there is a lesser rate of economic growth despite the fact that
they have more entrepreneurial activities (Prieger et al., 2016) and the highest level of
global entrepreneurship (Bosma and Kelly, 2019). Many factors have been adduced for
this phenomenon including poor educational and technological levels. Training and
schooling tends to increase both absorptive and technological capacity which increases
innovative capacity and technologically enhanced entrepreneurship which is the engine
for economic growth (Aydogan and Sevencen, 2018).
Middle Income Countries
These are mainly countries in Lain America and the Caribbean; East and South
Asia and Eastern Europe. Although the GNI per capita ranges from $1,026to $12,365,
there is a further division into lower MI ($1,026 - $3,995) and upper MI ($3,996 -
Egboga, I., Zubairu, U. (2020).
Journal of Business and Behavioural Entrepreneurship Volume 4 Number 1 2020 p (112-121)
How Effective Has Global Entrepreneurship Been As A Tool For Economic Growth?
https://doi.org/10.21009/JOBBE.004.1.08
117
$12,365). The lower MI economies fall in and out of LI depending on the measure-
ment date. Out of the 25 empirical studies analysed, 21 related to these groups of coun-
tries. Out of the 21, only two (Doran et al., 2018; Korez-Vide and Tominic, 2016) indi-
cated that global entrepreneurship has a negative or no effect on economic growth. The
other nineteen were positive that global entrepreneurship has effect on economic
growth but as in the case of the LI countries, the extent of the effect is dependent on
the country’s level of development (Aydogan and Sevencen, 2018). Entrepreneurial
activities are higher here than in HI countries but with lesser corresponding economic
growth (Sautet, 2011).
High Income Countries
These are mainly countries in Europe and North America and some of Latin
America, Middle East and Asia. They have GNI per capital above $12,365. Out of the
25 empirical studies analysed, 20 related to these group of countries. Only 1 out of the
20 (Korez-Vide &Tominic, 2016) indicated that global entrepreneurship has no effect
on economic growth while the other 19 were positive that there is an effect. The stud-
ies also confirmed that the effect of global entrepreneurship on economic growth in HI
countries is higher than in the MI and LI countries (Sautet, 2011; Aydogan and Seven-
cen, 2018; Ermal, et al., 2018). This follows their higher level of educational and tech-
nological development and their more favorable broader business environment (Korez-
Vide and Tominic, 2016). It is an established fact that entrepreneurship in economies
with highest level of knowledge and technological development present higher eco-
nomic growth (Rico and Cabrer-Borras, 2019) because they are more innovative, glob-
alised and growth focused than those of MI and LI economies (Doran et al., 2018).
Based on the empirical evidence provided by the results of this study linking
global entrepreneurship to economic growth in part one of this section and the various
other literature confirming the effectiveness of global entrepreneurship in part two of
this section, this study positively affirms the central research question that global en-
trepreneurship has been an effective tool for economic growth.
Recommendations
A lot more empirical research is required in this emerging discipline of entrepre-
neurship in a global context and should be encouraged by both practitioners and vari-
ous governments and research institutions with a view to generating relevant public
policies that will encourage and facilitate global entrepreneurial activity given its es-
tablished link to economic growth. It will also generate the various theoretical lens re-
quired to better define the domain of the discipline.
It is very important for the research community to understand how and why en-
trepreneurship in the global context differs across countries, regions and continents.
Accordingly, more research covering a broader perspective should be conducted in the
LI and lower MI countries to better understand the plurality of business cultures and
environments with a view to generating policies that can narrow the gap in their eco-
nomic growth relative to the HI countries.
Based on the findings of this study, researchers and practitioners should collabo-
rate to fully understand and document the technological, governance and other changes
required to positively transform entrepreneurship and innovation activities in a global
context. This will help to avoid the present situation where modern global entrepre-
neurship is developing in an uncoordinated manner.
Egboga, I., Zubairu, U. (2020).
Journal of Business and Behavioural Entrepreneurship Volume 4 Number 1 2020 p (112-121)
How Effective Has Global Entrepreneurship Been As A Tool For Economic Growth?
https://doi.org/10.21009/JOBBE.004.1.08
118
To the extent that LI and lower MI countries’ entrepreneurial activities do not
yield the desired economic growth due to a less favourable business environment, this
study recommends policy makers should endeavor to create a more favourable busi-
ness environment to enhance economic growth. This can be done through improved
infrastructural development, human and financial capital development, appropriate
trade policies, good quality standards, elimination of corruption and of all restrictive
government policies that are inimical to entrepreneurship in these countries.
One of the reasons why entrepreneurial activities in LI and MI countries do not
translate to economic growth as much as in HI countries is not doing the right type that
counts in GNI computation. Accordingly, the study proposes that governments in LI
and MI countries should create the necessary awareness and promote an entrepreneuri-
al culture of the right kind. Ensuring access of their adult population to basic techno-
logical skills, information and specialized knowledge relating to global entrepreneur-
ship through learning programs is highly recommended if their entrepreneurial activi-
ties must become fully effective as a tool for economic growth.
CONCLUSION
A lot more empirical research is required in this emerging discipline of
entrepreneurship in a global context and should be encouraged by both practitioners
and various governments and research institutions with a view to generating relevant
public policies that will encourage and facilitate global entrepreneurial activity given
its established link to economic growth. It will also generate the various theoretical
lens required to better define the domain of the discipline.
It is very important for the research community to understand how and why
entrepreneurship in the global context differs across countries, regions and continents.
Accordingly, more research covering a broader perspective should be conducted in the
LI and lower MI countries to better understand the plurality of business cultures and
environments with a view to generating policies that can narrow the gap in their
economic growth relative to the HI countries.
Based on the findings of this study, researchers and practitioners should
collaborate to fully understand and document the technological, governance and other
changes required to positively transform entrepreneurship and innovation activities in
a global context. This will help to avoid the present situation where modern global
entrepreneurship is developing in an uncoordinated manner.
To the extent that LI and lower MI countries’ entrepreneurial activities do not
yield the desired economic growth due to a less favourable business environment, this
study recommends policy makers should endeavor to create a more favourable
business environment to enhance economic growth. This can be done through
improved infrastructural development, human and financial capital development,
appropriate trade policies, good quality standards, elimination of corruption and of all
restrictive government policies that are inimical to entrepreneurship in these countries.
One of the reasons why entrepreneurial activities in LI and MI countries do not
translate to economic growth as much as in HI countries is not doing the right type that
counts in GNI computation. Accordingly, the study proposes that governments in LI
and MI countries should create the necessary awareness and promote an
entrepreneurial culture of the right kind. Ensuring access of their adult population to
basic technological skills, information and specialized knowledge relating to global
entrepreneurship through learning programs is highly recommended if their
entrepreneurial activities must become fully effective as a tool for economic growth.
Egboga, I., Zubairu, U. (2020).
Journal of Business and Behavioural Entrepreneurship Volume 4 Number 1 2020 p (112-121)
How Effective Has Global Entrepreneurship Been As A Tool For Economic Growth?
https://doi.org/10.21009/JOBBE.004.1.08
119
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