DOI: 10.28934/jwee19.12.pp1-16 JEL: O11, M13 ORIGINAL SCIENTIFIC PAPER An Analysis of the Development of Entrepreneurship in the Republic of Serbia with a Special Focus on Female Entrepreneurship Jelena Petrović1 University of Niš, Faculty of Science and Mathematics, Niš, Serbia Snežana Radukić2 University of Niš, Faculty of Economics, Niš, Serbia A B S T R A C T Entrepreneurship is a significant factor of the economic development of de- veloped and transition countries. In the literature, special attention is paid to the entrepreneurship development and its impact on the economic growth and econom- ic development of the transition countries. However, insufficient attention is paid to economic growth as a factor of the entrepreneurship development in transition countries. The purpose of the paper is to analyze the impact of economic growth on the entrepreneurship development in the Republic of Serbia and its regions. The results indicated that there is a statistically significant negative correlation be- tween the gross domestic product (GDP) and the number of entrepreneurs as well as between GDP per capita and the number of entrepreneurs in the Republic of Serbia. Also, the results indicated that GDP per capita has a significant impact on the development of female entrepreneurship in the Republic of Serbia. 1 Address: Višegradska 33, 18000 Niš, Republic of Serbia, e-mail: jelena25@pmf.ni.ac.rs, tel. +381 63 113 27 68, 1979 2 Address: Trg kralja Aleksandra 11, 18000 Niš, Republic of Serbia, e-mail: snezana.radukic@eknfak.ni.ac.rs, tel. +381 64 149 48 00 2 Journal of Women’s Entrepreneurship and Education (2019, No. 1-2, 1-16) KEY WORDS: Entrepreneurship, female entrepreneurship, economic growth, correlation analysis, regression analysis, Republic of Serbia Introduction Fast-growing enterprises or dynamic enterprises are a propeller for the development of the economy. Dynamic companies use their resources more efficiently on the market, increase their employment and quickly respond to market signals by making appropriate business decisions. The entrepreneurial process is one of the key factors in the economic development of the country/region (Toma, Grigore & Marinescu, 2013). At today's level of development, economic development and entrepreneurship become strongly interconnected. Lately, there is a growing interest in the concepts of economic development and entrepreneurship in the literature (Acs, Szerb & Autio, 2013; Szirmai, Naudé & Goedhuys, 2011; Caree & Thurik, 2010; Wennekers, van Stel, Carree & Thurik, 2009). Economic experts have abandoned the traditional approach that eco- nomic development is based on the business of large companies, but small and medium-sized enterprises are considered to be bearers of development in the present time. It is stated that entrepreneurship is a key mechanism for improving economic development, increasing the number of jobs and per capita income (Shane, 2005). “Entrepreneurs need access to resources and markets to succeed, and this is where national policies play a vital role” (Kressel & Lento, 2012, p. 6). In the Republic of Serbia, the number of small and medium-sized en- terprises increases, as well as their participation in GDP of Serbia. The en- trepreneurial sector in Serbia contributes only 1/3 of GDP: in 2017 there were about 242 thousand entrepreneurs, and the largest number in the region of Šumadija and Western Serbia, and then in the Belgrade region (Statistical Yearbook, 2018). Encouraging the development of dynamic entrepreneur- ship is a development opportunity for Serbia. Primary tasks should be to create a stimulating environment, as well as to solve the key developmental problems of the enterprises in the growth and development phase. The research presented in this paper is aimed at examining the dynam- ics of entrepreneurship in Serbia. The aim of the research in dynamic entre- preneurship is to test the primary hypothesis that the economic growth af- fects on entrepreneurship development. In the first part of the paper a short overview of literature will be given, which points to the importance of inter- Petrović, J., et al., Entrepreneurship in the RS, JWEE (2019, No. 1-2, 1-16) 3 dependence between entrepreneurship development and economic growth. In the second part of the paper, after the explanation of the models and data, the discussion of the obtained results is followed, as well as recommenda- tions for improving the entrepreneurial sector in Serbia from the point of view of the region and gender. The main goals of the paper are: 1) analysis of the entrepreneurship de- velopment in the Republic of Serbia during the 21st century – total, male and female; 2) analysis of the entrepreneurship development in the regions in the Republic of Serbia; 3) analysis of the interdependence between GDP and the entrepreneurship development in the Republic of Serbia; 4) analysis of the interdependence between GDP per capita and the entrepreneurship development in the Republic of Serbia; 5) analysis of the impact of GDP per capita on the development of female entrepreneurship in the Republic of Serbia; and 6) analysis of interdependence between GDP per capita and the entrepreneurship development in regions of Republic of Serbia. Literature Review In recent decades, increasing attention has been focused on the analysis of the entrepreneurship development in transition countries (Smallbone & Welter, 2006; 2009), examining the limiting factors of entrepreneurship development in these countries. The entrepreneurship development repre- sents a function of its environment (Morris, 1998), i.e. internal environment as well as the external environment. The institutional environment is identi- fied as one of limiting factors for the entrepreneurship development in tran- sition countries. During the XXI century, special attention is focused on female entre- preneurship (Delmar, 2003; Marlaw, Coletle & Carter, 2009; Ruminska- Zimny, 2002; Ward & Pampel, 1985). Researchers point to the characteris- tics of female entrepreneurs in relation to male entrepreneurs (Watson, 2002; Welter, Smallbone, Isakova, Aculai & Schakirova, 2004). In the liter- ature, special attention is devoted to the analysis of informal institutions that represent a significant factor of the development of female entrepreneurship, especially in transition countries and developing countries. Norms and a value system that is accepted and adopted during the period of central plan- ning are difficult to change (Williams & Vorley, 2015). Although women in transition countries face similar problems, they have a different position in society in different transition countries (Aidis, Welter, Smallbone & Isa- 4 Journal of Women’s Entrepreneurship and Education (2019, No. 1-2, 1-16) kova, 2007). The different position in society affects on the development of female entrepreneurship. In the literature, special attention was paid to the influence of informal institutions on female entrepreneurship while analysis of the influence of economic factors on female entrepreneurship is rare, es- pecially in the case of transition countries (Petrović & Radukić, 2015; Pe- trović & Radukić, 2018). Researches look on the entrepreneurship as an engine of economic de- velopment and economic growth (Omoruyi, Olamide, Gomolemo & Don- ath, 2017). Entrepreneurship represents a critical factor for the transforming economy from central planning to a market economy. Based on the link between entrepreneurship and economic growth and development, Faggio and Silva (2014, p. 81) point out that entrepreneurship is “a critical ingredient in determining” of economic growth and economic development. Researches point out 13 significant roles of entrepreneurs (Hebert & Link, 1989; Dijk & Thurik, 1995). From the viewpoint of the influence of entrepreneurship on economic growth can be stand out the fol- lowing rolls: ″new entry”, i.e. the entrepreneur as creator, organizer and operator of a new business; and “newness”, i.e. the entrepreneur as creator of innovation (Wennekers & Thurik, 1999). Acs and Amoros (2008) indi- cate that linking between entrepreneurial dynamic and economic growth depending on economic and social situation of the country. The results of their research show that low and middle income countries record a high rate of entrepreneurial activity because the entrepreneurship is the only source of employment for the most population in those countries. Several researches show a negative influence of economic growth on the entrepreneurship development. These researches were carried out in the 1970s and 1980s, when countries recorded a low level of per capita income (Schultz, 1990; Bregger, 1996). Research carried out at the end of the last century and the beginning of this century points to a positive relationship between per capita income and entrepreneurial activity, because the ob- served countries recorded a higher level of income per capita (Storey, 1999; Carree, van Stel, Thurik & Wennekers, 2002). Carree, van Stel, Thurik and Wennekers (2002) and Wennekers, van Stel, Thurik and Reynolds (2005) pointed out that there is a U-shaped relationship between entrepreneurial activity and per capita income. However, the literature does not pay special attention to analysis the relationship between entrepreneurial activity and economic growth in transition countries. This analysis is the subject of re- search in this paper. Petrović, J., et al., Entrepreneurship in the RS, JWEE (2019, No. 1-2, 1-16) 5 Methodology The following methods were used in the paper: correlation and regres- sion analysis. The correlation analysis enabled the analysis of the interde- pendence between the number of entrepreneurs and the GDP in the Republic of Serbia, as well as the analysis of the interdependence between the number of entrepreneurs and the GDP per capita in the Republic of Serbia and its regions. In order to quantify the impact of economic growth on the devel- opment of female entrepreneurship in the Republic of Serbia, the regression analysis is applied in the paper. The research will use the official data of the Statistical Office of the Republic of Serbia on the number of entrepreneurs towards the sex and region in the Republic of Serbia. Bearing in mind that the Republic of Serbia is a country of delayed transition it is assumed that has not yet exceeds a certain level or turning point of GDP per capita. After GDP per capita will exceed a turning point, it turns to increase of the number of entrepreneurs as GDP per capita increase. The hypotheses to be tested in this study are the following: H1: There is a negative correlation between the number of entrepre- neurs and GDP per capita in Republic of Serbia; H2: There is a significant impact of economic growth on female entre- preneurship; H3: There is a negative correlation between the number of entrepre- neurs and GDP per capita all regions in Republic of Serbia. Data – Analysis of Economic Growth and Entrepreneurial Activity in Republic of Serbia Table 1 presents dynamic of GDP and GDP per capita for the observed period. The highest gross domestic product (GDP) measured by dinars was recorded in 2017, while the lowest GDP was recorded 2007. The same sit- uation is with GDP per capita measured by dinars. The observed variables show continuous growth in the observed period. 6 Journal of Women’s Entrepreneurship and Education (2019, No. 1-2, 1-16) Table 1: GDP and GDP per capita Year GDP (mil. RSD) GDP per capita (RSD) GDP (mil. EUR) GDP per capita (EUR) 2005 1747459 334849 21077 2833 2006 2042048 275522 24255 3273 2007 2302214 311886 28785 3900 2008 2722461 370392 33418 4547 2009 2815000 371555 28952 3955 2010 2881891 395243 27968 3836 2011 3208620 443541 31472 4351 2012 3584236 465155 29601 4112 2013 3876403 540902 34263 4781 2014 3908470 548035 33319 4672 2015 4043468 569873 35716 5034 2016 4261927 603816 36723 5203 2017 4754368 677178 39183 5581 Source: Statistical Office of the Republic of Serbia, http://www.stat.gov.rs/sr-latn/ But, if we observed GDP measured by the euro, it can be concluded that GDP decreased 2009 and 2010 which is a consequence the economic crisis. The same situation is when we observe GDP per capita measured by the euro. Table 2: Regional GDP Year GDP (in mil. din) GDP per capita (thousand din) Belgrade region Region of Vojvodina Region of Šumadija and Western Serbia Region of Southern and East- ern Ser- bia Belgrade region Region of Vojvodina Region of Šumadija and Western Serbia Region of Southern and East- ern Ser- bia 2009 1124565 720301 563734 406400 690 366 275 243 2010 1152005 748673 562911 418302 703 382 276 253 2011 1271691 859808 610143 466979 772 442 301 285 2012 1422963 973800 682067 502719 855 507 338 315 2013 1546620 1055270 731466 540461 926 552 365 342 2014 1514166 1070479 770165 551050 904 563 387 352 2015 1590947 1060389 809774 579655 947 561 374 374 2016 1696449 1117298 843022 602511 1007 594 392 392 Source: Statistical Office of the Republic of Serbia, http://www.stat.gov.rs/sr-latn/ http://www.stat.gov.rs/sr-latn/ http://www.stat.gov.rs/sr-latn/ Petrović, J., et al., Entrepreneurship in the RS, JWEE (2019, No. 1-2, 1-16) 7 The highest GDP per capita recorded in Belgrade region and the lowest in Region of Southern and Eastern Serbia. Although, observed regions rec- orded the continuous growth of GDP per capita, data indicate that regional gap is increased. About 40% of the GDP of Republic Serbia is realized in the Belgrade region and only 14% in Region of Southern and Eastern Ser- bia. Table 3 presents the development of entrepreneurship and female en- trepreneurship in Republic of Serbia in the XXI century. The data indicate that the highest number of entrepreneurs as well as female and male entre- preneurs recorded in 2008. From 2008 to 2015, the number of entrepreneurs has decreased. The number of female entrepreneurs has decreased from 2009 to 2014. Table 3: Entrepreneurs, male and female entrepreneurs Year Number of entrepreneurs Number of female entrepreneurs Number of male entrepreneurs 2005 522493 226939 295554 2006 553877 236664 317213 2007 569494 241992 327502 2008 571019 242739 328280 2009 492293 209391 282902 2010 441138 185901 255237 2011 403246 176471 226775 2012 385934 170884 215050 2013 377081 166312 210769 2014 373855 166091 207764 2015 308863 -1 2016 323313 - 2017 342457 - 1 - For the period of 2015 to 2017, data about female entrepreneurs in Republic of Serbia do not exist on the site of Statistical Office of the Republic of Serbia. Source: Statistical Office of the Republic of Serbia, http://www.stat.gov.rs/sr-latn/ http://www.stat.gov.rs/sr-latn/ 8 Journal of Women’s Entrepreneurship and Education (2019, No. 1-2, 1-16) Table 4: Entrepreneurs in regions in Republic of Serbia Year Belgrade Region Region of Vojvodina Region of Šumadija and Western Serbia Region of Southern and Eastern Serbia 2005 142852 144018 143605 92018 2006 158726 147154 147222 100776 2007 162842 155632 151203 99823 2008 162630 157415 151258 99716 2009 140268 135561 130459 86005 2010 127795 121600 115981 75768 2011 115702 106172 110118 71256 2012 98101 96892 112819 78122 2013 90820 96551 112392 77319 2014 89270 98248 110493 75844 2015 69976 80119 94482 64286 2016 73581 82749 99387 67596 2017 79459 87135 105051 70813 Source: Statistical Office of the Republic of Serbia, http://www.stat.gov.rs/sr-latn/ The highest number of entrepreneurs recorded in Region of Šumadija and Western Serbia and the lowest number of entrepreneurs recorded in Region of Southern and Eastern Serbia. The number of entrepreneurs rec- orded the increase in all regions except in Region of Southern and Eastern Serbia in the period of 2005 to 2008. Those regions recorded decrease of the number of entrepreneurs from 2009 to 2015. In 2016 and 2017, all regions recorded increase of the number of entrepreneurs. Results and Discussion Results of correlation analysis have confirmed the hypothesis H1 point- ing out that there the negative significant correlation between GDP per capi- ta and number of entrepreneurs. The same time, the results of correlation analysis indicate that there the negative significant correlation between GDP and number of entrepreneurs; between GDP and number of female entrepre- neurs and between GDP per capita and number of female entrepreneurs. From the viewpoint of relationship between GDP per capita and entrepre- neurs, it can be concluded that the relationship between GDP per capita and http://www.stat.gov.rs/sr-latn/ Petrović, J., et al., Entrepreneurship in the RS, JWEE (2019, No. 1-2, 1-16) 9 the number of male entrepreneurs is stronger than between GDP per capita and number of female entrepreneurs. The results show that Serbia has not exceed the level of GDP per capita, where increase of GDP per capita would contribute to the increase in the number of entrepreneurs. Table 5: Independence between GDP, GDP per capita, number of entrepre- neurs and number of female entrepreneurs GDP (mil. din) GDP per capita (thousand din.) Entrepreneurs Female entre-preneurs Male entre- preneurs GDP (mil.din) Pearson Correlation 1 .973 ** -.902** -.870** -.863** Sig. (2- tailed) .000 .000 .001 .001 N 13 13 13 10 10 GDP per capita (thou- sand din) Pearson Correlation .973 ** 1 -.914** -.896** -.909** Sig. (2- tailed) .000 .000 .000 .000 N 13 13 13 10 10 Entrepreneurs Pearson Correlation - .902** -.914 ** 1 .997** .999** Sig. (2- tailed) .000 .000 .000 .000 N 13 13 13 10 10 Female entre- preneurs Pearson Correlation - .870** -.896 ** .997** 1 .993** Sig. (2- tailed) .001 .000 .000 .000 N 10 10 10 10 10 Male entre- preneurs Pearson Correlation - .863** -.909 ** .999** .993** 1 Sig. (2- tailed) .001 .000 .000 .000 N 10 10 10 10 10 **. Correlation is significant at the 0.01 level (2-tailed). Source: Prepared by the authors (SPSS Statistics 19) The results of regression analysis, i.e. the impact of GDP per capita on development of female entrepreneurship are given in Table 6. The value of the observed regression coefficient is statistically significant because the Sig. value is less than 0.01. The hypothesis H2 is supported. 10 Journal of Women’s Entrepreneurship and Education (2019, No. 1-2, 1-16) Table 6: The value of regression coefficients – influence of the GDP per capita on the development of female entrepreneurship Model R R Square Adjusted R Square Std. Error of the Estimate Sig. 1 .896a .803 .779 15351.29187 .000 a. Predictors: (Constant), GDP per capita b. Dependent Variable: number of female entrepreneurs Source: Prepared by the authors (SPSS Statistics 19) Table 7: Interdependence between GDP per capita and number of entrepre- neurs in Belgrade region GDP per capita Entrepreneurs GDP per capita Pearson Correlation 1 -.973** Sig. (2-tailed) .000 N 8 8 Entrepreneurs Pearson Correlation -.973** 1 Sig. (2-tailed) .000 N 8 8 **. Correlation is significant at the 0.01 level (2-tailed). Source: Prepared by the authors (SPSS Statistics 19) On the basis of the value of Sig. in Table 7 it can be concluded that there is a statistically significant relationship between the GDP per capita and number of entrepreneurs in Belgrade region. The results of analysis in- dicate that is negative correlation between observed variables i.e. with the increase in GDP per capita, the number of entrepreneurs is decreasing. Table 8: Interdependence between GDP per capita and number of entrepre- neurs in Region of Vojvodina GDP per capita Entrepreneurs GDP per capita Pearson Correlation 1 -.931** Sig. (2-tailed) .001 N 8 8 Petrović, J., et al., Entrepreneurship in the RS, JWEE (2019, No. 1-2, 1-16) 11 GDP per capita Entrepreneurs Entrepreneurs Pearson Correlation -.931** 1 Sig. (2-tailed) .001 N 8 8 **. Correlation is significant at the 0.01 level (2-tailed). Source: Prepared by the authors (SPSS Statistics 19) Results of correlation analysis have shown that there is statistically sig- nificant negative correlation between the GDP per capita and number of entrepreneurs in Region of Vojvodina since the value of Sig. is not less than 0.01, as indicated in Table 8. We can determine that hypothesis H1 is con- firmed. Table 9: Interdependence between GDP per capita and number of entrepre- neurs in Region of Šumadija and Western Serbia GDP per capita Entrepreneurs GDP per capita Pearson Correlation 1 -.738* Sig. (2-tailed) .037 N 8 8 Entrepreneurs Pearson Correlation -.738* 1 Sig. (2-tailed) .037 N 8 8 *. Correlation is significant at the 0.05 level (2-tailed). Source: Prepared by the authors (SPSS Statistics 19) Results of correlation analysis have shown that there is statistically sig- nificant negative correlation between the GDP per capita and number of entrepreneurs in Region of Šumadija and Western Serbia since the value of Sig. is not less than 0.01, as indicated in Table 8. 12 Journal of Women’s Entrepreneurship and Education (2019, No. 1-2, 1-16) Table 10: Interdependence between GDP per capita and number of entre- preneurs in Region of Southern and Eastern Serbia GDP per capita Entrepreneurs GDP per capita Pearson Correlation 1 -.698 Sig. (2-tailed) .054 N 8 8 Entrepreneurs Pearson Correlation -.698 1 Sig. (2-tailed) .054 N 8 8 Source: Prepared by the authors (SPSS Statistics 19) On the basis of the value of Sig. in Table 10 it can be concluded that there is no statistically significant relationship between the GDP per capita and number of entrepreneurs in Region of Southern and Eastern Serbia. We can determine that hypothesis H3 is not confirmed. The results of correlation analyzes indicate that the highest statistically significant negative correlation between the observed variable is recorded in Belgrade region. Based on the results of the research it can be concluded that no region has reached the level of GDP per capita whose increase con- tributes to the increase in the number of entrepreneurs. Conclusion The number of entrepreneurs in the Republic of Serbia in the 21st cen- tury is decreasing. The largest number of entrepreneurs was recorded in 2008, and the smallest in 2015. The results indicated that there is a statisti- cally significant negative correlation between the GDP per capita and the number of entrepreneurs in the Republic of Serbia and their regions (except Region of Southern and Eastern Serbia). Also, the results indicated that GDP per capita has a significant impact on the development of female en- trepreneurship in the Republic of Serbia. Bearing in mind that during the 21st century the total number of entre- preneurs is reduced it is necessary to apply adequate measures in order to stimulate the development of entrepreneurship in the Republic of Serbia. Based on the analysis of problems in the development of entrepreneurship in the Republic of Serbia, concrete solutions should be proposed in order to Petrović, J., et al., Entrepreneurship in the RS, JWEE (2019, No. 1-2, 1-16) 13 eliminate economic, legal and administrative barriers in order to stimulate the development of entrepreneurship and economic growth. The originality of the work is reflected in the fact that the influence of economic growth on the development of entrepreneurship in the Republic of Serbia will be explored. Particular emphasis will be put on the analysis of the development of entrepreneurship towards the gender and region within the Republic of Serbia. 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Article history: Received: 23 February, 2019 Accepted: 18 May, 2019 PUBLISHER Institute of Economic Sciences 12 Zmaj Jovina str. 11000 Belgrade, Serbia EDITOR-IN-CHIEF Prof. Dr. Mirjana Radović-Marković Institute of Economic Sciences, Belgrade ASSOCIATE EDITORS Aidin Salamzadeh, Faculty of Entrepreneurship, University of Teheran, Iran Hiroko Kawamorita Kesim, Ondokuz Mayis University, Turkey EDITORIAL OFFICE JOURNAL SECRETARIES Dejana Pavlović, MA Elena Jovičić, PhD Institute of Economic Sciences, Belgrade EDITORIAL BOARD Vasileios Kallinterakis, Liverpool University, United Kingdom Halil Dincer Kaya, Northeastern State University, United States of America Ivana Domazet, Institute of Economic Sciences, Serbia Almir Pestek, Faculty of Economics in Sarajevo, Bosnia and Herzegovina Zélia Breda, University of Aveiro, Portugal PUBLISHING BOARD Jovan Zubović, Institute of Economic Sciences, Serbia PRINTED BY Donat Graf, Beograd Jelena Petrović0F Snežana Radukić1F Introduction Literature Review Methodology Data – Analysis of Economic Growth and Entrepreneurial Activity in Republic of Serbia Results and Discussion Conclusion Acknowledgements References Milica Slijepčević2F Karolina Perčić3F Creating Fashion Creative Process in Fashion Creation The Process of Fashion Diffusion, Creation of Identity and Fashion Product Image Life Cycle of a Fashion Product - Fashion, Style, Hit Fashion Product Pricing Cost-based Pricing Market-based Pricing Promoting a Fashion Product Fashion Magazines Fashion Blogs Conclusion Olabisi, S. Yusuff4F Introduction Brief Empirical Literature Patterns of Land Ownership in Developing Countries Conceptual Framework Interpretation Study Areas Data Presentation and Analysis Challenges of Women in Accessing Land in Ado-Odo Community Women’s Perception on Improvement of Patterns of Ownership of Land Recommendation References Daniela Petríková5F Tatiana Varadyová6F Introduction Objectives The Concept of Financial Literacy Financial Literacy Components Financial Education Financial Literacy and Financial Education in Slovakia Methodology Results Practical Implementation of the Inclusion of Financial Literacy in the Teaching Process Discussion Conclusion Ann Terngu Makar Vandefan7F Introduction Literature Review /Conceptual Frame Work Financial Support for Women as Entrepreneurs Discussion Conclusion References Victoria Burgess8F Introduction Theoretical Overview Discussion Conclusion References An Analysis of the Development of Entrepreneurship in the Republic of Serbia with a Special Focus on Female Entrepreneurship Fashion Product Development Process with Reference to Women's Participation Local Government in Ogun State, Nigeria Preparation of Future Teachers at Vocational Secondary Schools and Financial Literacy Assessing Institutional Founding Sources and Challenges Facing Women Entrepreneurs in Nigeria Being A Female Entrepreneur - Case Study