Factors of green entrepreneurship in selected emerging markets in the European Union

Abstract

AbstractThe paper researches factors influencing green entrepreneurship in the five European Union's emerging markets from 2008 to 2020. We choose five countries from the UE not in the eurozone (International Monetary Fund's approach to assessing economies), including Bulgaria, Croatia, Hungary, Poland, and Romania. The theoretical part discusses selected problems related to green entrepreneurship (we focus on analysing green sectors of the economy) and its determinants. The practical part shows the research results. We use Pearson's R, the ordinary least squares, and the vector autoregression model (VAR) to verify our research hypothesis (p-value < 0.05). We focus on factors which are crucial for entrepreneurship OECD (2011). Measuring green entrepreneurship. Entrepreneurship at a Glance, including macroeconomic conditions (MacroCon), creation and diffusion of knowledge (CaDKnow), entrepreneurial skills and capabilities (CapEnt), regulations (RegFram), and the expenditure on environmental protection (EnvProt). According to the OLS regression, there is a substantial variation in the impact of individual factors on green entrepreneurship in emerging markets from 2010 to 2020. Moreover, green is conditioned by a sequence of events, with the past determining the present values.