Grey relational analysis of country-level entrepreneurial environment: A study of selected forty-eight countries

Abstract

The aim of this study is to evaluate the entrepreneurial environment of selected countries, and analyze and rank them on the basis of entrepreneurship related indicators. This study’s design comprises a review of the literature, extraction of secondary data on the phenomenon, and analysis. The research gap has been established through a review of the literature, leading toward the development of problem statement. The cross-sectional data, related to entrepreneurship indicators, is extracted from website of World Development Indicators (2021) for 48 selected countries. Using positivism as a research philosophy and deduction as a research approach, the data are analyzed through grey relational analysis (GRA). On the basis of grey relational grades, this study also classified the countries on the continuum of “much better” to “worse.” The results of the study show that the United States, United Kingdom, Japan, Australia, Hong Kong SAR, China, France and Canada attained the highest grey relational grades and are considered the countries having much better entrepreneurial environment; whereas Poland, Kuwait, Namibia and so on attained the lowest grey relational grades and are considered the countries having worst entrepreneurial environment. This research has several practical implications for different economies/countries, entrepreneurial ventures, aspiring entrepreneurial, and researchers. On the basis of findings of this study, policy makers should refine country-level entrepreneurial policies while keeping in view the respective grey relational grades.