Exploring the effects of types of early‑stage entrepreneurial activity on subjective well-being

Svetek, Mojca (author), Drnovšek, Mateja (author)

Entrepreneurial activity has been seen as the single most important activity of individuals due to its role in the economic development of nations. However, little is known about the impact of entrepreneurial activity on the subjective well-being of nations beyond its economic impact. The purpose of this study is to explore the impact of different types of entrepreneurial activity – total entrepreneurial activity, opportunity-driven entrepreneurial activity and innovative entrepreneurial activity – on subjective well-being across nations. We consider three distinct mechanisms by which entrepreneurship may influence subjective well-being at the national level. Our panel data includes representative country-level data from 2008 to 2015 from five different data sources for 31 European countries. We employ four econometric models for analyzing the panel data: pooled OLS regression (POLS), fixed effects model (FE), random effects model (RE), and simultaneous equations model (3SLS). Our results suggest that opportunity-driven entrepreneurial activity has a positive impact on subjective well-being. In addition, we find that subjective well-being affects the level of opportunity-driven and innovative entrepreneurial activity. These findings have implications for policy-makers seeking to promote not only economic development but also subjective well-being in the nation.

• Language: English
• Keywords: national well-being, subjective well-being, opportunity entrepreneurship, innovative entrepreneurship, entrepreneurial activity, entrepreneurship, work performance, satisfaction
• Work type: Article
• Typology: 1.01 - Original Scientific Article
• Organization: EF - School of Economics and Business
• Publication status: Published
• Publication version: Version of Record
• Year: 2022
• Number of pages: Str. 149–170
• Numbering: Vol. 23, iss. 1
• PID: 20.500.12556/RUL-126642
• UDC: 658
• ISSN on article: 1389-4978
• DOI: 10.1007/s10902-021-00392-3
• COBISS.SI-ID: 60573187
• Publication date in RUL: 29.04.2021

Record is a part of a journal

• Title: Journal of happiness studies
• Publisher: Springer Nature
• ISSN: 1389-4978
• COBISS.SI-ID: 2704148

Licences

• License: CC BY 4.0, Creative Commons Attribution 4.0 International
• Link: http://creativecommons.org/licenses/by/4.0/
• Description: This is the standard Creative Commons license that gives others maximum freedom to do what they want with the work as long as they credit the author.

Secondary language

• Language: Slovenian
• Keywords: podjetništvo, delovni učinek, zadovoljstvo

Projects

• Funder: ARRS - Slovenian Research Agency
• Project number: P5-0117
• Name: Trajnostna konkurenčnost slovenskega gospodarstva v evropskem in globalnem okviru