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1. (10 marks) Consider the three articles provided after this page, read them and write a shon literature review. Hint: discuss how the three studies are related and the main points. Discuss also methodologies and frameworks-If any-used by these three articles. Do not write three separate summaries but rather a holistic overview ScienceDirect M12 ELSEVIER Joumal of Policy Modeling www concep The dynamics among entrepreneurship, innovation, and economic growth in the Eurozone countries Rudra P. Pradhan. Mak B. Arvin. Mahendhiran Nair. Sara E. Bennett Vinod Gupta Scuola Management Indian Instinte of Technology Kharagpur, WB 721302, India Department of Economies, Trent Universi Peterborough, Ontario K9L OG2, Canada School of Business and Global Asia in the 21st Century (GAZ) Research Platform, Monash University Malaysia, Jalan Lapoon Selatan, 7500, Malaysia College of Business University of Lynchburg, Lynchburg, VA 24501, USA Received 23 September 2019, received in revised form 17 December 2019, accepted 17 January 2020 Available online 22 February 2020 Abstract Economic growth in the Eurozone has been lacklustre over the last two decades due to increased global competition from economic players in other regions, economic and financial crisis, and political uncertainties within the zone. To increase the global competitiveness of the region, the European Union launched the Europe 2020 Strategy to raise the level of entrepreneurship and innovation, which are purported to be key drivers of economic growth. The main purpose of this paper is to investigate whether this assertion is true. Thus, the paper investigates the Granger causal relationships among entrepreneurship development, innovation, and economic growth for a sample of the Eurozone countries for the period 2001-2016. Using a vector error-correction model, the study finds that in the long run, both entrepreneurship and innovation stimulate economic growth. In the short run, strong causal links exist but are not always uniform. The results reveal that Eurozone countries should indeed base their growth strategies on policies that promote innovation and policies that create incentives for entrepreneurship. 2020 The Society for Policy Modeling. Published by Elsevier Inc. All rights reserved. JEL classification: 043; 016; E44: E31 Keywords: Entrepreneurship: Innovation; Economic growth; Eurozone countries * Corresponding author. E-mail addresses: rudrap @vgson.iitkgp.ernet.in (R.P. Pradhan), marvin @trentu.ca (M.B. Arvin), inahendhiran.nair @monash.edu (M. Nair), bennett.se@lynchburg.edu (S.E. Bennett). https://doi.org/10.1016/j.jpolmod.2020.01.004 0161-8938/0 2020 The Society for Policy Modeling. Published by Elsevier Inc. All rights reserved. RP Pradhan et alJournal of Policy Modeling 12 (2020). 1. Introduction Vibrant entrepreneurial culture and a strong national innovation ecosystem are key catalysts for enhancing the socio-economic well-being of countries across the globe. There is an extensive literature that has examined the inter-relationships between entrepreneurship, innovation and eco- nomic growth. While there is an understanding of the theoretical foundations on the relationships between these three variables, it is clear from the literature that the causal relationships among them are rather complex and are underpinned by forces that simultaneously impact all three.' The literature on micro-foundations (entrepreneurial activities) of the macro economy (innovation and economic growth) is still evolving, and the forces that define the underlying structure of the economy are still sources of debate and research among policy-makers, researchers, and industry analysts. It is widely accepted in the literature that long-term economic growth is determined by tech- nological progress powered by investments in human capital, research and innovative endeavours (Pegkasa, Staikourasb. & Tsamadiasca, 2019; Romer, 1990). There is also a large literature that shows that an entrepreneurial culture is critical for creating a vibrant economic environment that draws in capital, creative talent, networks and other resources to spur innovation and eco- nomic growth. Key seminal studies have discussed the link between entrepreneurship, a national innovation ecosystem, and the deepening impact of other traditional factors of production on eco- nomic growth (Huggins & Thomson, 2015; Schwab, 2018). These studies show that entrepreneurs contribute to the economy via several channels, including investing in resources to produce prod- ucts and services that meet the needs of the markets: creating new employment; reinvigorating industrial clusters, creating innovation accelerators and special economic regions; nurturing and sustaining regional trade and cooperation; investing in research and development activities, intro- ducing new innovations to the markets; undertaking social and philanthropic activities, increasing competition in the market that leads to better service quality and cost structures, and continuously undertaking product and process improvements. Studies such as Dana (2006) and Dana, Etermad, and Wright (2008) show that strong entrepreneurial cultures have also spawned symbiotic relationships between small firms and larger firms, where small firms benefit from the knowledge spillover from larger and more technologi- cally savvy firms. These studies also show that larger firms benefit from strong supplier networks consisting of smaller firms that provide cost-effective, timely and quality services. The dynamics between these economic agents form strong industrial clusters and economic regions that enhance national economic competitiveness. Increasingly, strong clusters are becoming important foun- dations for the formation of Global Value Chains that are contributing to firms', regions and nations' economic performance and competitiveness (Porter, 1998). Due to the positive spillover benefits of entrepreneurial activities, governments across the globe have invested significant resources to nurture entrepreneurial activities and enhance the innova- tion ecosystems in their respective countries (Baumol, 2014). For example, the European Union introduced a 10-year plan called the Europe Strategy 2020 in 2010 to foster smart, sustainable and inclusive economic growth in the Eurozone (World Economic Forum, 2014). Smart growth is defined as "developing an economy based on knowledge and innovation"; sustainable growth is defined as "promoting a more resource-efficient, greener and more competitive economy"; and inclusive growth is defined as "fostering a high-employment economy delivering social and ter- Research on index construction of sustainable entrepreneurship and its impact on economic growth Wentao Gu. Jiayi Wang Det of State The Gerplay the phone ARTICLE INTO ABSTRACT Kowe Triple bottom line Sustainable entrepreneurship Moderated mediating model Based on the triple bottom line of stainable development, sustainable entrepreneurship has been well wadled, however, the existing literature on the measurement of sustainable entrepreneurship is will limited. This paper attempts to quantify sustainable entrepreneurship through three indicators, Innovative spirit entrepreneurial spirit and decision-making spirit, and constructs a new time-varying Index of sustainable entrepreneurship by the time varying coefficient state space equation model. Applying the new time-varying Index, this paper studies the impact of stainable entrepreneurship on Chinese regional economic growth and explores the role of technical RAD and financial Intermediary development in the path of influence. The empirical results show following conclusions. First, sustainable entrepreneurship promotes regional economic growth. Second, there exists positive mediation effect of sustainable entrepreneurship influencing regional economic growth through tech- nical RAD. Third, financial intermediaries have a positive effect on sustainable entrepreneurship, and they playa moderating role in the first half of the path through which sustainable entrepreneurship affects regional eco nomic growth through technical RAD. 1. Research background After 2018, China's economic development slowed, which is indi- cated by the GDP growth rate. Instead of pushing up the growth rate, the Chinese government paid more attention to green and sustainable eco- nomic development. Since innovation is the key to economic growth, the focus has changed from traditional entrepreneurship to sustainable entrepreneurship, which is currently a hot topic in the literature. As early as 1755, Cantillon proposed the concept of entrepreneurs as people who take risks to make profits. Starting from Cantillon, there are roughly three types of scholars from the German school, the Chicago school and the Austrian school to elaborate on the role of entrepreneurs and entrepreneurship. Schumpeter (1934) groundbreaking research pointed out that entrepreneurs promote economic growth through destructive innovations such as restructuring products and discovering new markets. Schultz (1975) of the Chicago school believed that the entrepreneurial spirit at the time was confined to business and did not consider the differences in the distribution ability between entrepre- neurs. Kizner, of the Austrian school, defines entrepreneurship as the ability to capture and perceive opportunities for profit. Modern eco- nomic theory proposes that entrepreneurship is an independent factor of production, which has the same status as land, labor and capital. The dynamic theory of entrepreneurship is gradually emerging. Hebert and Albert (1989) believe that only the dynamic theory of entrepreneurship has important operational significance, where dynamic entrepreneurs are the man who creates new mergers in production. Entrepreneurs' decision-making is related to the production activ. ities and future planning of the enterprise and affects regional economic development. In the context of sustainable development, not only the economic aspect but also ecological development and social develop ment are considered, which are called the triple bottom line (TBL) Sustainable entrepreneurship, an extension of entrepreneurship, i extended based on these three aspects. At present, although the conter related to sustainable entrepreneurship is constantly being explore there is no agreed-upon way to quantify this concept. Therefore, th paper attempts to quantify sustainable entrepreneurship by constructi an index, which is very important for numerical analysis in empiri studies. 2. Literature review Hebert and Albert (1989) defined the performance Corresponding author E-mail address: zjgsu-guwentao@hotmail.com (W. Gu). https://doi.org/10.1016/j.jbusres. 2021.12.060 Received 29 May 2021; Received in revised form 5 December 2021; Accepted 27 December 2021 Available online 5 January 2022 0148-2963/ 2022 Elsevier Inc. All rights reserved. Contentsiats available at ScienceDirect Technological Forecasting & Social Change ELSEVIER ted F SOU Institutional factors, opportunity entrepreneurship and economic growth: Panel data evidence Sebastian Aparicio, David Urbano, David Audretsch Universitat Autnoma de Barcelona, Department of Business, Efici 1. Campus A, Bella Bertion Spon Fundacin ECSIM Colombie Indiana University School of Art and Environmental Afrodis, bustune for Development Siege 11 a 100 sre. A 201. ARTICLE INFO ABSTRACT Article history Received 30 March 2015 Accepted 10 April 2015 Available online 30 April 2015 Keywords Institutional economics Opportunity entrepreneurship Economic growth Panel data analysis Latin American countries This paper explores the institutional factors that encourage opportunity entrepreneurship in order to achieve higher rates of economic growth. We at that is may not have an automatic effect, as is typically assumed in growth models. Rather, a mechanism is required to serve as a conduit into the society for those institutional factors that affect productive behavior such as entrepreneurial activity. Thus, opportunity entrepreneurship is identified as one such mechanism that impacts on economic growth. Using a three-stape least square method through unbalanced panel data with 43 countries (2004-2012). we find that informal institutions have a higher impact on opportunity entrepreneurship than formal institutions. Variables such as control of corruption, confidence in one's slalts and private coverage to obtain credit promote a positive effect of opportunity entrepreneurship on economic growth in all the countries of our sample, and especially in Latin American countries as a homogeneous group. These results suggest additional elements to the theoretical discussion in terms of the importance of institutions as framework to understand determinants and effects of opportunity entrepreneurship. Regarding policy implications, the results also suggest that it could be possible to obtain economic growth encouraging the appropriate institutions in order to increase the entrepreneurship by opportunity 2015 Elsevier Inc. All rights reserved 1. Introduction Innovative entrepreneurs, on one hand, have emerged as a crucial source of growth for virtually all of the traditional units of economic analysis, encompassing individual behavior with respect to the firm, region and nation (Acs et al., 2008, 2012: Audretsch and Keilbach, 2004, 2004b, 2008). On the other hand, many scholars are interested in understanding those factors that encourage entrepreneurship, and especially entre- preneurial activity based on knowledge (Thornton et al., 2011). According to these authors, institutional factors are important elements in explaining entrepreneurship rates at the individual and country levels. In general terms, in growth theory. It is assumed that the entire geographic context, typically a country. will automatically benefit from accurate institutional arrange- ments (Acemoglu, 2006, Acemoglu and Robinson, 2008). The general underlying assumption of this approach is that better institutions are automatically available to all the agents in the economic process. Since institutions behave like a public good, all agents will benefit from these factors, which will increase the rate of economic growth (North, 1990) in a knowledge- a based economy. The question of which factors affect growth has been studied since the late 1950s. Solow (1956) and Swan (1956) suggest that capital, labor and productivity explain the rates of growth in each economy. In research conducted in the late Corresponding author. Tel: +34 935811209; fax+34 935812555. E-mail addresses sebastian.aparicio e campus uab.cat (s. Aparicio). david urbano@uab.cat (D. Urbano), daudrets indiana.edu (D. Audretsch), Tel: +1812 855 6766, fax: +1812 855 0184 http://dx.doi.org/10.1016/j.techfore 2015.04.006 0040-1625/O 2015 Elsevier Inc. All rights reserved. 1. (10 marks) Consider the three articles provided after this page, read them and write a shon literature review. Hint: discuss how the three studies are related and the main points. Discuss also methodologies and frameworks-If any-used by these three articles. Do not write three separate summaries but rather a holistic overview ScienceDirect M12 ELSEVIER Joumal of Policy Modeling www concep The dynamics among entrepreneurship, innovation, and economic growth in the Eurozone countries Rudra P. Pradhan. Mak B. Arvin. Mahendhiran Nair. Sara E. Bennett Vinod Gupta Scuola Management Indian Instinte of Technology Kharagpur, WB 721302, India Department of Economies, Trent Universi Peterborough, Ontario K9L OG2, Canada School of Business and Global Asia in the 21st Century (GAZ) Research Platform, Monash University Malaysia, Jalan Lapoon Selatan, 7500, Malaysia College of Business University of Lynchburg, Lynchburg, VA 24501, USA Received 23 September 2019, received in revised form 17 December 2019, accepted 17 January 2020 Available online 22 February 2020 Abstract Economic growth in the Eurozone has been lacklustre over the last two decades due to increased global competition from economic players in other regions, economic and financial crisis, and political uncertainties within the zone. To increase the global competitiveness of the region, the European Union launched the Europe 2020 Strategy to raise the level of entrepreneurship and innovation, which are purported to be key drivers of economic growth. The main purpose of this paper is to investigate whether this assertion is true. Thus, the paper investigates the Granger causal relationships among entrepreneurship development, innovation, and economic growth for a sample of the Eurozone countries for the period 2001-2016. Using a vector error-correction model, the study finds that in the long run, both entrepreneurship and innovation stimulate economic growth. In the short run, strong causal links exist but are not always uniform. The results reveal that Eurozone countries should indeed base their growth strategies on policies that promote innovation and policies that create incentives for entrepreneurship. 2020 The Society for Policy Modeling. Published by Elsevier Inc. All rights reserved. JEL classification: 043; 016; E44: E31 Keywords: Entrepreneurship: Innovation; Economic growth; Eurozone countries * Corresponding author. E-mail addresses: rudrap @vgson.iitkgp.ernet.in (R.P. Pradhan), marvin @trentu.ca (M.B. Arvin), inahendhiran.nair @monash.edu (M. Nair), bennett.se@lynchburg.edu (S.E. Bennett). https://doi.org/10.1016/j.jpolmod.2020.01.004 0161-8938/0 2020 The Society for Policy Modeling. Published by Elsevier Inc. All rights reserved. RP Pradhan et alJournal of Policy Modeling 12 (2020). 1. Introduction Vibrant entrepreneurial culture and a strong national innovation ecosystem are key catalysts for enhancing the socio-economic well-being of countries across the globe. There is an extensive literature that has examined the inter-relationships between entrepreneurship, innovation and eco- nomic growth. While there is an understanding of the theoretical foundations on the relationships between these three variables, it is clear from the literature that the causal relationships among them are rather complex and are underpinned by forces that simultaneously impact all three.' The literature on micro-foundations (entrepreneurial activities) of the macro economy (innovation and economic growth) is still evolving, and the forces that define the underlying structure of the economy are still sources of debate and research among policy-makers, researchers, and industry analysts. It is widely accepted in the literature that long-term economic growth is determined by tech- nological progress powered by investments in human capital, research and innovative endeavours (Pegkasa, Staikourasb. & Tsamadiasca, 2019; Romer, 1990). There is also a large literature that shows that an entrepreneurial culture is critical for creating a vibrant economic environment that draws in capital, creative talent, networks and other resources to spur innovation and eco- nomic growth. Key seminal studies have discussed the link between entrepreneurship, a national innovation ecosystem, and the deepening impact of other traditional factors of production on eco- nomic growth (Huggins & Thomson, 2015; Schwab, 2018). These studies show that entrepreneurs contribute to the economy via several channels, including investing in resources to produce prod- ucts and services that meet the needs of the markets: creating new employment; reinvigorating industrial clusters, creating innovation accelerators and special economic regions; nurturing and sustaining regional trade and cooperation; investing in research and development activities, intro- ducing new innovations to the markets; undertaking social and philanthropic activities, increasing competition in the market that leads to better service quality and cost structures, and continuously undertaking product and process improvements. Studies such as Dana (2006) and Dana, Etermad, and Wright (2008) show that strong entrepreneurial cultures have also spawned symbiotic relationships between small firms and larger firms, where small firms benefit from the knowledge spillover from larger and more technologi- cally savvy firms. These studies also show that larger firms benefit from strong supplier networks consisting of smaller firms that provide cost-effective, timely and quality services. The dynamics between these economic agents form strong industrial clusters and economic regions that enhance national economic competitiveness. Increasingly, strong clusters are becoming important foun- dations for the formation of Global Value Chains that are contributing to firms', regions and nations' economic performance and competitiveness (Porter, 1998). Due to the positive spillover benefits of entrepreneurial activities, governments across the globe have invested significant resources to nurture entrepreneurial activities and enhance the innova- tion ecosystems in their respective countries (Baumol, 2014). For example, the European Union introduced a 10-year plan called the Europe Strategy 2020 in 2010 to foster smart, sustainable and inclusive economic growth in the Eurozone (World Economic Forum, 2014). Smart growth is defined as "developing an economy based on knowledge and innovation"; sustainable growth is defined as "promoting a more resource-efficient, greener and more competitive economy"; and inclusive growth is defined as "fostering a high-employment economy delivering social and ter- Research on index construction of sustainable entrepreneurship and its impact on economic growth Wentao Gu. Jiayi Wang Det of State The Gerplay the phone ARTICLE INTO ABSTRACT Kowe Triple bottom line Sustainable entrepreneurship Moderated mediating model Based on the triple bottom line of stainable development, sustainable entrepreneurship has been well wadled, however, the existing literature on the measurement of sustainable entrepreneurship is will limited. This paper attempts to quantify sustainable entrepreneurship through three indicators, Innovative spirit entrepreneurial spirit and decision-making spirit, and constructs a new time-varying Index of sustainable entrepreneurship by the time varying coefficient state space equation model. Applying the new time-varying Index, this paper studies the impact of stainable entrepreneurship on Chinese regional economic growth and explores the role of technical RAD and financial Intermediary development in the path of influence. The empirical results show following conclusions. First, sustainable entrepreneurship promotes regional economic growth. Second, there exists positive mediation effect of sustainable entrepreneurship influencing regional economic growth through tech- nical RAD. Third, financial intermediaries have a positive effect on sustainable entrepreneurship, and they playa moderating role in the first half of the path through which sustainable entrepreneurship affects regional eco nomic growth through technical RAD. 1. Research background After 2018, China's economic development slowed, which is indi- cated by the GDP growth rate. Instead of pushing up the growth rate, the Chinese government paid more attention to green and sustainable eco- nomic development. Since innovation is the key to economic growth, the focus has changed from traditional entrepreneurship to sustainable entrepreneurship, which is currently a hot topic in the literature. As early as 1755, Cantillon proposed the concept of entrepreneurs as people who take risks to make profits. Starting from Cantillon, there are roughly three types of scholars from the German school, the Chicago school and the Austrian school to elaborate on the role of entrepreneurs and entrepreneurship. Schumpeter (1934) groundbreaking research pointed out that entrepreneurs promote economic growth through destructive innovations such as restructuring products and discovering new markets. Schultz (1975) of the Chicago school believed that the entrepreneurial spirit at the time was confined to business and did not consider the differences in the distribution ability between entrepre- neurs. Kizner, of the Austrian school, defines entrepreneurship as the ability to capture and perceive opportunities for profit. Modern eco- nomic theory proposes that entrepreneurship is an independent factor of production, which has the same status as land, labor and capital. The dynamic theory of entrepreneurship is gradually emerging. Hebert and Albert (1989) believe that only the dynamic theory of entrepreneurship has important operational significance, where dynamic entrepreneurs are the man who creates new mergers in production. Entrepreneurs' decision-making is related to the production activ. ities and future planning of the enterprise and affects regional economic development. In the context of sustainable development, not only the economic aspect but also ecological development and social develop ment are considered, which are called the triple bottom line (TBL) Sustainable entrepreneurship, an extension of entrepreneurship, i extended based on these three aspects. At present, although the conter related to sustainable entrepreneurship is constantly being explore there is no agreed-upon way to quantify this concept. Therefore, th paper attempts to quantify sustainable entrepreneurship by constructi an index, which is very important for numerical analysis in empiri studies. 2. Literature review Hebert and Albert (1989) defined the performance Corresponding author E-mail address: zjgsu-guwentao@hotmail.com (W. Gu). https://doi.org/10.1016/j.jbusres. 2021.12.060 Received 29 May 2021; Received in revised form 5 December 2021; Accepted 27 December 2021 Available online 5 January 2022 0148-2963/ 2022 Elsevier Inc. All rights reserved. Contentsiats available at ScienceDirect Technological Forecasting & Social Change ELSEVIER ted F SOU Institutional factors, opportunity entrepreneurship and economic growth: Panel data evidence Sebastian Aparicio, David Urbano, David Audretsch Universitat Autnoma de Barcelona, Department of Business, Efici 1. Campus A, Bella Bertion Spon Fundacin ECSIM Colombie Indiana University School of Art and Environmental Afrodis, bustune for Development Siege 11 a 100 sre. A 201. ARTICLE INFO ABSTRACT Article history Received 30 March 2015 Accepted 10 April 2015 Available online 30 April 2015 Keywords Institutional economics Opportunity entrepreneurship Economic growth Panel data analysis Latin American countries This paper explores the institutional factors that encourage opportunity entrepreneurship in order to achieve higher rates of economic growth. We at that is may not have an automatic effect, as is typically assumed in growth models. Rather, a mechanism is required to serve as a conduit into the society for those institutional factors that affect productive behavior such as entrepreneurial activity. Thus, opportunity entrepreneurship is identified as one such mechanism that impacts on economic growth. Using a three-stape least square method through unbalanced panel data with 43 countries (2004-2012). we find that informal institutions have a higher impact on opportunity entrepreneurship than formal institutions. Variables such as control of corruption, confidence in one's slalts and private coverage to obtain credit promote a positive effect of opportunity entrepreneurship on economic growth in all the countries of our sample, and especially in Latin American countries as a homogeneous group. These results suggest additional elements to the theoretical discussion in terms of the importance of institutions as framework to understand determinants and effects of opportunity entrepreneurship. Regarding policy implications, the results also suggest that it could be possible to obtain economic growth encouraging the appropriate institutions in order to increase the entrepreneurship by opportunity 2015 Elsevier Inc. All rights reserved 1. Introduction Innovative entrepreneurs, on one hand, have emerged as a crucial source of growth for virtually all of the traditional units of economic analysis, encompassing individual behavior with respect to the firm, region and nation (Acs et al., 2008, 2012: Audretsch and Keilbach, 2004, 2004b, 2008). On the other hand, many scholars are interested in understanding those factors that encourage entrepreneurship, and especially entre- preneurial activity based on knowledge (Thornton et al., 2011). According to these authors, institutional factors are important elements in explaining entrepreneurship rates at the individual and country levels. In general terms, in growth theory. It is assumed that the entire geographic context, typically a country. will automatically benefit from accurate institutional arrange- ments (Acemoglu, 2006, Acemoglu and Robinson, 2008). The general underlying assumption of this approach is that better institutions are automatically available to all the agents in the economic process. Since institutions behave like a public good, all agents will benefit from these factors, which will increase the rate of economic growth (North, 1990) in a knowledge- a based economy. The question of which factors affect growth has been studied since the late 1950s. Solow (1956) and Swan (1956) suggest that capital, labor and productivity explain the rates of growth in each economy. In research conducted in the late Corresponding author. Tel: +34 935811209; fax+34 935812555. E-mail addresses sebastian.aparicio e campus uab.cat (s. Aparicio). david urbano@uab.cat (D. Urbano), daudrets indiana.edu (D. Audretsch), Tel: +1812 855 6766, fax: +1812 855 0184 http://dx.doi.org/10.1016/j.techfore 2015.04.006 0040-1625/O 2015 Elsevier Inc. All rights reserved