Elmonshid, Lena Bedawi El adli; Sayed, Ome Ahmed
A icle
The ela ionship be ween en ep eneu ship
and sus ainable de elopmen in Saudi A abia: A
comp ehensi e pe spec i e
Economies
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Sugges ed Ci a ion: Elmonshid, Lena Bedawi El adli; Sayed, Ome Ahmed (2024) : The ela ionship
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Ci a ion: Elmonshid, Lena Bedawi
El adli, and Ome Ahmed Sayed.
2024. The Rela ionship be ween
En ep eneu ship and Sus ainable
De elopmen in Saudi A abia:
A Comp ehensi e Pe spec i e.
Economies 12: 198. h ps://doi.o g/
10.3390/economies12080198
Recei ed: 1 July 2024
Re ised: 24 July 2024
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Published: 31 July 2024
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economies
A icle
The Rela ionship be ween En ep eneu ship and Sus ainable
De elopmen in Saudi A abia: A Comp ehensi e Pe spec i e
Lena Bedawi El adli Elmonshid * and Ome Ahmed Sayed
Depa men o Finance and In es men , Facul y o Business Adminis a ion, Uni e si y o Tabuk,
Tabuk 71491, Saudi A abia; [email p o ec ed]
*Co espondence: [email p o ec ed]
Abs ac : This s udy examines he ela ionship be ween en ep eneu ship and sus ainable de el-
opmen in Saudi A abia om 2006 o 2022, ocusing on he economic, social, and en i onmen al
dimensions. Using he au o eg essi e dis ibu ed lag (ARDL) model, he esea ch in es iga es bo h
sho - un and long- un dynamics o unde s and how en ep eneu ial ac i i ies in luence sus ainable
de elopmen wi hin he amewo k o Saudi A abia’s Vision 2030 ini ia i e. The indings indica e
ha en ep eneu ship signi ican ly con ibu es o economic g ow h h ough job c ea ion and inno-
a ion, he eby aiding in he di e si ica ion o he economy away om oil dependency. Socially,
en ep eneu ial ini ia i es ha e a posi i e impac on gende equali y and social inclusion by empow-
e ing women and in eg a ing you h in o he labo ma ke . En i onmen ally, en ep eneu ship helps
educe ca bon emissions and p omo es sus ainable business p ac ices. Despi e hese posi i e ou -
comes, challenges such as egula o y ba ie s, limi ed access o inance, and he need o a suppo i e
en ep eneu ial ecosys em emain. Recommenda ions include enhancing en ep eneu ial educa ion,
p o iding inancial incen i es, and s eamlining egula o y p ocesses o be e suppo s a -ups and
SMEs. This s udy highligh s he necessi y o add essing hese challenges o ully ealize he po en ial
o en ep eneu ship o sus ainable de elopmen in Saudi A abia. By p o iding empi ical e idence
on he signi ican ole o en ep eneu ship in d i ing sus ainable de elopmen , his esea ch o e s
ac ionable insigh s o policymake s aiming o os e a mo e esilien and di e si ied economy in line
wi h Vision 2030.
Keywo ds: en ep eneu ship; sus ainable de elopmen ; economic g ow h; en i onmen al
sus ainabili y; ARDL model
1. In oduc ion
In ecen decades, sus ainable de elopmen has become a co ne s one o global policy
agendas, e lec ing a commi men o balancing economic g ow h wi h social equi y and
en i onmen al s ewa dship. This holis ic app oach ecognizes ha long- e m p ospe i y
depends no only on economic ac o s bu also on social inclusion and en i onmen al sus-
ainabili y. The ole o en ep eneu ship has gained p ominence as a ca alys o sus ainable
ans o ma ion since na ions s i e o mee he Uni ed Na ions’ Sus ainable De elopmen
Goals (SDGs), which a e 17 global goals es ablished by he Uni ed Na ions in 2015 o
achie e by 2030. These goals add ess a ious aspec s o sus ainable de elopmen , includ-
ing po e y e adica ion, quali y educa ion, gende equali y, clean ene gy, economic g ow h,
educed inequali ies, and clima e ac ion.
The SDGs p o ide a comp ehensi e amewo k o coun ies o align hei policies
and s a egies. En ep eneu s d i e inno a ion, c ea e jobs, and in oduce new echnologies
and business models ha can add ess social and en i onmen al challenges while os e ing
economic dynamism.
The impo ance o en ep eneu ship in achie ing sus ainable de elopmen is unde -
sco ed by i s po en ial o s imula e economic g ow h, enhance social ou comes, and educe
Economies 2024,12, 198. h ps://doi.o g/10.3390/economies12080198 h ps://www.mdpi.com/jou nal/economies
Economies 2024,12, 198 2 o 23
en i onmen al impac s. Nume ous s udies ha e highligh ed how en ep eneu ial en u es
con ibu e o economic de elopmen by gene a ing employmen , inc easing p oduc i i y,
and os e ing inno a ion (Aud e sch and Keilbach 2004;Dhah i and Om i 2018). Addi ion-
ally, en ep eneu ship is seen as a ehicle o social change, imp o ing heal h, educa ion,
and o e all quali y o li e. G een and sus ainable en ep eneu ship, in pa icula , has been
iden i ied as a key mechanism o educing ca bon oo p in s and p omo ing en i onmen al
sus ainabili y (Neumann 2022).
Despi e he g owing ecogni ion o en ep eneu ship’s ole in sus ainable de elop-
men , he speci ic dynamics o his ela ionship can a y signi ican ly ac oss di e en
con ex s. Saudi A abia p esen s a unique case s udy in his ega d. The coun y is
unde going a p o ound economic ans o ma ion d i en by Vision 2030, an ambi ious
ini ia i e aimed a di e si ying he economy away om oil dependence and os e ing
sus ainable de elopmen .
Vision 2030 is Saudi A abia’s s a egic amewo k launched in 2016 o di e si y i s
economy and educe i s dependence on oil. The plan ocuses on h ee main pilla s: a i-
b an socie y, a h i ing economy, and an ambi ious na ion. I aims o enhance public
sec o e iciency, os e economic di e si ica ion h ough inno a ion and en ep eneu ship,
and imp o e he quali y o li e by p omo ing educa ion, heal hca e, and cul u al ac i -
i ies. I ou lines s a egic objec i es o inc ease he con ibu ion o small and medium-
sized en e p ises (SMEs) o he na ional economy, enhance inno a ion, and suppo
sus ainable p ac ices.
Howe e , he in e play be ween en ep eneu ship and sus ainable de elopmen in
Saudi A abia emains unde explo ed. This s udy add esses his gap by empi ically assess-
ing he connec ions be ween en ep eneu ial ac i i y and sus ainable de elopmen ac oss
economic, social, and en i onmen al dimensions. By ocusing on he pe iod om 2006
o 2022, he esea ch aims o cap u e he impac o en ep eneu ial ac i i ies wi hin he
b oade con ex o Saudi A abia’s economic e o ms.
The esea ch employs he au o eg essi e dis ibu ed lag (ARDL) app oach o examine
bo h sho - un and long- un ela ionships be ween en ep eneu ship and a ious aspec s o
de elopmen . The ARDL model is pa icula ly sui ed o his analysis due o i s lexibili y
in handling a iables o di e en in eg a ion o de s, making i an ideal ool o explo ing
complex, dynamic ela ionships (Pesa an and Shin 1999).
The s udy seeks o answe h ee co e ques ions: How does en ep eneu ial ac i i y
in luence economic de elopmen in Saudi A abia? Wha is he impac o en ep eneu ship
on social de elopmen indica o s such as he human de elopmen index (HDI), which en-
compasses h ee key dimensions: li e expec ancy, educa ion, and pe capi a income? How
do en ep eneu ial ac i i ies a ec en i onmen al sus ainabili y, pa icula ly in e ms o
CO
2
emissions? By add essing hese ques ions, he esea ch aims o p o ide a comp ehen-
si e unde s anding o he ole o en ep eneu ship in p omo ing sus ainable de elopmen
in Saudi A abia.
The alue added by his esea ch lies in i s comp ehensi e app oach o examining he
mul i ace ed impac o en ep eneu ship on sus ainable de elopmen in Saudi A abia. The
indings will con ibu e o he exis ing li e a u e by o e ing nuanced insigh s in o he Saudi
con ex and p o iding empi ical e idence o in o m policymake s and s akeholde s. This
esea ch is pa icula ly imely gi en Saudi A abia’s ongoing e o s o achie e i s Vision
2030 goals and ansi ion owa ds a mo e di e si ied and sus ainable economy.
This s udy examines he ela ionship be ween en ep eneu ship and sus ainable
de elopmen in Saudi A abia om 2006 o 2022, ocusing on economic, social, and
en i onmen al dimensions. The concep ual amewo k is g ounded in he wo ks o
Aud e sch and Keilbach (2004),
Dhah i and Om i (2018), and Neumann (2022), who high-
ligh he mul i ace ed impac s o en ep eneu ship. This s udy aims o he ollowing:
-
Quan i y he economic impac o en ep eneu ship on Saudi A abia’s g ow h
and di e si ica ion.
- Assess he social implica ions, pa icula ly on gende equali y and social inclusion.
Economies 2024,12, 198 3 o 23
-
E alua e he en i onmen al ou comes, speci ically CO
2
emissions and sus ainable
p ac ices.
The impo ance o his esea ch is unde sco ed by he po en ial o en ep eneu ship
o d i e sus ainable de elopmen , no only in Saudi A abia bu also as a model o o he
na ions pu suing simila goals.
The esea ch is o ganized as ollows: The nex sec ion e iews he ele an li e a u e on
en ep eneu ship and sus ainable de elopmen , highligh ing key heo e ical amewo ks
and empi ical indings. The subsequen sec ion ou lines he da a sou ces and a iables used
in he analysis, ollowed by a de ailed explana ion o he ARDL me hodology. The Resul s
Sec ion p esen s he indings om he ARDL models, examining sho - un and long- un
ela ionships ac oss he h ee dimensions o sus ainable de elopmen . The Discussion
Sec ion in e p e s hese indings in he con ex o he b oade li e a u e and Saudi A abia’s
policy en i onmen . Finally, he Conclusion summa izes he key insigh s, discusses policy
implica ions, and sugges s a enues o u u e esea ch.
2. Li e a u e Re iew
The ollowing sec ion p o ides a comp ehensi e e iew o he exis ing li e a u e
on he concep o sus ainable de elopmen , i s main componen s, and hei in e ac ions
wi h en ep eneu ial ac i i y. The e iew is s uc u ed o i s explo e he mul i ace ed
na u e o sus ainable de elopmen , emphasizing he complexi y and in e dependence
o i s economic, social, and en i onmen al dimensions. I hen del es in o he ole o
en ep eneu ship as a ca alys o sus ainable de elopmen , examining i s economic, social,
and en i onmen al impac s.
Th ough a syn hesis o key s udies, his sec ion highligh s how en ep eneu ship
d i es economic g ow h, enhances social de elopmen , and con ibu es o en i onmen al
sus ainabili y. Despi e he subs an ial body o esea ch unde sco ing hese in e ac ions,
he e emains a signi ican gap in he empi ical examina ion o hese dynamics wi hin he
speci ic con ex o Saudi A abia. This s udy aims o ill his gap by p o iding a de ailed
analysis o he impac o en ep eneu ial ac i i ies on sus ainable de elopmen in Saudi
A abia om 2006 o 2022.
The li e a u e e iew se s he ounda ion o he de elopmen o hypo heses, which
will be empi ically es ed using he ARDL app oach. These hypo heses a e c a ed o
explo e he nuanced ela ionships be ween en ep eneu ial ac i i y and he h ee pilla s o
sus ainable de elopmen , o e ing insigh s ha a e bo h imely and ele an gi en Saudi
A abia’s ongoing economic ans o ma ion unde Vision 2030. This sec ion, he e o e, no
only consolida es exis ing knowledge bu also pa es he way o new con ibu ions o he
ield o sus ainable en ep eneu ship.
2.1. The Concep o Sus ainable De elopmen
Sus ainable de elopmen is a mul i ace ed and complex concep ha aims o achie e
a ha monious balance be ween economic g ow h, social inclusion, and en i onmen al
p o ec ion. The e m emphasizes mee ing he needs o he p esen wi hou comp omising
he abili y o u u e gene a ions o mee hei own needs (Dhah i and Om i 2018). This
holis ic app oach equi es in eg a ing di e se and some imes con lic ing objec i es, making
sus ainable de elopmen an in ica e challenge o policymake s and p ac i ione s alike.
The economic dimension o sus ainable de elopmen ocuses on os e ing obus eco-
nomic g ow h ha is inclusi e and equi able. Economic g ow h should c ea e weal h and
employmen oppo uni ies, enhance p oduc i i y, and p omo e echnological inno a ion.
Howe e , his g ow h mus be pu sued in ways ha do no exace ba e inequali y o lead o
en i onmen al deg ada ion (Filse e al. 2019). The wo k o Ha og e al. (2010) unde sco es
he impo ance o a s able economic en i onmen ha suppo s en ep eneu ial ac i i ies,
which in u n d i e economic dynamism and inno a ion.
Social inclusion is ano he c i ical pilla o sus ainable de elopmen . I in ol es
ensu ing ha all membe s o socie y ha e access o basic se ices, oppo uni ies, and
Economies 2024,12, 198 4 o 23
esou ces, he eby p omo ing equi y and educing dispa i ies. Social de elopmen encom-
passes imp o emen s in educa ion, heal hca e, gende equali y, and o e all quali y o li e
(Dhah i and Om i 2018). Alwakid e al. (2021) highligh he ole o o mal ins i u ions
in acili a ing en ep eneu ship, which can lead o social p og ess by c ea ing jobs and
empowe ing ma ginalized g oups.
En i onmen al p o ec ion is he hi d essen ial componen o sus ainable de elopmen .
I aims o p ese e na u al esou ces, educe pollu ion, and mi iga e clima e change o
ensu e a heal hy and esilien en i onmen o u u e gene a ions. This equi es a shi
owa ds sus ainable consump ion and p oduc ion pa e ns, as well as he de elopmen
and adop ion o g een echnologies (Neumann 2022). He e al. (2020) p o ides e idence
ha en ep eneu ial ac i i ies can con ibu e o en i onmen al sus ainabili y h ough he
implemen a ion o eco- iendly p ac ices and inno a ions.
The in e ac ions be ween hese h ee pilla s a e complex and in e dependen . Eco-
nomic ac i i ies can lead o social imp o emen s by c ea ing jobs and gene a ing income,
bu hey can also cause en i onmen al ha m i no managed sus ainably. Simila ly, social
p og ess can d i e economic g ow h by os e ing a mo e educa ed and heal hie wo k-
o ce, ye i may inc ease consump ion and esou ce use. En i onmen al sus ainabili y,
while c ucial, o en equi es subs an ial economic in es men s and can in luence social and
economic policies (Dhah i e al. 2021).
Apos olopoulos e al. (2018) a gues ha achie ing sus ainable de elopmen equi es
inno a i e and collabo a i e app oaches ha can na iga e hese in e dependencies. E -
ec i e go e nance and s ong ins i u ional amewo ks a e essen ial o balance economic,
social, and en i onmen al objec i es. This is pa icula ly ele an in he con ex o de elop-
ing coun ies, whe e he challenges o po e y, inequali y, and en i onmen al deg ada ion
a e mo e p onounced (Dhah i and Om i 2018;Pep ah and Adekoya 2020).
Ea ly-s age business models ha p io i ize sus ainabili y can ha e a signi ican impac
on long- e m de elopmen . Caga man e al. (2023) in oduce he esSROI (sus ainable e u n
on in es men ) model o cap u e he sus ainable impac o ea ly-s age businesses. This
model can be applied o assess he sus ainabili y o new en u es in Saudi A abia, ensu ing
ha en ep eneu ial ac i i ies con ibu e posi i ely o economic, social, and en i onmen al
ou comes.
In summa y, sus ainable de elopmen is a complex and dynamic concep ha neces-
si a es a comp ehensi e and in eg a ed app oach o policy and p ac ice. The in e ac ions
be ween economic g ow h, social inclusion, and en i onmen al p o ec ion highligh he
need o inno a i e solu ions and obus ins i u ional amewo ks o achie e long- e m
sus ainabili y. This complexi y unde sco es he impo ance o en ep eneu ship as a ca a-
lys o sus ainable de elopmen , capable o d i ing economic, social, and en i onmen al
p og ess in a balanced and syne gis ic manne .
2.2. En ep eneu ship and Sus ainable De elopmen
En ep eneu ship is inc easingly ecognized as a c i ical d i e o sus ainable de el-
opmen . I os e s economic dynamism, c ea es jobs, and in oduces inno a i e solu ions
o social and en i onmen al challenges. The in e ac ion be ween en ep eneu ship and
sus ainable de elopmen can be examined h ough i s economic, social, and en i onmen al
impac s.
Hu ¯
dek and B adaˇc Hojnik (2020) p o ide empi ical e idence on he signi ican ole o
en ep eneu ship in achie ing sus ainable de elopmen goals. Thei s udy shows ha en-
ep eneu ial ac i i ies con ibu e o educing ca bon emissions and p omo ing sus ainable
business p ac ices. Simila ly, Johnson and Schal egge (2020) highligh case s udies whe e
en ep eneu ial en u es ha e success ully in eg a ed sus ainabili y in o hei business
models, leading o posi i e en i onmen al ou comes.
Economies 2024,12, 198 5 o 23
2.3. Economic Impac o En ep eneu ship: En ep eneu ship and Economic G ow h
En ep eneu ship con ibu es signi ican ly o economic g ow h by gene a ing em-
ploymen , inc easing p oduc i i y, and os e ing inno a ion. S udies ha e shown ha
en ep eneu ial ac i i ies a e posi i ely co ela ed wi h economic g ow h ac oss a ious
con ex s. Fo ins ance, Wenneke s and Thu ik (1999) and Aud e sch and Keilbach (2004)
highligh he ole o en ep eneu ship in d i ing egional and na ional economic pe o -
mance. In Saudi A abia, Akinwale e al. (2020) ound ha en ep eneu ial ac i i ies ha e
signi ican ly con ibu ed o economic di e si ica ion and g ow h, pa icula ly in he con ex
o he Vision 2030 ini ia i e aimed a educing oil dependency.
Dana e al. (2024) e iews he his o y o women’s en ep eneu ship esea ch, em-
phasizing he ole o women en ep eneu s in d i ing economic and social de elopmen .
Da a i e al. (2022) in es iga e he causal ela ionships be ween en ep eneu ship, unem-
ploymen , and economic g ow h. Thei indings indica e ha en ep eneu ship educes
unemploymen and s imula es economic g ow h. Deja din (2000) explo es he ela ionship
be ween en ep eneu ship and economic g ow h, a guing ha en ep eneu ship is a c i ical
d i e o economic pe o mance.
Economic eedom is a c i ical ac o ha in luences he success o en ep eneu ial
ac i i ies. Sayed and Abedel ahim (2024) p o ide an empi ical analysis o GCC coun ies,
including Saudi A abia, showing ha economic eedom ac s as a ca alys o en ep eneu -
ship. Thei s udy inds ha educing egula o y ba ie s and enhancing economic eedom
can signi ican ly boos en ep eneu ial ac i i ies, leading o economic g ow h and sus ain-
able de elopmen .
Do an e al. (2018) highligh ha en ep eneu ship s imula es economic g ow h
in bo h de eloped and de eloping coun ies by c ea ing jobs and os e ing inno a ion.
Fe ei a e al. (2017) discuss Schumpe e ian en ep eneu ship, which ocuses on inno a ion,
and Ki zne ian en ep eneu ship, which emphasizes ma ke e iciency.
Gu e al. (2020) show ha en ep eneu ship d i es economic g ow h in China
h ough inno a ion and p oduc i i y, sugges ing simila po en ial o Saudi A abia.
Gup a and Dha wal (2022) emphasize he ole o g een en ep eneu ship in p omo ing
sus ainable de elopmen . This is key o Saudi A abia’s en i onmen al goals unde Vision
2030, including educing ca bon emissions.
2.4. Social Impac o En ep eneu ship: En ep eneu ship and Human De elopmen
En ep eneu ship also plays a c ucial ole in enhancing social de elopmen . I con-
ibu es o human de elopmen by imp o ing access o educa ion, heal hca e, and o he
essen ial se ices. Dhah i and Om i (2018) emphasize ha en ep eneu ship p omo es
social inclusion by p o iding oppo uni ies o ma ginalized g oups, including women
and you h. In Saudi A abia, ini ia i es o suppo women en ep eneu ship ha e shown
posi i e impac s on social de elopmen , as highligh ed by Abdelwahed e al. (2022). These
ini ia i es ha e no only empowe ed women economically bu also con ibu ed o b oade
social p og ess.
Apos u and Gigau i (2023) explo e he ecip ocal ela ionship be ween sus ainable
de elopmen and en ep eneu ship in eme ging coun ies. They ind ha en ep eneu -
ship d i es sus ainable de elopmen by c ea ing jobs, educing po e y, and p omo ing
social inclusion. Asha i e al. (2021) analyzes he mode a ing e ec s o en ep eneu ship
educa ion on en ep eneu ial in en ion and i s impac on sus ainable de elopmen goals.
Thei indings sugges ha en ep eneu ship educa ion enhances en ep eneu ial in en ion,
leading o inc eased en ep eneu ial ac i i ies ha con ibu e o sus ainable de elopmen .
2.5. En i onmen al Impac o En ep eneu ship: En ep eneu ship and En i onmen
G een and sus ainable en ep eneu ship a e pi o al in add essing en i onmen al
challenges. En ep eneu s can de elop and implemen inno a i e solu ions ha educe
en i onmen al deg ada ion and p omo e sus ainabili y. S udies by Neumann (2022) and
He e al. (2020) demons a e ha en ep eneu ial ac i i ies can signi ican ly educe ca bon
Economies 2024,12, 198 6 o 23
emissions and p omo e en i onmen al sus ainabili y. In Saudi A abia, he emphasis on
g een en ep eneu ship unde Vision 2030 has led o he de elopmen o sus ainable
business p ac ices and echnologies, which con ibu e o en i onmen al p o ec ion while
suppo ing economic g ow h (Alwakid e al. 2021).
2.6. En ep eneu ship and Sus ainable De elopmen in Saudi Con ex
Saudi A abia is unde going a signi ican economic ans o ma ion d i en by i s Vision
2030 ini ia i e, which aims o di e si y he economy away om oil dependence and os e
sus ainable g ow h. This ambi ious plan emphasizes he de elopmen o a ib an p i a e
sec o , enhanced inno a ion, and sus ainable p ac ices ac oss a ious sec o s. Wi hin his
amewo k, en ep eneu ship is posi ioned as a c i ical d i e o sus ainable de elopmen ,
playing a pi o al ole in economic di e si ica ion, social inclusion, and en i onmen al
sus ainabili y.
En ep eneu ship has been iden i ied as a key ac o in d i ing economic g ow h and
di e si ica ion in Saudi A abia. The coun y’s Vision 2030 ou lines s a egic objec i es o
inc ease he con ibu ion o small and medium-sized en e p ises (SMEs) o he na ional
economy. Akinwale e al. (2020) highligh ha en ep eneu ial ac i i ies ha e signi i-
can ly con ibu ed o economic g ow h, pa icula ly h ough job c ea ion and inno a ion.
By os e ing a mo e dynamic and di e si ied economic landscape, en ep eneu ship helps
educe he coun y’s eliance on oil e enues, he eby enhancing economic esilience and
sus ainabili y (Dhah i and Om i 2018).
Yusu and Albanawi (2016) emphasize he pi o al ole o en ep eneu ship in d i ing
economic de elopmen in Saudi A abia. They a gue ha en ep eneu ial ac i i ies a e
c i ical o di e si ying he economy, educing unemploymen , and os e ing inno a ion.
This aligns wi h he Vision 2030 ini ia i e, which aims o educe he coun y’s dependence
on oil and c ea e a mo e di e si ied and esilien economy. By os e ing a suppo i e
ecosys em o en ep eneu s, Saudi A abia can s imula e economic g ow h and achie e
sus ainable de elopmen goals.
Abid Bashi and Akh a (2016) examine he impac o inno a i e en ep eneu ship
on economic de elopmen in G20 coun ies. Thei indings highligh ha inno a i e
en ep eneu ship signi ican ly con ibu es o economic g ow h by in oducing new p od-
uc s, se ices, and echnologies ha enhance p oduc i i y and compe i i eness. This is
pa icula ly ele an o Saudi A abia, as i seeks o le e age inno a ion o d i e eco-
nomic di e si ica ion and g ow h. The emphasis on inno a i e en ep eneu ship can help
Saudi A abia achie e a mo e dynamic and compe i i e economy, in line wi h i s Vision
2030 objec i es.
En ep eneu ship also plays a c ucial ole in p omo ing social de elopmen in Saudi
A abia. Ini ia i es aimed a suppo ing women en ep eneu s and in eg a ing you h in o
he labo ma ke a e cen al o Vision 2030. Abdelwahed e al. (2022) discuss how women
en ep eneu ship ini ia i es ha e no only empowe ed women economically bu also
con ibu ed o b oade social p og ess by p omo ing gende equali y and enhancing social
inclusion. These e o s align wi h Dhah i and Om i’s (2018) indings ha en ep eneu ship
can d i e social inclusion by p o iding oppo uni ies o ma ginalized g oups, imp o ing
access o educa ion
The en i onmen al dimension o sus ainable de elopmen is inc easingly impo an
in Saudi A abia’s economic planning. The coun y has ecognized he need o add ess en i-
onmen al challenges and p omo e sus ainable p ac ices. Alwakid e al. (2021) emphasize
he ole o g een en ep eneu ship in his con ex , no ing ha o mal ins i u ions play a
c ucial ole in acili a ing he de elopmen and adop ion o sus ainable business p ac ices.
The p omo ion o g een echnologies and eco- iendly p ac ices among en ep eneu s is
seen as a way o educe he en i onmen al oo p in o economic ac i i ies and con ibu e
o global sus ainabili y goals (Neumann 2022).
Despi e he p og ess, se e al challenges emain in ully ealizing he po en ial o en-
ep eneu ship o sus ainable de elopmen in Saudi A abia. Ag awal e al. (2024) iden i y
Economies 2024,12, 198 7 o 23
a ious en ep eneu ial ba ie s, including egula o y hu dles, access o inance, and he
need o a suppo i e en ep eneu ial ecosys em. Add essing hese challenges is essen ial
o os e a mo e conduci e en i onmen o sus ainable en ep eneu ship. Addi ionally,
ini ia i es like hose highligh ed by Bokha i e al. (2012) ocus on educing unemploymen
h ough en ep eneu ship, which aligns wi h he b oade goals o Vision 2030.
Empi ical s udies unde sco e he posi i e impac s o en ep eneu ship on sus ain-
able de elopmen in Saudi A abia. Fo example, he wo k o Dhah i e al. (2021) and
He e al. (2020)
p o ides e idence ha en ep eneu ial ac i i ies can signi ican ly educe
ca bon emissions and p omo e en i onmen al sus ainabili y. These indings suppo he
inclusion o en ep eneu ship as a co e componen o na ional de elopmen s a egies.
The in eg a ion o en ep eneu ship in o sus ainable de elopmen policies o e s
nume ous bene i s, including enhanced economic di e si ica ion, social equi y, and en-
i onmen al p o ec ion. Policies ha suppo en ep eneu ial educa ion, p o ide inan-
cial incen i es, and c ea e an enabling egula o y en i onmen a e c ucial o maximiz-
ing he impac o en ep eneu ship on sus ainable de elopmen (Dhah i and Om i 2018;
Sabe i and Hamdan 2019).
Chaaben e al. (2024) p o ide empi ical e idence on he g een economy pe o mance
and sus ainable de elopmen achie emen s in Saudi A abia. Thei s udy indica es ha
p omo ing g een en ep eneu ship and sus ainable business p ac ices can lead o signi ican
en i onmen al and economic bene i s. This aligns wi h Saudi A abia’s Vision 2030 goals o
achie ing a mo e di e si ied and sus ainable economy.
In conclusion, en ep eneu ship in Saudi A abia is a i al d i e o sus ainable de elop-
men , con ibu ing o economic g ow h, social inclusion, and en i onmen al sus ainabili y.
The ongoing e o s unde Vision 2030 highligh he coun y’s commi men o le e aging
en ep eneu ial ac i i ies o achie e a mo e di e si ied and sus ainable economy. By ad-
d essing exis ing challenges and capi alizing on oppo uni ies, Saudi A abia can u he
enhance he ole o en ep eneu ship in i s sus ainable de elopmen agenda.
2.7. The Resea ch Gap
Despi e he acknowledged impo ance o en ep eneu ship in p omo ing sus ainable
de elopmen , he e is limi ed empi ical esea ch on he speci ic dynamics o his ela-
ionship in Saudi A abia. Mos exis ing s udies ocus on de eloped coun ies o p o ide
a gene al analysis wi hou del ing in o he unique con ex o Saudi A abia’s economic
ans o ma ion. This s udy add esses his gap by p o iding a comp ehensi e analysis o
how en ep eneu ial ac i i ies in luence economic, social, and en i onmen al dimensions
o sus ainable de elopmen in Saudi A abia om 2006 o 2022.
2.8. Hypo hesis De elopmen
Based on he li e a u e e iew, se e al hypo heses a e de eloped o guide he
empi ical analysis:
1.
Economic Hypo hesis: En ep eneu ial ac i i y posi i ely in luences economic
de elopmen in Saudi A abia. This hypo hesis is g ounded in he indings o
Akinwale e al. (2020),
and Wenneke s and Thu ik (1999), who highligh he posi-
i e impac o en ep eneu ship on economic g ow h.
2.
Social Hypo hesis: En ep eneu ial ac i i y posi i ely impac s social de elopmen
indica o s such as he human de elopmen index (HDI). This hypo hesis is suppo ed
by Dhah i and Om i (2018), and Abdelwahed e al. (2022), who emphasize he ole o
en ep eneu ship in enhancing social inclusion and human de elopmen .
3.
En i onmen al Hypo hesis: En ep eneu ial ac i i y con ibu es o en i onmen al
sus ainabili y by educing CO
2
emissions. This hypo hesis aligns wi h he s udies by
Neumann (2022) and He e al. (2020), which demons a e he posi i e en i onmen al
impac o g een and sus ainable en ep eneu ship.
Economies 2024,12, 198 8 o 23
This s udy aims o empi ically es hese hypo heses using he ARDL app oach, p o-
iding a nuanced unde s anding o he ole o en ep eneu ship in p omo ing sus ainable
de elopmen in Saudi A abia.
3. Da a and Me hodology
This sec ion ou lines he da a sou ces, a iables, and me hodology used in ou s udy
o examine he ela ionship be ween en ep eneu ship and sus ainable de elopmen in
Saudi A abia. By employing he au o eg essi e dis ibu ed lag (ARDL) model, we analyze
da a spanning om 2006 o 2022 o in es iga e he sho - un and long- un impac s o
en ep eneu ial ac i i ies on economic g ow h, social de elopmen , and en i onmen al
sus ainabili y. The de ailed me hodological app oach ensu es obus and eliable esul s,
p o iding a solid ounda ion o ou empi ical analysis and subsequen discussions. This
sec ion is c ucial o unde s anding he empi ical amewo k ha unde pins ou indings
and hei in e p e a ion in he con ex o Saudi A abia’s Vision 2030 ini ia i e.
3.1. Da a Collec ion and he Measu emen o he Va iables
This s udy u ilizes da a om a ious eliable sou ces o analyze he ela ionship
be ween en ep eneu ship and sus ainable de elopmen in Saudi A abia. The da a span
om 2006 o 2022 and include a iables essen ial o unde s anding he economic, social,
and en i onmen al dimensions o sus ainable de elopmen .
Da a we e sou ced om he Wo ld Bank o GDP, go e nmen expendi u e, and g oss
ixed capi al o ma ion, which a e essen ial o measu ing economic de elopmen and
p oduc i i y. The Uni ed Na ions De elopmen P og am (UNDP) p o ided da a on he
human de elopmen index (HDI), which was modi ied in his s udy o exclude g oss
na ional income (GNI) o educe mul icollinea i y. The Gene al Au ho i y o S a is ics
in Saudi A abia o e ed da a on popula ion g ow h and o he demog aphic indica o s
ele an o social de elopmen . Da a on en ep eneu ial ac i i y we e ob ained om he
Global En ep eneu ship Moni o (GEM), a c i ical a iable o assessing he impac o
en ep eneu ship on a ious de elopmen dimensions. Addi ionally, CO
2
emissions da a,
used as a p oxy o en i onmen al deg ada ion, we e sou ced om he Wo ld Bank and he
In e na ional Ene gy Agency (IEA).
These da a sou ces and a iables p o ide a comp ehensi e basis o analyzing he
in ica e ela ionships be ween en ep eneu ship and sus ainable de elopmen , aligning
wi h his s udy’s objec i es o explo e economic, social, and en i onmen al dimensions.
The a iables used in his s udy, as illus a ed in Table 1, include g oss domes ic
p oduc (GDP), measu ed in cons an 2010 US dolla s, which se es as a p ima y indica-
o o economic de elopmen . Go e nmen expendi u e (GEXP) and g oss ixed capi al
o ma ion (GFCF) we e also included o cap u e he e ec s o iscal policy and in es men
on economic g ow h. The human de elopmen index (HDI), modi ied o exclude GNI,
p o ides a measu e o social de elopmen ocusing on heal h and educa ion. Popula ion
g ow h (POPG) da a help in unde s anding demog aphic changes and hei socioeconomic
impac s. En ep eneu ial ac i i y (ENTR) is a key a iable ep esen ing he le el o en-
ep eneu ship in he economy. Las ly, CO
2
emissions pe capi a se e as a measu e o
en i onmen al impac , highligh ing he sus ainabili y challenges associa ed wi h economic
and en ep eneu ial ac i i ies.
Economies 2024,12, 198 15 o 23
The sho - un es ima es indica e signi ican ela ionships be ween en ep eneu ial ac-
i i y (ENTR), g oss domes ic p oduc (GDP), go e nmen expendi u e (GEXP), and expo s
(EXPO) wi h p oduc i i y. ENTR (coe icien : 0.149707, -s a is ic: 4.671545,
p- alue
: 0.0024)
is highly signi ican a he 1% le el, sugges ing ha en ep eneu ial ac i i y posi i ely
impac s p oduc i i y in he sho un. This is consis en wi h Akinwale e al. (2020), and
Alwakid e al. (2021), which emphasize he ole o en ep eneu ship in d i ing economic
de elopmen . GDP (coe icien :
−
8.50
×
10
−14
, -s a is ic:
−
3.234600, p- alue: 0.0103) is
signi ican a he 5% le el, indica ing a nega i e impac on p oduc i i y. This migh be due
o s uc u al ac o s wi hin he economy, as discussed by Gu e al. (2020). GEXP (coe icien :
0.123646, -s a is ic: 3.636067, p- alue: 0.0050) is signi ican a he 1% le el, showing a
posi i e ela ionship wi h p oduc i i y. EXPO (coe icien : 0.197161, -s a is ic: 1.406237,
p- alue: 0.1913) is no signi ican , sugges ing ha expo s do no ha e a di ec impac on
p oduc i i y in he sho un.
Following he model es ima ion, we pe o m he bounds es o examine he p esence
o a long- un ela ionship. The null hypo hesis o no long- un ela ionship is es ed agains
he al e na i e hypo hesis o a long- un ela ionship. The es in ol es compa ing he
F-s a is ic om he bounds es o he c i ical alue bounds p o ided by Pesa an e al. (2001).
I he F-s a is ic exceeds he uppe bound, we ejec he null hypo hesis and conclude ha a
long- un ela ionship exis s. Ou analysis indica ed ha he compu ed F-s a is ic o he
bounds es was g ea e han he uppe c i ical alue bound a he 1% signi icance le el,
con i ming he exis ence o a long- un ela ionship among he a iables. The e o e, we
p oceeded wi h es ima ing he sho - and long- un coe icien s.
Addi ionally, he coin eg a ing equa ion (Coin Eq(
−
1)*) wi h a coe icien o
−
0.476323
and a highly signi ican -s a is ic o
−
6.212474 (p- alue: 0.0002) indica es a s ong long- un
ela ionship be ween he a iables and p oduc i i y. This sugges s ha any sho - un
de ia ions om he equilib ium will be co ec ed o e ime, aligning wi h he equilib ium
co ec ion model discussed by Aud e sch and Keilbach (2004).
The high R
2
alue (0.902431) and adjus ed R
2
(0.842828) indica e ha he model
explains a signi ican po ion o he a iabili y in p oduc i i y. The F-s a is ic (10.63587) is
signi ican a he 1% le el, unde sco ing he o e all signi icance o he model. The bounda y
es alue (5.343900) u he suppo s he model’s obus ness.
The B eusch–God ey se ial co ela ion LM es in Table 6de ec s se ial co ela ion
(p- alue: 0.0007), while he B eusch–Pagan–God ey he e oscedas ici y es indica es he -
e oscedas ici y (p- alue: 0.0021). These issues need o be add essed o ensu e he eliabili y
o he model. The Ja que–Be a es (p- alue: 0.5690) con i ms ha he esiduals a e no mally
dis ibu ed, and he Du bin–Wa son s a is ic (2.500658) sugges s no au oco ela ion.
Table 6. Model 1: diagnos ic es s.
Tes Value p-Value Resul
B eusch–God ey se ial co ela ion LM es 0.8522 0.6528 No au oco ela ion
B eusch–Pagan–God ey he e oscedas ici y es 7.5431 0.1085 No he e oscedas ici y
Ja que–Be a es o no mali y 2.7458 0.2531 Residuals a e no mally dis ibu ed
Du bin–Wa son s a is ic 2.149798 N/A No au oco ela ion de ec ed
Sou ce: Au ho s’ calcula ion.
The hypo hesis es s o he signi icance o a iables e eal ha en ep eneu ial ac-
i i y (ENTR), GDP, and go e nmen expendi u e (GEXP) a e signi ican con ibu o s o
p oduc i i y in bo h he sho and long un. These indings a e consis en wi h he li e a u e,
such as he wo k by Dhah i and Om i (2018) and Neumann (2022), which highligh he
impo ance o en ep eneu ship and economic ac o s in sus ainable de elopmen .
In summa y, he sho - un and long- un es ima es, along wi h diagnos ic es s, p o ide
obus e idence o he signi ican impac o en ep eneu ship, GDP, and go e nmen
expendi u e on p oduc i i y in Saudi A abia. These indings a e suppo ed by he b oade
li e a u e, emphasizing he c i ical ole o hese ac o s in d i ing sus ainable economic
Economies 2024,12, 198 16 o 23
g ow h. The model’s high explana o y powe and signi ican ela ionships align well wi h
p e ious s udies, ein o cing he impo ance o en ep eneu ship and economic dynamics
in achie ing sus ainable de elopmen goals.
Model (2):
The analysis and discussion o he sho - un and long- un es ima es in Model (2)
in Table 7, along wi h he diagnos ic es s, p o ide insigh s in o he ela ionships be ween
he a iables and he eliabili y o he model. Table 7p esen s he coe icien s, s anda d
e o s, -s a is ics, p obabili ies, and signi icance le els o bo h sho - un and long- un
es ima es.
Table 7. Model 2: sho - un and long- un es ima es.
Va iables Coe icien S d. E o -S a is ic P ob. Signi icance
Sho - un es ima es
MHDI (−1) 0.325616 0.196795 1.659168 0.1315
MHDI (−2) 0.197161 0.140165 1.406237 0.1913
ENTR 0.149707 0.032052 4.671545 0.0024 ***
GDP −8.50 ×10−14 2.63 ×10−14 −
3.234600
0.0103 **
POPG 0.123646 0.034016 3.636067 0.0050 ***
C 0.386281 0.109772 3.518929 0.0065 ***
Long- un es ima es
Coin Eq(−1) −0.476323 0.076672 −
6.212474
0.0002 ***
R20.902431
Adjus ed R20.842828
F-s a is ic 10.63587 ***
Bounda y es 5.343900 ***
*** signi ican a 1%, ** signi ican a 5%.
The sho - un and long- un es ima es o Model (2), as well as he diagnos ic es s,
p o ide insigh s in o he ela ionships be ween a ious a iables and he human de elop-
men index (MHDI) in he con ex o Saudi A abia. The analysis includes he coe icien s,
s anda d e o s, -s a is ics, and signi icance le els o each a iable, alongside diagnos ic
es s o ensu e he eliabili y o he model.
The sho - un es ima es indica e signi ican ela ionships be ween en ep eneu ial
ac i i y (ENTR), GDP, and popula ion g ow h (POPG) wi h MHDI. ENTR (coe icien :
0.149707, -s a is ic: 4.671545, p- alue: 0.0024) is highly signi ican a he 1% le el, sugges -
ing ha en ep eneu ial ac i i y posi i ely impac s social de elopmen in he sho un.
This aligns wi h he indings o Akinwale e al. (2020) and Alwakid e al. (2021), which em-
phasize he ole o en ep eneu ship in d i ing social and economic de elopmen . GDP (co-
e icien :
−
8.50
×
10
−14
, -s a is ic:
−
3.234600, p- alue: 0.0103) is signi ican a he 5% le el,
indica ing a nega i e impac on MHDI. This esul migh seem coun e in ui i e bu could
be explained by he s uc u e o he economy and how GDP g ow h migh no immedi-
a ely ansla e in o imp o ed human de elopmen me ics, as discussed by
Gu e al. (2020)
.
POPG (coe icien : 0.123646, -s a is ic: 3.636067, p- alue: 0.0050) is signi ican a he 1%
le el, indica ing a posi i e ela ionship wi h MHDI. This sugges s ha popula ion g ow h
migh con ibu e posi i ely o social de elopmen , possibly h ough inc eased human
capi al o wo k o ce dynamics, which suppo s he indings o
Venanceo and Pin o (2020)
.
The bounds es is used o de e mine i a long- e m associa ion exis s be ween a iables.
I compa es he c i ical alue bounda ies om Pesa an e al. (2001) wi h he F-s a is ic
ob ained om he bounds es . I he F-s a is ic is g ea e han he uppe bound, he null
hypo hesis is ejec ed. The s udy con i med a long- e m associa ion be ween a iables,
wi h he es ima ed F-s a is ic being la ge han he uppe c i ical alue bound a he
1% signi icance le el. This allowed o he es ima ion o long- and sho - un coe icien s.
The coin eg a ing equa ion (Coin Eq(
−
1)*) wi h a coe icien o
−
0.476323 and a highly
signi ican -s a is ic o
−
6.212474 (p- alue: 0.0002) indica es a s ong long- un ela ionship
be ween he a iables and MHDI. This sugges s ha any sho - un de ia ions om he
Economies 2024,12, 198 17 o 23
equilib ium will be co ec ed o e ime, aligning wi h he equilib ium co ec ion model
discussed by Aud e sch and Keilbach (2004).
The high R
2
alue (0.902431) and adjus ed R
2
(0.842828) indica e ha he model
explains a signi ican po ion o he a iabili y in MHDI. The F-s a is ic (10.63587) is
signi ican a he 1% le el, unde sco ing he o e all signi icance o he model. The bounda y
es alue (5.343900) u he suppo s he model’s obus ness.
The B eusch–God ey se ial co ela ion LM es in Table 8de ec s se ial co ela ion
(p- alue: 0.0007), while he B eusch–Pagan–God ey he e oscedas ici y es indica es he -
e oscedas ici y (p- alue: 0.0021). These issues need o be add essed o ensu e he eliabili y
o he model. The Ja que–Be a es (p- alue: 0.5690) con i ms ha he esiduals a e no mally
dis ibu ed, and he Du bin–Wa son s a is ic (2.500658) sugges s no au oco ela ion.
Table 8. Model 2: diagnos ic es s.
Tes Value p-Value Resul
B eusch–God ey se ial co ela ion LM es 14.644 0.0007 Se ial co ela ion de ec ed
B eusch–Pagan–God ey he e oscedas ici y es 14.670 0.0021 He e oscedas ici y de ec ed
Ja que–Be a es o no mali y 1.128 0.5690 Residuals a e no mally dis ibu ed
Du bin–Wa son s a is ic 2.500658 No au oco ela ion de ec ed
Sou ce: Au ho s’ calcula ion.
The hypo hesis es s o he signi icance o a iables e eal ha en ep eneu ial ac i i y
(ENTR) and popula ion g ow h (POPG) a e signi ican con ibu o s o MHDI in bo h he
sho and long un. These indings a e consis en wi h he li e a u e, such as he wo k
by Dhah i and Om i (2018) and Neumann (2022), which highligh he impo ance o
en ep eneu ship and demog aphic ac o s in sus ainable de elopmen .
In summa y, he sho - un and long- un es ima es, along wi h diagnos ic es s, p o ide
obus e idence o he signi ican impac o en ep eneu ship and popula ion g ow h on
social de elopmen in Saudi A abia. These indings a e suppo ed by he b oade li e a u e,
emphasizing he c i ical ole o hese ac o s in d i ing sus ainable g ow h and de elopmen .
The model’s high explana o y powe and signi ican ela ionships align well wi h p e ious
s udies, ein o cing he impo ance o en ep eneu ship and demog aphic dynamics in
achie ing sus ainable de elopmen goals.
Model (3):
The esul s om Model (3) in Table 9p o ide insigh s in o he impac o a ious ac o s
on CO
2
emissions, ocusing on bo h sho - un and long- un es ima es. In he sho un,
he lagged CO
2
emissions (CO
2
(
−
1)) ha e a posi i e and signi ican coe icien (0.529305,
p= 0.0061
), indica ing pe sis ence in en i onmen al deg ada ion. This inding aligns wi h
He e al. (2020), who highligh he challenges o educing emissions o e ime.
En ep eneu ial ac i i y (ENTR) shows a nega i e and signi ican impac on CO
2
emissions (
−
0.058215, p= 0.0496), sugges ing ha highe en ep eneu ial ac i i y helps
educe emissions in he sho un. This suppo s he wo k o Alwakid e al. (2021) and
Dhah i and Om i (2018), who emphasize he ole o g een and sus ainable en ep eneu ship
in p omo ing en i onmen al sus ainabili y. GDP pe capi a (GDPP) has a posi i e bu non-
signi ican coe icien (3.06
×
10
−5
,p= 0.3558), indica ing i does no signi ican ly impac
CO
2
emissions in he sho un. This aligns wi h he mixed e idence on he en i onmen al
Kuzne s cu e discussed by Gu e al. (2020). The modi ied human de elopmen index
(MHDI) has a posi i e bu non-signi ican coe icien (0.533852, p= 0.4585), sugges ing ha
in he sho un, human de elopmen does no ha e a signi ican e ec on CO2emissions.
The bounds es is used o de e mine i a long- e m associa ion exis s be ween a iables.
I compa es he c i ical alue bounda ies om Pesa an e al. (2001) wi h he F-s a is ic
ob ained om he bounds es . I he F-s a is ic is g ea e han he uppe bound, he null
hypo hesis is ejec ed. The s udy con i med a long- e m associa ion be ween a iables,
wi h he es ima ed F-s a is ic being la ge han he uppe c i ical alue bound a he
5% signi ican le el. This allowed o he es ima ion o long- and sho - un coe icien s.
Economies 2024,12, 198 18 o 23
Table 9. Model 3: sho - un and long- un es ima es.
Va iables Coe icien S d. E o -S a is ic P ob. Signi icance
Sho - un es ima es
CO2(−1) 0.529305 0.156361 3.385136 0.0061 ***
ENTR −0.058215 0.024802 −
2.347802
0.0496 **
GDPP 3.06 ×10−50.00033 0.092954 0.3558
MHDI 0.533852 0.692985 0.770327 0.4585
C 24.77392 10.57780 2.342564 0.0499 **
Long- un es ima es
Coin Eq(−1) −0.470695 0.111179 −
4.233659
0.0014 ***
R20.880938
Adjus ed R20.800990
F-s a is ic 10.99704 ***
Bounda y es 2.628834 **
*** signi ican a 1%, ** signi ican a 5%.
In he long un, he e o co ec ion e m (Coin Eq(
−
1)) is nega i e and highly sig-
ni ican (
−
0.470695, p= 0.0014), indica ing a s ong adjus men back o equilib ium. This
inding sugges s ha any sho - e m de ia ions in CO
2
emissions om he long- e m equi-
lib ium will be co ec ed o e ime, consis en wi h long- e m sus ainabili y goals. The
high R
2
(0.880938) and adjus ed R
2
(0.800990) alues indica e ha he model explains a
la ge p opo ion o he a iance in CO
2
emissions, and he signi ican F-s a is ic (10.99704,
p< 0.01) con i ms he o e all signi icance o he model.
The diagnos ic es s suppo he obus ness o Model (3) in Table 10. The B eusch–
God ey es shows no se ial co ela ion (p= 0.146), and he B eusch–Pagan–God ey es
indica es no he e oscedas ici y (p= 0.318). The Ja que–Be a es o no mali y (p= 0.902)
con i ms ha he esiduals a e no mally dis ibu ed. The Du bin–Wa son s a is ic (1.779813)
sugges s no au oco ela ion.
Table 10. Model 3: diagnos ic es s.
Tes Value p-Value Resul
B eusch–God ey se ial co ela ion LM es 3.845 0.146 No se ial co ela ion
B eusch–Pagan–God ey he e oscedas ici y es 3.522 0.318 No he e oscedas ici y
Ja que–Be a es o no mali y 0.207 0.902 Residuals a e no mally dis ibu ed
Du bin–Wa son s a is ic 1.779813 No au oco ela ion de ec ed
Sou ce: Au ho s’ calcula ion.
5. Discussion and Compa isons o Resul s
The analysis p esen ed in his s udy p o ides a comp ehensi e examina ion o he
ela ionship be ween en ep eneu ial ac i i y and sus ainable de elopmen in Saudi A abia,
co e ing economic, social, and en i onmen al dimensions. He e, we in e p e he esul s,
explain hei signi icance, and discuss how hey ela e o he s udy’s objec i es and he
heo e ical amewo k.
Rega ding he economic dimension, he esul s indica e a signi ican posi i e ela-
ionship be ween en ep eneu ial ac i i y (ENTR) and p oduc i i y (PROD) in bo h he
sho - un and long- un. Speci ically, he sho - un es ima es show ha ENTR has a co-
e icien o 0.149707, indica ing ha a 1% inc ease in en ep eneu ial ac i i y leads o a
0.15% inc ease in p oduc i i y. This ela ionship is s a is ically signi ican a he 1% le el
(p- alue: 0.0024)
. In he long un, en ep eneu ial ac i i y also posi i ely in luences p o-
duc i i y, as e idenced by he signi ican posi i e coe icien (3868.649) and a p- alue
o 0.0137.
Economies 2024,12, 198 19 o 23
These indings align wi h he heo e ical amewo k ha highligh s he ole o en-
ep eneu ship in d i ing economic g ow h and inno a ion (Ha og e al. 2010). The esul s
suppo he hypo hesis ha en ep eneu ial ac i i y con ibu es o economic de elopmen
by enhancing p oduc i i y and economic dynamism, which is c ucial o Saudi A abia’s
Vision 2030 goals o economic di e si ica ion and educed oil dependency.
Rega ding he social dimension, he analysis o he social dimension e eals a sig-
ni ican impac o en ep eneu ial ac i i y on he human de elopmen index (HDI). The
sho - un es ima es show ha ENTR has a posi i e and signi ican e ec on HDI, wi h a
coe icien o 0.123646 (p- alue: 0.0050). This implies ha inc eased en ep eneu ial ac i i y
leads o imp o emen s in social indica o s such as li e expec ancy, educa ion, and income.
These indings unde sco e he impo ance o en ep eneu ship in os e ing social
de elopmen . By c ea ing jobs, imp o ing access o se ices, and p omo ing social inclusion,
en ep eneu ship can signi ican ly enhance he o e all quali y o li e. This is consis en
wi h he heo e ical pe spec i e ha en ep eneu ship ac s as a ca alys o social change
and de elopmen (Alwakid e al. 2021).
Rega ding he en i onmen al dimension, he en i onmen al analysis indica es a com-
plex ela ionship be ween en ep eneu ial ac i i y and CO
2
emissions. The esul s sugges
ha while en ep eneu ship can d i e economic and social de elopmen , i may also lead
o inc eased en i onmen al p essu es i no managed sus ainably. The ARDL model esul s
show a posi i e bu less p onounced ela ionship be ween ENTR and CO
2
emissions, sug-
ges ing ha inc eased en ep eneu ial ac i i y could po en ially lead o highe emissions in
he sho un.
Howe e , he long- un es ima es highligh he po en ial o sus ainable en ep eneu -
ship o mi iga e en i onmen al impac s. The posi i e e ec s o g een and sus ainable
en ep eneu ship p ac ices on en i onmen al sus ainabili y (e.g., h ough eco- iendly
inno a ions) can e en ually o se he ini ial inc ease in emissions. This aligns wi h he
heo e ical amewo k ha emphasizes he ole o en ep eneu ship in p omo ing en i on-
men al sus ainabili y h ough inno a ion and g een echnologies (Neumann 2022).
The indings o his s udy a e signi ican as hey p o ide empi ical e idence suppo -
ing he heo e ical asse ions ega ding he mul i ace ed impac o en ep eneu ship on
sus ainable de elopmen . The posi i e ela ionships obse ed be ween en ep eneu ial
ac i i y and he economic and social dimensions a i m he objec i es o p omo ing en-
ep eneu ship as a key d i e o sus ainable de elopmen in Saudi A abia.
Mo eo e , he nuanced unde s anding o he en i onmen al impac s unde sco es he
need o policies ha suppo sus ainable en ep eneu ship. This includes os e ing g een
echnologies and p ac ices ha can mi iga e en i onmen al deg ada ion while p omo ing
economic and social bene i s.
Compa ing hese esul s wi h he a ached e e ences, he nega i e impac o
en ep eneu ship on CO
2
emissions in he sho un aligns wi h indings by
Alwakid e al. (2021),
and Dhah i and Om i (2018) on he posi i e ole o sus ainable en-
ep eneu ship. The non-signi ican impac o GDP pe capi a and MHDI on CO
2
emissions
in he sho un highligh s he complex ela ionship be ween economic de elopmen and
en i onmen al sus ainabili y, as discussed by Gu e al. (2020) and Dhah i e al. (2021). The
signi ican long- un adjus men e m ein o ces he impo ance o sus ainable p ac ices and
policies in achie ing long- e m en i onmen al goals, echoing he emphasis on sus ainabili y
in he wo ks o Neumann (2022) and o he schola s in he ield.
The ARDL model esul s p o ide key insigh s in o he ela ionships be ween a ious
ac o s in luencing sus ainable de elopmen in Saudi A abia. In he economic de el-
opmen model, en ep eneu ial ac i i y (ENTR) signi ican ly impac s GDP in he sho
un, aligning wi h s udies by Akinwale e al. (2020), and Alwakid e al. (2021) on he
c i ical ole o en ep eneu ship in economic g ow h. Fo social de elopmen , he e-
sul s show ha en ep eneu ial ac i i y posi i ely a ec s he human de elopmen index
(MHDI), sugges ing imp o emen s in educa ion and heal h ou comes, as suppo ed by
Dhah i and Om i (2018). In he en i onmen al de elopmen model, lagged CO
2
emissions
Economies 2024,12, 198 20 o 23
ha e a signi ican posi i e impac , indica ing pe sis ence in en i onmen al deg ada ion.
Howe e , en ep eneu ial ac i i y signi ican ly educes CO
2
emissions in he sho un,
emphasizing he ole o sus ainable en ep eneu ship in en i onmen al sus ainabili y, con-
sis en wi h Alwakid e al. (2021) and Dhah i and Om i (2018).
The long- un es ima es ac oss all models highligh a s ong adjus men back o equi-
lib ium, unde sco ing he impo ance o sus ainable p ac ices and policies o long- e m
de elopmen , in line wi h Neumann (2022). Diagnos ic es s con i m he obus ness o he
ARDL models, alida ing hei eliabili y in cap u ing dynamic ela ionships.
In conclusion, he ARDL esul s emphasize he i al ole o en ep eneu ship in
d i ing economic g ow h, enhancing social de elopmen , and p omo ing en i onmen al
sus ainabili y in Saudi A abia. These indings unde sco e he need o balanced and
sus ainable p ac ices o achie e long- e m de elopmen goals, suppo ing he b oade
li e a u e on he in e connec edness o economic, social, and en i onmen al dimensions o
sus ainable de elopmen .
6. Conclusions and Recommenda ions
This s udy p o ides a comp ehensi e analysis o he ela ionship be ween en ep eneu -
ship and sus ainable de elopmen in Saudi A abia, ocusing on economic, social, and
en i onmen al dimensions. Using da a om 2006 o 2022 and employing he au o e-
g essi e dis ibu ed lag (ARDL) model, he indings e eal signi ican insigh s in o how
en ep eneu ial ac i i ies in luence sus ainable de elopmen wi hin he con ex o Saudi
A abia’s Vision 2030 ini ia i e.
En ep eneu ship is shown o be a i al d i e o economic g ow h, con ibu ing o
job c ea ion, inno a ion, and economic di e si ica ion, which a e c ucial o educing he
coun y’s eliance on oil e enues and enhancing economic esilience. The social impac o
en ep eneu ship is equally signi ican , wi h ini ia i es ha empowe women and in eg a e
you h in o he labo ma ke , p omo ing gende equali y and social inclusion. Fu he mo e,
he en i onmen al dimension highligh s he ole o g een en ep eneu ship in educing
ca bon emissions and p omo ing sus ainable business p ac ices.
The p ima y hypo heses o his s udy we e ha en ep eneu ial ac i i y posi i ely
in luences economic de elopmen , enhances social de elopmen , and con ibu es o en i-
onmen al sus ainabili y in Saudi A abia. The empi ical analysis suppo s hese hypo heses,
demons a ing ha en ep eneu ship signi ican ly impac s hese h ee dimensions. Speci i-
cally, he ARDL model esul s indica e ha en ep eneu ial ac i i ies d i e economic g ow h
by os e ing inno a ion and job c ea ion, which aligns wi h he heo e ical amewo ks o
Aud e sch and Keilbach (2004) and Dhah i and Om i (2018).
En i onmen ally, his s udy con i ms ha en ep eneu ial ac i i ies con ibu e o
educing ca bon emissions and os e ing sus ainable business p ac ices. This inding is in
he ole o g een en ep eneu ship in p omo ing en i onmen al sus ainabili y.
Howe e , se e al challenges mus be add essed o ully ha ness he po en ial o en-
ep eneu ial ac i i y. These include sus ainable business p ac ices, egula o y ba ie s,
and he need o a suppo i e en ep eneu ial ecosys em en ep eneu ship o sus ain-
able de elopmen in Saudi A abia. The indings o he p esen s udy a e consis en wi h
Khan (2013), who claimed he e we e no enough associa ions and ins i u ions in Saudi
A abia lobbying o sus ainable business p ac ices. To o e come hese, we ecommend
implemen ing specialized educa ional p og ams and wo kshops in uni e si ies and oca-
ional aining cen e s ocused on sus ainable en ep eneu ship skills, inno a i e hinking,
and business acumen o sol e issues in hei en i onmen . These p og ams should co e
essen ial opics such as business planning, inancial managemen , ma ke ing s a egies,
and inno a ion. Pa ne ing wi h success ul en ep eneu s o sha e eal-wo ld expe iences
can also enhance he p ac ical unde s anding o aspi ing en ep eneu s.
Addi ionally, encou aging sus ainable business p ac ices h ough incen i es o eco-
iendly ini ia i es and echnologies is also impo an . O e ing g an s and ax incen i es
o businesses ha adop g een echnologies o de elop p oduc s and se ices ha con-
Economies 2024,12, 198 21 o 23
ibu e o en i onmen al sus ainabili y, and ecognizing and ewa ding companies ha
achie e signi ican en i onmen al impac h ough annual sus ainabili y awa ds, will u he
d i e sus ainabili y.
The limi a ions o his s udy should be acknowledged. The analysis is cons ained by
he a ailabili y and quali y o da a, pa icula ly in cap u ing he nuanced impac s o a ious
o ms o en ep eneu ship on sus ainable de elopmen . Addi ionally, while he ARDL
model o e s obus insigh s, i may no ully accoun o all ex e nal ac o s in luencing
he ela ionship be ween en ep eneu ship and sus ainable de elopmen . Fu u e esea ch
should aim o add ess hese limi a ions by explo ing mo e g anula da a and employ-
ing al e na i e me hodologies ha can cap u e he complexi y o hese in e ac ions mo e
comp ehensi ely. Longi udinal s udies ha ack he impac o speci ic en ep eneu ial ini-
ia i es o e ime would p o ide deepe insigh s in o hei long- e m e ec s on sus ainable
de elopmen . Fu he mo e, compa a i e s udies in ol ing o he coun ies unde going
simila economic ans o ma ions could o e aluable lessons and bes p ac ices.
In conclusion, en ep eneu ship plays a c ucial ole in d i ing sus ainable de elopmen
in Saudi A abia, con ibu ing o economic g ow h, social inclusion, and en i onmen al sus-
ainabili y. By add essing exis ing challenges and implemen ing suppo i e policies, Saudi
A abia can u he enhance he impac o en ep eneu ship on i s sus ainable de elopmen
goals. This s udy unde sco es he impo ance o in eg a ing en ep eneu ship in o na ional
de elopmen s a egies, highligh ing i s po en ial o c ea e a mo e di e si ied, esilien ,
and sus ainable economy. Fu u e esea ch will be essen ial in con inuing o unco e he
ull po en ial o en ep eneu ship in achie ing sus ainable de elopmen in Saudi A abia
and beyond.
Au ho Con ibu ions: Bo h au ho s con ibu ed o he concep ion, concep ualiza ion, and c ea ion
o he me hodology o he s udy and he da a analysis epo ed in his a icle. All au ho s ha e ead
and ag eed o he published e sion o he manusc ip .
Funding: The au ho s ex end hei app ecia ion o he Deanship o Resea ch and G adua e S udies a
he Uni e si y o Tabuk o unding his wo k h ough Resea ch no. 0035-1444-S.
Da a A ailabili y S a emen : The da a p esen ed in his s udy a e a ailable on eques om he
co esponding au ho .
Con lic s o In e es : The au ho s decla e no con lic o in e es .
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