Abdulai, Alhaji; Hussain, N. Raja
A icle
Dynamics o En ep eneu ial Ecosys em and
En ep eneu ship De elopmen : E idence om A ica
Cogen Business & Managemen
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Dynamics o En ep eneu ial Ecosys em and
En ep eneu ship De elopmen : E idence om
A ica
Alhaji Abdulai & N. Raja Hussain
To ci e his a icle: Alhaji Abdulai & N. Raja Hussain (2024) Dynamics o En ep eneu ial
Ecosys em and En ep eneu ship De elopmen : E idence om A ica, Cogen Business &
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MANAGEMENT | RESEARCH ARTICLE
Dynamics o En ep eneu ial Ecosys em and
En ep eneu ship De elopmen : E idence om
A ica
Alhaji Abdulai
1
* and N. Raja Hussain
2
Abs ac : This pape examines he dynamics o he en ep eneu ship ecosys em
and en ep eneu ship de elopmen in A ica. This s udy is concei ed on he p emise
ha al hough en e p ise-induced g ow h is documen ed o be he panacea o
con aining he ising unemploymen , po e y a e, and wo sening economic condi-
ions, A ican en e p ise-led policies ha e no gene a ed he desi ed esul s wi h
en ep eneu ship de elopmen s ill slow. I is belie ed ha he na u e o en ep e-
neu ial ecosys em migh ha e con ibu ed o poo en ep eneu ship de elopmen ,
howe e , he e is a pauci y o e idence abou his possible link. This pape is one o
he ounda ional s udies in he en ep eneu ship li e a u e ha has applied quan i-
a i e analy ical p ocedu es o in es iga e how he dynamics o he en ep eneu ial
ecosys em in luence en ep eneu ship de elopmen in A ica. The pape ope a io-
nalises he en ep eneu ial ecosys em wi hin he A ican con ex and in es iga es
he sho - un and long- un ela ionships be ween hese p oxies and en ep eneu -
ship de elopmen in A ica. The pape employed he Au o eg essi e Dis ibu ed Lag
(ARDL) o es ima e he ela ionships and he Gene alised Me hod o Momen s (GMM)
o alida e he es ima es. Annual da a om 2000 o 2021 in 54 A ican coun ies
we e used o he s udy. This ansla ed in o 1184 obse a ions in a 22-yea da a
span. The pape e ealed a posi i e consequence o he en ep eneu ial ecosys em
on en ep eneu ship de elopmen in A ica in bo h he sho - un and he long- un,
howe e , he sho - un es ima es we e no signi ican . I is concluded ha he
en ep eneu ial ecosys em p oxies: people (human capi al), en u e capi al,
Alhaji Abdulai
ABOUT THE AUTHOR
Alhaji Abdulai is a PhD. Schola a B.S. Abdu Rahman C escen Ins i u e o Science and Technology,
Chennai and a lec u e a Cape Coas Technical Uni e si y. His eaching and esea ch ac i i y is in he
ield o amily business, mic o inance, s a egy and en ep eneu ial lea ning and knowledge ans e .
Abdulai & Hussain, Cogen Business & Managemen (2024), 11: 2292315
h ps://doi.o g/10.1080/23311975.2023.2292315
Page 1 o 17
Recei ed: 19 Janua y 2023
Accep ed: 04 Decembe 2023
*Co esponding au ho : Alhaji
Abdulai, Depa men o Managemen
S udies, Business School, Abdu
Rahman C escen Ins i u e o Science
and Technology, Chennai, India
E-mail: [email p o ec ed]
Re iewing edi o :
Pablo Ruiz, Uni e sidad de Cas illa-
La Mancha, Spain
Addi ional in o ma ion is a ailable a
he end o he a icle
© 2023 The Au ho (s). Published by In o ma UK Limi ed, ading as Taylo & F ancis G oup.
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons A ibu ion
License (h p://c ea i ecommons.o g/licenses/by/4.0/), which pe mi s un es ic ed use, dis ibu-
ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. The e ms on
which his a icle has been published allow he pos ing o he Accep ed Manusc ip in
a eposi o y by he au ho (s) o wi h hei consen .
in as uc u e, sys em, and suppo a e ca alys s ha d i e en ep eneu ship de el-
opmen in A ica in he long un. I is ecommended ha A ican en e p ise-led
policy should emphasise he en ep eneu ial ecosys em ha e ol es a ound hese
cons uc s in o de o de elop an en ep eneu ship cul u e and sus ain he exis ing
en e p ises.
Subjec s: Finance; Business, Managemen and Accoun ing; Indus y & Indus ial S udies
Keywo ds: en ep eneu ship ecosys em; en ep eneu ship de elopmen ; people; capi al;
in as uc u e; sys em and suppo ; Au o eg essi e Dis ibu ed Lag (ARDL); Gene alised
Me hod o Momen s (GMM)
1. In oduc ion
Global economies ha e con inued o s uggle o con ain ising unemploymen , po e y a e, and
wo sening economic condi ions (A iase e al., 2018; Guisinge e al., 2018). In ecen decades, he
consequences o hese canke s ha e been unbea able (A iase e al., 2018; Fische , 2000; Guisinge
e al., 2018; Kukaj, 2018; Okun, 1962). The global COVID −19 pandemic which a ec ed he
en i onmen and human well-being coupled wi h global economic policy unce ain ies has e oded
he a he slippe y gains o go e nmen in e en ions (I an e al. (2021). UNSD (2020), e ealed
ha he global o al unemploymen popula ion has eached 220 million. UNSD epo documen ed
ha egions such as he Ca ibbean, La in Ame ica, No he n Ame ica, and Eu ope eco ded
a 2 pe cen age poin inc ease in unemploymen (UNSD, 2020).
A ica is conside ed one o he wo s hi by he g owing unemploymen a e. Fo ins ance, a epo by
Wo ld Bank Repo (2020) shows ha A ican coun ies such as Sou h A ica eco ded an unemploy-
men a e o 29.20%, Bo swana s anding a 24.90%, and Gabon a 20.40%. In esponse o hese
g owing challenges, many coun ies ha e been pu suing economic g ow h- a ge ing policies wi h he
belie ha high economic g ow h would a es he g owing unemploymen and educe po e y
(Fische , 2000; Guisinge e al., 2018; Kukaj, 2018; Okun, 1962). Al hough some gains ha e been
made wi h hese in e en ions (Banda, 2016; Guisinge e al., 2018; Kukaj, 2018), eme ging e idence
has demons a ed ha economic g ow h pe se does no necessa ily add ess g owing unemploymen
challenges, po e y, and he wo sening economic wel a e (A iase e al., 2018; F ede ick e al., 2010;
Osinubi, 2005), a he he inclusi eness o he cons i uen s o economic g ow h. Fo ins ance, when
economic g ow h is no inclusi e bu a ou s he p i ileged ew, he p oblem o po e y, poo economic
wel a e, and e en unemploymen may pe sis (Khobai, 2018; Osinubi, 2005).
The eme ging eali y o add essing economic, po e y, and unemploymen p oblems is en e -
p ise-induced g ow h whe e he emphasis is placed on p omo ing en u e c ea ion and en e p ise
de elopmen (Balkienė & Jagminas, 2010; F impong & Wilson, 2013; Mason & B own, 2014; Ozgen
& Minsky, 2007; Wa wick, 2013). I has been ecognised and ecommended globally ha o win
agains he economic challenges, po e y, and ising unemploymen policies should be di ec ed a
en ep eneu ship de elopmen (Ca eea & Thu ika, 2002; Huang e al., 2021; Kansheba, 2020;
Nwagu & Eno e, 2021; Quaidoo, 2018). En ep eneu ship de elopmen could a ec all ace s o
an economy and signi ican ly add ess unemploymen , po e y, and o he economic ill-heal h
wi hin an economy (Fields e al., 2012; Global En ep eneu ship; Moni o , 2017) and may e en
deepen he s ock ma ke (Queku e al., 2022).
Global En ep eneu ship Moni o epo in 2017 p o ides ha o e 582 million people ha e
en e ed he business en i onmen o s a and un hei en e p ises (Global En ep eneu ship
Moni o , 2017). The ising in e es in en u e c ea ion is e iden in almos all pa s o he wo ld
including he Ame icas, Asia, and Eu ope in he las decades. Fo example, in he Uni ed Kingdom
(UK), a o al o 70,000 o hese en e p ises ha e employed abou one million people and con-
ibu ed abou £24 billion o he economic g ow h (1.3% GDP) in 2016 (Huang e al., 2018). Simila
Abdulai & Hussain, Cogen Business & Managemen (2024), 11: 2292315
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Page 2 o 17
o o he egions, A ican coun ies ha e also a ge ed en ep eneu ship de elopmen as
a ounda ion o hei g ow h agenda (A iase e al., 2018; Oppong e al., 2014; Quaidoo, 2018).
2. Backg ound o he s udy
Despi e he en e p ise-led policies in A ica, en ep eneu ship de elopmen is slow, and in eg a ion
o en e p ise-led is s ill in i s in ancy in A ica (Ahmed e al., 2013; Naudé, 2010). Fu he mo e, he
en e p ises bo ne ou o hese policies a e no obus enough o wi hs and business unce ain ies,
shocks, and u bulence making hem suscep ible o going-conce n p oblems. Fo ins ance, he
Wo ld Bank epo (2022) shows ha he Global COVID-19 pandemic collapsed 8.4% o en e p ises
in A ica and a ec ed he gene al en i onmen and he well-being o people (I an e al., 2021)
making he si ua ion ala ming. Al hough go e nmen s ha e s i ed o imp o e sus ainabili y
h ough a ious in e en ions, en e p ise sus ainabili y has been a pe sis en challenge o A ica
(Queku & Ma o, 2016; Sackey e al., 2013) and his migh ha e a ec ed economic iabili y in A ica
(Ali e al., 2023). In esponse, s udies ha e in es iga ed his challenge wi h some ocusing on he
dynamics o en ep eneu ship and en ep eneu ship de elopmen (A iase e al., 2018; de B uin
e al., 2017), o he s concen a ing on he d i e s o en ep eneu ship de elopmen (B ownson,
2013; Economidou e al., 2018) and be e s ill ano he s eam has explo ed en ep eneu ship and
g ow h (Acs e al., 2018).
Eme ging s udies in en ep eneu ship li e a u e a e ocusing on he en ep eneu ial ecosys em
(Al edalen & Boschma, 2017; A iase e al., 2018; Aud e sch e al., 2019). Al hough hese eme ging
empi ical s udies on en ep eneu ship ecosys em ha e imp o ed he unde s anding o he
dynamics o en ep eneu ship ecosys em (Al edalen & Boschma, 2017; Aud e sch e al., 2019),
explo ing he consequence o such dynamics on en ep eneu ship de elopmen is s ill in i s in ancy
(Kansheba & Wald, 2020). Fang e al. (2022) ecognizes he impo an ole o en ep eneu ial
ecosys em by emphasizing in e ne de elopmen . Howe e , explo ing di ec ela ionship be ween
en ep eneu ial ecosys em (in e ne de elopmen ) and en ep eneu ship de elopmen was ou -
side he scope o Fang e al. (2022). A sys ema ic e iew conduc ed by esea che s in he
en ep eneu ship li e a u e has e ealed ha he en ep eneu ial ecosys em phenomenon is s ill
unde heo ized wi h mos o he con ibu ions limi ed o concep ual analysis and po en ial causal
ela ions almos absen (Malecki, 2018; Nico a e al., 2018). Kansheba and Wald (2020) acknowl-
edged ha he ew empi ical s udies emphasising en ep eneu ial ecosys ems ha e mainly ol-
lowed case s udy analysis including a quali a i e analy ical amewo k.
A ican en ep eneu ial ecosys ems and de elopmen ha e been ex ensi ely s udied (Jones
e al., 2018). As pa o a special issue on A ican en ep eneu ship, Jones e al. (2018) examined
en ep eneu ial educa ion and ecosys ems. This special issue published inno a i e and empi ically
obus indings on unde - epo ed and g owing A ican subjec s such en ep eneu ial beha iou ,
en ep eneu ial educa ion and ecosys ems, and en ep eneu ial g ow h and di e si y (Can ne
e al., 2020) p esen ed a dynamic li ecycle model o unde s and en ep eneu ial ecosys ems and
emphasise he ole o hese ac i i ies in sus aining he egion whe e en ep eneu s and in ap e-
neu s li e (Bu a i e al., 2022) examined he e olu iona y dynamics o en ep eneu ial ecosys-
ems, showing ha in ap eneu ial ac i i ies diminish as en ep eneu ial ac i i ies ise. Ajide (2020)
also explo ed how inancial inclusion a ec s en ep eneu ship in selec ed A ican na ions using
Wo ld Bank De elopmen Indica o s and Wo ld Bank En ep eneu ship Su ey da a. O he ecen
s udies ha e mos ly ocused on he na u e and dynamics o he en ep eneu ial ecosys em in
A ica and concep ual wo ks (A iase e al., 2018; Fulle -Lo e & Akiode, 2020; Gue e o e al., 2021;
Manya, 2020; Quaidoo, 2018) wi hou he ex ended in es iga ion o he ela ionship be ween hese
unique EE and en ep eneu ship de elopmen (Kansheba, 2020; Nico a e al., 2018). Thus, he e is
limi ed e idence abou he causal ela ionship be ween he en ep eneu ial ecosys em and en e-
p eneu ship de elopmen . This pape , he e o e, seeks o ex end he li e a u e by explo ing he
complex ela ionship be ween en ep eneu ial ecosys em and en ep eneu ship de elopmen
dynamics wi hin he A ican con ex .
Abdulai & Hussain, Cogen Business & Managemen (2024), 11: 2292315
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The pauci y o empi ical e idence on how he en ep eneu ial ecosys em in luences en ep e-
neu ship de elopmen makes i di icul o iden i y he elemen s o he en ep eneu ial ecosys em
which a e undamen al no only in d i ing en ep eneu ial cul u e bu also in ensu ing sus ain-
abili y. I has been asse ed ha a sound EE is a c i ical success ac o o en ep eneu ial ac i i y
and de elopmen (Abo & Qua ey, 2010; A iase e al., 2018; Chahine e al., 2019; F impong &
Wilson, 2013; Ma ou khani e al., 2018; Spe be & Linde , 2019). I is, he e o e, no su p ising ha
Huang e al. (2021) ecommended he need o de elop an en ep eneu ial cul u e and explo e how
he en ep eneu ial ecosys em, can d i e en ep eneu ship de elopmen .
This s udy ollows he quan i a i e app oach o Kansheba (2020) who ex ended he li e a u e by
in es iga ing EE quali y and p oduc i e en ep eneu ship. Ne e heless, he p esen s udy depa s
om he analy ical p ocedu e o Kansheba who measu ed p oduc i e en ep eneu ship om
“To al Ea ly-s age En ep eneu ial Ac i i ies (TEA)”. An economy bene i s om an en e p ise-led
policy when i deepens he numbe o en e p ises bo ne ou o he policy (Huang e al., 2018; Wo ld
Bank, 2022), no only by ea ly signals o en ep eneu ial ac i i ies which a e usually agile and
unsus ainable. This pape , he e o e, ex ends he ea ly wo ks such as Kansheba (2020) by employ-
ing new en u e c ea ion as he p oxy o en ep eneu ship de elopmen .
The pape makes some signi ican con ibu ions o he li e a u e. Fi s , i is one o he ounda-
ional s udies in he en ep eneu ship li e a u e ha has applied quan i a i e analy ical p ocedu es
o in es iga e how he dynamics o he en ep eneu ial ecosys em in luence en ep eneu ship
de elopmen in A ica. The e idence om his pape demons a es how he cons i uen s o he
en ep eneu ial ecosys em could d i e en ep eneu ship in A ica. Secondly, despi e he asse ion
ha he en ep eneu ial ecosys em sha es some common cha ac e is ics, each se ing including
speci ic egions has unique de elopmen and implica ions. Thus, wha wo ks in a pa icula en i -
onmen may no necessa ily i well in ano he en i onmen . E o s o ealis ically c ea e and
de elop he en ep eneu ial ecosys em a e expec ed o be cen ed on he egion’s o coun y’s
exis ing esou ces. The e o e, ocusing on he A ican scena io would p o ide e idence ha wo ks
sympa he ically o he A ican egion. Thi dly, he s udy would explo e bo h sho and long- un
ela ionships be ween en ep eneu ial ecosys ems and en ep eneu ship de elopmen in A ica.
The e idence could showcase whe he o no he na u e o he A ican-speci ic en ep eneu ial
ecosys em is a sho o long- e m d i e o en ep eneu ship de elopmen . This is c i ical because
as documen ed in he li e a u e, many o he en e p ises in A ica lou ish ini ially bu become
suscep ible o wa es o business u bulence (Wo ld Bank epo , 2022). The indings could de e -
mine whe he he en ep eneu ial ecosys em emphasises en u e c ea ion o business
sus ainabili y.
3. Li e a u e e iew and hypo hesis de elopmen
This pape ollows he assump ions o esou ce dependence heo y (RDT) o si ua e he s udy
wi hin he heo e ical con ex . RDT was de eloped by P e e and Salancik (1978). P e e and
Salancik (1978) de eloped he RDT o explain he dynamics o ex e nal esou ces and hei e ec
on he beha iou o o ganisa ions. The p oponen s o RDT a gue ha he success, con inui y, and
sus ainabili y o an o ganiza ion a e dependen on how well i con inuously nego ia es wi h he
en i onmen and ex e nal su oundings o he needed esou ces (G ano e e & Ac ion, 1985).
Thus, he g ow h in new en u e c ea ions and he de elopmen o hese i ms a e dependen on
hei abili y o nego ia e o and access he ex e nal esou ces ele an o hei compe i i eness,
su i o ship, and g ow h (Van Weele, 2018).
RDT may he e o e be conside ed he o ganisa ional heo y ha explains o ganisa ional beha-
iou , he dynamics, and complexi ies in in a and in e -o ganisa ional ela ionships and he ou -
wo king o impo an esou ces ha should be a ailable and accessible o i ms and en e p ises o
exis , su i e and g ow (Fubah & Moos, 2021; Johnson, 1995). In con ibu ing o his, Kholmumino
e al. (2019) opine ha he RDT p o ides insigh in o how an en e p ise’s ex e nal esou ces
in luence i s beha iou . All o ms o businesses ely on esou ces o su i e and he said esou ces
Abdulai & Hussain, Cogen Business & Managemen (2024), 11: 2292315
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a e p oduced o supplied by o he i ms o businesses. This di e si y and complexi y o ela ion-
ships can be unde s ood as pa e ns o in e dependencies and cons ain s (P e e , 1987, p. 40).
The implica ion is ha he pe o mance and de elopmen o en e p ises a e pa ly explained by
he con ex wi hin which he c i ical esou ces needed by o ganisa ions a e p o ided o he en i on-
men s which supply he c i ical esou ces o he o ganisa ions. Speci ically, en e p ises ob ain and
use c i ical esou ces o hei de elopmen by adap ing o he ope a ional en i onmen and he
con ex , educing unce ain ies by minimising he eliance on ex e nali ies and enhancing i s ele-
ance by p o iding suppo o o he en e p ises (Kholmumino e al., 2019; Seidu e al., 2022).
A c i ical conside a ion o he heo e ical assump ions o RDT sugges s ha dependence on
“c i ical and impo an esou ces” is ounda ional o he g ow h and de elopmen o en e p ises.
The heo y also sugges s ha he ul ima e business ecosys em ha can se e as he ca alys o
en e p ise sus ainabili y and de elopmen is one ha c ea es he en i onmen o achie e eason-
able sel -su iciency and sel - ele ance. The heo y assumes ha o unde s and he beha iou o
i ms including hei beha iou , g ow h, and e en de elopmen , i is impo an o unde s and hei
con ex , en i onmen , o ecology. The en i onmen o he ecology o a i m may be de ined as i s
ecosys em. The e o e, de ining i ms o o ganisa ions wi hin he con ex o en ep eneu ship
implies ha he beha iou o en e p ises including hei g ow h and de elopmen may be
explained by hei ecosys em (i.e. en ep eneu ial ecosys em).
The en ep eneu ial ecosys em is based on he concep o he no ion o in e ac ions be ween
mul iple in e dependen ac o s and ac o s (Al edalen & Boschma, 2017; Aud e sch e al., 2019). I
e lec s he en i onmen o he con ex wi hin which en e p ises eme ge, in e ac , ope a e and
de elop as i is based on he concep o in e ac ions be ween mul iple in e dependen ac o s and
ac o s (Al edalen & Boschma, 2017; Aud e sch e al., 2019). As de ined by Chowdhu y e al.
(2019), an en ep eneu ial ecosys em is a se o in e connec ed en ep eneu ial ac o s which
me ge o connec , go e n and media e he pe o mance wi hin he local en ep eneu ial en i on-
men . These ac o s o he e ogeneous elemen s include go e nmen , inancial ins i u ions, highe
educa ion, suppo se ices, knowledge, and cul u e ha suppo he de elopmen o a new
en u e and con ibu e o en ep eneu ship de elopmen (Hecha a ía & Ing am, 2019; Queku,
2023; S am, 2015). This means ha he en ep eneu ial ecosys em is also esou ce-induced, an
assump ion ha is cen al o RDT. The e o e, a possible link be ween an en ep eneu ial ecosys em
and en ep eneu ship de elopmen is g ounded in esou ce dependence heo y. Resou ce
Dependence Theo y (RDT) opines ha o ganisa ions and ins i u ions including en ep eneu ship
h i e on esou ces o su i al, g ow h, and de elopmen (Johnson, 1995).
The mul idimensionali y cha ac e is ics o he en ep eneu ial ecosys em including unding
(capi al), human capi al (people), in as uc u e, sys em, and echnology a e esou ced based
which de ined he en ep eneu ial con ex and he en i onmen . Thus, e en hough he p opo-
nen s o he RDT did no es he causal ela ionship be ween en i onmen o con ex and
o ganisa ional success, beha iou , o de elopmen , he ounda ional assump ion o he beha-
iou al change a ising om he en i onmen and con ex sugges s such a ela ionship.
Mo eo e , he exis ing li e a u e ecognises en i onmen al inducemen in a i ude (Asi e al.,
2023; Sobo ie & Queku, 2018), which may include en ep eneu s. This implies ha ollowing he
assump ions o RDT, i can be posi ed ha he en ep eneu ial ecosys em could ha e a signi ican
e ec on en ep eneu ship de elopmen .
These heo e ical ela ionships a e also suppo ed by some empi ical asse ions e en hough he
causal ela ionship has no been well in es iga ed in he li e a u e. Fo ins ance, i has been asse ed
ha a sound en ep eneu ial ecosys em is a c i ical success ac o o en ep eneu ial ac i i y and
de elopmen (Abo & Qua ey, 2010; A iase e al., 2018; Chahine e al., 2019; F impong & Wilson, 2013;
Ma ou khani e al., 2018; Spe be & Linde , 2019). I is, he e o e, no su p ising ha Huang e al. (2021)
ecommended he need o explo e and de elop an en ep eneu ial cul u e and ecosys em and
Abdulai & Hussain, Cogen Business & Managemen (2024), 11: 2292315
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de e mine how i can d i e en ep eneu ship de elopmen . Following hese heo e ical and empi ical
lessons, his pape posi s ha he en ep eneu ial ecosys em could ha e a signi ican in luence on
en ep eneu ship de elopmen and he e o e o mula es a wo king hypo hesis as ollows:
H
1a
:En ep eneu ial ecosys em has a signi ican ela ionship wi h en ep eneu ship de elopmen
in A ica
4. Analy ical amewo k and design
This pape employs a quan i a i e analy ical amewo k and explana o y design. This quan i a i e
app oach and he explana o y design complemen each o he . Mo eo e , all he cons uc s used in his
pape equi e nume ical da a o hei measu emen s These a e undamen al cha ac e is ics o he
quan i a i e analy ical amewo k (Cohen e al., 2011; Johnson & Ch is ensen, 2012). Bo h he quan i-
a i e app oach and he explana o y design pe mi he es o cause and e ec ela ionships and hey
d aw heo e ical assump ions and empi ical asse ions o de elop and es hypo heses (B yman,
2012). To apply he quan i a i e app oach and explana o y design s a egy, he pape ope a ionalises
he a iables and ollows he exis ing li e a u e o selec p oxies and collec seconda y da a o
measu e he a iables. The causal ela ionship p oposed in his pape is ansla ed in o a model and
es ima ed h ough an app op ia e es ima ion app oach.
5. Sou ces and desc ip ion o da a
The pape uses seconda y da a o measu e he key a iables: en ep eneu ship ecosys em, and
en ep eneu ship de elopmen (And ews e al., 2012; Schu , 2011; Smi h, 2008; Smi h e al.,
2011). The da a a e sou ced om he Global Economy Indica o (TGEI); and he Wo ld Bank’s
da abase (WBDI). These da abases a e c edible and widely used (A iase e al., 2018; Ionescu e al.,
2020; Yan & Guan, 2019). Following he li e a u e, en ep eneu ship de elopmen is measu ed
using he a e age new en u e c ea ion o o ma ion (Ahmad & Ho man, 2007; I e sen e al.,
2007) while he en ep eneu ial ecosys em is measu ed using mul iple p oxies and i is conside ed
a mul idimensional a iable (Chahine e al., 2019; Manya, 2020; Pi a e al., 2021).
The pape uses da a spanning om 2000 o 2021 o all A ican coun ies ha ha e ele an
da a wi hin he ime ame. The pape also in oduces some con ol a iables in addi ion o he
a iables o in e es o check possible spu ious es ima es. I is expec ed ha en e p ises will h i e
and de elop unde a s ong ule o law (ROL), sound poli ical s abili y (PS), and good go e nance
(Go ). These a iables a e in oduced in o he model speci ica ions as con ol a iables. Table 1
summa ises he da a sou ces and hei measu emen .
6. Model speci ica ions
This pape ollows he gene al panel model o es he ela ionship be ween he en ep eneu ial
ecosys em, and en ep eneu ship de elopmen . The panel model combines he cha ac e is ics o
bo h ime se ies (longi udinal) and c oss-sec ional da a o obus analyses wi h less collinea i y
p oblem and mo e deg ees o eedom (Fu, 2007; G eene, 2008; To es-Reyna, 2007; Woold idge,
2006). The gene alised model is speci ied as:
Whe e:
“i” and “ ” a e he c oss-sec ional and he ime-se ies (longi udinal) dimensions espec i ely
“Y” is he ou come o he dependen a iable.
“X” is he ec o o he independen a iables and he con ols.
“a” is he in e cep o he cons an
“β”
1
a e he coe icien s om he model
“e” is he e o e m.
Abdulai & Hussain, Cogen Business & Managemen (2024), 11: 2292315
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Page 6 o 17
The gene alised model speci ied in Eqn (1) is ope a ionalised in o he empi ical model by sub-
s i u ing he ele an a iables (Seidu e al., 2021; Waiyaki, 2013). The model is exp essed in Eqn
(2) as ollows:
Whe e:
ED is he en ep eneu ship de elopmen and ep esen s he dependen a iable
Cap, Pp, SS, and InF a e capi al, people, sys em and suppo , and in as uc u e espec i ely. They
a e collec i ely he p oxies o he en ep eneu ial ecosys em (EE) and he independen a iables.
ROL, Go , and PS a e he ule o law, go e nance, and poli ical s abili y espec i ely. These a e
he ec o s o con ols
ɛ is he e o e m
β
1,
β
2 . . . . . . . . .
β
7
a e he sensi i i ies o en ep eneu ship de elopmen (ED) o he independen and
he con ol a iables. The na u e and he di ec ion o he ela ionships be ween ED and he
espec i e a iables a e de e mined by β
1,
β
2 . . . . . . . . .
β
7.
The pape expec s he EE a iables (Cap,
Pp, SS, and InF) and he con ol a iables (ROL, PS, and Go ) o exhibi a posi i e e ec on
en ep eneu ship de elopmen .
β
1,
β
2
, β
3
, β
4
, β
5
, β
6
, and β
7
>0
7. Es ima ion app oach
The pape employs he Au o eg essi e Dis ibu ed Lag (ARDL) o es ima e Eqn(2). ARDL was
de eloped by Pesa an & Pesa an (1997), Pesa an & Shin (1999). This es ima o p o ides bo h long-
un and sho - un es ima es. The ime se ies dimension o he panel makes i p one o s a iona i y
p oblems. The adi ional app oach such as Engle-G ange , O dina y Leas Squa es (OLS), and
Johansen app oach p o ide un eliable es ima es when he e is a uni oo p oblem. Howe e ,
ARDL is capable o gene a ing alid esul s e en when he se ies ha e uni oo p oblems and
app op ia e when he se ies ha e mixed s a iona i y p ope ies (i.e. I(0) and I(1) a iables)
(Pesa an e al., 2001). I is impo an o acknowledge ha ARDL is inconsis en wi h I(2) a iables.
This es ima ion echnique can es ima e simul aneously he sho and long- un dynamics
be ween he en ep eneu ial ecosys em and en ep eneu ship de elopmen . Wi h he ARDL,
Table 1. Summa y o a iables and measu emen s
Va iables P oxy Sou ce
Dependen Va iable
En ep eneu ship De elopmen (ED) New en u e c ea ion o
o ma ion
WBDI
Independen Va iables
En ep eneu ial Ecosys em
People (Pp) Capaci y o A ac Talen s WBDI
Capi al (Cap) Ven u e Capi al A ailabili y WBDI
In as uc u e (InF) Mobile phone usage WBDI
Sys em and Suppo (SS) Ease o Doing Business WBDI
Con ol Va iables
Rule o Law (ROL) Rule o Law Index TGEI
Poli ical S abili y (PS) Poli ical S abili y Index TGEI
Go e nance (Go ) Go e nance Index TGEI
No e: TGEI, and WBDI deno e The Global Economic Indica o , and Wo ld Bank De elopmen Index espec i ely
Sou ce: Au ho s’ Cons uc (2022).
Abdulai & Hussain, Cogen Business & Managemen (2024), 11: 2292315
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Page 7 o 17
policy. This pape and i s e idence ollow he p emises ha A ican coun ies ha e simila economic
s uc u es, de elopmen and en ep eneu ial dynamics. Al hough his assump ion is sounding and
echoes he ac ha A ican coun ies sha e common en ep eneu ial ecosys ems, he e could s ill be
coun y-speci ic inducemen which may a ec he s uc u e o he ecosys em. This could make he
e idence in his pape mo e gene ic a he han indi idualis ic which may be needed o de elop a mo e
sympa he ic policy and in e en ion o a pa icula se ing.
Finally, he ield o en ep eneu ship is expanding, necessi a ing a mul i ace ed app oach o
be e comp ehend his phenomenon and ensu e i s de elopmen . While his s udy has add essed
a limi ed aspec o en ep eneu ship, u u e esea ch should p io i ize explo ing se an leade ship
concep s and social ne wo ks. Exis ing s udies (Ruiz-Palomino & Ma ínez-Cañas, 2021; Ruiz-
Palomino e al., 2021) ha e p ima ily ocused on he de eloped wo ld. The e o e, he e is a need
o examine how se an leade ship ope a es in o he con ex s, such as A ica. Addi ionally,
connec ing se an leade ship and social ne wo ks o heo ies like KSTE and RDT could u he
en ich ou unde s anding.
Au ho de ails
Alhaji Abdulai
1
E-mail: [email p o ec ed]
N. Raja Hussain
2
1
Depa men o Managemen S udies, Business School,
Abdu Rahman C escen Ins i u e o Science and
Technology, Chennai, India.
2
Depa men o En ep eneu ship and Ag ibusiness,
School o Business and Managemen S udies, Cape
Coas Technical Uni e si y, Cape Coas , Ghana.
Disclosu e s a emen
No po en ial con lic o in e es was epo ed by he au ho (s).
Supplemen a y ma e ial
Supplemen al da a o his a icle can be accessed online
a h ps://doi.o g/10.1080/23311975.2023.2292315
Ci a ion in o ma ion
Ci e his a icle as: Dynamics o En ep eneu ial Ecosys em
and En ep eneu ship De elopmen : E idence om A ica,
Alhaji Abdulai & N. Raja Hussain, Cogen Business &
Managemen (2024), 11: 2292315.
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