Determinants of early stage high-growth entrepreneurship: Evidence from South East Europe region

Abstract

The main objective of this paper is to determine the factors of influence on growth aspired entrepreneurial ventures in order to determine characteristics of these entrepreneurs in the SEE region. We draw upon data from the Global Entrepreneurship Monitor international survey in order to provide deeper insight into the high-growth entrepreneurship in selected SEE countries. For the purposes of this research, the authors included six countries in the research sample of South East Europe: Slovenia, Croatia, Hungary, Romania, Bosnia and Herzegovina, and FYR of Macedonia. An exploratory sample of the mentioned countries was 12027 respondents and 457 high-growth entrepreneurs. Based on the nature of the observed variables, we used Spearman's correlation and ordinal logistic regression (ORL) in order to explore the relations between variables. We used OLR to explore the relation between the national culture, entrepreneurial motives, and aspiration to the level of entrepreneurial growth intentions. The findings demonstrate that entrepreneurial motives, innovation, and internationalization of new business venture have statistically significant relations with the high-growth aspirations among entrepreneurs in South East Europe region.