An Empirical Analysis Of Economic Growth, Green Entrepreneurship, And Sustainable Development: Evidence From 30 SDG Achievers
DOI:
https://doi.org/10.66635/pa2q4219Keywords:
Economic Growth, Sustainability, Green Entrepreneurship, Sustainable DevelopmentAbstract
In the time of increasing environmental challenges globally, the need of sustainable and innovative solutions is created. In this context, to focus on developing environmentally friendly products, services, and processes, Green Entrepreneurship plays a vital role. However, these eco-conscious enterprises often require substantial financial investments, thereby making the role of financial institutions important in providing necessary financial assistance. Although growing recognition of green entrepreneurship's importance in policy and academic discussions, there is still very limited empirical evidence that shows how economic growth influences green entrepreneurship. These entrepreneurial activities contribute to sustainable development. To address this, the current study examines data of 690 observations over 23 years (2000 to 2000), studying 30 leading sustainable development goal achieving countries. The analysis has been done using Panel data econometric techniques, including fixed effects, Generalised least squares models, and random effects to understand the relationship among variables. The evidence suggests that economic growth measured using GDP has a statistically significant impact on green entrepreneurship. Furthermore, Green entrepreneurship has a positive and significant effect on sustainable development outcomes. Based on the findings, the result suggests that plans and policies promoting economic growth, research and development investments, encouraging trade openness, and improving human capital play a significant role in stimulating green entrepreneurial initiatives and supporting sustainable development.
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