Green economic development and entrepreneurship transformation
Green economic development and entrepreneurship transformation

Summary/Abstract: Objective: The article aims to analyse the role of entrepreneurship transformation in attaining green economicdevelopment among EU countries for the 2007-2022 period.Research Design & Methods: This study applied the following methods to check the hypothesis of thestudy: the Malmquist‒Luenberger productivity index for measuring green economic development; fullymodified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS), systems and first-difference generalized method of moments (GMM) – to check the entrepreneurship transformation effecton green economic development.Findings: The findings of the study demonstrate a strong positive correlation between green economic devel-opment and the transformation of entrepreneurship, highlighting the crucial link between economic prosper-ity and initiatives in the green economy. The analysis confirms that historical changes in productivity relatedto green economic practices have a positive effect on future developments. Furthermore, the significant co-efficients for green economic development emphasize the enduring nature of green economic practices.Implications & Recommendations: The empirical results allowed us to outline the following suggestions: 1)government policies should focus on initial investments in green practices, incentivizing businesses throughfinancial mechanisms and robust regulations to foster economic and environmental sustainability; 2) enhanc-ing green economic development requires simplifying the process for creating new businesses, particularlygreen startups, and offering financial and procedural support to inject innovation and economic vitality intothe sector; 3) trade openness is crucial for boosting green economy productivity, necessitating policies thatlower trade barriers while incorporating environmental standards to ensure sustainable growth; 4) fosteringinnovation in environmental technologies with increased government funding and strategic partnerships be-tween academia, industry, and government needed to propel sustainable economic transformation.Contribution & Value Added: The value added by this article lies in its empirical grounding and practicalimplications, which guide policymakers regarding the importance of supporting entrepreneurial initiativesto drive green economic development. It suggests targeted government policies that incentivize the adop-tion of green practices, simplify processes for new green startups, promote trade openness, and fosterinnovation through increased funding and collaboration.

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