An ADAM-based approach to unveiling entrepreneurial ecosystems in selected European countries

Popović, Gabrijela and Fedajev, Aleksandra and Mitić, Petar and Meidute-Kavaliauskiene, Ieva (2024) An ADAM-based approach to unveiling entrepreneurial ecosystems in selected European countries. Management Decision, 62 (13). ISSN 0025-1747

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Abstract

Purpose– This study aims to integrate the resource-based view (RBV) with other theories that consider external factors necessary to respond successfully to dynamic and uncertain entrepreneurial business conditions. Design/methodology/approach– The paper introduces an multi-criteria decision-making (MCDM) approach, utilizing the axial-distance-based aggregated measurement (ADAM) method with weights determined by the preference selection index (PSI) method, to rank eight European countries based on the Global Entrepreneurship Monitor (GEM) data. Additionally, the paper extends the existing entrepreneurial ecosystem taxonomy (EET), offering an additional classification. Findings– The performed analysis emphasizes the importance and necessity of involving different dimensions of EE in assessing the countries’ entrepreneurship performance, which facilitates creating adequate policy measures. Research limitations/implications– The crucial limitations are assessments based only on the GEM data from a particular period, possibly leading to a certain bias. Future research should involve data from various resources to increase the results’ reliability. Originality/value– The ranking results and country classification obtained using the ADAM-based approach and two distinct taxonomies served as the basis for formulating tailored policy recommendations, aiming to formulate tailored policy implications for increasing the number of new entrepreneurs and improving innovativeness, sustainability and internationalization of existing entrepreneurs for each group of countries.

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