Women's empowerment through the development of women's entrepreneurship in the Republic of Serbia: a multivariate analysis

Vujadinović, Jelena (2024) Women's empowerment through the development of women's entrepreneurship in the Republic of Serbia: a multivariate analysis. In: nternational Scientific Conference "Challenges of Modern Economy and Society through the Prism of Green Economy and Sustainable Development" – CESGED 2024. Faculty of Economics and Engineering Management – FIMEK : Educational and Business Center for Development of Human Resources, Management and Sustainable Development, Novi Sad, pp. 253-265. ISBN 978-86-82408-23-9

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Abstract

Considering the significanceeconomic potential of women's entrepreneurship, both in terms of furthering the progress of the economy of the Republic of Serbia, and improving the position of women in the market, analyzing the success factors of women's entrepreneurship is a very important and current topic. The aim of this research is to analyze the key factors for the development of women's entrepreneurship in the Republic of Serbia, as well as to examine the causal relationship between the development of women's entrepreneurship and the empowerment of women. This paper contributes to the theoretical and practical knowledge about women's entrepreneurship and their importance for the social and economic development of the Republic of Serbia. In order to measure the effects of women's entrepreneurship development andwomen's empowerment, a total of 17 variables were created for different factors. For the purposes of this research, a survey was conducted, and the questionnaire was created to collect the perceptions of women entrepreneurs in the Republic of Serbia regarding the following seven factors: Institutional framework, Education and training, Access to finance, Access to market facilities, Economic empowerment, Social status and Development management. The study involved 78 women entrepreneurs who were evenly geographically distributed from all parts of the Republic of Serbia. The data were analyzed using the structural equation modeling (SEM) technique.The number of significant factors was identified using PLS-SEM software. The research results showed that there is a statistically significant and positive correlation between the development ofwomen's entrepreneurship and the empowerment of women in the Republic of Serbia (0.889). Also, the results highlighted the Institutional Framework as a factor that has a significant and direct impact on the development of women's entrepreneurship. This study proposes a set of recommendations for policy makers in the Republic of Serbia.

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