Journal of Business Research 173 (2024) 114457

Contents lists available at ScienceDirect

Journal of Business Research

journal homepage: www.elsevier.com/locate/jbusres

Effect of the economic, social and technological factors on sustainable

entrepreneurship over time
Chaves-Vargas Joana Carolina *, Ribes-Giner Gabriela , Moya-Clemente Ismael
Faculty of Business Administration and Management, Universitat Politècnica de València, València, Spain

A R T I C L E I N F O A B S T R A C T

JEL Classification: Sustainable entrepreneurship (SE) has been researched in different areas but with little attention on sustain­
M00 ability. This study analyses the effects of economic, social, and technological factors on SE over time. It applies
M13 partial least squares structural equation modelling (PLS-SEM) to test three hypotheses. The results show that,
L26
while all three factor categories positively impact SE over time, the impact of technological factors is less
Keywords: significant.
Sustainable entrepreneurship over time
PLS-SEM
Economic factor
Social factor
Technological factor

1. Introduction economic gains for individuals, the economy and society’. Pinkse and
Groot define SE as ‘the discovery, creation and exploitation of entre­
Research on sustainable entrepreneurship (SE) continues to grow preneurial opportunities that contribute to sustainability by generating
(Moya-Clemente et al., 2021; Ribes-Giner et al., 2018; Terán-Yépez social and environmental benefits for other members of society’ (2015,
et al., 2020). This topic has been examined from the perspectives of the p. 2).
elements of the triple bottom line (TBL): environmental, social, and The above definitions allow the identification of the relationship
economic (Crals & Vereeck, 2005; Divito & Ingen-Housz, 2021; Gu et al., between sustainability and future generations. Indeed, SE should also be
2022; Hockerts & Wüstenhagen, 2010; Schaltegger & Wagner, 2011). approached from the perspective of sustainability over time by consid­
The TBL perspective suggests that entrepreneurs can find sustainable ering the need for it to endure over time to generate a long-term impact.
economic opportunities in situations/market failures associated with Entrepreneurships are sustainable when their objectives in economic,
environmental and social factors (Watson et al., 2023). Previous studies social, and environmental terms persist over time (Sarango-Lalangui
have focused on social entrepreneurship (Dacin et al., 2011; Sarango- et al., 2018). Therefore, entrepreneurs must be aware of both the current
Lalangui et al., 2018), environmental, ecological, or green entrepre­ and future social and environmental impacts of their ventures. Sus­
neurship (Gast et al., 2017; York et al., 2016), and business entrepre­ tainable development is the reason for generating new and lasting
neurship (Belz & Binder, 2017; Dean & McMullen, 2007). ventures, i.e. those that are maintained in the long term without
Various definitions of SE have been proposed (Gu & Wang, 2022; affecting future generations. SE over time remains under-explored
Konys, 2019; Terán-Yépez et al., 2020). Schaltegger and Wagner define (Moya-Clemente et al., 2019). However, if SE is examined only from
SE as ‘the realization of sustainability innovations aimed at the mass the TBL perspective, without considering the long term, the needs of
market and benefiting most society’ (2011, p. 225). Shepherd and Pat­ future generations may be neglected.
zelt (2011, p. 156) define it as being ‘focused on the preservation of In addition, technological capabilities lead to research and devel­
nature, life and community sustenance in the pursuit of perceived op­ opment (R&D) to produce long-term sustainable products or services
portunities to create future products, processes and services for profit, and improve or optimise production processes, which not only leads to
where profit is interpreted broadly to include economic and non- increased performance and competitiveness but also generates value; an

* Corresponding author.
E-mail addresses: [email protected], [email protected] (C.-V. Joana Carolina), [email protected] (R.-G. Gabriela), [email protected]
(M.-C. Ismael).

https://doi.org/10.1016/j.jbusres.2023.114457
Received 14 February 2023; Received in revised form 27 November 2023; Accepted 8 December 2023
Available online 21 December 2023
0148-2963/© 2023 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-
nc-nd/4.0/).
C.-V. Joana Carolina et al. Journal of Business Research 173 (2024) 114457

example of this is the digitisation process, which entails using digital opportunity and cannot find employment (Spencer & Gómez, 2004).
technologies to generate value for a company (Ribeiro-Navarrete et al., Additionally, access to finance is crucial for both starting and sustaining
2021, p. 320). This allows reductions in costs or improved quality (Gu & ventures (Könnölä et al., 2017).
Wang, 2022), which generate positive impacts on enterprises’ sustain­ Wennekers et al. (2005) observe that Internet use is related to
able development (Zhang et al., 2020). entrepreneurship. Barnett et al. (2019) conclude that Internet use has a
From a micro-viewpoint, technological capabilities are necessary to strong and positive effect on entrepreneurship as it has become a tool for
ensure the sustainability of ventures. However, another relationship at people’s lives and work and thus generates subjective well-being (Nie
the macro-level of the technological aspect has been pointed out (Wade, et al., 2021).
2020): the impact of digitisation on how humanity relates to the virtual When studies examine the social factor and SE, they focus on social
world (Ribeiro-Navarrete et al., 2021); digitalisation is reshaping how entrepreneurship, although there has also been an attempt to under­
talent is managed by companies (p. 320) and, in this sense, how com­ stand the relationships between social factors and SE. Accordingly,
panies can acquire practices and behaviours that allow data and digital studies have considered human development, and it has been found that
technologies to be employed in a way that is socially, economically, low human-development levels can lead to little interest or motivation
technologically, and environmentally responsible. Therefore, the tech­ in entrepreneurship (Maniyalath & Narendran, 2016). Therefore, we
nological factor plays a vital role in SE over time. formulated the following proposition:
This study first conceptualises economic, social, technological, and
Proposition 2. There is a positive relationship between the social factor
SE factors over time through partial least squares structural equation
and SE over time.
modelling (PLS-SEM). The indicators for the constructs are obtained
from different databases. A discussion of the results is followed by the
2.3. Technological factor
conclusion.

Technology influences sustainable ventures (Gu & Wang, 2022).

2. Theoretical background and hypothesis
Innovation and R&D are related to ventures’ sustainability over time
(Schaltegger & Wagner, 2011) because they allow products or services
First, the literature is reviewed for potential factors in SE over time.
to be created that generate cost reductions and improve quality to
Subsequently, a relational model is designed to test the hypotheses.
ensure that ventures are sustainable over time. Wennekers et al. (2005)
find that innovation, the availability of computers, and Internet use
2.1. Economic factor impact entrepreneurship. Meanwhile, Botella-Carrubi et al. (2022) find
that innovation is closely related to a company’s competencies and that
The economic factor plays a vital role in the creation and develop­ this leads to growth over time. One example is digitalisation, which has
ment of ventures and can influence their sustainability. This factor is multiple benefits, such as process automation, general cost reductions,
related to macroeconomic variables, such as gross domestic product and the creation of long-term competitive advantages (Knudsen et al.,
(GDP), inflation, and foreign direct investment (FDI) (Chirinos Araque 2021; Ribeiro-Navarrete et al., 2021).
et al., 2018). A region’s economic growth influences the sustainability of Additionally, technology transfer promotes entrepreneurship (Lado
ventures over time because it can create a suitable environment for & Vozikis, 1997). Technology transfer refers to ‘the transmission of
entrepreneurs (Maniyalath & Narendran, 2016) or affect the supply of know-how to suit local conditions, with effective absorption and diffu­
and demand for goods or services, which can cause entrepreneurs to sion both within a country and from one country to another’ (Lado &
discontinue operations over time and prevent the establishment of new Vozikis, 1997, p. 56), and it impacts economic growth. However, this
ones (Fertala, 2008). will depend on the context in which it is developed. Similarly, patents
Variables such as GDP per capita are related to the sustainability of influence the start-up of ventures and economic growth rate (Ferreira
ventures and number of new small firms. Spencer and Gómez (2004, p. et al., 2020), considering that patents represent the capacity to innovate
1105) observe that countries with a lower GDP per capita have higher and fulfilment of companies’ objectives (Meyskens & Carsrud, 2013).
self-employment rates and smaller businesses than richer countries. Botella-Carrubi et al. (2022) find that innovation is a key element for
Meanwhile, Huang et al. (2023) find that a high GDP per capita provides business success, and thus for long-term sustainability. Therefore, we
better conditions for entrepreneurs to start and continue their busi­ formulated the following proposition:
nesses. Similarly, FDI impacts economic growth (Leiva et al., 2014)
through technology absorption (Spencer & Gómez, 2004), which can Proposition 3. There is a positive relationship between the technological
improve the longevity of sustainable ventures. Other factors include factor and SE over time.
income (Moya-Clemente et al., 2019; Wennekers et al., 2005), regula­
tory burden and policies (Spencer & Gómez, 2004), and economic pol­ 2.4. SE over time
icies (Valdez & Richardson, 2013).
Therefore, if ambiguous macroeconomic conditions exist, entrepre­ SE has been examined in different disciplines, such as management,
neurs will opt for survival rather than growth, and many ventures may economics, the environment, and engineering, among others (Anand
not be sustained over time (Maniyalath & Narendran, 2016). Under such et al., 2021); thus, there is no single definition of SE (Gu & Wang, 2022;
conditions, ventures will be created only as a result of the specific eco­ Konys, 2019; Mansouri & Momtaz, 2022; Terán-Yépez et al., 2020).
nomic situation that arises, with no interest in their sustainability time. Terán-Yépez suggests two ways of approaching SE: from a sustainable-
Therefore, we formulated the following proposition: management perspective and from a business-process perspective
(Terán-Yépez et al., 2020). Shahid delineates three streams of SE
Proposition 1. There is a positive relationship between the economic research: studies involving the conceptualisation of SE, those on forms of
factor and SE over time. entrepreneurship, and those focusing on the agents involved in SE
(Shahid et al., 2023).
2.2. Social factor SE can be understood as ‘an ongoing commitment by businesses to
behave ethically and contribute to economic development, while
Social conditions can affect the creation, initiation, or development improving the quality of life of the workforce, their families, local
of ventures (Lau & Busenitz, 2001). For example, a high unemployment communities, society and the world in general, as well as future gen­
rate may lead individuals to engage in basic forms of entrepreneurship erations’ (Muñoz & Cohen, 2018, p. 306). Therefore, SE relates to the
such as self-employment because they perceive an entrepreneurship pursuit of opportunities while preserving the environment and having

2
C.-V. Joana Carolina et al. Journal of Business Research 173 (2024) 114457

Fig. 1. Research model and hypotheses.

an impact on society (Pinkse & Groot, 2015; Shepherd & Patzelt, 2011). 3. Method and statistical analysis
According to Mansouri and Momtaz (2022), ‘SE encompasses all entre­
preneurial activity that, in addition to positive financial returns, aims to To conduct the research and design the model, data were collected
generate non-negative non-financial returns related to environmental, on the economic, social, technological, and continuity factors of SE over
social and governance aspects’ (p.3). time in different countries. The data were obtained from several data­
Although there is concern about the present, sustainable entrepre­ bases, including the World Bank, Global Entrepreneurship Monitor
neurs must project into the future and achieve sustainability over time. (GEM), and Human Development Index (HDI). Fifty-one matching
Thus, SE relates to the TBL, leading the sustainable entrepreneur to seek countries were obtained from all the databases. If a country had no in­
a balance between the TBL components: environmental care, social formation on an indicator, it was replaced in the database and assigned a
welfare, and desirable economic outcomes (Muñoz & Dimov, 2015; value of − 999. In the SmartPLS software (Ringle et al., 2015), the in­
Terán-Yépez et al., 2020). dicator was configured as missing data by always validating that it did
Indeed, governments will be keenly interested in sustainable ven­ not exceed 5 %, so that it could be replaced by the mean (Hair et al.,
tures’ sustainability over time because these ventures will contribute to 2019, p. 98). Table 2 shows the data for all the countries and factors,
the social and environmental solutions that form part of public policies while Table 3 presents the descriptive statistics.
(Pinkse & Groot, 2015) and help to correct market failures in these areas Given the absence of an indicator to measure SE over time, we used
(Watson et al., 2023). Therefore, sustainable entrepreneurs will find the business-continuity indicator proposed by Moya-Clemente et al.
long-term opportunities to achieve long-lasting business models (Sar­ (2020). The indicator was obtained by using the business-discontinuity
ango-Lalangui et al., 2018) by creating value in the short and long term rate reported by GEM in 2017 and calculating the complement as fol­
and contributing to the advancement of future generations (Cordero lows: 100 - business-discontinuity indicator. The GEM business-
López et al., 2011). Therefore, they must behave in a socially responsible discontinuity index is expressed as the percentage of ‘people who have
manner and use resources appropriately (Moya-Clemente et al., 2019). closed, sold or discontinued their business in the last 12 months’, i.e. the
Based on the above hypotheses, the following constructs are defined continuity index shows the percentage of ventures that have been sus­
in the proposed model, which are the variables that are not directly tainable over time.
measured: social, economic, technological, and SE over time. These Two indicators for the economic factor were used: GDP per capita
constructs represent the structural model. The measurement model, and FDI, as reported by the World Bank in 2017. The social factors were
which is also called the external model of exogenous latent variables, measured based on the indicator of people using the Internet and HDI.
will be reflective (the construct causes the measurement) (Hair et al., Finally, for the technological factor, indicators such as patent applica­
2019) and comprises the environmental, social, economic, and techno­ tions and high-tech exports were used. Table 1 presents the factors with
logical constructs that help to explain the construct of SE over time. The their respective indicators, formal definitions, and databases from which
external measurement model of the endogenous latent variables is information was obtained.
represented by the explained construct in the model, i.e. SE over time. Of the 51 countries in the country database, 35 % are in Europe, 31 %
Fig. 1 depicts the proposed model, which aims to test the impacts of the in Asia, 25 % in the Americas, 6 % in Africa, and 2 % in Oceania. Ac­
social, economic, and technological factors on SE over time. cording to the World Bank classification, 57 % are high-income, 29 %
upper/middle-income, 12 % lower/middle-income, and 2 % low-
income.

3
C.-V. Joana Carolina et al. Journal of Business Research 173 (2024) 114457

Table 1
Description of the construct indicators.
Factor Indicators Description Database

Economic Gross Domestic Product (GDP) GDP per capita is gross domestic product divided by the mid-year population. World Bank https://data.worldbank.
per capita growth (annual %) GDP at purchaser’s prices is the sum of gross value added by all resident org/indicator/
producers in an economy plus any product taxes minus any subsidies not
included in the value of the products. It is calculated without accounting for the
depreciation of fabricated assets or for the depletion and degradation of natural
resources.
(World Bank, 2017b)
Foreign direct investment (FDI) Foreign direct investment refers to direct investment-equity flows in a reporting World Bank https://data.worldbank.
economy. It is the sum of equity capital, reinvestment of earnings, and other org/indicator/
capital. Direct investment is a category of cross-border investment associated
with a resident in one economy having control or a significant degree of
influence on the management of an enterprise that is resident in another
economy. Ownership of 10 % or more of the ordinary shares of voting stock is
the criterion for determining the existence of a direct investment relationship. (
World Bank, 2017a)
Social Human Development Index The Human Development Index (HDI) is a summary measure of average United Nations Development
(HDI) achievement in key dimensions of human development: a long and healthy life, Programme https://hdr.undp.or
being knowledgeable, and having a decent standard of living. The HDI is the g/en/data
geometric mean of the normalised indices for each of the three dimensions.
(United Nations Development Programme, 2017)
Individuals using the Internet (% Internet users are individuals who have used the Internet (from any location) in World Bank https://data.worldbank.
of population)(INTERNET USE) the previous 3 months. The Internet can be used via a computer, mobile phone, org/indicator/
personal digital assistant, games machine, digital TV, etc. (World Bank, 2017d)
Technological Patents Patent applications are worldwide patent applications filed through the Patent World Bank https://data.worldbank.
Cooperation Treaty procedure or with a national patent office for exclusive org/indicator/
rights for an invention–a product or process that provides a new way of doing
something or offers a new technical solution to a problem. A patent provides
protection for the invention to the owner of the patent for a limited period,
generally 20 years. (World Bank, 2017e)
High-technology exports (HTE) High-technology exports are products with high R&D intensity. World Bank https://data.worldbank.
(World Bank, 2017c) org/indicator/
Sustainable Continuity index The continuity index shows the percentage of entrepreneurships that have been Global Entrepreneurship Monitor
entrepreneurship over sustainable over time (100-discontinuity index). (Moya-Clemente et al., 2019) https://www.gemconsortium.org/
time

3.1. PLS-SEM 4. Results

SEM was used to validate the model. This method allows the incor­ The results are presented below. First, an assessment was performed
poration of unobservable variables that are directly measured using of the overall model fit, as suggested by Dijkstra and Henseler (2015).
variables or indicators (Hair et al., 2019, p. 29). The employed SEM type The assessments of both the measurement and the structural models
is PLS-SEM. This technique is normally used to conduct exploratory were then conducted. The SmartPLS software was used for the analysis
research (Guenther et al., 2023). It simultaneously examines the re­ (Ringle et al., 2015).
lationships between the latent variables of several elements. The sta­
tistical objective is to maximise the variance explained in one multi-item
4.1. Assessment of the overall model fit
dependent variable or more (Manley et al., 2021). One of the main PLS-
SEM features is that it does not assume a specific data distribution and
The proposed model fits the data well based on the parameters
can estimate models with small samples (Hair et al., 2019).
proposed by Henseler et al. (2016). Table 4 shows the results of the
It is worth highlighting that this method (PLS-SEM) has been used in
bootstrap-based fit test, which is a non-parametric resampling proced­
research in different knowledge areas (Sarstedt et al., 2022), for
ure that assesses the variability of a statistic by examining the variability
example, entrepreneurship (Fichter & Tiemann, 2020; Moya-Clemente
of the sample data rather than using parametric assumptions to assess
et al., 2019), tourism and hospitality (Hernández-Rojas & Huete
the precision of the estimates (Streukens & Leroi-Werelds, 2016, p. 619).
Alcocer, 2021), knowledge management (Martínez Ávila & Fierro
The results meet the parameters set out by Benitez et al. (2020): the
Moreno, 2018), human resources (Del-Castillo-Feito et al., 2022), and
standardised root mean square residual (SRMR) (0.146 ≤ 0.156 ≤
information security (Kante & Michel, 2023).
0.198); unweighted least squares discrepancy (d_ULS 0.594 ≤ 0.684 ≤
To conduct the PLS-SEM analysis, several steps have been proposed
1.102); and geodesic discrepancy (d_G 0.194 < 0.314 < 0.546).
(Hair et al., 2019): 1) specification of the structural model; 2) specifi­
cation of the measurement model; 3) data collection and examination; 4)
estimation of nomograms (path models); 5) assessment of measurement 4.2. Assessment of the measurement model
models; 6) assessment of the PLS-SEM results; 7) advanced PLS-SEM
analyses; and 8) interpreting the results and drawing conclusions. In the assessment of the measurement model for the model with the
The nomological network contains both the structural and the reflective constructs (Mode A), different criteria were applied, including
measurement models. Fig. 2 shows the nomological network of the an analysis of individual-item reliability, the internal consistency or
model for the constructs, for which the SmartPLS software (Ringle et al., reliability of a scale, and convergent and discriminant validity (Hair
2015) was used. et al., 2019, p. 143; Manley et al., 2021). The results are shown in
Table 5.
Individual-item reliability must be over 0.707 (λ >= 0.707) (Hair
et al., 2019, p. 159). All the indicators are above 0.707. However, the
FDI indicator yields a loading of λ = 0.516. Several researchers contend

4
C.-V. Joana Carolina et al. Journal of Business Research 173 (2024) 114457

Table 2
Information by country.
COUNTRY GDP INTERNET USE HTE PATENTS CONTINUITY HDI FDI

Argentina 1.76 74.29 9.25 393 97 0.84 1.79

Australia 0.59 86.55 17.96 2503 96.2 0.94 3.56
Bosnia and Herzegovina 4.24 64.89 5.44 87 98.7 0.77 2.82
Brazil 0.51 67.47 13.86 5480 94.7 0.76 3.34
Bulgaria 4.26 63.41 9.65 202 98.7 0.81 3.43
Canada 1.95 92.7 14.7 4053 93.1 0.93 1.54
Chile − 0.24 82.33 6.98 425 92.9 0.85 2.21
China 6.35 54.3 30.91 1245709 97.2 0.75 1.35
Colombia − 0.16 62.26 8.99 595 93.5 0.76 4.44
Croatia 4.69 67.1 8.73 148 96 0.85 0.86
Cyprus 3.39 80.74 13.35 8 95.7 0.88 53.89
Ecuador 0.57 − 999 8.05 16 91.2 0.76 0.6
Egypt, Arab Republic of 2.03 44.95 0.57 1025 89.8 0.7 3.14
Estonia 5.37 88.1 17.94 37 95.6 0.89 6.41
France 2.08 80.5 26.14 14415 96.7 0.9 1.38
Germany 2.22 84.39 15.85 47785 98.4 0.94 3.21
Greece 1.71 69.89 12.11 498 94.9 0.88 1.69
Guatemala 1.36 40.7 5.34 3 94 0.66 1.39
India 5.91 32 7.39 14961 96.8 0.64 1:51
Indonesia 3.84 32.34 8.46 2271 95.2 0.71 2.02
Iran, Islamic Republic of 2.33 64.04 1.36 15264 93.4 0.79 1.13
Ireland 6.97 84.11 29.2 62 96.7 0.95 17.37
Israel 1.55 81.58 21.07 1436 95.2 0.91 4.78
Italy 1.82 63.08 7.89 8643 97.9 0.89 0.57
Japan 2.34 91.73 17.6 260292 98.5 0.92 0.39
Kazakhstan 2.69 76.43 24.24 1055 92.5 0.82 2.83
Korea, Republic of 2.87 95.07 32.55 159084 97.3 0.91 1.1
Latvia 4.17 80.11 17.72 90 95.8 0.86 3.78
Lebanon − 0.64 78.18 7.61 − 999 93.4 0.75 4.75
Luxembourg − 0.64 97.36 7.15 156 96.8 0.91 − 10.62
Madagascar 1.19 − 999 0.5 9 93.3 0.53 3.53
Malaysia 4.38 80.14 51.13 1166 91.7 0.81 2.94
Mexico 0.93 63.85 21.18 1334 96.5 0.77 2.85
Morocco 2.88 61.76 3.86 198 95.5 0.67 2.44
Netherlands 2.3 93.2 23.04 2241 96.9 0.94 26.77
Panama 3.81 59.95 13.71 33 97.3 0.81 6.39
Peru 0.83 50.45 5.14 100 93.8 0.77 3.25
Poland 4.82 75.99 10.91 3924 97.2 0.87 2.23
Puerto Rico − 0.51 68.74 − 999 − 999 97.3 − 999 − 999
Qatar − 4.04 97.39 0.01 19 94.2 0.85 0.61
Saudi Arabia − 2.71 94.18 0.73 909 91.2 0.85 0.21
Slovenia 4.73 78.89 6.51 − 999 97.7 − 999 2.46
Spain 2.73 84.6 7 2167 98.1 0.9 2.4
Sweden 1.2 93.01 15.4 1992 97.5 0.94 5.18
Switzerland 0.85 89.69 14.03 1337 98.9 0.95 21
Thailand 3:71 52:89 25.12 979 90.8 0.77 1.82
United Arab Emirates 1.01 94.82 2.72 52 90:8 0.88 2.69
United Kingdom 1.2 90.42 23.09 13301 97.4 0.93 4.7
United States of America 1.73 87.27 19.52 293904 96 0.92 1.88
Uruguay 2.22 70.32 8.49 23 95 0.81 4.46
Viet Nam 5.73 58.14 41.74 592 95.8 0.7 6.3

Table 3
Descriptive statistics.
CONSTRUCT INDICATOR MEAN MEDIAN MIN MAX STANDARD DEVIATION

ECONOMIC GDP 2.252 2.077 − 4.041 6.974 2.174

FDI 4.615 2.818 − 10.619 53.893 8.785
SOCIAL INTERNET USE 74.006 78.181 32 97.389 16.736
HDI 0.828 0.847 0.526 0.949 0.095
TECHNOLOGICAL HTE 14.038 12.109 0.006 51.131 10.605
PATENTS 43.978.67 1025 3 1245709 184937557
SUSTAINABLE ENTREPRENEURSHIP OVER TIME CONTINUITY 95.425 95.8 89.8 98.9 2.334

that this rule of thumb (λ >= 0.707) should not be rigid in the initial Convergent validity is measured using average variance extracted
scale-development stages (Chin, 1998), and loads between 0.40 and (AVE), which must equal or exceed 0.5 (Hair et al., 2019). The AVE
0.70 can be accepted (Hair et al., 2019, p. 159). The indicator is not values for all the constructs exceed this value, which indicates that, on
removed and continues to be used to verify the other criteria. average, each construct explains 50% of the variance of its indicators or
Construct reliability (internal consistency) was obtained using more, i.e. each set of indicators represents a single construct. In other
composite reliability, which must be greater than 0.7, which means that words, the constructs are adequately measured by their indicators.
the construct indicators indicate the latent construct. In conclusion, the model meets the individual-item and composite

5
C.-V. Joana Carolina et al. Journal of Business Research 173 (2024) 114457

Fig. 2. Nomological network of the proposed model using the SmartPLS software.

Table 4 Table 5
Results of the assessment of the overall model fit. Rating measurement model. Reflective Construct.
Original Sample HI95 HI99 External Loads Composite Reliability AVE
sample mean
CONTINUITY 1 1 1
SRMR – estimated model 0.146 0.085 0.156 0.198 ECONOMIC 0.708 0.567
d_ULS – estimated model 0.594 0.226 0.684 1.102 GDP 0.932
d_G – Geodesic Distance – 0.194 0.169 0.314 0.546 FDI 0.516
estimated model SOCIAL 0.917 0.848
HDI 0.984
INTERNET USE 0.853
reliabilities as well as the convergent-validity criteria. TECHNOLOGICAL 0.775 0.633
PATENTS 0.844
Discriminant validity, which represents the extent to which one
HTE 0.745
construct differs from the others, i.e. the extent to which the study as­
sesses the different constructs, is verified based on the cross-loadings
and Fornell and Larcker criterion. 4.3. Assessment of the structural model.

a. Cross-loadings: It is evident from Table 6 that each indicator is more The assessment of the structural model follows that of the mea­
closely related to its own construct than to the others and is highly surement model. First, the presence/absence of collinearity between the
correlated with the indicators of its own construct. Although it is not variables must be established. For this, the construct that receives the
widely used, it is evident that this is true (Hair et al., 2019). most arrows is considered; that is, SE over time (SE_OT). The result rules
b. The Fornell and Larcker criterion. The amount of variance that a out any collinearity problems because the values are below 3 (Hair et al.,
construct captures from its indicators (AVE) should be larger than the 2019) (see Table 9). Regarding the path coefficients (β), the signs and
variance that the construct shares with the other constructs in the magnitudes were analysed. All the coefficients were positive, which is
model (Hair et al., 2019). The diagonal shows the square root of the consistent with the proposed hypotheses.
AVE, and the off-diagonal elements are the correlations (see Table 7). Based on a bootstrapping method with 5,000 subsamples, the eco­
nomic factor shows a positive relationship with SE over time (β = 0.328;
In conclusion, the proposed A-mode measurement model is validated p < 0.05). The social factor is also positively related to SE over time (β =
because all the criteria and indicators are met. 0.354; p < 0.05), whereas the technological factor is not positively
related to SE over time (β = 0.046; p > 0.05) (see Table 8). For

6
C.-V. Joana Carolina et al. Journal of Business Research 173 (2024) 114457

Table 6 Table 9
Discriminant validity of SE over time using the cross-loadings. Assessment of the collinearity of the
CROSS LOADINGS ECO SE_OT SOC TEC
antecedent variables.
VIF SE_OT
CONTINUITY 0.315 1 0.33 0.2
GDP 0.932 0.307 − 0.18 0.42 ECO 1.179
HTE 0.435 0.142 0.231 0.75 SOC 1.026
HDI − 0.02 0.377 0.984 0.11 TEC 1.181
FDI 0.516 0.13 0.183 0.02
PATENTS 0.185 0.176 − 0.05 0.84
INTERNET USE − 0.26 0.128 0.853 0.22 finding on the existence of social aspects that positively impact SE, such
as education.
Regarding the technological factor, the results do not support hy­
Table 7 pothesis 3 (h3); there is no positive relationship between the techno­
Discriminant validity of SE over time using the Fornell-Larcker criterion. logical factor and SE over time. Although authors such as Wennekers
FORNELL-LARCKER ECO SE_OT SOC TEC et al. (2005) have found that innovations and the availability of com­
puters impact entrepreneurship, this could not be evidenced in the re­
ECO 0.753
SE_OT 0.315 1 sults of the model. This may be because technology supports economic
SOC − 0.085 0.33 0.921 development (Lado & Vozikis, 1997) and may not be directly associated
TEC 0.371 0.201 0.094 0.796 with SE over time.
Finally, regarding the research limitations, one finding is that not all
the countries have information in the consulted databases, which limits
magnitude, the standardised path with the closest relationship is that of
the number of countries in the database. However, as evidenced, those
the social factor with SE over time, followed by that of the economic
countries are located in different regions and have distinct income
factor, while the technological factor yields a non-significant result with
classifications.
SE over time.
Subsequently, the within-sample predictive power was calculated
6. Conclusions
using R2 (Carrión et al., 2016) Fig. 3. The result is 0.230, which confirms
the model’s predictive relevance because it is higher than 0.1. Thus, the
Although a considerable amount of research is related to SE, the
result means that the economic, social, and technological factors explain
concept of SE over time remains under-explored (Moya-Clemente et al.,
23% of SE performance over time. The variance explained by each
2019). It is important to consider the time element when examining SE
construct is identified. The social, economic, and technological factors
because an analysis of SE should not only be from the perspective of the
explain 12%, 10%, and 1% of the SE construct over time, respectively
TBL but should also include the factors that drive its durability. There­
(see Table 10).
fore, this study contributes to the field because it explores the factors
Additionally, Hair et al. (2014) propose assessing effect size (f2) and
that influence SE over time and can serve as a starting point for further
predictive relevance (Q2). Regarding effect size, obtained using f2, the
research.
social factor has a moderate effect (0.158), the economic factor is weak
The purpose of this study is to analyse the relationships among the
(0.119), and the technological factor has an extremely small effect size
economic, social, and technological factors and SE over time. A model
(0.002). The predictive significance is determined using the Hensel test,
was developed for the purpose and validated using the PLS-SEM method.
and the value of the statistic must be positive. For the model, the pre­
The proposed model has a good fit and two of the hypotheses are sup­
dictive significance (Q2) is 0.171.
ported. The results indicate that the social factor best explains SE over
time, followed by the economic factor.
5. Discussion
This study’s findings contribute to the literature in two ways. First, it
highlights the importance of examining SE from a time perspective and
The main objective of this study is to explore the effects of selected
provides an empirical basis for the relevance of the social and economic
factors on SE over time. Although consensus on a single definition of SE
factors in SE over time. While SE research has advanced, studies focusing
has yet to be reached (Gu & Wang, 2022; Terán-Yépez et al., 2020),
on the time aspect remain limited. Second, through the proposed model,
several definitions focus on the relationship between sustainability and
it was identified that social and economic factors influenced SE over
future generations (Sarango-Lalangui et al., 2018). This leads to an
time. However, technological factors were found to be unrelated to SE
analysis of the longevity of SE; noteworthily, few studies have consid­
over time in this model.
ered SE and its longevity (Moya-Clemente et al., 2019).
According to the model’s results, as the social factor has the strongest
The results indicate a positive relationship between the economic
effect on SE over time, governments should focus on improving the as­
factor and SE over time. This is consistent with Maniyalath and Naren­
pects or variables related to this factor, such as the HDI. For example,
dran’s (2016) findings that entrepreneurs’ sustainability is influenced by
policy makers can consider the HDI and all its dimensions: a long and
a region’s economic growth.
healthy life, knowledge, and having a decent standard of living. An
The results also show a positive relationship between the social
improvement in these dimensions leads to SE over time. Consistent with
factor and SE over time, which is consistent with Lau and Busenitz’s
Garrigos-Simon et al. (2018), social and human capital should promote
(2001) finding that social conditions can affect enterprises’ creation,
sustainable-government policies associated with the three axes of the
start-up, or development. The results resonate with Huang et al.’s (2023)

Table 8
Significance results for the path coefficients of the structural model.
2
Path coefficient t-values p-values 95 % confidence intervals Significance f

ECO -> SE_OT 0.328 3.094 0.001 [0.186–0.500] SI 0.119

SOC -> SE_OT 0.354 2.81 0.002 [0.169–0.519] SI 0.158
TEC -> SE_OT 0.046 0.318 0.375 [-0.062–0.334] No 0.002

Note: Critical t-values 1.96 (P < 0.05).

7
C.-V. Joana Carolina et al. Journal of Business Research 173 (2024) 114457

Fig. 3. Results of the model developed using the SmartPLS software.

Journal of Business Venturing, 36(3), 1–24. https://doi.org/10.1016/j.

Table 10 jbusvent.2021.106092
Amount of variance explained. Barnett, W. A., Hu, M., & Wang, X. (2019). Does the utilization of information
communication technology promote entrepreneurship: Evidence from rural China.
path coefficient Correlations Amount of variance explained Technological Forecasting and Social Change, 141, 12–21. https://doi.org/10.1016/j.
ECO 0.328 0.315 10 % techfore.2019.01.007
SOC 0.354 0.33 12 % Belz, F. M., & Binder, J. K. (2017). Sustainable Entrepreneurship: A Convergent Process
Model. Business Strategy and the Environment, 26(1), 1–17. https://doi.org/10.1002/
TEC 0.046 0.201 1%
bse.1887
Benitez, J., Henseler, J., Castillo, A., & Schuberth, F. (2020). How to perform and report
an impactful analysis using partial least squares: Guidelines for confirmatory and
TBL, which would lead to an impact on SE over time. Furthermore, explanatory IS research. Information and Management, 57(2). https://doi.org/
Watson et al. (2023) propose that it is necessary to have a policy for SE to 10.1016/j.im.2019.05.003
Botella-Carrubi, D., Ribeiro-Navarrete, S., Ulrich, K., & Blanco González-Tejero, C.
support entrepreneurs, market opportunities, and the entrepreneurial
(2022). The role of entrepreneurial skills as a vehicle for business growth: A study in
ecosystem in general. Spanish start-ups. Management Decision. https://doi.org/10.1108/MD-02-2022-0161
Last, as the technological factor has less explanatory power for SE Carrión, G. C., Henseler, J., Ringle, C. M., & Roldán, J. L. (2016). Prediction-oriented
over time, it is possible to examine the possible role of technology as a modeling in business research by means of PLS path modeling: Introduction to a JBR
special section. Journal of Business Research, 69(10), 4545–4551. https://doi.org/
mediator or moderator in the model as a future research avenue. 10.1016/j.jbusres.2016.03.048
However, it should be noted that public policies on entrepreneurship Chin, W. W. (1998). The partial least squares approach to structural equation modeling.
should be directed towards sustainability over time by considering the In G. A. Marcoulides (Ed.), Modern Methods for Business Research (pp. 295–336).
Mahwah, NJ: Lawrence Erlbaum Associates.
social, economic, and technological factors identified in this study. Chirinos Araque, Y. D. V., Meriño Cordoba, V. H., Martinez De Meriño, C. Y., & Perez
Peralta, C. M. (2018). Emprendimiento sostenible para el desarrollo económico de
las PYMES. Espacios, 39(7).
CRediT authorship contribution statement
Cordero López, J., Durán, S. A., Carpio Guerrero, X., Delgado Noboa, J., & Amón
Martínez, O. (2011). Análisis de los factores que influyen el emprendimiento y la
Chaves-Vargas Joana Carolina: Conceptualization, Data curation, sostenibilidad de las empresas del área urbana de la ciudad de Cuenca. Ecuador.
Maskana, 2(2), 27–37.
Writing – original draft, Writing – review & editing, Visualization,
Crals, E., & Vereeck, L. (2005). The affordability of sustainable entrepreneurship
Investigation, Validation, Formal analysis, Methodology. Ribes-Giner certification for SMEs. International Journal of Sustainable Development and World
Gabriela: Conceptualization, Data curation, Writing – review & editing, Ecology, 12(2), 173–183. https://doi.org/10.1080/13504500509469628
Visualization, Investigation, Validation, Formal analysis, Methodology. Dacin, M. T., Dacin, P. A., & Tracey, P. (2011). Social entrepreneurship: A critique and
future directions. Organization Science, 22(5), 1203–1213. https://doi.org/10.1287/
Moya-Clemente Ismael: Conceptualization, Data curation, Writing – orsc.1100.0620
review & editing, Visualization, Investigation, Validation, Formal Dean, T. J., & McMullen, J. S. (2007). Toward a theory of sustainable entrepreneurship:
analysis, Methodology. Reducing environmental degradation through entrepreneurial action. Journal of
Business Venturing, 22(1), 50–76. https://doi.org/10.1016/j.jbusvent.2005.09.003
Del-Castillo-Feito, C., Blanco-González, A., & Hernández-Perlines, F. (2022). The impacts
of socially responsible human resources management on organizational legitimacy.
Declaration of Competing Interest Technological Forecasting and Social Change, 174. https://doi.org/10.1016/j.
techfore.2021.121274
Dijkstra, T. K., & Henseler, J. (2015). Consistent and asymptotically normal PLS
The authors declare that they have no known competing financial estimators for linear structural equations. Computational Statistics and Data Analysis,
interests or personal relationships that could have appeared to influence 81, 10–23. https://doi.org/10.1016/j.csda.2014.07.008
the work reported in this paper. Divito, L., & Ingen-Housz, Z. (2021). From individual sustainability orientations to
collective sustainability innovation and sustainable entrepreneurial ecosystems.
Small Business Economics, 56, 1057–1072. https://doi.org/10.1007/s11187-019-
References 00254-6
Ferreira, J. J. M., Fernandes, C. I., & Ferreira, F. A. F. (2020). Technology transfer,
Anand, A., Argade, P., Barkemeyer, R., & Salignac, F. (2021). Trends and patterns in climate change mitigation, and environmental patent impact on sustainability and
sustainable entrepreneurship research: A bibliometric review and research agenda. economic growth: A comparison of European countries. Technological Forecasting and

8
C.-V. Joana Carolina et al. Journal of Business Research 173 (2024) 114457

Social Change, 150, Article 119770. https://doi.org/10.1016/j. Meyskens, M., & Carsrud, A. L. (2013). Nascent green-technology ventures: A study
techfore.2019.119770 assessing the role of partnership diversity in firm success. Small Business Economics,
Fertala, N. (2008). The shadow of death: Do regional differences matter for firm survival 40(3), 739–759. https://doi.org/10.1007/s11187-011-9400-1
across native and immigrant entrepreneurs? Empirica, 35, 59–80. https://doi.org/ Moya-Clemente, I., Ribes-Giner, G., & Chaves-Vargas, J. C. (2021). Sustainable
10.1007/s10663-007-9051-2 entrepreneurship: An approach from bibliometric analysis. Journal of Business
Fichter, K., & Tiemann, I. (2020). Impacts of promoting sustainable entrepreneurship in Economics and Management, 22(2). https://doi.org/10.3846/jbem.2021.13934
generic business plan competitions. Journal of Cleaner Production, 267, Article Moya-Clemente, I., Ribes-Giner, G., Pantoja-Díaz, I.d., & O.. (2020). Identifying
122076. https://doi.org/10.1016/j.jclepro.2020.122076 environmental and economic development factors in sustainable entrepreneurship
Garrigos-Simon, F. J., Dolores Botella-Carrubi, M., & Gonzalez-Cruz, T. F. (2018). Social over time by partial least squares (PLS). PLoSONE, 15(9), 1–17. https://doi.org/
Capital, Human Capital, and Sustainability: A Bibliometric and Visualization 10.1371/journal.pone.0238462
Analysis. Sustainability, 1–19. https://doi.org/10.3390/su10124751 Moya-Clemente, I., Ribes-Giner, G., & Pantoja-Díaz, O. (2019). Configurations of
Gast, J., Gundolf, K., & Cesinger, B. (2017). Doing business in a green way: A systematic sustainable development goals that promote sustainable entrepreneurship over time.
review of the ecological sustainability entrepreneurship literature and future Sustainable Development, September, 1–13. https://doi.org/10.1002/sd.2009
research directions. Journal of Cleaner Production, 147, 44–56. https://doi.org/ Muñoz, P., & Cohen, B. (2018). Sustainable Entrepreneurship Research: Taking Stock and
10.1016/j.jclepro.2017.01.065 looking ahead. Business Strategy and the Environment, 27(3), 300–322. https://doi.
Gu, W., Pan, H., Hu, Z., & Liu, Z. (2022). The Triple Bottom Line of Sustainable org/10.1002/bse.2000
Entrepreneurship and Economic Policy Uncertainty: An Empirical Evidence from 22 Muñoz, P., & Dimov, D. (2015). The call of the whole in understanding the development
Countries. International Journal of Environmental Research and Public Health, 19(13). of sustainable ventures. Journal of Business Venturing, 30(4), 632–654. https://doi.
https://doi.org/10.3390/ijerph19137758 org/10.1016/j.jbusvent.2014.07.012
Gu, W., & Wang, J. (2022). Research on index construction of sustainable Nie, P., Ma, W., & Sousa-Poza, A. (2021). The relationship between smartphone use and
entrepreneurship and its impact on economic growth. Journal of Business Research, subjective well-being in rural China. Electronic Commerce Research, 21(4), 983–1009.
142, 266–276. https://doi.org/10.1016/J.JBUSRES.2021.12.060 https://doi.org/10.1007/S10660-020-09397-1
Guenther, P., Guenther, M., Ringle, C. M., Zaefarian, G., & Cartwright, S. (2023). Pinkse, J., & Groot, K. (2015). Sustainable entrepreneurship and corporate political
Improving PLS-SEM use for business marketing research. Industrial Marketing activity: Overcoming market barriers in the clean energy sector. Entrepreneurship:
Management, 111, 127–142. https://doi.org/10.1016/J.INDMARMAN.2023.03.010 Theory and Practice, 39(3), 633–654. https://doi.org/10.1111/etap.12055
Hair, J., Hult, T., Ringle, C., Sarstedt, M., Castillo, J., Cepeda-Carrión, G., & Roldán, J. L. Ribeiro-Navarrete, S., Botella-Carrubi, D., Palacios-Marqués, D., & Orero-Blat, M. (2021).
(2019). Manual de Partial Least Squares Structural Equation Modeling (PLS-SEM). In The effect of digitalization on business performance: An applied study of KIBS.
SAGE. Publications. Journal of Business Research, 126, 319–326. https://doi.org/10.1016/j.
Henseler, J., Hubona, G., & Ray, P. A. (2016). Using PLS path modeling in new jbusres.2020.12.065
technology research: Updated guidelines. Industrial Management and Data Systems, Ribes-Giner, G., Moya-Clemente, I., Cervelló-Royo, R., & Perello-Marin, M. R. (2018).
116(1), 2–20. https://doi.org/10.1108/IMDS-09-2015-0382 Domestic economic and social conditions empowering female entrepreneurship.
Hernández-Rojas, D. R., & Huete Alcocer, N. (2021). The role of traditional restaurants in Journal of Business Research, 89, 182–189. https://doi.org/10.1016/j.
tourist destination loyalty. PLoS One1, 16(6), 1–19. https://doi.org/10.1371/ jbusres.2017.12.005
journal.pone.0253088 Ringle, C. M., Wende, S., & Becker, J. M. (2015). SmartPLS 3. Boenningstedt: SmartPLS
Hockerts, K., & Wüstenhagen, R. (2010). Greening Goliaths versus emerging Davids - GmbH v3.3.3 (Version 3.3.3). Retrieved from http://www.smartpls.com.
Theorizing about the role of incumbents and new entrants in sustainable Sarango-Lalangui, P., Santos, J. L. S., & Hormiga, E. (2018). The development of
entrepreneurship. Journal of Business Venturing, 25(5), 481–492. https://doi.org/ sustainable entrepreneurship research field. Sustainability (Switzerland), 10(6).
10.1016/j.jbusvent.2009.07.005 https://doi.org/10.3390/su10062005
Huang, Y., Li, P., Bu, Y., & Zhao, G. (2023). What entrepreneurial ecosystem elements Sarstedt, M., Hair, J. F., Pick, M., Liengaard, B. D., Radomir, L., & Ringle, C. M. (2022).
promote sustainable entrepreneurship? Journal of Cleaner Production, 442, Article Progress in partial least squares structural equation modeling use in marketing
138459. https://doi.org/10.1016/J.JCLEPRO.2023.138459 research in the last decade. Psychology and Marketing, 39(5), 1035–1064. https://doi.
Kante, M., & Michel, B. (2023). Use of partial least squares structural equation modelling org/10.1002/mar.21640
(PLS-SEM) in privacy and disclosure research on social network sites: A systematic Schaltegger, S., & Wagner, M. (2011). Sustainable entrepreneurship and sustainability
review. Computers in Human Behavior Reports, 10, Article 100291. https://doi.org/ innovation: Categories and interactions. Business Strategy and the Environment, 20(4),
10.1016/J.CHBR.2023.100291 222–237. https://doi.org/10.1002/bse.682
Knudsen, E. S., Lien, L. B., Timmermans, B., Belik, I., & Pandey, S. (2021). Stability in Shahid, M. S., Hossain, M., Shahid, S., & Anwar, T. (2023). Frugal innovation as a source
turbulent times? The effect of digitalization on the sustainability of competitive of sustainable entrepreneurship to tackle social and environmental challenges.
advantage. Journal of Business Research, 128, 360–369. https://doi.org/10.1016/j. Journal of Cleaner Production, 406. https://doi.org/10.1016/j.jclepro.2023.137050
jbusres.2021.02.008 Shepherd, D. A., & Patzelt, H. (2011). The New Field of Sustainable Entrepreneurship:
Könnölä, T., López, S. F., Miranda, I. G., Ameneiro, S. B., & Leceta, J. M. (2017). Las Studying Entrepreneurial Action Linking ‘What Is to Be Sustained’ With ‘What Is to
Empresas de alto Crecimiento no surgen por azar recomendaciones para actuar en su Be Developed’. Entrepreneurship: Theory and Practice, 35(1), 137–163. https://doi.
ecosistema. Real Academia de Ingeniería. org/10.1111/j.1540-6520.2010.00426.x
Konys, A. (2019). Towards sustainable entrepreneurship holistic construct. Sustainability Spencer, J. W., & Gómez, C. (2004). The relationship among national institutional
(Switzerland), 11(23). https://doi.org/10.3390/su11236749 structures, economic factors, and domestic entrepreneurial activity: A multicountry
Lado, A. A., & Vozikis, G. S. (1997). Transfer of technology to promote entrepreneurship study. Journal of Business Research, 57(10), 1098–1107. https://doi.org/10.1016/
in developing countries: An integration and proposed framework. Entrepreneurship S0148-2963(03)00040-7
Theory and Practice, 21(2), 55–72. https://doi.org/10.1177/104225879602100204 Streukens, S., & Leroi-Werelds, S. (2016). Bootstrapping and PLS-SEM: A step-by-step
Lau, C., & Busenitz, L. W. (2001). Growth Intentions of Entrepreneurs in a Transitional guide to get more out of your bootstrap results. European Management Journal, 34,
Economy : The People ’ s Republic of China. Entrepreneurship Theory and Practice, 26 618–632. https://doi.org/10.1016/j.emj.2016.06.003
(1), 5–20. Terán-Yépez, E., Marín-Carrillo, G. M., del Casado-Belmonte, M.del. P., & Capobianco-
Leiva, J. C., Alegre, J., & Monge, R. (2014). Los emprendedores surgidos de las empresas Uriarte, M.de las. M. (2020). Sustainable entrepreneurship: Review of its evolution
multinacionales de inversión extranjera directa: Un estudio exploratorio en Costa and new trends. Journal of Cleaner Production., 252. https://doi.org/10.1016/j.
Rica. Estudios Gerenciales, 30(131), 124–133. https://doi.org/10.1016/J. jclepro.2019.119742
ESTGER.2013.12.004 United Nations Development Programme. (2017). Human Development Index (HDI) |
Maniyalath, N., & Narendran, R. (2016). The human development index predicts female Human Development Reports. https://hdr.undp.org/en/content/human-development-
entrepreneurship rates. International Journal of Entrepreneurial Behaviour and index-hdi.
Research, 22(5), 745–766. https://doi.org/10.1108/IJEBR-11-2015-0258 Valdez, M. E., & Richardson, J. (2013). Institutional determinants of macro-level
Manley, S. C., Hair, J. F., Williams, R. I., & McDowell, W. C. (2021). Essential new PLS- entrepreneurship. Entrepreneurship: Theory and Practice, 37(5), 1149–1175. https://
SEM analysis methods for your entrepreneurship analytical toolbox. International doi.org/10.1111/etap.12000
Entrepreneurship and Management Journal, 17(4), 1805–1825. https://doi.org/ Wade, M. (2020). Corporate Responsibility in the Digital Era. https://sloanreview.mit.
10.1007/s11365-020-00687-6 edu/article/corporate-responsibility-in-the-digital-era/.
Mansouri, S., & Momtaz, P. P. (2022). Financing sustainable entrepreneurship: ESG Watson, R., Nielsen, K. R., Wilson, H. N., Macdonald, E. K., Mera, C., & Reisch, L. (2023).
measurement, valuation, and performance. Journal of Business Venturing, 37(6). Policy for sustainable entrepreneurship: A crowdsourced framework. Journal of
https://doi.org/10.1016/j.jbusvent.2022.106258 Cleaner Production, 383. https://doi.org/10.1016/j.jclepro.2022.135234
Martínez Ávila, M., & Fierro Moreno, E. (2018). Aplicación de la técnica PLS-SEM en la Wennekers, S., Van Wennekers, A., Thurik, R., & Reynolds, P. (2005). Nascent
gestión del conocimiento: un enfoque técnico práctico / Application of the PLS-SEM entrepreneurship and the level of economic development. Small Business Economics,
technique in Knowledge Management: a practical technical approach. In RIDE 24(3), 293–309. https://doi.org/10.1007/s11187-005-1994-8
Revista Iberoamericana para la Investigación y el Desarrollo Educativo (Vol. 8, Issue 16). World Bank. (2017a). Foreign direct investment, net inflows (BoP, current US$) | Data. htt
https://doi.org/10.23913/ride.v8i16.336. ps://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD?view=chart.

9
C.-V. Joana Carolina et al. Journal of Business Research 173 (2024) 114457

World Bank. (2017b). GDP per capita growth (annual %) | Data. https://data.worldbank. education sector in Colombia. Current research interests include sustainable entrepre­
org/indicator/NY.GDP.PCAP.KD.ZG. neurship, Sustainability and Organisational culture.
World Bank. (2017c). High-technology exports (% of manufactured exports) | Data. htt
ps://data.worldbank.org/indicator/TX.VAL.TECH.MF.ZS?view=chart.
GABRIELA RIBES GINER. Gabriela Ribes Giner is a PhD in Industrial Engineering, Full
World Bank. (2017d). Individuals using the Internet (% of population) | Data. https://data.
Professor at the Universitat Politècnica de València (UPV) and Director of the department
worldbank.org/indicator/IT.NET.USER.ZS.
of business organization at the UPV. He has participated in 13 research projects, 5 of them
World Bank. (2017e). Patent applications, residents | Data. https://data.worldbank.
are European Projects, and the rest are national and from the Generalitat Valenciana. She
org/indicator/IP.PAT.RESD.
has participated as a speaker in more than 100 international research conferences and is
York, J. G., O’Neil, I., & Sarasvathy, S. D. (2016). Exploring Environmental
the author of more than 35 articles in journals indexed in JCR and Scopus. She has been IP
Entrepreneurship: Identity Coupling, Venture Goals, and Stakeholder Incentives.
of the Women’s Entrepreneurial Activity Project. Sustainable Finance and Employability
Journal of Management Studies, 53(5), 695–737. https://doi.org/10.1111/
(GV/2016/078). Current research interests include sustainable entrepreneurship, female
joms.12198
entrepreneurship, Human Resources and People Analitycs.
Zhang, H., Wang, Y., & Song, M. (2020). Does competitive intensity moderate the
relationships between sustainable capabilities and sustainable organizational
performance in new ventures? Sustainability (Switzerland), 12(1), 1–18. https://doi. ISMAEL MOYA CLEMENTE. Ismael Moya Clemente is full professor in the Department of
org/10.3390/SU1201025 Economics and Social Sciences, Universitat Politècnica de València (UPV), Spain. He is
engineer from the UPV (Spain). He received his PhD at the UPV in 1994. He was Vice-
Rector for Academic Planning and Faculty at UPV and Dean at Faculty of Business
JOANA CAROLINA CHAVES VARGAS. Joana Carolina Chaves Vargas is a Business
Administration and Management in UPV. Moya-Clemente PhD. current research interests
Administrator, Master in Industrial Engineering from the National University of Colombia.
include sustainable entrepreneurship, female entrepreneurship, financial economics and
She is a PhD student in Business Administration and Management at the Universitat
corporate finance.
Politècnica de València (UPV) - Spain. She has participated as a speaker in different
seminars and conferences international. She has coordinated different projects in the

10