This chapter elaborates on entrepreneurship in developed and developing countries and focuses on the optimization of entrepreneurial activities. Various scenarios are considered: independent functioning of the market, integration in the form of reorganization (mergers and acquisitions), integration in the form of clustering, and integration in the form of innovational networks and technological parks. The optimal structure of the integration processes and best-case scenarios for its implementation to accelerate the rate and increase the quality of economic growth are substantiated. The potential for uptake of integration processes in stimulating economic growth through entrepreneurship is determined by the level of institutionalization in an economy. In developed countries, all forms of company integration are characterized by the high level of institutionalization, which allows for their effective use for economic growth. Independent companies, mergers, and acquisitions restrain economic growth and reduce its quality, while clusters, technological parks, and innovational networks accelerate the rate of economic growth and increase its quality. In developing countries, integration processes in entrepreneurship have a different influence on economic growth and require further institutionalization.
1. Introduction
According to modern economic theory, growth is primarily driven by entrepreneurship. Entrepreneurship is one of the most dynamic phenomena in the economy, but it is subject to changes under the influence of globalization and crises in the global economic system. In the context of these changes, a new global tendency of entrepreneurship, related to the activation of its integration processes, has appeared. This tendency is caused by microeconomic motives, related to the unification of the market share of companies and strengthening of their common market positions, unification of resources of all types (financial, intellectual, and technological), and growth of their market power and the simplification of the promotion of their interests in relations with state regulators.
The macroeconomic consequences of the integration of entrepreneurship remain poorly studied. Given the vital role of entrepreneurship in economic growth, our interest is to study the influence of integration processes on entrepreneurship and determine the influence that integration processes have on economic growth and how to optimize these processes. The framework hypothesis is that integration processes in entrepreneurship positively influence economic growth, accelerating its speed, and increasing its quality. However, depending on the current level of development of the economic system and the goals for its further growth, different models for the integration of entrepreneurship (mergers and acquisitions, clusters, technological parks, or innovational networks) are needed. Therefore, we model the influence of integration processes in modern entrepreneurship on economic growth in both developed and developing countries.
2. Literature Review
The notion and characteristics of economic growth through the prism of cyclical fluctuations in economic systems depending on the level and rate of the development of entrepreneurship are found in Amri (2017), Bogoviz (2018), Bogoviz, Ragulina, Morozova, and Litvinova (2018), Bogoviz, Sozinova, and Ostrovskaya (2018), Doran, McCarthy, and OâConnor (2018), Khan and Hanif (2018), Popkova (2017), Popkova, Bogoviz, and Ragulina (2018), Popkova and Sukhodolov (2017), Srinita (2018), Bogoviz and Sergi (2018), Popkova, Popova, and Sergi (2018), Popkova, Bogoviz, Ragulina, and Alekseev (2018), and Popkova and Sergi (2018).
Applied issues of the economic growth of economic systems in developed countries, which emphasize its close connection to the development of entrepreneurship, are presented in Hajamini and Falahi (2018), Juknys, LiobikienÄ, and DagiliĆ«tÄ (2018), and SolĂ©, RĂos, and Perdiguer (2015). The specific issues affecting economic growth in developing countries are analyzed in Abdouli and Hammami (2018), Chakamera and Alagidede (2018), Couharde and Generoso (2017), Darku and Yeboah (2018), Kaliappan, Ahmad, and Ismail (2017), Mahmoodi and Mahmoodi (2018), Nagano (2018), Ochoa-Jimenez, Moreno-Hurtado, and Ochoa-Moreno (2018), Omri, Ben Mabrouk, and Sassi-Tmar (2015), Zahonogo (2018), Biltagy, Mahrous, Said, and Kamel (2017), Feki and Mnif (2016), Figueroa-Armijos and Johnson (2016), GonzĂĄlez-PernĂa and Peña-Legazkue (2015), Naanwaab and Edwards (2017), and Ostapenko (2015).
The value of integration processes on the development of modern entrepreneurship are found in Belouettar et al. (2018), Berthet and Hickey (2018), Bonaime, Gulen, and Ion (2018), Elvekrok, Veflen, Nilsen, and Gausdal (2018), HĂžegh-Guldberg, Eide, Trengereid, and Hjemdahl (2018), Huggins, Waite, and Munday (2018), Najafi-Tavani, Najafi-Tavani, NaudĂ©, Oghazi, and Zeynaloo (2018), Olcay and Bulu (2016), Ăzaygen and BalaguĂ© (2018), Ping, Qin, Xu, Miyajima, and Kazuya (2018), Silva and Guerrini (2018), Stukalo and Simakhova (2018), Yan (2018a, 2018b), Zhang, Sun, Liu, Zhou, and Zhang (2018), and Zhang, Wang, Li, Chen, and Wang (2018).
The integration processes affecting entrepreneurship in developed countries are analyzed by Liu, Ăberg, Tarba, and Xing (2018) and Tyurina, Neverov, & Ulyanychev (2017). The integration processes of entrepreneurship in developing countries are studied by Chalencon and Mayrhofer (2018), Link and Yang (2018), Park (2016), Popkova, Shakhovskaya, Abramov, and Natsubidze (2016), Popkova et al. (2017), Pozdnyakova, Popkova, Kuzlaeva, Lisova, and Saveleva (2017), Yan (2018a, 2018b), Zhang, Sun et al. (2018), and Zhang, Wang et al. (2018). The general findings are that developed countries are typified by low economic growth rates but have a high quality (intensive innovational development, strong sustainability, high levels of GDP per capita) of economic growth. Developing countries record high economic growth rates but have a low quality (poor innovational development, weak sustainability, low levels of GDP per capita) of economic growth.
