A Multidimensional, Comparative Analysis of the Regional Entrepreneurship Performance in the Central and Eastern European EU Member Countries

Entrepreneurship research has changed considerably over the last 30 years, and today entrepreneurship is widely accepted as a major driving force of economic development, of the creation of employment and of innovation (Acs et al. 2008, 2009; Carree and Thurik 2003; Braunerhjelm et al. 2010; Lazear 2004). However, the dynamics of the effect of entrepreneurship are very diverse and depend on many factors such as the development level of the home country and the institutional context (Acs et al. 2008). Whilst previous studies on entrepreneurship have focused on examining the role of entrepreneurial activity and start-up rates, recent research has shown that not all entrepreneurial activity is effective. High growth rates, such as those achieved by innovative gazelle companies, are responsible for the bulk of new job creation and growth, whilst other non-innovative or traditional businesses have only minor economic influence (Acs and Mueller 2008; Baumol 1996; Wong et al. 2005)