Drivers of Entrepreneurial Activity at Micro and Meso Levels: A Fuzzy Time-Series Analysis

Jani Kinnunen, Irina Georgescu, Zahra Hosseini

Research output: Chapter in Book/Report/Conference proceedingConference contributionScientificpeer-review


The implications of entrepreneurial conditions, opportunities, and attitudes for total entrepreneurial activity (TEA) are under study. The data is obtained from the Global Entrepreneurship Monitor and Heritage Foundation for ten European Union countries, which had long enough time-series data available. The set of indicators include variables to determine the difficulty to start a business, motivations, ambitions, and attitudes of citizens towards entrepreneurship, and economic freedoms from which 7 key indicators were selected. The target variable is TEA and time-period is 2011–2019. The applied time-series analysis compares firstly linear regression accounting for autoregression by classical crisp model, possibilistic least squares linear model with crisp inputs and fuzzy outputs, and fuzzy multi-objective linear model with fuzzy inputs and outputs; secondly, the analysis is complemented by vector error correction model to study long-run causality of the key drivers of TEA. The results extend studies on the connections of entrepreneurial activity and economic freedoms by accounting for behavioral and attitude factors: entrepreneurial finance, grants and subsidies together with established entrepreneurial community support risk-taking of new entrepreneurs, who have identified business opportunities; further, entrepreneurial female/male ratio showed short-run effects, while statistically significant long-run causalities could not be established.

Original languageEnglish
Title of host publicationIntelligent and Fuzzy Techniques for Emerging Conditions and Digital Transformation - Proceedings of the INFUS 2021 Conference
EditorsCengiz Kahraman, Selcuk Cebi, Sezi Cevik Onar, Basar Oztaysi, A. Cagri Tolga, Irem Ucal Sari
Number of pages8
ISBN (Electronic)978-3-030-85577-2
ISBN (Print)978-3-030-85576-5
Publication statusPublished - 24 Aug 2021
Publication typeA4 Article in conference proceedings
EventInternational Conference on Intelligent and Fuzzy Systems, INFUS 2021 - Istanbul, Turkey
Duration: 24 Aug 202126 Aug 2021

Publication series

NameLecture Notes in Networks and Systems
ISSN (Print)2367-3370
ISSN (Electronic)2367-3389


ConferenceInternational Conference on Intelligent and Fuzzy Systems, INFUS 2021


  • Economic freedoms
  • Entrepreneurial activity
  • Entrepreneurial conditions
  • Fuzzy time-series analysis
  • VECM

Publication forum classification

  • Publication forum level 1

ASJC Scopus subject areas

  • Control and Systems Engineering
  • Signal Processing
  • Computer Networks and Communications


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