IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v11y2019i12p3365-d240733.html
   My bibliography  Save this article

Competitiveness and Its Impact on Sustainability, Business Environment, and Human Development of EU (28) Countries in terms of Global Multi-Criteria Indices

Author

Listed:
  • Dana Kiseľáková

    (Department of Finance, Faculty of Management, University of Prešov in Prešov, Konštantínova 16, 080 01 Prešov, Slovakia)

  • Beáta Šofranková

    (Department of Finance, Faculty of Management, University of Prešov in Prešov, Konštantínova 16, 080 01 Prešov, Slovakia)

  • Miroslav Gombár

    (Department of Management, Faculty of Management, University of Prešov in Prešov, Konštantínova 16, 080 01 Prešov, Slovakia)

  • Veronika Čabinová

    (Department of Finance, Faculty of Management, University of Prešov in Prešov, Konštantínova 16, 080 01 Prešov, Slovakia)

  • Erika Onuferová

    (Department of Finance, Faculty of Management, University of Prešov in Prešov, Konštantínova 16, 080 01 Prešov, Slovakia)

Abstract

In this paper, the following research problem was addressed: Is there a significant economic impact of multidimensional specified competitiveness within the EU (28) countries on the competitive business environment, human development, and sustainable growth? Based on the mentioned research problem, we formulated the aim of paper: To detect the significant interrelations among the assessment of global competitiveness, business environment as well as human development in the EU (28) countries for the period of 2006–2017. To address these problems, the methodology of global multi-criteria indices, namely the global competitiveness index (GCI), doing business index (DBI), and human development index (HDI), as well as panel analysis and non-linear regression analyses with ANOVA, were applied. The panel analysis results suggest that there is a direct linear relationship between the GCI and HDI. Moreover, the impact of the DBI on the change in the GCI score was not confirmed. We identified the main areas of countries’ interest, and important economic and statistical significant relations of competitiveness by creating three models: The GD model (constructed by GCI and DBI scores), GH model (GCI and HDI scores), and GDH model (GCI, DBI and HDI scores). Based on the results, all interrelations were confirmed. However, the highest extent of variability for the explanation of the selected data was recorded in the case of the GDH model (87.12%). We detected the impact of the business environment and human resources as competitive advantages on global macroeconomic competitiveness. As the business sector in EU (28) countries is represented mainly by small and medium-sized enterprises (SMEs), enterprise activities play a key role in the process of sustainable competitive economic development. Moreover, human resources are considered to be another important driver of the internationalization of European SMEs.

Suggested Citation

  • Dana Kiseľáková & Beáta Šofranková & Miroslav Gombár & Veronika Čabinová & Erika Onuferová, 2019. "Competitiveness and Its Impact on Sustainability, Business Environment, and Human Development of EU (28) Countries in terms of Global Multi-Criteria Indices," Sustainability, MDPI, vol. 11(12), pages 1-25, June.
  • Handle: RePEc:gam:jsusta:v:11:y:2019:i:12:p:3365-:d:240733
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/11/12/3365/pdf
    Download Restriction: no

    File URL: https://www.mdpi.com/2071-1050/11/12/3365/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Alina Mihaela Dima & Liviu Begu & Maria Denisa Vasilescu & Maria Alexandra Maassen, 2018. "The Relationship between the Knowledge Economy and Global Competitiveness in the European Union," Sustainability, MDPI, vol. 10(6), pages 1-15, May.
    2. Chang Juck Suh & In Tae Lee, 2018. "An Empirical Study on the Manufacturing Firm’s Strategic Choice for Sustainability in SMEs," Sustainability, MDPI, vol. 10(2), pages 1-23, February.
    3. Justyna Zygmunt, 2018. "Entrepreneurial activity drivers in the transition economies. Evidence from the Visegrad countries," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 13(1), pages 89-103, March.
    4. Vera Komarova & Jelena Lonska & Olga Lavrinenko & Vladimir Menshikov, 2018. "Influence of existing social and economic interactions on sustainable territory development: the case of Iceland," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 5(3), pages 412-437, March.
    5. Dana Kiseľáková & Beáta Šofranková & Veronika Čabinová & Erika Onuferová, 2018. "Competitiveness and sustainable growth analysis of the EU countries with the use of Global Indexes' methodology," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 5(3), pages 581-599, March.
    6. Aleksandra Kordalska & Magdalena Olczyk, 2016. "Global Competitiveness And Economic Growth: A One-Way Or Two-Way Relationship?," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 11(1), pages 121-142, March.
    7. Fang Yang & Shiying Pan & Xin Yao, 2016. "Regional Convergence and Sustainable Development in China," Sustainability, MDPI, vol. 8(2), pages 1-15, January.
    8. Junko Mochizuki & Asjad Naqvi, 2019. "Reflecting Disaster Risk in Development Indicators," Sustainability, MDPI, vol. 11(4), pages 1-14, February.
    9. Sebastian Kot, 2018. "Sustainable Supply Chain Management in Small and Medium Enterprises," Sustainability, MDPI, vol. 10(4), pages 1-19, April.
    10. Chia Nan Wang & Anh Phuong Le, 2018. "Application in International Market Selection for the Export of Goods: A Case Study in Vietnam," Sustainability, MDPI, vol. 10(12), pages 1-24, December.
    11. Tine Lehmann & Maximilian Benner, 2015. "Cluster Policy in the Light of Institutional Context—A Comparative Study of Transition Countries," Administrative Sciences, MDPI, vol. 5(4), pages 1-25, October.
    12. Mohammed Ershad Hussain & Mahfuzul Haque, 2016. "Impact of Economic Freedom on the Growth Rate: A Panel Data Analysis," Economies, MDPI, vol. 4(2), pages 1-15, March.
    13. Rabeea Sadaf & Judit Oláh & József Popp & Domicián Máté, 2018. "An Investigation of the Influence of the Worldwide Governance and Competitiveness on Accounting Fraud Cases: A Cross-Country Perspective," Sustainability, MDPI, vol. 10(3), pages 1-11, February.
    14. Beata Ślusarczyk & Katarzyna Grondys, 2018. "The Concept of Sustainable Development in the Functioning of Municipalities Belonging to Special Economic Zones in Poland," Sustainability, MDPI, vol. 10(7), pages 1-20, June.
    15. Arellano, Manuel, 2003. "Panel Data Econometrics," OUP Catalogue, Oxford University Press, number 9780199245291.
    16. Mihaela Brindusa Tudose & Valentina Diana Rusu, 2015. "Global Competitiveness Of The European Union Member States: Evolution And Perspectives," Studies and Scientific Researches. Economics Edition, "Vasile Alecsandri" University of Bacau, Faculty of Economic Sciences, issue 22.
    17. repec:gam:jsusta:v:8:y:2016:i:2:p:-:d:63084 is not listed on IDEAS
    18. repec:gam:jecomi:v:4:y:2016:i:2:p:5:d:66646 is not listed on IDEAS
    19. Małgorzata Stec & Mariola Grzebyk, 2018. "The implementation of the Strategy Europe 2020 objectives in European Union countries: the concept analysis and statistical evaluation," Quality & Quantity: International Journal of Methodology, Springer, vol. 52(1), pages 119-133, January.
    20. Cristian Socol & Marius Marinas & Aura Gabriela Socol & Dan Armeanu, 2018. "Fiscal Adjustment Programs versus Socially Sustainable Competitiveness in EU Countries," Sustainability, MDPI, vol. 10(10), pages 1-17, September.
    21. Eniko Korcsmaros & Monika Simova, 2018. "Factors affecting the business environment of SMEs in Nitra region in Slovakia," Oeconomia Copernicana, Institute of Economic Research, vol. 9(2), pages 309-331, June.
    22. repec:gam:jsusta:v:8:y:2016:i:2:p:121:d:63084 is not listed on IDEAS
    23. Valentina Diana Rusu & Angela Roman, 2017. "Entrepreneurial Activity in the EU: An Empirical Evaluation of Its Determinants," Sustainability, MDPI, vol. 9(10), pages 1-16, September.
    24. Gengyuan Liu & Mark T. Brown & Marco Casazza, 2017. "Enhancing the Sustainability Narrative through a Deeper Understanding of Sustainable Development Indicators," Sustainability, MDPI, vol. 9(6), pages 1-19, June.
    25. Michal Pohludka & Hana Stverkova & Beata Ślusarczyk, 2018. "Implementation and Unification of the ERP System in a Global Company as a Strategic Decision for Sustainable Entrepreneurship," Sustainability, MDPI, vol. 10(8), pages 1-16, August.
    26. Eunmi Lee & Kwangho Jung & Jinbae Sul, 2019. "Searching for the Various Effects of Subprograms in Official Development Assistance on Human Development across 15 Asian Countries: Panel Regression and Fuzzy Set Approaches," Sustainability, MDPI, vol. 11(4), pages 1-21, February.
    27. Guangyou Zhou & Kuangxiong Gong & Sumei Luo & Guohu Xu, 2018. "Inclusive Finance, Human Capital and Regional Economic Growth in China," Sustainability, MDPI, vol. 10(4), pages 1-20, April.
    28. Anestis Fotiadis & Guych Nuryyev & Jennet Achyldurdyyeva & Anastasia Spyridou, 2019. "The Impact of EU Sponsorship, Size, and Geographic Characteristics on Rural Tourism Development," Sustainability, MDPI, vol. 11(8), pages 1-15, April.
    29. Ganlin Huang & Yaqiong Jiang, 2017. "Urbanization and Socioeconomic Development in Inner Mongolia in 2000 and 2010: A GIS Analysis," Sustainability, MDPI, vol. 9(2), pages 1-11, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Svetlana V. Orekhova & Andrey V. Misyura & Evgeny V. Kislitsyn, 2020. "Managing the increasing returns of a high-tech business model in industry: Classic and ecosystem effects," Upravlenets, Ural State University of Economics, vol. 11(4), pages 43-58, September.
    2. Onuferová Erika & Čabinová Veronika & Matijová Mária, 2020. "Categorization of the EU Member States in the Context of Selected Multicriteria International Indices Using Cluster Analysis," Review of Economic Perspectives, Sciendo, vol. 20(3), pages 379-401, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Argatu Ruxandra & Păunescu Carmen, 2019. "Romania and its poverty-alleviating competitiveness: a Central and Eastern European outlook," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 13(1), pages 435-447, May.
    2. Adam P. Balcerzak & Radka MacGregor Pelikánová, 2020. "Projection of SDGs in Codes of Ethics—Case Study about Lost in Translation," Administrative Sciences, MDPI, vol. 10(4), pages 1-18, November.
    3. Muhammad Saad Baloch & Abubakr Saeed & Ishtiaq Ahmed & Judit Oláh & József Popp & Domicián Máté, 2018. "Role of Domestic Financial Reforms and Internationalization of Non-Financial Transnational Firms: Evidence from the Chinese Market," Sustainability, MDPI, vol. 10(11), pages 1-16, October.
    4. Katarzyna Chrobocińska, 2021. "Comparative Analysis of Regional Competitiveness in Poland from 2010–2019 in the Context of the Concept of Sustainable Development," Sustainability, MDPI, vol. 13(6), pages 1-17, March.
    5. Onuferová Erika & Čabinová Veronika & Matijová Mária, 2020. "Categorization of the EU Member States in the Context of Selected Multicriteria International Indices Using Cluster Analysis," Review of Economic Perspectives, Sciendo, vol. 20(3), pages 379-401, September.
    6. Aleksandra Gawel & Agnieszka Głodowska, 2021. "On the Relationship between Economic Dynamics and Female Entrepreneurship: Reflections for the Visegrad Countries," Administrative Sciences, MDPI, vol. 11(3), pages 1-18, August.
    7. Tahir Andrabi & Jishnu Das & Asim Ijaz Khwaja & Tristan Zajonc, 2011. "Do Value-Added Estimates Add Value? Accounting for Learning Dynamics," American Economic Journal: Applied Economics, American Economic Association, vol. 3(3), pages 29-54, July.
    8. Carrión-Flores, Carmen E. & Innes, Robert, 2010. "Environmental innovation and environmental performance," Journal of Environmental Economics and Management, Elsevier, vol. 59(1), pages 27-42, January.
    9. Paul Raschky, 2007. "Estimating the effects of risk transfer mechanisms against floods in Europe and U.S.A.: A dynamic panel approach," Working Papers 2007-05, Faculty of Economics and Statistics, University of Innsbruck.
    10. Giacomo De Giorgi & Michele Pellizzari & William Gui Woolston, 2012. "Class Size And Class Heterogeneity," Journal of the European Economic Association, European Economic Association, vol. 10(4), pages 795-830, August.
    11. Rode, Martin & Gwartney, James D., 2012. "Does democratization facilitate economic liberalization?," European Journal of Political Economy, Elsevier, vol. 28(4), pages 607-619.
    12. Anne Musson & Damien Rousselière, 2020. "Exploring the effect of crisis on cooperatives: a Bayesian performance analysis of French craftsmen cooperatives," Applied Economics, Taylor & Francis Journals, vol. 52(25), pages 2657-2678, May.
    13. Iván Fernández-Val & Martin Weidner, 2018. "Fixed Effects Estimation of Large-TPanel Data Models," Annual Review of Economics, Annual Reviews, vol. 10(1), pages 109-138, August.
    14. Xiaohong Chen & Andres Santos, 2018. "Overidentification in Regular Models," Econometrica, Econometric Society, vol. 86(5), pages 1771-1817, September.
    15. Johannes Blum & Klaus Gründler, 2020. "Political Stability and Economic Prosperity: Are Coups Bad for Growth?," CESifo Working Paper Series 8317, CESifo.
    16. Marktanner Marcus & Makdisi Samir, 2008. "Development against All Odds? The Case of Lebanon," Review of Middle East Economics and Finance, De Gruyter, vol. 4(3), pages 101-133, September.
    17. Gabriel Burdí­n & Andrés Dean, 2009. "Las decisiones de empleo y salarios de cooperativas de trabajo y empresas capitalistas : evidencia para Uruguay en base a datos de panel," Documentos de Trabajo (working papers) 09-02, Instituto de Economia - IECON.
    18. Alberto Tejero & Victor Rodriguez-Doncel & Ivan Pau, 2020. "Knowledge Graphs for Innovation Ecosystems," Papers 2001.08615, arXiv.org.
    19. Hoderlein, Stefan & White, Halbert, 2012. "Nonparametric identification in nonseparable panel data models with generalized fixed effects," Journal of Econometrics, Elsevier, vol. 168(2), pages 300-314.
    20. García Cruz Gustavo Adolfo, 2008. "Informalidad regional en Colombia. Evidencia y Determinantes," Revista Desarrollo y Sociedad, Universidad de los Andes – Facultad de Economía – CEDE, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:11:y:2019:i:12:p:3365-:d:240733. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://www.mdpi.com .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.