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<p>This study examines how digital financial capability (DFC) impacts sustainable entrepreneurship (SE) with dynamic capabilities across 100 nations encompassing 64 developing and 36 advanced countries, during the period 2011–2022. This study used a wide range of variables to construct DFC and SE indices. A Difference-in-Hansen Analysis of Two-Step System-Generalized Method of Moments (SYS-GMM) model was used, and it was proved using Driscoll-Kraay standard error (D-K) regression-fixed effect. The findings demonstrate that DFC has a positive significant relationship with SE across the globe including both developed and developing economies. As control factors, market dynamics, government policies, and trade openness are used. Additionally, COVID-19 as a dummy time-effect is considered a shock-wave. Market dynamics have a significant positive influence on SE. However, trade openness and COVID-19 have adversely affected SE globally. The findings exhibit variations between advanced and developing countries due to differences in policies and market conditions. The research supports the ecological theory’s applicability to sustainable business initiatives and DFC. These outcomes are beneficial for entrepreneurs, governments, and policymakers as they need the transformative power of digital finance to promote innovation, economic development, and sustainability across diverse economies.</p>

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Illuminating pandemic shadows: Digital financial capability and sustainable entrepreneurship across developed and emerging economies

  • 期刊论文

  • 发表日期：

    2025年1月20日

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  • Shama Urooj,
  • Guang Luo,
  • Atta Ullah

摘要

This study examines how digital financial capability (DFC) impacts sustainable entrepreneurship (SE) with dynamic capabilities across 100 nations encompassing 64 developing and 36 advanced countries, during the period 2011–2022. This study used a wide range of variables to construct DFC and SE indices. A Difference-in-Hansen Analysis of Two-Step System-Generalized Method of Moments (SYS-GMM) model was used, and it was proved using Driscoll-Kraay standard error (D-K) regression-fixed effect. The findings demonstrate that DFC has a positive significant relationship with SE across the globe including both developed and developing economies. As control factors, market dynamics, government policies, and trade openness are used. Additionally, COVID-19 as a dummy time-effect is considered a shock-wave. Market dynamics have a significant positive influence on SE. However, trade openness and COVID-19 have adversely affected SE globally. The findings exhibit variations between advanced and developing countries due to differences in policies and market conditions. The research supports the ecological theory’s applicability to sustainable business initiatives and DFC. These outcomes are beneficial for entrepreneurs, governments, and policymakers as they need the transformative power of digital finance to promote innovation, economic development, and sustainability across diverse economies.