Explaining the Effectiveness of Entrepreneurship Development as a Key Indicator of Insurance Industry Performance in Fuel Exporting Countries
Keywords:
Insurance industry performance indicators, entrepreneurial ecosystem, fuel-exporting countries, GMM, financial development, information and communication technologyAbstract
Explaining the Effectiveness of Entrepreneurship Development as a Key Indicator of Insurance Industry Performance in Fuel Exporting Countries This study aimed to identify and analyze the key institutional, financial, human, and technological factors influencing entrepreneurship development in fuel-exporting countries and to clarify the role of insurance industry performance indicators in this process. A descriptive–analytical and quantitative research design was applied. Panel data from 2010 to 2020 across fuel-exporting countries were analyzed using the generalized method of moments (GMM) with EViews 13 software. The model incorporated human capital, financial development, property rights, information and communication technology (ICT), insurance penetration rate, research and development (R&D) expenditure, and business environment indicators. The GMM estimation revealed that all examined variables positively and significantly impact entrepreneurship development. The lagged dependent variable (L1.EE=0.435) indicated persistence in entrepreneurial activity. Insurance penetration (0.275) reduces investment risk and enhances entrepreneurship. Property rights (0.198) and business environment (0.164) improve institutional security and ease of doing business. Human capital (0.316), financial development (0.254), and R&D expenditure (0.289) played the most substantial roles in fostering innovation and workforce empowerment. Entrepreneurship development in fuel-exporting countries requires comprehensive policies aimed at strengthening human capital, improving financial and technological infrastructure, securing property rights, and expanding insurance coverage. Such an integrated approach can mitigate entrepreneurial risk and foster sustainable economic diversification.
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