Higher education and digitalization as drivers of entrepreneurship in Central and Eastern Europe

Variable type	Abbreviation	Indicator name	Definition	Source	Time
Dependent	NewBus	New Business Density	New registrations per 1,000 people ages 15–64	World Bank	2006–2024
Independent	Edu	Tertiary Education	School enrollment, tertiary (% gross)	World Bank	2006–2024
Independent	Dig	Digitalization	Individuals using the Internet (% of population)	World Bank/Eurostat	2006–2024
Control	GDP	Economic Development	GDP per capita (constant 2015 US$)	World Bank	2006–2024

Independent variable	Coefficient	Std. error	t-Statistic	Prob.
Tertiary education (Edu_it)	0.010674	0.002511	4.2502	0.0000***
Digitalization (Dig_it)	0.010785	0.001896	5.6873	0.0000***
GDP per capita (ΔGDP_it)	0.054376	0.114765	0.4738	0.6361
Constant (C)	−0.531586	1.180256	−0.4504	0.6529
R ²	0.3188
F-statistic	31.9883	(Prob: 0.0000)
Total observations	209	(11 countries × 19 years)

Series/variable	Method	Statistic	Prob.	Statistic	Prob.	Integration
Series/variable	Method	(Level)		(1st diff.)		Integration
New business density (NewBus)	Levin, Lin & Chu t*	−0.201	0.4203	−6.8983	0.000*	I(1)
	Im, Pesaran and Shin W-stat	0.5737	0.7169	−6.2947	0.000*
	ADF – Fisher Chi-square	17.7783	0.719	79.953	0.000*
	PP – Fisher Chi-square	19.4536	0.6172	168.751	0.000*
Tertiary education (Edu)	Levin, Lin & Chu t*	−1.925	0.027*	—	—	I(0)
	Im, Pesaran and Shin W-stat	−1.2973	0.0973	—	—
	ADF – Fisher Chi-square	33.2604	0.0583	—	—
	PP – Fisher Chi-square	29.5995	0.1285	—	—
Digitalization (Dig)	Levin, Lin & Chu t*	−4.3019	0.0000*	—	—	I(0)
	Im, Pesaran and Shin W-stat	−1.3552	0.0877	—	—
	ADF – Fisher Chi-square	33.1059	0.0604	—	—
	PP – Fisher Chi-square	75.0604	0.0000*	—	—
GDP per capita (GDP)	Levin, Lin & Chu t*	3.1596	0.9992	−9.4617	0.0000*	I(1)
	Im, Pesaran and Shin W-stat	6.0438	1	−7.5605	0.0000*
	ADF – Fisher Chi-square	1.2226	1	95.436	0.0000*
	PP – Fisher Chi-square	2.5496	1	362.116	0.0000*