## 4 Results and Discussions
\begin{table}
\begin{tabular}{c c c c c c} \hline \hline
**Dependent** & \multicolumn{2}{c}{**27 EU Countries**} & \multicolumn{2}{c}{**Innovation Countries**} & \multicolumn{2}{c}{**Transition Countries**} \\
**Variable** & \multicolumn{2}{c}{**(Fixed Effects)**} & \multicolumn{2}{c}{**(Fixed Effects)**} & \multicolumn{2}{c}{**(Fixed Effects)**} \\ \cline{2-6}
**GDPC** & **Model D1** & **Model D2** & **Model E1** & **Model E2** & **Model F1** & **Model F2** \\ \hline F-statistic & 9.69 *** & 9.57 *** & 41.32 *** & 9.45 *** & 2.35 *** & 9.74 *** \\ \hline \hline \end{tabular} Note: *, ** and *** represent 10%, 5% and 1% level of confidence, respectively. The statistically significant coefficients are in bold. Source: authors’ own work.  
\end{table} 
Table 6: _Cont._markets allow the exploitation and exploration of new technological and entrepreneurial opportunities [40]. Moreover, enterprise exits might indirectly stimulate enterprise entry by releasing resources into the economy [41; 42], with positive effects on economic growth. At the same time, we can explain the positive relation between death rate and economic growth through the idea of creative destruction. As shown by [75], creative destruction of the existent enterprises on the market can have beneficial effects on the economy as a whole, but in correlation with other economic factors. The _net business population growth_ has a positive relation with economic growth for all three models considered, but is statistically significant only for the group of all 27 EU countries. The net business population growth will generate positive effects on economic growth because it is seen as a value-added generator (through investment and innovation). Each new enterprise (seen as a combination of factors of production) is based on the principle of economic rationality and efficiency, increasing the number of enterprises that will contribute to GDP growth and thus to economic growth. The practical proof of the contribution of the net business population to economic development is that most countries have adopted policies that encourage the creation of new businesses. Empirical evidence was also provided by [76], who argued that new businesses promote innovation and facilitate the introduction of new technologies, which ultimately translates into an increase in the overall performance of the economy. Addressing the issue from the perspective of start-ups, [77] revealed that the establishment of a new enterprise (and, implicitly, the generation of new jobs) is one of the key factors influencing economic growth. Our results also emphasise a negative relationship between _employment share at 3 years_ and economic growth for all three groups of countries, but the relation is statistically significant only for the transition countries. Thus, an increased share of individuals employed in young enterprises might be seen as a reduction in the number of employees in older companies on the market. The reduction can be either due to the exit from the market of the old companies or a reduction in the number of jobs offered by them due to the restricted activity. This negative evolution of the old companies on the market will generate negative effects on economic growth. A one percentage point increase in the share of large firms to total employment is associated with a 0.34 percentage point decrease in entrepreneurial activity, 0.21 percentage points for opportunity-driven entrepreneurs and 0.10 percentage points for necessity-driven entrepreneurs, keeping all other factors constant [78]. In addition, there is an expected 0.53 percentage point decrease in entrepreneurial intentions with a higher large firm dominance, other factors remaining constant. The indicator measuring the _average size of five-year-old enterprises_ has a negative and statistically significant relationship with economic growth only for the group formed by the transition countries.