Methodology for Assessing the Work of Small Business at the Municipal Level

Kremin, Aleksandr

doi:10.15838/esc.2016.3.45.14

Cited by 1 publication

(1 citation statement)

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“…It is worth mentioning that in the Economics category in the Clarivate Analytics Database only 17 articles cover sustainable socioeconomic development, which means that the topic is vital for the overall development of a country, but there are only a few pieces of research examining that issue. Some articles are devoted to methodology development [6][7][8]; others analyse the role of business in socioeconomic development [7,9]. However, there is a lack of research investigating the factors of socioeconomic development.…”

Section: Introductionmentioning

confidence: 99%

Assessment of Sustainable Socioeconomic Development in European Union Countries

2020

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There are still debates in the scientific literature about the factors influencing countries’ sustainable socioeconomic development. Therefore, the current article aims at determining the factors of sustainable socioeconomic development and assessing its level in the EU countries. The following methods were employed for the research: an evaluation based on distance from average solution (EDAS) and hierarchical cluster analysis (HCA). EDAS was used to reveal which countries have the highest level of sustainable socioeconomic development, and which have the lowest. The ranking was done based on the appraisal score, which is an outcome of EDAS. Hierarchical cluster analysis (HCA) was used for clustering the countries based on the appraisal scores in order to distinguish groups of countries having a similar level of sustainable socioeconomic development. The results revealed that the highest level of sustainable socioeconomic development is in Germany, and the lowest in Portugal. Based on HCA, the countries were divided into three groups. The first cluster’s countries have the weakest sustainable socioeconomic development, and countries assigned to the third cluster have the best. In the current research, the third cluster consists of one country, Germany, which supports the results obtained with the EDAS method, i.e., Germany is the country with the highest level of sustainable socioeconomic development in the EU.

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