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ABOUT THE ProJect
ABOUT THE ProJect
The importance of the issue from scientific, technological, socio-economic or cultural point of view-
Changes and transformations of social- economic systems in this era are rooted in science and technology progress [1]. Now days, the survival of organizations requires finding solutions and new ways of dealing with problems which very dependent on:
innovation
invention
creation of products
processes
new managerial methods.
What has become increasingly apparent to researchers is that when pursuing new opportunities with limited resources, the entrepreneurs must use innovative approaches in the face of these uncertainties [2].
Entropy is a basic concept in physical science. In information theory entropy represents the uncertainty arising from the content of a message[3]. In other words, entropy is an index to measure the uncertainty that is expressed by a probability distribution [4].
Studii recente [5-7] leagă entropia de activitățile economice. Aceste studii au mutat atenția de analiză la o abordare multidisciplinară bazată pe econofizică (Econophysics) [8]. În acest sens, considerăm că proiectul nostru este unul dintre primele care încearcă să lege entropia fuzzy cu antreprenoriatul dinamic neliniar.
Econophysics can be considered to serve as a new perspective for the economy. According to [9], Econophysics emerged as a new scientific discipline with a distinctive methodology and with new tools that can greatly contribute to the advancement of our knowledge about the economy. Econophysics is a recent field that dates back to the mid of the XX century; it applies theories/methods developed by physicists and associated with the physics of complex systems in order to study complex problems in economics [10-13].
Based on Physics, a science dealing with a great number of natural issues, the proposed project will offer a wide variety of conceptual tools for studying economic phenomena.
Entrepreneurship initiative represents a cornerstone of market economy and its sustainability is a fundamental prerequisite of long-term economic welfare.
Since multinational corporations dominate the Romanian economic landscape, significant attention must be paid to the small and medium-sized enterprise sector because, in many economic sectors, SMEs are the main job creators, as well as the main contributors to GDP.
The concept of entrepreneurship in the Romanian business environment is well documented in literature [14, 15]. Entrepreneurial initiative in the Romanian economy has been relatively weak at creating value added and at orientation towards the customer and that deficiencies in human resources, financing and the institutional framework have not allowed SMEs to fully unlock their growth potential, thus limiting their contribution to GDP. Given that domestic literature on the topic of entrepreneurship is mainly focused on descriptive analysis and its qualitative dimension, the objective of our project is to assess the capacity of entrepreneurship to innovate and to generate value added using concepts from physics (fuzzy entropy).
In our project, we attempt to explore the moderating effect of fuzzy entropy on non- linear dynamics entrepreneurship and responses to changes in company’s environment system. In an attempt to improve our understanding of this issue, this project will make several contributions to the field. First, our findings refine earlier results [16, 17] by suggesting that fuzzy entropy requires adequate organizational capabilities in order to fully appreciate the effects on non- linear dynamic entrepreneurship. Second, our project will offer a theoretical and pragmatic framework that incorporates the processes involved with fuzzy entropy in entrepreneurship from a non- linear dynamic perspective.
The novelty and relevance of our project related to the field consist in the fact that, as far as we know, it is the first project that tries to create a link between fuzzy entropy and non- linear dynamic model of entrepreneurship. Using a comprehensive literature review, we will develop a personal approach regarding concepts from physics, entrepreneurship and management sciences.
In our research we want to search there if evidence for the main assumption - a theoretical prediction that the effect of fuzzy entropy on non- linear dynamic entrepreneurship model varies with organizational capabilities. When organizational capabilities are strong, fuzzy entropy should have an U curved relationship with non- linear dynamic entrepreneurship model [18].
[1] Mehran, R.; Morteza, R. Prioritization of entrepreneurial marketing dimensions a case of higher education institutions by using entropy. Int. J. Inf. Bus. Manag. 2013, 5, 30–41. [2] Bercherer, C.R.; Haynes, J.P.; Fletcher, P.L. Paths to profitability in owner-operated firms: The role of entrepreneurial marketing. J. Bus. Entrep. 2006, 18, 17–31. [3] Hills, E.G.; Hultman, C.M. Academic Roots: The Past and Present of Entrepreneurial Marketing. J. Bus. Entrep. 2006, 24, 1–10.[4] Shannon, C.E. A mathematical theory of communication. Bell Syst. Tech. J. 1984, 27, 106–111. [5] Miśkiewicz, J. Globalization-Entropy unification through the Theil index. Physica A 2008, 387, 6595–6604. [6] Miśkiewicz, J. Entropy correlation distance method. The Euro introduction effect on the Consumer Price Index. Physica A 2010, 389, 1677–1687. [7] Ausloos, M.; Miśkiewicz, J.; Sanglier, M. The durations of recession and prosperity: Does their distribution follow a power or an exponential law? Physica A, 2004, 339, 548–558. [8] Grupp, H. The concept of entropy in scientometrics and innovation research: An indicator for institutional involvement in scientific and technological developments. Scientometrics, 2005, 18, 219–239. [9] Gingras, Y.; Schinckus, C. The institutionalization of econophysics in the shadow of physics. Journal of the History of Economics Thought 2012, 34, 109–130.[10] Daniel, G.; Sornette, D. Econophysics: Historical perspectives. In C. Rama (Ed.), Encyclopedia of quantitative finance. London: Wiley, 2010.[11]Jovanovic, F.; Schinckus, C. The history of econophysics' emergence: A new approach in modern financial theory. History of Political Economy 2013, 45, 443–474.[12] Jovanovic, F.; Schinckus, C. Econophysics and Financial Economics: An Emerging Dialogue. New York: Oxford University Press, 2016.[13] Roehner B. M. Fifteen years in econophysics: worries, hopes and prospects. Science and Culture 2010, 76(9-10), 305– 314.[14] Ceptureanu E. G., Ceptureanu S.I., Herteliu C. Evidence regarding external financing in manufacturing MSEs using Partial Least Squares regression, Annals Of Operations Research, 2019- in press. 10.1007/s10479-019-03291-2. [15] Ceptureanu E. G., Ceptureanu S.I., The impact of adoptive management innovations on medium sized enterprises from a dynamic capability perspective, Technology Analysis & Strategic Management, 2019, 31(10), 1137-1151.[16] Sharma, S. Managerial interpretations and organizational context as predictors of corporate choice of environmental strategy. Acad. Manag. J. 2000, 43, 681–697. [17] Salarieh, H.; Alasty, A. Chaos control in an economic model via minimum entropy strategy. Chaos Solitons Fractals 2009, 40, 839–847. [18] Salarieh, H.; Alasty, A. Delayed feedback control via minimum entropy strategy in an economic model. Physica A 2008, 387, 851–860.
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