The paper explores the association between macroeconomic conditions (MCI), energy-related factors (ENI), and sustainable entrepreneurial capacity at the macro level (SEI) in Denmark, Germany, the Netherlands, Poland, and Sweden over the period 2008–2024. SEI is constructed as a composite index that reflects the macro-level economic, social, and environmental dimensions of enterprise activity rather than firm-level entrepreneurial behaviour. Both MCI and ENI capture multidimensional external macroeconomic and energy-related conditions. The study employs correlation analysis, ordinary least squares (OLS), and seemingly unrelated regressions (SUR). The results indicate cross-country heterogeneity (p < 0.05). MCI has heterogeneous effects that support SEI in more advanced countries and have weaker or context-dependent effects in less advanced countries. ENI has heterogeneous effects that support SEI in systems based on renewables and weaken SEI in situations with high costs and fossil fuels. SUR results indicate strong systemic interdependence among the economic, social, and environmental pillars, highlighting their joint and mutually reinforcing role at the macro level. In general, the results indicate that macroeconomic and energy policies are related to SEI in country-specific ways, underscoring the importance of policy frameworks tailored to national structural characteristics.
Misztal et al. (Tue,) studied this question.