Modeling the Structure and Dynamics of Regional Entrepreneurial Ecosystems: Evidence from Serbia

Although the literature on entrepreneurial ecosystems recognizes institutional, economic, technological, and social factors, integrated empirical tests of their interrelationships at the regional level remain limited, particularly in transition economies. This paper analyzes a structural-mechanism model of regional entrepreneurial ecosystems in Serbia using survey data from 401 enterprises in four regions. The study applies partial least squares structural equation modeling (PLS-SEM) to assess the measurement model, structural pathways, indirect effects, and predictive relevance of the proposed model. Additional regional comparisons and official regional GDP indicators are used to contextualize the survey-based findings. The results support the reliability and convergent validity of the reflective constructs. The structural model indicates that economic and social factors are associated with institutional and technological conditions, while institutional, technological, and social factors are associated with innovation development, new product and service development, innovation capacity, entrepreneurial activity, and entrepreneurial motivation. The indirect effects further support the proposed mechanism logic, especially through institutional and technological pathways. Regional comparisons show significant differences across the observed regions, with Southern Serbia recording less favorable perceived ecosystem conditions. The findings suggest that regional entrepreneurial ecosystems should be analyzed as context-dependent systems in which structural conditions and operating mechanisms are connected, but the cross-sectional and perception-based design does not allow definitive causal conclusions.