Growth Of The Creative Economy: Factor Analysis
Keywords:
Creative Economy, Creative Industry, Intellectual CapitalAbstract
Countries are competing to develop the creative economy as a novel revenue stream. The creative sector, characterized by boundless ideas, skills, and creativity, serves as a solution to the scarcity of limited resources. In Bojonegoro, the emergence of a community of creative industry actors indicates a prospective economic engine. This research aims to analyze and assess the impact of government efforts, cultural heritage, financial resources, marketing strategies, intellectual capital, and the performance of creative industries on their growth. The variables are derived from field data collected using VOSviewer. The scope of this issue has not been comprehensively analyzed in several research. Utilizing survey methodologies and secondary data analysis, the research is scheduled for 2024. One hundred fifty individuals from the creative industry were selected for the study by saturation sampling. To do data analysis using Structural Equation Modeling (SEM) and Partial Least Squares (PLS). The research findings indicate that the expansion of the creative sector is significantly impacted by cultural heritage, financial accessibility, intellectual capital, and industry performance. Conversely, marketing strategies and governmental efforts have less impact on the growth of the creative industry. Nevertheless, marketing strategies exert minimal influence on the performance of the creative industry.
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