New Indicators of Innovation Activity in Economic Growth Models

IF 4.4 1区 管理学 Q2 BUSINESS Journal of Competitiveness Pub Date : 2022-09-30 DOI:10.7441/joc.2022.03.09
M. Režňáková, Stanislava Stefankova
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引用次数: 3

Abstract

Our extensive literature review shows that innovations are fundamental to maintaining competitiveness at both micro- and macro-economic levels. In this study, we address how to improve the measurement of innovations and their impact on a country’s competitiveness and economic growth. We provide an overview of indicators used to measure innovations and propose three new ones that are supposed to capture knowledge spillover: The Foreign Knowledge Inflow, Domestic Knowledge Outflow, and General Propensity to Patent. Innovation was proxied by the number of patent applications, which we supplemented with indexes measuring the origin of knowledge and its transfer. We employed the system GMM method on panel data of 56 countries for 2002–2019 to confirm and compare the informational value of standard innovation indicators and our indexes. Implementation of indexes revealed the counteracting impact of patenting on economic growth when the positive effect of innovation creation is weakened by knowledge disclosure. We provide evidence that a low propensity to patent facilitates growth. The impact of foreign knowledge on an economy is dependent on its technological capacity. The infusion of foreign knowledge boosts the growth of fast-growing economies but inhibits the growth of less technologically sophisticated ones. This supports our assumption that when researching the impact of innovations on economic growth, it is crucial to consider additional factors. Hence, index implementation appears to be the correct method.
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经济增长模式中创新活动的新指标
我们广泛的文献综述表明,创新对于在微观和宏观经济层面保持竞争力至关重要。在这项研究中,我们讨论了如何改进创新及其对一个国家竞争力和经济增长影响的衡量。我们概述了用于衡量创新的指标,并提出了三个新的指标来捕捉知识溢出:外国知识流入、国内知识流出和专利的总体倾向。创新以专利申请的数量为代表,我们补充了衡量知识来源及其转移的指标。我们对2002年至2019年56个国家的面板数据采用了系统GMM方法,以确认和比较标准创新指标和我们的指数的信息价值。指标的实施揭示了当知识披露削弱了创新创造的积极影响时,专利对经济增长的抵消作用。我们提供的证据表明,低专利倾向有助于增长。外国知识对经济的影响取决于其技术能力。外国知识的注入促进了快速增长经济体的增长,但抑制了技术不太成熟经济体的发展。这支持了我们的假设,即在研究创新对经济增长的影响时,考虑其他因素至关重要。因此,索引实现似乎是正确的方法。
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来源期刊
CiteScore
11.30
自引率
2.70%
发文量
33
审稿时长
12 weeks
期刊介绍: The Journal of Competitiveness, a scientific periodical published by the Faculty of Management and Economics of Tomas Bata University in Zlín in collaboration with publishing partners, presents the findings of basic and applied economic research conducted by both domestic and international scholars in the English language. Focusing on economics, finance, and management, the Journal of Competitiveness is dedicated to publishing original scientific articles. Published four times a year in both print and electronic formats, the journal follows a rigorous peer-review process with each contribution reviewed by two independent reviewers. Only scientific articles are considered for publication, while other types of papers such as informative articles, editorial materials, corrections, abstracts, or résumés are not included.
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