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The Connenction Between Global Innovation Index and Economic Well-Being Indexes

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The Connenction Between Global Innovation Index and Economic Well-Being Indexes Applied Studies in Agribusiness and Commerce – APSTRACT University of Debrecen, Faculty of Economics and Business, Debrecen SCIENTIFIC PAPER DOI: 10.19041/APSTRACT/2019/3-4/11 THE CONNENCTION BETWEEN GLOBAL INNOVATION INDEX AND ECONOMIC WELL-BEING INDEXES Szlobodan Vukoszavlyev University of Debrecen, Faculty of Economics and Business, Hungary [email protected] Abstract: We study the connection of innovation in 126 countries by different well-being indicators and whether there are differences among geographical regions with respect to innovation index score. We approach and define innovation based on Global Innovation Index (GII). The following well-being indicators were emphasized in the research: GDP per capita measured at purchasing power parity, unemployment rate, life expectancy, crude mortality rate, human development index (HDI). Innovation index score was downloaded from the joint publication of 2018 of Cornell University, INSEAD and WIPO, HDI from the website of the UN while we obtained other well-being indicators from the database of the World Bank. Non-parametric hypothesis testing, post-hoc tests and linear regression were used in the study. We concluded that there are differences among regions/continents based on GII. It is scarcely surprising that North America is the best performer followed by Europe (with significant differences among countries). Central and South Asia scored the next places with high standard deviation. The following regions with significant backwardness include North Africa, West Asia, Latin America, the Caribbean Area, Central and South Asia, and sub-Saharan Africa. Regions lagging behind have lower standard deviation, that is, they are more homogeneous therefore there are no significant differences among countries in the particular region. In the regression modelling of the Global Innovation Index, it was concluded that GDP per capita, life expectancy and human de- velopment index are significant explanatory indicators. In the multivariable regression analysis, HDI remained the only explanatory variable in the final model. It is due to the fact that there was significant multicollinearity among the explanatory variables and the HDI aggregates several non-economic indicators like GII . Keywords: innovation, well-being, regression, HDI, global innovation index (JEL Classification: B41, I31, O31, Q55) INTRODUCTION research and experimental development. According to the National Research, Development and Innovation Office, ’R&D The growth of the world is an incredibly spectacular are regular creative works aiming at expanding knowledge and process especially when it comes to the evolution of humanity knowledge base’ (the National Research, Development and from the prehistory to present days. This process, continuous Innovation Office, 2018). Regarding life cycle, innovation is innovations, developments completely changed the life of made up of 3 sections: invention, innovation and diffusion. humanity. Against this background it is not surprising that the Invention is the act of discovering and creating novelties. economics of development and innovation are included in the Innovation is the placement and development of invention into research areas of economics, administration and management business practice, and diffusion is the widespread adoption sciences. Research, development and innovation (R&D&I) are of inventions (Schumpeter, 1939). On this basis, it can be closely related definitions, but it is important to differentiate concluded that that R& D is first and foremost involved in them. R&D include 3 categories: basic research, applied invention. APSTRACT Vol. 13. Number 3-4. 2019. pages 87-92. 88 Szlobodan Vukoszavlyev A detailed definition of innovation first appeared end of the 70’s. It is partly due to the interpretation of in Schumpeter in 1939, since then the meaning and the innovation in that period and the linear approach of underlying definition have changed to a large extent, perhaps innovation process. A more significant change occurred due to changes in the macro and micro environment. Today, when not only technological novelty on the market, but also its interpretation in the Oslo Manual is the most widespread, the latest categories of innovation (organization, marketing that is: ‘innovation is the implementation of and procedure) and the relatively interpreted novelty (in – a new or significantly improved product (good or ser- a new organisation or business practice) became accepted vice), or process categories (Szunyogh, 2010). – or a new marketing method The publication of Oslo Manuals is a milestone in – or a new organizational method the measurement of innovation, the first edition was – in business practices, workplace organization or exter- published in 1993 and there is an effort to provide a nal relations.” (Oslo Manual, 2006). single framework for measuring innovation allowing international comparison. At the same time, a standard Effects of innovation questionnaire survey was conducted in the Member States of the European Union, called CIS (Community Innovation Innovation in any economy, whether natural or Survey) (Sabadie-Kwiatkowski, 2016). controlled, contributes significantly to higher standard Since innovation has paramount importance in of living. competitiveness, the measurement of innovation is reflected These days, innovation performance is a key factor in in the Global Competitiveness Report of the World Economic maintaining competitiveness and the development of the Forum, which includes innovation among the 12 areas used national economy. In addition, innovation is the key to to measure competitiveness (institutions, infrastructure, meeting the global challenges that global population faces macroeconomic environment, health and primary education. (climate change, fossil fuels, sustainability (OECD, 2007). higher education and vocational training, commodity market Several studies demonstrate a strong, positive efficiency, labour market efficiency, the development of relationship between innovation and gross domestic financial markets, availability of technologies, market size, product (Goliuk, 2017; Czarnitzki and Toivanen, 2013; business sophistication, innovation). However technological OECD, 2007). According to the economic context of innovation and knowledge are particularly taken into account the topic, innovation-driven productivity gains are the in context of innovation to define the Global Innovation basis for innovation-driven economic growth, which is Index (Keresztes, 2013). Innovation index of GCI takes the expressed primarily in the output of GDP, in gross output following factors into consideration: innovation capacity, (GO) (Gregersen-Johnson, 1997). Gurbiel’s (2002) work quality of scientific research institutes, corporate R&D illustrates the practical side of the process described above, expenditures, university-industry cooperation in R&D, whereby innovation and knowledge transfer are the basis state technology procurement, availability of researchers for economic growth and sustainable development; value and engineers, number of patent applications (Schwab, 2017). of R&D combined with an appropriate transfer process The European Union also measures the innovation and infrastructure (which is represented in imports and performance of the Member States and publishes the FDI) is a direct cause of productivity growth. These results European Innovation Scoreboard every year. The are qualified by Wang’s (2013) empirical research, which innovation index is based on 27 indicators looking into found no positive correlation between innovation output four dimensions. The first dimension is the framework and economic growth but may be limited by the fact that conditions for innovation, including human resources, Wang only examined patent and trademark statistics over an enticing research system and an innovation-friendly time directly from the Second World War. environment. The second dimension is investment, which Günday et al. (2009) assessed the impact of innovation has two categories: finance and subsidy and corporate on corporate performance, and their research suggests that investments. The third dimension is innovation, which innovation has a positive impact on higher market share, attempts to measure corporate innovation efforts with sales volume and exports. These results have been backed three categories: innovators, networking and intellectual by several other empirical studies (Damonpour-Evan, 1984; property. The fourth dimension is the impact, which intends Despande et al., 1993; Du-Farley, 2001; Canh et al., 2019). to quantify the market effects of innovation activity in two Applying basic macro and microeconomic knowledge, categories: effects on employment, effects on sales. After changes at the micro level (the impact of innovation on defining the scores for each Member State, it classifies corporate performance) are reflected at national level the countries into four innovation performance categories: (though in other indicators). leading innovators, major innovators, moderate innovators and lagging innovators (European Union, 2018). Measuring R&D and Innovation Bloomberg innovation index (BII) developed by Bloomberg L.P. is worth mentioning which evaluates Primarily, data on R&D were the base of the the innovation performance of the countries on the basis quantification and measurement of innovation until the of six criteria: R&D, production, high-tech enterprises, APSTRACT Vol. 13. Number 3-4. 2019. pages 87-92. ISSN
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