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The Impact Of Research And Development Expenditures On Innovation Performance And Economic Growth Of The Country—The Empirical Evidence

Author

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  • Ján Huňady

    (Matej Bel University Banská Bystrica, Slovakia)

  • Marta Orviská

    (Matej Bel University Banská Bystrica, Slovakia)

Abstract

The main aim of this article is to empirically verify the relationship between research and development (R&D) expenditures, innovation, and economic growth. Based on the correlation analysis, we examine the interdependencies between selected indicators. We have found that countries with an increase in innovation performance over the past years mostly experienced a higher economic growth in the year 2012. Countries with higher research and development expenditures have not only more researchers, but as well more patents registration. Subsequently, the relationship between R&D expenditures and economic growth is examined based on econometric regression model of the panel data. Input data used in the regression covers EU countries between the years 1999 and 2011. Our results suggest the existence of positive effect of lagged R&D expenditures on economic growth in these countries. We have also identified positive impact of the flow of foreign direct investment (FDI) in this model, which could be related to mechanism of technology diffusion across the countries.

Suggested Citation

  • Ján Huňady & Marta Orviská, 2014. "The Impact Of Research And Development Expenditures On Innovation Performance And Economic Growth Of The Country—The Empirical Evidence," CBU International Conference Proceedings, ISE Research Institute, vol. 2(0), pages 119-125, July.
    • Handle: RePEc:aad:iseicj:v:2:y:2014:i:0:p:119-125
    DOI: 10.12955/cbup.v2.454
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    More about this item

    Keywords

    research and developmentR&D; expenditures; economic growth; innovation;
    All these keywords.

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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