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The Efficiency of National Innovation Policy Programs: The Case of Serbia

Author

Listed:
  • Sonja Đuričin

    (Innovation Economics Department, Institute of Economic Sciences, 11000 Belgrade, Serbia)

  • Isidora Beraha

    (Innovation Economics Department, Institute of Economic Sciences, 11000 Belgrade, Serbia)

  • Olivera Jovanović

    (Innovation Economics Department, Institute of Economic Sciences, 11000 Belgrade, Serbia)

  • Marija Mosurović Ružičić

    (Innovation Economics Department, Institute of Economic Sciences, 11000 Belgrade, Serbia)

  • Marija Lazarević-Moravčević

    (Innovation Economics Department, Institute of Economic Sciences, 11000 Belgrade, Serbia)

  • Mihailo Paunović

    (Innovation Economics Department, Institute of Economic Sciences, 11000 Belgrade, Serbia)

Abstract

We aimed to assess the efficiency of the selected national innovation policy programs in the Republic of Serbia. We analyzed the impact of the Innovation Fund’s Mini-Grants and Matching Grants programs on the operating revenue growth of beneficiary micro, small, and medium enterprises. An econometric analysis of panel data was conducted. Because of the small number of periods observed, a model of individual effects was applied. Conclusions and recommendations were based on the results of random effects models. The findings indicate that program funding increased business revenues compared to the period before and that there was a direct link between indebtedness and revenue growth, which confirmed the positive impact of financing on the sustainable development prospects of beneficiaries through facilitating access to funding and innovation capacity improvement. These findings can have important policy implications as they provide guidelines for designing future actions and empirically confirm the need to increase public expenditures for innovation policy.

Suggested Citation

  • Sonja Đuričin & Isidora Beraha & Olivera Jovanović & Marija Mosurović Ružičić & Marija Lazarević-Moravčević & Mihailo Paunović, 2022. "The Efficiency of National Innovation Policy Programs: The Case of Serbia," Sustainability, MDPI, vol. 14(14), pages 1-14, July.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:14:p:8483-:d:860037
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