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The Impact of Research and Development Expenditures on ESG Model in the Global Economy

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  • Costantiello, Alberto
  • Leogrande, Angelo

Abstract

We estimate the value of Research and Development Expenditures as a percentage of GDP-RDE in the context of Environmental, Social and Governance-ESG model. We use the ESG World Bank database. We analyze data from193 countries in the period 2011-2020. We apply a set of econometric techniques i.e. Pooled Ordinary Least Squares-OLS, Panel Data with Random Effects, Panel Data with Fixed Effects, Weighted Least Squares-WLS. We found that the level of RDE is positively associated, among others, to “Nitrous Oxide Emissions” and “Scientific and Technical Journal Articles”, and negatively associated, among others to “Heat Index 35”, “Maximum 5-day Rainfall”. Furthermore, we perform a cluster analysis with the application of the k-Means algorithm optimized with the Elbow Method. The results show the presence of four clusters. Finally, we confront eight different machine-learning algorithms to predict the future value of RDE. We find that Linear Regression is the best predictive algorithms. RDE is expected to growth on average of 0.07% for the analysed countries.

Suggested Citation

  • Costantiello, Alberto & Leogrande, Angelo, 2023. "The Impact of Research and Development Expenditures on ESG Model in the Global Economy," SocArXiv 85v3f, Center for Open Science.
    • Handle: RePEc:osf:socarx:85v3f
    DOI: 10.31219/osf.io/85v3f
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    1. Dutt Pawan & Ferraro Simona & Chochia Archil & Muljar Ramona, 2018. "Using Patent Development, Education Policy and Research and Development Expenditure Policy to Understand Differences between Countries: The Case of Estonia and Finland," TalTech Journal of European Studies, Sciendo, vol. 8(1), pages 123-153, June.
    2. Coluccia, Daniela & Dabić, Marina & Del Giudice, Manlio & Fontana, Stefano & Solimene, Silvia, 2020. "R&D innovation indicator and its effects on the market. An empirical assessment from a financial perspective," Journal of Business Research, Elsevier, vol. 119(C), pages 259-271.
    3. Leogrande, Angelo & Costantiello, Alberto & Laureti, Lucio, 2022. "The Opportunity Driven Entrepreneurship in the Context of Innovation Systems in Europe in the Period 2010-2019," MPRA Paper 114716, University Library of Munich, Germany.
    4. Yurdagül Meral, 2019. "High technology export and high technology export impact on growth," International Journal of Business Ecosystem & Strategy (2687-2293), Bussecon International Academy, vol. 1(3), pages 32-38, July.
    5. Leogrande, Angelo, 2022. "The Export of High Knowledge Intensity Services of European Countries," MPRA Paper 112795, University Library of Munich, Germany.
    6. Sasan Bakhtiari & Robert Breunig, 2018. "The role of spillovers in research and development expenditure in Australian industries," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 27(1), pages 14-38, January.
    7. Leogrande, Angelo & Costantiello, Alberto & Laureti, Lucio, 2022. "The Export of Medium and High-Tech Products Manufactured in Europe," MPRA Paper 114215, University Library of Munich, Germany.
    8. Costantiello, Alberto & Laureti, Lucio & Leogrande, Angelo, 2022. "The Determinants of Lifelong Learning in Europe," MPRA Paper 114053, University Library of Munich, Germany.
    9. Leogrande, Angelo & Costantiello, Alberto & Laureti, Lucio, 2022. "The Impact of New Doctorate Graduates on Innovation Systems in Europe," MPRA Paper 114452, University Library of Munich, Germany.
    10. Costantiello, Alberto & Laureti, Lucio & Leogrande, Angelo, 2021. "The Intellectual Assets in Europe," MPRA Paper 110506, University Library of Munich, Germany.
    11. Leogrande, Angelo & Costantiello, Alberto & Laureti, Lucio, 2022. "The impact of patent applications on technological innovation in European countries," MPRA Paper 115346, University Library of Munich, Germany.
    12. Leogrande, Angelo & Costantiello, Alberto & Laureti, Lucio, 2022. "k-Means Clusterization and Machine Learning Prediction of European Most Cited Scientific Publications," MPRA Paper 114273, University Library of Munich, Germany.
    13. Barros, Victor & Verga Matos, Pedro & Miranda Sarmento, Joaquim & Rino Vieira, Pedro, 2023. "High-tech firms: Dividend policy in a context of sustainability and technological change," Technological Forecasting and Social Change, Elsevier, vol. 190(C).
    14. Leogrande, Angelo & Costantiello, Alberto, 2021. "Human Resources in Europe. Estimation, Clusterization, Machine Learning and Prediction," MPRA Paper 109749, University Library of Munich, Germany.
    15. Tamara Teplova & Tatiana Sokolova & Mariya Gubareva & Viktoria Sukhikh & Ning Cai, 2022. "The Multifaceted Sustainable Development and Export Intensity of Emerging Market Firms under Financial Constraints: The Role of ESG and Innovative Activity," Complexity, Hindawi, vol. 2022, pages 1-20, August.
    16. Leogrande, Angelo & Costantiello, Alberto & Laureti, Lucio, 2022. "The Exports of Knowledge Intensive Services. A Complex Metric Approach," MPRA Paper 113348, University Library of Munich, Germany.
    17. Leogrande, Angelo & Costantiello, Alberto & Laureti, Lucio & Leogrande, Domenico, 2021. "The Determinants of Design Applications in Europe," MPRA Paper 110836, University Library of Munich, Germany.
    18. Leogrande, Angelo & Costantiello, Alberto & Laureti, Lucio & Matarrese, Marco Maria, 2022. "Innovative SMEs Collaborating with Others in Europe," MPRA Paper 113008, University Library of Munich, Germany.
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    Cited by:

    1. Leogrande, Angelo & Leogrande, Domenico & Costantiello, Alberto, 2023. "The Impact of Patent Applications in the Context of the ESG Model at World Level," EconStor Preprints 273495, ZBW - Leibniz Information Centre for Economics.
    2. Costantiello, Alberto & Leogrande, Angelo, 2023. "The Determinants of CO2 Emissions in the Context of ESG Models at World Level," MPRA Paper 117110, University Library of Munich, Germany.
    3. Costantiello, Alberto & Leogrande, Angelo, 2023. "The Role Of Gdp Growth In The Esg Approach At World Level," SocArXiv r56hu, Center for Open Science.
    4. Leogrande, Angelo & Costantiello, Alberto, 2023. "The Impact of Government Expenditure on Education in the ESG Models at World Level," MPRA Paper 117216, University Library of Munich, Germany.

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    More about this item

    JEL classification:

    • D7 - Microeconomics - - Analysis of Collective Decision-Making
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation

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