The nexus between economic policy uncertainty and innovation performance in Visegrad group countries
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F70883521%3A28120%2F24%3A63577358" target="_blank" >RIV/70883521:28120/24:63577358 - isvavai.cz</a>
Result on the web
<a href="https://www.researchgate.net/publication/384604531_The_nexus_between_economic_policy_uncertainty_and_innovation_performance_in_Visegrad_group_countries" target="_blank" >https://www.researchgate.net/publication/384604531_The_nexus_between_economic_policy_uncertainty_and_innovation_performance_in_Visegrad_group_countries</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.24136/oc.2804" target="_blank" >10.24136/oc.2804</a>
Alternative languages
Result language
angličtina
Original language name
The nexus between economic policy uncertainty and innovation performance in Visegrad group countries
Original language description
Abstract Research background: Research and development (R&D) spending and innovation initiatives play a crucial role in promoting growth. However, economic policy uncertainty (EPU) is a reality that cannot be avoided when making business decisions. The Visegrad Group (V4), consisting of Poland, Hungary, the Czech Republic, and Slovakia, is considered a regional alliance of four Central European countries with significant potential for innovation and economic development because these nations’ economies are encountering the so-called ‘middle-income trap’. Purpose of the article: The paper’s main objective is to examine the impact of economic policy uncertainty on innovation performance and R&D expenditures in the Visegrad Group countries. Methods: The study used comparative panel models analysis (fixed effect, random effect, and system generalized method of moments [GMM]) between 2012 and 2021. The models include the lag periods for EPU to provide a better perspective on the short-term impact and even long-term consequences of EPU. Findings & value added: The directions of innovation output and R&D expenditures are directly related to EPU. In V4 economies, businesses may reduce their spending on R&D and innovation activities when confronted with high EPU; however, over time, the volatility of economic uncertainties is adjusted for. Additionally, the political and economic control variables increase the number of dimensions used in the models, which will motivate additional EPU studies in the field. Although EPU studies are widely accepted, our investigation shows that the topic is still not properly developed for Visegrad Group countries in relation to how EPU affects innovation activity. Another unique feature of the current study is the diversity of variables used, including the EPU lag variables, variables representing essential economic and political issues, as well as control variables, thus incorporating complex panel models.
Czech name
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Czech description
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Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50206 - Finance
Result continuities
Project
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Continuities
S - Specificky vyzkum na vysokych skolach<br>I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2024
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Oeconomia Copernicana
ISSN
2083-1277
e-ISSN
2353-1827
Volume of the periodical
15
Issue of the periodical within the volume
3
Country of publishing house
PL - POLAND
Number of pages
34
Pages from-to
1067-1100
UT code for WoS article
001334882100008
EID of the result in the Scopus database
2-s2.0-85207181216