The nexus between economic policy uncertainty and innovation performance in Visegrad group countries

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

The nexus between economic policy uncertainty and innovation performance in Visegrad group countries

Popis výsledku v původním jazyce

Abstract Research background: Research and development (R&amp;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&amp;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 &amp; value added: The directions of innovation output and R&amp;D expenditures are directly related to EPU. In V4 economies, businesses may reduce their spending on R&amp;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.

Název v anglickém jazyce

The nexus between economic policy uncertainty and innovation performance in Visegrad group countries

Popis výsledku anglicky

Abstract Research background: Research and development (R&amp;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&amp;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 &amp; value added: The directions of innovation output and R&amp;D expenditures are directly related to EPU. In V4 economies, businesses may reduce their spending on R&amp;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.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50206 - Finance

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach<br>I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2024

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Oeconomia Copernicana

ISSN

2083-1277

e-ISSN

2353-1827

Svazek periodika

15

Číslo periodika v rámci svazku

3

Stát vydavatele periodika

PL - Polská republika

Počet stran výsledku

34

Strana od-do

1067-1100

Kód UT WoS článku

001334882100008

EID výsledku v databázi Scopus

2-s2.0-85207181216