Research and Development and Economic Growth: EU Port Regions

Investment in research and development (R&D) creates preconditions for the implementation of more advanced and better technologies. It enables the introduction of new products or production processes which can result in higher earnings and potential economic growth. Even though...

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Main Authors: Gorana Mudronja, Alen Jugović, Dunja Škalamera-Alilović
Format: Article
Language:deu
Published: Faculty of Economics University of Rijeka 2019-12-01
Series:Zbornik radova Ekonomskog fakulteta u Rijeci : časopis za ekonomsku teoriju i praksu
Subjects:
Online Access:https://www.efri.uniri.hr/upload/ZBORNIK%202_2019/04-Mudronja-Jugovic-Skalamera-Alilovic-2019-2-1.pdf
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author Gorana Mudronja
Alen Jugović
Dunja Škalamera-Alilović
author_facet Gorana Mudronja
Alen Jugović
Dunja Škalamera-Alilović
author_sort Gorana Mudronja
collection DOAJ
description Investment in research and development (R&D) creates preconditions for the implementation of more advanced and better technologies. It enables the introduction of new products or production processes which can result in higher earnings and potential economic growth. Even though research and development is a catalyst for the genesis of aggregate economic activity, its importance is not widely researched at regional levels. The European Union has defined strategies which view innovation as an essential element in stimulating growth and job creation. The aim of this paper is to establish and measure the impact of investment in R&D on economic growth of port regions. The data used in this research were panel data of the European Union’s port regions for NUTS 2 classification for the period from 2005 to 2015. The results of the two-step Generalized Method of Moments (GMM) indicate that investment in R&D has a significant impact on the economic growth of the port regions in European Union. However, in order for innovations to be accepted and implemented, it is also necessary for regions to have specific economic structure which was further analyzed in this paper. Regions with high innovation capacity create greater economic benefits and are considered to grow faster than other regions.
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spelling doaj.art-985d92eaed91437c92f42e00ab6778ea2022-12-22T01:28:55ZdeuFaculty of Economics University of RijekaZbornik radova Ekonomskog fakulteta u Rijeci : časopis za ekonomsku teoriju i praksu1331-80041846-75202019-12-0137258760210.18045/zbefri.2019.2.587Research and Development and Economic Growth: EU Port RegionsGorana Mudronja0 Alen Jugović1Dunja Škalamera-Alilović2maritime economicsmaritime economicsusiness environment, knowledge economyInvestment in research and development (R&D) creates preconditions for the implementation of more advanced and better technologies. It enables the introduction of new products or production processes which can result in higher earnings and potential economic growth. Even though research and development is a catalyst for the genesis of aggregate economic activity, its importance is not widely researched at regional levels. The European Union has defined strategies which view innovation as an essential element in stimulating growth and job creation. The aim of this paper is to establish and measure the impact of investment in R&D on economic growth of port regions. The data used in this research were panel data of the European Union’s port regions for NUTS 2 classification for the period from 2005 to 2015. The results of the two-step Generalized Method of Moments (GMM) indicate that investment in R&D has a significant impact on the economic growth of the port regions in European Union. However, in order for innovations to be accepted and implemented, it is also necessary for regions to have specific economic structure which was further analyzed in this paper. Regions with high innovation capacity create greater economic benefits and are considered to grow faster than other regions.https://www.efri.uniri.hr/upload/ZBORNIK%202_2019/04-Mudronja-Jugovic-Skalamera-Alilovic-2019-2-1.pdfeconomic growthinvestment in r&dport regionseuropean union
spellingShingle Gorana Mudronja
Alen Jugović
Dunja Škalamera-Alilović
Research and Development and Economic Growth: EU Port Regions
Zbornik radova Ekonomskog fakulteta u Rijeci : časopis za ekonomsku teoriju i praksu
economic growth
investment in r&d
port regions
european union
title Research and Development and Economic Growth: EU Port Regions
title_full Research and Development and Economic Growth: EU Port Regions
title_fullStr Research and Development and Economic Growth: EU Port Regions
title_full_unstemmed Research and Development and Economic Growth: EU Port Regions
title_short Research and Development and Economic Growth: EU Port Regions
title_sort research and development and economic growth eu port regions
topic economic growth
investment in r&d
port regions
european union
url https://www.efri.uniri.hr/upload/ZBORNIK%202_2019/04-Mudronja-Jugovic-Skalamera-Alilovic-2019-2-1.pdf
work_keys_str_mv AT goranamudronja researchanddevelopmentandeconomicgrowtheuportregions
AT alenjugovic researchanddevelopmentandeconomicgrowtheuportregions
AT dunjaskalameraalilovic researchanddevelopmentandeconomicgrowtheuportregions