Does research and development expenditure impact innovation? Evidence from the European Union countries |
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| Authors: | Panagiotis Pegkas Christos Staikouras Constantinos Tsamadias |
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| Institution: | 1. University of Thessaly, School of Science, Papasiopoulou 2-4, Lamia, GR 35100, Greece;2. Athens University of Economics and Business, School of Business Administration, Derigni 12, Athens, GR 10434, Greece;3. Harokopio University, School of Environment, Geography and Applied Economics, El. Venizelou 70, Athens, GR 17671, Greece |
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| Abstract: | This study empirically investigates the relationship between innovation and Research & Development expenditure in European Union countries over the period 1995–2014. The findings of the empirical analysis show that there is a co-integration relationship between innovation and R&D. The results also reveal the existence of a positive and significant effect of business, public and higher education R&D on innovation. Business R&D is the sector with the highest positive effect on innovation. The results indicate that EU should strengthen the cooperation between business, public and higher education R&D through the encouragement of partnerships between the private sector, R&D and innovation system. |
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| Keywords: | Corresponding author O30 O38 O52 C33 R&D Innovation Public policy European Union Panel data |
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