Correlation-Regression Analysis of Innovation Factor Influence on GDP Growth
Keywords:Innovation, Innovative development, European innovation scoreboard, Multiple regression analysis, Strategy of innovative development of Ukraine, Innovative potential
Introduction. In order to improve innovation policy given a clear definition of the correlation between innovation-driven development indicators and GDP, it is necessary to critically assess the influence of the innovation factor on the country’s economic growth and an increase in its competitiveness.
Problem Statement. Modern conditions of the global economic system development require the constant adjustment and improvement of innovation strategies given new civilizational challenges, as well as the intensification of R&D activities of national economies. This highlighted the problem of scholarly research on the influence of innovation andthe determination of correlation between indicators of innovation-driven development and GDP.
Purpose. The research is based on the proposed explanatory model built with the use of correlation-regression analysis, which demonstrates the influence of the innovation factor on GDP growth. The article contains forecast estimates of GDP in terms of years, depending on changes in innovation-driven development indicators based on multiple regression analysis, as well as practical recommendations for increasing the innovation capacity of Ukraine.
Material and Methods. To identify the impact of innovation on GDP growth, a mathematical model has been
built with the use of correlation-regression analysis; to demonstrate and visualize the results of the study we have
used tabular and graphical methods.
Results. To improve the strategy of innovation-driven development of Ukraine, an economic-mathematical model based on multiple regression analysis has been developed. It demonstrates the influence of the innovation factor
on changes in GDP. This model helps to understand the functioning and development of innovation processes, to
reveal the causal and functional relationships of individual indicators of innovation-driven economic development,
as well as to determine the required level of innovation factor by maximizing the hidden innovation capacity.
Conclusions. The basic of the strategic course, its basic principle should be the implementation of government
policy aiming at choosing an innovation strategy of structural transformation of Ukraine as a competitive hightech state. This strategy requires the use of domestic R&D potential and makes its contribution to the innovationdriven development of the national economy a crucial factor.
European Innovation Scoreboard Edition 2021. URL: https://interactivetool.eu/EIS (Last accessed: 02.07.2021).
Clauser, O., Kalmbach, P., Pegoretti, G., Segnana, L. (1993). Technological Innovation, Competitiveness and Economic Growth. Berlin: Duncker and Humblot. 385 p.
Baron, W., Häußler, S., Luther, W., Zweck, A. (2003). Innovations- und Technikanalyse: Chancen und Barrierenbetrieblicher Integration. Frankfurt [u.a.]: Campus Verl. 343 p.
Morone, P., Taylor, R. (2010). Knowledge Diffusion and Innovation: modelling complex entrepreneurial behaviours. Cheltenham, UK; Northampton, USA: Edward Elgar. 177 p.
Hauschild, J., Salomo, S. (2004). Innovations management. München: Verlag Franz Vahlen. 600 р.
Skarzynski, P., Gibson, R. (2008). Innovation to the core. Boston, Massachusetts: Harvard business press. 295 р.
Trauffler, G., Tschirky, H. (2006). Sustained innovation management. Great Britain: Palgrave macmillan. 242 p. https://doi.org/10.1057/9780230597716
Carayannis, E., Grigoroudis, E. (2012). Linking innovation, productivity, and competitiveness: implications for policy and practice. The Journal of Technology Transf., 39, 199-218.
Corsten, H. (1991).Die Gestaltung von Innovations prozessen. Berlin: Erich Schmidt Verlag. 172 p.
National economic strategy 2030. Economic audit of the country. Re: think. URL: https://nes2030.org.ua [in Ukrainian] (Last accessed: 26.05.2021).
Popovych, O. S., Kostrytsa, O. P. (2017). Restoring the scientific potential of Ukrainian science: necessity and real prospects. Science and innovation, 13(4), 5-12. https://doi.org/10.15407/scine13.04.005
Prahalad, C. K. (2009). Die Revolution der Innovation. München: Redline Verlag, Finanzbuchverlag GmbH. 336 p.
Robin, S., Schubert, T. (2013). Cooperation with public research institutions and success in innovation: Evidence from France and Germany. Research Policy, 42(1), 149-166. https://doi.org/10.1016/j.respol.2012.06.002
Westland, C. (2008). Global Innovation Management. Chicago: Palgrave Macmillan. 383 p.
Eurostat official website. URL: https://ec.europa.eu/eurostat (Last accessed: 20.04.2021).
Shubin, O. O., Sadiekov, A. A. (2008). Regulation of the innovation sphere: the experience of the Eurorean Union. Bulletin of the International Nobel economic forum, 1, 273-276 [in Ukrainian].
Pidorycheva, I. Yu. (2015). Topical issues of the national and regional innovation system development. Science and innovation, 11(2), 19-28. https://doi.org/10.15407/scine11.02.019
Hotz-Hart, B. (2008). Innovations leistungsfähigkeit der Wirtschaft: hohes Niveaubeimässiger Dynamik. Neue Zürcher Zeitung, 253, 92.
Kahlfuss, B. (2013). Partizipative Innovation: ein Konzeptzur Schaffungnachhaltiger Wettbewerbsvorteile. Hamburg: Selbstverl. Britta Kahlfuss. 332 p.
Profitables Wachstumdurch Innovation. URL: https://www.kompass-projektpartner.com/content/profitables-wachstumdurch-innovation (Last accessed: 24.04.2021).
Dodgson, M. (2008). The management of technological innovation. Great Britain: Oxford University Press. 373 p.
Official site of the state statistics committee of Ukraine. URL: http://ukrstat.gov.ua [in Ukrainian] (Last accessed: 02.06.2021)
How to Cite
Authors published in the journal “Science and Innovation” agree to the following conditions:
Authors retain copyright and grant the journal the right of first publication.
Authors may enter into separate, additional contractual agreements for non-exclusive distribution of the version of their work (article) published in the journal “Science and Innovation” (for example, place it in an institutional repository or publish in their book), while confirming its initial publication in the journal “Science and innovation.” Authors are allowed to place their work on the Internet (for example, in institutional repositories or on their website).