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Evaluation of Innovation in EU Member States: A Multi-Dimensional Approach

In: Recent Trends in Financial Engineering Towards More Sustainable Social Impact

Author

Listed:
  • Eleni Androulidaki
  • Michalis Doumpos
  • Constantin Zopounidis

Abstract

In recent years, the study of innovation systems has received significant attention. Within this framework, the European Innovation Scoreboard (EIS) was introduced in 2000 in order to provide indicators for monitoring the EU’s progress in high-tech innovation as well as its relation to the progress of its major global competitors. In this study, we employ an alternative evaluation methodology based on the “Benefit of the Doubt” (BoD) variant of data envelopment analysis (DEA). In contrast to the unweighted construction in composite indicators in the EIS, the BoD weighting model takes into account the importance each dimension has for each country, offering significantly different results and, in some cases, favoring some of the lower-EIS performance groups. The question is whether the observed divergences are simply a matter of choice of a mathematical formula or if they serve political and financial expediencies. Also, the role innovation could play in the global scene in the future is one more suggestion for further research.

Suggested Citation

  • Eleni Androulidaki & Michalis Doumpos & Constantin Zopounidis, 2022. "Evaluation of Innovation in EU Member States: A Multi-Dimensional Approach," World Scientific Book Chapters, in: Constantin Zopounidis & Carine Girard-Guerraud & Karima Bouaiss (ed.), Recent Trends in Financial Engineering Towards More Sustainable Social Impact, chapter 1, pages 3-27, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811260483_0001
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    More about this item

    Keywords

    Innovation; Equity-Crowdfunding; Capital Structure; Credit Default Swap; Machine Learning: Green Bonds; Impact Bonds; Shareholder Engagement; ESG; Systemic Risk; Sharing Economy; Impact Accounts;
    All these keywords.

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • G3 - Financial Economics - - Corporate Finance and Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • F3 - International Economics - - International Finance

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