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The Innovation Index in Europe

Author

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  • Leogrande, Angelo
  • Laureti, Lucio
  • Costantiello, Alberto

Abstract

The following article analyzes the determinants of the innovation index in Europe. The data refer to the European Innovation Scoreboard-EIS of the European Commission for the period between 2010 and 2019 for 36 countries. The data are analyzed using the following econometric techniques: Panel Data with Random Effects, Panel Data with Fixed Effects, Dynamic Panel Data, Pooled OLS, WLS. The results show that the Innovation Index is negatively connected to some variables, among which the most significant are "GDP per capita", "R&D expenditure public sector", "Venture capital", "Tertiary education", and positively connected to some variables among which the most relevant are: "Government procurement of advanced technology products", "Average annual population growth", "Finance and support", "Human resources", "Marketing or organisational innovators", "Linkages". A clustering was then carried out using the unsupervised k-Means algorithm optimized with the Silhouette coefficient which shows the presence of 2 clusters per value of the Innovation Index. Eight machine learning algorithms has been used for prediction with real data. The Tree Ensemble Regression algorithm has been chosen as best performer. A further prediction has been made with the augmented data. The result shows that the best performing algorithm is Linear Regression with an innovation index value predicted to grow by approximately 3.38%.

Suggested Citation

  • Leogrande, Angelo & Laureti, Lucio & Costantiello, Alberto, 2022. "The Innovation Index in Europe," MPRA Paper 112841, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:112841
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    References listed on IDEAS

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    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    2. Michele Boldrin & David Levine, 2002. "The Case Against Intellectual Property," American Economic Review, American Economic Association, vol. 92(2), pages 209-212, May.
    3. Elżbieta Roszko-Wójtowicz & Jacek Białek, 2018. "Diverse Approaches to the Multidimensional Assessment of Innovation in the European Union," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 68(4), pages 521-547, December.
    4. Leogrande, Angelo & Costantiello, Alberto, 2021. "Human Resources in Europe. Estimation, Clusterization, Machine Learning and Prediction," MPRA Paper 109749, University Library of Munich, Germany.
    5. Leogrande, Angelo & Costantiello, Alberto & Laureti, Lucio, 2021. "The Broadband Penetration in Europe," MPRA Paper 110457, University Library of Munich, Germany.
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    Citations

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    Cited by:

    1. Leogrande, Angelo & Costantiello, Alberto & Laureti, Lucio, 2021. "The Impact of Venture Capital Expenditures on Innovation in Europe," MPRA Paper 109897, University Library of Munich, Germany.
    2. Laureti, Lucio & Costantiello, Alberto & Matarrese, Marco Maria & Leogrande, Angelo, 2022. "The Employment in Innovative Enterprises in Europe," MPRA Paper 111335, University Library of Munich, Germany.
    3. Leogrande, Angelo & Costantiello, Alberto, 2021. "Human Resources in Europe. Estimation, Clusterization, Machine Learning and Prediction," MPRA Paper 109749, University Library of Munich, Germany.
    4. Marti, Luisa & Puertas, Rosa, 2023. "Analysis of European competitiveness based on its innovative capacity and digitalization level," Technology in Society, Elsevier, vol. 72(C).

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    More about this item

    Keywords

    Innovation; and Invention: Processes and Incentives; Management of Technological Innovation and R&D; Diffusion Processes; Open Innovation.;
    All these keywords.

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital

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