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What Determines Firms’ Innovation in Eastern Europe and Central Asia

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  • Afandi, Elvin
  • Kermani, Majid

Abstract

By employing a rich sample of firm-level data in seven Eastern Europe and Central Asian countries from Europe and Central Asia, our paper investigates core as well as some specific determinants of firm innovation. We find that the likelihood of engaging in innovation for a firm increases with its core socio-economic characteristics such as size, age, capacity utilization, domestic competition and foreign ownership. In addition to the estimates of these socio-economic covariates, the ultimate purpose of our study is to obtain more in-depth knowledge about the policy implacable factors for firm innovation that the countries could focus on. These policy-related factors are: (i) access to finance, (ii) human capital, and (iii) foreign trade. In this respect, our study finds that firm’s innovation increases with better financial inclusion, greater human capital and engagement in foreign trade. We argue that these analysis and results, coupled with inclusive and targeted policies, can be used to enrich the process of private sector innovation in the region’s countries.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 53255.

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Date of creation: 17 Feb 2013
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Handle: RePEc:pra:mprapa:53255

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Keywords: Firm innovation; access to finance; human capital; foreign trade;

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  1. Beck, T.H.L. & Levine, R. & Loayza, N., 2000. "Financial intermediation and growth: Causality and causes," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125519, Tilburg University.
  2. John Sutton, 2007. "Quality, Trade and the Moving Window: The Globalisation Process," Economic Journal, Royal Economic Society, vol. 117(524), pages F469-F498, November.
  3. Philippe Aghion & Nicholas Bloom & Richard Blundell & Rachel Griffith & Peter Howitt, 2002. "Competition and Innovation: An Inverted U Relationship," NBER Working Papers 9269, National Bureau of Economic Research, Inc.
  4. Filipe Silva & Carlos Carreira, 2010. "Financial constraints: Are there differences between manufacturing and services?," GEMF Working Papers 2010-16, GEMF - Faculdade de Economia, Universidade de Coimbra.
  5. Andrei Shleifer, 1998. "State Versus Private Ownership," Harvard Institute of Economic Research Working Papers 1841, Harvard - Institute of Economic Research.
  6. Rita Almeida & Ana Margarida Fernandes, 2008. "Openness and Technological Innovations in Developing Countries: Evidence from Firm-Level Surveys," Journal of Development Studies, Taylor & Francis Journals, vol. 44(5), pages 701-727.
  7. Francesco Bogliacino & Sebastian Gómez Cardona, 2010. "The determinants of R&D Investment: the role of Cash flow and Capabilities," JRC-IPTS Working Papers on Corporate R&D and Innovation 2010-10, Institute of Prospective Technological Studies, Joint Research Centre.
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