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Do International Capital Flows, Institutional Quality Matter for Innovation Output: The Mediating Role of Economic Policy Uncertainty

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  • Md Qamruzzaman

    (School of Business and Economics, United International University, Dhaka 1212, Bangladesh)

  • Tahar Tayachi

    (Finance Department, Effat College of Business, Effat University, Jeddah 21478, Saudi Arabia
    Finance Department, Faculté des Sciences Économiques et de Gestion de (FSEG) Mahdia, University of Monastir, Mahdia 5100, Tunisia)

  • Ahmed Muneeb Mehta

    (Hailey College of Banking and Finance (HCBF), University of the Punjab, Lahore 54000, Pakistan)

  • Majid Ali

    (Hailey College of Commerce (HCC), University of the Punjab, Lahore 54000, Pakistan)

Abstract

The determinants of innovation output in empirical literature were extensively investigated by considering diverse sets of variables. Still, the impact of economic policy uncertainty on innovation output is yet to unleash. To mitigate the existing research gap, the study investigated the association between EPU and innovation output, considering a panel of 22 countries over 1997–2018. The study employed a dynamic panel quantile regression and system-GMM specification causality test for discovering elasticity and directional association both in the long-run and the short-run. Study findings disclosed negative statistically significant effects running from EPU to innovation output except innovation measured by R&D. Moreover, institutional quality and FDI exposed positive and statistically significant association with innovation output. In terms of directional causality, unidirectional causality running from EPU and FDI to innovation output was established, whereas bidirectional causality was established between institutional quality and innovation output.

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  • Md Qamruzzaman & Tahar Tayachi & Ahmed Muneeb Mehta & Majid Ali, 2021. "Do International Capital Flows, Institutional Quality Matter for Innovation Output: The Mediating Role of Economic Policy Uncertainty," Journal of Open Innovation: Technology, Market, and Complexity, MDPI, Open Access Journal, vol. 7(2), pages 1-26, May.
  • Handle: RePEc:gam:joitmc:v:7:y:2021:i:2:p:141-:d:561099
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