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How Intellectual Capital Predicts Innovation Output in EU Regions: Implications for Sustainable Development

Author

Listed:
  • George Martinidis

    (School of Architecture, Aristotle University of Thessaloniki, 541 24 Thessaloniki, Greece)

  • Nicos Komninos

    (URENIO Research, Aristotle University of Thessaloniki, 541 24 Thessaloniki, Greece)

  • Arkadiusz Dyjakon

    (Department of Applied Bioeconomy, Wroclaw University of Environmental and Life Sciences (UPWr), 50-375 Wroclaw, Poland)

  • Stanislaw Minta

    (Department of Applied Economics, Wroclaw University of Environmental and Life Sciences (UPWr), 50-375 Wroclaw, Poland)

  • Małgorzata Hejna

    (Institute of Environmental Engineering, Wroclaw University of Environmental and Life Sciences (UPWr), 50-375 Wroclaw, Poland)

Abstract

Intellectual capital is an overarching concept that includes the intangible, human-related factors that are relevant to the innovation process, such as human capital and social capital. In the present study, intellectual capital was assessed by indicators measuring different aspects of human and social capital. Factor analysis demonstrated the existence of three underlying factors, with all variables of the model having important contributions to them. A linear regression analysis indicated that 8 out of the 12 variables of intellectual capital used have a statistically significant impact on the measure of innovation output. These findings were discussed and their implications for policy were considered. The paper provides research evidence on the importance of intellectual capital for innovation output and discusses potential ways to achieve smart, sustainable and inclusive growth in the context of the next generation of sustainable smart specialisation strategies.

Suggested Citation

  • George Martinidis & Nicos Komninos & Arkadiusz Dyjakon & Stanislaw Minta & Małgorzata Hejna, 2021. "How Intellectual Capital Predicts Innovation Output in EU Regions: Implications for Sustainable Development," Sustainability, MDPI, vol. 13(24), pages 1-19, December.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:24:p:14036-:d:706349
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    Citations

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    Cited by:

    1. Khanin Semen & Kovalchuk Svitlana & Yakymova Nataliia & Harvat Olha & Taranych Andrii, 2023. "Modeling the Influence of Intellectual and Innovative Determinants on the Economic Systems’ Development in the Conditions of the Creative Economy Formation," Management Theory and Studies for Rural Business and Infrastructure Development, Sciendo, vol. 45(2), pages 133-141, June.
    2. Chanchai Phonthanukitithaworn & Wutthiya Aekthanate Srisathan & Chavis Ketkaew & Phaninee Naruetharadhol, 2023. "Sustainable Development towards Openness SME Innovation: Taking Advantage of Intellectual Capital, Sustainable Initiatives, and Open Innovation," Sustainability, MDPI, vol. 15(3), pages 1-24, January.
    3. Benny Lianto, 2023. "Identifying Key Assessment Factors for a Company’s Innovation Capability Based on Intellectual Capital: An Application of the Fuzzy Delphi Method," Sustainability, MDPI, vol. 15(7), pages 1-21, March.
    4. Monika Barak & Rakesh Kumar Sharma, 2023. "Investigating the Impact of Intellectual Capital on the Sustainable Financial Performance of Private Sector Banks in India," Sustainability, MDPI, vol. 15(2), pages 1-21, January.

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