IDEAS home Printed from https://ideas.repec.org/a/ibn/ijbmjn/v13y2017i1p13.html

Innovation as an Economic Driving Force in Australia

Author

Listed:
  • Ovais Vohra

Abstract

Australia has vitally identified the benefits of innovation in past few years. The Country is ranked among the top nations in OECD. They are currently working on developing the infrastructure of Research and Development sector of the Country as well as reinforced themselves in developing their Information and Communication technology. Thus, the Country has identified the importance of innovation and how its components can help in achieving increased economic growth. Innovation is the inventive or new ways a company or country adopt to carry out its processes in a more efficient manner.The incorporation of innovation in the processes of economic development through production or other ways lead to higher profitability and broader use of the available resources in an efficient and advanced way. Thus, the purpose of the following research is to analyze innovation as an economic driving force in Australia. For the fulfillment of this purpose, the researcher carried out a quantitative research under which 5-points Likert scale was designed that include questions relating to the various identified components of innovation as the independent variable and economic growth as the dependent variable. The survey was circulated among 219 executives that are working in different sectors of Australia to understand their opinion. The results through multi-regression model depicted that innovation and technology have a significant impact on the growth of Australian economy.

Suggested Citation

  • Ovais Vohra, 2017. "Innovation as an Economic Driving Force in Australia," International Journal of Business and Management, Canadian Center of Science and Education, vol. 13(1), pages 1-13, December.
    • Handle: RePEc:ibn:ijbmjn:v:13:y:2017:i:1:p:13
    as

    Download full text from publisher

    File URL: http://www.ccsenet.org/journal/index.php/ijbm/article/download/71186/39670
    Download Restriction: no
    File URL: http://www.ccsenet.org/journal/index.php/ijbm/article/view/71186
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Andrea Bassanini & Stefano Scarpetta & Ignazio Visco, 2000. "Knowledge technology and economic growth: recent evidence from OECD countries," Working Paper Research 06, National Bank of Belgium.
    2. Dodgson, Mark & Hughes, Alan & Foster, John & Metcalfe, Stan, 2011. "Systems thinking, market failure, and the development of innovation policy: The case of Australia," Research Policy, Elsevier, vol. 40(9), pages 1145-1156.
    3. Alessandra Colecchia & Paul Schreyer, 2002. "ICT Investment and Economic Growth in the 1990s: Is the United States a Unique Case? A Comparative Study of Nine OECD Countries," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(2), pages 408-442, April.
    4. John Foster, 2015. "The Australian Multi-Factor Productivity Growth Illusion," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 48(1), pages 33-42, March.
    5. Sandra E. Black & Lisa M. Lynch, 2004. "What's driving the new economy?: the benefits of workplace innovation," Economic Journal, Royal Economic Society, vol. 114(493), pages 97-116, February.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Thomas Anderson, 2001. "Changing Patterns and Determinants of Growth," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 2(03), pages 23-28, October.
    2. Scherrer, Christoph, 2001. "New economy: Explosive growth driven by a productivity revolution?," Discussion Papers, Research Unit: Regulation of Work FS II 01-204, WZB Berlin Social Science Center.
    3. Giotopoulos, Ioannis & Kontolaimou, Alexandra & Korra, Efthymia & Tsakanikas, Aggelos, 2017. "What drives ICT adoption by SMEs? Evidence from a large-scale survey in Greece," Journal of Business Research, Elsevier, vol. 81(C), pages 60-69.
    4. Esteban Alfaro Cortés & José-Luis Alfaro Navarro, 2011. "Do ICT Influence Economic Growth and Human Development in European Union Countries?," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 17(1), pages 28-44, February.
    5. repec:ipg:wpaper:2014-587 is not listed on IDEAS
    6. Zhangqi Zhong & Lingyun He, 2022. "Macro-Regional Economic Structural Change Driven by Micro-founded Technological Innovation Diffusion: An Agent-Based Computational Economic Modeling Approach," Computational Economics, Springer;Society for Computational Economics, vol. 59(2), pages 471-525, February.
    7. Zhiguang Zhang & Haiqing Hu & Xin Zhao & Yangrui Bai, 2022. "Dynamic Influences of FDI and R&D Expenditures on IT Business Value: An Empirical Test from China," Sustainability, MDPI, vol. 14(17), pages 1-16, September.
    8. Władysław Welfe, 2008. "A Knowledge-Based Economy: New Directions of Macromodelling," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 14(2), pages 167-180, May.
    9. Boeker, Warren & Howard, Michael D. & Basu, Sandip & Sahaym, Arvin, 2021. "Interpersonal relationships, digital technologies, and innovation in entrepreneurial ventures," Journal of Business Research, Elsevier, vol. 125(C), pages 495-507.
    10. Veldhuizen, Caroline, 2021. "Conceptualising the foundations of sustainability focused innovation policy: From constructivism to holism," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
    11. Tahir Mahmood & Tahir Mahmood & Mikael Linden, 2017. "Structural Change and Economic Growth in Schengen Region," International Journal of Economics and Financial Issues, Econjournals, vol. 7(1), pages 303-311.
    12. Nick Zubanov & W.S. Siebert, 2009. "Management economics in a large UK retailer," CPB Discussion Paper 125, CPB Netherlands Bureau for Economic Policy Analysis.
    13. Reinhilde Veugelers (ed.), 2009. "The Evaluation of the Finnish National Innovation System - Full Report," Books, The Research Institute of the Finnish Economy, number 495.
    14. Kais Saidi & Lobna Hassen & M. Hammami, 2015. "Econometric Analysis of the Relationship Between ICT and Economic Growth in Tunisia," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 6(4), pages 1191-1206, December.
    15. Robert Anderton & Vasco Botelho & Paul Reimers, 2023. "Digitalisation and productivity: gamechanger or sideshow?," Discussion Papers 2023-05, University of Nottingham, GEP.
    16. López, Alberto, 2012. "Productivity effects of ICTs and organizational change: A test of the complementarity hypothesis in Spain," MPRA Paper 40400, University Library of Munich, Germany.
    17. K. Mc Morrow & F. Orlandi & R. Raciborski & W. Roeger & V. Vandermeulen & J. in’tVeld & L. Vogel, 2016. "Medium term economic dynamics of the Euro Area," International Economics and Economic Policy, Springer, vol. 13(1), pages 27-43, January.
    18. Lex Borghans & Bas Weel, 2006. "The Division of Labour, Worker Organisation, and Technological Change," Economic Journal, Royal Economic Society, vol. 116(509), pages 45-72, February.
    19. Audretsch, David B. & Fiedler, Antje & Fath, Benjamin & Verreynne, Martie-Louise, 2024. "The dawn of geographically unbounded entrepreneurial ecosystems," Journal of Business Venturing Insights, Elsevier, vol. 22(C).
    20. Dietrich Domanski, 2003. "Idiosyncratic Risk in the 1990s: Is It an IT Story?," WIDER Working Paper Series DP2003-07, World Institute for Development Economic Research (UNU-WIDER).
    21. Fu, Xiaolan, 2012. "How does openness affect the importance of incentives for innovation?," Research Policy, Elsevier, vol. 41(3), pages 512-523.

    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ibn:ijbmjn:v:13:y:2017:i:1:p:13. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Canadian Center of Science and Education (email available below). General contact details of provider: https://edirc.repec.org/data/cepflch.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.