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2021, vol. 69, iss. 1-2, pp. 31-40
The impact of innovation indicators on increasing exports of high technology products
aInstitute of Economic Sciences, Belgrade
bUniversity of Novi Sad, Faculty of Economy, Subotica
cUnion University, Belgrade Banking Academy, Faculty for Banking, Insurance and Finance, Belgrade
Keywords: innovation; high technology products; global innovation index; export
Abstract
Competitiveness of high-technology products (HTP) is more significant on the world market than products of medium and low quality. Increase in the innovation performance should lead to the growth of high technology application in production consequently rising exports of HTP as an important factor in increasing competitiveness. In this paper we wanted to analyze the correlations and conditionality of exports of HTP (share of exports in total country exports) and selected indicators that influence innovation: GDP, R&D costs (research and development cost in four sectors), degree of education of the population, number of researchers (in four sectors) and global innovation index (GII). The main aim was to identify which indicators contributed to the growth of exports of HTP in the analyzed countries (Serbia, Romania, Bulgaria and Hungary) in the observed period of ten years (2009-2018), in order to give certain recommendations on the measures and procedures Serbia should take to increase the level of innovation index and exports of HTP. In this paper, the exports of HTP was analyzed in Serbia, Romania, Bulgaria and Hungary. The influence of the chosen indicators on export of high technology products was analyzed using the POLS model, the fixed effects model and the random effects model. The results indicate that if analyzed countries do not find resources to intensify investment in education and R&D, they will not reach the average EU innovation indicators for many years. Also, it will seriously harm the competitiveness of the economies of the observed countries in the conditions dictated by the modern business environment and the challenges of the fourth industrial revolution (Industry 4.0).
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article language: English
document type: Original Scientific Paper
DOI: 10.5937/EKOPRE2102031D
received: 21/04/2020
published in SCIndeks: 25/05/2021