Faculty of Economics
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Item type:Publication, Ergodicity breaking in wealth dynamics: The case of reallocating geometric Brownian motion(American Physical Society (APS), 2022-02-07); Karbevski, Marko - Some of the metrics are blocked by yourconsent settings
Item type:Publication, “Differences in the Impact of Innovation Relationships on Firms’ Productivity: Evidence from CIS 2014”(Taylor & Francis online, 2022); ; ; In this paper we explore the complementarity and substitutability relationships between different innovation activities (firm, market, organizational and process innovations) by utilizing cross-sectional data taken from the Community Innovation Survey - CIS2014 for two groups of countries: Central and Eastern Europe and Western European countries. Our findings suggest that the relations between different innovation pairs have a substitute nature. We rationalize our results by conducting a robustness analysis for each country separately and we discovered a wide range of different complementary relationships. These relationships are dependent on the underlying country that is subject of the analysis. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, "Evidence of Innovation Performance in the period of economic recovery in Europe”(2020); ; ; This paper provides empirical evidence on the innovation performance in the European countries in the years of recovery from the global economic and financial crisis by using the CDM model of simultaneous equations. The model directly links R&D engagement and intensity to innovation outcomes measured either as process or as product innovation, and then estimates the effectiveness of the innovative efforts leading to productivity gains. The difference between the drivers of innovation systems and its influence over the productivity growth is analyzed between two different institutional settings in Europe. For that purpose a company-level dataset is used from the 2012 round of the Comunity Innovation Survey. Тhe results indicated that the recent financial crisis had negative influence on the companies’ willingness to innovate. The effect of the crisis led to further divergence in the innovation systems of these two institutional settings. Identifying the characteristics of the innovation systems and drivers of innovation during the turmoil shows that policy instruments on EU level should be oriented towards creation of competitive business environment, encouragement to adopt the best management techniques and organizational structures and improvement of well-functioning capital, product and labor markets. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Evidence of innovation performance in the period of economic recovery in Europe(Taylor and Francis Group, 2018); ; ; Stojkoski, ViktorThis paper provides empirical evidence on the innovation performance in the European countries in the years of recovery from the global economic and financial crisis by using the CDM model of simultaneous equations. The model directly links R&D engagement and intensity to innovation outcomes measured either as process or as product innovation, and then estimates the effectiveness of the innovative efforts leading to productivity gains. The difference between the drivers of innovation systems and its influence over the productivity growth is analyzed between two different institutional settings in Europe. For that purpose a company-level dataset is used from the 2012 round of the Comunity Innovation Survey. Тhe results indicated that the recent financial crisis had negative influence on the companies’ willingness to innovate. The effect of the crisis led to further divergence in the innovation systems of these two institutional settings. Identifying the characteristics of the innovation systems and drivers of innovation during the turmoil shows that policy instruments on EU level should be oriented towards creation of competitive business environment, encouragement to adopt the best management techniques and organizational structures and improvement of well-functioning capital, product and labor markets. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Impact of a Crisis on the Innovation Systems in Europe: Evidence from the CIS10 Innovation Survey(Cambridge University Press, 2019); ; ; Stojkoski, ViktorThe varieties of the national innovation systems among European countries are reflected in the large differences, discrepancies and sometimes unexpected results in the innovation processes and their influence on labor productivity growth. The goal of this paper is to find the differences between the drivers of the innovation systems and their influence on growth of productivity between two groups of countries with different institutional settings in the period of the financial and economic crisis in Europe. The first group consists of a selection of CEE (Central and East European) countries. The second group consists of Germany, Norway, Spain and Portugal. In order to measure the role of innovation on productivity growth we use the CDM (Crépon, Duguet and Mairesse) model of simultaneous equations. The model directly links R&D engagement and intensity to innovation outcomes mea- sured either as process or product innovation, and then estimates the effectiveness of the innovative effort leading to productivity gains. The company-level dataset is drawn from the Community Innovation Survey (CIS10). There is one common result for the two groups, that in general the probability for a typical firm to engage in innovation increases with its size. The other factors influencing the decision process differ. A firm ’s productivity increases significantly with innovation output, but only with firms oper- ating in Western Europe. The results for firms in Central and Eastern Europe indicate that these countries’ national innovation systems are vulnerable, and in periods of cri- ses higher level of innovation output leads to lower labor productivity. Therefore, sys- temic faults in the national innovation systems result in their unsustainability, especially visible in periods of crises, as was the case in 2008 – 2010. When it comes to Western European countries, the financial and economic crisis did not have negative effects on their innovation systems as innovation activity resulted in higher levels of labor productivity. Regarding the CEE group of countries, the crisis influenced both the innovation process and labor productivity as a whole negatively.