Innovative entrepreneurship and regional economic development – theoretical and empirical aspects
DOI:
https://doi.org/10.71159/bizinfo260007KKeywords:
scientific and technological development, innovations, regions, production, quantile regressionAbstract
The goal of this paper is to estimate the impact of innovative entrepreneurship on regional economic development by applying the methodology of quantile regression analysis over the period from 2011 to 2022. The Pesaran–CIPS test is used to analyze the stationarity of the time series. The results of the quantile regression analysis show a statistically significant and positive impact of business-sector research and development expenditures, as well as the share of small and medium-sized enterprises that have introduced at least one innovation in their operations, on regional economic development. The obtained results can be used for analytical and predictive research related to the analysis of the impact of innovative entrepreneurship on the regional economy. In addition, they may be useful for representatives of regional government bodies in designing regional strategies for innovation and scientific and technological development, thereby improving the quality of regional innovation policy.
Downloads
References
Aganbegyan, A. G., Klepach, A. N., Porfir’ev, B. N., Uzyakov, M. N., & Shirov, A. A. (2020). Post-pandemic recovery of the Russian economy and transition to sustainable socio-economic development. Studies on Russian Economic Development, 31, 599–605. https://doi.org/10.1134/S1075700720060027
Bagchi, T. P., Mohanty, R. P., & Sinha, S. (2023). A tutorial on optimisation involving the David Ricardo theory on comparative advantage. International Journal of Industrial and Systems Engineering, 44(1), 34–51. https://doi.org/10.1504/IJISE.2023.130918
Black, K. (2010). Business statistics for contemporary decision making. John Wiley & Sons.
Canarella, G., & Pollard, S. K. (2004). Parameter instability and the European unemployment rate. Applied Economics Quarterly, 50(4), 331–354.
Croatian Bureau of Statistics (DZS). (2024, April). Statistical data. Department of Macroeconomic Statistics, Croatian Bureau of Statistics. https://podaci.dzs.hr/en/
Dutta, S., Lanvin, B., León, L. R., & Wunsch-Vincent, S. (2024). Global Innovation Index 2024: Unlocking the Promise of Social Entrepreneurship. World Intellectual Property Organization.
European Commission (EC). (2025, April). Regional innovation scoreboard [Data set]. Department of Statistics, European Commission. https://research-and-innovation.ec.europa.eu
European Statistical Office (Eurostat). (2025, April). Data navigation tree. Department of Macroeconomic Statistics, European Statistical Office. https://ec.europa.eu/eurostat/data/database
Ivanov, S. L., & Metlyakhin, A. I. (2022). Elaborating a methodology for assessing the impact of innovation entrepreneurship on the development of the region’s economy. Economic and Social Changes: Facts, Trends, Forecast, 15(4), 136–154. https://doi.org/10.15838/esc.2022.4.82.9
Jakovac, P., Tomljanović, M., & Velić, I. (2022). Neomercantilism in international (geo) political relations. Socijalna ekologija: časopis za ekološku misao i sociologijska istraživanja okoline, 31(1), 29–49. https://doi.org/10.17234/socekol.31.1.2
Kao, C. (1999). Spurious regression and residual-based tests for cointegration in panel data. Journal of Econometrics, 90(1), 1–44. https://doi.org/10.1016/S0304-4076(98)00023-2
Krstić, M., Filipe, J. A., & Chavaglia, J. (2020). Higher education as a determinant of the competitiveness and sustainable development of an economy. Sustainability, 12(16), 6607. https://doi.org/10.3390/su12166607
Lederman, D., & Maloney, W. (2003). R&D and development (Policy Research Working Paper No. 3024). The World Bank.
Mazzucato, M. (2020). The entrepreneurial state: Debunking public vs. private sector myths. Akademska knjiga.
Nelson, R. R., & Romer, P. M. (1996). Science, economic growth, and public policy. Challenge, 39(1), 9–21. https://doi.org/10.1080/05775132.1996.11471873
Ognjanović, K. (2018). Analysis of earnings differences and multiple employment choices using parametric and semi-parametric panel econometric methods [Unpublished doctoral dissertation]. University of Belgrade.
Ognjanović, J. (2025). Trend of entrepreneurship development indicators in the accommodation and food service sector in Serbia. BizInfo Blace, 16(2), 85-92. https://doi.org/10.71159/bizinfo250027O
Pedroni, P. (2004). Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric Theory, 20(3), 597–625. https://doi.org/10.1017/S0266466604203073
Pelsa, I., & Balina, S. (2022). Development of economic theory – from theories of economic growth and economic development to the paradigm of sustainable development. In V. R. Ivona (Ed.), DIEM: Vol. 7. Dubrovnik International Economic Meeting (pp. 91–101). University of Dubrovnik. https://hrcak.srce.hr/file/393858
Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of Applied Econometrics, 22(2), 265–312. https://doi.org/10.1002/jae.951
Pesaran, M. H. (2021). General diagnostic tests for cross-sectional dependence in panels. Empirical Economics, 60(1), 13–50. https://doi.org/10.1007/s00181-020-01875-7
Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A bias-adjusted LM test of error cross-section independence. The Econometrics Journal, 11(1), 105–127. https://doi.org/10.1111/j.1368-423X.2007.00227.x
Petrov, M. B., Serkov, L. A., & Kozhov, K. B. (2021). Modeling the heterogeneity of the mutual influence of the country's regions in the manufacturing industry. Regional Economy, 17(3), 944–955. https://doi.org/10.17059/ekon.reg.2021-3-16
Podkalicka, A., Milne, E., & Kennedy, J. (2018). Innovation: From represented novelty to transformation in practice. In A. Podkalicka, E. Milne, & J. Kennedy (Eds.), Grand designs: Consumer markets and home-making (pp. 87–105). Springer. https://link.springer.com/chapter/10.1057/978-1-137-57898-3_5
Polunin, L. V. (2012). The impact of innovative enterprises on the regional economy. Social-Economic Phenomena and Processes, 7–8(41–42). (In Russian).
Rastvortseva, S. (2016). Impact of innovations on regional growth over time: Dynamic econometric modeling. In L. Martit (Ed.), Innovation Management, Entrepreneurship and Corporate Sustainability (pp. 621–634). University of Economics. https://imes.vse.cz/past-conferences-and-proceedings/imecs-2016/
Rivera-Batiz, L. A., & Romer, P. M. (1991). Economic integration and endogenous growth. The Quarterly Journal of Economics, 106(2), 531–555. https://doi.org/10.2307/2937946
Romer, P. M. (1990). Endogenous technological change. Journal of Political Economy, 98(5), S71–S102. https://doi.org/10.1086/261725
Simachev, Yu. V., Kuzyk, M. G., Fedyunina, A. A., Zaitsev, A. A., & Yurevich, M. A. (2021). Labor productivity in the nonresource sectors of the Russian economy: What determines firm-level growth? Voprosy Ekonomiki, 3, 31–67. https://doi.org/10.32609/0042-8736-2021-3-31-67
Smotritskaya, I. I., & Chernykh, S. I. (2021). Organizational innovations in the sphere of public administration. Bulletin of the Institute of Economics of the Russian Academy of Sciences, 1, 9–25. (In Russian).
Statistical Office of the Republic of Serbia (RZS). (2025, April). Database [Data set]. Department of Macroeconomic Statistics, Statistical Office of the Republic of Serbia. https://data.stat.gov.rs/?caller=SDDB&languageCode=en-US
Stefanović, M., Đorđević, I., Milosavljević, N., & Đonović, A. (2021). Analysis of the state of innovation and the process of digital transformation in the Republic of Serbia. National Alliance for Local Economic Development.
Steil, B., Nelson, R. R., & Victor, D. G. (2021). Technological innovation and economic performance. Princeton University Press.
Street, J. H. (2019). The institutionalist theory of economic development. In Evolutionary Economics (pp. 443–469). Routledge. https://doi.org/10.4324/9781315493053-15
Tanasković, S., & Ristić, B. (2019). Competitive position of Serbia in 2019 according to the report of the World Economic Forum. Foundation for the Development of Economic Science. https://fren.org.rs/wp-content/uploads/2019/10/KONKURENTNOST-SRBIJE-ZA-2019.-GODINU.pdf
Toostova, A. A. (2023). Assessing the impact of higher education and innovation factors on economic development in the regions of Russia. In Spring Science Days: Proceedings of the International Conference of Students and Young Scientists (pp. 846–848). Publishing House “Azhur”. https://elar.urfu.ru/bitstream/10995/125533/1/978-5-91256-595-3_200.pdf
Uysal, G. (2019). Wealth of nations and intellectual capitals: Adam Smith approaches. Journal of Modern Accounting and Auditing, 15(8), 411–414. https://doi.org/10.17265/1548-6583/2019.08.004
Vasilić, N., Beraha, I., & Đuričin, S. (2022). Comparative analysis of regional innovation performance in Serbia. In M. Mosurović-Ružičić, M. Lazarević-Moravčević, & M. Paunović (Eds.), Science and innovation as drivers of economic development (pp. 37–55). Institute of Economic Sciences. http://ebooks.ien.bg.ac.rs/1845/1/vasilic%20i%20dr.pdf
World Economic Forum (WEF). (2014). Global competitiveness report 2014–2015. World Economic Forum. https://www3.weforum.org/docs/WEF_GlobalCompetitivenessReport_2014-15.pdf
Xu, Y., & Li, A. (2021). The relationship between innovative human capital and interprovincial economic growth based on panel data model and spatial econometrics. Journal of Computational and Applied Mathematics, 365, 112381. https://doi.org/10.1016/j.cam.2019.112381
Zhilnikov, A. Yu. (2014). Analysis of the impact of innovative activity of the region on GRP. Territoriya Nauki, 6, 53–57. (In Russian).
Downloads
Published
Issue
Section
License
Copyright (c) 2026 BizInfo Blace
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
