Innovation, coopetition and spillover effects in European regions
Abstract
Innovation and investment are critical to economic growth. In this article, we address the complex task of evaluating the capacity of regional innovation to increase investment and generate spillovers in regions of the European Union (EU) from both spatial and temporal perspectives. Using panel data estimation methods and exploring the effects of dynamic spatial autocorrelation, our findings show a positive spatial autocorrelation at the level of EU regions. We also observed spatial competition, both in terms of the distribution of investments and in terms of the diffusion of short-term innovation gains. We argue that, in the short term, EU regions tend to behave as competitors for investment fixing, but in the long run, innovation has the potential to generate spillover effects on neighbouring regions. Furthermore, we find that investment patterns were characterized by a significant temporal autocorrelation, showing that shocks to investment in regions tend to be absorbed in a few periods. This paper attempts to fill existing gaps by using estimation methods for dynamic spatial panel data to identify and explore the effects of regional innovation on investment for the 154 European Union regions, and reports original findings as regards the knowledge spillover across European regions.
Keyword : coopetition, regional innovation system, knowledge spillover, investment, dynamic spatial panel model, dynamic spatial Durbin model (DSDM), regional innovation index
How to Cite
Popescu, I. A., Reis Mourao, P., & Bilan, Y. (2023). Innovation, coopetition and spillover effects in European regions. Journal of Business Economics and Management, 24(5), 818–840. https://doi.org/10.3846/jbem.2023.19890
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Fendoglu, E., & Konat, G. (2023). Asymmetric relationship between environmental protection expenditures and economic growth: Panel causality findings from selected OECD countries. Economic Computation and Economic Cybernetics Studies and Research, 57(1), 121–136. https://doi.org/10.24818/18423264/57.1.23.08
Fracasso, A., & Vittucci Marzetti, G. (2018). Estimating dynamic localization economies: The inadvertent success of the specialization index and the location quotient. Regional Studies, 52(1), 119–132. https://doi.org/10.1080/00343404.2017.1281388
Furková, A. (2019). Spatial spillovers and European Union regional innovation activities. Central European Journal of Operations Research, 27(3), 815–834. https://doi.org/10.1007/s10100-018-0581-4
Halásková, M. & Bednář, P. (2023). Effect of public and private sector R&D indicators on innovation performance and competitiveness: Case of the western European NUTS 2 regions. Journal of Competitiveness, 15(3), 104–121. https://doi.org/10.7441/joc.2023.03.06
Huber, F. (2012). Do clusters really matter for innovation practices in information technology? Questioning the significance of technological knowledge spillovers. Journal of Economic Geography, 12(1), 107–126. https://doi.org/10.1093/jeg/lbq058
Ibarra, C. (2018). Private investment and the effects of decentralisation and regional competition between Mexican cities. Advances in Economics and Business, 6(1), 62–80. https://doi.org/10.13189/aeb.2018.060105
Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogenous panels. Journal of Econometrics, 115(1), 53–74. https://doi.org/10.1016/S0304-4076(03)00092-7
Isaksen, A., Martin, R., & Tripple, M. (2018). New avenues for regional innovation systems and policy. In A. Isaksen, R. Martin, & M. Tripple (Eds.), New avenues for regional innovation systems – Theoretical advances, empirical cases and policy lessons (pp. 1–22). Springer. https://doi.org/10.1007/978-3-319-71661-9_1
Kijek, A., & Kijek, T. (2019). Knowledge spillovers: An evidence from the European regions. Journal of Open Innovation: Technology, Market, and Complexity, 5(3), Article 68. https://doi.org/10.3390/joitmc5030068
King, R., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717–737. https://doi.org/10.2307/2118406
LeSage, J. P., & Pace, R. K. (2014). The biggest myth in spatial econometrics. Econometrics, 2(4), 1–33. https://doi.org/10.3390/econometrics2040217
Lewandowska, A., Stopa, M., & Inglot-Brzęk, E. (2021). Innovativeness and entrepreneurship: Socioeconomic remarks on regional development in peripheral regions. Economics and Sociology, 14(2), 222–235. https://doi.org/10.14254/2071-789X.2021/14-2/12
Lopes, J., Silveira, P., Farinha, L., Oliveira, M., & Oliveira, J. (2021). Analyzing the root of regional innovation performance in the European territory. International Journal of Innovation Science, 13(5), 565–582. https://doi.org/10.1108/IJIS-11-2020-0267
Marques, P., & Morgan, K. (2021). Innovation without regional development? The complex interplay of innovation, institutions, and development. Economic Geography, 97(5), 475–496. https://doi.org/10.1080/00130095.2021.1972801
Martini, B. (2020). The resilience of the Italian regions: A spatio-temporal panel analysis. Scienze Regionali, 1, 35–54.
Moral-Benito, E. (2009). Panel growth regressions with general predetermined variables: Likelihood – based estimation and Bayesian averaging. CEMFI WP 1006. http://conference.iza.org/conference_files/pada2009/moral-benito_e5185.pdf
Moreno, R., Paci, R., & Usai, S. (2005). Spatial spillovers and innovation activity in European regions. Environment and Planning A: Economy and Space, 37(10), 1793–1812. https://doi.org/10.1068/a37341
Mourao, P., & Popescu, I.A. (2022). Revisiting a macroeconomic controversy: The case of the multiplier–accelerator effect. Economies, 10, Article 249. https://doi.org/10.3390/economies10100249
Mourao, P., & Popescu, I. A. (2023). Investment, growth and competitiveness: The multiplier-accelerator in the 21st century. Journal of Competitiveness, 15(3), 60–78. https://doi.org/10.7441/joc.2023.03.04
Mourao, P., & Stawska, J. (2020). Governments as bankers – how European bonds have substituted bank deposits. Applied Economics, 52(42), 4605–4620. https://doi.org/10.1080/00036846.2020.1738328
Mourao, P., & Stawska, J. (2022). Fiscal and monetary interactions in the European countries: Panel data analysis. Applied Economics, 55(5), 562–576. https://doi.org/10.1080/00036846.2022.2091745
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