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International Trade and Foreign Direct Investment as Innovation Factors of the U.S. Economy

Abstract

The aim of this research is to asses the hypothesis that foreign direct investment (FDI) and international trade have had a positive impact on innovation in one of the most significant economies in the world, the United States (U.S.). To do so, the author used annual data from 1995 to 2010 to build a set of econometric models. In each model, 11 in total) the number of patent applications by U.S. residents is regressed on inward FDI stock, exports and imports of the economy as a collective, and in each of the 10 SITC groups separately.

Although the topic of FDI is widely covered in the literature, there are still disagreements when it comes to the impact of foreign direct investment on the host economy [McGrattan, 2011]. To partially address this gap, this research approaches the host economy not only as an aggregate, but also as a sum of its components (i.e., SITC groups), which to the knowledge of this author has not yet been done on the innovation-FDI-trade plane, especially for the U.S.

Unfortunately, the study suffers from the lack of available data. For example, the number of patents and other used variables is reported in the aggregate and not for each SITC groups (e.g., trade). As a result, our conclusions regarding exports and imports in a specific SITC category (and the total) impact innovation in the U.S. is reported in the aggregate.

General notions found in the literature are first shown and discussed. Second, the dynamics of innovation, trade and inward FDI stock in the U.S. are presented. Third, the main portion of the work, i.e. the econometric study, takes place, leading to several policy applications and conclusions.

Open access
Building Effective Marketing Communications in Tourism

Abstract

In the world of rapid technological evolution and economy of digitalization, consumers are continuously changing. Tourists are among the first. Their behaviour, media consumption, engagement level and expectations must influence on transformation of applied communication tools. In recent decades, the pace of change became faster. Media consumption has shifted to Internet, Mobile and innovative mediums. The paper proposes modern forms of communication tools on different stages of making-decision process and describes role of each to build marketing communications of tourism industry actors in a more effective way.

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Economic and Financial Monitoring of Research Organizations

Abstract

A research project achieves its utmost utility when it manages to combine the achieved technical-scientific results with the optimization of economic and financial resources adopted. Effective research budget structuring is required as well as focused monitoring of the use of resources on the basis of planned scheduling. When creating the budget, it is essential to optimize the times and ways of use of researchers because resources are fundamental. The monitoring phase should make sure that the controlling body is not related to the scientific director of the project itself. Furthermore, monitoring should ensure prompt notification of budget deviations so that the research director can make the required corrections.

Objective: The paper aims at showing the essential role of economic and financial control in order to achieve optimum effectiveness and efficiency of research. The demonstration was achieved by simply using an in-field experience within a private research organization.

Methodology: The sources for this paper included the ones from a process of participating observation.

Findings: The source is specific to the case studied in a participative way by the authors

Value Added: The value of the paper can be seen from the illustration and comment on an operational situation concerning a private research organization. It is especially important for these organizations to achieve an economic and financial equilibrium in order to survive and to become operationally independent with respect to financing entities.

Recommendations: The achievement of an economic/financial equilibrium is essential for all organizations including research entities. The priority given to effectiveness and efficiency in research projects would be desirable in public and university research organizations as well. Field studies for these organizations may highlight ample margins of recovery of efficiency and effectiveness as well as detecting improvement methodologies.

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Innovation and Internationalization of Hungarian SMEs in the IT Industry

Abstract

The aim of this paper is to look at the extent and type of internationalization among Hungarian information technology (IT) small- and medium-sized enterprises (SMEs) and the possible relationship between the degree of innovativeness and the internationalization of these companies. Information technologies play an important role in the Hungarian economy: this sector is one of the most R&D intensive industries in which many SMEs are active.

The paper reviews relevant theories of internationalization in research, development and innovation (RDI) to give a broader picture of the environment in which SMEs have to succeed. This is followed by a secondary data analysis to show the situation of the industry in Hungary, then by an analysis of the survey data and interviews designed specifically for the purpose of this research.

The new empirical results show that Hungarian IT SMEs are still at the beginning of the internationalization process: while aware of the advantages of collaborations and internationalization, they are still reluctant to venture out of their “safety zone” and therefore they collaborate only with their closest partners. Very few SMEs have decided to establish international RDI contacts.

The analysis suggests that the main barriers in internationalization of the Hungarian SMEs are due to lack of capital, appropriate managerial capabilities and innovation-friendly economic environment.

So far, most theories/empirical research have concentrated on the role and activities of multinational enterprises in the internationalization of RDI, while in the literature less relevant knowledge on SMEs is available. The aim of this paper is to contribute to this latter part of the literature by analyzing the international activities of innovative/R&D-intensive SMEs in Hungary.

Open access
Creation of High Technologies: Comparative Analysis of Countries

Abstract

Research purpose. High technology creation, as a rule, requires national support systems although the flow of the created value in an international level is unexplored. The national innovation systems are becoming globalized; thus the distinct process of creation, dissemination and implementation of high technologies is becoming globally fragmented and therefore the added value distribution within the global value chain (GVC) should be investigated.

Design/Methodology/Approach. The brief and extensive academic literature review dedicated to high technology creation is introduced, although the empirical investigation is narrowed to the scientific research and development sector, depicted as M72 by NACE statistical classification. Thus empirical research design is based on the sectoral level data, considering M72 sector as the main economic activity for high technology creation. The data for the comparative analysis of countries is retrieved from the 2014 world input–output data (WIOD) which enables to exclude double counting of added value inherent for the convenient import and export data and holds information of intermediate and final consumption of added value within a country and between different countries. The descriptive statistic based on WIOD data is provided and further prescriptive statistics for the data interpretation is conducted. While developing the predictive models, the number of investigated countries varies while the data for M72 sector is not available for all countries provided in WIOD and including to the model basic science and technology indicators as independent variables, retrieved from the Organisation for Economic Co-operation and Development database, the number of countries reduced additionally, also due to the data shortage.

Findings. The key result is the provided methodology for the positioning of the countries evaluating the involvement in the upstream and downstream GVC processes, hereby introducing new indicators that may have an impact on the sector’s performance.

Originality/Value/Practical implications. The evaluation of high technologies creation performance would provide insights into the international management and innovation policies, and the matrix concept for the positioning countries by the pattern of involvement to the GVCs could be applied to other sectors.

Open access
Technological Environment as a Factor of Development for Enterprises Providing Accommodation Services

Summary

Subject and purpose of work: The objective of this article was to present opinions of owners of all-year-round accommodation facilities operating within the area of the Lublin Voivodeship with regards to the meaning and manner of impacting on the development of enterprises by technological environment factors.

Materials and methods: In April and May of 2018 field research was realized by means of CAT method within the area of Lublin Voivodeship. The research covered 110 economic entities.

Results: The most numerous group of research participants - more than 80% considered the development of Internet as a rather contributing or definitely contributing to the growth of their economic entities. More than 60% of research participants noted that growth of computer systems, video and mobile telephones as well as development of transportation networks rather contributed to or definitely contributed to better functioning of accommodation facilities in the area of the Lublin Voivodeship.

Conclusions: Vast majority of entrepreneurs considered factors of technological environment, specified during research as contributing and definitely contributing to the development of Lublin accommodation facilities. The impact of Internet seems especially important. The type of commune does not differentiate in any statistically significant manner the entrepreneurs’ assesment regarding the impact related to the factors of technological environment on the growth of their companies.

Open access
Policy for the Support of Creative Economy

Creative economy has become an important part of the development policies for more than a decade. Traditional approaches and tools of regional policy have not sufficiently operated in the creative economy framework. The paper presents the first insight of authors an this topic. The first part is focused on creative economy as a policy object in theory and in the EU policy level. It is followed by examples from two countries oriented on SMEs policy tools and on institutional framework. On a basis of the case studies the paper also looks at policy tools and their status in Slovakia. The final part contains proposals for policy tools in two areas - tools oriented on small and medium sized enterprises support and tools for creation of a specific creative economy development conditions (regulatory framework, supporting institutions and intellectual property rights area).

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Problems of Polish enterprises in the field of innovation

Abstract

Innovative activity of enterprises in Poland is mostly generated by European funds that concern boosting European regions based on its significant resources and new technologies. Polish enterprises development within innovations is based mainly on accumulating new products and new technologies that improve organization and increase sale of products and services. Papers presents research findings that concern problems resulting from the innovations implementing in Polish enterprises comparing with European results. There is presented European Innovation Index providing a comparative assessment of the innovation performance at the country level of the EU Member States and the Regional Innovation Scoreboard (RIS) that presents results of innovative activity in Polish and European enterprises including regional data from the Community Innovation Survey (CIS).

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Technological competitiveness of the EU member states in the era of the fourth industrial revolution

Abstract

The aim of this paper is to investigate the implications of the fourth industrial revolution for technological competitiveness, its definition and measurement methods. An empirical part is aimed at identifying comparative advantages of the European Union in digital technologies. Recently new approaches have appeared to measure digital competitiveness, however they use a broad definition of competitiveness that encompasses not only technological factors but also the macroeconomic and institutional environment (IMD, 2017; WEF, 2018). There is still a limited number of studies focused on the technological dimension of competitiveness in digital technologies. This paper fills the gap by developing a conceptual framework based on patent indicators, i.e. Patent Share and Revealed Technological Advantage indices. It allows a consistent analysis of the comparative advantages of the EU member states in digital technologies to be conducted. The results confirm a huge diversity within the EU in terms of digital technologies, their global impact and comparative advantages.

Open access
The Changing Role of the Service Sector in an Innovation-Oriented Economy

Abstract

The development of a service economy and the more and more noticeable phenomenon of servicization have become inseparable elements in the evolution of the modern economy. The goal of this paper is to analyse the impact of servicization on selected economies, both in terms of GDP and employment structure, as well as on changes in foreign trade. The secondary, but still important aim is to examine the relationship between servicization and innovation processes. Based on the conducted research, it can be stated that the process of servicization occurs in both developed post-industrial economies and increasingly often in developing countries. Moreover, the analysis of the relationship between the general level of innovation in the economy and the degree of its servicization, showed that in many countries higher innovation is often associated with a stronger role of the service sector in the economy. The dynamics of structural change taking place in the “deagrarianization-deindustrialization-servicization” chain is therefore substantially influenced by technological progress.

Open access