The Effect of R&D Expenditure on Innovation in the Regions of Greece

Proceedings of the 2nd Panhellenic Scientific Conference with International Participation “Greece-Europe 2020: Education, Lifelong Learning, Research, New Technologies, Innovation and Economy”, Lamia, 28,29,30 September 2018
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Published: Oct 15, 2019
DOI: https://doi.org/10.12681/elrie.1578
Keywords:
Research & Development Innovation Regions Panel Data Analysis
Αναστάσιος Καραθεόδωρος
Χρήστος Σταϊκούρας
Κωνσταντίνος Τσαμαδιάς
Abstract

 

 The aim of this paper is to empirically investigate the relationship and the impact of Research and Development (R&D) expenditures (total, public and private) on innovation, in the 13 regions of Greece during the period 1995-2015. Empirical analysis is based on an endogenous approach (Grossman & Helpman, 1991; Jones, 1995b) and implements panel data analysis. 

The findings of the study show that there exists a long-term unidirectional causal relationship between R&D and innovation and that the impact of total, public and private R&D expenditure on innovation has been positive and statistically significant. 

It is therefore proposed the increase of R&D expenditures by introducing special tax incentives, using new funding schemes, strengthening new researchers with promising and innovative ideas and using a percentage of the profits of the Hellenic Cooperation for Assets and Participations. It is also proposed the equally, institutional and financial participation of the regions of Greece in the national map of R&D, innovation and entrepreneurship.

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