AN EMPIRICAL ANALYSE OF THE CORRELATION BETWEEN INNOVATION PERFORMANCE AND ECONOMIC DEVELOPMENT

Abstract

This study aims to highlight the correlation between innovation performance and economic development, based on the main theories in the field. We analyzed specific indicators worldwide for the year 2013 namely Gross Domestic Product per capita in current US$ (GDP/capita), as dependent variable, and innovation performance score calculated by WEF (INOV), as independent variable. Different types of models were empirically tested with the IBM® SPSS® Statistics Version 21 software. The results demonstrate that there is a significant correlation between variables, which is best described by the cubic model.

Keywords

• innovation performance
• economic development
• correlation
• regression equation