We estimate the relationships between innovation and human resources in Europe using the European Innovation Scoreboard of the European Commission for 36 countries for the period 2010-2019. We perform Panel Data with Fixed Effects, Random Effects, Pooled OLS, Dynamic Panel and WLS. We found that Human resources is positively associated to “Basic-school entrepreneurial education and training”, “Employment MHT manufacturing KIS services”, “Employment share Manufacturing (SD)”, “Lifelong learning”, “New doctorate graduates”, “R&D expenditure business sector”, “R&D expenditure public sector”, “Tertiary education”. Our results also show that “Human Resources” is negatively associated to “Government procurement of advanced technology products”, “Medium and high-tech product exports”, “SMEs innovating in-house”, “Venture capital”. In adjunct we perform a clusterization with k-Means algorithm and we find the presence of three clusters. Clusterization shows the presence of Central and Northern European countries that has higher levels of Human Resources, while Southern and Eastern Europe has very low degree of Human Resources. Finally, we use seven machine learning algorithms to predict the value of Human Resources in Europe Countries using data in the period 2014-2021 and we show that the linear regression algorithm performs at the highest level.
We investigate the relationship between “Venture Capital Expenditures” and innovation in Europe. Data are collected from the European Innovation Scoreboard for 36 countries in the period 2010-2019. We perform Panel Data with Fixed Effects, Panel Data with Random Effects, Pooled OLS, WLS, Dynamic Panel. Results show that the level of Venture Capitalist Expenditure is positively associated to “Foreign Doctorate Students” and “Innovation Index” and negatively related to “Government Procurement of Advanced Technology Products”, “Innovators”, “Medium and High-Tech Products Exports”, “Public-Private Co-Publications”. In adjunct, cluster analysis is realized with the algorithm k-Means and the Silhouette coefficient, and we found the presence of four different clusters for the level of “Venture Capital Expenditures”. Finally, we propose a confrontation among 8 different algorithms of machine learning to predict the level of “Venture Capital Expenditures” and we find that the linear regression generates the best results in terms of minimization of MAE, MSE, RMSE.
In this article we estimate the level of “Design Application” in 37 European Countries in the period 2010-2019. We use data from the European Innovation Scoreboard-EIS of the European Commission. We perform four econometric models i.e., Pooled OLS, Panel Data with Random Effects, Panel Data with Fixed Effects, Dynamic Panel. We found that the level of Design Applications is negatively associated to “Enterprise Births”, “Finance and Support”, “Firm Investments” and positively associated with “Venture Capital”, “Turnover share large enterprises”, “R&D expenditure public sector”, “Intellectual Assets”. In adjunct we perform a cluster analysis with the application of the k-Means algorithm optimized with the Silhouette Coefficient and we found three different clusters. Finally, we confront eight different machine learning algorithms to predict the level of “Design Application” and we found that the Tree Ensemble is the best predictor with a value for the 30% of the dataset analyzed that is expected to decrease in mean of -12,86%.
In this article, we analyse the determinants of Regulatory Quality-RQ for 193 countries in the period 2011-2020. We use a database from ESG-Environment Social Governance of the World Bank. We apply OLS, Panel Data with Fixed Effects and Panel Data with Random Effects. We found that the variables that have the most positive impact on RQ, among others, are “GHG Net Emission”, “Mean Drought Index”, and “Heat Index”. We also found that the variables that have the most negative impact on RQ are among others “Renewable Energy Consumption”, “Voice and Accountability” and “Rule of Law”. Furthermore, we have applied the k-Means algorithm optimized with the Elbow Method and we find the presence of five clusters. In adjunct, we confront eight machine learning algorithms to predict the value of RQ and we found that the best predictor is Polynomial Regression. The predictive level of RQ for the analysed countries is expected to diminish of -1,29%. In the end, we present a network analysis with the Euclidean distance and we found the presence of a structure of seven networks using augmented data. JEL Classification: D7, D70, D72, D73, D78.
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