National Intellectual Capital Influence on Economic Growth in the European Union Countries
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Research background: Importance of intangible resources for country’s ec onomic growth is widely recognized. However, empirical evidence o f this influence is hard to show due to measurement limitations of intangible resources. Ma jority of empirical studies concentrates on the analysis of a specific type of intangible re source’s influence on economic growth. National intellectual capital concept provides back ground for an integrated assessment of the country's intangible resources. This new approa ch enables the estimation of intangible resources’ influence to economic growth in a more c omplex way. Purpose of the article: a) To examine various scientific approaches of the national intellec- tual capital and its impact on the economic growth; b) to offer a measurement model of the national intellectual capital influence on economic growth; c) to evaluate the specific Euro- pean Union countries’ intellectual capital’s effect on their economic growth. Methods: Econometric analysis; refined factor value computat ion method using the stand- ardized regression coefficients; the SAW method; ex pert evaluation, cluster analysis; corre- lation and regression analyses. Findings & Value added: A review of the economic growth theories showed tha t structural components of intellectual capital (human capital, structural capital, social capital, relational capital) in economic growth theories are analyzed a s key determinants of economic growth. Our proposed research methodology consists time lag between variables and this let us evaluate casual relation. Empirical analysis of 25 European Union countries’ intellectual capital’s effect on their economic growth rate reve aled that national intellectual capital and the countries’ level of economic development have s tatistically significant impact on eco- nomic growth rate. The analysis of intellectual cap ital components’ influence on economic growth rate of 25 European Union countries showed t hat only human capital and the level of economic development have statistically significant influence. A more comprehensive hu- man capital’s influence on economic growth analysis revealed that 63.1 percent of the long- term economic growth rate in 25 European Union coun tries can be explained by differences in their economic development level and differences in educational achievement factor values. Moreover, analysis of national intellectual capital effect on economic growth in separate clusters allowed to identify influence dif ferences in each group of countries.
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