The influence of the number of patents on the economic growth of the country – evidence from Serbia and Hungary

Domazet, Ivana and Marjanović, Darko and Ahmetagić, Deniz and Simović, Vladimir (2023) The influence of the number of patents on the economic growth of the country – evidence from Serbia and Hungary. Strategic management: international Journal of Strategic Management and Decision Support Systems in Strategic Management. ISSN 2334-6191

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Abstract

Background: One of the indicators of a country's innovation is the total number of registered patents. This
paper analyzes the number of registered patents and the impact they can have on the country's economic
growth and innovation. .
Purpose: The paper aims to determine whether there is a positive impact of market verification of the results of
research and development activities, measured by the number of patents per million inhabitants, on economic
growth and the growth of innovation in the country.
Study design/methodology/approach: Quantitative research design was applied in the analysis since the
task was to investigate the influence of the number of patents on the economic growth of the country. The
empirical research covered two countries - Serbia and Hungary. It used secondary data from the international
databases of the World Bank and World Intellectual Property Organization, covering the period from 2008 to
2018.
Finding/conclusions: The results of the empirical research showed that the increase in the number of patents
per million inhabitants contributes only to the innovation index's growth in Hungary. On the other hand, in the
case of Serbia, there is no statistically significant relationship between the number of patents per million
inhabitants and the country's innovation index, or the number of patents per million inhabitants and GDP per
capita.
Limitations/future research: The limitations are: the small number of analyzed countries and the number of
indicators analyzed. Therefore, in the framework of future research, it would be desirable to expand the analysis
to more countries and establish the impact of patents on more indicators of innovation.

Item Type:	Article
Additional Information:	COBISS.ID=118741257
Uncontrolled Keywords:	patents, innovation, GDP per capita, economic growth
Research Department:	Digital Economics
Depositing User:	Jelena Banovic
Date Deposited:	19 Jun 2023 11:10
Last Modified:	22 Jun 2023 07:44
URI:	http://35.240.28.64/id/eprint/1912
Author Links:	[error in script] No links available.

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