A Multidimensional Approach to Competitiveness, Innovation and Well-Being in the EU Using Canonical Correlation Analysis
Ane-Mari Androniceanu, Jani Kinnunen, Irina Georgescu, Armenia Androniceanu
Keywords:
competitiveness, innovation, well-being, HDI, GDP
Abstract:
Achieving a competitive economy and a competitive market generally proceeds from the desire
to meet economic and social objectives and it ensures a growing level of social welfare. The
objectives of our research are to determine and highlight the bidirectional linear correlations
among competitiveness, well-being and innovation and to analyze the main factors that influence
these relations. Our research includes the EU member states and the UK using these countries’
specific indicators from the databases of EUROSTAT, the World Economic Forum and the
United Nations from 2016-2018. We used Canonical Correlation Analysis to determine a set of
canonical variates which represent linear combinations of the variables from each set. The contributions
of our research show a direct and strong link among the three pillars of competitiveness,
innovation and well-being. This analysis allowed us to identify and analyze the influence
of innovation on the economic development and competitiveness of each EU country and on
the well-being of its population. Governments and organizations that invest more in research in
terms of innovation to increase the competitiveness of their products and services have shown a
growing GDP and a higher level of population well-being. This research is representative at the
European level and may influence the decisions of national governments and other institutions
to encourage innovation through drivers such as R&D expenditures and human resources as
the main factors generating economic growth and competitiveness, thus with a direct effect on
GDP and on well-being.
Fulltext download:
 A Multidimensional Approach to Competitiveness, Innovation and Well-Being in the EU Using Canonical Correlation Analysis [PDF file] [Filesize: 1.73 MB]
 10.7441/joc.2020.04.01
Androniceanu, A.-M., Kinnunen, J., Georgescu, I., & Androniceanu, A. (2020). A Multidimensional
Approach to Competitiveness, Innovation and Well-Being in the EU Using Canonical Correlation
Analysis. Journal of Competitiveness, 12(4), 5–21. https://doi.org/10.7441/joc.2020.04.01
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