Innovation activity of regions: assessing financial and non-financial factors


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Abstract

The issue of technological modernization and ensuring technological sovereignty of Russia necessitates identifying the financial and non-financial factors of regional innovation development. The study aims to assess the influence of these factors, taking into account regional specificities. The research methodology is based on the concepts of technological sovereignty, open innovations, and industrial policy. The author applied methods of econometric panel data analysis using regression equations that included quadratic terms to identify nonlinear dependencies. To account for regional specificities, a typology of the constituent entities of the Russian Federation was developed (science-intensive, industrial, resource-based, and diversified). A stable positive correlation was identified between the level of regional innovation activity and two key factors: the volume of spending on technological innovation (with an optimal threshold of 4.1 %) and the number of researchers. Furthermore, a diminishing return effect was detected: exceeding the optimal level of innovation investment leads to a decrease in their effectiveness. Science-intensive and industrial regions demonstrate higher indicators compared to diversified ones, while resource-based regions lag behind. The analysis revealed no statistically significant impact of R&D expenditures on innovation activity, indicating a need to revise existing scientific research funding mechanisms. The obtained results confirm the necessity for a differentiated approach to regulating innovation processes, taking into account regional specialization and economic characteristics. Particular attention should be paid to optimizing the level of innovation spending and developing human scientific potential focused on high-quality research outputs. For resource-based regions, the development of special measures to overcome structural constraints and diversify the economy is critical. The results of the study provide a scientific basis for the formulation of targeted technological development strategies aimed at strengthening technological sovereignty of Russia.

About the authors

Svetlana E. Demidova

Financial University under the Government of the Russian Federation

Author for correspondence.
Email: demidovapsk@gmail.com
ORCID iD: 0000-0002-2169-4190

PhD (Economics), Associate Professor, assistant professor of Chair of Public Finance of Financial Faculty

Russian Federation, 125167, Russia, Moscow, Leningradsky Prospekt, 49/2

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