A MULTI-CRITERIA APPROACH TO THE COMPARATIVE ANALYSIS OF THE GLOBAL INNOVATION INDEX ON THE EXAMPLE OF THE WESTERN BALKAN COUNTRIES
Keywords:informal labour, informal work, shadow economy, labour, macroeconomics, developing economies, globalisation.
Innovation is crucial for the competitiveness of countries in the global market.
Countries oriented to progress must invest in innovative activities. Using the
example of the Western Balkan countries, this study investigated their innovative
competitiveness. The indicators of the Global Innovation Index (GII) were used
for the years 2019, 2020, and 2021. A multi-criteria approach was based on the
innovative SMART approach. The weights of the criteria were determined using
the CRITIC (criteria importance through intercriteria correlation) method,
while the CRADIS (compromise ranking of alternatives from distance to ideal
solution) method ranked the Western Balkan countries according to their
innovative characteristics. The results showed that Montenegro had the best
innovation indicators, followed by Serbia, while Albania had the worst indicators.
This research showed an innovative approach of using four normalizations, and
the advantages of these normalizations were used to contribute to stabilization in
Al-Sudairi, M., & Haj Bakry, S. (2014). Knowledge issues in the global innovation index: Assessment of the state of Saudi Arabia versus countries with distinct development. Innovation, 16(2),176-183.
Aytekin, A., Ecer, F., Korucuk, S., & Karamaşa, Ç. (2022). Global innovation efficiency assessment of EU member and candidate countries via DEA-EATWIOS multi-criteria methodology. Technology in Society, 68, 101896.
Brem, A., Viardot, E., & Nylund, P. A. (2021). Implications of the Coronavirus (COVID-19) outbreak for innovation: Which technologies will improve our lives? Technological Forecasting and Social Change, 163, 120451.
Carayannis, E. G., & Grigoroudis, E. (2016). Using multiobjective mathematical programming to link national competitiveness, productivity, and innovation. Annals of Operations Research, 247(2), 635-655.
Chen, J., Yin, X., & Mei, L. (2018). Holistic Innovation: An Emerging Innovation Paradigm. International Journal of Innovation Studies, 2(1), 1-13.
Comes, C-A., Bunduchi, E., Vasile, V., & Stefan, D. (2018). The Impact of Foreign Direct Investments and Remittances on Economic Growth: A Case Study in Central and Eastern Europe. Sustainability, 10(1), 238.
Crespo, N. F., & Crespo, C. F. (2016). Global innovation index: Moving beyond the absolute value of ranking with a fuzzy-set analysis. Journal of Business Research, 69(11), 5265-5271.
Diakoulaki, D., Mavrotas, G., & Papayannakis, L. (1995). Determining objective weights in multiple criteria problems: The critic method. Computers & Operations Research, 22(7), 763-770.
Hazen, B. T., Overstreet, R. E., & Cegielski, C. G. (2012). Supply chain innovation diffusion: going beyond adoption. The International Journal of Logistics Management, 23(1), 119-134.
Huarng, K.-H., & Yu, T. H.-K. (2022). Analysis of Global Innovation Index by structural qualitative association. Technological Forecasting and Social Change, 182, 121850.
Iqbal, A. (2011). Creativity and innovation in Saudi Arabia: An overview. Innovation, 13(3), 376-390.
Jankowska, B., Matysek-Jędrych, A., Mroczek-Dąbrowska, K. (2017). Efficiency of national innovation systems: Poland and Bulgaria in the context of the Global Innovation Index. Comparative Economic Research, 20(3), 77-94.
Kiseľáková, D., Šofranková, B., Gombá, M., & Čabinová, V., (2019). Onuferová E. Competitiveness and Its Impact on Sustainability, Business Environment, and Human Development of EU (28) Countries in terms of Global Multi-Criteria Indices. Sustainability, 11(12), 3365.
Kovačević, S., Rebić, M., & Kurušić, D. (2021). The impact of the inflow of foreign direct investments on the economic development of Serbia. ECONOMICS - Innovative and Economics Research Journal, 9(2), 123-142.
Mašić, B., Nešić, S., & Vladušić, L. (2018). Challenges in creating transformative growth for companies in digital economy. ECONOMICS - Innovative and Economics Research Journal,6(2), 37-48.
Mešić, A., Miškić, S., Stević, Ž., Mastilo, Z. (2022). Hybrid MCDM solutions for evaluation of the logistics performance index of the Western Balkan countries. ECONOMICS - Innovative and Economics Research Journal, 10(1), 13-34.
Mihaela, M., & Ţiţan, E. (2014). Education and Innovation in the Context of Economies Globalization. Procedia Economics and Finance, 15, 1042-1046.
Nedeljković, M., Puška, A., Doljanica, S., Virijević Jovanović, S., Brzaković, P., Stević, Ž., Marinkovic, D. (2021). Evaluation of rapeseed varieties using novel integrated fuzzy PIPRECIA – Fuzzy MABAC model. PLoS ONE, 16(2), e0246857.b
Nußholz, J. L. K. (2018). A circular business model mapping tool for creating value from prolonged product lifetime and closed material loops. Journal of Cleaner Production, 197, 185–194.
Oturakci, M. (2022). Comprehensive analysis of the global innovation index: statistical and strategic approach. Technology Analysis & Strategic Management. Article in press.
Pašalić, S., Mastilo, Z., Đurić, A., & Marković, D. (2020). Demographic trends and the educational system of the Republic of Srpska. ECONOMICS - Innovative and Economics Research Journal, 8(1), 93-113.
Pence, I., Kalkan, A., & Cesmeli, M. S. (2019). Estimation of the Country Ranking Scores on the Global Innovation Index 2016 Using the Artificial Neural Network Method. International Journal of Innovation and Technology Management, 16(4), 1940007.
Puška, A., Beganović, A., & Šadić, S. (2018). Model for investment decision-making by applying the multi-criteria analysis method. Serbian Journal of Management, 13(1), 7-28.
Puška, A., Nedeljković, M., Zolfani, S. H., & Pamučar, D. (2021). Application of Interval Fuzzy Logic in Selecting a Sustainable Supplier on the Example of Agricultural Production. Symmetry, 13(5), 774.
Puška, A., Pamucar, D., Stojanović, I., Cavallaro, F., Kaklauskas, A., Mardani, A. (2021b). Examination of the Sustainable Rural Tourism Potential of the Brčko District of Bosnia and Herzegovina Using a Fuzzy Approach Based on Group Decision Making. Sustainability, 13(2), 583.
Puška, A., Stević, Ž. & Pamučar, D. (2022). Evaluation and selection of healthcare waste incinerators using extended sustainability criteria and multi-criteria analysis methods. Environment, Development and Sustainability, 24(9), 11195-11225.
Radukić, S., Mastilo, Z., Kostic, Z., Vladusic, L., (2019). Measuring of The Goods and Labor Markets Efficiency: Comparative Study of Western Balkan Countries. Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), 15(2), 95-109.
Rogers, E. M. (2003). Diffusion of Innovations. New York, Free Press. Samoilikova, A. (2020). Financial Policy of Innovation Development Providing: The Impact Formalization. Financial Markets, Institutions and Risks, 4(2), 5-15.
Sener, S., & Delican, D. (2019). The causal relationship between innovation, competitiveness andforeign trade in developed and developing countries. Procedia Computer Science, 158, 533-540.
Sohn, S. Y., Kim, D. H., & Jeon, S. Y. (2015). Re-evaluation of global innovation index based on a structural equation model. Technology Analysis & Strategic Management, 28(4), 492-505.
Stojanović, I., & Ateljević, J. (2011). Innovation in The Public Sector The Way Forward For An Effective Reform Of Public Sector Management In Bosnia And Herzegovina, In Conference Proceedings “Economic Development And Entrepreneurship In Transition Economies”,
Banja Luka, 184.
Trung, D.D. (2022). Development of data normalization methods for multi-criteria decision making: applying for MARCOS method. Manufacturing Review, 9, 22.
Yu, T. H.-K., Huarng, K.-H., & Huang, D.-H. (2021). Causal complexity analysis of the Global Innovation Index. Journal of Business Research, 137, 39-45.
How to Cite
Copyright (c) 2022 ECONOMICS - INNOVATIVE AND ECONOMICS RESEARCH JOURNAL
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.