Authors: Petkovski, Ivana 
Affiliations: Computer Science 
Mathematical Institute of the Serbian Academy of Sciences and Arts 
Title: Structural PCA-MLR model of the innovation environment in BRICS countries
Other Titles: Strukturni PCA-MLR model inovacionog okruženja u zemljama BRIKS-a
Journal: Serbian Journal of Management
Volume: 18
Issue: 1
First page: 1
Last page: 26
Issue Date: 2023
Rank: M24
ISSN: 1452-4864
DOI: 10.5937/sjm18-32136
Abstract: 
The process of globalization forces market changes in the form of intense competition.
Economies can survive by getting competitive advantage in the global market through developing
innovation. The main target of this empirical research is to discover the most important innovation
components that constitute structure of the global innovation index (GII) and judge their influence in
emerging BRICS economies. Innovation process is discussed on the grounds of GII ranking scores
accumulated from 2011 to 2021. The research outcome of the Principal Component Analysis adopted
nine components that represent seven dimensions. Extracted components are further used in the
regression analysis to establish a multiple linear regression (MLR) equation for predicting the GII
score used in the overall ranking. Derived regression solution introduced valuable MLR results with
high coefficient of determination where 98.2% of the GII values are explained by the extracted
components. The dominant effects on GII are attained in innovation components that include general
infrastructure and knowledge workers. Moreover, comparison analysis of the actual and computed
GII scores illustrated 99.1% overlap between the two values. Evaluated results of the PCA-MLR
analysis serve to investigate the success in developing innovation performances in emerging
economies by comparing innovation index accomplished by BRICS.
Keywords: innovation | Global Innovation Index | BRICS | principal component analysis | regression
Publisher: University of Belgrade - Technical Faculty - Management Department, Bor

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