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http://dx.doi.org/10.14386/SIME.2022.30.4.1

The Effect of smart specialisation on the Regional Economy  

Minchul Kim (한국기술교육대학교 )
Byung-Keun Kim (한국기술교육대학교 산업경영학부)
Publication Information
Journal of Technology Innovation / v.30, no.4, 2022 , pp. 1-28 More about this Journal
Abstract
Arguably many studies point out that regional innovation capabilities are accepted as a major source of growth for the sustainable regional economy. Recently, a smart specialisation strategy that should reflect regional characteristics in the policy implementation process of the regional innovation system has been proposed, but empirical studies have only presented limited results. This study attempts to overcome limitations by approaching smart specialisation as a supplementary strategy for existing regional innovation research. To this end, smart specialisation was not an alternative strategy for the regional innovation system, but rather the institutional elements of regional innovation capabilities, and the relationship between regional innovation capabilities and the local economy was analyzed to identify the impact of smart specialisation on the local economy. A study was conducted through a panel model consisting of 16 cities and provinces in Korea and 10 years from 2009-2018, and the FGLS model was finally used through the process of searching for an appropriate panel model. As a result of the study, smart specialisation consisting of industry related variety and non-related variety had a positive effect on the local economy. In addition, other regional innovation capabilities measured by dividing them into base and facilitating factors also had a positive effect on the local economy, reaffirming the results of positive research between existing regional innovation and the local economy. This study is meaningful in that smart specialisation lacking in domestic research was viewed as an institutional element of regional innovation capabilities, and it was measured through regional industry-related variety and non-related variety.
Keywords
Regional Innovation System; Regional Innovation Capability; smart specialisation; Related Variety; Unrelated Variety;
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