Giyasova Z., Mursalov M., Hajiyev J., Amowine N., Pənahova G.
PROBLEMS AND PERSPECTIVES IN MANAGEMENT, vol.23, no.3, pp.218-231, 2025 (Scopus)
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Publication Type:
Article / Article
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Volume:
23
Issue:
3
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Publication Date:
2025
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Doi Number:
10.21511/ppm.23(3).2025.16
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Journal Name:
PROBLEMS AND PERSPECTIVES IN MANAGEMENT
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Journal Indexes:
Scopus, ABI/INFORM, PAIS International, Directory of Open Access Journals
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Page Numbers:
pp.218-231
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Open Archive Collection:
Article
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Azerbaijan State University of Economics (UNEC) Affiliated:
Yes
Abstract
Type of article: Research Article
AbstractThis study investigates the causal relationship between research and development (R&D) financing and economic growth in Hong Kong over the period 1998–2022. It examines both public and private R&D expenditures, along with the number of researchers involved in R&D, to evaluate their influence on GDP per capita. Utilizing advanced time series econometric techniques, including the Toda-Yamamoto causality approach and cointegration analysis, the results reveal a statistically significant unidirectional causality from R&D expenditure to GDP per capita (χ² = 26.443, p < 0.01) and from researchers in R&D to GDP per capita (χ² = 38.164, p < 0.01). Additionally, feedback effects were observed, with GDP per capita also causing R&D expenditure (χ² = 17.471, p < 0.01), and R&D expenditure influencing the number of researchers (χ² = 6.718, p < 0.01). These findings highlight the dynamic interplay between financial inputs and human capital in R&D and underscore the importance of sustained investment and a skilled research workforce in fostering long-term economic growth. The evidence supports the strategic role of R&D policy in enhancing productivity and promoting economic sustainability in knowledge-based economies.