Preprint Article Version 1 This version is not peer-reviewed

The Influence of Intellectual Capital on Economic Progress and Sustainability

Version 1 : Received: 22 April 2019 / Approved: 24 April 2019 / Online: 24 April 2019 (12:10:55 CEST)

How to cite: Chiriac, I.; Ignat, G.; Ungureanu, G.; Costuleanu, C.L. The Influence of Intellectual Capital on Economic Progress and Sustainability. Preprints 2019, 2019040268 (doi: 10.20944/preprints201904.0268.v1). Chiriac, I.; Ignat, G.; Ungureanu, G.; Costuleanu, C.L. The Influence of Intellectual Capital on Economic Progress and Sustainability. Preprints 2019, 2019040268 (doi: 10.20944/preprints201904.0268.v1).

Abstract

Bio-economy is a major area of the strategy that can afford the European Union to achieve growth: (i) smart, through the development of knowledge and innovation; and (ii) sustainable, based on a greener, more efficient economy in resource management. We believe that the progress of bio-economy cannot be achieved without the harnessing of intellectual capital. Our research aimed to emphasize the benefits of the dynamics of the intellectual capital growth on the evolution of the bio-economy. Thus, the information published by Eurostat (European Statistic Institute) during a period spanning seven years (2011-2018) was used to assess the influence exerted by the conduct of the harness of intellectual capital related to sustainability as well as for the reporting of indicators relevant to appreciating an economic progress and sustainability (renewable waste material, share of renewable energy and energy intensity of the economy). The ultimate goal was represented by the generation of a regression model to see what factor influences mostly the progress of the bio-economy at European and Romanian level. Significant dependency relationships were identified. The results remain robust even after the introduction of certain control variables, such as gross domestic product rate, food production, population growth, urbanization growth and inflation. Our paper sets out to contribute to expanding the specialty literature by highlighting the involvement of intellectual capital as a factor in optimizing sustainability growth and, at a methodological level, by using a multiple regression.

Subject Areas

intellectual capital; sustainability; harness; bio-economy; global crisis

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