Knowledge management and economic growth: The assessment of links and determinants of regulation

Vol. 29, No. 3/2021 © 2021 Au ho s. This is an open access a icle dis ibu ed unde he C ea i e Commons BY 4.0 license (h ps://c ea i ecommons.o g/licenses/by/4.0) DOI: 10.7206/cemj.2658-0845.52 „Cen al Eu opean Managemen Jou nal” Vol. 29, No. 3/2021, p. 20–39, ISSN: 2658-0845, e-ISSN: 2658-2430 Knowledge Managemen and Economic G ow h: The Assessmen o Links and De e minan s o Regula ion Olena Oliinyk1, Yu iy Bilan2, Halyna Mishchuk3 Submi ed: 18.01.2021. Accep ed: 16.05.2021 Abs ac Pu pose: In o de o make an in o med choice o he mos e ec i e ools o ensu ing he de elop- men o acompe i i e economy, i is impo an o ake in o accoun he links be ween mac oeconomic indica o s o p og ess and he mos impo an componen s o knowledge managemen . In his ega d, he aim o ou s udy is o assess he ela ionship be ween knowledge managemen ac o s and economic g ow h in o de o selec he ac o s ha mos de e mine he posi i e changes in G oss na ional income pe capi a. Me hodology/ esul s: As a esul o he sys ema iza ion o he main in e na ional indices, which use knowledge managemen ac o s and he au ho s’ co ela ion analysis o hei ela ionships wi h GNI pe capi a, conclusions a e made abou he g ea es e ec i eness a he p esen s age o ac ion, which esul s in skills de elopmen (such as he abili y o wo k wi h new echnologies and wi h people, lexibili y and coope a ion), inno a i e capaci y, access o in o ma ion and means o commu nica ion. Findings: The pe cep ion o hese ac o s as de e minan s o economic de elopmen and he app o- p ia e di ec ion o he le e s o economic policy will esul in achie ing he g ea es economic e iciency on he basis o he de elopmen o he knowledge economy. Keywo ds: knowledge economy, economic g ow h, GNI pe capi a, knowledge managemen . JEL: J24,O11, O32, O38 1 Labou Resou ces and En ep eneu ship Depa men , The Na ional Uni e si y o Wa e and En i onmen al Enginee ing (Uk aine), Sobo na S , 11, Ri ne, Ri ne Oblas , Uk aine, 33000; e-mail: [email protected], h ps://o cid.o g/0000-0002-3941-2286. 2 Tomas Ba a Uni e si y in Zlin, , nám. T. G. Masa yka 5555, 760 01 Zlín, Czech Republic; Sumy S a e Uni e si y, Ryms’koho-Ko sako a S , 2, Sumy, Sumy Oblas , Uk aine, 40000; e-mail: y.bilan@p z.edu.pl, h p://o cid.o g/ 0000-0003-0268-009X. 3 Na ional Uni e si y o Wa e and En i onmen al Enginee ing (Uk aine) Sobo na S , 11, Ri ne, Ri ne Oblas , Uk aine, 33000; e-mail: h.y.mischuk@ nuwm.edu.ua, h p://o cid.o g/0000-0003-4520-3189. Vol. 29, No. 3/2021 DOI: 10.7206/cemj.2658-0845.52 CEMJ 21 Knowledge Managemen and Economic G ow h: The Assessmen o Links and De e minan s… In oduc ion In he ligh o cu en ends o he gene al s eng hening o knowledge ac o s’ in lu- ence on economic de elopmen , he mode n economy is inc easingly being analyzed h ough he p ism o such concep s as “knowledge economy,” “digi al economy,” “c ea i e economy.” Ob aining and using ele an knowledge oday is acompe i i e ad an age o o ganiza ions, indus ies, and economies in gene al. A p esen , knowledge ac s bo h as anecessa y ac o o p oduc ion and as an independen p oduc . A he same ime, e ec i e knowledge managemen is apowe ul ac o in he high le el o econo mic de elopmen o he wo ld. In o de o ake ull ad an age o his oppo uni y, coun ies should ocus on he ollowing i e main aspec s (UNDP, 2019): educa ion ( ocus on cu iculum quali y, o ien a ion on new echnologies); esea ch, de elopmen , inno a ion, and science (skills/knowledge o esea che s and o ganiza ions o s imula e he de elopmen o new echnologies and he o ma ion o necessa y skills in he u u e); echnologies (p o iding ahigh le el o echnological in as uc u e and ICT needed o sha e knowledge, p omo ing he de elopmen o new echnologies and eaching me hods); economy (as asou ce o inancial esou ces o he in oduc ion o new ech- nologies); a o able en i onmen (o ganiza ional suppo o en ep eneu ship de elop men and inno a ion). These elemen s a e an in eg al pa o he concep o knowledge managemen , so knowledge g ow h is ac ucial de e minan o economic g ow h. Howe e , such assessmen s o knowledge’s impac a he mac oeconomic le el a e complica ed by dynamic changes in knowledge managemen , along wi h he eme gence o new oppo uni ies. Despi e he s eep de elopmen o e icien en ep eneu ial know ledge managemen sys ems and employmen p ac ices, he suppo ha aims a a ac - ing highly skilled employees – desc ibed by Oliinyk e al. (2021) as he scien i ic jus i ica ion o knowledge managemen ac o s – in luences economic g ow h wi h some in o ma ion inconsis encies. They a e caused by oo gene alized in o ma ion base on he mac oeconomic le el. Such a esea ch is conduc ed mainly based on he use o composi e indices, which o a ying deg ees conside ac o s o knowledge and inno- a ion as a esul o knowledge managemen in ela ion o he compe i i eness o he economy (Poó e al., 2018). Incomple e in o ma ion a he mac oeconomic le el is compensa ed by esea ch on he le el o knowledge’s impac on business e iciency and scaling o ob ained dependencies so as o unde s and pa e ns o mac oeconomic p ocesses. Resea che s ha e p o en he s eng hening o he in luence o knowledge ac o s on economic g ow h due o he in luence o in o ma ion and communica ion DOI: 10.7206/cemj.2658-0845.52 22 CEMJ Vol. 29, No. 3/2021 Olena Oliinyk, Yu iy Bilan, Halyna Mishchuk echnologies (Ryma czyk, 2020), he quali y o knowledge managemen (Ulewicz and Blasko a, 2018; A kociuniene, Mikalauskiene, 2019; Fi i e al., 2019; Limba e al., 2020; No iko a e al., 2020; Pod a e al., 2020), including in Indus y 4.0 (Unge man e al., 2018; Písař, Tomáško á, 2020; Po na e al., 2021; Ryma czyk, 2021), and as acompo- nen o economic de elopmen in as uc u e (Dinh, 2020; Yousi e al., 2020; Bogdan, Lomako ych, 2021). To conside componen s o knowledge managemen is cu en ly pa o he main indices ha cha ac e ize economic p og ess: Global Compe i i eness Index, Global Skills Index, o Global Knowledge Index. As asou ce o in o ma ion in his s udy we used he esul s o in e na ional gene aliza ions o dynamics and knowledge manage- men esul s p esen ed in analy ical epo s on he dynamics and componen s o hese and o he indices ela ed o knowledge managemen . Thus, ou wo k seeks o assess he ela ionship o knowledge managemen ac o s wi h he esul s o economic g ow h o selec he ac o s ha mos de e mine he posi i e mac oeconomic changes. The pape is o ganized in ou sec ions: he li e a u e e iew subs an ia es cu en esea ch pe spec i es on knowledge managemen in ela ion o economic g ow h; his is he basis o ou choice o ac o s and subs an ia ion o me hodological bases o e alua ing hei connec ions in sec ion wo, wi h he p esen a ion o esul s in he hi d sec ion o he s udy. The ou h sec ion concludes wha can be used as abasis o de eloping ecommenda ions o imp o ing knowledge managemen o p omo e mac oeconomic g ow h. Li e a u e Re iew Economic g ow h is acomplex ca ego y in luenced by such a ious ac o s as poli ics, social issues, and inancial ma e s. Boldeanu and Cons an inescu (2015) claim ha economic g ow h is a ec ed by di ec ac o s such as human esou ces (inc ease in he ac i e popula ion, in es men in human capi al), na u al esou ces (land, wa e , ossil uel), inc ease in ixed capi al, and echnological p og ess. Mo eo e , he e is he in luence o indi ec ac o s such as ins i u ions, he magni ude o agg ega e demand, in e es on deposi s, in es men a es, he e iciency o he inancial sys em, budge a y and iscal policies, labo and capi al mig a ion, and go e nmen e iciency. Simul aneously wi h he sp ead o in ellec ualiza ion o he global economy and i s ac i e digi aliza ion, knowledge is inc easingly becoming impo an in achie ing eco- Vol. 29, No. 3/2021 DOI: 10.7206/cemj.2658-0845.52 CEMJ 23 Knowledge Managemen and Economic G ow h: The Assessmen o Links and De e minan s… nomic s abili y. Al hough he ole o knowledge managemen in economic de elopmen is ob ious, many issues in his a ea emain unexplo ed. Schola s pay no enough a en ion o de e mining he impac o knowledge managemen on mac oeconomic indica o s, which cu en ly a e he main ones in he p ocess o assessing economic g ow h. These issues a e conside ed by esea che s using cases o coun ies wi h di e en economic de elopmen and dynamics o p og ess (B yl, 2018; Chlebisz, Mie zejewski, 2020; Ki a , Lipkind, 2021). The exis ing scien i ic and me hodological de elopmen s a e mo e ela ed o he s udy o he ela ionship be ween he indi idual componen s o knowledge managemen and economic g ow h. In his aspec , Kalashi e al. (2020) p o e asigni ican posi i e impac o he applica ion o in o ma ion and communica ion echnology skills on he p ocess o knowledge managemen . To con i m his hesis, Adam (2020) conside s ou elemen s: ICT de elopmen , ego e nmen de elopmen , ins i u ional quali y, and economic de elopmen . The de elopmen o ICT is measu ed by he ICT De elopmen Index, which is based on ICT indica o s g ouped in o h ee clus e s: access, use, and skills. The ob ained esul s allow us o s a e ha coun y de elopmen in he ield o ICT is posi i ely ela ed o i s economic de elopmen and can lead o economic g ow h. The impac o ICT on economic g ow h has been con i med a a ious hie a chical le els (Takh a anchi, Pa hi age, 2018; Bilan e al., 2019; Suknunan, Maha aj, 2019; Polyako e al., 2020). The au ho s use da a o co ela ion analysis and modeling o he impac o ICT ac o s on he main inancial esul s and p o e ha sus ainable socioeconomic g ow h has acqui ed he ea u es o cons an digi al de elopmen . Gi en he cu en ends in he de elopmen o ICT in business and hei ela ionship wi h inancial esul s, ou s udy p oposes he main measu es ha should be aimed p ima ily a expanding In e ne access and he e ec i e use o web echnologies, especially in he ield o ecomme ce. Mo eo e , we should emphasize he s udies ha con i m he signi ican ela ionship be ween knowledge managemen and o he aspec s and pe o mance indica o s. These include he signi ican posi i e impac o knowledge managemen on egional de el- opmen (Klimuk, 2019; Kos iuke ych e al., 2020), o ganiza ional pe o mance (Majid and Mahmud, 2019; Soniewicki and Paliszkiewicz, 2019; Wijaya and Suasih, 2020), ma ke ing e ec i eness (Raeeszadeh e al., 2016), esou ce planning (Akimo a e al., 2020), and he imp o emen in he quali y o supply chains and c ea ing compe i i e ad an ages (Azizi e al., 2016; Ka penko e al., 2017; Haseeb e al., 2019). Aska ian and Abdollahi (2016) ound in hei s udy ha he e is asigni ican ela ionship be ween knowledge managemen and o ganiza ional beha io . DOI: 10.7206/cemj.2658-0845.52 24 CEMJ Vol. 29, No. 3/2021 Olena Oliinyk, Yu iy Bilan, Halyna Mishchuk Quan i a i e analysis also demons a es he ela ionship be ween knowledge manage men capabili ies, p ocesses, and o ganiza ional pe o mance. The oppo uni ies c ea ed by knowledge managemen ha e asigni ican posi i e impac on ope a ional p ocesses, bu also on inancial and non inancial indica o s (And é Luhn e al., 2017). A he same ime, he sho age o skilled wo ke s slows down business de elopmen and leads o addi ional cos s o human capi al de elopmen (G ishno a e al., 2019; Bilan e al., 2020; Oliinyk, 2020). In his ega d, we mus indica e he signi ican links be ween knowledge sha ing and o ganiza ional cul u e, bu also be ween o ganiza- ional s uc u e and knowledge managemen (Chión e al., 2019). The abo e o e iew con i ms he opinion ha knowledge managemen is an impo an ac o in economic de elopmen . A he same ime, one o he mos impo an asks o he o ganiza ion is he o ma ion o employees’ ele an skills and compe encies o achie e planned business goals. F om his iewpoin , schola s ind ha knowledge managemen ools ha e asigni ican posi i e impac on he wo k ac i i y o employees (Raeeszadeh e al., 2016). The s udy analyzes some aspec s o knowledge managemen such as hi es, employee wo k compe encies, men o s’ oles, mo i a ion, employee managemen , communica ion, a o able wo king en i onmen , and human capi al in es men s. Raeeszadeh e al. (2016) de e mine ha each o hese elemen s has asigni ican posi i e impac on employmen and employee in ol emen . Besides, knowledge managemen can inc ease he job sa is ac ion o indi idual employees. Kian o e al. (2016) p opose a heo e ical model ha ela es o he ela ionships be ween job sa is ac ion and i e componen s o knowledge managemen (acquisi ion, exchange, c ea ion, codi ica ion, and e en ion). The p esence o knowledge managemen p ocesses in he wo kplace signi ican ly a ec s he g ow h o job sa is ac ion. The key p ocess is he in e nal o ganiza ional exchange o knowledge. Masa’deh e al. (2019) explo e he ole o echnological, o ganiza ional, and cul u al knowledge managemen in as uc u e in inc easing job sa is ac ion. The esul s show ha he echnological and cul u al in as uc u e o knowledge managemen has asigni ican posi i e impac on job sa is ac ion, as echnology is one o he ools ha con ibu e o he c ea ion o new knowledge using in o ma ion and communica ion sys ems in o de o in eg a e agmen ed in o ma ion lows and echnologies. This emo es communica ion ba ie s be ween di e en s uc u al uni s o he o ganiza ion. In he p ocess o analysis, one canno neglec scien i ic de elopmen s ha allow assess- ing he impac o knowledge managemen on inno a ion, because inno a ion ac i i y is one o he key ac o s ha ensu es sus ainable compe i i eness in mode n condi ions. Vol. 29, No. 3/2021 DOI: 10.7206/cemj.2658-0845.52 CEMJ 25 Knowledge Managemen and Economic G ow h: The Assessmen o Links and De e minan s… The e o e, inc easing he e iciency o inno a ion is c i ical o c ea ing acompe i i e ad an age. The esul s ob ained by Inkinen (2016) and Klopo a e al. (2018) e idence ha he implemen a ion o knowledge managemen p ac ices s ongly d i es inno a ion. Mo eo e , speci ic leade ship cha ac e is ics and o ganiza ional a angemen s suppo compe i i eness h ough he be e managemen o knowledge esou ces. The e o e, he a ailabili y o in o ma ion and knowledge can be iden i ied as one o he bes ways o inc ease he inno a i e capaci y o o ganiza ions. In his ega d, he ole o leade ship in knowledge managemen and o ganiza ional inno a ion de elop- men is g owing (Bannay e al., 2020). Sadeghia and Rad (2018) in es iga e he ela ion ship be ween knowledgebased leade ship, knowledge managemen , and inno a ion e iciency. Da a analysis and hypo hesis es ing p o e asigni ican ela ionship be ween hese h ee measu es. In pa icula , he e is aposi i e and meaning ul ela ionship be ween knowledge managemen and inno a ion e iciency wi h aco ela ion coe i- cien o 0.73. Obeida e al. (2016) p o e he impac no only o he whole sys em bu also o indi idual p ocesses o knowledge managemen (acquisi ion, exchange, and use) and app oaches o knowledge managemen (social ne wo k, codi ica ion, and pe sonaliza ion) on inno a ion. The knowledge managemen s udies wi hin he esul s o knowledge sha ing a e ypical no only o he na ional bu also en ep eneu ial le el (T a ona- iciene, Bu inskas, 2021). Pa icula ly, wha de elops s eadily is he p ac ice o ICTbased pe sonnel selec ion ools in he amewo k o i ms’ knowledge managemen sys ems (Balce ak, Woźniak, 2021). Wi hin he s udy o exis ing app oaches o assessing he impac o knowledge manage men on economic g ow h, an impo an place is occupied by he ca ego y o “know ledge economy,” which ac s as anew ype o economy based on knowledge and ideas, while he mos impo an ac o o de elopmen and p ospe i y is knowledge capi ali za ion. The O ganiza ion o Economic Coope a ion and De elopmen (OECD, 1996) has in oduced he ollowing de ini ion in o scien i ic ci cula ion: aknowledge economy o aknowledgebased economy is an economy ha is di ec ly based on he c ea ion, dis ibu ion, and use o knowledge and in o ma ion. Thus, knowledge managemen eme ged as anecessi y in apos indus ial socie y and anew knowledge economy. Changes in he s uc u e o he economy and i s impo an asse s led o anew ype o economy, in which he sca ci y o ma e ial esou ces was eplaced by he su iciency o in angible esou ces, while economic heo ies o esou ce op imiza ion and p o i maximiza ion we e b ough in line wi h knowledge c ea ion and business sus aina- bili y (Vo k e al., 2017; Bolisani and B a ianu, 2018). DOI: 10.7206/cemj.2658-0845.52 26 CEMJ Vol. 29, No. 3/2021 Olena Oliinyk, Yu iy Bilan, Halyna Mishchuk Simplice e al. (2020) p o e ha de eloping coun ies can accele a e hei de elopmen and ca ch up wi h ad anced economies by iden i ying knowledge as ad i e o de elop men . I is based on his app oach ha hey assess he po en ial o knowledge and i s impac on economic p og ess. Gi en he close ela ionship be ween he indi idual elemen s o he knowledge economy, he esul s o he s udy demons a e he posi i e impac o he in e ac ion be ween hem on economic g ow h. This ag ees wi h he ind- ings o RoszkoWój owicz and G zelak (2020) abou he posi i e impac o he componen s ha cha ac e ize knowledge managemen in he Global Compe i i eness Index and he EU Regional Compe i i eness Index on mac oeconomic s abili y. The signi ican mac oeconomic e ec o inno a ion in he sys em o ac o s o he knowledge economy is also con i med in s udies o compe i i eness ac o s o he Viseg ád G oup coun ies (I ano á and Čepel, 2018). Van Dung e al. (2017) also conside he ole o di e en componen s o he know ledge economy in economic g ow h. Using he D iscollK ai es ima ion me hod, eg ession analysis, and he h ees age leas squa es me hod, hey a gue ha he e is aposi i e ela ionship be ween economic g ow h and componen s o he know ledge economy such as ICT in as uc u e, educa ion, and inno a ion. Thus, in ecen decades, he opic o he knowledge economy has become inc easingly popula in academia and business, as i is iewed as amajo sou ce o economic g ow h and sus ainable compe i i eness in all economic ac i i ies. As a esul , he main d i e s o economic g ow h a e he ollowing main elemen s (pilla s) o he knowledge economy: incen i es o economic and ins i u ional de elopmen ; educa ed and skilled wo ke s who can con ibu e o he c ea ion and dissemina ion o knowledge; an adequa e sys em o inno a ions able o co e he globalized s ock o knowledge, unde s and i , and adap o speci ic egional/local condi ions; mode n in o ma ion in as uc u e ha allows peo- ple o communica e, ansmi , and p ocess in o ma ion and knowledge (Hadad, 2017). Da a and Me hodology To s udy he links be ween knowledge managemen and economic g ow h, we o med and es ed he ollowing hypo heses: H1: The high le el o knowledge managemen ac o s de elopmen leads o GNI pe capi a g ow h. Vol. 29, No. 3/2021 DOI: 10.7206/cemj.2658-0845.52 CEMJ 27 Knowledge Managemen and Economic G ow h: The Assessmen o Links and De e minan s… H2: The ac o s ha cha ac e ize he possession o cu en skills ha e asigni - ican impac on changes in GNI pe capi a. Basing on he abo e hypo heses, we assessed he impac o knowledge managemen ac o s by indica ing he mos signi ican ac o s ha should be used in s a e policy aimed a economic de elopmen by app op ia e knowledge managemen . In bo h esea ch hypo heses, we selec ed he GNI pe capi a (g oss na ional income pe capi a, US dolla s; WBG, 2020) as he dependen a iable Y, which is cu en ly he basic indica o in in e na ional s a is ics ha cha ac e izes mac oeconomic g ow h. In o de o selec knowledge managemen indica o s o assess hei impac on economic g ow h, we analyzed he composi ion o in e na ional indices in his a ea (Table 1). The choice o in e na ional indices is jus i ied by agene ally accep ed app oach (Mish- chuk e al., 2016; Les a i and Hamka, 2018; To es e al., 2018), acco ding o which he main componen s o knowledge managemen a e people, echnologies, and p o- cesses. The e o e, we selec ed and analyzed in e na ional indices whose calcula ion me hodology is based on indica o s ha co espond o he concep o knowledge managemen . Such indices include in pa icula he Global Knowledge Index, whose main pu pose is o es ablish acomp ehensi e link be ween knowledge and sus ain- able de elopmen (UNDP, 2021). This app oach seeks o help poli icians, esea che s, ci il socie y, and business o join ly wo k o p omo e “knowledgebased de elopmen .” A he same ime, i seeks o p o ide people om an ea ly age wi h he necessa y skills o sus ainable compe i i eness in he labo ma ke in he u u e. Howe e , ou s udy used indices ha aim o assess indi idual elemen s o knowledge managemen (e.g. ICT, inno a ion, skills, educa ion, in ellec ual p ope y). The use o such indices and subindices will de ail he ole o each o he componen s o know ledge managemen in economic g ow h. The alues o he independen and dependen a iables we e selec ed o he g oup o 20 EU coun ies o which such da a we e he mos comple e, i.e. he ele an ac o s we e moni o ed acco ding o he selec ed indices. The ob ained esul s we e u he used as abasis o subs an ia ion o managemen decisions a di e en hie a chical le els, in pa icula on he easibili y o in es ing in di e en a eas o knowledge managemen . DOI: 10.7206/cemj.2658-0845.52 28 CEMJ Vol. 29, No. 3/2021 Olena Oliinyk, Yu iy Bilan, Halyna Mishchuk Table 1. In e na ional indices and sub-indices con aining componen s o knowledge managemen Ti le Co e age o coun ies Componen s Indica o Symbol The Global Compe i i eness Index. ‘Skills’ Sub-Index (WEF, 2020) 141 Cu en wo k o ce: mean yea s o schooling. Skills o cu en wo k o ce: ex en o s a aining; quali y o oca ional aining; skillse o g adua es; digi al skills among ac i e popula ion; ease o inding skilled employees. Fu u e wo k o ce: school li e expec ancy. Skills o u u e wo k o ce: c i ical hinking in eaching; pupil- o- eache a io in p ima y educa ion. sco e X1 The Global Compe i i eness Index. ‘Inno a ion Capabili y’ Sub-Index (WEF, 2020) 141 In e ac ion and di e si y: di e si y o wo k o ce; s a e o clus e de elopmen ; in e na ional co-in en ions; mul i-s akeholde collabo a ion. Resea ch and de elopmen : scien i ic publica ions; pa en applica ions; R&D expendi u es; esea ch ins i u ions p ominence. Comme cializa ion: buye sophis ica ion; adema k applica ions. sco e X2 TheDigi al Economy and Socie y Index (EC, 2020) 29 Connec i i y; capi al; use o in e ne se ices; in eg a ion o digi al echnologies; digi al public se ices. sco e X3 Global knowledge index (UNDP, 2019) 134 P e-uni e si y educa ion; echnical, oca ional educa ion and aining; highe educa ion; esea ch, de elopmen , and inno a ion; in o ma ion and communica ion echnologies; economy; gene al enabling en i onmen . alue X4 P ospe i y index. ‘Educa ion’ sub-index (Lega um Ins i u e, 2020) 167 P e-p ima y educa ion; p ima y educa ion; seconda y educa ion; e ia y educa ion. sco e X5 TheSocial P og ess Index. ‘Founda ions o Wellbeing’ sub-index (The Social P og ess Impe a i e, 2020) 149 Access o basic knowledge; access o in o and comms; heal h and wellness; en i onmen al quali y. sco e X6 Global En ep eneu ship Index. ‘En ep eneu ial Abili ies’ Sub-Index (GEDI, 2020) 137 Oppo uni y s a up; echnology abso p ion; human capi al; compe i ion. sco e X7 TheGlobal Inno a ion Index (Co nell, INSEAD & WIPO, 2020) 129 Ins i u es; human capi al and esea ch; in as uc u e; ma ke sophis ica ion; business sophis ica ion; knowledge and echnology ou pu s; c ea i e ou pu s. sco e X8 Vol. 29, No. 3/2021 DOI: 10.7206/cemj.2658-0845.52 CEMJ 35 Knowledge Managemen and Economic G ow h: The Assessmen o Links and De e minan s… he analy ical base o he s udy. 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