Effect of determinants of innovation on economic growth in Sub Saharan Africa
AbstractThe currently observed incorporation of hidden and non-technological innovations, together with the emergence of the modern day fourth industrial revolution is actually contributing to change in our understanding of innovation and its measured contributions to success in entrepreneurship. This study provides a quantitative longitudinal study of the determinants of innovation, their role in entrepreneurship innovation capacity and how they collectively add value to economic growth in sub-Saharan Africa. The study used fixed effects with country dummies in the analysis where Stata software was used. The empirical results indicated that capital for domestic investment, labour, innovation and foreign direct were positively and significantly correlated with economic growth in SSA. It was concluded that the above variables were positively and significantly correlated with economic growth in SSA. It is recommended that respective countries should put in mechanisms to capitalize from the positive benefits of the above on the economy. This could be through increased investments in tertiary institutions and reduction of bureaucracy and corruption that will not only increase high quality production through increased labour productivity, but will also foster fair competition in the markets. Keywords: entrepreneurship, innovation, economic growth, Sub-Saharan Africa
Copyright (c) 2021 Odhiambo Norbert Omuga, Professor Xiongying Niu Peter, Robert Moracha Ogeto
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