Efficiency of Financing High-Tech Industries: The Case of Kazakhstan

Sadykhanova, Gulnara; Erezhepova, Aiman; Nurmanova, Biken; Aitbembetova, Aida; Bimendiyeva, Laila

doi:10.13106/jafeb.2019.vol6.no4.287

Cited by 4 publications

(2 citation statements)

References 24 publications

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“…The project lasted until the end of 2015 and cost USD 20.53 million https://projects.worldbank.org/en/projects-operations/project-detail/P090695 (accessed on 10 June 2022). However, researchers emphasize that the innovation system in Kazakhstan has an imitation nature, focusing on borrowing technologies instead of creating new ones [86]. This fact, coupled with the inefficiency of state financing of innovations, raises concerns about the effectiveness of NIS in Kazakhstan in the future, unless certain reforms are carried out.…”

Section: Resultsmentioning

confidence: 99%

The Efficiency of National Innovation Systems in Post-Soviet Countries: DEA-Based Approach

2022

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The efficiency of the national innovation system (NIS) is widely considered to be the most important factor of innovation-based economic growth. Using the wide spectrum of different metrics for measuring the efficiency of NIS, modern studies focus mainly on high-income or upper-middle-income countries, while the effectiveness of the NIS in post-Soviet countries has not been studied enough. The post-socialist transformation has led to different models of economic development in these countries, which can be divided into three groups: a group with developed European institutions, a group with a focus on the European path of development, and, finally, a group of countries with an economic model of “state capitalism”. These models formed the trajectory of innovative development. The main purpose of this study is to compare the performance of NIS in post-Soviet countries and to find out whether differences between development institutions can help explain differences in the performance of NIS. The study applies the DEA methodology and considers NISs as homogeneous economic agents, which transform the same types of inputs (knowledge gained using human and financial resources) into the same types of positive outcomes (innovative products and services). The results of a study conducted on data for the period 2011–2018 show that there is no evidence to support the hypothesis that EU institutions or the type of economic model of the country directly relate to the effectiveness of the NIS. The example of Kazakhstan shows that NIS can be effective, even with strong state intervention in the economy. Taken together, the results of the paper suggest that the structure of R&D expenditures by sources of funding and types of research plays an important role in the formation of effective NIS.

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Section: Resultsmentioning

confidence: 99%

The Efficiency of National Innovation Systems in Post-Soviet Countries: DEA-Based Approach

2022

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“…Lee and Xuan (2019) found that innovation and technology reduce the production cost; that is why it is a beneficial factor of total productivity in China. Sadykhanova, Erezhepova, Nurmanova, Aitbembetova, and Bimendiyeva (2019) explored the dynamic data in Kazakhstan and also noted that the development of the high-tech industry plays a crucial role in raising economic growth. Based on the supply side of a production function, Afroz, Muhibbullah, and Morshed (2020) confirmed that, in Malaysia, ICT products can promote the health of human capital in both long-term and short-term periods so that ICT products increase the economic outcome indirectly.…”

Section: Literature Reviewmentioning

confidence: 99%

Trade of ICT Products, Government, and Economic Growth: Evidence from East Asia-Pacific Region

NGUYEN¹,

PHAM²

2020

JAFEB

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This study explores the effect of trade of Information Communications Technology (ICT) products and government's role, measured by three factors: Control of corruption, Government effectiveness, and Administrative tax level, on raising the economy across the East Asia-Pacific region. Secondary data were collected from the World Bank database of 21 countries over 12 years from 2006 to 2017. Applying the Panel corrected standard error model and running a robustness check based on the Dynamic panel data method, this research found that the exported ICT products, control of corruption, and government effectiveness could increase the economic income of a country in the region. The paper also provided the evidence indicating that the imported ICT products and the Administrative tax level are two harmful factors for economic growth. The major finding confirmed the useful contribution on improving government quality and its economy. First, improving the economy of a country always poses various challenges to its government. During the past decades, although much of the literature confirmed that exporting ICT products could promote an economy, very few studies investigated the role of Administrative tax level and the Government effectiveness. Second, there are only a few studies exploring the capability of government and the economic growth in the Asia-Pacific region.

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From Banks or Venture Capitals? The Financing Choices of Chinese High-Tech Enterprises During the Start-Up Period

Fang,

Guan,

Yang

2024

Sage Open

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The purpose of this research is financing options for high-tech enterprises in China during their early-stage. This study develops a three-phase model to analyze the financing choices of Chinese high-tech firms between banking and venture capital while considering information asymmetry. The findings reveal that opaque information disclosure favors venture capital financing, while transparent disclosure leads to bank loans for equally qualified high-tech enterprises. Data analysis further confirms that both bank loans and venture capital are viable options for early-stage Chinese high-tech enterprises. These findings offer valuable guidance for high-tech firms and investors navigating China’s financial landscape. Moreover, policy management departments can leverage these insights to make informed decisions and facilitate the financing of high-tech enterprises. JEL Classification: C70, C23, D22, G24.

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Efficiency of Financing High-Tech Industries: The Case of Kazakhstan

Cited by 4 publications

References 24 publications

The Efficiency of National Innovation Systems in Post-Soviet Countries: DEA-Based Approach

The Efficiency of National Innovation Systems in Post-Soviet Countries: DEA-Based Approach

Trade of ICT Products, Government, and Economic Growth: Evidence from East Asia-Pacific Region

From Banks or Venture Capitals? The Financing Choices of Chinese High-Tech Enterprises During the Start-Up Period

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