Impact of Policy Risk on Innovation Activity in Russia

摘要

To what extent is Russia's institutional environment impeding progress to its scientific and technology sector, thus preventing its economy from modernizing and competing successfully in world trade? A regression analysis using the corruption perception index (CPI) as the independent variable and three control variables (number of patents issued, number of R&D organizations, and types of R&D funding, e.g., public, private, academic) showed the negative impact of corruption on innovation. Other structural problems also discourage innovation, including the heavy government presence and weak coordination among R&D itself, higher education, and the business sector.