Evaluation of factors affecting innovation in developed and developing countries by MCDM

Innovation is an essential tool for national development, sustainable economic growth, productivity, welfare, and quality of life. The advancement of technology and inventions is crucial for the corporate success of every nation and organization. Therefore, it is essential to continually invest in the promotion of innovations. The objective of this study is to determine the economic, social, and technological factors influencing innovation in both developed and developing countries, in order to evaluate the innovation performance of these nations at a macro level by quantifying the significance of these elements. The study employs data from multiple datasets sourced from globally recognized entities, including the World Bank, Global Innovation Index, UNESCO, and OECD, covering three distinct periods: 2021, 2017, and 2013. The literature was extensively considered, and ten criteria influencing innovation in countries were identified for comparative analysis in the study. The criterion weights were determined using a mixed objective and subjective approach through the CRITIC and SWARA methods. Subsequently, countries were evaluated based on their innovation performance taking advantage of the WEBDA and CoCoSo methodologies. As a result of the analysis, it was revealed the most important criteria weights were R&D expenditure and human capital and level of education, while the countries with the most input innovation performance were determined to be Luxembourg, Holland, and the Slovak Republic over the years analyzed in this study. This study presents a framework for analyzing the factors influencing innovation across several different group countries and outlining areas for enhancement and policy suggestions.