Visegrad Countries and Regions: Innovation Performance and Efficiency

<div><strong>Purpose:</strong> The aim of the article is to study the differences between efficiency of their research and innovation systems, innovation performance and efficiency of the Visegrad countries (Czech Republic, Hungary, Poland and Slovakia) as well as their regions.</div><div> </div><div><strong>Methodology/Approach:</strong> Visegrad countries are to be compared according to national innovative capacity framework based on the composite index methodology The regional innovation efficiency is examined by considering R&amp;D expenditures as inputs and patents as outputs. The efficiency of the regional research and innovation systems is based on the concept of knowledge production function (Cobb - Douglas type).</div><div> </div><div><strong>Findings:</strong> Visegrad countries do not belong among the best performers in innovation and competitiveness in the European Union. The findings show a substantial difference if replacing commonly evaluated innovation performance by the efficiency. Except the capital regions, there are several Polish and Czech regions which belong to the most efficient in innovation in the Visegrad regional comparison: Lodzkie, Lesser Poland, Central Moravia and South-East Moravia.</div><div> </div><div><strong>Research Limitation/implication:</strong> The research shows the limitation of the innovation performance as published by the European Commission in a form of Regional Innovation Monitor. </div><div> </div><div><strong>Originality/Value of paper:</strong> The approach of relative efficiency evaluation shows a rather different picture in comparison to previous static models and comparisons. </div>