Institutional quality and bioeconomy performance in European countries: Unveiling the evidence

Cristian Barra and Pasquale Marcello Falcone

Ecological Economics, 2024, vol. 220, issue C

Abstract: The bioeconomy, emerging as a beacon of sustainable development and global competitiveness, relies on renewable biological resources. This study investigates the interplay between institutional quality and bioeconomy performance in 28 European countries. By employing a Fixed Effect Regression and different sensitivity analyses, we unveil a robust, positive, and statistically significant relationship between the institutional quality and the socio-economic indicator for bioeconomy. The six institutional quality pillars - political stability, control of corruption, government effectiveness, regulatory quality, rule of law, and voice and accountability - positively impact the bioeconomy in Europe. These findings underscore the pivotal role of institutions in shaping bioeconomy performance, emphasizing the profound impact of political stability, regulatory standards, and anti-corruption measures. As a result, our research provides valuable insights for policymakers, highlighting the significance of enhancing institutional quality as a means to advance sustainability and stimulate economic growth through bioeconomy development.

Keywords: Bioeconomy performance; Institutional quality; Pillars of institutional quality; European countries (search for similar items in EconPapers)
JEL-codes: L5 O43 Q56 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolec:v:220:y:2024:i:c:s0921800924000855

DOI: 10.1016/j.ecolecon.2024.108188

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