MSRF-Funded Research Published in a Peer-Reviewed Journal

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The American University of Armenia is pleased to share that the Central European Business Review, an online peer-reviewed journal focusing on business issues with a Central European perspective, has accepted for publication a paper authored by Gayane Shakhmuradyan (MPSIA ’19) an AUA alumna and one of the first recipients of a research grant awarded by the Manoogian Simone Research Fund. 

The article, titled “Does Fiscal Policy Matter for Business R&D Investment? Panel Data Evidence from Central and Eastern Europe,” is based on the research Shakhmuradyan conducted from September 2019 to February 2020 at AUA. The article was developed in the last two months of her employment as a research assistant at the AUA Manoogian Simone College of Business and Economics (CBE), May-June 2021. Submitted for evaluation in August 2021, the paper will appear in the regular issue of the Central European Business Review in July 2022.

The findings of the article suggest that fiscal policy, as captured by variables for total tax and contribution rate, government appropriations and outlays for business research and development (R&D), and R&D tax subsidy rate, does not have a significant impact on business R&D when controlled for other factors. Instead, full-time research engagement, attainment of tertiary education, and trade openness are found to be strong determinants of business R&D. These findings are consistent with prior theoretical and empirical literature in the field and call for greater allocation of public, as well as private funds to the professional development and training programs of R&D personnel.

“I would like to thank the government of Armenia and the American University of Armenia for the opportunity to conduct this research. I am especially thankful to Dr. Vache Gabrielyan, the dean of the Manoogian Simone College of Business and Economics and member of the MSRF Panel, for providing guidance during the research process and reviewing an early draft of the paper,” remarks Shakhmuradyan.

Founded in 1991, the American University of Armenia (AUA) is a private, independent university located in Yerevan, Armenia, affiliated with the University of California, and accredited by the WASC Senior College and University Commission in the United States. AUA provides local and international students with Western-style education through top-quality undergraduate, graduate, and certificate programs, promotes research and innovation, encourages civic engagement and community service, and fosters democratic values.