Assessing the economic efficiency of cluster functioning: a quantitative approach

The cluster approach, i.e., forming basic innovative and industrial clusters has gained wide circulation in modern Russian conditions for the development of the economy. These actions are considered by federal and regional authorities as effective measures for implementing the economic policy stimulating regional development. The analysis we carried out showed that the quantitative approach for assessing the efficiency of cluster creation and performance is still insufficiently used. In this paper we establish and quantitatively estimate the influence cluster have on the regional economy using regression analysis with an example of a number of Russian regional clusters. It is offered to expand the practice of creation and the state support of clusters taking into account the revealed quantitative dependences estimating their efficiency. We have advanced the hypothesis that clustering has a positive influence on regional economy, and confirmed this influence by means of quantitative methods using representative datasets. Our study of course had a selective character as it is not possible to carry out calculations for all existing clusters and cluster initiatives of Russia and discuss the results within a single article. At the same time, following the analysis we performed, we concluded that it is effective to initiate cluster creation in Russian regions. It is shown that cluster activity is capable to have of having a positive impact on GRP growth and the budgetary income in the region. Along with that, we note the dissimilarities in the multiplying influence of clusters on the regional development, its dependence on territorial and branch specifics that will be the direction for a further in-depth study.