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The paper deals with the problem of innovation support and economic development at the regional level. The innovation potential still differs significantly among the EU regions. Perhaps the key factor determining innovation potential and performance of a region is R&D expenditure. The main aim of the paper is to test the potential relationship between gross domestic expenditure on R&D and economic development of the regions. Our dataset consists of the data on the regions of four Visegrad countries during the period of 2001-2014. We assume the existence of non-linear relationship and expect that R&D expenditures are significantly lower in less developed regions. Using the panel Granger causality and panel regression analysis based on these data, we provide insight into the potential relationship between regional economic development measured in terms of GDP per capita and investments in R&D controlling for the number of R&D employees. Our results strongly suggest that higher regional GDP per capita is associated with higher regional gross domestic expenditure on R&D (GERD) per inhabitant. GERD per capita appears to be exponentially rising with regional GDP per capita. We have also found significant regional disparities in terms of innovation performance. Received: June, 2017 1st Revision: July, 2017 Accepted: October, 2017 DOI: 10.14254/20718330.2017/10-3/11 Journal of International Studies S ci en ti fi c P a pe rs © Foundation of International Studies, 2017 © CSR, 2017 Journal of International Studies Vol.10, No.3, 2017 148

Innovation support and economic development at the regional level: panel data evidence from Visegrad countries