Proposal for a Dynamic Composite Indicator: Application in a Comparative Analysis of Trends in the EU Member States Towa
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Proposal for a Dynamic Composite Indicator: Application in a Comparative Analysis of Trends in the EU Member States Towards the Europe 2020 Strategy M. Isabel Landaluce‑Calvo1 · Mariola Gozalo‑Delgado1 Accepted: 1 November 2020 © Springer Nature B.V. 2020
Abstract This paper contributes, with a dynamic approach, to the research on the creation of comparable composite indicators by presenting a proposal for an exploratory factor analysis protocol to enable a comparative trend analysis. The originality of the study lies in the three dimensions of information for analysis: observations, variables and units of time. The proposal involves various stages of analysis with the ultimate, albeit not exclusive, aim of obtaining what is known as a Global Dynamic Indicator. The analysis process begins by structuring the data into a three-dimensional global matrix, thereby conditioning, while also, and primarily, enriching the later stages. A combination of multiple factor analysis and a clustering technique is the selected approach for successfully meeting the challenges involved. The appropriateness and versatility of the proposal are validated through the analysis of the trends of the EU member states towards the targets set by the 2020 Strategy. The study period runs from 2009 to 2018. The empirical work enables the visualisation and quantification of trend differences and similarities across member states collectively and individually, and across all the variables and years selected for analysis. The relevant findings will be quantified by means of a synthetic indicator for each unit of time and a global indicator for the period as a whole. Some of the conclusions reached by this paper are consistent with those already published by various authors. Keywords Composite indicator · Trends · Multiple tables · Europe 2020 strategy
1 Introduction and Research Aims This paper takes up and merges various lines of research. Broadly speaking, it fits into the context of the comparative study of different territorial realities. Its specific focus is on the construction of composite (synthetic) indicators, using a quantitative approach, incorporating both the spatial and the time dimension of the data. It contributes not only in
* M. Isabel Landaluce‑Calvo [email protected] 1
Department of Applied Economics, Burgos University, Burgos, Spain
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methodological terms but also with an international-level, economic study on a highly relevant topic of great current interest to the scientific community. The need to build synthetic indicators has experienced parallel growth to the increase in available information. In recent decades these simplifying measures have gained extraordinary popularity in a wide variety of areas and between different decision-making agents, thanks to their applicability. The scientific community has echoed this interest and many authors have focused their efforts on the development and improvement of methodological approaches in this regard. Grec
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