Does regional VRIO model help policy-makers to assess the resources of a region? A stakeholder perception approach

Abstract This study aims at assessing stakeholder perceptions regarding the suitability of smart/intelligent specialisation strategies defined for their framework regions. We adopted a quantitative methodology through questionnaire surveys of the different stakeholders in Portuguese regions in keeping with the VRIO model applied to the regions. The study results emphasise that stakeholder perceptions of the appropriateness of the smart specialisation strategies defined for their framework regions does not coincide with the intelligent specialisation strategies defined by their policy makers. This study attempts to contribute to an innovative framework which helps policy-makers assessing and measuring the regional performance. The study furthermore proposes measures to bridge the gaps found in the regional smart specialisation strategies.