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The Fourth Industrial Revolution is characterized by technological transformations, artificial intelligence, and the digital revolution. The technological innovation in the Fourth Industrial Revolution is expected to be a supply-side miracle, with long term gains in the efficiency, as well as production. The widespread variability in the innovation performance of countries has led to the development of many underlining theoretical explanations. These explanations primarily revolve around the role of international trade, research and development, foreign direct investment, human capital, and the financial development in the Fourth Industrial Revolution. Previous studies, however, have only looked at the micro-level determinants of technological innovation. Also, previous studies have tended to ignore the cross-sectional dependency among countries, and the heterogeneity in analysing the issues that pertain to technological …