In the post-crisis world, did debt and equity markets respond differently to high-tech industries and innovative firms?

2020 ◽  
pp. 026624262094728
Author(s):  
Marc Cowling ◽  
Weixi Liu ◽  
Ning Zhang
Keyword(s):  
Equity Markets ◽  
Point Of View ◽  
Innovative Activity ◽  
Innovation Activity ◽  
High Tech ◽  
High Tech Industry ◽  
General Process ◽  
External Finance ◽  
Innovative Firms ◽  
Industry Sectors

The belief that more general capital constraints are exacerbated and magnified in innovative and technology-based firms has provided justification for policy intervention, across the range of equity and debt-based financial instruments. In this article, we tackle the question as to whether smaller innovative firms, both in and outside of high-tech industry sectors, do indeed face greater constraints when seeking to access capital from external markets. Our results show that both high-tech and innovation are important determinants of the firms’ demand for external finance, but these effects are more pronounced in equity markets than debt markets. On the supply side of capital markets, being in a high-tech industry sector was relatively unimportant from the point of view of financiers. Rather, being involved in innovative activity was associated with a greater incidence of absolute and partial rationing and also in terms of the general process of applying for finance being substantially more difficult. These findings were more acute for firms in high-tech industry sectors that were also engaged in innovative activity. Our findings also suggest that policy makers need greater clarity and nuance when developing policy responses around high-tech and broader innovation activity which, although they have significant overlap, should not be conflated.

scholarly journals Innovative activity as a determinant of competitiveness of industrial enterprise

2020 ◽  
pp. 5-9
Author(s):  
Nataliia DASHCHENKO
Keyword(s):  
Business Models ◽  
Point Of View ◽  
Innovative Activity ◽  
Added Value ◽  
Innovation Activity ◽  
High Tech ◽  
Export Credit ◽  
The European Union ◽  
Industrial Enterprises ◽  
Production Technologies

The article deals with the dependence of the competitiveness of industrial enterprises on the level of innovation activity. The essence and main characteristics of the competitive advantages of the enterprise from the point of view of innovative activity in the course of innovative activity are highlighted. One of the factors that can increase the competitiveness of business is the active use of innovative production technologies, which will ensure a continuous improvement of scientific, technical, industrial, financial and social activities in the context of changes in the institutional environment. The results of analytical research of priority sectors of Ukrainian economy from the point of view of innovative activity are presented. With the transition of the economy to the next technological institution, it is worth talking about the change of priority industries in the structure of industry - from low-processing with low added value to innovative high-tech and high-margin. As the first Ukrainian Business Innovation Index showed, only some companies are ready to invest in innovation and have a strategic vision. According to research, most companies are still not ready and do not plan to make fundamental changes in their business models in the near future. Innovation is limited to the introduction of new production technologies, automation of tasks, training of staff new skills, changing approach to marketing and communications. The necessity of systematic support of innovative activity is substantiated, the basic directions of optimization of structure of economy of Ukraine are allocated. The European vector of Ukraine gives a good chance to digitize the processes. In particular, for state-owned companies in areas such as energy and oil and gas, the prospect of digitalization has become the prospect of entering the European Union. However, without major changes to the regulatory system, government priorities, and extensive government-business cooperation, no real major changes can be expected. The issue is not only in the tax field or subsidization, but also in education, digital skills of the population. The necessity of updating the issue of development of high-tech sectors of the economy has been proved, which will increase the competitiveness of industrial enterprises. Given the trends identified, it is appropriate to emphasize the need to take concrete actions to change the structure of the economy, to increase exports of high-tech products, the creation of export-credit agencies, industrial parks.

scholarly journals Substantiation of Conditions and Factors for Reducing Regional Differentiation of Innovative Activity

2020 ◽  
pp. 65-76
Author(s):  
Maxim Osovin ◽  
Keyword(s):  
Russian Federation ◽  
Innovation Policy ◽  
Patent Application ◽  
Innovative Activity ◽  
Sustainable Growth ◽  
Innovation Activity ◽  
Regional Differentiation ◽  
High Tech ◽  
Production Chain ◽  
The Russian Federation

A comparative analysis of innovation activity in the Russian Federation and EU countries is carried out. The comparison revealed that modern innovation policy should be aimed not only at increasing labor productivity, but also at solving social problems related to ensuring food security, environmental protection and improving the quality of life of the population. Maintaining a balance between the demand for digital technology and the supply of high-tech products on the market is a basic element in the transition to a new stage of scientific and technological structure. Factors that negatively affect the development and implementation of technological, organizational and marketing innovations are identified. It is shown that the synchronization of the chain of implementation of all newly created or improved technologies ensuring the continuity of the innovation cycle requires the combined efforts of all subjects of innovation. The level of diffusion of innovative activity in federal districts of the Russian Federation is estimated. It is concluded that there is a significant differentiation of regional and sectoral intensity of innovative development. It is substantiated that in order to reduce regional differentiation when introducing advanced practices into the production process, one should take into account the type of innovative activity. According to the attractiveness for investment, digital economy instruments are divided into three categories that characterize one or another stage of their life cycle: maturity, sustainable growth, and a breakthrough trend. It was revealed that the further massive penetration of technological innovations into all links of the production chain should clearly follow the global trends of production digitalization, where the key factor for the success of innovation-oriented companies is the search for the most promising investment projects at the stage of filing a patent application. Based on the analysis, recommendations were developed to stimulate innovative susceptibility in the regions of Russia.

scholarly journals Prerequisites for the Development of the Innovation Activity of Enterprises in the Conditions of the Digital Economy

2019 ◽  
Vol 8 (3C) ◽  
pp. 183-188
Keyword(s):  
Diffusion Of Innovation ◽  
Current Knowledge ◽  
Digital Economy ◽  
Point Of View ◽  
Innovative Activity ◽  
Innovation Activity ◽  
Suggested Approach ◽  
Theoretical Approaches ◽  
Innovative Products ◽  
Production Relations

The article deals with the essence of the digital economy on the basis of research of theoretical approaches, their systematization from the point of view of introduction of information resources and platforms, and from the viewpoint of introduction of qualitative changes in production relations. The conclusions state that the innovative activity of enterprises in the period of digital transformation of the economy is a system of measures aimed at supporting the innovative activity of enterprises in order to achieve long-term goals of their operation, connected with the implementation of innovative methods of work, which contribute to ensuring the production and competitiveness. The digital economy contributes to the commercialization of current knowledge of enterprises, technologies and equipment. The prerequisite for their efficient functioning is the development of innovative activity of enterprises, which contributes to the development of innovative products with new qualities and reduces the diffusion of innovation. In the context of the digital economy, support for the innovation activity of enterprises plays an increasingly important role in ensuring the functioning of complex production and economic systems, which is the enterprise. The implementation of the suggested approach to the development of innovative activity of the enterprise requires significant accounting for specific accumulated knowledge and is more mobile to change information in the decision-making process.

scholarly journals REGARDING THE INNOVATIVE ACTIVITY OF THE DOMESTIC SMALL AND MEDIUM ENTERPRISE

2021 ◽  
Vol 1 (54) ◽  
Author(s):  
Olena R. Serhieieva ◽  
◽  
Viktoriia M. Orlova ◽  
Oksana V. Kuzmenko ◽  
◽  
...  
Keyword(s):  
Small And Medium Enterprises ◽  
Point Of View ◽  
Innovative Activity ◽  
Innovation Activity ◽  
Efficient Production ◽  
Corporate Strategies ◽  
Technical Programs ◽  
Qualified Personnel ◽  
Medium Enterprise ◽  
Medium Enterprises

The essence of small and medium business in Ukraine is investigated. It is established that small and medium enterprises are a key element of a market economy, which affects the level of development of society and guarantees its stability. It is estimated that more than 6.9 million people, or about 82% of all employees, operate in the SME sector. SMEs account for more than 70% of employment in the trade, agriculture, forestry and fisheries, and information services sectors. Innovation has been shown to play an increasingly important role, and small and medium-sized businesses (SMEs) are seen in such an environment as an efficient market player capable of creating competitive ideas and commercializing innovation. It is determined that innovations are an integral component of modern corporate strategies and can be used to develop and implement more efficient production processes, as well as increase market performance or create a positive image and reputation of the company from the consumer’s point of view. It is proved that the level of innovation of enterprises depends on its size. The development and implementation of innovations should be guaranteed by qualified personnel in the field of innovative research. However, given the decline of the national economy, insufficient state support for the financing of scientific and technical programs, the innovative activity of large enterprises is extremely limited. 56.8% of innovative SMEs are involved in industry, others in services. It was found that 82.2% of enterprises do not want to innovate, and the objective reason for this is low demand in the innovation market, previously introduced innovations, extremely low competition in the market, lack of effective ideas or opportunities to innovate. It is proved that in order to improve the innovation activity of small and medium enterprises in Ukraine important steps are: implementation of specialized programs of innovative development, creation of innovation infrastructure, establishment of close cooperation between scientific institutions and enterprises based on commercialization principles, development and implementation of effective algorithm.

scholarly journals PROBLEMS OF STATE REGULATION OF INNOVATIVE ACTIVITY IN CONSTRUCTION

2020 ◽  
Author(s):  
Tetiana Zaiats ◽  
Keyword(s):  
Innovation Policy ◽  
State Regulation ◽  
Innovative Activity ◽  
Information Modeling ◽  
Innovation Activity ◽  
High Tech ◽  
Innovative Development ◽  
Resource Saving ◽  
Development Organization ◽  
State Management

The article identifies the problems of state regulation of innovation in construction and substantiates the main directions of improving its efficiency. The Bloomberg Innovation Index was used to assess the general state of innovation in Ukraine. Dynamic analysis of Ukraine's position in the ranking of the Bloomberg Innovation Index as a whole and by individual sub-indices of 2018–2020 revealed such problems as the reduction of production of high-tech goods, labor productivity, intensity of research and development. The study of innovation management was performed using a situational approach. It is established that the state regulation of innovation is mainly based on the methods of indirect influence. It is emphasized that in the conditions of economic crisis it is expedient to prefer methods of direct state regulation. The analysis revealed a range of problems related to forecasting and programming of innovation development, organization and coordination of relevant bodies in the implementation of innovation policy, regulation, financial and investment support for innovation, insufficient stimulation of demand for innovative products, unsatisfactory state of protection of intellectual property rights. The problems of state management of innovation activity are specified. The imbalance of the branch, national and regional programs of innovative development coordinating was revealed. Problems and directions of development of infrastructure of innovative activity are defined. Perspective directions of technological renewal of construction are defined, in particular development of resource-saving, energy-efficient technologies, introduction of Building Information Modeling technologies. The organization of public and private mortgage funds is offered, which will allow to receive financial resources at a low interest rate. It is established that the underdevelopment of the financial market of Ukraine most slows down the solution of problems of financing innovative activities in construction through the attraction of credit, venture capital, state budget funds for innovative development of the construction sector.

FINANCIAL FACTORS TO STIMULATE INNOVATION ADOPTION AT INDUSTRIAL ENTERPRISES

2017 ◽  
Author(s):  
Kateryna Ovsiienko ◽  
◽  
Artur Ovsiienko ◽  
◽  
Keyword(s):  
Innovation Process ◽  
Innovation Adoption ◽  
Innovative Activity ◽  
Innovation Activity ◽  
High Tech ◽  
Situational Analysis ◽  
State Budget ◽  
Factors Affecting ◽  
Industrial Enterprises ◽  
Funding Sources

Modern industrial enterprises play a crucial role in providing the innovation process of the national economy. They are the suppliers of high-tech products that affect the economic growth of various sectors of the economy. Despite the fact that the issue of innovative activity intensification of modern enterprises is quite actively covered by scientists, the process of innovation adoption at industrial enterprises remains insufficiently studied. Therefore, there is a need to identify the main factors of innovation adoption at industrial enterprises of Ukraine. In addition, it is important to determine the role of different funding sources for stimulating innovation adoption. The purpose of the article is to substantiate the place of financial resources in the set of innovation adoption stimulating factors and to determine the optimal structure of funding sources for industrial enterprises innovation activity. The article examines the approaches of modern scientists to the interpretation the concept of "adopted innovation" essence. The place of the innovation adoption in the innovation process is determined: it is an intermediate link between the created R&D and the commercialized one. It is determined that the innovation implementation at an enterprise depends on such aspects as: human resources, market, novations, and finance. It is noted that these aspects generate internal and external factors affecting the innovation adoption. The importance of different funding sources for stimulating innovation adoption is substantiated. Based on the data for 2000–2019, a vector autoregression model (VAR) of the new machines and equipment adoption dynamics at industrial enterprises of Ukraine under the influence of various funding sources was built. With the help of VAR-model and situational analysis it is determined that in order to maximize the number of new machines and equipment adoption at the industrial enterprises of Ukraine in the funding structure of innovative activity the predominant share should be occupied by own resources of industrial enterprises and state budget funds.

Comparative Analysis of Innovative Activity of Companies in High-Tech and Low-Tech Sectors

2021 ◽  
Vol 13 (4-2) ◽  
pp. 253-273
Author(s):  
Anton Goryushkin ◽  
Keyword(s):  
Economic Growth ◽  
Manufacturing Industry ◽  
New Technology ◽  
Statistical Significance ◽  
Innovative Activity ◽  
Economic Conditions ◽  
Innovation Activity ◽  
High Tech ◽  
Technological Base ◽  
Innovation Processes

The level of innovation activity has not changed for a large number of years, despite the measures taken by the state. Based on empirical data, the article examines the dynamics of the following components of companies’ innovative activity in high-tech and low-tech sectors of the manufacturing industry: introduction of product and other types of innovations; activities to improve the qualifications of personnel; purchase of licensed foreign technologies and intangible assets. We also tested the statistical significance of differences in the levels of innovation activity of high-tech and low-tech companies in different economic conditions using the t-criterion. The analysis showed a decrease in the share of companies engaged in any kind of innovative activity. During the period of economic growth, both high-tech and low-tech companies made equal use of opportunities to increase innovation activity. It was found that the level of innovation activity among high-tech companies declines to a lesser extent than among low-tech companies during the crisis. In these conditions, high-tech companies are more actively using "internal reserves": they are working more to improve the skill level of staff and implementing innovation processes. During periods of high and low rates of economic growth, high-tech companies often buy new technology, but it does not lead to greater innovation activity; companies are only updating their technological base. During the period of weak economic growth, companies in both sectors continued to reduce their innovative activity in all areas. The resumption of growth trends in innovative activities is possible only when companies see the prospects from the implementation of innovative activities.

scholarly journals Innovation Activity: Localization, New Trends and Assessment Methods

2020 ◽  
Vol 31 (2) ◽  
pp. 134-144
Author(s):  
Aslanbek Amrin ◽  
Nailya Nurlanova
Keyword(s):  
Industrial Development ◽  
Rating Scale ◽  
Negative Impact ◽  
Regional Growth ◽  
Rate Of Change ◽  
Innovative Activity ◽  
Innovation Activity ◽  
High Tech ◽  
Local Concentration ◽  
High Level

The purpose of this article is to identify trends and spatial features of the formation of "growth points" in Kazakhstan, based on characteristics of localization and concentration of innovative activity. The main attention in the article is given to the assessment of the various levels of industrial development and innovative activity of Kazakhstan regions, taking into account territorial features and the main directions of industrial development. The article discusses the basic concepts that explain the patterns of regional growth, the localization of high-tech industries and innovative activity, as well as methods for assessing them. Index and coefficient methods, ranking methods, grouping and rating methods were used for the analysis. To assess the innovative activity of regions, a modified rating scale was used, and a modified Krugman concentration index was proposed and used to assess the concentration of innovative activity. We have used relative indicators calculated on the basis of national statistics on science and innovations in Kazakhstan to build the ratings. The assessment of parameters of localization of scientific potential and innovative activity in Kazakhstan regions is carried out. The regions were ranked and the aggregated rating score for the regions was calculated. A typology of the regions of Kazakhstan was developed according to the level of innovation activity, four types of zones of localization of innovation activity were identified: high level (A), medium level (B), low level (C), unsatisfactory level (D). To characterize the local concentration of production of innovative products in Kazakhstan, modified Krugman concentration indices are calculated. The established zones (centers) of localization of innovative activity were identified, and it was concluded that they do not yet have a large impact on industrial development of the country as a whole. In general, positive trends in the growth of indicators of innovative activity and technological progress are observed throughout the country. Nevertheless, the rate of change remains extremely low, which indicates the uneven development of innovations in regions, as well as their territorial and industrial isolation, which has a negative impact on the speed of development of the technological process in the country.

scholarly journals Based on Entrepreneurial Culture to Discuss the Correlation between Sustainable Innovation Capability and Patent

2019 ◽  
Author(s):  
Aimin Qi
Keyword(s):  
Global Economy ◽  
World Market ◽  
Point Of View ◽  
High Tech ◽  
Innovation Capability ◽  
High Tech Industry ◽  
Entrepreneurial Culture ◽  
Sustainable Innovation ◽  
Innovative Products ◽  
Fierce Competition

Currently the rapid growth of global economy has the competition among high-tech industries develop from regional to global, and the competition becomes fierce. In face of such fierce competition in global high-tech industry, it is realized that tangible assets could no longer be the differentiation basis, but intangible assets are regarded as the differentiation capital. An enterprise with sustainable innovation would dominate the world market and enhance the international competitiveness of domestic economy. When internal entrepreneurial culture is prevalent, an enterprise would naturally promote the innovation capability. Such a point of view also explains more popular of the innovative products or services of some enterprises than those with larger scales. Aiming at employees in high-tech industry in Guanxi Province, total 500 copies of questionnaire are randomly distributed, and 337 valid copies are retrieved, with the retrieval rate 67%. The research results reveal significantly positive correlations between 1.entrepreneurial culture and sustainable innovation capability, 2.sustainable innovation capability and patent, and 3.entrepreneurial culture and patent. According to the results, suggestions are proposed, expecting to explain how a high-tech business outperforms in the changeable digital era and acquires the sustainable innovation capability and patent to grasp the opportunity.

scholarly journals Sources of Information for Innovative Activity of Enterprises. Types, Importance, Measurement

2013 ◽  
Vol 4 (1) ◽  
pp. 5-18
Author(s):  
Marzena Krawczyk
Keyword(s):  
Research And Development ◽  
Competitive Advantage ◽  
Innovative Activity ◽  
Innovation Activity ◽  
Sources Of Information ◽  
Main Attention ◽  
Innovative Firms ◽  
External Sources ◽  
Additional Value

Innovation determines expansion or just existence of enterprises. It’s an important element of competitive advantage and it is a characteristic that encourages customers to buy novelties. Unfortunately, with innovation activity closely related is uncertainty risk, that means insecurity that costly process of creating innovation solutions will succeed. By dint of necessity of high costs of innovation activity, only small percent of enterprises have their own research and development buck-up. More and more popular become external sources of information for innovative activity, such as: customers, research and development networks, conferences, scientist publications and journals. The paper presents sources of information used by polish enterprises in innovation activity, classify them and show its essence and importance. Main attention is put on sources, which according to modern theories of innovation and practice of innovative firms, are the most important, that means internal R&D activity and customers. An additional value of the paper is a discussion on the ways and the sense of measure the influence of chosen sources of information on the process of creation innovations in companies.

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