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Purpose: The purpose of this work is to presents the features of an innovative company, especially age, size and sources of financing. In addition, the paper shows the impact of these features on the company's innovation and the relationship between age, size and the available financing methods. Design/methodology/approach: Due to the cognitive nature of the article, the aim of the work will be achieved using the method of analyzing the literature on the subject. Literature studies include Polish and foreign publications. Findings: Innovations are the basis for the functioning of enterprises in competitive markets. Innovative enterprises are able to adapt to environmental conditions and quickly respond to the needs of consumers. The presented research confirms the positive relationship between the increasing size of the company and the growing level of innovation. In the case of the relationship between the development stage and innovation, it is indicated that younger companies are more inclined to implement innovations than mature ones. It is worth emphasizing that the degree of innovation of a company, in addition to its size and maturity, also depends on many other factors, including: type of innovation, enterprise, industry or business model. Originality/value: The article is a review of the literature on innovative company. This work can help entrepreneurs who want to innovate their companies and achieve long-term growth because it allows to understand the impact of a company's size and maturity on its level of innovation. Moreover, managers can find out what sources of capital they can use depending on the characteristic of their enterprise.
Rocznik
Tom
Strony
485--494
Opis fizyczny
Bibliogr. 31 poz.
Twórcy
autor
- Maria Curie-Sklodowska University in Lublin, Poland
Bibliografia
- 1. Aguilar-Fernández, M.E., & Otegi-Olaso, J.R. (2018). Firm size and the business model for sustainable innovation. Sustainability, 10(12), p. 4785.
- 2. Balasubramanian, N., & Lee, J. (2008). Firm age and innovation. Industrial and Corporate Change, 17(5), pp. 1019-1047.
- 3. Bernstein, S. (2017). Public equity markets and innovation. ADBI Working Paper, No. 772, Tokyo: Asian Development Bank Institute (ADBI).
- 4. Białoń, L. (ed.) (2010). Zarządzanie działalnością innowacyjną. Warszawa: Wydawnictwo Placet.
- 5. Bogliacino, F., & Pianta, M. (2010). Innovation and employment: a reinvestigation using revised Pavitt classes. Research Policy, 39(6), pp. 799-809.
- 6. Bosma, N., & de Wit, G. (2004). The influence of innovation on firm size. EIM Business and Policy Research. No. N200318.
- 7. Bravo-Biosca, A., Cusolito, A.P., Hill, J.P.W. (2012). Financing business innovation: review of external sources of funding for innovative businesses and public policies to support them. Washington: World Bank.
- 8. Carrillo-Hermosilla, J., Del Río, P., & Könnölä, T. (2010). Diversity of Eco-innovations: Reflections from selected case studies. Journal of Cleaner Production, 18, pp. 1073-1083.
- 9. Cincera, M., & Veugelers, R. (2014). Differences in the rates of return to R&D for European and US young leading R&D firms. Research Policy, 43, pp. 1413-1421.
- 10. Coad, A., Segarra, A., & Teruel, M. (2016). Innovation and firm growth: does firm age play a role? Research policy, 45(2), pp. 387-400.
- 11. Cohen, W.M., & Klepper, S. (1996). Firm size and the nature of innovation within industries: the case of process and product R&D. The review of Economics and Statistics, pp. 232-243.
- 12. Cucculelli, M. (2018). Firm age and the probability of product innovation. Do CEO tenure and product tenure matter? Journal of Evolutionary Economics, 28(1), pp. 153-179.
- 13. Damanpour, F. (1992). Organizational size and innovation. Organization studies, 13(3), pp. 375-402.
- 14. Fang, X. (2009). Process Innovation, Product Innovation and Firm Size. University of Illinois at Chicago.
- 15. Gans, J., Hsu, D., & Stern, S. (2002). When does start-up innovation spur the gale of creative destruction? RAND Journal of Economics, 33, pp. 571-586.
- 16. Hage, J. (1980). Theories of organizations. New York: Wiley.
- 17. Hervé, F., Schwienbacher, A. (2018). Crowdfunding and innovation. Journal of economic surveys, 32(5), pp. 1514-1530.
- 18. Hölzl, W., Peneder, M. (2019) Financing Innovation. In: E. Carayannis (Ed.), Encyclopedia of Creativity, Invention, Innovation and Entrepreneurship. New York: Springer, pp. 734-738.
- 19. Huergo, E., & Jaumandreu, J. (2004). How does probability of innovation change with firm age? Small Business Economics, 22(3), pp. 193-207.
- 20. Jasiński, A.H. (2000). Innowacje i transfer techniki. Białystok: Uniwersytet w Białymstoku.
- 21. Lin, W.L., Cheah, J.H., Azali, M., Ho, J.A., & Yip, N. (2019). Does firm size matter? Evidence on the impact of the green innovation strategy on corporate financial performance in the automotive sector. Journal of Cleaner Production, 229, pp. 974-988.
- 22. Mintzberg, H. (1979). The structuring of organizations. New Jersey: Prentice-Hall.
- 23. OECD (2018). Oslo Manual 2018. Guidelines for Collecting, Reporting and Using Data on Innovation, 4th Edition. Paris-Luxembourg: OECD Publishing – Eurostat.
- 24. O'Sullivan, M. (2000). The innovative enterprise and corporate governance. Cambridge Journal of Economics, 24(4), pp. 393-416.
- 25. Ottosson, S. (2019). Developing and managing innovation in a fast changing and complex world. Springer Books.
- 26. Pellegrino, G. (2018). Barriers to innovation in young and mature firms. Journal of Evolutionary Economics, 28(1), pp. 181-206.
- 27. Pellegrino, G., & Piva, M. (2020). Innovation, industry and firm age: are there new knowledge production functions? Eurasian Business Review, 10(1), pp. 65-95.
- 28. Porter, M.E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: The Free Press.
- 29. Rossi, M., Lombardi, R., Siggia, D., & Oliva, N. (2015). The impact of corporate characteristics on the financial decisions of companies: evidence on funding decisions by Italian SMEs. Journal of Innovation and Entrepreneurship, 5(1), pp. 1-14.
- 30. Sosnowska, A., Poznańska, K., Łobejko, S., Brdulak, J., & Chinowska, K. (2003). Systemy wspierania innowacji i transferu technologii w krajach Unii Europejskie i w Polsce. Warszawa: PARP.
- 31. Vaona, A., & Pianta, M. (2008). Firm size and innovation in European manufacturing. Small business economics, 30(3), pp. 283-299.
Typ dokumentu
Bibliografia
Identyfikator YADDA
bwmeta1.element.baztech-22a34e0c-cc75-4fb8-a479-ddc7d3412d39