INNOVATIVE UNDERTAKINGS IN THE POLISH INDUSTRY

Abstract

The purpose of this research is to determine if there is any correlation between the sale of new or significantly improved products and the physical capital and human capital in the Polish industry between 2011 and 2013. In the quantitative analysis a Cobb-Douglas regression model has been used and together with its parameters it has obtained results which indicate a higher degree of flexibility of the sale of new and significantly improved goods relative to real capital expenditure streams (0.868) than human capital investment flows (0.190). The model of innovation growth rate (Cobb-Douglas theory) indicates that the flexibility of sold production of new and significantly improved goods can be equal to unity. The research has found regression dependence of new and substantively improved products sold on the physical and human capital expenditure. Thus, there is an imbalance of these capitals in the impact on the volatility of sold production of new and significantly improved goods in the industry. The above-specified production relative to the combined effect of real and human capital investment flows was growing more than proportionally (1.058) in the industry in the years 2011–2013. The current potential for innovation with an unchanged production method allows us to obtain increasing economies of scale of production sold of new and significantly improved goods in the Polish industry. The conducted research shows that the impact of human capital (0.190) amounts only to one-fifth of the potential opportunities available in the Polish industry.