Abstract

This article is a contribution to the discussion on innovation activity and its influence on financial performance of companies. The authors employ a simple measure of innovativeness, which was also used in other studies, and the division of companies into two groups (innovative and non-innovative) was based on the fact whether they obtained a patent (patents) or not. In this paper, we compare the rates of return and revenue growth achieved by innovative versus non-innovative companies operating in the manufacturing industry in Poland, in the years 2006 to 2012. Financial and qualitative data for testing the hypotheses were taken from the Amadeus database provided by Bureau van Dijk. The sample consisted of 4004 enterprises, of which 681 were owners of at least one patent. T-Student test, ANOVA and OSL models were used to verify the working assumptions. The study tests the following three research hypotheses. H1: “Innovative companies achieve higher rates of return than the noninnovative ones.” That hypothesis was confirmed in relation to the EBITDA margin and ROS (return on sale), but not to ROA (return on assets) and ROE (return on equity). The fact of belonging to a group of innovative companies had an impact on an average EBITDA margin increase by 0.83 p.p. in 2007, 0.78 p.p. in 2009 and 0.73 p.p. in 2012, ceteris paribus. The difference between ROE was found statistically insignificant in most analysed periods (except 2007 and 2009), however, non-innovative companies have achieved a higher return on equity than innovative companies. It can be associated with higher operational risk in innovative companies which restrict access to external capital, leading such companies to expand their businesses through their own equity. The second tested hypothesis is: “An innovative activity has higher impact on financial performance in medium-sized companies than in large and very large ones.” During the research, it was found out that having obtained a patent is important determinant of EBITDA margin for medium-sized companies, increasing it by 0.76 p.p., ceteris paribus. In large companies, it contributed to an increase of 0.71 p.p., and for very large ones – by only 0.19 p.p., with the slope for the latter group at a number other than zero found to be statistically insignificant. In relation to third tested hypothesis:” Innovative companies are more sensitive in terms of revenue dynamics to economic slowdown than the non-innovative ones.” it was found out that in the period of time from 2006 to 2012 the dynamics of revenue growth in innovative companies was generally higher than in the non-innovative ones, except in the year 2009, when all companies showed a significant decline in revenues, but for innovative companies, the decline amounted to 6.39%, and for the remaining ones it was found at 4.98%. Based on those findings it was confirmed that innovative companies are characterized by a greater sensitivity to economic slowdown.

Highlights

  • ͬ/ŶǀĞŶƚŽƌLJDĂŶĂŐĞŵĞŶƚͲdŽŽůĨŽƌKƉƟŵĂůhƐĞŽĨZĞƐŽƵƌĐĞƐĂŶĚKǀĞƌĂůůĸĐŝĞŶĐLJŝŶ Manufacturing SMEs ďLJϬϳςƉƉ͘ĐĞƚĞƌŝƐƉĂƌŝďƵƐ/ŶůĂƌŐĞĐŽŵƉĂŶŝĞƐŝƚĐŽŶƚƌŝďƵƚĞĚƚŽĂŶŝŶĐƌĞĂƐĞŽĨϬϳϭ ƉƉ͘ĂŶĚĨŽƌǀĞƌLJůĂƌŐĞŽŶĞƐʹďLJŽŶůLJϬϭεƉƉ͘ǁŝƚŚƚŚĞƐůŽƉĞĨŽƌƚŚĞůĂƩĞƌŐƌŽƵƉ ĂƚĂŶƵŵďĞƌŽƚŚĞƌƚŚĂŶnjĞƌŽĨŽƵŶĚƚŽďĞƐƚĂƟƐƟĐĂůůLJŝŶƐŝŐŶŝĮĐĂŶƚ/ŶƌĞůĂƟŽŶƚŽƚŚŝƌĚ ƚĞƐƚĞĚ ŚLJƉŽƚŚĞƐŝƐ͟ /ŶŶŽǀĂƟǀĞ ĐŽŵƉĂŶŝĞƐ ĂƌĞ ŵŽƌĞ ƐĞŶƐŝƟǀĞ ŝŶ ƚĞƌŵƐ ŽĨ ƌĞǀĞŶƵĞ ĚLJŶĂŵŝĐƐƚŽĞĐŽŶŽŵŝĐƐůŽǁĚŽǁŶƚŚĂŶƚŚĞŶŽŶͲŝŶŶŽǀĂƟǀĞŽŶĞƐ͟ŝƚǁĂƐĨŽƵŶĚŽƵƚƚŚĂƚ ŝŶƚŚĞƉĞƌŝŽĚŽĨƟŵĞĨƌŽŵϮϬϬςƚŽϮϬϭϮƚŚĞĚLJŶĂŵŝĐƐŽĨƌĞǀĞŶƵĞŐƌŽǁƚŚŝŶŝŶŶŽǀĂƟǀĞ ĐŽŵƉĂŶŝĞƐǁĂƐŐĞŶĞƌĂůůLJŚŝŐŚĞƌƚŚĂŶŝŶƚŚĞŶŽŶͲŝŶŶŽǀĂƟǀĞŽŶĞƐĞdžĐĞƉƚŝŶƚŚĞLJĞĂƌ ϮϬϬεǁŚĞŶĂůůĐŽŵƉĂŶŝĞƐƐŚŽǁĞĚĂƐŝŐŶŝĮĐĂŶƚĚĞĐůŝŶĞŝŶƌĞǀĞŶƵĞƐďƵƚĨŽƌŝŶŶŽǀĂƟǀĞ ĐŽŵƉĂŶŝĞƐƚŚĞĚĞĐůŝŶĞĂŵŽƵŶƚĞĚƚŽςϯεйĂŶĚĨŽƌƚŚĞƌĞŵĂŝŶŝŶŐŽŶĞƐŝƚǁĂƐĨŽƵŶĚ Ăƚ κεΘй ĂƐĞĚ ŽŶ ƚŚŽƐĞ ĮŶĚŝŶŐƐ ŝƚ ǁĂƐ ĐŽŶĮƌŵĞĚ ƚŚĂƚ ŝŶŶŽǀĂƟǀĞ ĐŽŵƉĂŶŝĞƐ ĂƌĞ ĐŚĂƌĂĐƚĞƌŝnjĞĚďLJĂŐƌĞĂƚĞƌƐĞŶƐŝƟǀŝƚLJƚŽĞĐŽŶŽŵŝĐƐůŽǁĚŽǁŶ Keywords:ŝŶŶŽǀĂƟŽŶĮŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞĞĐŽŶŽŵŝĐƐůŽǁĚŽǁŶƉĂƚĞŶƚƐ

  • EŽƚĞ*ƉͲǀĂůƵĞфϬϬρΎΎƉͲǀĂůƵĞфϬϬϭΎΎΎƉͲǀĂůƵĞфϬϬϬϭdŚĞ ĂďŽǀĞ ƐƚƵĚLJ ƉƌŽǀĞƐ ƚŚĂƚ ďĞŝŶŐ Ă ƉĂƚĞŶƚ ŚŽůĚĞƌ ŝŵƉƌŽǀĞƐ ƚƌĂĚĞ ŵĂƌŐŝŶƐ ŽĨ ĐŽŵƉĂŶŝĞƐ ŽƉĞƌĂƟŶŐ ŝŶ ƚŚĞ ŵĂŶƵĨĂĐƚƵƌŝŶŐ ŝŶĚƵƐƚƌLJ ŝŶ WŽůĂŶĚ WĂƌƟĐƵůĂƌůLJƐŝŐŶŝĮĐĂŶƚĞīĞĐƚƐǁĞƌĞŽďƐĞƌǀĞĚƚŽ/dŵĂƌŐŝŶ/ŶƚĞƌŵƐŽĨ ŽƚŚĞƌŝŶĚŝĐĂƚŽƌƐĂƐZK^ďĂŶĚZKďƚŚĞĂƵƚŚŽƌƐŽďƚĂŝŶĞĚĞǀŝĚĞŶĐĞƚŚĂƚƚŚĞ ŝŶŶŽǀĂƟǀĞ ƐƚĂƚƵƐ ŽĨ Ă ĐŽŵƉĂŶLJ ŚĞůƉƐ ƚŽ ŬĞĞƉ ƚŚĞƐĞ ŝŶĚŝĐĂƚŽƌƐ ŽŶ ĂǀĞƌĂŐĞ ůĞǀĞůŚŝŐŚĞƌƚŚĂŶŝŶŽƚŚĞƌĐŽŵƉĂŶŝĞƐYƵŝƚĞĚŝīĞƌĞŶƚŽďƐĞƌǀĂƟŽŶƐǁĞƌĞŵĂĚĞ ĨŽƌZKďŝŶĚŝĐĂƚŽƌ/ƚǁĂƐĨŽƵŶĚƚŚĂƚƌĞƚƵƌŶŽŶĞƋƵŝƚLJŝƐůŽǁĞƌŝŶŝŶŶŽǀĂƟǀĞ ĐŽŵƉĂŶŝĞƐƐƚŚĞĂƵƚŚŽƌƐŵĞŶƟŽŶĞĚĂďŽǀĞƚŚĞƌĞĂƐŽŶŽĨƚŚĞůŽǁĞƌZKď ŵŝŐŚƚ ďĞ ŚŝŐŚĞƌ ŽƉĞƌĂƟŽŶĂů ƌŝƐŬƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ŝŶŶŽǀĂƟǀĞ ĂĐƟǀŝƟĞƐ ĂŶĚ ƚŚĞŶĞĞĚƚŽŝŶǀŽůǀĞĂƌĞůĂƟǀĞůLJƐƵďƐƚĂŶƟĂůĂŵŽƵŶƚŽĨĞƋƵŝƚLJĚƵĞƚŽƉŽƐƐŝďůĞ ĚŝĸĐƵůƟĞƐŝŶŽďƚĂŝŶŝŶŐŽƵƚƐŝĚĞĐĂƉŝƚĂů

  • /Ŷ ĂĚĚŝƟŽŶ ĂŶĂůLJƐĞƐ ǁĞƌĞ ƉĞƌĨŽƌŵĞĚ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ƚŚĞ ĚLJŶĂŵŝĐƐ ŽĨ ƌĞǀĞŶƵĞ ŐƌŽǁƚŚ ŝŶ ƚŚĞ LJĞĂƌ ϮϬϬε ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ƚŚĞ ĐŽŵƉĂŶLJ ƐŝnjĞ ;dĂďůĞ ϭρͿ &Žƌ ǀĞƌLJ ůĂƌŐĞ ĐŽŵƉĂŶŝĞƐ ƚŚĞ ĚŝīĞƌĞŶĐĞ ŝŶ ƌĞǀĞŶƵĞ ŐƌŽǁƚŚ ĚLJŶĂŵŝĐƐ ďĞƚǁĞĞŶ ŝŶŶŽǀĂƟǀĞ ĂŶĚ ŶŽŶͲŝŶŶŽǀĂƟǀĞ ĐŽŵƉĂŶŝĞƐ ǁĂƐ ĨŽƵŶĚ ƚŽ ďĞ ƐŝŐŶŝĮĐĂŶƚ KĨ ƉĂƌƟĐƵůĂƌ ŶŽƚĞ ǁĂƐ ƚŚĞ ĨĂĐƚ ƚŚĂƚ ĨŽƌ ǀĞƌLJ ůĂƌŐĞ ŝŶŶŽǀĂƟǀĞ ĐŽŵƉĂŶŝĞƐ ƚŚĞƌĞ ǁĂƐ Ă ĚĞĐƌĞĂƐĞ ŽĨ ƌĞǀĞŶƵĞƐ ďLJ κεκй ĐŽŵƉĂƌĞĚ ƚŽ ƚŚĞ ŵĂƌŬĞĚ ŝŶĐƌĞĂƐĞ ďLJ ϭεϳй ĨŽƌ ŶŽŶͲŝŶŶŽǀĂƟǀĞ ŽŶĞƐ &Žƌ ůĂƌŐĞ ĐŽŵƉĂŶŝĞƐ ƚŚĞĚŝīĞƌĞŶĐĞǁĂƐƐƚĂƟƐƟĐĂůůLJŝŶƐŝŐŶŝĮĐĂŶƚǁŚŝůĞŵĞĚŝƵŵͲƐŝnjĞĚĐŽŵƉĂŶŝĞƐ ƌĞŐŝƐƚĞƌĞĚĂĚĞĐƌĞĂƐĞŝŶƌĞǀĞŶƵĞƐŝŶďŽƚŚŐƌŽƵƉƐ/ƚŵƵƐƚďĞŶŽƚĞĚŚŽǁĞǀĞƌ ƚŚĂƚŝŶƚŚĞůĂƩĞƌŐƌŽƵƉƚŚĞĚĞĐƌĞĂƐĞǁĂƐŵĂƌŬĞĚůLJŵŽƌĞƉƌŽŶŽƵŶĐĞĚĂŵŽŶŐ ƚŚĞƉĂƚĞŶƚŚŽůĚŝŶŐĐŽŵƉĂŶŝĞƐ;εκϳйͿĐŽŵƉĂƌĞĚƚŽςεΘйĨŽƌƚŚĞŶŽŶͲŚŽůĚŝŶŐ ŽŶĞƐdŚĞƌĞƐƵůƚƐƐĞĞŵƚŽƐƵŐŐĞƐƚƚŚĂƚƉĂƚĞŶƚŚŽůĚŝŶŐĐŽŵƉĂŶŝĞƐĂƌĞŵŽƌĞ ƐƵƐĐĞƉƟďůĞƚŽĐŚĂŶŐĞƐŝŶƚŚĞĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚ sĞƌLJůĂƌŐĞ >ĂƌŐĞ DĞĚŝƵŵͲƐŝnjĞĚ dŽƚĂů

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Summary

ĞdžĐŚĂŶŐĞ хсρϬ фϮϬͲϮϬϬͿ хсκϯ фϭϬͲρϬͿ фϮͲϮϬͿ фϭϬͲκϯͿ фϮͲϭϬͿ фϮ фϮͲϭϬͿ фϮ

KŶ ƚŚĞ ďĂƐŝƐ ŽĨ ƚŚĞ ĚĂƚĂďĂƐĞ ŽĨ ƚŚĞ ĞŶƚƌĂů ^ƚĂƟƐƟĐĂů KĸĐĞ ŝƚ ǁĂƐ ĞƐƚĂďůŝƐŚĞĚƚŚĂƚŝŶƚŚĞLJĞĂƌϮϬϭϮŝŶWŽůĂŶĚŝŶƚŚĞ͘DĂŶƵĨĂĐƚƵƌŝŶŐƐĞĐƟŽŶ ϭϳρςεϮĐŽŵƉĂŶŝĞƐǁĞƌĞƌĞŐŝƐƚĞƌĞĚ;^KĚĂƚĂďĂƐĞͿƚŚĞƌĞĨŽƌĞƚŚĞƌĞƐĞĂƌĐŚĞĚ ƐĂŵƉůĞ ĐŽŶƐƟƚƵƚĞƐ Ϯй ŽĨ ƚŚĞ ƉŽƉƵůĂƟŽŶ ŽĨ ĞŶƟƟĞƐ ĂĐƟǀĞ ŝŶ ƐĞĐƟŽŶ ͕ ǁŚĞƌĞĂƐϮεϯϯϯĞŶƚĞƌƉƌŝƐĞƐĞŵƉůŽLJŝŶŐŵŽƌĞƚŚĂŶεƉĞŽƉůĞŝŶƚŚĞŝŶĚƵƐƚƌŝĂů ƉƌŽĐĞƐƐŝŶŐƐĞĐƟŽŶǁĞƌĞƌĞŐŝƐƚĞƌĞĚŝŶϮϬϭϮ;^ƚĂƟƐƟĐĂůzĞĂƌŬŽĨ/ŶĚƵƐƚƌLJ ʹ ϮϬϭϯ tĂƌƐĂǁͿ ƚŚĞƌĞĨŽƌĞ ƚĂŬŝŶŐ ƵŶĚĞƌ ĐŽŶƐŝĚĞƌĂƟŽŶ ƚŚĞ ĨĂĐƚ ƚŚĂƚ ƚŚĞ ƌĞƐĞĂƌĐŚŽŵŝƚƐĮƌŵƐĞŵƉůŽLJŝŶŐĨĞǁĞƌƚŚĂŶϭρƉĞŽƉůĞĮŶĂůůLJŝƚĐŽǀĞƌƐŵŽƌĞ ƚŚĂŶϭκйŽĨƉŽƉƵůĂƟŽŶ/ƚŝƐĚŝĸĐƵůƚƚŽĐŽŵƉĂƌĞƚŚĞƐƚƌƵĐƚƵƌĞŽĨƚŚĞƐĂŵƉůĞ ŽĨ ƌĞƐĞĂƌĐŚĞĚ ĮƌŵƐ ŝŶ ƚĞƌŵƐ ŽĨ ƚŚĞŝƌ ƐŝnjĞ ǁŝƚŚ ƚŚĞ ƐƚƌƵĐƚƵƌĞ ŽĨ ƉƌŽĚƵĐƟŽŶ ĮƌŵƐ ŝŶ WŽůĂŶĚ ĚƵĞ ƚŽ ƚŚĞ ĚŝīĞƌĞŶƚ ĐƌŝƚĞƌŝĂ ŽĨ ĚŝǀŝĚŝŶŐ ĮƌŵƐ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨƚŚĞŶƵŵďĞƌŽĨĞŵƉůŽLJĞĞƐĂĚŽƉƚĞĚŝŶƚŚĞĚĂƚĂďĂƐĞĨƌŽŵǁŚŝĐŚƚŚĞĚĂƚĂ ǁĂƐ ŽďƚĂŝŶĞĚ ĂŶĚ ƚŚŽƐĞ ŝŶ ĨŽƌĐĞ ŝŶ ƚŚĞ ĞŶƚƌĂů ^ƚĂƟƐƟĐĂů KĸĐĞ ;ƚŚĞLJ ĂƌĞ ƉĂƌƚůLJŝĚĞŶƟĐĂůŝŶƚĞƌŵƐŽĨƚŚĞŶƵŵďĞƌŽĨĞŵƉůŽLJĞĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ hĚĞĮŶŝƟŽŶͿ,ŽǁĞǀĞƌŝƚŵŝŐŚƚďĞĐůĂŝŵĞĚŚĂǀŝŶŐĂĚŽƉƚĞĚĂƉƉƌŽdžŝŵĂƚĞĚ ĐƌŝƚĞƌŝĂ ŝŶ ƚŚĞ ƐĐŽƉĞ ŽĨ ĞŵƉůŽLJĞĞƐഹ ŶƵŵďĞƌ ƚŚĂƚ ƚŚĞ ƐƚƌƵĐƚƵƌĞ ŽĨ ĮƌŵƐ ŝƐ ƉĂƌƚůLJƐŝŵŝůĂƌƚŽƚŚĞƐƚƌƵĐƚƵƌĞŽĨĮƌŵƐŝŶĞĐŽŶŽŵLJ dŚĞ ĂƵƚŚŽƌƐ ĐŽůůĂƚĞĚ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƉĂƚĞŶƚƐ ŽǁŶĞĚ ďLJ ĞĂĐŚ ĐŽŵƉĂŶLJ ǁŚĞƌĞĂƐ ŝƚ ǁĂƐ ŶŽƚ ƉŽƐƐŝďůĞ ƚŽ ŽďƚĂŝŶ ŝŶĨŽƌŵĂƟŽŶ ĂďŽƵƚ ǁŚŝĐŚ ƉĂƚĞŶƚƐ ǁĞƌĞ ŽďƚĂŝŶĞĚ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ŽǁŶ ŶŽƟĮĐĂƟŽŶ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ŝŶǀĞŶƟŽŶ ƉƌŽƚĞĐƟŽŶ ĂŶĚ ǁŚŝĐŚ ƉĂƚĞŶƚƐ ǁĞƌĞ ĂĐƋƵŝƌĞĚ ĨƌŽŵ ŽƚŚĞƌ ŝŶĚŝǀŝĚƵĂůƐ dŚĞ ĚĂƚĂďĂƐĞŝŶĐůƵĚĞƐďŽƚŚŝŶĨŽƌŵĂƟŽŶĂďŽƵƚĚŽŵĞƐƟĐĂŶĚŝŶƚĞƌŶĂƟŽŶĂůƉĂƚĞŶƚƐ WĂƚĞŶƚĐŽƵŶƚƐŚĂǀĞďĞĞŶĐŽůůĞĐƚĞĚĨŽƌĂůůLJĞĂƌƐĂǀĂŝůĂďůĞŝŶƚŚĞĚĂƚĂďĂƐĞdŚĞ ŵĂĚĞƵƐ ĚĂƚĂďĂƐĞ ƵƐĞƐ ƉĂƚĞŶƚ ĚĂƚĂ ŽŶůLJ ƚŽ ƐƵƉƉůĞŵĞŶƚ ŽƚŚĞƌ ĐŽƌƉŽƌĂƚĞ ŝŶĨŽƌŵĂƟŽŶ ƐŽ ƚŚĞƌĞ ŝƐ Ă ƌŝƐŬ ƚŚĂƚ ƐŽŵĞ ĞƌƌŽƌƐ ŵĂLJ ŽĐĐƵƌ ŝŶ ƚŚĞ.

ΘΘ ϯϬε ϮΘκ ςΘϭ
Ϯεй ϯϮй ςΘй
Max ρςϬκςϬ ϮϯϭςϮϬ ϮϳϭϭϯϬ ϭρεΘϯϯ κρρϬϳ ϯεΘςϮ
INNOV εϬϬςϳε εϯςϭςϳ εςϯςςρ ϭϬρςςϭ ϭϬϯϭϮϳ ϭϬςςρκ ϭϭϬϬκκ
ϬϬϮϯκ ϬϬκςϬ ϬϬϬϯϮ ϬϬϬκρ ϬϬϬϮϮ ϬϬϬϬρ ϬϬϮϯκ
ϬρϳϳΘ Ϭκεϯκ ϬϮρϮς ϬϬϬϯρ Ϭεϳςρ ϬϬϭΘϬ ϬεϬϮϳ
Ϭϯςϭς ϬςΘρϬ ϬϳϳϬϭ Ϭεςςρ ϬϯΘΘΘ ϬϳΘϮε ϬϬϮεϮ
DĞĚŝƵŵ ͲƐŝnjĞĚ
Ϯϳρ ϭϯϭ Θρρκεϯϭ ϯϯϳεϭεϳ ϬϭϳϳϮϯϯ ρϯΘρϮΘϯ ρςϮϬϳΘϮ ρϭεεϯΘϮ ϬϭκκϯϮϯ ϬϬϬϬϭςϭ
ϬϬϬςϭ Ϭεϯρς ϬϬϬϬϮ ϬϬΘϮε ϬϯςϬϬ ϬϳϳϮϭ ϬϬρΘρ
ϬϬϬϮϯ ϬϮεκρ ϬϬκκε ϬϬϭκϮ
Biographical notes
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