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Early View

Associate professor at the Department of Management, Faculty of Administration and Social Sciences. Employed at the University of Information Technology and Management in Rzeszów since 1999. From 01/10/2021 - retired.
He graduated in economics at the Faculty of Economics of UMCS in Lublin in 1974, where he also received a doctorate in economics in 1980 and habilitation in 1990.
Scientific activities focus on: contemporary concepts of management, economics, communication and marketing, and marketing communication. ORCID - 0000-0003-4474-8208 specialty: management and quality.
 

ARTICLE:

Financial Factors Influencing the Development of Product Innovations in Polish Small and Medium Enterprises

The development of product innovations in small and medium enterprises is determined mainly by their financial capabilities. These enterprises usually encounter financial problems when it comes to the introduction of product innovations. Therefore, managers should manage the company’s finances in the way that will enable them using all available means to solve these problems. This means that they ought to use external financial resources to a greater extent (not only in the form of loans). The article focuses on the financial conditions for the development of product innovations in small and medium enterprises, while other forms of innovation are omitted. Product innovations are given the highest priority by mentioned companies. The analysis covered the years 2010-2017. The case study allowed to present changes in this most important form of activity for enterprises in the SME sector during the analyzed period. In the article there were used data published by GUS, NBP, PARP, Eurostat. The article presents the following thesis:
The innovative activity of Polish enterprises takes mainly the character of product innovations, which often require large financial outlays. Two hypotheses were used to verify the thesis: HPT1: The increase in the outlays of enterprises on technical progress and on research and development works (R&D) leads to the development of product innovations. HPT2: The companies' own resources are the main source of financing for product investments. Due to the greater capacity of large companies to spend on R&D, they are more active in product innovation than small companies, whose financial resources are significantly limited. Broader implementation of product innovations in SMEs requires wider access to finance and greater involvement of many participants. In order to be able to take advantage of all possible opportunities to renew the production programme, the company should ensure appropriate internal and external integration in the management of the process.

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