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ИД «Финансы и кредит»






Economic Analysis: Theory and Practice

Factors influencing the financial potential of companies' innovative development

Vol. 16, Iss. 7, JULY 2017

Received: 24 March 2017

Received in revised form: 25 May 2017

Accepted: 9 June 2017

Available online: 27 July 2017

Subject Heading: Innovation

JEL Classification: G17, G31

Pages: 1370–1381


Aliev A.A. Plekhanov Russian University of Economics, Moscow, Russian Federation

Importance The article considers factors impacting the financial capacity of innovation-driven growth of companies (global, country and corporate).
Objectives The purpose of the study is to unveil factors influencing the innovation-based growth of companies for them to formulate financial and investment policy.
Methods The study draws on analysis and synthesis, induction and deduction, generalization, comparison. I employ grouping, analytical and calculation techniques as part of integrated approach. The study uses the comparative analysis of macroeconomic indicators.
Results The paper defines a set of factors and forms a system, which includes global, country and corporate factors that have an impact on financial capacity of companies' innovative development. The findings may help develop financial and investment policies of companies and be applied in teaching accounting and analytical disciplines.
Conclusions and Relevance The study presents a comparative description of various factors affecting the financial capacity of companies' innovative development, highlights the active role of the State in enhancing innovation at micro and macro levels. The created system of factors that influence the financial potential of innovative development will enable companies to proactively identify weaknesses in their financial policies for innovative development and to adjust them to devise an effective strategy to finance their innovation-based growth.

Keywords: factor, financial potential, financial capacity, innovative development


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