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Economic Analysis: Theory and Practice

Knowledge Generation Risk Management

Vol. 16, Iss. 9, SEPTEMBER 2017

PDF  Article PDF Version

Received: 21 March 2017

Received in revised form: 10 August 2017

Accepted: 28 August 2017

Available online: 29 September 2017

Subject Heading: Innovation

JEL Classification: O31, O32

Pages: 1696–1707


Panikarova S.V. Institute of Economics, Ural Branch of Russian Academy of Sciences, Yekaterinburg, Russian Federation

Vlasov M.V. Institute of Economics, Ural Branch of Russian Academy of Sciences, Yekaterinburg, Russian Federation

Importance In most cases, more than one year may pass from the time of taking a decision to generate knowledge to the time of acquired knowledge introduction. Significant time lags in the process of knowledge generation cause various risks associated with uncertain future business conditions.
Objectives The purposes of the study is to develop the theory and practice of risk management in the process of creating new knowledge, namely, to identify patterns in the allocation of risks inherent in knowledge generation, depending on the new knowledge cost structure.
Methods The study draws on economic and sociological research data (interviews with R&D managers) involving medium-sized manufacturing enterprises of the Sverdlovsk oblast, revealing the distribution of costs and efficiency of knowledge generation for several years.
Results The paper presents the findings of empirical study of risk associated with generating different types of knowledge (operational, structural, functional) at Russian industrial enterprises.
Conclusions The research revealed the pattern: the higher R&D costs, the less the risk of generating functional knowledge and the greater the risk of generating operational knowledge. If the R&D cost accounts for from eight to ten percent in the total cost structure of the enterprise, the knowledge-generation risk structure stabilizes. Then it is as follows: the risk of functional knowledge generation is 15–18 percent, structural knowledge – 28–30 percent, and operational knowledge – 53–55 percent. The results of the study demonstrate the impact of the cost structure of different types of knowledge generation on the knowledge generation risk level.

Keywords: generation, knowledge, risk, cost structure


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