Финансы: теория и практика (Feb 2021)
The Impact of Financial Capital on Innovative behavior of Industrial Companies
Abstract
The authors empirically assessed the impact of the availability of industrial companies to financial capital on their innovative behavior. The relevance of the study is due to the need to develop new analysis tools and stimulate the innovative development of industrial companies in an unfavorable external environment. The aim of the study is to assess the relationship between the availability of financial capital for industrial companies and the possibility of transforming their innovative behavior into a more advanced innovative regime. The authors applied the method of regression analysis of survey data in 648 Russian industrial companies for 2015-2019 to test the three following hypotheses: 1. The financial performance of industrial companies depends on the model of innovative behavior; 2. Financial capital has a significant positive effect on the choice of a more advanced innovative behavior and on the performance of industrial companies; 3. Different availability restrictions to financial capital have a different impact on the choice of innovative behavior and the performance of industrial companies. The authors analyzed two types of restrictions on financial capital: light, when the rate of return from the company’s activities is below the lending interest rate; and strict, when the company does not have access to the credit market. The authors proved that the choice of a particular model of innovative behavior depends on the availability of financial capital of industrial companies. The conclusion is that different types of financial capital constraints affect the choice of a model of innovative behavior in different ways. The authors suggest allocating resources for innovation, development and launch of new products on the market even in conditions of limited access to financial capital. Alternatively, in the context of extremely limited financial capital, it is to develop imitation innovations in new or existing markets.
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