- Author
- Bacior Michał (International Lime Corporation Ltd.)
- Title
- Innovative Investments, Growth, Risk and Capability for Survival from the Perspective of Value Building for Business Owners
- Source
- Finanse : czasopismo Komitetu Nauk o Finansach PAN, 2018, nr 1(11), s. 123-139, rys., aneks, bibliogr. s. 138
- Keyword
- Innowacje, Inwestowanie, Badania i rozwój (B+R), Wartość dodana
Innovations, Investing, Research & Development (R+D), Value added - Note
- summ.
- Abstract
- This paper presents the innovative activity of enterprises as a process that is risky but necessary for the survival of a company in a competitive market, and as a way to maximize the long-term value for the owners. Risks and benefits were analysed, and the possible sources of added value in innovative projects were identified in the context of the capital market equilibrium and the budgeting of investments. Innovative projects become a source of added value for investors if the financial effects such as changes in the residual cash flow and higher growth rate outweigh the combined impact on the risk generated by two factors: increase of systematic risk and emerging specific risks. (original abstract)
- Accessibility
- The Library of Warsaw School of Economics
- Full text
- Show
- Bibliography
-
- Andrew, J.P., Sirkin, H.L. (2004). Innowacyjność jako źródło dochodów. Harvard Business Review Polska, 14.
- Bielski, I. (2007). Innovations in creating the competitive potential of the enterprise (Dissertation No. 125). Bydgoszcz: University of Technology and Life Sciences in Bydgoszcz.
- Borowiecki, R. (ed.) (1995). Efektywność przedsięwzięć rozwojowych. Warszawa-Kra-ków: TNOiK, Uniwersytet Ekonomiczny w Krakowie.
- Brealey, R.A., Myers, S.C. (1999). Podstawy finansów przedsiębiorstw. T. 1. Warszawa: PWN.
- Brigham, E.F. (1996). Podstawy zarządzania finansami. T. 2.Warszawa: PWE.
- Brigham, E.F., Ehrhardt, M.C. (2014). Financial Management: theory and practice. 14th ed.: South-Western, Cengage Learning.
- Czekaj, J., Dresler, Z. (1995). Podstawy zarządzania finansami firm. Warszawa: PWN.
- Drucker, P.F. (1992). Innowacja i przedsiębiorczość. Praktyka i zasady. Warszawa: PWE.
- Ehrlich, A. (1981). Ryzyko gospodarcze. In: Encyklopedia organizacji i zarządzania. Warszawa: PWE.
- Fama, E.F., French, K.R. (1995). Size and book-to-market factors in earnings and returns. The Journal of Finance, 50(1), 131-155.
- Fama, E.F., French, K.R. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116, 1-22.
- Fama, E.F., French, K.R. (2017). International tests of a five-factor asset pricing model, Journal of Financial Economics, 123, 441-463.
- Graham, B., Dodd, D. (1934). Security analysis. New York: McGraw Hill Professional.
- Kotler, P. (1994). Marketing. Analiza, planowanie, wdrażanie i kontrola. Warszawa: Gebethner&Ska.
- Lintner, J. (1965). Security prices, risk, and maximal gains from diversification. The Journal of Finance, 20(4), 587-615.
- Mansfield, E. (1968). Industrial research and technological innovation. New York: W. W. Norton, 1968.
- Nortcott, D. (1992). Capital investment decision - making. London: Academic Press.
- OECD, (2008). Podręcznik Oslo, Zasady gromadzenia i interpretacji danych dotyczących innowacji. OECD.
- Pszczołowski, T. (1978). Mała encyklopedia prakseologii i teorii organizacji. Wrocław-Warszawa: Ossolineum.
- Salmi, T., Virtanen, I., Yli-Olli, P. (1997). The generalized association between financial statements and security characteristics. Scandinavian Journal of Management, 13(2), 121-136.
- Schumpeter, J.A. (1960). Teoria rozwoju gospodarczego. Warszawa: PWN.
- Sharp, W.F. (1964). Capital asset prices: theory of market equilibrium under conditions of risk. The Journal of Finance, 19(3), 425-442.
- Shaw, R. (2001). Nowe spojrzenie na marketing. Warszawa: Studio Emka.
- Cited by
- ISSN
- 1899-4822
- Language
- eng
- URI / DOI
- http://dx.doi.org/10.24425/finanse.2018.125395
