In scientific work the peculiarities of innovation processes in the activity of high-tech companies are determined. The functional and managerial components of ensuring the security of development of high-tech companies are determined on the basis of establishing centers of responsibility for the support of innovative projects. The model of support of sustainable innovation development is developed and the algorithm of formation of the structure of business of high-tech companies with the purpose of strengthening of organizational security of out-of-date development is offered. The recommendations on harmonization of innovation development and security of commercial activity for high-tech companies are given.
This study examines the impact of 2008 financial crisis on firms’ productivity in Latvia, Lithuania, and Romania by using the World Bank’s Enterprise Financial Crisis Survey data. The Work Bank carried out the survey to have a short, quick, and cost-efficient evaluation of the effect of the 2008 global financial crisis on companies in European and Central Asian countries. We find that different firm-specific variables affect the firm’s productivity in Latvia, Lithuania, and Romania. Firms benefited from huge market potential and this location proximity to capital city can improve the chance of being less affected from the crisis only in Latvia. On the contrary to the findings for Latvia, the capital city variables are not statistically significant for firms in Lithuania and Romania. Working capital financing matters for firms in Latvia and Lithuania while short-term leverage is important for firms in Lithuania and Romania. More interestingly, we observe that R&D expenses may not able to improve firms’ performance at the time of financial crisis.
In contemporary economy innovations by the scientists are seen as a driving force of the economic development. Innovation performance is vital to achieve sustainable country’s competition and to stay in pace with other developed economies (Grossmann 2009).
The paper aims to reveal theoretical aspects of innovation activity, to systemize and analyze the key elements of measurement framework and relationship between the innovative activity and patents, research and development (R&D). The study is devoted to describing the conceptual elements of innovation, assessing if prevailing understanding about innovation performance approves theoretical approaches and reviewing innovation tendencies in Lithuania. Obtained results lead to get the general view about the innovation activity development. The research methodology is based on theoretical approaches’ comparative analysis, academics’ survey examination and generalization.