Central European Business Review 2017, 6(2):64-76 | DOI: 10.18267/j.cebr.181

Attitude towards Innovation and Barriers in Capital Access

Katarzyna Prędkiewicz
Katarzyna Prędkiewicz, Wrocław University of Economics, Finance Department, ul. Komandorska 118-120, 53-345, Wrocław, Poland, katarzyna.predkiewicz@ue.wroc.pl

The goal of the study is to verify whether there is a relation between a company's declared innovation strategy and declared problems with access to capital. The research is based on a survey that covers more than 400 companies operating in Poland. Beside the self-assessment approach to evaluation of financial constraints and level of innovativeness of the company, an analysis of financial data was employed in the study. Chi-squared, Welch's t-test, ANOVA and the ordered logit model were used to test the hypotheses. It was proved that there is relation between innovation strategy and financial constraints. The firms that are moderate innovators are financially constrained more than strong innovators, which can be linked with their better financial condition. Research confirms also that SMEs are still in a worse position compared to large enterprises in the area of access to different sources of capital. Secondly, innovative companies are exposed to additional difficulties in raising funds successfully, which confirms the validity of the used dedicated tools as a subsidy by authorities.

Keywords: innovation; funding; SME; innovation strategy; access to capital
JEL classification: G30, G32, O30

Received: March 28, 2017; Revised: April 25, 2017; Published: June 30, 2017  Show citation

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Prędkiewicz, K. (2017). Attitude towards Innovation and Barriers in Capital Access. Central European Business Review, 6(2), 64-76. doi: 10.18267/j.cebr.181
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