Innovation and Financial Performance of SMEs in Bulgaria

Authors

Keywords
innovation, financial performance, SMEs

Summary
: The relationship between innovation activity and the financial performance of SMEs in Bulgaria is examined. The survey results show that there is no statistically significant relationship between the innovation activity of enterprises and their financial results, net sales, profit margins, return on assets (ROA), return on equity (ROE) and asset turnover. However, a significant dependence of the innovative activity of SMEs in the country and indicators of their liquidity, indebtedness and bankruptcy risk are revealed. SMEs that have innovation costs or have introduced in their market a new or significantly improved product, or have introduced new or significantly improved production methods in the last three years, are less liquid, more indebted and more likely to go bankrupt.

JEL: G32, G30, O39, O32
Pages: 20
DOI: 

More titles

  • Impact of the Green Economy on the Level of Health Status of Population in Some EU Member States

    Many of the European Union's policies are related to promoting the idea of a ecological and resource-efficient economy, respecting the principles of the green economy. The latter is defined as the main tool through which the goals of sustainable development can be achieved. The green economy is perceived as a universal approach that has an impact ...

  • Supply Chain Management in Low Demand Intensity for Electrical Products and Reducing Delivery Volume

    The present study is developed in three paragraphs. The first one provides information regarding different types of supply chains, with an emphasis on the two- echelon linear supply chain. Secondly, preview of theoretical aspects of the models for researching and simulating the inventory management is conducted. The second paragraph adapts a ...

  • Digital Rights in the System of Civil Rights Objects: Features and Problems of Legal Registration in Russia

    In this article, the author attempts to analyze the features of the formation of a uniform legal framework for regulating legal relations in Russia within the digital economy. The author pays special attention to the problems of development of legislation on objects of civil rights that resulted from the development of digital (intellectual) ...