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EN
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.
EN
This paper studies possible complementarities and substitution effects between such strategic choices as alliances, acquisitions and internal R&D investments. The findings indicate that a firm’s absorptive capacity affects the presence of complementarities and substitution effects among those strategic choices. Firms with high absorptive capacity exhibit substitution effects between alliances and acquisitions and between alliances and internal R&D investments. Firms with high absorptive capacity also exhibit complementarities between acquisitions and additional R&D investments. These results were obtained from panel data of large and medium U.S. companies spanning the years 1998- 2009. The results are robust to the use of different measures of performance: profitability, market-tobook value, and sales growth. This paper contributes to our understanding of the role of absorptive capacity for the optimal choice of inter-organizational strategy vs. greater internal R&D investments.
PL
niniejszym opracowaniu Autorka podjęła próbę ustalenia znaczenia korporacji transnarodowych w działalności badawczo-rozwojowej sfery biznesu w Polsce. Najistotniejsze analizy odnoszą się do struktury biznesowych B+R z podkreśleniem zaangażowania KTN w tworzenie wiedzy i technologii w Polsce, uwzględniając także dane sektorowe. Analizy pokazują niewielki postęp w biznesowych B+R w Polsce, który jednak opiera się głównie na filiach zagranicznych korporacji, podczas gdy rodzime firmy pozostają relatywnie bierne w tej materii.
EN
In these article the Author aims to indentify the role of the R&D investments of the transnational corporations in Poland, starting from quantifying the deficit in the business expenditures on R&D. The most important analyses refer to the problem of the structure of BERD, particularly the engagement of TNCs in creating the knowledge and technology, also including data on sectors engagement. The analyses show a little progress in BERD structure, but these situation bases generally on the foreign multinationals R&D activity while the domestic enterprises are still relatively passive.
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