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Innovative Capital as Difficult-to-Identify Factor of Production

In: Challenges and Solutions in the Digital Economy and Finance

Author

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  • Galina Stepanovna Merzlikina

    (Volgograd State Technical University)

Abstract

Innovations should, a priori, be inherent in industrial manufacturing businesses. Innovation activity and its performance are currently assessed with a system of indicators monitored statistically and researched by scientists. However, the analysis of the innovation activity assessment methods proved that all indicators qualify processes, reflect their ‘inputs’ and ‘outputs’ and differ in time with today’s expenses juxtaposed with tomorrow’s results. Consequently, such indicators do not contribute to innovation development to be substantiated and managed. The ‘innovative capital’ indicator is not yet viewed as a factor of production or a factor of effectiveness of innovation activity. This article suggests that innovative capital should be considered as an independent factor of production with its content clarified (value advanced into certain innovation-oriented resources contributing to successful innovation activities) and its structure explained to include human, intellectual, patent and digital capitals. It has been studied whether it is possible to assess innovative capital and has been determined that in digitalized environment a significant part of innovative capital remains ‘invisible’ and difficult to identify since the integrated accounting system covers only tangible assets and identified intangible assets. Among the aspects determined there have been major challenges in identifying innovative capital and its further assessment particularly in terms of unidentified intangible assets such as professional expertise of personnel, their creative and digital competences to be evaluated using the interdisciplinary approach.

Suggested Citation

  • Galina Stepanovna Merzlikina, 2022. "Innovative Capital as Difficult-to-Identify Factor of Production," Springer Proceedings in Business and Economics, in: Anna Rumyantseva & Vladimir Plotnikov & Alexey Minin & Hod Anyigba (ed.), Challenges and Solutions in the Digital Economy and Finance, pages 67-76, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-14410-3_8
    DOI: 10.1007/978-3-031-14410-3_8
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