Template-Type: ReDIF-Article 1.0

Author-Name: Mihaly Szoboszlai
Author-Workplace-Name: Magyar Nemzeti Bank, University of Pecs
Author-Email: szoboszlaim@mnb.hu
Author-Person: 

Author-Name: Timea Varnai
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: varnait@mnb.hu
Author-Person: 

Author-Name: Aron Szakaly
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: szakalya@mnb.hu
Author-Person:

Title: Differences between Hungarian Innovation-Driven and Innovative Enterprises Based on Primary Research

Abstract: The extensive growth model of the Hungarian economy in the 2010s should be
gradually completed and then replaced by an intensive growth framework with
innovation at its core. This is why it is important to gain a deeper insight into the
innovation process. Innovation-driven enterprises are a specific group of innovating
firms, which are special in that they achieved rapid revenue growth in their
innovation-oriented business in the 2010-2019 business cycle. In our research, we
explore what factors influence rapid growth among innovative firms. Our results
indicate that the factors supporting growth were rising technological and human
capital levels, increasing export intensity and improving access to venture capital,
while the credit financing at low interest rate that characterised the previous
decade did not lead to rapid growth in the distinctive innovation-driven segment.
Innovative enterprises are typically robust companies with strong indicators and in
many cases (entrepreneurial capacities, attitudes or perception of the market) they
show similarities to enterprises in the innovation-driven group.

Classification-JEL: C83, O39, O49
Keywords: innovation, growth, survey data, regression analysis
Pages: 83-104
Volume: 23
Issue: 2
Year: 2024
File-URL: https://en-hitelintezetiszemle.mnb.hu/letoltes/fer-23-2-st3-szoboszlai-varnai-szakaly.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:23:y:2024:i:2:p:83-104