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Model of the Factors Affecting the Eco-Innovation Activity of Bulgarian Industrial Enterprises

Author

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  • Valentina Nikolova-Alexieva

    (Faculty of Economics, University of Food Technology, 4000 Plovdiv, Bulgaria)

  • Iordanka Alexieva

    (Faculty of Economics, University of Food Technology, 4000 Plovdiv, Bulgaria)

  • Katina Valeva

    (Faculty of Economics, University of Food Technology, 4000 Plovdiv, Bulgaria)

  • Mariana Petrova

    (Department of Information Technologies, St. Cyril and St. Methodius University of Veliko Tarnovo, 5000 Veliko Tarnovo, Bulgaria
    D.A. Tsenov Academy of Economics, 5250 Svishtov, Bulgaria)

Abstract

In recent years, modern society has faced a number of challenges related to the achievement of global goals for sustainable development. Industrial enterprises are challenged to generate, stimulate, and demand changes in networks and supply chains, but these challenges require flexibility and innovation activity in different directions. The data for Bulgaria show that the country is last among the countries of the European Union in terms of the creation and implementation of eco-innovations. Despite this result, the pace at which the country is developing shows that in the next few years, Bulgaria has the potential to move from a modest to a moderate eco-innovator, provided that it succeeds in filling the structural gaps in the system of ecological innovation. These gaps are related not only to the need for changes in the investment of resources but also to the need for changes in individual and related systems such as science and innovation, support for SMEs, the energy system, etc. Most of the research on sustainable innovation and eco-innovation has, however, focused on firm innovation models dominated by short-term profit-maximizing approaches. Therefore, there is a need to conduct research and propose adequate strategies for modern business environments and design models that facilitate the implementation of eco-innovations in industrial enterprises. The purpose of this report is to investigate the factors influencing the development of eco-innovation activities of Bulgarian industrial enterprises, examining how they can help to achieve success through eco-innovation and improve business results. A factorial model is proposed, through which the relationships between technological, financial, organizational, informational resources, research and development activities (R&D), and company cooperation are analyzed. The PLS structural equation modeling technique was used to validate the proposed theoretical model. The survey was conducted among 380 industrial enterprises from all over the sectors of the economy in Bulgaria with the help of a specially developed questionnaire within the period of April 2019 to December 2021. The obtained results show that human resources, financial resources, and cooperation positively influence research and development activities. In addition, the achievement of a positive effect on the management of eco-innovations affects the innovation activities of industrial enterprises, their ability to carry out research and development activities, as well as their ability to manage the technical and technological resources at their disposal effectively. Finally, the innovation activity aimed at carrying out scientific research and development activity, products and processes obtained as a result of the eco-innovation activity, and adequate information management directly affect the efficiency of business processes and financial results.

Suggested Citation

  • Valentina Nikolova-Alexieva & Iordanka Alexieva & Katina Valeva & Mariana Petrova, 2022. "Model of the Factors Affecting the Eco-Innovation Activity of Bulgarian Industrial Enterprises," Risks, MDPI, vol. 10(9), pages 1-23, September.
    • Handle: RePEc:gam:jrisks:v:10:y:2022:i:9:p:178-:d:908564
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    References listed on IDEAS

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    1. Andrey Zahariev & Anelia Radulova & Aleksandrina Aleksandrova & Mariana Petrova, 2021. "Fiscal sustainability and fiscal risk in the EU: forecasts and challenges in terms of COVID-19," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(3), pages 618-632, March.
    2. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-351, March.
    3. Hulya Ulku, 2007. "R&D, innovation, and growth: evidence from four manufacturing sectors in OECD countries," Oxford Economic Papers, Oxford University Press, vol. 59(3), pages 513-535, July.
    4. Audretsch, David B, 1998. "Agglomeration and the Location of Innovative Activity," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 14(2), pages 18-29, Summer.
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