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On the Evaluation of Synergy and Systemic Risk in Innovation Creating Business Clusters

Author

Listed:
  • Mantas Valuzis

    (Vilnius College of Technologies and Design)

  • Laura Gudelyte

    (Vilnius College of Technologies and Design)

Abstract

It is necessary to be able to evaluate the synergistic effect, which is one of the key incentives for businesses to develop clusters and cooperate with each other in order to determine the efficiency of innovation creating business cluster. The synergistic effect of business clusters is one of the key factors supporting cooperation, boosting innovative operational efficiency. However, despite synergy is one of the main determinants of the business cluster establishment its evaluation is insufficiently investigated since the scientific literature has not yet offered a reliable method for determining the value of a business cluster synergy and influence the further development and commercialization of innovation in the business activities of the clusters. On the other hand, there are some fundamental prpblems to quantify the synergistic effects and to identify the factors that have a significant impact on the additional outcomes cluster activitiy. In the literature, there are many attempts to describe the synergistic effects and classify it, but this knowledge is still quite fragmented. This article aims to review the evaluation approaches of synergistic effect of business cluster activity and the structure of synergistic effect and the relationship between synergistic effect, complementarities and systemic risk in business cluster. This article identifies the major problems associated with cluster assessment modeling, and analyzed the possibilities to generalize the applicable models.

Suggested Citation

  • Mantas Valuzis & Laura Gudelyte, 2017. "On the Evaluation of Synergy and Systemic Risk in Innovation Creating Business Clusters," Proceedings of Business and Management Conferences 5207680, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:ibmpro:5207680
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    References listed on IDEAS

    as
    1. Fan, Joseph P H & Lang, Larry H P, 2000. "The Measurement of Relatedness: An Application to Corporate Diversification," The Journal of Business, University of Chicago Press, vol. 73(4), pages 629-660, October.
    2. Sayan Chatterjee, 1986. "Types of synergy and economic value: The impact of acquisitions on merging and rival firms," Strategic Management Journal, Wiley Blackwell, vol. 7(2), pages 119-139, March.
    3. Manuel A. Ramos Maçães & Minoo Farhangmehr & José Carlos Pinho, 2007. "Market Orientation And The Synergistic Effect Of Mediating And Moderating Factors On Performance: The Case Of The Fashion Cluster," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 0(1), pages 27-43.
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