This thesis deals with patents and their impact on innovative activity. Patents represent some kind of regulation of a free market which should improve market failures and create incentives for innovation activity. This stimulation should be then reflected in the growth of technologies. The relation between patenting and productivity which represents the growth of technologies is analyzed on panel data comprising of Finland, Denmark, Italy, Great Britain and the Netherlands. The analysis is undertaken on the industry level, namely on chemical industry, as firms in this industry consider patents as being an efficient form of invention protection. The outcomes of my analysis imply a difference between short term and long term relation between patents and productivity. Patents do not seem to influence productivity immediately, they seem to have a negative impact in the long run though.

Целью работы является развитие методических основ анализа и оценки инновационной активности промышленного предприятия. В качестве механизма оценки предложен усовершенствованный метод, состоящий из семи этапов. Разработанный метод оценки инновационной активности промышленного предприятия позволяет отслеживать его инновационное развитие и, используя полученные выводы и рекомендации, корректировать мероприятия, нацеленные на внедрение передовых инновационных стратегий развития с учетом текущего состоянии компании и ее финансового положения и деятельности в рамках рынка. / The aim of the work is to develop the methodological foundations for the analysis and evaluation of the innovative activity of an industrial enterprise. An improved method consisting of seven stages is proposed as an evaluation mechanism. The developed method for assessing the innovative activity of an industrial enterprise makes it possible to monitor its innovative development and, using the findings and recommendations obtained, adjust measures aimed at introducing advanced innovative development strategies, taking into account the current state of the company and its financial position and activities within the market.

Esse trabalho se propõe a analisar as estratégias tecnológicas das firmas industriais brasileiras que inovaram em produto e processo entre 2003 e 2005, e compará-las com o triênio retroativo à inovação, 2001-2003. Para tanto, utilizam-se dados da junção de três importantes bases de dados brasileiras: PINTEC, RAIS e SECEX para o período 2001 a 2005, divididos em dois triênios. Usando uma metodologia de análise multivariada a fim de evitar estabelecer relações causais, os resultados indicam que a alteração nas estratégias tecnológicas tende a trazer melhores performances das firmas e que há uma coordenação entre as estratégias tecnológicas das inovadoras em produto e processo. Além disso, a base de conhecimento e o desempenho do passado são fundamentais para a determinação das estratégias no período seguinte. / This work intends to analyze, by using multivariate analysis, the technological strategies from the Brazilian firms that innovated in product and process between 2003 and 2005, and compare it with the innovative behavior that used to take place by them in 2001-2003. We split the analysis in the relationship input-firms-outputs, and use data from PINTEC, RAIS and SECEX. We found out that the change in technological strategies might have been related to a better performance for the firm and that, when we consider only the firms that innovate simultaneous in product and process, the technological strategies are alike specially in terms of innovative activity expenditure, but that is not the case for the process innovation. Nonetheless, the accumulated knowledge and the past outputs of innovation are fundamental for the establishment of the technological strategy.

Esse trabalho se propõe a analisar as estratégias tecnológicas das firmas industriais brasileiras que inovaram em produto e processo entre 2003 e 2005, e compará-las com o triênio retroativo à inovação, 2001-2003. Para tanto, utilizam-se dados da junção de três importantes bases de dados brasileiras: PINTEC, RAIS e SECEX para o período 2001 a 2005, divididos em dois triênios. Usando uma metodologia de análise multivariada a fim de evitar estabelecer relações causais, os resultados indicam que a alteração nas estratégias tecnológicas tende a trazer melhores performances das firmas e que há uma coordenação entre as estratégias tecnológicas das inovadoras em produto e processo. Além disso, a base de conhecimento e o desempenho do passado são fundamentais para a determinação das estratégias no período seguinte. / This work intends to analyze, by using multivariate analysis, the technological strategies from the Brazilian firms that innovated in product and process between 2003 and 2005, and compare it with the innovative behavior that used to take place by them in 2001-2003. We split the analysis in the relationship input-firms-outputs, and use data from PINTEC, RAIS and SECEX. We found out that the change in technological strategies might have been related to a better performance for the firm and that, when we consider only the firms that innovate simultaneous in product and process, the technological strategies are alike specially in terms of innovative activity expenditure, but that is not the case for the process innovation. Nonetheless, the accumulated knowledge and the past outputs of innovation are fundamental for the establishment of the technological strategy.

Currently, the fourth industrial revolution, better known as "industry 4.0", is becoming the trajectory of economic development of the countries. The conglomerate of large Industrialists and experts argues that in modern conditions, the industrial enterprise to improve competitiveness and progressive development must meet the trends of "Industry 4.0", because, according to them, the fourth industrial revolution captures the whole world. One of the signs of "Industry 4.0" is the high innovative activity of an economic entity (enterprise), in this regard, there is a need for an effective mechanism for managing innovation activity. Vladimir Putin stressed the importance of increasing the innovative activity of domestic enterprises in his speech at the enlarged meeting of the State Council "On the development strategy of Russia". The aim of the dissertation research is to develop a methodological approach to the management of innovative activity of industrial enterprises. The scientific novelty of the thesis is as follows: the methodical approach to management of innovative activity of the enterprise which basis the need of an assessment of influence of factors of external and internal environment, the structural and logical scheme of an assessment of the current state of innovative activity including separate quantitative and qualitative assessment of its indicators, formation on this basis of economic indicators of activity of the enterprise is offered, their monitoring in order to increase the validity of management decisions for the effective use of all types of enterprise resources and achieve the required level of innovation activi. / В настоящее время траекторией экономического развития стран становится четвертая промышленная революция, более известная как «Индустрия 4.0». Конгломерат крупных промышленников и экспертов утверждает, что в современных условиях промышленному предприятию для повышения конкурентоспособности и поступательного развития необходимо соответствовать трендам «Индустрии 4.0», поскольку, по их словам, четвертая промышленная революция захватывает весь мир. Одним из признаков «Индустрии 4.0» является высокая инновационная активность хозяйствующего субъекта (предприятия), в связи с этим возникает потребность в эффективном механизме управления инновационной активностью. Важность повышения инновационной активности отечественных предприятий в своем выступлении подчеркнул В.В. Путин на расширенном заседании Государственного совета «О стратегии развития России». Целью диссертационного исследования является разработка методического подхода к управлению инновационной активностью промышленного предприятия. Научная новизна диссертации заключается в следующем: предложен методический поход к управлению инновационной активностью предприятия, в основу которого заложена необходимость оценки влияния факторов внешней и внутренней среды, структурно-логическая схема оценки текущего состояния инновационной активности, включающая раздельную количественную и качественную оценку её показателей, формирование на этой основе экономических показателей деятельности предприятия, их мониторинг с целью повышения обоснованности принимаемых управленческих решений для эффективного использования всех видов ресурсов предприятия и достижения необходимого уровня инновационной активности.

Mergers and acquisitions have been demonstrated to create synergies, but not in all cases. Current research reveals that where synergies exist, these seem to accrue to the shareholders of the selling companies. Given the limitations of our qualitative research design, we find that it is important to quantify synergy before the acquisition, preferably by applying certain best practices. In an attempt to enhance understanding of the phenomenon, we find that several types of synergy exist and that their origins include efficiencies, such as economies of scale and economies in innovative activity. We further find that the bid price is an important indicator of success and that its maximum should not exceed the intrinsic value of the target, plus the value of synergies between the bidder and target. We further find that best practices exist in quantifying cost and revenue synergies and describe these separately per origin. / Management Accounting / M.Com. (Accounting)

Cette thèse s’intéresse à la gestion des résultats dans le cadre des entreprises innovantes. Elle est constituée de trois articles. Dans le premier, il s’agit d’examiner si les résultats des entreprises innovantes sont gérés et si le stade de développement des innovations influence cette gestion des résultats. Il apparaît que les résultats des entreprises innovantes sont gérés à la hausse. Cette gestion ne semble intervenir qu’au cours de l’activité d’innovation (c’est-à-dire lorsque les entreprises investissent en R&D) ; l’achèvement des innovations n’incitant pas les dirigeants à gérer les résultats. Partant de ce constat, nous nous demandons dans le deuxième article si (i) la comptabilisation des dépenses de R&D est utilisée comme une modalité de GR ou (ii) si l’activation de ces dépenses est une information comptable fiable. Nos résultats montrent que les dépenses de R&D sont activées pour gérer les résultats et plus précisément pour atteindre des résultats cibles. L’activation des dépenses de R&D est une information comptable fiable uniquement lorsque les dirigeants ne sont pas incités à atteindre des résultats cibles. Enfin, dans le troisième article, nous observons si les dirigeants des entreprises innovantes utilisent l’ajustement des dépenses de R&D en plus de leur activation pour atteindre les résultats cibles. Il apparaît que ces deux modalités de GR sont utilisées conjointement pour atteindre le bénéfice et les prévisions de résultat des analystes. En revanche, pour éviter une diminution du résultat, les dépenses de R&D sont soit ajustées soit activées. / This thesis deals with earnings management in the context of innovative companies. It consists in three articles. In the first, we examine whether the earnings of innovative firms are managed and if the stage of development of innovations influences this earnings management. Results show that the results of innovative firms are managed upward. This earnings management seems to occur only during innovative activity (i.e. when firms invest in R&D); the completion of innovations not incenting to manage earnings.Based on this observation, in the second article, we wonder whether (i) R&D expenditures are capitalized in order to manage earnings or (ii) whether the capitalization of these expenditures is reliable accounting information. Our results show that R&D expenses are capitalized in order to manage earnings and more precisely to meet earnings targets. R&D capitalization is reliable only when managers have no incentive to achieve earnings targets. Finally, in the third article, we examine whether managers use jointly the adjustment of R&D expenditures and their capitalization in order to beat earnings targets. Results show that managers use these two earnings management techniques to beat zero earnings and analysts earnings forecasts. However, R&D expenses are either capitalized or reduced to avoid a decrease of earnings.

Mergers and acquisitions have been demonstrated to create synergies, but not in all cases. Current research reveals that where synergies exist, these seem to accrue to the shareholders of the selling companies. Given the limitations of our qualitative research design, we find that it is important to quantify synergy before the acquisition, preferably by applying certain best practices. In an attempt to enhance understanding of the phenomenon, we find that several types of synergy exist and that their origins include efficiencies, such as economies of scale and economies in innovative activity. We further find that the bid price is an important indicator of success and that its maximum should not exceed the intrinsic value of the target, plus the value of synergies between the bidder and target. We further find that best practices exist in quantifying cost and revenue synergies and describe these separately per origin. / Management Accounting / M.Com. (Accounting)

Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников. В первой части работы рассматривается понятие и классификация финансовых инноваций в банковской сфере, описывается их роль, а также производится выявление особенностей развития финансовых инноваций в банковском секторе Российской федерации. Во второй части работы проводится финансово-экономическая характеристика банка АО «АЛЬФА-БАНК», а также оценивается инновационная активность банка и анализируется эффективность использования инновационных технологий в нем. В третьей части работы выявляются основные проблемы реализации финансовых инноваций АО «АЛЬФА-БАНК», а также предлагаются мероприятия по повышению эффективности реализации финансовых инноваций в банке. В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, a conclusion, and a list of sources used. In the first part of the work, the concept and classification of financial innovations in the banking sector are considered, their role is described, and the features of the development of financial innovations in the banking sector of the Russian Federation are identified. In the second part of the work, the financial and economic characteristics of the bank of ALFA-BANK are carried out, as well as the innovative activity of the bank is evaluated and the effectiveness of using innovative technologies in it is analyzed. In the third part of the work, the main problems of implementing financial innovations of ALFA-BANK are identified, as well as measures to improve the effectiveness of implementing financial innovations in the bank are proposed. In conclusion, the main conclusions are formed.

This study investigates the impact of tax incentives on the firms’ innovative activity and economic growth by using sample of 28 OECD countries. The study using panel data analysis and applies fixed effect OLS models. The results of the econometric investigation indicate that tax incentives have significant and positive effect on the R&D expenditure. Regression analysis also shows a positive significant impact of R&D tax incentives in combination with direct funding for business R&D. The paper finds no evidence of significant relationship between tax incentives and economic growth. The research also finds a positive significant impact of direct R&D support, R&D expenditure and tax incentives on registered patents. We suggest to apply public support policy including both types of support since previous studies showed that tax incentives and direct funding are not perfect substitutes.