Sustainable competitive innovative development and economic security of enterprises under unstable conditions: mutual dependency and influence

Abstract

The paper reveals interrelations between the concepts “economic security”, “economic sustainability”, “development” and “competitiveness” of an enterprise. Based on their consideration, the paper enhances theoretical and methodological principles of establishing competitive innovation development and economic security of an enterprise. Unlike the existing ones, these principles provide for not only alternativeness but also equal significance when choosing between achievement of high levels of competitiveness, development and economic security. Application of the elaborated suggestions enables more objective formation of the policy of management of an enterprise’s innovation development under unstable conditions considering the industrial field and the market position of the enterprise. It is proven that essential elements of enterprises’ sustainable development include innovative activity, production provision, export of science-intensive products and development of high technology services, this providing for efficient levels of enterprises’ economic security and competitiveness. Under conditions of uncertainty, there are some basic functions of an enterprise aimed at enhancing its competitiveness and economic security including the following: achieving the optimal level of an enterprise’s resulting indicators and efficient “income-risk” ratio, innovative activity, ensuring the quality of an enterprise’s intellectual capital, environmental safety and meeting required social standards.

Innovative Development as Determinant of Corporate Economic Security

“…Many scientific publications are devoted to the problem of innovative corporate development, especially in the context of economic security. The most representative works include Arefieva et al (2021), Gontareva et al (2022), Illiashenko et al (2021), Kompanets et al (2022), Korytko et al (2021), Mironova et al (2022), Mishchuk et al (2020), Onyshchenko et al (2020), Rushchyshyn et al (2022), Solodovnik et al (2021), Tulchynska et al (2021), Viknianska et al (2021), Vovk et al (2021), Yermak & Bugaenko (2016), Zalutska et al (2021) and other. Mishchuk et al (2020) summarized the theoretical and methodological foundations of shaping corporate competitiveness in terms of innovative development and corporate economic security, and suggested taking account of modern challenges in formulating rational policies for innovative corporate development.…”

“…The most representative works include Arefieva et al (2021), Gontareva et al (2022), Illiashenko et al (2021), Kompanets et al (2022), Korytko et al (2021), Mironova et al (2022), Mishchuk et al (2020), Onyshchenko et al (2020), Rushchyshyn et al (2022), Solodovnik et al (2021), Tulchynska et al (2021), Viknianska et al (2021), Vovk et al (2021), Yermak & Bugaenko (2016), Zalutska et al (2021) and other. Mishchuk et al (2020) summarized the theoretical and methodological foundations of shaping corporate competitiveness in terms of innovative development and corporate economic security, and suggested taking account of modern challenges in formulating rational policies for innovative corporate development. Kompanets et al (2022) proved the practicality of a simulation model for right and duty distribution of corporate personnel in the management system of innovative development, and developed measures for personnel development.…”

Peran inovasi dalam pembangunan ekonomi dan pendidikan menuju visi Indonesia Maju 2045

“…Hal ini menyoroti sifat universal inovasi sebagai katalisator kemakmuran ekonomi, yang melampaui batas-batas geografis. Selain itu, Mishchuk et al (2020) menjelaskan keterkaitan antara persaingan berkelanjutan, pengembangan inovatif, keamanan ekonomi, dan daya saing perusahaan, yang menekankan perlunya pendekatan holistik dalam mendorong inovasi untuk pertumbuhan ekonomi yang berkelanjutan.…”