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Innovation Strategy in Small and Medium Sized Enterprises (SMEs) in the Context of Growth and Recession Indicators

Department of Economics, Tomas Bata University in Zlín, 76001 Zlín, Czech Republic
J. Open Innov. Technol. Mark. Complex. 2019, 5(2), 32; https://doi.org/10.3390/joitmc5020032
Received: 15 May 2019 / Revised: 30 May 2019 / Accepted: 31 May 2019 / Published: 12 June 2019
(This article belongs to the Special Issue Open Innovation in Micro, Small and Medium-Sized Enterprises)
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Abstract

The implementation of innovation strategies in SMEs is subjected to changes in the economic cycle. The reliability of economic trend indicators varies according to economic trends. The author deals with the relationship between selected business cycle survey indicators and time periods that correspond to the different phases of the economic cycle between the years 2003–2017. The aim of the article is to find out whether selected business cycle surveys indicators are equally reliable across the economic cycle. To solve the problem, first, the consensus of a selected business cycle surveys indicator and the performance of the mechanical engineering industry were evaluated, and then, the results were put into the context of the time period and tested with nonparametric ANOVA. The results show that the selected indicator was more reliable in periods of growth and less reliable in downturns, which is a signal for SMEs as to how to interpret the business cycle surveys. The use of future development assessments provides important information for businesses that make investment decisions and help them think over funding for innovation. View Full-Text
Keywords: innovation; business cycle surveys; economic cycle; SMEs innovation; business cycle surveys; economic cycle; SMEs
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Povolná, L. Innovation Strategy in Small and Medium Sized Enterprises (SMEs) in the Context of Growth and Recession Indicators. J. Open Innov. Technol. Mark. Complex. 2019, 5, 32.

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