• ISSN: 2301-3567 (Print), 2972-3981 (Online)
    • Abbreviated Title: J. Econ. Bus. Manag.
    • Frequency: Quarterly
    • DOI: 10.18178/JOEBM
    • Editor-in-Chief: Prof. Eunjin Hwang
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HOME > Archive > 2015 > Volume 3 Number 11 (Nov. 2015) >
JOEBM 2015 Vol.3(11): 1013-1018 ISSN: 2301-3567
DOI: 10.7763/JOEBM.2015.V3.326

Evaluation of the Impact of the Global Financial Crisis on the Innovative Performance of Lithuanian Industrial and Service Companies in the European Union Context

Rytis Krusinskas, Ausrine Lakstutiene, and Rasa Norvaisiene

Abstract— The article analyses the intensity of scientific research and experimental development in Lithuanian business sector, as well as the changes in innovation activities of Lithuanian industrial and service companies amidst the global financial crisis and the post-crisis period in the European Union context. The research showed that R&D intensity of Lithuanian business companies is significantly lower than the European Union average and the gap grew even more during the crisis. It was found that the global financial crisis had no significant effect on R&D funding structure in Lithuanian business sector, nor the distribution of R&D expenses by cost areas. During the crisis there was a slight increase in the innovation of Lithuanian business companies; however, both Lithuanian industrial and service companies are lagging behind the EU innovation level both with respect to the pre-crisis and the post-crisis periods. As a result of the global financial crisis, Lithuanian business companies have considerably reduced technological process innovations, especially the industrial companies.

Index Terms— Expenditure on research and development (R&D), innovation, manufacturing industries, service industries, financial crisis.

The authors are with the Department of Finance, School of Economics and Business, Kaunas University of Technology, Lithuania (e-mail: rytis.krusinskas@ktu.edu, rasa.norvaisiene@ktu.edu, ausrine.lakstutiene@ktu.edu).

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Cite: Rytis Krusinskas, Ausrine Lakstutiene, and Rasa Norvaisiene, " Evaluation of the Impact of the Global Financial Crisis on the Innovative Performance of Lithuanian Industrial and Service Companies in the European Union Context," Journal of Economics, Business and Management vol. 3, no. 11, pp. 1013-1018, 2015.

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