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Corporate innovation and access to finance: An empirical analysis for Greek companies

Boulougari Angeliki

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Summary

Small and medium-sized enterprises (SMEs) are emerging as the driving force of the economy, both at national and European level, as they contribute to a large extent to the creation of new jobs, while at the same time constituting an important source of economic value added. Their role spans many areas, including boosting employment, increasing competitiveness and promoting innovation, thus contributing to the well-being of society and maintaining social stability. Nevertheless, their survival faces significant challenges in today's highly competitive global environment. It requires continuous modernisation in production and management, the development of innovative services and products, the adoption of advanced technologies, networking and partnerships, and access to continuous information and funding. Access to finance should take into account the specific needs of businesses but also act as a key lever to support sustainable growth over time. This paper will discuss the relationship between the tendency of Greek firms to develop innovative products and services and the difficulty they face in accessing various sources of finance. The data for the analysis of this topic comes from the World Bank's Enterprice Survey that took place in 2018 and examined a sample of 600 Greek firms.

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