THE IMPACT OF PSYCHOLOGICAL CAPITAL ONTO INNOVATIVENESS IN ECONOMY

Dubravko Murgic ()
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Dubravko Murgic: Fugger Ltd Real Estate

Economic Thought and Practice, 2016, vol. 25, issue 1, 177-196

Abstract: Research of the relationship between psychological capital and innovativeness is a hardly ever researched area among Croatian and other European experts on innovativeness and competitiveness. The reasons lie in the general focus being onto the research, development and implementation of other forms of capital or resources (economic, social and human capital). The current conceptual and empirical research, mainly in the USA and Asia, indicates that intangible psychological capital (self-efficacy, hope, optimism, and psychological resilience), as a more subtle and relatively new form of capital (resources) in comparison with the more traditional forms (economic, human and social capital) is among the most important internal resources in innovativeness of business organisations, industries and economies. In order to compensate for this gap and contribute to better understanding of the role and importance of psychological capital as a new paradigm for boosting innovativeness of business organisations, industries and economies, this paper shows the concept and the current outcomes of research in psychological capital, creativity and innovativeness, their correlations and relationship towards competitiveness and its final outcomes. In the conclusion measures for the owners, leaders, managers and economic policy makers are proposed.

Keywords: psychological capital; creativity; innovativeness; competitiveness; organization; industry; economy; economic growth; employment (search for similar items in EconPapers)
JEL-codes: J24 M50 O15 (search for similar items in EconPapers)
Date: 2016
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