Innovations as a Response to Financial Challenges in the Contemporary Business Environment

Bosiljka Srebro, Vuk Mirčetić (vuk.mircetic@mef.edu.rs) and Snežana Knežević (snezana.knezevic@fon.bg.ac.rs)
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Vuk Mirčetić: Assistant Professor, Faculty of Applied Management, Economics and Finance (MEF)

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Abstract: At the global level, a new paradigm of economic growth is being formed based on knowledge and innovations, which largely determine the quality of economic and social development in the world economy. This paper aims to research innovations to respond to the financial challenges in the modern business environment. Innovations also affect organisations' business and improve performance by increasing productivity, reducing costs and opening new markets. The new demands of modern business force organisations to transform business paradigms to be more inclusive, pro-environmental and innovative. Some effective ways of these changes are contained in responsible and ecological innovations. The impact of eco-innovation on financial performance is still under discussion. Scholars and practitioners should have a comprehensive and inclusive multidisciplinary approach to finance. Some scholars see green patents as indicators of eco-innovation. Banks offer green financial products in banking, investments and insurance. The sustainable investment includes environmental, social and authority criteria, not just financial goals. Responsible innovation is one of the most promising and effective ways to solve modern challenges, which was the motive for research in this paper. Raising awareness of global environmental issues and educating employees, stakeholders, and others leads to an environmentally conscious society. Education is vital to green performance because it enables organisations to develop the pro-environmental attitudes of individuals. The general elements for building a comparative advantage are quality, efficiency, consumer response, and innovation. Innovation should always be observed as a commercial phenomenon that benefits achieving a particular financial performance at the end or during the process. For this reason, it is necessary to follow all the cutting-edge that follow a modern business environment in which innovation is necessary. According to research, for the purposes of this paper, environmental innovations make organisations more competitive in optimising environmental and financial performance.

Keywords: Financial challenges Innovations Sustainability Modern business environemnt Business transformation View publication stats; Financial challenges; Innovations; Sustainability; Modern business environemnt; Business transformation View publication stats (search for similar items in EconPapers)
Date: 2022-12
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Published in Book of Abstracts of VIII International Scientific & Professional Conference MEFkon 2022 - Innovation as an Initiator of the Development (p. 23). Faculty of Applied Management, Economics and Finance, University Business Academy, Serbia., Dec 2022, Belgrade, Serbia

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