Financial Stability and Innovation: Interconnection and Development Prospects
DOI:
https://doi.org/10.57125/FEL.2024.06.25.12Keywords:
financial technologies, investment in innovation, economic growth, risk management, digitalisation of finance, startupsAbstract
The development of the modern sphere of technologies ensures the active implementation of various types of innovations in the activities of contemporary companies. If innovations are rationally planned, they can positively impact the financial stability of businesses and the economy as a whole. At the same time, Ukrainian innovation activity has a vast unrealised potential, which can be realised under more favourable external conditions and high-quality planning of the specifics of innovation implementation. The purpose of the study is to summarise approaches to determining the relationship between innovation and the financial stability of modern business. This systematic review follows PRISMA guidelines to analyse the relationship between financial stability and innovation. The search for publications was done using databases including Web of Science, Scopus, and others. Articles published between 2008 and 2023 were selected based on relevance and quality criteria. The final analysis included 34 peer-reviewed articles that met the established criteria. The study found that the global innovation market is actively developing. Meanwhile, due to unfavourable environmental conditions, Ukrainian enterprises do not realise their full innovation potential. The study also identifies the tasks that can be solved by innovative tools, provided they are implemented in business activities. It is determined that applying digital marketing tools and using social networks to promote products allow for the expansion of the audience, which can positively impact the development of the financial stability system. Working with data, planning, and processing data using the latest technologies can also positively impact financial stability. A separate link is the optimisation of business processes (financial, production, procurement, etc.) using the latest information management tools (artificial intelligence, big data, cloud technologies), which can improve the information component of financial stability.
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