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Economic Analysis: Theory and Practice
 

Specific features of innovative development of Russian metallurgical enterprises

Vol. 21, Iss. 12, DECEMBER 2022

Received: 25 July 2022

Received in revised form: 29 August 2022

Accepted: 12 September 2022

Available online: 28 December 2022

Subject Heading: Innovation

JEL Classification: O25, O31

Pages: 2226–2250

https://doi.org/10.24891/ea.21.12.2226

Lelya G. PASHTOVA Financial University under Government of Russian Federation, Moscow, Russian Federation
palelya@yandex.ru

https://orcid.org/0000-0002-5618-5978

Mariya G. KATYAEVA Financial University under Government of Russian Federation, Moscow, Russian Federation
mkatyaeva@mail.ru

https://orcid.org/0000-0003-3040-3882

Il'ya A. KORZUN Financial University under Government of Russian Federation, Moscow, Russian Federation
nuzrokeli@gmail.com

https://orcid.org/0000-0002-8069-1774

Subject. The article addresses innovation, financial and economic activities of enterprises of the metallurgical industry of the Russian Federation.
Objectives. The purpose is to identify the specific features of innovative activities of metallurgical enterprises in Russia and the impact on financial results to substantiate the advantages of innovation, determine trends and future developments.
Methods. We employ general scientific and special methods of scientific cognition, such as systems and comparative analysis, functional and structural analysis.
Results. The analysis of innovative activities of Russian metallurgical enterprises revealed the specific features of innovations, identified pain problems of their implementation. The study investigated the influence of innovation activity on financial results of companies, defined the existing shortcomings of innovative development of the metals industry of the Russian Federation.
Conclusions. The analysis unveiled a gap with global companies. To minimize the gap, it is advisable to set and implement new goals of the metallurgical industry aimed at the R&D development, the introduction and commercialization of innovations. The main factor in the sustainable development of metal industry in Russia should be an increase in innovation activity, effective interaction of industry enterprises with research and development organizations.

Keywords: innovation, metallurgical enterprise, innovative activity, innovative development, R&D

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