Innowacje a zysk ekonomiczny: analiza sektora HORECA na GPW w Warszawie
Innovation and economic profit: the case of HORECA companies listed on Warsaw Stock Exchange

Summary/Abstract: Purpose – The purpose of the present paper is to determine the relationship between the implementation of innovation and economic profit. Design/methodology/approach – The subjective scope covered 62 innovation implementation announcements released by HoReCa (Hotel, Restaurant, Catering/Café) enterprises listed on the Warsaw Stock Exchange in the period of January 2011 – December 2015. Innovation announcements were gathered with the use of Dow Jones Factiva database and financial data was obtained through Notoria Serwis database. Findings – The analysis of innovation announcements allows predicting approximately 40% of the changes in economic profit. Moreover the results indicate the negative impact of innovation with elements of CSR on economic profit, stronger positive effect of new-to-the-company innovation in relation to incremental one, and negative effect of organisational changes in relation to new products. Originality/value – The research fills the research gap concerning the effects of the implementation of innovation in HoReCa enterprises on economic profit.

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