Title: Empirical study of risk management in the innovation activity of the enterprises of the chemical industry in Bulgaria

Authors: Milena Kirova; Ivelina Lyubenova

Addresses: Faculty of Management and Business Development, University of Ruse, 8 Studentska Str, Ruse, Bulgaria ' Faculty of Management and Business Development, University of Ruse, 8 Studentska Str, Ruse, Bulgaria

Abstract: The research goal of this article is to identify the risks in the Bulgarian chemical industry that most need to be managed according to the chosen innovation management approach. The authors have set the following tasks: to undertake a critical literature review of innovation management approaches and risk management in innovation activities; to conduct an empirical study using questionnaire for expert assessments and to systematise and analyse the results from the survey by using average scoring, grouping, structuring the results. The main results are: the main types of innovations produced and the two most used innovation management approaches in Bulgarian chemical companies; detailed assessment of likelihood and impact of innovation risks; relationship between innovation management approaches and risks and identifying a list of risks that most need to be managed in accordance with the chosen innovation management approach. Finally, the paper presents a proposal for risk response according to innovation management approach.

Keywords: risk management; innovation risks; innovation management approaches; chemical industry.

DOI: 10.1504/IJEBR.2025.145882

International Journal of Economics and Business Research, 2025 Vol.29 No.3/4/5, pp.365 - 395

Received: 13 Aug 2022
Accepted: 19 Jul 2023
Published online: 30 Apr 2025 *

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