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Investment in Innovations as Value Driver: Review of Empirical Studies and Analysis of Impact on ValueCreation in Emerging Markets
Andrei B. Ankudinov, Liliya A. Safina

Abstract
Within the perspective of discussion over various aspects of strategic value creation this paper investigates the degree and direction of the influence investment in innovation has on value creation in emerging markets. An analysis of empirical studies in the area is presented as well as the results of numerical testing of the formulated hypothesis. Our analysis confirms the validity of the hypothesis about “l(fā)ocomotive” nature of investment in innovations in emerging markets.

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