Abstract

In modern industrial sectors, the margins for companies’ development constantly shrink, urging a rise in R and D and various sections’ expenditures. Throughout this phase, the role of innovative firms has submerged, especially via the knowledge-based entrepreneurship. Knowledge-based entrepreneurship can potentially benefit companies performing in the high-tech sectors, in terms of economic performance and financial management. Research’s main focus shifts to Greek high-tech industrial market and more specifically to innovative firms and companies seeking to capitalize various economic factors to boost economic performance. For this purpose, sample was collected from high-tech innovative firms during 2009-2012, regarding economic and demographic stats, as well as information about their staff members. Methodological framework of the paper consists of cluster analysis, likelihood estimation methodology and regression analysis. As a result, the research concluded that, staff members of high-tech companies with high levels of technical knowledge led to increased financial and economic performance, in comparison to companies in the same industrial sector, employing less technically qualified staff.

Key words: Economic factors, innovation, knowledge-based entrepreneurship, economic growth, cluster analysis, regression analysis.