ENDOGENOUS DETERMINANTS OF THE ABSORPTION OF PROCESS INNOVATIONS IN FINANCIAL SERVICES COMPANIES

Purpose: The need for raising the level of innovativeness and competitiveness caused by the increasingly stronger competition forces companies to seek new sources of getting and new ways of introducing and exploiting innovations. In the case of services providing companies, due to the domain of their activity, process innovations are of particular importance. Their transfer from the environment is a complex and difficult undertaking, and its success is conditioned by the absorptive capacities possessed by the company. Therefore, the main research objective of this article was to identify key absorptive capacities that are endogenous determinants of the effectiveness of the process of the absorption of process innovations in the activity of Poland's financial companies. Design/methodology/approach: The empirical part of the article was written on the basis of research findings obtained in 2015-2016 by means of an online survey using a CSAQ-a. It was sent to the heads of 155 commercial financial sector companies registered in Poland, namely all banks, property and life insurance companies, investment funds and universal fund management companies. In total, 111 entities filled in the online survey questionnaire. In the conducted study an attempt was made to assess the direction and strength of dependence between the level of development of specific absorptive capacities of financial companies and the scale of the effects achieved as a result of the absorption of process innovations. Findings: Personal and organizational absorptive capacities of financial companies in Poland analysed using Pearson's correlation coefficient, remain in a positive and strong linear relationship with their effectiveness achieved in the scope of the absorption of process innovations. Research/practical implications: The endogenous determinants of the effectiveness of financial companies in the field of the absorption of process innovations diagnosed in the course of ongoing research and analysis should constitute for them the basis for determining the priority directions of investments undertaken to supplement and improve their absorptive capacities. They can also become a starting point for undertaking an empirical search for further determinants of effective absorption of process innovations or verification of their impact in other sectors. Originality/value: The presented outcome of the performed research identifies the key absorptive capacities that determine the effects obtained in the process of absorbing technological innovations, taking into account the specific conditions prevailing in the service sector.