Application of the AHP Method to Select an Optimal Source of Financing Innovation in the Mining Sector

¹ Bronislaw Markiewicz State Higher School of Technology and Economics in Jaroslaw, Czarnieckiego St., 16, 37-500 Jaroslaw, Poland
² St. Cyril and St. Methodius University of Veliko Tarnovo, Veliko Tarnovo, Bulgaria

^* Corresponding author: m.petrova@ts.uni-vt.bg

Abstract

This study intends to present a possibility of applying the AHP method in the process of making managerial decisions concerning the selection of sources of financing innovation by mining enterprises. Such companies, active in a turbulent market environment marked by increasing competition, are looking for new tools and solutions with a view to supporting and optimising their activity. Development and implementation of innovations, principally aimed at improving the effectiveness of enterprise operation and lowering operating costs, is an efficient tool for the sake of gaining competitive advantage. As shown by studies, the presented method can make an appropriate instrument when it comes to selecting sources of financing for an enterprise. The conducted analyses demonstrated that offtake agreements can be an optimal method of financing innovation in mining companies, in line with indications of experts participating in the study.