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Innovation-driven economic development is a global trend. Specifically, in the Sino-American trade war, the events, such as the suppression of Huawei 5G, knock the alarm bell of independent research and development (R&D) in all countries. Hence, the entire society is aware of the strategic signifikance of corporate innovation and key technologies to the companies and the entire country. Compared with traditional investments, such as fixed assets investment, the Innovation investment is featured by large capital demand, long recycling period, high risk, and others. The interruption of the capital supply chain will generate high adjustment costs and sunk costs (Ju et al., 2013; Gu et al., 2019). As important enterprise managers, institutional investors have become an important force that cannot be ignored in the current capital market.

The shortcomings in traditional financial reporting have become more than obvious, if we look at the results of different researches or studies in the field, but especially according to the thesis supported by Robert Eccles, from Harvard Business School, which shows that only 25% of the market value of a company can be attributed to its accounting value, the rest of 75% coming from the evaluation of the value created by IA (such as strategies, product innovation, customer loyalty, future profits, goodwill, etc), which are fully accounted for only extraordinary events, such as acquisitions and mergers of companies, or the sale of their subsidiaries (Eccles, 1991). Thus, only a small part of the factors that contribute to the creation of value are identified and presented in the reporting used by investors, which obviously creates an obstacle in understanding the mechanisms of value creation, taking into account the strategic importance of IA.

Controlling is a method, which is most often used in contemporary organizations (Bieńkowska & Zgrzywa-Ziemak, 2011; Tworek, 2019c). “Importance of controlling increased sharply” (Guenther, 2013, p. 272), which in practice is confirmed by the growing number of job offers for controllers, and in theory by the number of academic centers dealing with this subject (Schäffer & Binder, 2008). However, it is still considered by many as “a concept that is still subject of many controversies” (Mocanu, 2014, p. 62), and the diversity in the perception of this method is confirmed, among others, by information in the job announcements appearing on the job market (Behringer, 2011). The multi-threaded history of controlling promotes differences in the perception of controlling in the world, as well as the relative diversity of controlling solutions in organizations (e.g. Horvath, 2002).

The EU policy is largely shaped by the idea of sustainable development, which is based on the assumption of satisfying the developmental aspirations of the present generation in such a way as to enable the next generations to achieve the same aspirations (Brundtland, 1987). For economists, the suitable way to sharpen this idea is to consider the various resources (including renewable and nonrenewable natural resources) that communities hold at any particular time. Resources passed to future generations should be comparable (in terms of the ability to provide an adequate standard of living) with the stocks inherited by their ancestors (Streimikiene & Mikalauskiene, 2016).

In a global economy, competition is the primary driver of market competitiveness. “Globalization causes large-scale changes in the technological, economic, political, and social fields of social development. These changes have a contradictory impact on the development of national economies and their competitiveness. Ceteris paribus, there is a tight interrelation between country’s economic competitiveness and a rate of its economic growth: the higher the rates of economic growth in the country, the bigger the chance for an increase in its national competitiveness and vice versa” Fyliuk et al. (2019). In this context, Ivanová and Čepel (2019) state that the key factor of the states’ increasing competitiveness is assumed to be the innovation performance of enterprises, which is projected through innovative business processes into the innovation performance of the economy as a whole.