Special Issue "Innovation and the Development of Enterprises"

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic, Business and Management Aspects of Sustainability".

Deadline for manuscript submissions: closed (31 October 2019).

Special Issue Editor

Dr. Katarzyna Szopik-Depczyńska
E-Mail Website1 Website2
Guest Editor
Department of Corporate Management, University of Szczecin, Szczecin, Poland
Interests: business innovation; R&D; quality management; corporate management; CSR and sustainability

Special Issue Information

Dear Colleagues,

It is a well-known fact that an enterprise is defined nowadays as innovative if it is an intelligent organisation of the future, characterised by flexibility, great involvement, the full use of teamwork potential, strong key competence, and a penchant for variety. The innovativeness of business entities is therefore understood as their ability and motivation to constantly search for and apply in practice the results of research and development, new concepts, ideas, and inventions. It means that enterprises that aim at winning a constant competitive advantage are forced to constantly enhance their activity and search for various solutions for improving it. The answer to this problem is research and development (R&D) aimed at defining opportunities and threats in the environment, which as a result can enable companies to redefine their business objectives. Nowadays, enterprises have been facing new challenges in the form of more intense international competition and the development of new technologies, which, on the one hand, displace traditional methods of organisation and management but on the other encourage change of attitudes towards innovation on the other. These conditions determine the existence of multiple factors determining research and development and innovation, which create a new context for innovation management in enterprises. They include mainly the following:

  • The globalisation of markets;
  • The increasing significance of strategic alliances;
  • New entries to the global market—new countries whose technology can compete on a global level;
  • The increasing internationalisation of enterprises, research, and innovation;
  • More and more intense interrelations between research and technology;
  • Increasing research costs, exceeding the capacity of individual organisations, regions, or even entire economies;
  • Growing unemployment;
  • The increasing relevance of environmental protection.

The innovativeness of an enterprise therefore depends on a variety of factors that determine its scope and level of activity. R&D activities in enterprises and the efficient application of innovation enable survival and winning a better position in the international market. The stimulation of R&D and innovative activities can constitute a basis for improvement in the competitive advantage of companies in domestic and international markets. This Special Issue will comprise a selection of papers addressing approaches to innovation and the R&D activity of enterprises and economies. Covered topics include the definition of the concept of business innovation, R&D, new product development and technological innovation, strategic alliances within the scope of innovation management, the internationalization of R&D, the determinants of innovation activity, case studies both in terms of functioning of innovation and the R&D sphere in enterprises, as well as the innovativeness of economies in the global market. Papers selected for this Special Issue are subject to a rigorous peer review procedure, with the aim of rapid and wide dissemination of research results, developments, and applications.

Dr. Katarzyna Szopik-Depczyńska
Guest Editor

Manuscript Submission Information

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Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1700 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • innovation
  • R&D
  • development
  • new product development
  • R&D internationalization
  • globalization
  • competitiveness
  • technological innovations
  • business innovation

Published Papers (20 papers)

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Research

Open AccessArticle
Discovering Potential Technology Opportunities for Fuel Cell Vehicle Firms: A Multi-Level Patent Portfolio-Based Approach
Sustainability 2019, 11(22), 6381; https://doi.org/10.3390/su11226381 - 13 Nov 2019
Abstract
Technology opportunity discovery (TOD) is an important technique to help fuel cell vehicle (FCV) firms keep market advantage and sustainable development. Under fierce competition in the new energy industry, there is an urgent necessity for innovative TOD methods to effectively identify technology opportunities [...] Read more.
Technology opportunity discovery (TOD) is an important technique to help fuel cell vehicle (FCV) firms keep market advantage and sustainable development. Under fierce competition in the new energy industry, there is an urgent necessity for innovative TOD methods to effectively identify technology opportunities for FCV firms. This study proposes a structured TOD framework with a multi-level identification process. Based on technology portfolio analysis, it fully integrates the firm’s technology level analysis, technology potential analysis and patent novelty analysis. A series of techniques such as LDA (latent Dirichlet allocation), MDS (multidimensional scaling) and LOF (local outlier factor) are also applied in the framework. A total of 14,858 granted patent data of the FCV industry containing 798 patents of the target firm were extracted from the Derwent Innovation Index database as the input data of the empirical study. The result shows that the framework can provide a more profound analysis for identifying technology opportunities, which offer more appropriate insights in both strategic and operational level technological decisions for technology-oriented firms. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
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Open AccessArticle
The Impact of Information Technology Capabilities of Manufacturing Enterprises on Innovation Performance: Evidences from SEM and fsQCA
Sustainability 2019, 11(21), 5946; https://doi.org/10.3390/su11215946 - 25 Oct 2019
Abstract
With the development of national strategies (such as Industrial 4.0 and Made in China 2025), how to build digital enterprises and cultivate innovation capabilities of enterprises has become a critical problem to Chinese manufacturing enterprises. However, the literature on the specific path of [...] Read more.
With the development of national strategies (such as Industrial 4.0 and Made in China 2025), how to build digital enterprises and cultivate innovation capabilities of enterprises has become a critical problem to Chinese manufacturing enterprises. However, the literature on the specific path of information technology (IT) capabilities to the innovation of enterprises is still lacking a body of relevant empirical research. In particular, it has not yet thought to explore the information technology capabilities, digital transformation, and then innovation performance of manufacturing enterprises. By performing a questionnaire investigation for 138 Chinese manufacturing enterprises, this study adopted both a fuzzy-set qualitative comparative analysis (fsQCA) and structural equation modeling (SEM) to explore the set relations of the conjunctions and conditions and the statistical associations by studying the relationships among information technology capabilities, digital transformation and innovation performance. The results show that the positive impacts of information technology capabilities on the process innovation performance and the digital transformation, as well as the positive impacts of digital transformation on both process innovation performance and product innovation performance. Specifically, digital transformation takes on a new function of partial mediation of IT capabilities and process innovation performance, and digital transformation functions as a complete mediator for IT capabilities and product innovation performance. The combinations of causal recipes related to innovation performance are provided by a fuzzy-set qualitative comparative analysis (fsQCA). Through the analyses of SEM and fsQCA, this research develops the formation mechanisms of both process innovation performance and product innovation performance, and provides guidance for both IT and innovation management of manufacturing enterprises in China. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
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Open AccessArticle
Analysis of Factors Giving the Opportunity for Implementation of Innovations on the Example of Manufacturing Enterprises in the Silesian Province
Sustainability 2019, 11(20), 5850; https://doi.org/10.3390/su11205850 - 22 Oct 2019
Abstract
This paper analyzes the actions that improve innovativeness in production enterprises in the Silesian province. Innovation is one of the elements that allows to achieve a competitive advantage. It is justified to research various factors that are important in improving innovativeness. The research [...] Read more.
This paper analyzes the actions that improve innovativeness in production enterprises in the Silesian province. Innovation is one of the elements that allows to achieve a competitive advantage. It is justified to research various factors that are important in improving innovativeness. The research includes selected production enterprises in the Silesian province, adopting the descriptive statistics measures and statistic tests: random sample test, chi-square independence test and the non-parametric Kruskal-Wallis test based on a survey questionnaire. Some of the most important factors determining the possibilities of innovation by manufacturing companies were detected contacts with other enterprises, R&D centers and counseling institutions, competitive position of the company, and creating appropriate incentive systems. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
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Open AccessArticle
Competitive Capabilities for the Innovation and Performance of Spanish Construction Companies
Sustainability 2019, 11(19), 5475; https://doi.org/10.3390/su11195475 - 02 Oct 2019
Abstract
This research analyses the influence of internal capabilities, identified as strategic by the literature, on the performance and innovation of Spanish construction companies during a recessionary period. Based on this, we studied whether innovative, marketing, financial, managerial, and human capabilities affect competitive success [...] Read more.
This research analyses the influence of internal capabilities, identified as strategic by the literature, on the performance and innovation of Spanish construction companies during a recessionary period. Based on this, we studied whether innovative, marketing, financial, managerial, and human capabilities affect competitive success in terms of fostering innovation and the performance of firms. Empirical evidence is provided by performing survey research with a sample of 94 Spanish construction firms. The results show that firm innovation is fostered by innovative, financial, and human capabilities, and that performance is promoted by innovation, and financial and human capabilities. Human capabilities have the most important effect on both innovation and the performance of the company. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
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Open AccessArticle
Influence of the Mechanism of the Community of Shared Future on the Innovation Performance of Knowledge Workers: The Intermediary Role of Extra-Role Behavior
Sustainability 2019, 11(19), 5370; https://doi.org/10.3390/su11195370 - 28 Sep 2019
Abstract
This paper investigates the relationship between the community of shared future, extra-role behavior, and innovation performance. This paper conducts an empirical study based on 334 valid sample data items of 53 technology-based small to medium enterprises (SMEs) in China. The data were subjected [...] Read more.
This paper investigates the relationship between the community of shared future, extra-role behavior, and innovation performance. This paper conducts an empirical study based on 334 valid sample data items of 53 technology-based small to medium enterprises (SMEs) in China. The data were subjected to structural equation analysis using SPSS 20.0 software. The results show that the community of shared future positively affects the extra-role behavior of employees and their innovation performance and has a positive impact on knowledge sharing behavior, voice behavior, and helping behavior. Knowledge sharing behavior, voice behavior, and helping behavior all play a mediating role between the community of shared future and employees’ innovation performance. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
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Open AccessArticle
Managerial Overconfidence and Cost Behavior of R&D Expenditures
Sustainability 2019, 11(18), 4878; https://doi.org/10.3390/su11184878 - 06 Sep 2019
Abstract
This study examines the impact of a CEO’s confidence level on decisions regarding research and development (R&D) expenditures. R&D is an important part of a company’s strategy for achieving long-term sustainable growth. However, due to its discretionary nature, some CEOs choose to reduce [...] Read more.
This study examines the impact of a CEO’s confidence level on decisions regarding research and development (R&D) expenditures. R&D is an important part of a company’s strategy for achieving long-term sustainable growth. However, due to its discretionary nature, some CEOs choose to reduce R&D costs to enhance short-term performance. In other words, R&D cost behavior may vary depending on CEO characteristics. This study examines whether, in an effort to improve their firm’s future performance, CEOs who are highly overconfident tend not to actively decrease R&D expenditures even when sales decrease. We posit that CEO overconfidence affects the cost behavior of R&D spending that is not related to their personal privileges. A cost behavior model was utilized to verify the relationship between CEOs’ propensity for overconfidence and R&D expenditures. Our findings show that highly overconfident CEOs tend not to take actions to reduce R&D costs even if sales decrease because CEO overconfidence tends to be positively related to R&D. Since R&D represents both costs and long-term investments, policy support for capitalizing R&D costs can be considered as enhancing the sustainability of businesses. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
Open AccessArticle
R & D Intensity and Dividend Policy: Evidence from South Korea’s Biotech Firms
Sustainability 2019, 11(18), 4837; https://doi.org/10.3390/su11184837 - 04 Sep 2019
Cited by 1
Abstract
In this paper, we examine the relation between a firm’s research and development (R & D) intensity and dividend payout policy with a focus on biotech firms in a sample of 18,253 firm-year observations in South Korea. We find that biotech firms’ R [...] Read more.
In this paper, we examine the relation between a firm’s research and development (R & D) intensity and dividend payout policy with a focus on biotech firms in a sample of 18,253 firm-year observations in South Korea. We find that biotech firms’ R & D intensity is negatively related to dividend payout. Furthermore, for biotech firms, increased internal cash holding accomplished via a lower dividend policy is positively associated with long-term corporate value. In particular, this study reports that the relation between biotech firms’ cash holding and corporate firm value is significantly positive in firms with high stock dividends. Moreover, it shows that non-biotech firms in the maturity stage of the corporate lifecycle tend to distribute cash dividends, a practice that is relatively uncommon among biotech firms in an R & D steady state. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
Open AccessArticle
Innovations’ Success and Failure in the Business Cycle
Sustainability 2019, 11(15), 4187; https://doi.org/10.3390/su11154187 - 02 Aug 2019
Abstract
This paper examines three channels of influence of the business cycle in the propensity of firms to introduce technological innovations: Aggregate demand (firms initiate more innovation projects in expansion than in recession; risk (the probability that initiated projects fail is higher in contraction [...] Read more.
This paper examines three channels of influence of the business cycle in the propensity of firms to introduce technological innovations: Aggregate demand (firms initiate more innovation projects in expansion than in recession; risk (the probability that initiated projects fail is higher in contraction than in expansion); and obstacles to innovate (more firms perceive the obstacles to innovate as high in recessions than in expansions and the high obstacles implies lower propensity to initiate innovation projects). With Spanish CIS data we find evidence that the three channels contributed to the fall in the proportion of firms that introduce technological innovations during the Great Recession, compared with the proportion of innovators in the years of expansion. The research methodology consists on estimating a multiprobit model with the probability that firms introduce technological innovations, the probability that firms abandon ongoing innovation projects, and the probability that firms perceive the obstacles to innovate as high. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
Open AccessArticle
Financial Constraints and R&D Investment: The Moderating Role of CEO Characteristics
Sustainability 2019, 11(15), 4153; https://doi.org/10.3390/su11154153 - 01 Aug 2019
Cited by 1
Abstract
How CEOs with different characteristics act differently on R&D investment under the condition of financial constraints is an important but understudied question towards firms’ sustainable innovation. Employing the dataset from China-Enterprise Survey 2012 of the World Bank, this study tests the impact of [...] Read more.
How CEOs with different characteristics act differently on R&D investment under the condition of financial constraints is an important but understudied question towards firms’ sustainable innovation. Employing the dataset from China-Enterprise Survey 2012 of the World Bank, this study tests the impact of financial constraints on firms’ R&D investment and the moderating role of CEO characteristics. Empirical results show that: (1) firm’s financial constraints have a significant restricting effect on their R&D investment; (2) internal financial constraints have no significant restricting effect on R&D investment for firms with female CEOs in comparison with firms with male CEOs, while the external financial constraints have a significant restricting effect on R&D investment for both groups. (3) CEO experience has a non-linear moderating effect on the relationship between financial constraints and a firm’s R&D investment. When the accumulated experience is overloaded, the positive moderating effect of CEO experience begins to decline and even become negative. Robustness tests further confirm these empirical findings. This study directly contributes to the literature of financing innovation and top management team’s impact on firms’ sustainable innovation, and generates insights on firms’ R&D management under the condition of financial constraints. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
Open AccessArticle
Board Human Capital and Enterprise Growth: A Perspective of Ambidextrous Innovation
Sustainability 2019, 11(14), 3993; https://doi.org/10.3390/su11143993 - 23 Jul 2019
Abstract
This paper investigates the relationship between board human capital and enterprise growth. By analysing data from Chinese publicly listed companies between 2008 and 2017, we apply resource-based theory and endogenous growth theory to develop a model, and we show board human capital has [...] Read more.
This paper investigates the relationship between board human capital and enterprise growth. By analysing data from Chinese publicly listed companies between 2008 and 2017, we apply resource-based theory and endogenous growth theory to develop a model, and we show board human capital has positive effects on enterprise growth and ambidextrous innovation mediates between them. We further consider the role of industry differences and market competition and show empirical evidence that board human capital has a favorable impact on enterprise growth, and such an effect is more prominent in the high-tech industry. In addition, our results suggest that ambidextrous innovation plays a partial intermediary role between board human capital and enterprise growth. Such a favorable effect is prominent in the high-tech industry but is not affected by market competition. Furthermore, the promotion of exploratory innovation is not affected by the nature of the industry, but the promotion effect is more pronounced when the market competition is weak. We finally discuss the implications of the findings for scholars, managers, and policymakers alike. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
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Open AccessArticle
Family Management and Firm Performance in Family SMEs: The Mediating Roles of Management Control Systems and Technological Innovation
Sustainability 2019, 11(14), 3805; https://doi.org/10.3390/su11143805 - 11 Jul 2019
Cited by 1
Abstract
The aim of this research is to analyze the mediating role of the use of management control systems (MCS) and the achievement of technological innovation (TI) in the relationship between family management and firm performance in family small and medium-sized enterprises (SMEs). A [...] Read more.
The aim of this research is to analyze the mediating role of the use of management control systems (MCS) and the achievement of technological innovation (TI) in the relationship between family management and firm performance in family small and medium-sized enterprises (SMEs). A questionnaire was conducted by 617 managers of family SMEs in Spain, and our model was tested using partial least squares. Our findings show that both MCS and TI play crucial mediating roles in the understanding of the relationship between family management and firm performance. As a result, family-managed firms that utilize MCS and produce TI are much more likely to generate better performance. These results encourage family managers to use formal MCS because in that way they will contribute to obtaining better firm performance, directly and indirectly through TI. We focus on private family SMEs, because these specific firms contribute significantly to the economies worldwide. This paper contributes to resolve the controversy regarding the relationship between family management and firm performance introducing MCS and TI as mediating factors. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
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Open AccessArticle
R&D, Advertising and Firms’ Financial Performance in South Korea: Does Firm Size Matter?
Sustainability 2019, 11(14), 3764; https://doi.org/10.3390/su11143764 - 10 Jul 2019
Abstract
Advertising and research and development (R&D) are two engines for firms to obtain competitiveness and improve profits. This study develops a system of equations to investigate the overall relationships among R&D, advertising and financial performance across firm sizes. Data from Korean listed firms [...] Read more.
Advertising and research and development (R&D) are two engines for firms to obtain competitiveness and improve profits. This study develops a system of equations to investigate the overall relationships among R&D, advertising and financial performance across firm sizes. Data from Korean listed firms have been used during 2012–2016. First, our results show that R&D and advertising are complementary in South Korea. Second, for large firms, advertising is positively and significantly associated with financial performance, and the R&D expenditure has no significant influence. Finally, R&D and advertising expenditures have a negative impact on the financial performance of small firms. An additional analysis is conducted to examine the duration of R&D and advertising. Our results from Korean listed firms contain important implications for academia as well as practitioners. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
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Open AccessArticle
Knowledge and Technology Transfer Influencing the Process of Innovation in Green Supply Chain Management: A Multicriteria Model Based on the DEMATEL Method
Sustainability 2019, 11(12), 3485; https://doi.org/10.3390/su11123485 - 25 Jun 2019
Cited by 3
Abstract
After performing a systematic review of the literature, it was noticeable that the discussion regarding Green Supply Chain Management (GSCM) along with Knowledge and Technology Transfer (KTT) and Innovation is scarce. To address this issue, the objective of this paper is to analyze [...] Read more.
After performing a systematic review of the literature, it was noticeable that the discussion regarding Green Supply Chain Management (GSCM) along with Knowledge and Technology Transfer (KTT) and Innovation is scarce. To address this issue, the objective of this paper is to analyze the relationship between GSCM, KTT, and Innovation. To achieve this purpose, we developed a conceptual framework based on the literature review, which raised some hypotheses. In order to verify the hypotheses and validate the framework, we designed a multicriteria model called the KTT-GSCM Multicriteria Model, composed of two stages. The first stage describes factors that are relevant to GSCM, KTT, and Innovation, ascertaining which ones have influence over the others and which ones are influenced by the others, through the Decision-Making Trial and Evaluation Laboratory (DEMATEL) method. The second stage of the model analyzes the level of each perspective in each company and in the supply chain as a whole, thus verifying the hypotheses. This model was applied in 13 firms of a supply chain that has a rotomolding firm as a focal company. Through the development and application of the model, it was possible to verify the hypotheses raised and conclude that the perspectives of GSCM, KTT, and Innovation are, in fact, influenced by one another and that both Innovation and KTT promote greater development in GSCM. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
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Open AccessArticle
Internet of Things and Their Coming Perspectives: A Real Options Approach
Sustainability 2019, 11(11), 3178; https://doi.org/10.3390/su11113178 - 06 Jun 2019
Abstract
Internet of things is developing at a dizzying rate, and companies are forced to implement it in order to maintain their operational efficiency. The high flexibility inherent to these technologies makes it necessary to apply an appropriate measure, which properly assesses risks and [...] Read more.
Internet of things is developing at a dizzying rate, and companies are forced to implement it in order to maintain their operational efficiency. The high flexibility inherent to these technologies makes it necessary to apply an appropriate measure, which properly assesses risks and rewards. Real options methodology is available as a tool which fits the conditions, both economic and strategic, under which investment in internet of things technologies is developed. The contribution of this paper is twofold. On the one hand, it offers an adequate tool to assess the strategic value of investment in internet of things technologies. On the other hand, it tries to raise awareness among managers of internet of things technologies because of their potential to contribute to economic and social progress. The results of the research described in this paper highlight the importance of taking action as quickly as possible if companies want to obtain the best possible performance. In order to enhance the understanding of internet of things technologies investment, this paper provides a methodology to assess the implementation of internet of things technologies by using the real options approach; in particular, the option to expand has been proposed for use in the decision-making process. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
Open AccessArticle
Core Firm Based View on the Mechanism of Constructing an Enterprise Innovation Ecosystem: A Case Study of Haier Group
Sustainability 2019, 11(11), 3108; https://doi.org/10.3390/su11113108 - 01 Jun 2019
Abstract
The fierce competitive status of the business world has urged innovation activities to transform from mechanistic to ecological and organic. An innovation ecosystem consists of multilateral organizations and emerges as a favorable mechanism for value co-creation and sustainable growth. Yet the theorizing of [...] Read more.
The fierce competitive status of the business world has urged innovation activities to transform from mechanistic to ecological and organic. An innovation ecosystem consists of multilateral organizations and emerges as a favorable mechanism for value co-creation and sustainable growth. Yet the theorizing of an innovation ecosystem is still at an early stage and in-depth studies from emerging economy leaders are insufficient. This study aims to investigate how an innovation ecosystem is constructed and coordinated from a core-firm based view. An exploratory single case study on the Haier Group is adopted. Through analyzing the multi-bedded units (i.e., six innovation projects/technological breakthroughs), we extract and depict Haier’s innovation ecosystem and the ecological niches within it. We highlight an innovation ecosystem that promotes sustainable development and is based on complementarities in technologies and resources, while at the same time integrates non-technological issues such as strategy, culture, institution, and the market. Regarding ecosystem coordination, value appropriability should be ensured to sustain the innovation ecosystem. Moreover, we argue that the ultimate purpose of innovation ecosystem is not to facilitate the realization of one specific project, but rather to improve the overall success rate of innovations within it. This research complements and extends literature on enterprise innovation ecosystems, and provides implications as to the construction, coordination, and sustainability of innovation ecosystems for emerging economy firms. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
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Open AccessArticle
Research on Innovation Behavior and Performance of New Generation Entrepreneur Based on Grounded Theory
Sustainability 2019, 11(10), 2883; https://doi.org/10.3390/su11102883 - 21 May 2019
Abstract
In China, new generation entrepreneurs are gradually becoming the main force of intergenerational inheritance. New generation entrepreneurs have different educational background, growth experience and personality characteristics from the old generation entrepreneurs. They are endowed with the historical mission of an innovative generation. Therefore, [...] Read more.
In China, new generation entrepreneurs are gradually becoming the main force of intergenerational inheritance. New generation entrepreneurs have different educational background, growth experience and personality characteristics from the old generation entrepreneurs. They are endowed with the historical mission of an innovative generation. Therefore, it is of great significance to reveal the key factors influencing their innovative behavior and find out how to inspire their innovative behavior. Based on grounded theory and in-depth interviews, this study used NVivo 11 to deal with the recording materials. After a series of steps including open coding, spindle coding, selective coding and theoretical saturation test, it constructed a theoretical model of innovative behavior and innovative performance for new generation entrepreneurs. The purpose of this study was to improve the theory of entrepreneur innovation behavior and provide guidance for government to cultivate innovative spirit and innovative ability of new generation entrepreneurs. The research showed that: (1) New generation entrepreneurs’ personal traits and educational background affect their perceptions of innovation. (2) Risk awareness, understanding of innovation content and social capital would influence innovation behaviors. (3) Innovation behaviors further lead to changes in organization performance. Therefore, government should provide more opportunities for new generation entrepreneurs to widen their knowledge, social resources and innovation environment. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
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Open AccessArticle
Firm Growth and R&D in the Korean Pharmaceutical Industry
Sustainability 2019, 11(10), 2865; https://doi.org/10.3390/su11102865 - 20 May 2019
Abstract
We explore the impact of research and development (R&D) on sales growth rate with firm-specific factors under the Korean pharmaceutical industry structure using listed Korea pharmaceutical company data from 2007 to 2018 with the quantile regression technique. We find that R&D intensity has [...] Read more.
We explore the impact of research and development (R&D) on sales growth rate with firm-specific factors under the Korean pharmaceutical industry structure using listed Korea pharmaceutical company data from 2007 to 2018 with the quantile regression technique. We find that R&D intensity has a positive effect on firm growth rate while R&D scale a negative effect on the firm growth rate at the upper quantile, whereas the result is opposite at the lower quantile. Firm size has a mixed relationship with sales growth at the upper quantile, thus Gibrat’s law is rejected in the Korean pharmaceutical industry. Firm age has a negative relationship with the sales growth rate at the upper quantile, which shows the consistent result with previous research that young firms grow faster. Patent persistence has a negative relationship with sales growth at the upper quantile, while a positive effect at the lower quantile. We show that young firms and firms with high R&D intensity contribute to the high growth rate, while the relationship is not clear at the lower quantile. Therefore, policy implication in this research is that the government should pay attention to encouraging and supporting R&D investment activities and small firms as well as consider ways to enhance patent rights. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
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Open AccessArticle
Do Controlling Shareholders Who Pledged Their Shares Affect Sustainable Development? An Investigation Based on the Perspective of Corporate Innovation
Sustainability 2019, 11(10), 2754; https://doi.org/10.3390/su11102754 - 14 May 2019
Cited by 1
Abstract
We examine the impact of share pledging (SP) on a firm’s innovation using a sample of Chinese firms. Our findings show that when controlling shareholders pledged their shares in personal loans, their firm’s innovation decreases. Our findings are robust for alternative metrics of [...] Read more.
We examine the impact of share pledging (SP) on a firm’s innovation using a sample of Chinese firms. Our findings show that when controlling shareholders pledged their shares in personal loans, their firm’s innovation decreases. Our findings are robust for alternative metrics of innovation and SP. Additional analyses suggest that when controlling shareholders have little ownership or stock price volatility is high, the impact of SP on corporate innovation magnifies, presumably due to the high margin call risk of share against the pledged controlling shareholders. Overall, our study shows that the self-interest of controlling shareholders with pledged shares impedes corporate innovation, thereby impeding the sustainable development of society. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
Open AccessArticle
Does the Level of Environmental Uncertainty Matter in the Effect of Returnee CEO on Innovation? Evidence from Panel Threshold Analysis
Sustainability 2019, 11(9), 2645; https://doi.org/10.3390/su11092645 - 08 May 2019
Abstract
This study applies a panel threshold regression model to reconcile the inconsistent findings about returnee chief executive officer (CEO) effects on enterprise innovation using the environmental uncertainty as the threshold variable and panel data from 187 publicly traded electronic firms in China for [...] Read more.
This study applies a panel threshold regression model to reconcile the inconsistent findings about returnee chief executive officer (CEO) effects on enterprise innovation using the environmental uncertainty as the threshold variable and panel data from 187 publicly traded electronic firms in China for the period 2012–2016. The empirical results suggest that a significant double threshold effect does exist, showing an inverted-U correlation between returnee CEO and innovation. Specifically, a returnee CEO significantly promotes innovation at moderate levels of environmental uncertainty but significantly hinders innovation when the environmental uncertainty surpasses the larger threshold value, which contradicts much of the previous literature. This research enriches the scholarship on returnee CEOs and lays a theoretical foundation that firms can use in corporate governance. If firms pay more attention to environmental uncertainty while formulating new CEO introduction policies, substantial innovation ability can be improved at moderate levels of environmental uncertainty. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
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Open AccessArticle
The Penetration of Green Innovation on Firm Performance: Effects of Absorptive Capacity and Managerial Environmental Concern
Sustainability 2019, 11(9), 2455; https://doi.org/10.3390/su11092455 - 26 Apr 2019
Cited by 2
Abstract
Under the background of environmental sustainability, it is of great significance to investigate how green innovation influences firm performance dimensions in emerging economies. Explicitly, the interaction effects of absorptive capacity (AC) and managerial environmental concern (MEC) on the correlation between green innovation and [...] Read more.
Under the background of environmental sustainability, it is of great significance to investigate how green innovation influences firm performance dimensions in emerging economies. Explicitly, the interaction effects of absorptive capacity (AC) and managerial environmental concern (MEC) on the correlation between green innovation and firm performance dimensions must be explored. Our data were obtained through a questionnaire survey from 253 companies operating in China. Using hierarchical linear modeling (HLM), we found that (1) green innovation has a robustly positive effect on firm performance dimensions (operational, financial and environmental), and (2) absorptive capacity and managerial environmental concern can positively affect the correlation between green innovation and firm performance dimensions. Our results illustrate the integrating effects of absorptive capacity, managerial environmental concern, green innovation and firm performance dimensions. Full article
(This article belongs to the Special Issue Innovation and the Development of Enterprises)
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