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855847

research-article20192019
SGOXXX10.1177/2158244019855847SAGE Openda Silva et al.

Literature Review - Original Research

SAGE Open

Relationship Between Innovation and


April-June 2019: 1­–17
© The Author(s) 2019
DOI: 10.1177/2158244019855847
https://doi.org/10.1177/2158244019855847

Performance in Private Companies: journals.sagepub.com/home/sgo

Systematic Literature Review

Tatiana Marceda Bach1, Luciano Luiz Dalazen2, Wesley Vieira da Silva3,


Alex Antonio Ferraresi2, and Claudimar Pereira da Veiga4

Abstract
This article conducts a systematic literature review (SLR) on the relationship between innovation and performance in private
companies. The research corpus was based on research protocol systematization. Dissemination of knowledge was examined
in two stages: the summary of general corpus characteristics, and the content analysis performed according to the categories
that emerged via the study’s themes. Relationships among authors, co-citations, keywords, and centrality statistics were
identified through algorithms for optimizing standard graph layout. This study discusses the results of this relationship for
improving the competitiveness of enterprises. The relationships among the authors of the corpus constitute relationships
between isolated groups with little connectivity, low density, and a formation of distinct communities. The categories of
analysis emerged in the study themes, as well as the techniques adopted to measure the relationships between innovation
and private company performance. In the analyzed studies, innovation initiatives converge. Overall, they contribute to
improvements in company performance. In the scientific field, initiatives for developing innovations have enhanced the
performance of private companies. A key theoretical contribution of this article is in identifying the research corpus on
the relationship between innovation and performance in private companies. The practical contribution of this study lies in
offering evidence produced by studies that can help decision making regarding the creation of strategies and policies focused
on competitiveness. The differences in the evidence found in the literature highlight the importance of the outcome of this
study and indicate the need for future research in an effort to better understand the phenomenon.

Keywords
systematic literature review, innovation, performance, private companies

Introduction 2004). Some authors argue that there are gaps in theoretical
studies on innovation and performance that should be exam-
Many studies on innovation and performance have been car- ined by the scientific community. The effect of the interac-
ried out due to their relevance for both private and public tions in international research on national innovative
organizations (Archibugi & Filippetti, 2018; Laursen & performance is one of the issues that could be investigated
Foss, 2003; Laursen & Salter, 2006; Powell & Snellman, (Ivanova & Leydesdorff, 2014; Rosenbusch, Brinckmann, &
2004; Stek & van Geenhuizen, 2016). The empirical evi- Bausch, 2011; Stek & van Geenhuizen, 2016). The complex-
dence has shown that innovative companies tend to achieve ity of coordinating public policies on economic development
higher performance in the same way that countries that invest innovation and efficiency in managing a territorial
public resources to develop innovation also improve condi-
tions for economic development (Powell & Snellman, 2004;
1
Taalbi, 2017). Univel University Center, Cascavel, Brazil
2
Pontifical Catholic University of Paraná, Curitiba, Brazil
The effect of the interaction between markets has also 3
Federal University of Santa Maria, Brazil
contributed to the development of national innovative poten- 4
Federal University of Paraná, Curitiba, Brazil
tial because it fosters knowledge sharing (Etzkowitz &
Corresponding Author:
Leydesdorff, 1995, 2000; Ivanova & Leydesdorff, 2014).
Claudimar Pereira da Veiga, Professor, School of Administration,
The reasons why a nation improves productivity when a rap- Marketing Department, Federal University of Paraná, 632 Lothário
prochement occurs between new technologies and manage- Meissner Ave., Jardim Botânico, 80210-170, Curitiba, Brazil.
ment practices need to be investigated (Powell & Snellman, Email: claudimar.veiga@gmail.com

Creative Commons CC BY: This article is distributed under the terms of the Creative Commons Attribution 4.0 License
(http://www.creativecommons.org/licenses/by/4.0/) which permits any use, reproduction and distribution of
the work without further permission provided the original work is attributed as specified on the SAGE and Open Access pages
(https://us.sagepub.com/en-us/nam/open-access-at-sage).
2 SAGE Open

innovation system for economic development (Fixari & the engineering area; (b) use of the quantitative approach
Pallez, 2016) present other research possibilities. Research when using network statistics and two social network algo-
on the impact of innovation and performance has produced rithms, ForceAtlas2 and Fruchterman–Reingold, which
mixed results. In some studies, the outcome was unsatisfac- determines the relationships between the research corpus
tory despite investments in innovation (Adegbesan & Ricart, considering attraction and repulsion between actors and opti-
2007). mization of the arrangement; (c) use of the qualitative
Several policies carried out by the Brazilian government approach, presenting a content analysis associated to clus-
to improve research and development (R&D) did not pro- tered themes to explain the relationships found in detail; (d)
duce results that contributed to innovation (Rocha, 2015; identification and analysis of all the variables used that mea-
Veiga, Veiga, Del Corso, & Silva, 2012). The effects of inno- sured the innovation, performance, and control variables
vation may differ across sectors and countries, and some are used in the estimations; and (e) identification and analysis of
more intense in the technology sector. These effects contrib- all the analysis techniques used in these studies.
ute to the dissemination of innovations and economic growth A key theoretical contribution of this article is in identify-
(Powell & Snellman, 2004), suggesting that it is necessary to ing the research corpus on the relationship between innova-
better understand the effect of innovation (Roach, Ryman, & tion and performance in private companies. This article
Makani, 2016). In addition, Greco, Grimaldi, and Cricelli analyzes studies based on field mapping and responds to spe-
(2017) point out that in Europe, local, national and European cific research questions. The practical contribution of this
public subsidies for company R & D activities contribute to study lies in offering evidence produced by studies that can
promoting open innovation, increasing the efficiency of help decision making regarding the creation of strategies and
innovation. A peculiar aspect emphasized by the authors policies focused on competitiveness. The differences in the
indicates that the excess of collaboration diminished the pos- evidence found in the literature highlight the importance of
itive effect in the generation of the innovation, being neces- the outcome of this study and indicate the need for future
sary to have a balance in the forms of collaboration. research in an effort to better understand the phenomenon.
This article presents a systematic literature review (SLR)
investigating the relationship between innovation and perfor-
mance in private companies. It answers three research ques-
Innovation and Performance
tions defined ex-ante: The literature on innovation focuses on the sources that allow
companies access to the generation of ideas and enable them
Research Question 1: How has the relationship between to develop the innovative potential of products and/or ser-
innovation and performance been studied? vices. These sources also provide contact with external actors
Research Question 2: What are its results? as a means of fostering innovation (Blommerde & Lynch,
Research Question 3: How has it been measured? 2014; den Hertog, van der Aa, & de Jong, 2010; Denicolai,
Ramirez, & Tidd, 2016; Etzkowitz & Leydesdorff, 1995).
A research protocol with the methodological rigor These studies tend to argue that the nature of innovation is
required for SLR was established, resulting in the research the generation of ideas (Laursen & Salter, 2006).
corpus. The dissemination of knowledge was examined in The Oslo Manual created by the Organisation for
two stages. The first stage featured a detailed summary of Economic Co-Operation and Development (OECD; 2005)
general corpus characteristics, and the second stage featured defines “innovation” as the implementation of new products
content analysis performed according to the categories (clus- and processes involving technological improvement. Product
ters) that emerged via the study’s themes. The relationships innovation is implemented via market placement, whereas
found in the research corpus were obtained using ForceAtlas2 process innovation is developed through its use in a process.
and a Fruchterman–Reingold standard layout of graph algo- Both product and process innovation involve “scientific,
rithms. This study is important because it is the first to per- technological, organizational, financial and commercial
form an SLR on the relationship between innovation and activities” (OECD, 2005, p. 31). Its development presup-
performance in private companies. Rousseau, Mathias, poses close contact with research universities, technology
Madden, and Crook (2016) has a similar focus, but it is a development, financial incentives, and companies interested
meta-analysis, so he used a quantitative metric to establish in introducing innovation in the market. The innovation of a
some relationships, so the results were superficial because he new product or process launched in the market may be radi-
did not deepen the analysis qualitatively. This article is dif- cal. Radical innovation may also happen when a brand new
ferent from the other articles because it combined the use of or incremental production process is introduced or through
the quantitative and qualitative approach by aggregating dif- an adaptation that does not change the original form of the
ferent estimates and analyzes to obtain a more accurate result process (Freeman, 1998).
using (a) a validated compost research protocol for three Some scholars argue that the innovative potential of a
stages of analysis sedimented by the classic study of company, region, or country can be driven when partnerships
Tranfield, Denyer, and Smart (2003), which was applied in are established among companies, educational institutions,
da Silva et al. 3

and government entities (Bischof et al., 2017; Etzkowitz & indicated that patents propelled knowledge production, no
Leydesdorff, 1995, 2000; Ivanova & Leydesdorff, 2014). effect of international research collaboration on innovation
Roach et al. (2016) point out that companies must be willing performance was found when the unit of analysis was sectors,
to act collaboratively in a network of partners. Such interac- in general. The main influence—positive, negative, or null—
tions seem to influence innovation in products, services, and occurred on specific sectors (Stek & van Geenhuizen, 2016).
performance. This consensus converges on the triple helix They also found that innovation in the chemical and pharma-
model proposed by Etzkowitz and Leydesdorff (1995). ceutical sectors was positively influenced when international
According to this model, innovation occurs in a context of collaboration was conducted by multinational corporations,
interactions among three drivers of national development: but this influence was not found in other sectors. In the com-
universities, government, and business. This model states puting and software industry, the influence of institutional
that each sphere drives innovation when acting in accordance collaboration depended on the economic situation of each
with its role, which is accomplished over time. Companies country (Stek & van Geenhuizen, 2016). The innovation
act as recipients of innovation when they establish links with effect differed among sectors and countries. The most active
universities in search of solutions to organizational prob- sectors in the information technology industry contribute to
lems. They act as intermediaries when they launch products the dissemination of innovation; they are responsible for the
and/or services into the market. Universities and research economic growth of the areas to which they are linked (Powell
centers have human resources, such as researchers, teachers, & Snellman, 2004). A country’s technological progress
and students, who are fundamental to developing ideas and depends more heavily on intellectual ability than upon inputs
knowledge and devising equipment for their research. The or natural resources. Powell and Snellman (2004) argued that
government oversees incentives and/or financial resources a nation’s productivity improves when there is a rapproche-
such as research grants and the purchase of materials and ment between new technologies and the organizational prac-
equipment. Innovation is accomplished through the joint tices that complement the integration of these technologies.
action among companies, universities, and government Löfsten (2014) found that only a few dimensions of innova-
(Etzkowitz & Leydesdorff, 2000; Ivanova & Leydesdorff, tion influenced performance among Swedish businesses,
2014; Veiga, Veiga, Corso, & Silva, 2016), which create an indicating that innovative companies do not necessarily yield
environment that reduces uncertainty and thus fosters inno- higher profits. For firms in Germany, Italy, and Spain, Fassio
vation (Ivanova & Leydesdorff, 2014). (2015) identified differences among R&D activities in terms
Due to the importance the literature accords to the devel- of economic impact. These three countries were similar in the
opment of innovation, several studies have investigated it in sources of knowledge used in innovation, which improved
detail. Several studies investigate its impact on the perfor- their performance.
mance of companies, regions, and countries. Laursen and The effect of eco-innovation on the performance of 223
Salter (2006) examined 2,707 factories in the United Slovenian companies was investigated by Hojnik and
Kingdom, finding that developing strategies focused on the Ruzzier (2016). This study showed that, among the deter-
external environment fostered innovation. This observation mining factors for promoting eco-innovation such as cus-
indicates that the search for external sources, combined with tomer demand, environmental awareness, and economic
internal resources, is a valuable tool in the development of incentives, the search for greater competitiveness was the
innovation. This incentive to innovate in enterprises fosters key element. The results indicated eco-innovative companies
better business performance (Löfsten, 2014). Suppliers, cus- displayed greater profitability, growth, and competitive ben-
tomers, and universities are also important sources of inno- efits. Consequently, the authors suggested that managers
vative ideas for companies (Laursen & Salter, 2006). should develop public policy instruments that are sector-
Examining 1,900 Danish companies, Laursen and Foss specific, such as tax cuts and subsidies (Hojnik & Ruzzier,
(2003) found that human resources management influenced 2016). In a study on small, medium-sized, and large compa-
firms’ financial performance, and thus had an impact on their nies in South Korea, Ali, Kan, and Sarstedt (2016) found that
innovation. absorption capacity and innovation in products, processes,
Rocha (2015) evaluated the effects of government incen- and management helped companies improve their organiza-
tives on innovation for 243 Brazilian companies, finding that tional performance. Environmental regulation may be a con-
government support did not contribute to innovation in pri- tributing factor in product differentiation because there is a
vate firms. The study argues that the R&D policies carried out market for eco-innovative products (Rennings & Rammer,
by the Brazilian government were not effective in fostering 2011).
innovation. Stek and van Geenhuizen (2016) evaluated the In a study of cultural organizations, Carmen and José
effects of different types of international research collabora- (2008) suggest that museum managers should have a market
tion on innovative performance in 32 countries across various view concerning management and should incorporate inno-
sectors between 2003 and 2008. Based on the number of pat- vation as a way to improve their economic and social perfor-
ents, they noticed that the effects on collaboration differed mance. Park (2016) evaluated the behavior of private
across countries and economic sectors. Although the results companies and nonprofit organizations in response to
4 SAGE Open

incentives through national R&D programs offered by the Snellman, 2004; Rocha, 2015; Stek & van Geenhuizen,
government of Korea between 2008 and 2012. The nonprofit 2016). An SLR analysis was conducted along with the sys-
organizations showed a lower performance than private ones. tematization of a research protocol (see Figure 1), serving as
Park (2016) states that, for private companies, there were no an instrument with the methodological rigor required to vali-
standards for government investment in innovation in terms date and propose a structured knowledge base for decision
of greater returns on performance and that their number of makers and research analysts (Tranfield, Denyer, & Smart,
patents was not statistically significant. Conversely, collabo- 2003). The SLR analysis was conducted in three stages, as
ration produced a positive effect: Private companies per- proposed by Tranfield et al. (2003). These three stages are
formed better in terms of number of registered patents and described in Figure 1.
job generation when partnerships with universities and
research centers were established. The study of C. Lee, Park,
Marhold, and Kang (2017) found that the educational back-
Stage 1: SLR Planning Review
ground of the top managers in specific areas, as science or The first stage, planning, was carried out through expert con-
engineering, with their experience in R&D area, has a posi- sultation on the main theme and research corpus develop-
tive impact on innovative activities. ment. To help create the corpus, the method in Aarts (1991)
The way public policies for innovation and economic was employed, which prescribes a set of selected and orga-
development are coordinated has become complex (Fixari & nized texts and expresses a certain sense of language. At this
Pallez, 2016). Studying France, Fixari and Pallez (2016) stage, the research corpus aims to extract the attributes that
found that efficient territorial innovation systems and their have already been developed quantitatively and draw quali-
effect on economic development still produced unsatisfac- tative representations from the contents analyzed (Bauer &
tory outcomes. The systems need management mechanisms Aarts, 2000). In this stage, the research protocol was defined
with a strategic outlook on public policies focused on devel- as a means of attributing objectivity to various stages and
oping approaches on a collective level (Fixari & Pallez, their descriptions (Tranfield et al., 2003). The protocol ele-
2016). Oura, Zilber, and Lopes (2016) found that the perfor- ments consisted of research questions, a population, and a
mance of small- and medium-sized Brazilian enterprises was sample. This was the strategy adopted to decide on the inclu-
more strongly influenced by international experience than by sion and exclusion of studies in the SLR.
capacity for innovation. In Chinese provinces, foreign direct
investment has been found to have a positive effect on inno-
vation performance when it is modulated by the following
Stage 2: Conducting SLR
variables: absorption capacity, presence abroad, and inten- The second stage consisted of a careful, comprehensive study
sity of competition in the market (Li, Strange, Ning, & of the literature (Tranfield et al., 2003). Searches were con-
Sutherland, 2016). In Europe, Greco et al. (2017) point out ducted in the Web of Science and Scopus database for key-
that public incentives from government to business contrib- words and terms referring to innovation, performance, and
ute to increasing innovation as well as promoting innovation. companies. The syntax used in the Web of Science search was
The authors emphasize the creation of public policies that for Title TI (i.e., innovation AND performance AND firm).
identify the best way to allocate public resources, so that The syntax employed in the Scopus database search was for
innovation in companies is promoted, and that the collabora- Title (i.e., innovation AND performance AND firm).
tions made are functional for innovation projects. The Web of Science and Scopus databases were chosen
The information presented so far indicates the gaps that because they cover a larger body than other databases do,
remain in the literature. Generalizations about the relation- such as the Science Citation Index Expanded, Social Sciences
ship between innovation and performance, which motivates Citation, Arts and Humanities Citation Index, Conference
this study, cannot be made. Proceedings Citation Index (Science), Conference
Proceedings Citation Index (Social Science & Humanities),
Emerging Sources Citation Index, Current Contents Connect,
Research Method Derwent Innovations IndexSM, KCI-Korean Journal
As mentioned, this study seeks evidence in the literature that Database, Russian Science Citation Index, SciELO Citation
answers the following questions: How has the relationship Index, Cambridge University Press, Elsevier, Springer,
between innovation and performance been studied? What are Wiley-Blackwell, and the Nature Publishing Group.
its results? and How has it been measured? The SLR tech- Due to the breadth of the subject and the volume of arti-
nique was used to map the studies conducted on this subject. cles in the databases searched, the presence of “innovation,”
The research questions were defined ex-ante based on the “performance,” and “firm” in the title of the article was
literature, which established a relationship between innova- defined as the main search criterion, and the search was con-
tion and performance (Denmark; Ali et al., 2016; Fixari & fined to articles written in English. The performance of the
Pallez, 2016; Hojnik & Ruzzier, 2016; Laursen & Foss, search required the presence of the three words “innovation,”
2003; Li et al., 2016; Oura et al., 2016; Park, 2016; Powell & “performance,” and “firm” in the title, as the search strategy
da Silva et al. 5

Figure 1.  Systematization of the research protocol.

of this article was focused on the relationship between the sense of approaching innovation and private companies,
Innovation and Performance in Private Companies. This cri- which could be lost with the use of synonyms for these
terion was adopted so that the systematic review did not lose words. This form of search was based on the literature
6 SAGE Open

Table 1.  Total Articles per Journal and H-Index Factor.

Journal Total articles H-index


International Journal of Innovation Management 4 27
European Journal of Innovation Management 3 40
Journal of Product Innovation Management 2 112
Asian Journal of Technology Innovation 2 7
Innovation: Management, Policy & Practice 2 17
Economics of Innovation and New Technology 2 22
International Journal of Entrepreneurship and Innovation Management 2 17
International Journal of Innovation and Technology Management 1 13
Creativity and Innovation Management 1 14
Industry and Innovation 1 45
International Journal of Business Innovation and Research 1 16
Total articles 21 —

recommended in the study by Tranfield et al. (2003). The Web of Science and 11 from Scopus. These studies con-
authors recommend that systematic review research becomes formed to the criteria set out in this SLR, and they were
structured using predetermined keywords and search strings reviewed for face validity.
identified in the literature and discussed among researchers. The research corpus was compiled in an electronic
This strategy enabled the extraction of articles that exam- spreadsheet, with the essential elements of each article high-
ined the relations under study. The title was a criterion sup- lighted individually. Article data relating to citation and
port, and the articles searched were in the administration content indicators were extracted. The citation indicators
(e.g., economics, business) field. We found 347 articles in were coded for seven items: (a) the year when the article
the Web of Science and 450 articles in Scopus, totaling 797 was published, (b) related journal, (c) title of the article, (d)
articles. It was afterward found that some of these did not fit number of citations in the article, (e) name of the authors of
the main theme of “management.” To retain only the articles the article, (f) number of authors, and (g) country of origin
linked to international innovation and performance and due of the authors of the study. The content indicators comprised
to their high volume, new filters for specific magazines 12 elements analyzed in studies: (a) keywords mentioned in
linked to innovation and management were created. Relevant the article; (b) goal of the article; (c) contribution of the
sources included the Journal of Product Innovation article; (d) theme related to innovation and performance; (e)
Management; International Journal of Innovation and quantitative, qualitative, or mixed approach; (f) type of clas-
Technology Management; RISUS Journal on Innovation and sification of methodological study; (g) data collection pro-
Sustainability; Creativity and Innovation Management; cedure adopted; (h) use of primary and/or secondary data;
Asian Journal of Technology Innovation; European Journal (i) variables or categories of analysis used; (j) main results
of Innovation Management; Innovation: Management, of the study; (k) limitations of the research; and (l) sugges-
Policy & Practice; Industry and Innovation; International tions for future research.
Journal of Innovation Management; Economics of Innovation
and New Technology; International Journal of
Entrepreneurship and Innovation Management; and the
Stage 3: Dissemination of Knowledge
International Journal of Business Innovation and Research. The third stage is the dissemination of the SLR results, pro-
No time limit for article selection was set, which gave all duced by synthesizing of the articles, emphasizing genera-
studies published on the theme being investigated the same tion of knowledge (Tranfield et al., 2003). Consistent with
chance of being identified, composing a probabilistic stratum the rigor proposed in the SLR, the dissemination of knowl-
defined by filter composition. After the inclusion of the filter edge was conducted in two stages. The first was a detailed
criteria, the final sample comprised 25 articles from the Web analysis and the second an in-depth analysis.
of Science and 41 articles from Scopus. The abstracts and
introductions of each article were read individually. Studies First step of Stage 3: Detailed analysis.  The first step of Stage 3
on innovation performance evaluation, which is not the focus was a detailed analysis of the characteristics of the articles in
of our study, were excluded. Among the articles excluded, 15 the corpus of research produced by the electronic spread-
were obtained from the Web of Science database and 30 from sheet software Gephi and wordClouds.com. The detailed
the Scopus database. analysis of the general characteristics of the 21 corpus arti-
Through this procedure, 21 articles were left to constitute cles examined the following: (a) the relationships between
the corpus of research. Ten articles were obtained from the the authors of the indexed articles in the corpus; (b) statistics
da Silva et al. 7

Figure 2.  Relationships among authors in the corpus.

on the centrality of mediation generated from the relation- six different groups or clusters: (a) innovation and perfor-
ships between the authors; (c) general statistics on the rela- mance, coupled with the social network approach (this had a
tionships between the authors; (d) relationships between the positive effect on business performance); (b) innovation and
most-cited authors (co-citation) by degree of relationship performance allied to organizational culture; (c) environ-
(>500) in the 21 articles of the corpus; (e) statistics on the mental innovation and performance; (d) dimensions of inno-
centrality of mediation in the co-citation network; (f) general vation and performance; (e) investment in R&D, allied to
network statistics; (g) the most relevant words found in the innovation and performance; and (f) other relationships with
titles, abstracts, and keywords of the corpus articles; and (h) innovation and performance. An analysis of the variables
the relationships between keywords in the corpus. employed to measure the relationship between innovation
Two standard layouts for graph algorithms, ForceAtlas2 and performance in private companies was then carried out.
and Fruchterman–Reingold, were employed to determine the The most frequent variables employed in studies estimat-
corpus relationships. The ForceAltas2 algorithm is a linear ing the relationship indicated in the research questions were
algorithm of attraction and repulsion, in which the approxi- also analyzed. This step was conducted by examining the
mation force is calculated automatically. It optimizes Gephi concentrations of consensus states shared among different
software networks, which comprise measures ranging from themes found in the corpus (Tranfield et al., 2003). The cre-
10 to 10,000 nodes (Jacomy, Venturini, Heymann, & Bastian, ation of clusters and categories allowed a detailed descrip-
2014). The Fruchterman–Reingold algorithm is a classic dis- tion of their contributions, highlighting the relevant parts of
position algorithm that has been used since 1984. It features the corpus, following Tranfield et al. (2003).
heuristics for optimizing the length of uniform edges
(Fruchterman & Reignold, 1991). In this step, a detailed
Discussion and Data Analysis
description of the corpus field is provided.
Figure 2 shows the relationships among the authors found in
Second step of Stage 3: In-depth analysis.  In the second step, an the corpus. The Fruchterman–Reingold algorithm was
in-depth thematic analysis of the corpus was conducted employed to examine the researcher network.
through the identification of clusters or categories of analysis A display of the relationships among the authors of the
representing research themes like those found in the 21 arti- research corpus (see Figure 2) shows the characteristics of
cles. The emerging categories of analysis were grouped into the relationships between groups, with little connectivity
8 SAGE Open

Table 2.  Statistics of Centrality of Mediation Generated From The ForceAtlas2 algorithm was employed to create the
Relationships Among Authors. graphs. This algorithm approximated nodes according to
Author Degree Eigenvector centrality the strength of their interactions and created groups (clus-
ters) in the same graph. The ForceAtlas2 algorithm is a
Bullinger_A_C 4 1.0000 driving-force type that analyses each node continuously. It
Danzinger_F 4 1.0000 also repositions it within the network, finding the best pos-
Dumbach_M 4 1.0000 sible optimization for its analysis (Jacomy & Venturini,
Moeslein_K_M 4 1.0000 2011). The results in Figure 3 indicate a frequency of 3.170
Rass_M 4 1.0000 authors in total. The most-cited authors in the corpus are in
Artz_Kendall_W. 3 0.2578
red: Porter, Calantone, and J. Tidd. This result is consistent
Cardinal_Laura_B. 3 0.2578
with the study’s focus on the relationship between innova-
Hatfield_Donald_E. 3 0.2578
tion and performance in private companies. These works
Norman_Patricia_M. 3 0.2578
are specific to those topics, indicating that they have very
Crook_T_Russell 3 0.2578
close theoretical relationships. Moreover, the citations of
classical authors on the issues under examination are also
consistent with the study’s focus, highlighted by the rela-
Table 3.  General Statistics on Relationships Among Authors in tionships between them. Table 4 shows the statistics for
Corpus. co-citation network, represented by the statistics of cen-
Network statistics Value trality of mediation.
The results shown in Table 4 are consistent with those
Network interpretation Undirected shown in Figure 3, indicating that the central authors, with
Number of communities 21 the highest statistics for degree of centrality, eigenvector
Density 0.038 centrality, closeness centrality, and betweenness centrality,
Modularity 0.911 are Porter, Calantone, and Tidd. Table 5 shows the general
statistics for the co-citation network.
Table 5 shows that the network displayed only three dis-
between them. Total articles per Journal and H-Index Factor tinct communities, as detected by the modularity of the sta-
are presented in Table 1. Statistics supplementary to Figure 2 tistics. The density had a value of 0.846, indicating a
are presented in Table 2, showing the centrality, degree, and well-connected network. The density statistics are inversely
Eigenvector centrality. proportional to the modularity statistics. Figure 4 illustrates
The statistics presented in Table 2 confirm the centrality the main words in the titles, abstracts, and keywords used in
of integrating the red nodes (see Figure 2). A greater degree studies on innovation and performance in private companies.
centrality was confirmed for A. C. Bullinger, F. Danzinger, As expected, the most prominent words are innovation, per-
M. Dumbach, K. M. Moeslein, and M. Rass. These authors formance, and firm.
have an eigenvector centrality of 1.0, which measures the Figure 5 illustrates the relationships among the keywords
node’s influence within the network. The authors of the cor- employed in the 21 articles of the corpus.
pus represented had the second-highest eigenvector central- The most frequent keywords in studies used together
ity value (0.278). These authors were W. Arzt Kendall, B. (through relationships) are innovation, performance, perfor-
Cardinal Laura, Donald E. Hatfield, Patricia M. Norman, and mance management, innovation competences, firm, and
Crook T. Russell. Table 3 presents the general statistics on innovation strategy. As expected, the innovation and perfor-
the relationships among the authors in the corpus. mance keywords were more frequent because they are related
The network represented by the relationships among the to the central theme, highlighting its relationship with the
authors of the corpus has low density (0.038) because the firm keyword.
indexed studies total 21 articles, and there are few interac- Following the steps proposed in the SLR (see Figure 6)
tions among them. The modularity of the statistics indicated and the results of the analyses of general characteristics, pat-
a value of 0.911, indicating the existence of 21 distinct com- terns of analysis in the corpus articles were identified. The
munities. To identify the most-cited authors of studies on the patterns were grouped into five clusters or categories of anal-
relationship between innovation and performance in private ysis: (a) Cluster 1: networks, innovation, and performance;
companies, all authors cited in the corpus’ references were (b) Cluster 2: culture, innovation, and performance; (c)
extracted. Then, the relationships between them were estab- Cluster 3: environmental innovation and performance; (d)
lished. Figure 3 presents the networks between the most- Cluster 4: dimensions of innovation and performance; and
cited authors (co-citation) according to the degree of their (e) Cluster 5: investment in R&D, innovation, and perfor-
relationship with the 21 articles of the corpus. For a better mance. In addition to the articles that formed each cited clus-
visualization of the network, only relationships with a degree ter, a general cluster (f) was created to group other relations
greater than 500 are displayed. that converge on the general themes.
da Silva et al. 9

Figure 3.  Relationship between most-cited authors (co-citation) by relationship of degree (>500) of the 21 corpus articles.

A convergence among studies was found in the literature et al. (2008), strategic guidance in innovation prevails in
on the relationship between innovation and performance. practice and has directly and indirectly positive effects on
These studies were allied to the social network approach, performance among the companies analyzed in their research.
with a positive effect on business performance (Cluster 1). Companies that innovate are more highly valued by inves-
Performance was evaluated in both financial and general per- tors, thus generating stock with higher market values (Salomo
formance terms among European and North American com- et al., 2008).
panies (Salomo, Talke, & Strecker, 2008) as well as Chinese When a relationship with social capital is established, the
(Liu & Wu, 2011) and South Korean companies (D. H. Lee, presence of instruments of open innovation also has a posi-
Dedahanov, & Rhee, 2015). Rass, Dumbach, Danzinger, tive effect on the financial performance of the company
Bullinger, and Moeslein (2013) conducted theoretical (Rass et al., 2013). Thus, social capital may also be a variable
research focusing on overall performance. The Cluster 1 influenced by the interaction. This happens when open inno-
article findings converge on the perception that coordination vation approaches are adopted by companies, influencing
among social network relationships affects innovation posi- business performance in both the medium and long terms
tively. In turn, innovation shows a positive effect on business (Rass et al., 2013). Social media influence innovation as well
performance. Such studies also looked into the relationships as overall firm performance. Thus, the generation of new
among innovation, performance, and social networks using patents, products, and services contributes to business per-
structural equation modeling (SEM), exploratory factor anal- formance in terms of sales and profitability (D. H. Lee et al.,
ysis (EFA), correlation, and multiple linear regression. When 2015). Innovation therefore also acts as a mediating variable
companies seek to integrate relational and structural technol- in the relationship between technological orientation in net-
ogy embeddedness, their financial performance may be works and financial performance (D. H. Lee et al., 2015).
affected if mediation occurs via the differentiation of innova- The use of new technologies and equipment must be dis-
tion strategies (Liu & Wu, 2011). Thus, the interaction cussed by company managers. New technologies and equip-
between structural and relational support may directly influ- ment can be integrated into the organization by qualified
ence the performance of the company. According to Salomo staff as a way to help enhance performance (including
10 SAGE Open

Table 4.  Statistics for Centrality of Mediation From the Co-Citation Network.

Author Degree Eigenvector centrality Closeness centrality Betweenness centrality


Porter_M. 81 1.0000 1.0000 0.00352
Calantone_R.J. 81 1.0000 1.0000 0.00352
Tidd_J. 81 1.0000 1.0000 0.00352
Miller_D. 80 0.9897 0.9878 0.00338
Damanpour_F. 80 0.9906 0.9878 0.00333
Hamel_G. 79 0.9846 0.9759 0.00280
Im_S. 79 0.9846 0.9759 0.00280
Ketchen_D.J. 79 0.9846 0.9759 0.00280
Ahuja_G. 78 0.9701 0.9643 0.00298
Bogner_W.C. 77 0.9587 0.9529 0.00286
Keskin_H. 77 0.9587 0.9529 0.00286
Baker_W.E. 77 0.9639 0.9529 0.00252
Sinkula_J.M. 77 0.9639 0.9529 0.00252
Covin_J.G. 76 0.9506 0.9419 0.00253
Kumar_A. 76 0.9506 0.9419 0.00253

Table 5.  General Co-Citation Network Statistics. performance together with the organizational culture of
companies in Norway (Nybakk & Jenssen, 2012), Tunisia
Network statistics Value
(Nybakk & Jenssen, 2012), and banks in Turkey (Anderson,
Network interpretation Undirected Harbi, & Amamou, 2012). The research found that culture
Number of communities 3 impacts both innovation and financial outcome. Thus, com-
Density 0.846 panies achieve better performance when they create a cli-
Modularity 0.149 mate of innovation and develop strategies for its
development (Nybakk & Jenssen, 2012). One caveat is
mentioned by Anderson et al. (2012), who argues that,
although an innovative culture has a positive effect on per-
formance, local and/or specific company conditions may
also influence it either positively or negatively. Interestingly
and counter-intuitively, it was found that a more controlling
way of managing employees led to higher levels of perfor-
mance than did encouraging creativity coupled with inno-
vation. Innovation is essential for businesses to be
competitive. Thus, spending time and effort to create an
effective organizational culture is important for maintain-
ing superior performance (Uzkurt, Kumar, Kimzan, &
Eminoğlu, 2013). These studies used SEM, correlation, lin-
ear regression, and multiple linear regression to assess cul-
ture, innovation, and performance.
The third cluster (Cluster 3) revealed a similarity among
studies on environmental innovation and company perfor-
mance in Germany (Lichtenthaler, 2016; Rennings &
Rammer, 2011), Ireland (Doran & Ryan, 2012), and Italy
(Antonioli, Borghesi, & Mazzanti, 2016). When environ-
Figure 4.  Most relevant words found in titles, abstracts, and mental innovations are promoted via regulatory pressure
keywords in the corpus. (i.e., laws), companies tend to reap higher profits. If environ-
mental regulation and innovative activities converge, compa-
production, share-of-market, financial, sales, and others out- nies can set the sale prices they wish. Regulation drives
comes), innovation, and financial performance (only finan- demand and contributes to the differentiation among prod-
cial outcomes; D. H. Lee et al., 2015). ucts (Rennings & Rammer, 2011).
Analysis of the second cluster (Cluster 2) showed a simi- Environmental regulation may also be a contributing fac-
larity among the studies addressing innovation and tor in companies becoming eco-innovative. Doran and Ryan
da Silva et al. 11

Figure 5.  Relationships among the keywords in the studies of the corpus.

(2012) found that eco-innovative companies showed better Annavarjula, Nandialath, and Mohan (2012) found that
performance than non-eco-innovative ones, a finding rele- the innovation that had the strongest positive impact on inter-
vant to political decision makers. They could, for example, national performance was the generation of innovation by
foster national economic growth by working toward a patents. This has a strong influence in large companies but
greener society. In addition, companies that operate in societ- not in small ones. Kumar and Sundarraj (2016) found that
ies that embrace environmental innovation are more likely to adopting creative-accumulation patterns led to better busi-
pursue it and may thus attain greater economic performance ness performance, working as a moderator in the relationship
(Antonioli et al., 2016). Environmental innovation may be a between innovation and performance in periods of economic
significant source of regional system growth if it is fostered difficulties. Multiple linear regression, quantile regression,
by local spillovers. Environmental innovation may also con- and panel data were employed in these studies to assess inno-
tribute to survival in times of economic crisis (Li et al., vation and performance.
2016). In these studies, Tobin’s Q, multiple linear regression, The fifth cluster (Cluster 5) was identified by studies ana-
the probit model, and panel data were adopted to assess envi- lyzing investments in R&D and their impact on innovation
ronmental innovation and performance. and performance. Artz, Norman, Hatfield, and Cardinal
A relationship between innovation and performance (2010) evaluated companies in different sectors, and
(Cluster 4) was also found in studies performed in Korea (Y. Tajeddini (2016) analyzed Japanese companies. Artz et al.
Lee, Park, & Song, 2009), the United States, and Asia (2010) found that investments in R&D helped increase pat-
(Kumar & Sundarraj, 2016). The adoption of closed innova- ents and new products. However, a negative relationship
tion strategies, featuring control in small- and medium-sized between the number of patents and financial performance
family enterprises, helped improve financial performance. was found. Companies making investments in R&D tend to
This did not occur when these companies adopted open inno- have more patents, but a company may not necessarily
vation strategies, which contradicts the hypothesis that open achieve higher returns relative to its performance. A positive
innovation is related to an increase in operating profit (Y. Lee influence on product innovation indicates that small- and
et al., 2009). medium-sized enterprises are more likely to adopt process
12 SAGE Open

Figure 6.  Clusters by category of analysis identified in corpus.

innovation, which also has a positive relationship with finan- The other studies examined the relationship between inno-
cial performance (Tajeddini, 2016). These studies employed vation and performance. They also included many other vari-
technical analyses such as correlation, multiple linear regres- ables, which did not enable a specific grouping (Cluster 6),
sion, confirmatory factor analysis (CFA), and hierarchical such as technology strategy in Italy (Alberti & Pizzurno,
regression. 2013), external support in India (Subrahmanya, 2013),
da Silva et al. 13

Figure 7.  Innovation, performance, and control variables.

quality management in China (Wang, 2014), productivity at somewhat like the use of the variables in the comparison
work in Swedish companies (Tavassoli & Karlsson, 2016), with innovation. Thus, more studies estimated performance
risk in the 100 most innovative companies according to by employing financial variables such as return on assets
Forbes (Syed, Riaz, & Waheed, 2016), and contingencies in a (ROA), profit, market growth, sales growth, EBITDA (earn-
meta-analysis study (Rousseau et al., 2016). In contrast with ings before interest, tax, depreciation and amortization), and
other studies, Alberti and Pizzurno (2013) found that family region(s) of interest (ROI). Among the studies that also
businesses with superior performance displayed innovative employed control variables to assess the relationship between
behavior when developing new products considering market innovation and performance, there was greater use of vari-
knowledge; this did not occur with technological knowledge. ables such as performance sector, age of firm, and location.
The factors determining the external support companies are When the variables were assessed, a consolidated trend
strongly linked to the existence of a specific sector for inno- between the use of techniques to estimate innovation and
vation and the frequency of innovation. Product and process performance was found.
innovation make a greater contribution toward economic per- A detailed discussion of the results found in this system-
formance (Subrahmanya, 2013). Wang (2014) found that atic review of literature highlights some essential elements to
relations between processes of innovation and quality man- be considered by the academic community, private compa-
agement affected the performance of high-tech companies. nies, and policy makers. A first implication to be considered
Thus, quality management initiatives strengthen a firm’s is the need to create an entrepreneurial culture oriented toward
capacity for innovation and performance. Tavassoli and innovation; that is, it is important that private companies have
Karlsson (2016) found that companies implementing com- behaviors and habits in their management oriented to innova-
plex innovation strategies had higher future productivity. tive initiatives. This indicates that practices, strategies, and
Syed et al. (2016) found that companies embracing risk toler- the organizational climate are present between directors and
ance behaviors produced innovative results and increased employees of these companies. The incentive practiced
their profitability. Rousseau et al. (2016) found that compa- through an innovative business environment becomes a driver
nies with innovative products and processes attained better for thinking and creating innovations in companies. This
performance than did companies innovating in products only. effect was considered positive and significant to generate
The techniques employed by these studies were correlation, innovation and to improve the performance of the analyzed
content analysis (NVivo), logistic regression, panel data companies. Just as companies need to present an organiza-
regression, generalized estimating equations (GEE), and tional culture oriented to innovation, it is important that the
meta-analysis. government fosters this culture in companies by creating poli-
Coding SLR enabled the extraction of the variables used cies to encourage innovation, because when the conditions of
in 21 studies measuring innovation and company perfor- the environment in which the company operates are favor-
mance, as well as control variables (see Figure 7). Variables able—this includes the local, regional, and national con-
were identified according to the analysis of article content texts—it is possible to create a cultural identity in companies
clusters (see Figure 1). A varied trend appears when measur- geared to innovative activities. All the analyzed studies
ing innovation with different variables. The most representa- emphasized that the investments of the government for this
tive variables included those measuring investments in R&D, purpose, in their most varied contexts, contribute to promote
number of patents, types of innovation in products or pro- innovation and, as a consequence, economic development. In
cesses, technology sharing, regulation, and knowledge gen- this sense, it is important to emphasize that the innovative
eration. The evaluation of firm performance occurred culture of private companies is oriented toward optimizing
14 SAGE Open

forms of collaboration, as Greco et al. (2017) warned when innovation, being more consistent with the needs of the con-
collaboration is very high, government subsidies may have a text. Different estimates such as multiple linear regression,
negative effect. This is an aspect that should be considered by quantum regression, and panel data regression contributed to
public managers and formulators. All the estimations per- differentiate the contributions of open innovation and closed
formed to evaluate this effect were statistically positive, sug- innovation in the studies analyzed.
gesting that the different estimations made using the SEM, The main implications presented offer evidences found in
correlation, and simple and multiple linear regression estima- the analyzed studies that contribute to the decision making. In
tion techniques presented the same positive result when eval- private companies, innovation is a reflection of a set of ele-
uated the contribution of the organizational culture to promote ments that begins with the presence of a culture, practices, and
innovation and performance. actions oriented to innovation. It is important that the manager
A second implication to be considered is oriented to the shares innovative practices and disseminates this culture
forms of collaboration and the optimized coordination of among all organizational members. This culture is widespread
these relationships, indicating that the social networks (rela- when the government creates a favorable environment, allow-
tionships) established between companies and institutions ing companies to develop to act in accordance with innovation
have presented positive effects to generate innovation and and foster partnerships between stakeholders.
superior performance. There is a need for a strategic look at
how these relationships are realized, so that there is a bal-
ance, so innovation can be the result of the combination of
Final Remarks
efforts that add up to and generate better financial perfor- This article conducts an SLR on the relationship between
mance and overall performance. In this aspect, the valuation innovation and performance in private companies to contrib-
of the shares and the visibility that the companies present to ute to scientific knowledge on innovation and performance.
the society are positive elements, originating from the rela- This article was founded on research questions defined ex-
tions established, presenting high economic and social value. ante and derived from the literature. A research protocol was
As a result of the algorithms used, there was a convergence also created with the methodological rigor required for sys-
in the results estimated by SEM, EFA, correlation, and mul- tematic literature review (Tranfield et al., 2003), which
tiple linear regression. resulted in the composition of a research corpus.
A third implication is the relevance points to the genera- Based on the dissemination of knowledge analysis, a
tion of innovation as a result of legal pressures to which com- detailed summary of the general characteristics of the corpus
panies are also subject. Although environmental innovations was conducted using ForceAtlas2 and Fruchterman–
are the result of sustainability-oriented management, this Reingold standard graph layout. The relationships among the
adoption benefits companies by generating innovations as authors of the corpus constitute relationships between iso-
well as higher financial results. There is a social aspect lated groups with little connectivity, low density, and a for-
involved, since companies are constantly subject to the pres- mation of 21 distinct communities. The Fruchterman–Reingold
sures of society to adopt environmentally correct practices, algorithm employed heuristics to optimize the length of uni-
being the innovations generated a means to sediment the use form edges. The ForceAtlas2 algorithm approximated nodes
of sustainable practices, differentiating these companies according to the strength of their interactions, creating groups
from the others that do not use sustainability-oriented inno- (clusters) within the same graph. This algorithm indicated a
vation. The use of statistical techniques proved that the gen- frequency of 3,170 authors cited in the studies of the corpus.
eration of sustainable innovation had a positive effect on This indicates that, in general, the studies have a very close
financial performance, as it is highlighted in the different theoretical relationship. The citations of classical authors on
metrics used as Tobin Q, multiple linear regression, probit the theme of the study were convergent, which is highlighted
model, and panel data regression. by the relationships among them.
A fourth implication points out that the way in which An in-depth analysis of content based on the categories of
innovation impacts the performance of private companies is analysis (clusters) was also carried out. The categories of
different between large, medium, and small companies. analysis emerged in the study themes, as well as the tech-
Although internal aspects such as innovative culture, prac- niques adopted to measure the relationships between innova-
tices, strategies, and relationships associated with innovation tion and private company performance. In the analyzed
can be part of both, the effects generated by the form of inno- studies, innovation initiatives converge. Overall, they con-
vation practiced become different. It seems that closed inno- tribute to improvements in company performance. The cate-
vation is more effective in small and medium enterprises; gories of analysis grouped articles into clusters, enabling an
and, in contrast, in large companies, open innovation has evaluation of the standards in the creation of scientific
shown more effective results in the performance of these knowledge. This occurred via the identification, mapping,
companies. Large firms are more likely to benefit from open and analysis of six different clusters addressing the proposed
innovation when associated with patents, which may be the relationship in this SLR: (a) innovation and performance
result of collaborative forms of collaboration in this type of coupled with social network approach, which has a positive
da Silva et al. 15

effect on business performance; (b) innovation and perfor- competitive when innovation contributes to improved per-
mance allied to organizational culture; (c) environmental formance, which is also associated with better local, regional,
innovation and performance; (d) dimensions of innovation and national development in public policy.
and performance; (e) investment in R&D, allied to innova-
tion and performance; and (f) other relationships with inno- Acknowledgment
vation and performance. According to those studies, the The authors would like to thank the anonymous reviewers of the
relationship between innovation and performance in private SAGE Open for their significant contribution to the final version of
companies has been producing positive results. Innovation this article.
initiatives have helped improve their performance.
The analysis of the research corpus on the relationship Declaration of Conflicting Interests
between innovation and performance of private companies
The author(s) declared no potential conflicts of interest with respect
shows a consensus: In these studies, this relationship is benefi- to the research, authorship, and/or publication of this article.
cial for the development of private companies. The perfor-
mance of companies integrated with social networks, as well
Funding
as with strategic guidance in the field of innovation, has a
directly and indirectly positive effect on the performance of The author(s) received no financial support for the research, author-
ship, and/or publication of this article.
companies due to the sharing among those working in the net-
works. The evidence also suggests the importance of environ-
mental regulation and being eco-innovative, which enables ORCID iD
firms to devise sales price strategies, as well as stimulating Claudimar Pereira da Veiga https://orcid.org/0000-0002-4960-
economic growth by pursuing a greener society. Performance 5954
may also be influenced by the adoption of innovation strate-
gies, specifically for small- and medium-sized enterprises. References
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Rosenbusch, N., Brinckmann, J., & Bausch, A. (2011). Is innova- Author Biographies
tion always beneficial? A meta-analysis of the relationship Tatiana Marceda Bach is full professor and research at Centro
between innovation and performance in SMEs. Journal of Universitário UNIVEL (Cascavel, Brazil). PhD in Business
Business Venturing, 26, 441-457. Administration (PUCPR). The research activities emphasize strat-
Rousseau, M. B., Mathias, B. D., Madden, L. T., & Crook, egy in the public area and private companies, innovation, strategy,
T. R. (2016). Innovation, firm performance, and appro- quantitative and qualitative methods and econometrics studies.
priation: A meta-analysis. International Journal of
Innovation Management, 20, 331-329. doi:10.1142/ Luciano Luiz Dalazen is currently a PhD candidate and master in
S136391961650033X Business Administration (PUCPR), Strategic Administration con-
Salomo, S., Talke, K., & Strecker, N. (2008). Innovation field ori- centration area. Preferably studies Behavioral Finance, Strategy
entation and its effect on innovativeness and firm performance. and Quantitative Methods in Administration.
Journal of Product Innovation Management, 25, 560-576. Wesley Vieira da Silva is productivity fellow (PQ D1) by CNPq,
doi:10.1111/j.1540-5885.2008.00322.x Brazil. Your search focus the major areas of administration, eco-
Stek, P. E., & van Geenhuizen, M. S. (2016). The influence nomics, accounting, and production engineering.
of international research interaction on national innova-
tion performance: A bibliometric approach. Technological Alex Antonio Ferraresi is PhD in Business Administration (FEA/
Forecasting & Social Change, 110, 61-70. doi:10.1016/j.tech- USP), MSc in Business Administration (PPAD/PUCPR); full pro-
fore.2015.09.017 fessor and head of the graduate program in Cooperatives
Subrahmanya, M. H. B. (2013). External support, innovation Management at Pontifical Catholic University of Paraná.
and economic performance: What firm level factors mat- Claudimar Pereira da Veiga, professor, PhD, is at the Department
ter for high-tech SMEs? How? International Journal of of Marketing in Federal University of Parana. His research interests
Innovation Management, 17(5), Article 1350024. doi:10.1142/ include multidisciplinary research focus like marketing health ser-
S1363919613500242 vices, services innovation, retailing and consumer behavior. He is a
Syed, A. M., Riaz, Z., & Waheed, A. (2016). Innovation, firm per- member of the board of editors of the BMC Health Services
formance and riskiness: Evidence from the leading ­worldwide Research.

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