VII. IMPACT OF THE DEVELOPMENT OF R & D & I ACTIVITIES ON THE FINANCIAL RESULTS OF COMPANIES
##plugins.themes.bootstrap3.article.sidebar##
views: 24 |
downloads: 8
Published
May 11, 2022
##plugins.themes.bootstrap3.article.main##
Abstract
In recent years, countries and companies have given greater importance to the concept of innovation in order to reach adequate levels of competitiveness that will allow them more advanced levels of technology and greater productivity; but in Colombia a very low percentage of companies are innovative and one of the difficulties they manifest in doing so is the lack of resources and the low profitability of innovation. Innovation can be financed either with own resources or with public resources, but there is a lack of interest on the part of the companies to invest in R&D&I, and this may be due to a lack of knowledge of the relationship that exists between the development of R&D&I activities and the financial results of the companies. This paper will show the results of a literature review on the effects that research, development and innovation have on the profitability of companies. The results of the review show that there is a positive and significant relationship between innovation and profitability in most of the papers, however, there are also papers where there is a negative relationship that is generally explained by the use of short-term methodologies.
Download Statistics
##plugins.themes.bootstrap3.article.details##
Keywords
Innovation, Finance, Performance, R&D activities
References
Arshad, A. M., Wang, J., & Su, Q. (2016). Investigating the mediating role of service innovation in firm performance: An empirical research. Journal of Applied Business Research, 32(2), 461–478. https://doi.org/10.19030/jabr.v32i2.9589 Bockova, N., & Zizlavsky, O. (2016). Innovation and financial performance of a company: A study from Czech manufacturing industry. Transformations in Business and Economics, 15(3), 156–175. Chaudhry, N. I., Asad, H., Ch, M. A., & Hussian, R. I. (2020). Environmental innovation and financial performance: Mediating role of environmental management accounting and firm’s environmental strategy. Pakistan Journal of Commerce and Social Science, 14(3), 715–737. Ciscoka, P., & Durcekova, I. (2019). Determinants of Firms’ Innovation Activities in V4 Countries. http://eds.a.ebscohost.com.ezproxy.umng.edu.co/eds/pdfviewer/pdfviewer?vid=48&si d=1978f2d3-46eb-4edf-b281-015a27b4278f%40sdc-v-sessmgr03 De Oliveira Paula, F., & Da Silva, J. F. (2018). The impact of alliances and internal R&D on the firm’s innovation and financial performance. Brazilian Business Review, 15(6), 533–550. https://doi.org/10.15728/bbr.2018.15.6.2 Departamento Administrativo Nacional de Estadística. (2018). Encuesta de Desarrollo e Innovación Tecnológica en los sectores Servicios y Comercio - EDITS 2016 - 2017. 1– 45. https://www.dane.gov.co/files/investigaciones/boletines/edit/Bol_EDIT_servicios_201 6_2017.pdf Elia, S., Munjal, S., & Scalera, V. G. (2020). Sourcing Technological Knowledge Through Foreign Inward Licensing to Boost the Performance of Indian Firms: The Contingent Effects of Internal R&D and Business Group Affiliation. Management International Review. https://doi.org/10.1007/s11575-020-00419-6 Exposito, A., & Sanchis-Llopis, J. A. (2018). Innovation and business performance for Spanish SMEs: New evidence from a multi-dimensional approach. International Small Business Journal: Researching Entrepreneurship, 36(8), 911–931. https://doi.org/10.1177/0266242618782596
Ezzi, F., & Jarboui, A. (2016). Does innovation strategy affect financial, social and environmental performance? Journal of Economics, Finance and Administrative Science, 21(40), 14–24. https://doi.org/10.1016/j.jefas.2016.03.001 Fu, L., Liu, Z., & Zhou, Z. (2019). Can open innovation improve firm performance? An investigation of financial information in the biopharmaceutical industry. Technology Analysis and Strategic Management, 31(7), 776–790. https://doi.org/10.1080/09537325.2018.1554205 Games, D. (2019). Can sme benefit from innovation in an emerging market economy? Academy of Entrepreneurship Journal, 25(1). Gök, O., & Peker, S. (2017). Understanding the links among innovation performance, market performance and financial performance. Review of Managerial Science, 11(3), 605– 631. https://doi.org/10.1007/s11846-016-0198-8 Hariyati, & Tjahjadi, B. (2018). Contingent factors affecting the financial performance of manufacturing companies: The case of East Java, Indonesia. Asian Journal of Business and Accounting, 11(1), 121–150. https://doi.org/10.22452/ajba.vol11no1.5 Hoang, C. C., & Ngoc, B. H. (2019). The relationship between innovation capability and firm’s performance in electronic companies, Vietnam. Journal of Asian Finance, Economics and Business, 6(3), 295–304. https://doi.org/10.13106/jafeb.2019.vol6.no3.295 Hutahayan, B. (2020). The mediating role of human capital and management accounting information system in the relationship between innovation strategy and internal process performance and the impact on corporate financial performance. Benchmarking, 27(4), 1289–1318. https://doi.org/10.1108/BIJ-02-2018-0034 Latupeirissa, G., & Adhariani, D. (2020). External and internal economic impacts of ecoinnovation and the role of political connections: A sustainability narrative from an emerging market. Journal of Cleaner Production, 258. https://doi.org/10.1016/j.jclepro.2020.120579 Leyva-de la Hiz, D. I., Ferron-Vilchez, V., & Aragon-Correa, J. A. (2019). Do Firms’ Slack Resources Influence the Relationship Between Focused Environmental Innovations and Financial Performance? More is Not Always Better. Journal of Business Ethics, 159(4), 1215–1227. https://doi.org/10.1007/s10551-017-3772-3
Lopes Santos, D. F., Valente Rezende, M. D., & Cruz Basso, L. F. (2019). Eco-innovation and business performance in emerging and developed economies. Journal of Cleaner Production, 237. https://doi.org/10.1016/j.jclepro.2019.117674 Marín-Vinuesa, L. M., Scarpellini, S., Portillo-Tarragona, P., & Moneva, J. M. (2020). The Impact of Eco-Innovation on Performance Through the Measurement of Financial Resources and Green Patents. Organization and Environment, 33(2), 285–310. https://doi.org/10.1177/1086026618819103 Méndez Morales, E. A., & Muñoz, D. (2019). Input, output, and behavioral additionality of innovation subsidies. Journal of Technology Management and Innovation, 14(4), 158– 172. https://doi.org/10.4067/S0718-27242019000400158 Perin, M. G., Sampaio, C. H., Jiménez-Jiménez, D., & Cegarra-Navarro, J. G. (2016). Network effects on radical innovation and financial performance: An open-mindedness approach. BAR - Brazilian Administration Review, 13(4). https://doi.org/10.1590/1807- 7692bar2016160057 Rezende, L. de A., Bansi, A. C., Alves, M. F. R., & Galina, S. V. R. (2019). Take your time: Examining when green innovation affects financial performance in multinationals. Journal of Cleaner Production, 233, 993–1003. https://doi.org/10.1016/j.jclepro.2019.06.135 5RFKD/$'DOဩ3R]0('H2OLYHLUD)36 GH$OPHLGD&$6
O impacto dos investimentos em pesquisa & desenvolvimento no desempenho das empresas. Revista de Economia Contemporanea, 20(1), 58–91. https://doi.org/10.1590/198055272013 Shashi, Centobelli, P., Cerchione, R., & Singh, R. (2019). The impact of leanness and innovativeness on environmental and financial performance: Insights from Indian SMEs. International Journal of Production Economics, 212, 111–124. https://doi.org/10.1016/j.ijpe.2019.02.011 6|]HQ ø 7XIDQHU0%
7KHUHODWLRQVKLSEHWZHHQ5 DPS'H[SHQGLWXUHVDQG innovative development: a panel data analysis for selected OECD countries. M U Iktisadi ve Idari Bilimler Dergisi, 41(2), 493–502. https://doi.org/10.14780/muiibd.665751 Srimarut, T., & Mekhum, W. (2020). Enhancing financial performance through supply chain innovation (SCI) with mediating role of robustness and resilience capability in Thailand’s manufacturing sector. International Journal of Supply Chain Management, 9(1), 175–182. http://excelingtech.co.uk/ Sujová, A., Simanová, L., & Marcineková, K. (2019). Reengineering of production processes and its impact on the financial situation and business performance of the company. Engineering Management in Production and Services, 11(3), 106–116. https://doi.org/10.2478/emj-2019-0025 Tuan, N., Nhan, N., Giang, P., & Ngoc, N. (2016). The effects of innovation on firm performance of supporting industries in Hanoi – Vietnam. Journal of Industrial Engineering and Management, 9(2), 413–431. https://doi.org/10.3926/jiem.1564 Tunku, U., Rahman, A., & Tehseen, S. (2018). Entrepreneurial innovativeness and ITS impact on smes’ performances Tourism View project Born Global Firms in Developing Economies: The Case of Malaysia View project Mohammad Falahat. In Article in International Journal of Entrepreneurship. https://www.researchgate.net/publication/326718170 Wang, H., & Feng, J. (2019). Influences of dynamic capability on breakthrough innovation: Evidence from China’s manufacturing industry. Chinese Management Studies, 14(3), 565–586. https://doi.org/10.1108/CMS-03-2019-0099 Xie, X., Huo, J., & Zou, H. (2019). Green process innovation, green product innovation, and corporate financial performance: A content analysis method. Journal of Business Research, 101, 697–706. https://doi.org/10.1016/j.jbusres.2019.01.010
Ezzi, F., & Jarboui, A. (2016). Does innovation strategy affect financial, social and environmental performance? Journal of Economics, Finance and Administrative Science, 21(40), 14–24. https://doi.org/10.1016/j.jefas.2016.03.001 Fu, L., Liu, Z., & Zhou, Z. (2019). Can open innovation improve firm performance? An investigation of financial information in the biopharmaceutical industry. Technology Analysis and Strategic Management, 31(7), 776–790. https://doi.org/10.1080/09537325.2018.1554205 Games, D. (2019). Can sme benefit from innovation in an emerging market economy? Academy of Entrepreneurship Journal, 25(1). Gök, O., & Peker, S. (2017). Understanding the links among innovation performance, market performance and financial performance. Review of Managerial Science, 11(3), 605– 631. https://doi.org/10.1007/s11846-016-0198-8 Hariyati, & Tjahjadi, B. (2018). Contingent factors affecting the financial performance of manufacturing companies: The case of East Java, Indonesia. Asian Journal of Business and Accounting, 11(1), 121–150. https://doi.org/10.22452/ajba.vol11no1.5 Hoang, C. C., & Ngoc, B. H. (2019). The relationship between innovation capability and firm’s performance in electronic companies, Vietnam. Journal of Asian Finance, Economics and Business, 6(3), 295–304. https://doi.org/10.13106/jafeb.2019.vol6.no3.295 Hutahayan, B. (2020). The mediating role of human capital and management accounting information system in the relationship between innovation strategy and internal process performance and the impact on corporate financial performance. Benchmarking, 27(4), 1289–1318. https://doi.org/10.1108/BIJ-02-2018-0034 Latupeirissa, G., & Adhariani, D. (2020). External and internal economic impacts of ecoinnovation and the role of political connections: A sustainability narrative from an emerging market. Journal of Cleaner Production, 258. https://doi.org/10.1016/j.jclepro.2020.120579 Leyva-de la Hiz, D. I., Ferron-Vilchez, V., & Aragon-Correa, J. A. (2019). Do Firms’ Slack Resources Influence the Relationship Between Focused Environmental Innovations and Financial Performance? More is Not Always Better. Journal of Business Ethics, 159(4), 1215–1227. https://doi.org/10.1007/s10551-017-3772-3
Lopes Santos, D. F., Valente Rezende, M. D., & Cruz Basso, L. F. (2019). Eco-innovation and business performance in emerging and developed economies. Journal of Cleaner Production, 237. https://doi.org/10.1016/j.jclepro.2019.117674 Marín-Vinuesa, L. M., Scarpellini, S., Portillo-Tarragona, P., & Moneva, J. M. (2020). The Impact of Eco-Innovation on Performance Through the Measurement of Financial Resources and Green Patents. Organization and Environment, 33(2), 285–310. https://doi.org/10.1177/1086026618819103 Méndez Morales, E. A., & Muñoz, D. (2019). Input, output, and behavioral additionality of innovation subsidies. Journal of Technology Management and Innovation, 14(4), 158– 172. https://doi.org/10.4067/S0718-27242019000400158 Perin, M. G., Sampaio, C. H., Jiménez-Jiménez, D., & Cegarra-Navarro, J. G. (2016). Network effects on radical innovation and financial performance: An open-mindedness approach. BAR - Brazilian Administration Review, 13(4). https://doi.org/10.1590/1807- 7692bar2016160057 Rezende, L. de A., Bansi, A. C., Alves, M. F. R., & Galina, S. V. R. (2019). Take your time: Examining when green innovation affects financial performance in multinationals. Journal of Cleaner Production, 233, 993–1003. https://doi.org/10.1016/j.jclepro.2019.06.135 5RFKD/$'DOဩ3R]0('H2OLYHLUD)36 GH$OPHLGD&$6
O impacto dos investimentos em pesquisa & desenvolvimento no desempenho das empresas. Revista de Economia Contemporanea, 20(1), 58–91. https://doi.org/10.1590/198055272013 Shashi, Centobelli, P., Cerchione, R., & Singh, R. (2019). The impact of leanness and innovativeness on environmental and financial performance: Insights from Indian SMEs. International Journal of Production Economics, 212, 111–124. https://doi.org/10.1016/j.ijpe.2019.02.011 6|]HQ ø 7XIDQHU0%
7KHUHODWLRQVKLSEHWZHHQ5 DPS'H[SHQGLWXUHVDQG innovative development: a panel data analysis for selected OECD countries. M U Iktisadi ve Idari Bilimler Dergisi, 41(2), 493–502. https://doi.org/10.14780/muiibd.665751 Srimarut, T., & Mekhum, W. (2020). Enhancing financial performance through supply chain innovation (SCI) with mediating role of robustness and resilience capability in Thailand’s manufacturing sector. International Journal of Supply Chain Management, 9(1), 175–182. http://excelingtech.co.uk/ Sujová, A., Simanová, L., & Marcineková, K. (2019). Reengineering of production processes and its impact on the financial situation and business performance of the company. Engineering Management in Production and Services, 11(3), 106–116. https://doi.org/10.2478/emj-2019-0025 Tuan, N., Nhan, N., Giang, P., & Ngoc, N. (2016). The effects of innovation on firm performance of supporting industries in Hanoi – Vietnam. Journal of Industrial Engineering and Management, 9(2), 413–431. https://doi.org/10.3926/jiem.1564 Tunku, U., Rahman, A., & Tehseen, S. (2018). Entrepreneurial innovativeness and ITS impact on smes’ performances Tourism View project Born Global Firms in Developing Economies: The Case of Malaysia View project Mohammad Falahat. In Article in International Journal of Entrepreneurship. https://www.researchgate.net/publication/326718170 Wang, H., & Feng, J. (2019). Influences of dynamic capability on breakthrough innovation: Evidence from China’s manufacturing industry. Chinese Management Studies, 14(3), 565–586. https://doi.org/10.1108/CMS-03-2019-0099 Xie, X., Huo, J., & Zou, H. (2019). Green process innovation, green product innovation, and corporate financial performance: A content analysis method. Journal of Business Research, 101, 697–706. https://doi.org/10.1016/j.jbusres.2019.01.010
Citation Format
How to Cite
Montes Valencia, J. A. . (2022). VII. IMPACT OF THE DEVELOPMENT OF R & D & I ACTIVITIES ON THE FINANCIAL RESULTS OF COMPANIES . Revista De Investigación Transdisciplinaria En Educación, Empresa Y Sociedad - ITEES, 5(5), 1–13. https://doi.org/10.34893/itees.v6i6.60
Section
Artículos Científico