VII. IMPACT OF THE DEVELOPMENT OF R & D & I ACTIVITIES ON THE FINANCIAL RESULTS OF COMPANIES
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May 11, 2022
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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.
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Keywords
Innovation, Finance, Performance, R&D activities
References
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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
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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
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Artículos Científico