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SGO XXX10.1177/2158244019855847SAGE Open da Silva et al. research-article 20192019 Literature Review - Original

research-article20192019

SGO XXX10.1177/2158244019855847SAGE Open da Silva et al. research-article 20192019 Literature Review - Original Research

Literature Review - Original Research

Relationship Between Innovation and Performance in Private Companies:

Systematic Literature Review

SAGE Open April-June 2019: 1–17 © The Author(s) 2019

DOI: 10.1177/2158244019855847

https://doi.org/10.1177/2158244019855847

journals.sagepub.com/home/sgo Tatiana Marceda Bach 1 , Luciano Luiz Dalazen 2 ,

Tatiana Marceda Bach 1 , Luciano Luiz Dalazen 2 , Wesley Vieira da Silva 3 , Alex Antonio Ferraresi 2 , and Claudimar Pereira da Veiga 4

Antonio Ferraresi 2 , and Claudimar Pereira da Veiga 4 Abstract This article conducts a systematic

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

Many studies on innovation and performance have been car- ried out due to their relevance for both private and public organizations (Archibugi & Filippetti, 2018; Laursen & Foss, 2003; Laursen & Salter, 2006; Powell & Snellman, 2004; Stek & van Geenhuizen, 2016). The empirical evi- dence has shown that innovative companies tend to achieve higher performance in the same way that countries that invest public resources to develop innovation also improve condi- tions for economic development (Powell & Snellman, 2004; Taalbi, 2017). The effect of the interaction between markets has also contributed to the development of national innovative poten- tial because it fosters knowledge sharing (Etzkowitz & Leydesdorff, 1995, 2000; Ivanova & Leydesdorff, 2014). The reasons why a nation improves productivity when a rap- prochement occurs between new technologies and manage- ment practices need to be investigated (Powell & Snellman,

2004). Some authors argue that there are gaps in theoretical studies on innovation and performance that should be exam- ined by the scientific community. The effect of the interac- tions in international research on national innovative performance is one of the issues that could be investigated (Ivanova & Leydesdorff, 2014; Rosenbusch, Brinckmann, & Bausch, 2011; Stek & van Geenhuizen, 2016). The complex- ity of coordinating public policies on economic development innovation and efficiency in managing a territorial

1 Univel University Center, Cascavel, Brazil

2 Pontifical Catholic University of Paraná, Curitiba, Brazil

3 Federal University of Santa Maria, Brazil

4 Federal University of Paraná, Curitiba, Brazil

Corresponding Author:

Claudimar Pereira da Veiga, Professor, School of Administration, Marketing Department, Federal University of Paraná, 632 Lothário Meissner Ave., Jardim Botânico, 80210-170, Curitiba, Brazil. Email: claudimar.veiga@gmail.com

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innovation system for economic development (Fixari & Pallez, 2016) present other research possibilities. Research on the impact of innovation and performance has produced mixed results. In some studies, the outcome was unsatisfac- tory despite investments in innovation (Adegbesan & Ricart,

2007).

Several policies carried out by the Brazilian government to improve research and development (R&D) did not pro- duce results that contributed to innovation (Rocha, 2015; Veiga, Veiga, Del Corso, & Silva, 2012). The effects of inno- vation may differ across sectors and countries, and some are more intense in the technology sector. These effects contrib- ute to the dissemination of innovations and economic growth (Powell & Snellman, 2004), suggesting that it is necessary to better understand the effect of innovation (Roach, Ryman, & Makani, 2016). In addition, Greco, Grimaldi, and Cricelli (2017) point out that in Europe, local, national and European public subsidies for company R & D activities contribute to promoting open innovation, increasing the efficiency of innovation. A peculiar aspect emphasized by the authors indicates that the excess of collaboration diminished the pos- itive effect in the generation of the innovation, being neces- sary to have a balance in the forms of collaboration. This article presents a systematic literature review (SLR) investigating the relationship between innovation and perfor- mance in private companies. It answers three research ques- tions defined ex-ante:

Research Question 1: How has the relationship between innovation and performance been studied? Research Question 2: What are its results? Research Question 3: How has it been measured?

A research protocol with the methodological rigor required for SLR was established, resulting in the research corpus. The dissemination of knowledge was examined in two stages. The first stage featured a detailed summary of general corpus characteristics, and the second stage featured content analysis performed according to the categories (clus- ters) that emerged via the study’s themes. The relationships found in the research corpus were obtained using ForceAtlas2 and a Fruchterman–Reingold standard layout of graph algo- rithms. This study is important because it is the first to per- form an SLR on the relationship between innovation and performance in private companies. Rousseau, Mathias, Madden, and Crook (2016) has a similar focus, but it is a meta-analysis, so he used a quantitative metric to establish some relationships, so the results were superficial because he did not deepen the analysis qualitatively. This article is dif- ferent from the other articles because it combined the use of the quantitative and qualitative approach by aggregating dif- ferent estimates and analyzes to obtain a more accurate result using (a) a validated compost research protocol for three stages of analysis sedimented by the classic study of Tranfield, Denyer, and Smart (2003), which was applied in

the engineering area; (b) use of the quantitative approach when using network statistics and two social network algo- rithms, ForceAtlas2 and Fruchterman–Reingold, which determines the relationships between the research corpus considering attraction and repulsion between actors and opti- mization of the arrangement; (c) use of the qualitative approach, presenting a content analysis associated to clus- tered themes to explain the relationships found in detail; (d) identification and analysis of all the variables used that mea- sured the innovation, performance, and control variables used in the estimations; and (e) identification and analysis of all the analysis techniques used in these studies. A key theoretical contribution of this article is in identify- ing the research corpus on the relationship between innova- tion and performance in private companies. This article analyzes studies based on field mapping and responds to spe- cific research questions. 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.

Innovation and Performance

The literature on innovation focuses on the sources that allow companies access to the generation of ideas and enable them to develop the innovative potential of products and/or ser- vices. These sources also provide contact with external actors as a means of fostering innovation (Blommerde & Lynch, 2014; den Hertog, van der Aa, & de Jong, 2010; Denicolai, Ramirez, & Tidd, 2016; Etzkowitz & Leydesdorff, 1995). These studies tend to argue that the nature of innovation is the generation of ideas (Laursen & Salter, 2006). The Oslo Manual created by the Organisation for Economic Co-Operation and Development (OECD; 2005) defines “innovation” as the implementation of new products and processes involving technological improvement. Product innovation is implemented via market placement, whereas process innovation is developed through its use in a process. Both product and process innovation involve “scientific, technological, organizational, financial and commercial activities” (OECD, 2005, p. 31). Its development presup- poses close contact with research universities, technology development, financial incentives, and companies interested in introducing innovation in the market. The innovation of a new product or process launched in the market may be radi- cal. Radical innovation may also happen when a brand new or incremental production process is introduced or through an adaptation that does not change the original form of the process (Freeman, 1998). Some scholars argue that the innovative potential of a company, region, or country can be driven when partnerships are established among companies, educational institutions,

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and government entities (Bischof et al., 2017; Etzkowitz & Leydesdorff, 1995, 2000; Ivanova & Leydesdorff, 2014). Roach et al. (2016) point out that companies must be willing to act collaboratively in a network of partners. Such interac- tions seem to influence innovation in products, services, and performance. This consensus converges on the triple helix model proposed by Etzkowitz and Leydesdorff (1995). According to this model, innovation occurs in a context of interactions among three drivers of national development:

universities, government, and business. This model states that each sphere drives innovation when acting in accordance with its role, which is accomplished over time. Companies act as recipients of innovation when they establish links with universities in search of solutions to organizational prob- lems. They act as intermediaries when they launch products and/or services into the market. Universities and research centers have human resources, such as researchers, teachers, and students, who are fundamental to developing ideas and knowledge and devising equipment for their research. The government oversees incentives and/or financial resources such as research grants and the purchase of materials and equipment. Innovation is accomplished through the joint action among companies, universities, and government (Etzkowitz & Leydesdorff, 2000; Ivanova & Leydesdorff, 2014; Veiga, Veiga, Corso, & Silva, 2016), which create an environment that reduces uncertainty and thus fosters inno- vation (Ivanova & Leydesdorff, 2014). Due to the importance the literature accords to the devel- opment of innovation, several studies have investigated it in detail. Several studies investigate its impact on the perfor- mance of companies, regions, and countries. Laursen and Salter (2006) examined 2,707 factories in the United Kingdom, finding that developing strategies focused on the external environment fostered innovation. This observation indicates that the search for external sources, combined with internal resources, is a valuable tool in the development of innovation. This incentive to innovate in enterprises fosters better business performance (Löfsten, 2014). Suppliers, cus- tomers, and universities are also important sources of inno- vative ideas for companies (Laursen & Salter, 2006). Examining 1,900 Danish companies, Laursen and Foss (2003) found that human resources management influenced firms’ financial performance, and thus had an impact on their innovation. Rocha (2015) evaluated the effects of government incen- tives on innovation for 243 Brazilian companies, finding that government support did not contribute to innovation in pri- vate firms. The study argues that the R&D policies carried out by the Brazilian government were not effective in fostering innovation. Stek and van Geenhuizen (2016) evaluated the effects of different types of international research collabora- tion on innovative performance in 32 countries across various sectors between 2003 and 2008. Based on the number of pat- ents, they noticed that the effects on collaboration differed across countries and economic sectors. Although the results

indicated that patents propelled knowledge production, no effect of international research collaboration on innovation performance was found when the unit of analysis was sectors, in general. The main influence—positive, negative, or null— occurred on specific sectors (Stek & van Geenhuizen, 2016). They also found that innovation in the chemical and pharma- ceutical sectors was positively influenced when international collaboration was conducted by multinational corporations, but this influence was not found in other sectors. In the com- puting and software industry, the influence of institutional collaboration depended on the economic situation of each country (Stek & van Geenhuizen, 2016). The innovation effect differed among sectors and countries. The most active sectors in the information technology industry contribute to the dissemination of innovation; they are responsible for the economic growth of the areas to which they are linked (Powell & Snellman, 2004). A country’s technological progress depends more heavily on intellectual ability than upon inputs or natural resources. Powell and Snellman (2004) argued that a nation’s productivity improves when there is a rapproche- ment between new technologies and the organizational prac- tices that complement the integration of these technologies. Löfsten (2014) found that only a few dimensions of innova- tion influenced performance among Swedish businesses, indicating that innovative companies do not necessarily yield higher profits. For firms in Germany, Italy, and Spain, Fassio (2015) identified differences among R&D activities in terms of economic impact. These three countries were similar in the sources of knowledge used in innovation, which improved their performance. The effect of eco-innovation on the performance of 223 Slovenian companies was investigated by Hojnik and Ruzzier (2016). This study showed that, among the deter- mining factors for promoting eco-innovation such as cus- tomer demand, environmental awareness, and economic incentives, the search for greater competitiveness was the key element. The results indicated eco-innovative companies displayed greater profitability, growth, and competitive ben- efits. Consequently, the authors suggested that managers should develop public policy instruments that are sector- specific, such as tax cuts and subsidies (Hojnik & Ruzzier, 2016). In a study on small, medium-sized, and large compa- nies in South Korea, Ali, Kan, and Sarstedt (2016) found that absorption capacity and innovation in products, processes, and management helped companies improve their organiza- tional performance. Environmental regulation may be a con- tributing factor in product differentiation because there is a market for eco-innovative products (Rennings & Rammer,

2011).

In a study of cultural organizations, Carmen and José (2008) suggest that museum managers should have a market view concerning management and should incorporate inno- vation as a way to improve their economic and social perfor- mance. Park (2016) evaluated the behavior of private companies and nonprofit organizations in response to

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incentives through national R&D programs offered by the government of Korea between 2008 and 2012. The nonprofit organizations showed a lower performance than private ones. Park (2016) states that, for private companies, there were no standards for government investment in innovation in terms of greater returns on performance and that their number of patents was not statistically significant. Conversely, collabo- ration produced a positive effect: Private companies per- formed better in terms of number of registered patents and 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- ground of the top managers in specific areas, as science or engineering, with their experience in R&D area, has a posi- tive impact on innovative activities. The way public policies for innovation and economic development are coordinated has become complex (Fixari & Pallez, 2016). Studying France, Fixari and Pallez (2016) found that efficient territorial innovation systems and their effect on economic development still produced unsatisfac- tory outcomes. The systems need management mechanisms with a strategic outlook on public policies focused on devel- oping approaches on a collective level (Fixari & Pallez, 2016). Oura, Zilber, and Lopes (2016) found that the perfor- mance of small- and medium-sized Brazilian enterprises was more strongly influenced by international experience than by 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 variables: absorption capacity, presence abroad, and inten- sity of competition in the market (Li, Strange, Ning, & Sutherland, 2016). In Europe, Greco et al. (2017) point out that public incentives from government to business contrib- ute to increasing innovation as well as promoting innovation. The authors emphasize the creation of public policies that identify the best way to allocate public resources, so that innovation in companies is promoted, and that the collabora- tions made are functional for innovation projects. The information presented so far indicates the gaps that remain in the literature. Generalizations about the relation- ship between innovation and performance, which motivates this study, cannot be made.

Research Method

As mentioned, this study seeks evidence in the literature that answers the following questions: How has the relationship between innovation and performance been studied? What are its results? and How has it been measured? The SLR tech- nique was used to map the studies conducted on this subject. The research questions were defined ex-ante based on the literature, which established a relationship between innova- tion and performance (Denmark; Ali et al., 2016; Fixari & Pallez, 2016; Hojnik & Ruzzier, 2016; Laursen & Foss, 2003; Li et al., 2016; Oura et al., 2016; Park, 2016; Powell &

Snellman, 2004; Rocha, 2015; Stek & van Geenhuizen, 2016). An SLR analysis was conducted along with the sys- tematization of a research protocol (see Figure 1), serving as an instrument with the methodological rigor required to vali- date and propose a structured knowledge base for decision makers and research analysts (Tranfield, Denyer, & Smart, 2003). The SLR analysis was conducted in three stages, as proposed by Tranfield et al. (2003). These three stages are described in Figure 1.

Stage 1: SLR Planning Review

The first stage, planning, was carried out through expert con- sultation on the main theme and research corpus develop- ment. To help create the corpus, the method in Aarts (1991) was employed, which prescribes a set of selected and orga- nized texts and expresses a certain sense of language. At this stage, the research corpus aims to extract the attributes that have already been developed quantitatively and draw quali- tative representations from the contents analyzed (Bauer & Aarts, 2000). In this stage, the research protocol was defined as a means of attributing objectivity to various stages and their descriptions (Tranfield et al., 2003). The protocol ele- ments consisted of research questions, a population, and a sample. This was the strategy adopted to decide on the inclu- sion and exclusion of studies in the SLR.

Stage 2: Conducting SLR

The second stage consisted of a careful, comprehensive study of the literature (Tranfield et al., 2003). Searches were con- ducted in the Web of Science and Scopus database for key- words and terms referring to innovation, performance, and companies. The syntax used in the Web of Science search was for Title TI (i.e., innovation AND performance AND firm). The syntax employed in the Scopus database search was for Title (i.e., innovation AND performance AND firm). The Web of Science and Scopus databases were chosen because they cover a larger body than other databases do, such as the Science Citation Index Expanded, Social Sciences Citation, Arts and Humanities Citation Index, Conference Proceedings Citation Index (Science), Conference Proceedings Citation Index (Social Science & Humanities), Emerging Sources Citation Index, Current Contents Connect, Derwent Innovations IndexSM, KCI-Korean Journal Database, Russian Science Citation Index, SciELO Citation Index, Cambridge University Press, Elsevier, Springer, Wiley-Blackwell, and the Nature Publishing Group. Due to the breadth of the subject and the volume of arti- cles in the databases searched, the presence of “innovation,” “performance,” and “firm” in the title of the article was defined as the main search criterion, and the search was con- fined to articles written in English. The performance of the search required the presence of the three words “innovation,” “performance,” and “firm” in the title, as the search strategy

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da Silva et al. 5 Figure 1. Systematization of the research protocol. of this article was

Figure 1. Systematization of the research protocol.

of this article was focused on the relationship between Innovation and Performance in Private Companies. This cri- terion was adopted so that the systematic review did not lose

the sense of approaching innovation and private companies, which could be lost with the use of synonyms for these words. This form of search was based on the literature

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

Journal

Total articles

H-index

International Journal of Innovation Management European Journal of Innovation Management Journal of Product Innovation Management Asian Journal of Technology Innovation Innovation: Management, Policy & Practice Economics of Innovation and New Technology International Journal of Entrepreneurship and Innovation Management International Journal of Innovation and Technology Management Creativity and Innovation Management Industry and Innovation International Journal of Business Innovation and Research Total articles

4

27

3

40

2

112

2

7

2

17

2

22

2

17

1

13

1

14

1

45

1

16

21

recommended in the study by Tranfield et al. (2003). The authors recommend that systematic review research becomes structured using predetermined keywords and search strings identified in the literature and discussed among researchers. This strategy enabled the extraction of articles that exam- ined the relations under study. The title was a criterion sup- port, and the articles searched were in the administration (e.g., economics, business) field. We found 347 articles in the Web of Science and 450 articles in Scopus, totaling 797 articles. It was afterward found that some of these did not fit the main theme of “management.” To retain only the articles linked to international innovation and performance and due to their high volume, new filters for specific magazines linked to innovation and management were created. Relevant sources included the Journal of Product Innovation Management; International Journal of Innovation and Technology Management; RISUS Journal on Innovation and Sustainability; Creativity and Innovation Management; Asian Journal of Technology Innovation; European Journal of Innovation Management; Innovation: Management, Policy & Practice; Industry and Innovation; International Journal of Innovation Management; Economics of Innovation and New Technology; International Journal of Entrepreneurship and Innovation Management; and the International Journal of Business Innovation and Research. No time limit for article selection was set, which gave all studies published on the theme being investigated the same chance of being identified, composing a probabilistic stratum defined by filter composition. After the inclusion of the filter criteria, the final sample comprised 25 articles from the Web of Science and 41 articles from Scopus. The abstracts and introductions of each article were read individually. Studies on innovation performance evaluation, which is not the focus of our study, were excluded. Among the articles excluded, 15 were obtained from the Web of Science database and 30 from the Scopus database. Through this procedure, 21 articles were left to constitute the corpus of research. Ten articles were obtained from the

Web of Science and 11 from Scopus. These studies con- formed to the criteria set out in this SLR, and they were reviewed for face validity. The research corpus was compiled in an electronic spreadsheet, with the essential elements of each article high- lighted individually. Article data relating to citation and content indicators were extracted. The citation indicators were coded for seven items: (a) the year when the article was published, (b) related journal, (c) title of the article, (d) number of citations in the article, (e) name of the authors of the article, (f) number of authors, and (g) country of origin of the authors of the study. The content indicators comprised 12 elements analyzed in studies: (a) keywords mentioned in the article; (b) goal of the article; (c) contribution of the article; (d) theme related to innovation and performance; (e) quantitative, qualitative, or mixed approach; (f) type of clas- sification of methodological study; (g) data collection pro- cedure adopted; (h) use of primary and/or secondary data; (i) variables or categories of analysis used; (j) main results of the study; (k) limitations of the research; and (l) sugges- tions for future research.

Stage 3: Dissemination of Knowledge

The third stage is the dissemination of the SLR results, pro- duced by synthesizing of the articles, emphasizing genera- tion of knowledge (Tranfield et al., 2003). Consistent with the rigor proposed in the SLR, the dissemination of knowl- edge was conducted in two stages. The first was a detailed analysis and the second an in-depth analysis.

First step of Stage 3: Detailed analysis. The first step of Stage 3 was a detailed analysis of the characteristics of the articles in the corpus of research produced by the electronic spread- sheet software Gephi and wordClouds.com. The detailed analysis of the general characteristics of the 21 corpus arti- cles examined the following: (a) the relationships between the authors of the indexed articles in the corpus; (b) statistics

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da Silva et al. 7 Figure 2. Relationships among authors in the corpus. on the centrality

Figure 2. Relationships among authors in the corpus.

on the centrality of mediation generated from the relation-

ships between the authors; (c) general statistics on the rela- tionships between the authors; (d) relationships between the most-cited authors (co-citation) by degree of relationship

( > 500) in the 21 articles of the corpus; (e) statistics on the

centrality of mediation in the co-citation network; (f) general network statistics; (g) the most relevant words found in the titles, abstracts, and keywords of the corpus articles; and (h) the relationships between keywords in the corpus.

Two standard layouts for graph algorithms, ForceAtlas2 and Fruchterman–Reingold, were employed to determine the corpus relationships. The ForceAltas2 algorithm is a linear algorithm of attraction and repulsion, in which the approxi- mation force is calculated automatically. It optimizes Gephi software networks, which comprise measures ranging from 10 to 10,000 nodes (Jacomy, Venturini, Heymann, & Bastian, 2014). The Fruchterman–Reingold algorithm is a classic dis- position algorithm that has been used since 1984. It features heuristics for optimizing the length of uniform edges (Fruchterman & Reignold, 1991). In this step, a detailed description of the corpus field is provided.

Second step of Stage 3: In-depth analysis. In the second step, an in-depth thematic analysis of the corpus was conducted through the identification of clusters or categories of analysis representing research themes like those found in the 21 arti- cles. The emerging categories of analysis were grouped into

six different groups or clusters: (a) innovation and perfor- mance, coupled with the social network approach (this had a positive effect on business performance); (b) innovation and performance allied to organizational culture; (c) environ- mental innovation and performance; (d) dimensions of inno- vation and performance; (e) investment in R&D, allied to innovation and performance; and (f) other relationships with innovation and performance. An analysis of the variables employed to measure the relationship between innovation and performance in private companies was then carried out. The most frequent variables employed in studies estimat- ing the relationship indicated in the research questions were also analyzed. This step was conducted by examining the concentrations of consensus states shared among different themes found in the corpus (Tranfield et al., 2003). The cre- ation of clusters and categories allowed a detailed descrip- tion of their contributions, highlighting the relevant parts of the corpus, following Tranfield et al. (2003).

Discussion and Data Analysis

Figure 2 shows the relationships among the authors found in the corpus. The Fruchterman–Reingold algorithm was employed to examine the researcher network. A display of the relationships among the authors of the research corpus (see Figure 2) shows the characteristics of the relationships between groups, with little connectivity

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Table 2. Statistics of Centrality of Mediation Generated From Relationships Among Authors.

Author

Degree

Eigenvector centrality

Bullinger_A_C

4

1.0000

Danzinger_F

4

1.0000

Dumbach_M

4

1.0000

Moeslein_K_M

4

1.0000

Rass_M

4

1.0000

Artz_Kendall_W.

3

0.2578

Cardinal_Laura_B.

3

0.2578

Hatfield_Donald_E.

3

0.2578

Norman_Patricia_M.

3

0.2578

Crook_T_Russell

3

0.2578

Table 3. General Statistics on Relationships Among Authors in Corpus.

Network statistics

Value

Network interpretation Number of communities Density Modularity

Network interpretation Number of communities Density Modularity
Network interpretation Number of communities Density Modularity
Network interpretation Number of communities Density Modularity

Undirected

21

0.038

0.911

between them. Total articles per Journal and H-Index Factor are presented in Table 1. Statistics supplementary to Figure 2 are presented in Table 2, showing the centrality, degree, and Eigenvector centrality. The statistics presented in Table 2 confirm the centrality of integrating the red nodes (see Figure 2). A greater degree centrality was confirmed for A. C. Bullinger, F. Danzinger, M. Dumbach, K. M. Moeslein, and M. Rass. These authors have an eigenvector centrality of 1.0, which measures the node’s influence within the network. The authors of the cor- pus represented had the second-highest eigenvector central- ity value (0.278). These authors were W. Arzt Kendall, B. Cardinal Laura, Donald E. Hatfield, Patricia M. Norman, and Crook T. Russell. Table 3 presents the general statistics on the relationships among the authors in the corpus. The network represented by the relationships among the authors of the corpus has low density (0.038) because the indexed studies total 21 articles, and there are few interac- tions among them. The modularity of the statistics indicated a value of 0.911, indicating the existence of 21 distinct com- munities. To identify the most-cited authors of studies on the relationship between innovation and performance in private companies, all authors cited in the corpus’ references were extracted. Then, the relationships between them were estab- lished. Figure 3 presents the networks between the most- cited authors (co-citation) according to the degree of their relationship with the 21 articles of the corpus. For a better visualization of the network, only relationships with a degree greater than 500 are displayed.

The ForceAtlas2 algorithm was employed to create the graphs. This algorithm approximated nodes according to the strength of their interactions and created groups (clus- ters) in the same graph. The ForceAtlas2 algorithm is a driving-force type that analyses each node continuously. It also repositions it within the network, finding the best pos- sible optimization for its analysis (Jacomy & Venturini, 2011). The results in Figure 3 indicate a frequency of 3.170 authors in total. The most-cited authors in the corpus are in red: Porter, Calantone, and J. Tidd. This result is consistent with the study’s focus on the relationship between innova- tion and performance in private companies. These works are specific to those topics, indicating that they have very 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- tionships between them. Table 4 shows the statistics for co-citation network, represented by the statistics of cen- trality of mediation. The results shown in Table 4 are consistent with those shown in Figure 3, indicating that the central authors, with the highest statistics for degree of centrality, eigenvector centrality, closeness centrality, and betweenness centrality, 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- tinct communities, as detected by the modularity of the sta- tistics. The density had a value of 0.846, indicating a well-connected network. The density statistics are inversely proportional to the modularity statistics. Figure 4 illustrates the main words in the titles, abstracts, and keywords used in studies on innovation and performance in private companies. As expected, the most prominent words are innovation, per- formance, and firm. Figure 5 illustrates the relationships among the keywords employed in the 21 articles of the corpus. The most frequent keywords in studies used together (through relationships) are innovation, performance, perfor- mance management, innovation competences, firm, and innovation strategy. As expected, the innovation and perfor- mance keywords were more frequent because they are related to the central theme, highlighting its relationship with the firm keyword. Following the steps proposed in the SLR (see Figure 6) and the results of the analyses of general characteristics, pat- terns of analysis in the corpus articles were identified. The patterns were grouped into five clusters or categories of anal- ysis: (a) Cluster 1: networks, innovation, and performance; (b) Cluster 2: culture, innovation, and performance; (c) Cluster 3: environmental innovation and performance; (d) Cluster 4: dimensions of innovation and performance; and (e) Cluster 5: investment in R&D, innovation, and perfor- mance. In addition to the articles that formed each cited clus- ter, a general cluster (f) was created to group other relations that converge on the general themes.

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da Silva et al. 9 Figure 3. Relationship between most-cited authors (co-citation) by relationship of degree

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 on the relationship between innovation and performance. These studies were allied to the social network approach, with a positive effect on business performance (Cluster 1). Performance was evaluated in both financial and general per- formance terms among European and North American com- panies (Salomo, Talke, & Strecker, 2008) as well as Chinese (Liu & Wu, 2011) and South Korean companies (D. H. Lee, Dedahanov, & Rhee, 2015). Rass, Dumbach, Danzinger, Bullinger, and Moeslein (2013) conducted theoretical research focusing on overall performance. The Cluster 1 article findings converge on the perception that coordination among social network relationships affects innovation posi- tively. In turn, innovation shows a positive effect on business performance. Such studies also looked into the relationships among innovation, performance, and social networks using structural equation modeling (SEM), exploratory factor anal- ysis (EFA), correlation, and multiple linear regression. When companies seek to integrate relational and structural technol- ogy embeddedness, their financial performance may be affected if mediation occurs via the differentiation of innova- tion strategies (Liu & Wu, 2011). Thus, the interaction between structural and relational support may directly influ- ence the performance of the company. According to Salomo

et al. (2008), strategic guidance in innovation prevails in practice and has directly and indirectly positive effects on performance among the companies analyzed in their research. Companies that innovate are more highly valued by inves- tors, thus generating stock with higher market values (Salomo et al., 2008). When a relationship with social capital is established, the presence of instruments of open innovation also has a posi- tive effect on the financial performance of the company (Rass et al., 2013). Thus, social capital may also be a variable influenced by the interaction. This happens when open inno- vation approaches are adopted by companies, influencing business performance in both the medium and long terms (Rass et al., 2013). Social media influence innovation as well as overall firm performance. Thus, the generation of new patents, products, and services contributes to business per- formance in terms of sales and profitability (D. H. Lee et al., 2015). Innovation therefore also acts as a mediating variable in the relationship between technological orientation in net- works and financial performance (D. H. Lee et al., 2015). The use of new technologies and equipment must be dis- cussed by company managers. New technologies and equip- ment can be integrated into the organization by qualified staff as a way to help enhance performance (including

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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.

Network statistics

Value

Network interpretation Number of communities Density Modularity

Network interpretation Number of communities Density Modularity
Network interpretation Number of communities Density Modularity
Network interpretation Number of communities Density Modularity

Undirected

3

0.846

0.149

Density Modularity Undirected 3 0.846 0.149 Figure 4. Most relevant words found in titles, abstracts,

Figure 4. Most relevant words found in titles, abstracts, and keywords in the corpus.

production, share-of-market, financial, sales, and others out- comes), innovation, and financial performance (only finan- cial outcomes; D. H. Lee et al., 2015). Analysis of the second cluster (Cluster 2) showed a simi- larity among the studies addressing innovation and

performance together with the organizational culture of companies in Norway (Nybakk & Jenssen, 2012), Tunisia (Nybakk & Jenssen, 2012), and banks in Turkey (Anderson, Harbi, & Amamou, 2012). The research found that culture impacts both innovation and financial outcome. Thus, com- panies achieve better performance when they create a cli- 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- mental innovations are promoted via regulatory pressure (i.e., laws), companies tend to reap higher profits. If environ- mental regulation and innovative activities converge, compa- nies can set the sale prices they wish. Regulation drives demand and contributes to the differentiation among prod- ucts (Rennings & Rammer, 2011). Environmental regulation may also be a contributing fac- tor in companies becoming eco-innovative. Doran and Ryan

da Silva et al.

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da Silva et al. 11 Figure 5. Relationships among the keywords in the studies of the

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

(2012) found that eco-innovative companies showed better performance than non-eco-innovative ones, a finding rele- vant to political decision makers. They could, for example, foster national economic growth by working toward a greener society. In addition, companies that operate in societ- ies that embrace environmental innovation are more likely to pursue it and may thus attain greater economic performance (Antonioli et al., 2016). Environmental innovation may be a significant source of regional system growth if it is fostered by local spillovers. Environmental innovation may also con- tribute to survival in times of economic crisis (Li et al., 2016). In these studies, Tobin’s Q, multiple linear regression, the probit model, and panel data were adopted to assess envi- ronmental innovation and performance. A relationship between innovation and performance (Cluster 4) was also found in studies performed in Korea (Y. Lee, Park, & Song, 2009), the United States, and Asia (Kumar & Sundarraj, 2016). The adoption of closed innova- tion strategies, featuring control in small- and medium-sized family enterprises, helped improve financial performance. This did not occur when these companies adopted open inno- vation strategies, which contradicts the hypothesis that open innovation is related to an increase in operating profit (Y. Lee et al., 2009).

Annavarjula, Nandialath, and Mohan (2012) found that the innovation that had the strongest positive impact on inter- national performance was the generation of innovation by patents. This has a strong influence in large companies but not in small ones. Kumar and Sundarraj (2016) found that adopting creative-accumulation patterns led to better busi- ness performance, working as a moderator in the relationship between innovation and performance in periods of economic difficulties. Multiple linear regression, quantile regression, and panel data were employed in these studies to assess inno- vation and performance. The fifth cluster (Cluster 5) was identified by studies ana- lyzing investments in R&D and their impact on innovation and performance. Artz, Norman, Hatfield, and Cardinal (2010) evaluated companies in different sectors, and Tajeddini (2016) analyzed Japanese companies. Artz et al. (2010) found that investments in R&D helped increase pat- ents and new products. However, a negative relationship between the number of patents and financial performance was found. Companies making investments in R&D tend to have more patents, but a company may not necessarily achieve higher returns relative to its performance. A positive influence on product innovation indicates that small- and medium-sized enterprises are more likely to adopt process

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12 SAGE Open Figure 6. Clusters by category of analysis identified in corpus. innovation, which also

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

innovation, which also has a positive relationship with finan- cial performance (Tajeddini, 2016). These studies employed technical analyses such as correlation, multiple linear regres- sion, confirmatory factor analysis (CFA), and hierarchical regression.

The other studies examined the relationship between inno- vation and performance. They also included many other vari- ables, which did not enable a specific grouping (Cluster 6), such as technology strategy in Italy (Alberti & Pizzurno, 2013), external support in India (Subrahmanya, 2013),

da Silva et al.

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da Silva et al. 13 Figure 7. Innovation, performance, and control variables. quality management in China

Figure 7. Innovation, performance, and control variables.

quality management in China (Wang, 2014), productivity at work in Swedish companies (Tavassoli & Karlsson, 2016), risk in the 100 most innovative companies according to Forbes (Syed, Riaz, & Waheed, 2016), and contingencies in a meta-analysis study (Rousseau et al., 2016). In contrast with other studies, Alberti and Pizzurno (2013) found that family businesses with superior performance displayed innovative behavior when developing new products considering market knowledge; this did not occur with technological knowledge. The factors determining the external support companies are strongly linked to the existence of a specific sector for inno- vation and the frequency of innovation. Product and process innovation make a greater contribution toward economic per- formance (Subrahmanya, 2013). Wang (2014) found that relations between processes of innovation and quality man- agement affected the performance of high-tech companies. Thus, quality management initiatives strengthen a firm’s capacity for innovation and performance. Tavassoli and Karlsson (2016) found that companies implementing com- plex innovation strategies had higher future productivity. Syed et al. (2016) found that companies embracing risk toler- ance behaviors produced innovative results and increased their profitability. Rousseau et al. (2016) found that compa- nies with innovative products and processes attained better performance than did companies innovating in products only. The techniques employed by these studies were correlation, content analysis (NVivo), logistic regression, panel data regression, generalized estimating equations (GEE), and meta-analysis. Coding SLR enabled the extraction of the variables used in 21 studies measuring innovation and company perfor- mance, as well as control variables (see Figure 7). Variables were identified according to the analysis of article content clusters (see Figure 1). A varied trend appears when measur- ing innovation with different variables. The most representa- tive variables included those measuring investments in R&D, number of patents, types of innovation in products or pro- cesses, technology sharing, regulation, and knowledge gen- eration. The evaluation of firm performance occurred

somewhat like the use of the variables in the comparison with innovation. Thus, more studies estimated performance by employing financial variables such as return on assets (ROA), profit, market growth, sales growth, EBITDA (earn- ings before interest, tax, depreciation and amortization), and region(s) of interest (ROI). Among the studies that also employed control variables to assess the relationship between innovation and performance, there was greater use of vari- ables such as performance sector, age of firm, and location. When the variables were assessed, a consolidated trend between the use of techniques to estimate innovation and performance was found. A detailed discussion of the results found in this system- atic review of literature highlights some essential elements to be considered by the academic community, private compa- nies, and policy makers. A first implication to be considered is the need to create an entrepreneurial culture oriented toward innovation; that is, it is important that private companies have behaviors and habits in their management oriented to innova- tive initiatives. This indicates that practices, strategies, and the organizational climate are present between directors and employees of these companies. The incentive practiced through an innovative business environment becomes a driver for thinking and creating innovations in companies. This effect was considered positive and significant to generate innovation and to improve the performance of the analyzed companies. Just as companies need to present an organiza- tional culture oriented to innovation, it is important that the government fosters this culture in companies by creating poli- cies to encourage innovation, because when the conditions of the environment in which the company operates are favor- able—this includes the local, regional, and national con- texts—it is possible to create a cultural identity in companies geared to innovative activities. All the analyzed studies emphasized that the investments of the government for this purpose, in their most varied contexts, contribute to promote innovation and, as a consequence, economic development. In this sense, it is important to emphasize that the innovative culture of private companies is oriented toward optimizing

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forms of collaboration, as Greco et al. (2017) warned when collaboration is very high, government subsidies may have a negative effect. This is an aspect that should be considered by public managers and formulators. All the estimations per-

formed to evaluate this effect were statistically positive, sug- gesting that the different estimations made using the SEM, correlation, and simple and multiple linear regression estima- tion techniques presented the same positive result when eval- uated the contribution of the organizational culture to promote innovation and performance.

A second implication to be considered is oriented to the

forms of collaboration and the optimized coordination of these relationships, indicating that the social networks (rela- tionships) established between companies and institutions

have presented positive effects to generate innovation and 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 efforts that add up to and generate better financial perfor- mance and overall performance. In this aspect, the valuation of the shares and the visibility that the companies present to the society are positive elements, originating from the rela- tions established, presenting high economic and social value. As a result of the algorithms used, there was a convergence in the results estimated by SEM, EFA, correlation, and mul- tiple linear regression.

A third implication is the relevance points to the genera-

tion of innovation as a result of legal pressures to which com- panies are also subject. Although environmental innovations are the result of sustainability-oriented management, this

adoption benefits companies by generating innovations as well as higher financial results. There is a social aspect involved, since companies are constantly subject to the pres-

sures of society to adopt environmentally correct practices, being the innovations generated a means to sediment the use of sustainable practices, differentiating these companies from the others that do not use sustainability-oriented inno- vation. The use of statistical techniques proved that the gen- eration of sustainable innovation had a positive effect on financial performance, as it is highlighted in the different metrics used as Tobin Q, multiple linear regression, probit model, and panel data regression.

A fourth implication points out that the way in which

innovation impacts the performance of private companies is different between large, medium, and small companies. Although internal aspects such as innovative culture, prac- tices, strategies, and relationships associated with innovation can be part of both, the effects generated by the form of inno-

vation practiced become different. It seems that closed inno- vation is more effective in small and medium enterprises; and, in contrast, in large companies, open innovation has shown more effective results in the performance of these companies. Large firms are more likely to benefit from open innovation when associated with patents, which may be the result of collaborative forms of collaboration in this type of

innovation, being more consistent with the needs of the con- text. Different estimates such as multiple linear regression, quantum regression, and panel data regression contributed to differentiate the contributions of open innovation and closed innovation in the studies analyzed. The main implications presented offer evidences found in the analyzed studies that contribute to the decision making. In private companies, innovation is a reflection of a set of ele- ments that begins with the presence of a culture, practices, and actions oriented to innovation. It is important that the manager shares innovative practices and disseminates this culture among all organizational members. This culture is widespread when the government creates a favorable environment, allow- ing companies to develop to act in accordance with innovation and foster partnerships between stakeholders.

Final Remarks

This article conducts an SLR on the relationship between innovation and performance in private companies to contrib- ute to scientific knowledge on innovation and performance. This article was founded on research questions defined ex- ante and derived from the literature. A research protocol was also created with the methodological rigor required for sys- tematic literature review (Tranfield et al., 2003), which resulted in the composition of a research corpus. Based on the dissemination of knowledge analysis, a detailed summary of the general characteristics of the corpus was conducted using ForceAtlas2 and Fruchterman– Reingold standard graph layout. The relationships among the authors of the corpus constitute relationships between iso- lated groups with little connectivity, low density, and a for-

mationof21distinctcommunities.TheFruchterman–Reingold

algorithm employed heuristics to optimize the length of uni- form edges. The ForceAtlas2 algorithm approximated nodes according to the strength of their interactions, creating groups (clusters) within the same graph. This algorithm indicated a frequency of 3,170 authors cited in the studies of the corpus. This indicates that, in general, the studies have a very close theoretical relationship. The citations of classical authors on the theme of the study were convergent, which is highlighted by the relationships among them. An in-depth analysis of content based on the categories of analysis (clusters) was also carried out. The categories of analysis emerged in the study themes, as well as the tech- niques adopted to measure the relationships between innova- tion and private company performance. In the analyzed studies, innovation initiatives converge. Overall, they con- tribute to improvements in company performance. The cate- gories of analysis grouped articles into clusters, enabling an evaluation of the standards in the creation of scientific knowledge. This occurred via the identification, mapping, and analysis of six different clusters addressing the proposed relationship in this SLR: (a) innovation and performance coupled with social network approach, which has a positive

da Silva et al.

15

effect on business performance; (b) innovation and perfor- mance allied to organizational culture; (c) environmental innovation and performance; (d) dimensions of innovation and performance; (e) investment in R&D, allied to innova- tion and performance; and (f) other relationships with inno- vation and performance. According to those studies, the relationship between innovation and performance in private companies has been producing positive results. Innovation initiatives have helped improve their performance. The analysis of the research corpus on the relationship between innovation and performance of private companies shows a consensus: In these studies, this relationship is benefi- cial for the development of private companies. The perfor- mance of companies integrated with social networks, as well as with strategic guidance in the field of innovation, has a directly and indirectly positive effect on the performance of 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 firms to devise sales price strategies, as well as stimulating economic growth by pursuing a greener society. Performance may also be influenced by the adoption of innovation strate- gies, specifically for small- and medium-sized enterprises. The analyzed studies show positive relationships between investments in R&D and higher returns in relation to perfor- mance. The positive influence on product innovation indicates that small- and medium-sized enterprises are more likely to adopt process innovations, which also have a positive relation- ship with financial performance (Tajeddini, 2016). This study increases the corpus of research on the rela- tionship between innovation and performance and conducts a mapping and analysis of this issue on the basis of specific research questions. This study presents evidence that may help public and private company managers formulate strate- gies and policies focused on competitiveness. This study expands the corpus of research on the relation- ship between innovation and performance and performs a mapping and analysis of this question based on specific questions. This research presents evidence that can help managers of public and private companies in the formulation of strategies and policies aimed at competitiveness. The implications presented to the academic community, public managers and private companies, guide the need for private companies to adopt an organizational culture that adopts innovative practices and guides the internal environment in adopting innovative behavior. When companies recognize innovation as important and this is reflected in their actions, managers’ decisions are likely to contribute to better com- pany performance. This need to generate innovation is also driven by governmental substitutes, by the accomplishment of collaboration between different institutions. Managers of private companies should consider company size as an ele- ment associated with open innovation or closed innovation because the results are different between large, medium, and small companies. In these respects, firms tend to be more

competitive when innovation contributes to improved per- formance, which is also associated with better local, regional, and national development in public policy.

Acknowledgment

The authors would like to thank the anonymous reviewers of the SAGE Open for their significant contribution to the final version of this article.

Declaration of Conflicting Interests

The author(s) declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article.

Funding

The author(s) received no financial support for the research, author- ship, and/or publication of this article.

ORCID iD

Claudimar Pereira da Veiga

of this article. ORCID iD Claudimar Pereira da Veiga 5954 https://orcid.org/0000-0002-4960- References Aarts, J.

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Author Biographies

Tatiana Marceda Bach is full professor and research at Centro Universitário UNIVEL (Cascavel, Brazil). PhD in Business Administration (PUCPR). The research activities emphasize strat- egy in the public area and private companies, innovation, strategy, quantitative and qualitative methods and econometrics studies.

Luciano Luiz Dalazen is currently a PhD candidate and master in Business Administration (PUCPR), Strategic Administration con- centration area. Preferably studies Behavioral Finance, Strategy and Quantitative Methods in Administration.

Wesley Vieira da Silva is productivity fellow (PQ D1) by CNPq, Brazil. Your search focus the major areas of administration, eco- nomics, accounting, and production engineering.

Alex Antonio Ferraresi is PhD in Business Administration (FEA/ USP), MSc in Business Administration (PPAD/PUCPR); full pro- fessor and head of the graduate program in Cooperatives Management at Pontifical Catholic University of Paraná.

Claudimar Pereira da Veiga, professor, PhD, is at the Department of Marketing in Federal University of Parana. His research interests include multidisciplinary research focus like marketing health ser- vices, services innovation, retailing and consumer behavior. He is a member of the board of editors of the BMC Health Services Research.