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Business innovations and their key factors: public funding, human capital, and their relationships with the industrial environment

Author

Listed:
  • Torres-Barreto, Martha Liliana

    (Universidad Industrial de Santander)

  • Charry, Yojan Sebastián Medina

    (Universidad Industrial de Santander)

  • Alvarez-Melgarejo, Mileidy

    (Universidad Industrial de Santander)

Abstract

Considering that innovation plays a relevant role in the current business environment, this article investigates the effect of public funding invested in science, technology, and innovation on obtaining innovative results in industrial companies in Colombia. To achieve this purpose, we proposed three hypotheses; the first one is oriented to know if the probability of obtaining innovative results increase when companies receive Public funding for research and development activities, the second one verifies if the probability of obtaining innovative results depends on the qualifications of the human capital. The third one checks out if the probability of obtaining innovative results increases when companies have relationships with their environment institutions. The data from 1989 industrial companies was obtained from the VII Technological Development and Innovation Survey and was analyzed using a logistic regression model that seeks to predict the outcome of a categorical variable from independent variables. The results respond to the hypotheses put forth, indicating positive and significant effects of public aid for R&D in obtaining innovative results and a moderating effect of the qualification of human capital and companies' ability to interact with the different actors within their environment.

Suggested Citation

  • Torres-Barreto, Martha Liliana & Charry, Yojan Sebastián Medina & Alvarez-Melgarejo, Mileidy, 2021. "Business innovations and their key factors: public funding, human capital, and their relationships with the industrial environment," Revista Tendencias, Universidad de Narino, vol. 22(2), pages 264-287, July.
    • Handle: RePEc:col:000520:019397
    DOI: 10.22267/rtend.212202.176
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    References listed on IDEAS

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    More about this item

    Keywords

    ability; Colombian industry; human capital; innovation; public aid;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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