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The hierarchical relationships between CEO characteristics, innovation strategy and firm performance in open innovation

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  • Joon Mo Ahn

Abstract

Open innovation (OI) has become an important business norm of successful firms; however, its strategic aspects and the role of a key individual, such as a chief executive officer (CEO) in its adoption, have been under-researched. This paper aims to investigate whether OI is relevant to SMEs and how CEO characteristics influence firm performance through OI. The hierarchical relationships between a firm and CEO characteristics are analysed with structural equation modelling (SEM) using data from 401 innovation-oriented SMEs in Korea. The results indicate that: 1) openness can make a greater contribution to firm performance; 2) CEO characteristics are positively associated with openness; 3) government support positively influences both openness and internal R%D. The research suggests that the human elements in SMEs should place a greater emphasis on OI to enhance firm performance and that policy makers should consider developing various programs for key decision makers in SMEs to increase their awareness of OI.

Suggested Citation

  • Joon Mo Ahn, 2020. "The hierarchical relationships between CEO characteristics, innovation strategy and firm performance in open innovation," International Journal of Entrepreneurship and Innovation Management, Inderscience Enterprises Ltd, vol. 24(1), pages 31-52.
    • Handle: RePEc:ids:ijeima:v:24:y:2020:i:1:p:31-52
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