IDEAS home Printed from https://ideas.repec.org/a/spr/decisn/v52y2025i3d10.1007_s40622-024-00418-8.html
   My bibliography  Save this article

Firm decision-making process about innovation

Author

Listed:
  • Linda Ponta

    (University of Genoa)

  • Gloria Puliga

    (LIUC - Cattaneo University)

  • Raffaella Manzini

    (LIUC - Cattaneo University)

  • Silvano Cincotti

    (University of Genoa)

Abstract

In a dynamic world, full of opportunity, the development of tools able to support companies in the decision-making process plays a crucial role. In this paper, a new decision support system is presented. The tool developed is an agent-based simulator, which helps managers and decision maker in formulating choices to improve firms’ performance in terms of innovation. Both economic and innovation performance are considered. The economic performance is evaluated using firms’ profit, whereas the innovation performance is evaluated using the Innovation Patent Index (IPI) based on patent data. In particular, the paper shows how the newly developed tool can be used by managers to investigate the impact of open and closed innovation on the economic and innovation performance of firms through the “what-if” analysis. The results show that the tool is a very timely, useful and friendly instrument to investigate open and closed innovation used to improve the economic and innovation performance of firms.

Suggested Citation

  • Linda Ponta & Gloria Puliga & Raffaella Manzini & Silvano Cincotti, 2025. "Firm decision-making process about innovation," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 52(3), pages 267-283, September.
    • Handle: RePEc:spr:decisn:v:52:y:2025:i:3:d:10.1007_s40622-024-00418-8
    DOI: 10.1007/s40622-024-00418-8
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s40622-024-00418-8
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s40622-024-00418-8?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Marco Raberto & Bulent Ozel & Linda Ponta & Andrea Teglio & Silvano Cincotti, 2019. "From financial instability to green finance: the role of banking and credit market regulation in the Eurace model," Journal of Evolutionary Economics, Springer, vol. 29(1), pages 429-465, March.
    2. Donald C. Hambrick & Ian C. MacMillan & Ricardo R. Barbosa, 1983. "Business Unit Strategy and Changes in the Product R&D Budget," Management Science, INFORMS, vol. 29(7), pages 757-769, July.
    3. Bertani, Filippo & Ponta, Linda & Raberto, Marco & Teglio, Andrea & Cincotti, Silvano, 2021. "The complexity of the intangible digital economy: an agent-based model," Journal of Business Research, Elsevier, vol. 129(C), pages 527-540.
    4. Linda Ponta & Silvano Cincotti, 2018. "Traders’ Networks of Interactions and Structural Properties of Financial Markets: An Agent-Based Approach," Complexity, Hindawi, vol. 2018, pages 1-9, January.
    5. Ponta, Linda & Puliga, Gloria & Lazzarotti, Valentina & Manzini, Raffaella & Cincotti, Silvano, 2023. "To copatent or not to copatent: An agent-based model for firms facing this dilemma," European Journal of Operational Research, Elsevier, vol. 306(3), pages 1349-1363.
    6. Teglio, Andrea & Mazzocchetti, Andrea & Ponta, Linda & Raberto, Marco & Cincotti, Silvano, 2019. "Budgetary rigour with stimulus in lean times: Policy advices from an agent-based model," Journal of Economic Behavior & Organization, Elsevier, vol. 157(C), pages 59-83.
    7. repec:plo:pone00:0042790 is not listed on IDEAS
    8. Wioletta Mierzejewska & Maria Aluchna & Emilia Tomczyk, 2023. "Do coopetition and cohesion of business groups stimulate their innovation performance?," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 50(2), pages 153-168, June.
    9. Ponta, Linda & Puliga, Gloria & Manzini, Raffaella & Cincotti, Silvano, 2024. "Reacting and recovering after an innovation failure. An agent-based approach," Technovation, Elsevier, vol. 129(C).
    10. Hazhir Rahmandad & John Sterman, 2008. "Heterogeneity and Network Structure in the Dynamics of Diffusion: Comparing Agent-Based and Differential Equation Models," Management Science, INFORMS, vol. 54(5), pages 998-1014, May.
    11. J. Doyne Farmer & Duncan Foley, 2009. "The economy needs agent-based modelling," Nature, Nature, vol. 460(7256), pages 685-686, August.
    12. John Debenham & Ian Wilkinson, 2006. "Exploitation versus Exploration in Market Competition," Industry and Innovation, Taylor & Francis Journals, vol. 13(3), pages 263-289.
    13. Edward Bishop Smith & William Rand, 2018. "Simulating Macro-Level Effects from Micro-Level Observations," Management Science, INFORMS, vol. 64(11), pages 5405-5421, November.
    14. Petra Ahrweiler, 2017. "Agent-based simulation for science, technology, and innovation policy," Scientometrics, Springer;Akadémiai Kiadó, vol. 110(1), pages 391-415, January.
    15. Nigel Gilbert & Andreas Pyka & Petra Ahrweiler, 2001. "Innovation Networks - a Simulation Approach," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 4(3), pages 1-8.
    16. Albino, Vito & Carbonara, Nunzia & Giannoccaro, Ilaria, 2006. "Innovation in industrial districts: An agent-based simulation model," International Journal of Production Economics, Elsevier, vol. 104(1), pages 30-45, November.
    17. Vittorio Chiesa, 2001. "R&D Strategy and Organisation:Managing Technical Change in Dynamic Contexts," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number p223, October.
    18. Linda Ponta & Gian Carlo Cainarca & Silvano Cincotti, 2020. "Monetary Incentives in Italian Public Administration: A Stimulus for Employees? An Agent-Based Approach," Complexity, Hindawi, vol. 2020, pages 1-13, May.
    19. Clayton Arlen Looney & Andrew M. Hardin, 2009. "Decision Support for Retirement Portfolio Management: Overcoming Myopic Loss Aversion via Technology Design," Management Science, INFORMS, vol. 55(10), pages 1688-1703, October.
    20. Gustaf Bellstam & Sanjai Bhagat & J. Anthony Cookson, 2021. "A Text-Based Analysis of Corporate Innovation," Management Science, INFORMS, vol. 67(7), pages 4004-4031, July.
    21. Greco, Marco & Grimaldi, Michele & Cricelli, Livio, 2016. "An analysis of the open innovation effect on firm performance," European Management Journal, Elsevier, vol. 34(5), pages 501-516.
    22. Cristina Ponsiglione & Ivana Quinto & Giuseppe Zollo, 2018. "Regional Innovation Systems as Complex Adaptive Systems: The Case of Lagging European Regions," Sustainability, MDPI, vol. 10(8), pages 1-19, August.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ponta, Linda & Puliga, Gloria & Lazzarotti, Valentina & Manzini, Raffaella & Cincotti, Silvano, 2023. "To copatent or not to copatent: An agent-based model for firms facing this dilemma," European Journal of Operational Research, Elsevier, vol. 306(3), pages 1349-1363.
    2. Silvano Cincotti & Ilaria Giannoccaro & Cristina Ponsiglione & Linda Ponta & Andreas Pyka, 2024. "Editorial to the special issue on applications of complexity for resilient organizations, management and innovation systems," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 19(2), pages 193-200, April.
    3. Enrico Cozzoni & Carmine Passavanti & Cristina Ponsiglione & Simonetta Primario & Pierluigi Rippa, 2021. "Interorganizational Collaboration in Innovation Networks: An Agent Based Model for Responsible Research and Innovation in Additive Manufacturing," Sustainability, MDPI, vol. 13(13), pages 1-17, July.
    4. Filippo Bertani & Marco Raberto & Andrea Teglio, 2020. "The productivity and unemployment effects of the digital transformation: an empirical and modelling assessment," Review of Evolutionary Political Economy, Springer, vol. 1(3), pages 329-355, November.
    5. Yue Chen & Xiaojian Niu & Yan Zhang, 2019. "Exploring Contrarian Degree in the Trading Behavior of China's Stock Market," Complexity, Hindawi, vol. 2019, pages 1-12, April.
    6. Silvano Cincotti & Marco Raberto & Andrea Teglio, 2022. "Why do we need agent-based macroeconomics?," Review of Evolutionary Political Economy, Springer, vol. 3(1), pages 5-29, April.
    7. Alessandro Caiani & Ermanno Catullo & Mauro Gallegati, 2018. "The effects of fiscal targets in a monetary union: a multi-country agent-based stock flow consistent model," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 27(6), pages 1123-1154.
    8. Bertani, Filippo & Ponta, Linda & Raberto, Marco & Teglio, Andrea & Cincotti, Silvano, 2021. "The complexity of the intangible digital economy: an agent-based model," Journal of Business Research, Elsevier, vol. 129(C), pages 527-540.
    9. Bertani, Filippo & Ponta, Linda & Raberto, Marco & Teglio, Andrea & Cincotti, Silvano, 2019. "An economy under the digital transformation," MPRA Paper 94205, University Library of Munich, Germany.
    10. Hidayatno, Akhmad & Jafino, Bramka Arga & Setiawan, Andri D. & Purwanto, Widodo Wahyu, 2020. "When and why does transition fail? A model-based identification of adoption barriers and policy vulnerabilities for transition to natural gas vehicles," Energy Policy, Elsevier, vol. 138(C).
    11. Heshmati, Almas & Lenz-Cesar, Flávio, 2013. "Determinants and Policy Simulation of Firms Cooperation in Innovation," IZA Discussion Papers 7487, Institute of Labor Economics (IZA).
    12. Almas Heshmati & Flávio Lenz-Cesar, 2015. "Policy simulation of firms’ cooperation in innovation," Research Evaluation, Oxford University Press, vol. 24(3), pages 293-311.
    13. Misty Sabol, 2024. "Innovative behavior and interactions in municipal innovation ecosystems," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 19(2), pages 201-229, April.
    14. Sithipolvanichgul, Juthamon & Dhir, Amandeep & Talwar, Shalini & Kaur, Puneet, 2025. "Decomposition of double-loop failure risk in post-innovation failure phase," Technovation, Elsevier, vol. 140(C).
    15. Nieddu, Marcello & Bertani, Filippo & Ponta, Linda, 2021. "Sustainability transition and digital trasformation: an agent-based perspective," MPRA Paper 106943, University Library of Munich, Germany.
    16. Dorsa Tajaddod Alizadeh & Andrea Schiffauerova, 2018. "Evaluation Of Effects Of Collaborative Patterns On The Efficiency Of Scientific Networks Using Simulation," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 22(04), pages 1-28, May.
    17. Giovanni Dosi & Andrea Roventini, 2019. "More is different ... and complex! the case for agent-based macroeconomics," Journal of Evolutionary Economics, Springer, vol. 29(1), pages 1-37, March.
    18. Li, Feng & Du, Timon C. & Wei, Ying, 2023. "This is what’s in store for you: How online social learning affects product positioning," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 179(C).
    19. Andriamasinoro, Fenintsoa & Angel, Jean-Michel, 2012. "Artisanal and small-scale gold mining in Burkina Faso: Suggestion of multi-agent methodology as a complementary support in elaborating a policy," Resources Policy, Elsevier, vol. 37(3), pages 385-396.
    20. Mário Amorim Lopes & Álvaro Santos Almeida & Bernardo Almada-Lobo, 2018. "Forecasting the medical workforce: a stochastic agent-based simulation approach," Health Care Management Science, Springer, vol. 21(1), pages 52-75, March.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:decisn:v:52:y:2025:i:3:d:10.1007_s40622-024-00418-8. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.