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Exploring how innovation strategies at time of crisis influence performance: a cluster analysis perspective

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  • Marcel Ausloos
  • Francesca Bartolacci
  • Nicola G. Castellano
  • Roy Cerqueti

Abstract

This paper analyzes the connection between innovation activities of companies -- implemented before crisis -- and their performance -- measured at time of crisis. The companies listed in the STAR Market Segment of the Italian Stock Exchange are analyzed. Innovation is measured through the level of investments in total tangible and intangible fixed assets in 2006-2007, while performance is captured through growth -- expressed by variations of sales, total assets and employees -- profitability -- through ROI or ROS -- and productivity -- through asset turnover or sales per employee in the period 2008-2010. The variables of interest are analyzed and compared through statistical techniques and by adopting cluster analysis. In particular, a Voronoi tessellation is also implemented in a varying centroids framework. In accord with a large part of the literature, we find that the behavior of the performance of the companies is not univocal when they innovate.

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  • Marcel Ausloos & Francesca Bartolacci & Nicola G. Castellano & Roy Cerqueti, 2018. "Exploring how innovation strategies at time of crisis influence performance: a cluster analysis perspective," Papers 1808.05893, arXiv.org.
    • Handle: RePEc:arx:papers:1808.05893
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    References listed on IDEAS

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    Cited by:

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    2. Sebastian Ion Ceptureanu & Eduard Gabriel Ceptureanu & Marieta Olaru & Liviu Bogdan Vlad, 2018. "An Exploratory Study on Coopetitive Behavior in Oil and Gas Distribution," Energies, MDPI, vol. 11(5), pages 1-18, May.
    3. Martin Kyere & Marcel Ausloos, 2021. "Corporate governance and firms financial performance in the United Kingdom," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 1871-1885, April.
    4. Ausloos, Marcel & Cerqueti, Roy & Bartolacci, Francesca & Castellano, Nicola G., 2018. "SME investment best strategies. Outliers for assessing how to optimize performance," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 509(C), pages 754-765.
    5. Roy Cerqueti & Catherine Deffains‐Crapsky & Saverio Storani, 2023. "Green finance instruments: Exploring minibonds issuance in Italy," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(4), pages 1965-1986, July.
    6. Marcel Ausloos & Francesca Bartolacci & Nicola G. Castellano & Roy Cerqueti, 2020. "Simple approaches on how to discover promising strategies for efficient enterprise performance, at time of crisis in the case of SMEs : Voronoi clustering and outlier effects perspective," Papers 2012.14297, arXiv.org.
    7. Stefania Vignini & Tiziana De Cristofaro, 2018. "Impatto della crisi economica su redditivit? e rischio finanziario delle imprese romagnole. Una cluster analysis," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2018(3), pages 157-181.
    8. Tudorel Andrei & Bogdan Oancea & Peter Richmond & Gurjeet Dhesi & Claudiu Herteliu, 2017. "Decomposition of the Inequality of Income Distribution by Income Types - Application for Romania," Papers 1709.07960, arXiv.org.

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