IDEAS home Printed from https://ideas.repec.org/p/arx/papers/2012.14297.html
   My bibliography  Save this paper

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

Author

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

Abstract

This paper analyzes the connection between innovation activities of companies -- implemented before a financial crisis -- and their performance -- measured after such a time of crisis. Pertinent data about companies listed in the STAR Market Segment of the Italian Stock Exchange is 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 or of total assets, -- profitability -- through ROI or ROS evolution, - and productivity -- through asset turnover or sales/employee in the period 2008-2010. The variables of interest are analyzed and compared through statistical techniques and by adopting a cluster analysis. In particular, a Voronoi tessellation is 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. The statistical outliers are the best cases in order to suggest efficient strategies. In brief, it is found that a positive rate of investments is preferable.

Suggested Citation

  • 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.
  • Handle: RePEc:arx:papers:2012.14297
    as

    Download full text from publisher

    File URL: http://arxiv.org/pdf/2012.14297
    File Function: Latest version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. M. Gligor & M. Ausloos, 2007. "Cluster structure of EU-15 countries derived from the correlation matrix analysis of macroeconomic index fluctuations," The European Physical Journal B: Condensed Matter and Complex Systems, Springer;EDP Sciences, vol. 57(2), pages 139-146, May.
    2. Namchul Shin & Kenneth L. Kraemer & Jason Dedrick, 2017. "R&D and firm performance in the semiconductor industry," Industry and Innovation, Taylor & Francis Journals, vol. 24(3), pages 280-297, April.
    3. Sandro Montresor & Antonio Vezzani, 2016. "Intangible investments and innovation propensity: Evidence from the Innobarometer 2013," Industry and Innovation, Taylor & Francis Journals, vol. 23(4), pages 331-352, May.
    4. Ismet GOCER & Sedat ALATAS & Osman PEKER, 2016. "Effects of R&D and innovation on income in EU countries: new generation panel cointegration and causality analysis," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(609), W), pages 153-164, Winter.
    5. Alessandro Sterlacchini & Francesco Venturini, 2014. "R&D and Productivity in High-Tech Manufacturing: A Comparison between Italy and Spain," Industry and Innovation, Taylor & Francis Journals, vol. 21(5), pages 359-379, July.
    6. Christopher F. Baum & Hans Lööf & Pardis Nabavi & Andreas Stephan, 2017. "A new approach to estimation of the R&D–innovation–productivity relationship," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 26(1-2), pages 121-133, February.
    7. 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.
    8. Jensen, Morten Berg & Johnson, Bjorn & Lorenz, Edward & Lundvall, Bengt Ake, 2007. "Forms of knowledge and modes of innovation," Research Policy, Elsevier, vol. 36(5), pages 680-693, June.
    9. Archibugi, Daniele & Filippetti, Andrea & Frenz, Marion, 2013. "Economic crisis and innovation: Is destruction prevailing over accumulation?," Research Policy, Elsevier, vol. 42(2), pages 303-314.
    10. Wilfredo Yushimito & Miguel Jaller & Satish Ukkusuri, 2012. "A Voronoi-Based Heuristic Algorithm for Locating Distribution Centers in Disasters," Networks and Spatial Economics, Springer, vol. 12(1), pages 21-39, March.
    11. Leiponen, Aija & Drejer, Ina, 2007. "What exactly are technological regimes?: Intra-industry heterogeneity in the organization of innovation activities," Research Policy, Elsevier, vol. 36(8), pages 1221-1238, October.
    12. Filippetti, Andrea & Archibugi, Daniele, 2011. "Innovation in times of crisis: National Systems of Innovation, structure, and demand," Research Policy, Elsevier, vol. 40(2), pages 179-192, March.
    13. Kirner, Eva & Kinkel, Steffen & Jaeger, Angela, 2009. "Innovation paths and the innovation performance of low-technology firms--An empirical analysis of German industry," Research Policy, Elsevier, vol. 38(3), pages 447-458, April.
    14. de Jong, Jeroen P.J. & Marsili, Orietta, 2006. "The fruit flies of innovations: A taxonomy of innovative small firms," Research Policy, Elsevier, vol. 35(2), pages 213-229, March.
    15. 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.
    16. Gligor, Mircea & Ausloos, Marcel, 2008. "Convergence and Cluster Structures in EU Area according to Fluctuations in Macroeconomic Indices," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 23, pages 297-330.
    17. Ismet GOCER & Sedat ALATAS & Osman PEKER, 2016. "Effects of R&D and innovation on income in EU countries: new generation panel cointegration and causality analysis," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(609), W), pages 153-164, Winter.
    18. M. Gligor & M. Ausloos, 2008. "Clusters in weighted macroeconomic networks: the EU case. Introducing the overlapping index of GDP/capita fluctuation correlations," The European Physical Journal B: Condensed Matter and Complex Systems, Springer;EDP Sciences, vol. 63(4), pages 533-539, June.
    19. Pavitt, Keith, 1984. "Sectoral patterns of technical change: Towards a taxonomy and a theory," Research Policy, Elsevier, vol. 13(6), pages 343-373, December.
    20. Stefano Brusoni & Elena Cefis & Luigi Orsenigo, 2006. "Innovate or Die? A critical review of the literature on innovation and performance," KITeS Working Papers 179, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita' Bocconi, Milano, Italy, revised Sep 2006.
    21. Eduard-Gabriel Ceptureanu & Sebastian-Ion Ceptureanu & Cristian-Eugen Luchian & Iuliana Luchian, 2017. "Quality Management in Project Management Consulting. A Case Study in an International Consulting Company," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 19(44), pages 215-215, February.
    22. Sérgio Nunes & Raul Lopes, 2015. "Firm Performance, Innovation Modes and Territorial Embeddedness," European Planning Studies, Taylor & Francis Journals, vol. 23(9), pages 1796-1826, September.
    23. Namgyoo K. Park & Uisung D. Park & Jeonghwan Lee, 2012. "Do the Performances of Innovative Firms Differ Depending on Market-oriented or Technology-oriented Strategies?," Industry and Innovation, Taylor & Francis Journals, vol. 19(5), pages 391-414, July.
    24. Hollenstein, Heinz, 2003. "Innovation modes in the Swiss service sector: a cluster analysis based on firm-level data," Research Policy, Elsevier, vol. 32(5), pages 845-863, May.
    25. Martin Srholec & Bart Verspagen, 2012. "The Voyage of the Beagle into innovation: explorations on heterogeneity, selection, and sectors," Industrial and Corporate Change, Oxford University Press, vol. 21(5), pages 1221-1253, October.
    26. Arshad M. Khan & V. Manopichetwattana, 1989. "Innovative and Noninnovative Small Firms: Types and Characteristics," Management Science, INFORMS, vol. 35(5), pages 597-606, May.
    27. Marina Ranga & Henry Etzkowitz, 2012. "Great Expectations: An Innovation Solution to the Contemporary Economic Crisis," European Planning Studies, Taylor & Francis Journals, vol. 20(9), pages 1429-1438, May.
    28. Eric Vaz & Teresa de Noronha Vaz & Purificacion Vicente Galindo & Peter Nijkamp, 2014. "Modelling innovation support systems for regional development -- analysis of cluster structures in innovation in Portugal," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 26(1-2), pages 23-46, April.
    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. 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.
    2. Alp Eren Yurtseven & Mehmet Teoman Pamukçu, 2022. "Innovation patterns in firms and intra-industry heterogeneity empirical evidence from Turkey," Evolutionary and Institutional Economics Review, Springer, vol. 19(2), pages 645-679, September.
    3. Grillitsch, Markus & Schubert, Torben & Srholec, Martin, 2016. "Knowledge diversity and firm growth: Searching for a missing link," Papers in Innovation Studies 2016/13, Lund University, CIRCLE - Centre for Innovation Research.
    4. Peneder, Michael, 2010. "Technological regimes and the variety of innovation behaviour: Creating integrated taxonomies of firms and sectors," Research Policy, Elsevier, vol. 39(3), pages 323-334, April.
    5. Ana Ferreira & Ana Lúcia Teixeira, 2016. "Intra- And Extra-Organisational Foundations Of Innovation Processes — The Information And Communication Technology Sector Under The Crisis In Portugal," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 20(06), pages 1-44, August.
    6. 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.
    7. Münich, Daniel & Srholec, Martin & Moritz, Michael & Schäffler, Johannes, 2012. "Mothers and Daughters: Heterogeneity of German direct investments in the Czech Republic. Evidence from the IAB-ReLOC survey," IAB-Discussion Paper 201217, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany].
    8. Grillitsch, Markus & Schubert, Torben & Srholec, Martin, 2019. "Knowledge base combinations and firm growth," Research Policy, Elsevier, vol. 48(1), pages 234-247.
    9. Chang, Yuan-Chieh & Chen, Min-Nan, 2016. "Service regime and innovation clusters: An empirical study from service firms in Taiwan," Research Policy, Elsevier, vol. 45(9), pages 1845-1857.
    10. Stefano Denicolai & Antonella Zucchella & Federico Moretti, 2018. "Not So Similar After All: Exploring The Diversity Of Strategic Orientations For Innovation," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 22(04), pages 1-33, May.
    11. Romano, Livio, 2019. "Explaining growth differences across firms: The interplay between innovation and management practices," Structural Change and Economic Dynamics, Elsevier, vol. 49(C), pages 130-145.
    12. Chaminade, Cristina & Intarakumnerd, Patarapong & Sapprasert, Koson, 2012. "Measuring systemic problems in National Innovation Systems. An application to Thailand," Research Policy, Elsevier, vol. 41(8), pages 1476-1488.
    13. Trigo, Alexandre & Vence, Xavier, 2012. "Scope and patterns of innovation cooperation in Spanish service enterprises," Research Policy, Elsevier, vol. 41(3), pages 602-613.
    14. Srholec, Martin & Verspagen, Bart, 2008. "The Voyage of the Beagle in Innovation Systems Land.Explorations on Sectors, Innovation, Heterogeneity and Selection," MERIT Working Papers 2008-008, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    15. Diana Suárez, 2015. "This paper analyzes changes in the firm’s innovative strategy and how this impacts firm’s performance. The methodology is based on a cluster analysis over 800 Argentinean manufacturing firms with info," Globelics Working Paper Series 2015-04, Globelics - Global Network for Economics of Learning, Innovation, and Competence Building Systems, Aalborg University, Department of Business and Management.
    16. Consoli, Davide & Rentocchini, Francesco, 2015. "A taxonomy of multi-industry labour force skills," Research Policy, Elsevier, vol. 44(5), pages 1116-1132.
    17. Weidner, Nadia & Som, Oliver & Horvat, Djerdj, 2023. "An integrated conceptual framework for analysing heterogeneous configurations of absorptive capacity in manufacturing firms with the DUI innovation mode," Technovation, Elsevier, vol. 121(C).
    18. A. Arrighetti & R. Brancati & A. Lasagni & A. Maresca, 2015. "Firms’ heterogeneity and performance in manufacturing during the great recession," Economics Department Working Papers 2015-EP03, Department of Economics, Parma University (Italy).
    19. Thomä, Jörg & Bizer, Kilian, 2013. "To protect or not to protect? Modes of appropriability in the small enterprise sector," Research Policy, Elsevier, vol. 42(1), pages 35-49.
    20. Marion Frenz & Ray Lambert, 2011. "Connected innovation:An international comparative study that identifies mixed modes of innovation," Working Papers 1, Birkbeck Centre for Innovation Management Research, revised Sep 2011.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:arx:papers:2012.14297. 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: arXiv administrators (email available below). General contact details of provider: http://arxiv.org/ .

    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.