Hubungan Antara Strategi Inovasi terhadap Kinerja Keuangan di Perusahaan Manufaktur (Sebuah Tinjauan Literatur Sistematis pada Penelitian Inovasi dan Kinerja Perusahaan)

Hendro Witjaksono, Muhammad Taufiq Amir

Abstract


Facing the dynamics of global market share, companies are required to have a competitive advantage and be supported by important factors, namely utilizing technology and implementing innovation strategies to be able to create or maintain competitiveness, especially for manufacturing companies. This is also driven by measurable company performance, such as financial performance in several indicators, sales growth, and asset profit measurement, and sales returns. This research will be conducted using a systematic literature review on several research journals on innovation strategy and company performance, using a systematic literature review method. The search for these journals was carried out through electronic databases on several sites such as Mendeley, Elsevier/Sciencedirect, Research Gate, Semanticscholar and Wiley. The articles are searched using Booelan Technique with the keywords used are Innovation and Performance. The dominant methods emerging by researchers to examine the relationship between innovation strategy and firm performance are Regression Analysis and Structural Equation Modeling (SEM). The results of this study indicate that process innovation and product innovation have a direct influence on company performance. Process innovation and product innovation are those that are considered the most appropriate and have the strongest relationship to financial performance in manufacturing companies.


Keywords


Financial Performance; Manufacturing Company; Innovation Strategy; Technology

Full Text:

PDF

References


Adrian, C., Abdullah, R., Atan, R., & Jusoh, Y. Y. 2016. Towards developing strategic assessment model for big data implementation: A systematic literature review. International Journal of Advances in Soft Computing and Its Applications, 8(3), 173–192.

Ahmed, P., & Shepherd, C. 2010. Innovation management: context, strategies, systems and processes. Pearson Prentice Hall.

Akande, O. O. P., Osemdiamen, D., Ph, D., Ojeleke, M., Ph, D., & Humphrey, O. 2019. Evaluation of Innovation Orientation Strategy and Performance in of Paint Manufacturing Firms in Nigeria . 21(11), 54–60. https://doi.org/10.9790/487X-2111025460

Amoako-Gyampah, K. 2003. The relationships among selected business environment factors and manufacturing strategy: Insights from an emerging economy. Omega, 31(4), 287–301. https://doi.org/10.1016/S0305-0483(03)00049-5

Artz, K. W., Norman, P. M., Hatfield, D. E., & Cardinal, L. B. 2010. A longitudinal study of the impact of R&D, patents, and product innovation on firm performance. Journal of Product Innovation Management, 27(5), 725–740. https://doi.org/10.1111/j.1540-5885.2010.00747.x

Atalay, M., Anafarta, N., & Sarvan, F. 2013. The Relationship between Innovation and Firm Performance: An Empirical Evidence from Turkish Automotive Supplier Industry. Procedia - Social and Behavioral Sciences, 75, 226–235. https://doi.org/10.1016/j.sbspro.2013.04.026

Bach, T. M., Dalazen, L. L., da Silva, W. V., Ferraresi, A. A., & da Veiga, C. P. 2019. Relationship Between Innovation and Performance in Private Companies: Systematic Literature Review. SAGE Open, 9(2). https://doi.org/10.1177/2158244019855847

Balkin, D. B., Markman, G. D., & Gomez-Mejia, L. 2000. Is CEO pay in high-technology firms related to innovation? Academy of Management Journal, 43(5), 1118–1129.

Baregheh, A., Rowley, J., Sambrook, S., & Davies, D. 2012. Innovation in food sector SMEs. Journal of Small Business and Enterprise Development, 19(2), 300–321. https://doi.org/10.1108/14626001211223919

Bigliardi, B. 2013. The effect of innovation on financial performance: A research study involving SMEs. Innovation: Management, Policy and Practice, 15(2), 245–255. https://doi.org/10.5172/impp.2013.15.2.245

Borg, W. R., & Gall, M. D. 1989. Educational research. An introduction (5th ed.). Longman.

Bowen, F. E., Rostami, M., & Steel, P. 2010. Timing is everything: A meta-analysis of the relationships between organizational performance and innovation. Journal of Business Research, 63(11), 1179–1185. https://doi.org/10.1016/j.jbusres.2009.10.014

Brown, S. L., & Eisenhardt, K. M. 2013. Product Development : Past Research ,. Academy of Management, 20(2), 343–378.

Canh, N. T., Liem, N. T., Thu, P. A., & Khuong, N. V. 2019. The impact of innovation on the firm performance and corporate social responsibility of Vietnamese manufacturing firms. Sustainability (Switzerland), 11(13). https://doi.org/10.3390/su11133666

Cooper, J. R. 1998. A Multidimensional Approach to The Adoption of Innovation. Management Decision, 36(8), 493–502. https://doi.org/10.1108/00251749810232565

Cooper, R. G. 2011. Perspective: The innovation dilemma: How to innovate when the market is mature. Journal of Product Innovation Management, 28(SUPPL. 1), 2–27. https://doi.org/10.1111/j.1540-5885.2011.00858.x

Cottam, A., Ensor, J., & Band, C. 2001. A benchmark study of strategic commitment to innovation. European Journal of Innovation Management, 4(2), 88–94. https://doi.org/10.1108/14601060110390594

Cozzarin, B. P. 2004. Innovation quality and manufacturing firms’ performance in Canada. Economics of Innovation and New Technology, 13(3), 199–216. https://doi.org/10.1080/10438590410001628378

Dawes, J. 1999. The relationship between subjective and objective company performance measures in market orientation research: Further empirical evidence. Marketing Bulletin-Department of Marketing Massey University, 10(January), 65–75.

Day, G. S. 2011. Day 201 1. Journal of Marketing, 75(July), 183–195.

Diederen, P., van Meijl, H., & Wolters, A. 2002. Innovation and Farm Performance: The Case of Dutch Agriculture. Innovation and Firm Performance, 73–85. https://doi.org/10.1057/9780230595880_4

Ellitan, L. 2006. Strategi Inovasi Dan Kinerja Perusahaan Manufaktur Di Indonesia: Pendekatan Model Simultan Dan Model Sekuensial. Jurnal Manajemen, Vol. 6, No. 1, Nov 2006, 6(1), 1–22.

Fagerberg, J. 2009. Innovation: A Guide to the Literature. The Oxford Handbook of Innovation, May 2020, 1–27. https://doi.org/10.1093/oxfordhb/9780199286805.003.0001

Frambach, R. T., & Schillewaert, N. 2002. Organizational innovation adoption: A multi-level framework of determinants and opportunities for future research. Journal of Business Research, 55(2), 163–176. https://doi.org/10.1016/S0148-2963(00)00152-1

Galende, J., & Manuel, J. 2003. Internal factors determining a rm’s innovative behaviour. Research Policy, 32, 715–736.

Greve, H. R. 2003. A behavioral theory of R&D expenditures and innovations: Evidence from shipbuilding. Academy of Management Journal, 46(6), 685–702. https://doi.org/10.2307/30040661

Gunday, G., Ulusoy, G., Kilic, K., & Alpkan, L. 2011. Effects of innovation types on firm performance. International Journal of Production Economics, 133(2), 662–676. https://doi.org/10.1016/j.ijpe.2011.05.014

Hariyati, & Tjahjadi, B. 2015. Dimediasi Oleh Modal Intelektual Dan Kinerja Pelanggan, Universitas Negeri Surabaya, .

Herman, E. 2016. The Importance of the Manufacturing Sector in the Romanian Economy. Procedia Technology, 22(October 2015), 976–983. https://doi.org/10.1016/j.protcy.2016.01.121

Hitt, M. A., Hoskisson, R. E., & Kim, H. 1997. International diversification: Effects on innovation and firm performance in product-diversified firms. Academy of Management Journal, 40(4), 767–798. https://doi.org/10.2307/256948

Hittmár, Š., Varmus, M., & Lendel, V. 2014. Proposal of Model for Effective Implementation of Innovation Strategy to Business. Procedia - Social and Behavioral Sciences, 109, 1194–1198. https://doi.org/10.1016/j.sbspro.2013.12.611

Hult, G. T. M., Hurley, R. F., & Knight, G. A. 2004. Innovativeness: Its antecedents and impact on business performance. Industrial Marketing Management, 33(5), 429–438. https://doi.org/10.1016/j.indmarman.2003.08.015

Jin, Z., Hewitt-Dundas, N., & Thompson, N. J. 2004. Innovativeness and performance: Evidence from manufacturing sectors. Journal of Strategic Marketing, 12(4), 255–266. https://doi.org/10.1080/0965254042000308075

Jones, G. K., Lanctot, A., & Teegen, H. J. 2001. Determinants and performance impacts of external technology acquisition. Journal of Business Venturing, 16(3), 255–283. https://doi.org/10.1016/S0883-9026(99)00048-8

Kim, W., & Lee, J. D. 2009. Measuring the role of technology-push and demand-pull in the dynamic development of the semiconductor industry: The case of the global dram market. Journal of Applied Economics, 12(1), 83–108. https://doi.org/10.1016/S1514-0326(09)60007-6

Kiptoo, L., & Koech, P. 2019. Effect Of Strategic Innovations On Organizational Performance Kiptoo, L., & Koech, P. Strategic Journal of Business & Change Management, 6(2), 443–460.

Kotler, P. 1991. Marketing Management. 7th Edition. Prentice-Hall.

Kremen Bolton, M. 1993. Lessons to be learned from the Japanese construction industry. Organizational Dynamics, 21(3), 30–45. https://doi.org/10.1016/0263-7863(94)90030-2

Li, M., & Richard Ye, L. 1999. Information technology and firm performance: Linking with environmental, strategic and managerial contexts. Information and Management, 35(1), 43–51. https://doi.org/10.1016/S0378-7206(98)00075-5

Matsuo, M. 2006. Customer orientation, conflict, and innovativeness in Japanese sales departments. Journal of Business Research, 59(2), 242–250. https://doi.org/10.1016/j.jbusres.2005.06.002

McKinley, W., Latham, S., & Braun, M. 2014. Organizational decline and innovation: Turnarounds and downward spirals. Academy of Management Review, 39(1), 88–110. https://doi.org/10.5465/amr.2011.0356

Measurement, T. H. E., Scientific, O. F., Guidelines, P., Collecting, F. O. R., Technological, I., & Data, I. 1997. Oslo manual. Proposed guidelines for collecting and interpreting technological innovation data. Oslo Manual. Proposed Guidelines for Collecting and Interpreting Technological Innovation Data.

Murphy, G., Trailer, J., & Hill, R. 1996. Measuring Research Performance in Entrepreneurship. Journal of Business Research, 36(1), 15–23. https://doi.org/10.1016/0148-2963(95)00159-X

Nybakk, E., & Jenssen, J. I. 2012. Innovation strategy, working climate, and financial performance in traditional manufacturing firms: An empirical analysis. International Journal of Innovation Management, 16(2). https://doi.org/10.1142/S1363919611003374

Okoli, C., & Schabram, K. 2010. Working Papers on Information Systems A Guide to Conducting a Systematic Literature Review of Information Systems Research. Working Papers on Information Systems, 10(2010). https://doi.org/10.2139/ssrn.1954824

Paladino, A. 2009. Financial champions and masters of innovation: Analyzing the effects of balancing strategic orientations. Journal of Product Innovation Management, 26(6), 616–626. https://doi.org/10.1111/j.1540-5885.2009.00687.x

Payzin, E., Ulusoy, G., Kaylan, A. R., & Akova, B. 2002. New product development capabilities of the Turkish electronics industry. 481. https://doi.org/10.1109/picmet.1997.653468

Perwiranegara, A. H. 2015. Pengaruh Orientasi Kepemimpinan Pasar dan Strategi Inovasi terhadap Kinerja UKM ( Studi pada UKM Kerajinan Bubut Kayu Kota Blitar ). Jurnal Aplikasi Manajemen (JAM), 66.

Prajogo, D. I. 2006. The Relationship between Innovation and Business Performance A Comparative Study between Manufacturing and Service Firms. Knowledge and Process Management, 13(3), 218–225. https://doi.org/10.1002/kpm

Rita, R. 2010. Pengaruh Strategi Inovasi terhadap Kinerja Operasional Perusahaan Manufaktur. Binus Business Review, 1(2), 474. https://doi.org/10.21512/bbr.v1i2.1095

Rosenbusch, N., Brinckmann, J., & Bausch, A. 2011. Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs. Journal of Business Venturing, 26(4), 441–457. https://doi.org/10.1016/j.jbusvent.2009.12.002

Saliba de Oliveira, J. A., Cruz Basso, L. F., Kimura, H., & Sobreiro, V. A. 2018. Innovation and financial performance of companies doing business in Brazil. International Journal of Innovation Studies, 2(4), 153–164. https://doi.org/10.1016/j.ijis.2019.03.001

Santos, D. F. L., Basso, L. F. C., Kimura, H., & Kayo, E. K. 2014. Innovation efforts and performances of Brazilian firms. Journal of Business Research, 67(4), 527–535. https://doi.org/10.1016/j.jbusres.2013.11.009

Sezen, B., & Çankaya, S. Y. 2013. Effects of Green Manufacturing and Eco-innovation on Sustainability Performance. Procedia - Social and Behavioral Sciences, 99, 154–163. https://doi.org/10.1016/j.sbspro.2013.10.481

Şismanoglu, E., & Burçay Yasar, A. 2016. the Effect of Innovation on Financial Performance of Some Information and Technology Companies in Turkey. Ekonometri ve İstatistik E-Dergisi, 0(24), 82-93–93.

Sohn, S. Y., Gyu Joo, Y., & Kyu Han, H. 2007. Structural equation model for the evaluation of national funding on R&D project of SMEs in consideration with MBNQA criteria. Evaluation and Program Planning, 30(1), 10–20. https://doi.org/10.1016/j.evalprogplan.2006.10.002

Stock, G. N., Greis, N. P., & Fischer, W. A. 2002. Firm size and dynamic technological innovation. Technovation, 22(9), 537–549. https://doi.org/10.1016/S0166-4972(01)00061-X

Suendro, G. 2010. Jurnal Sains Pemasaran Indonesia. Jurnal Sains Pemasaran Indonesia, IX(2), 230–243. https://ejournal.undip.ac.id/index.php/jspi/article/view/16169/12879

Sugiyono. 2008. Metode penelitian pendidikan:(pendekatan kuantitatif, kualitatif dan R & D). Alfabeta.

Taouab, O., & Issor, Z. 2019. Firm Performance: Definition and Measurement Models. European Scientific Journal ESJ, 15(1), 93–106. https://doi.org/10.19044/esj.2019.v15n1p93

Thornhill, S. 2006. Knowledge, innovation and firm performance in high- and low-technology regimes. Journal of Business Venturing, 21(5), 687–703. https://doi.org/10.1016/j.jbusvent.2005.06.001

Trott, P. 2011. Innovation Management and New Product Development, 5th edition. Pearson Prentice Hall.

Varis, M., & Littunen, H. 2010. Types of innovation, sources of information and performance in entrepreneurial SMEs. European Journal of Innovation Management, 13(2), 128–154. https://doi.org/10.1108/14601061011040221

Walker, R. M. 2008. An empirical evaluation of innovation types and organizational and environmental characteristics: Towards a configuration framework. Journal of Public Administration Research and Theory, 18(4), 591–615. https://doi.org/10.1093/jopart/mum026

Warren, J. H. 2013. Made in America 2.0: 10 Big Ideas for Saving the United States of America from Economic Disaster. Xlibris LLC.

Xie, X., Huo, J., Qi, G., & Zhu, K. X. 2016. Green Process Innovation and Financial Performance in Emerging Economies: Moderating Effects of Absorptive Capacity and Green Subsidies. IEEE Transactions on Engineering Management, 63(1), 101–112. https://doi.org/10.1109/TEM.2015.2507585

Xie, X., Huo, J., & Zou, H. 2019. Green process innovation, green product innovation, and corporate financial performance: A content analysis method. Journal of Business Research, 101(January), 697–706. https://doi.org/10.1016/j.jbusres.2019.01.010




DOI: http://dx.doi.org/10.33087/jmas.v7i1.392

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

J-MAS (Jurnal Manajemen dan Sains) Published by Master of Management Program, Faculty of Economics, Batanghari University
Adress: Fakultas Ekonomi, Jl.Slamet Ryadi, Broni-Jambi, Kec.Telanaipura, Kodepos: 36122, email: jmas.unbari@gmail.com


Creative Commons License This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.