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The purpose of this paper is to examine the effect of the financial structure on innovation.

We utilize the matched firm-level data from two sources: the World Bank Enterprise Survey and the Innovation Follow-Up Survey. A total of 3,664 firms from 11 African countries are included.

The authors find a financially constrained and low technology-intensive firm that uses internal finance more than its peers is less likely to innovate. Our results also show that a firm that uses new equity and debt finance more than its peers is more likely to innovate. The results particularly suggest the significant effect of bank and trade credit finance on firms’ innovation. The extent and, in some cases, the direction of the effect of dependence on internal finance, new equity finance and debt finance on innovation vary due to the heterogeneity in firm size, age and ownership status. Corporate innovation is also associated with firm size, R&D, cooperation, staff training, public support, exportation and group membership.

The management of companies, particularly financially constrained firms, should reduce their dependence on internal finance, which negatively affects their innovation. As a remedy, they could improve their reliance on new equity finance and debt finance, especially bank finance and trade credit finance, which positively affect their innovativeness.

A pending policy task for African business leaders is to design and evaluate reforms that help create strong financial sectors willing to provide capital to a broad range of firms, particularly small and young firms.

This study adds new evidence to the recent surge of debate on the trade-off between going public, using debt or heavily using internal sources to finance innovative projects, and which of these is more important in promoting firm-level innovation.

Innovation in financing processes, enabled by the advent of new technologies, has supported the development of alternative finance funding tools. In this context, the study analyses the growing importance of alternative finance instruments (such as equity crowdfunding, peer-to-peer (P2P) lending, venture capital, and others) in addressing the small and medioum enterprises' (SMEs) financing needs beyond traditional bank and market-based funding channels. By providing more flexible terms and faster approval times, these instruments are gradually reshaping the traditional bank-firm relationship.

To comprehensively understand this innovation shift in funding processes, the study employs a novel approach that merges three MCDA methods: Spherical Fuzzy Entropy, ARAS and TOPSIS. These methodologies allow for handling ambiguity and subjectivity in financial decision-making processes, examining the effects of multiple criteria, including interest rate, flexibility, accessibility, support, riskiness, and approval time, on the appeal of various financial alternatives.

The study’s results have significant theoretical and practical implications, supporting SMEs in carefully evaluate financing alternatives and enables banks to better identify the main “competitors” according to the “financial need” of the firm. Moreover, the rise of alternative finance, notably P2P lending, indicates a shift towards more efficient capital access, suggesting banks must innovate their funding channels to remain competitive, especially in offering flexible solutions for restructuring and high-risk scenarios.

The study advises top management that SMEs prefer traditional loans for their reliability and accessibility, necessitating banks to enhance transparency, innovate, and adopt digital solutions to meet evolving financing needs and improve customer satisfaction.

The study introduces a novel integration of Spherical Fuzzy TOPSIS, Entropy, and ARAS methodologies to face the complexities of financial decision-making for SME financing, addressing ambiguity and multiple criteria like interest rates, flexibility, and riskiness. It emphasizes the importance of traditional loans, the rising significance of alternative financing such as P2P lending, and the necessity for banks to innovate, thereby enriching the literature on bank-firm relationships and SME funding strategies.

The role of incubators in promoting startup growth has received close research attention, but the findings paint a conflicting picture. This study aims to reduce the ambiguity surrounding incubator impact by exploring how incubators can support startups with business model innovations – a significant growth factor for startups neglected in the incubation literature.

Using a multiple-case study design, the authors conducted semistructured interviews with incubator directors and startup founders, offering insights into their experiences. The transcripts were coded following the Gioia method.

This study shows that incubatees are exposed to and struggle with business model innovation. Therefore, this study explores how incubators can support startups in innovating their business models.

This research reveals the importance of addressing the psychological needs of entrepreneurs in incubators. By offering emotional support, incubators can create a positive psychological environment, helping entrepreneurs face fears and challenges. This highlights the human side of entrepreneurship, which has not been considered in the incubation literature.

Incubator directors can strengthen their programmes’ impact by offering tailored support for business model innovation and facilitating network connections. Policymakers should encourage ecosystem collaboration and allocate resources to effective programmes.

This research fills a gap in the incubation literature by emphasizing the significance and need for support for business model innovation. This study also offers original insights into the psychological dimensions of entrepreneurship.

The purpose of this transformative service research (TSR) is to apply, innovate on and extend the understanding of service-dominant logic (SDL) perspectives, sustainable service ecosystem design ideas, transformative value and meeting sustainable development goals (SDGs). This study explores these through volunteers’ lived experiences and their perceived health and well-being outcomes in the context of botanic gardens as health-care service settings.

A total of 3 UK botanic gardens and 84 volunteers between 22 and 87 years of age participated in this qualitative study. Volunteering stories were collected through emails, telephone exchanges, online and in-person interviews, free-flowing discussion and field observations. These were coded and analysed by using computer-assisted qualitative data analysis software, NVivo 14 Plus and Leximancer. Thematic analysis facilitated the mapping of well-being outcomes highlighting transformative value against existing health and well-being indices.

Insights extend knowledge into SDL, TSR and transformative value experienced by volunteers across three UK botanic garden service ecosystems. Environmental, organisational and personal factors, and physical, mental and social health outcomes are presented to emphasise transformative value experienced, especially in retiree volunteers. Theoretical contribution is in the form of empirical evidence to support and extend insights about transformative value and more so, significant epistemological change and meeting SDGs in botanic gardens. Results add to contemporary TSR on health-care-related well-being outcomes and ideas regarding sustainable service ecosystem design.

It is recommended that service research be extended across other botanic gardens, as well as other novel underexplored contexts for comparative studies of transformative value. Continued development and consideration of service designs as ongoing efforts to redefine and reimagine services marketing innovation for botanic gardens are recommended. Botanic gardens are complex service ecosystems worthy of rigorous service research to capture and measure the impact and outcome of ongoing work of the sector in advancing SDGs and having a transformative effect on individual and societal health and well-being.

This study highlights opportunities for greater area-based, coordinated, collaborative, multi-stakeholder services marketing partnerships for strategic sustainable service ecosystem design for the botanic gardens and health-care sectors. These sectors can make better use of service research and marketing to further innovate and co-develop health and well-being strategies, campaigns and opportunities to develop services to transform and influence positive health and well-being outcomes for people. Results reveal greater opportunities for collaborative partnership and services marketing’s role and practice for the ongoing vitality and viability of botanic gardens. Joint efforts would enable innovation on sustainable service ecosystem design, advancing SDGs and improving life on planet Earth.

Transformative value linked to newfound life experiences and meaning to life after retiring with a range of factors, and health and well-being outcomes were prominent. Social connections to the wider community were present, revealing links to a range of people who may not have traditionally had contact with botanic garden heritage and their strategic efforts. Therefore, it is services marketing opportunities for botanic gardens that hold one key to greater transformative value, sustainability and greater influence and impact on individual and societal health and well-being.

To the best of the author’s knowledge, this is the first TSR on botanic gardens as health-care service settings, resulting in a conceptual framework on transformative value and well-being outcomes in meeting SDGs. It extends insights on SDL, sustainable service ecosystem design and roles of marketing for the common good. Botanic gardens are unique research institutes, highly acclaimed for research, conservation, education and displays of special botanical collections, as well as providing health care, among other impactful SDG opportunities. This can be made more explicit through ecosystemic thinking, service research and integrated services marketing of botanic garden’ roles and contributions worldwide.

This paper explores whether, in the context of university–industry (U–I) collaboration, new innovation strategies can be developed through actors' interactions, the exchange of resources and the co-creation of value for and within the system. In the context of the U–I relationship, the innovation perspective can highlight the need to develop strategies that elicit new formulas of value co-creation, which then facilitate innovation as a result of actor collaboration.

A total of 45 public universities in Spain, representing 95% of the total, participated in qualitative research. Personal in-depth interviews with technology transfer officers (TTOs) were conducted by an external firm; in a second phase, two of the researchers conducted eight interviews with the directors of TTOs in those universities with higher rates of transfer.

Findings reveal that enterprises with a technological focus are strengthening their relationships with universities and attempting to build a university business ecosystem by designing strategies for value co-creation such as co-ownership, co-patenting, and co-invention.

The empirical research is conducted in Spain, and results should be interpreted according to this context. Future research should examine new contexts (other countries) to improve the robustness of the data and enrich the results, thus enabling generalization of the management consequences.

The results provide a means to design strategies under a new collaborative and innovating logic. The theoretical framework contributes to theory, with implications for management.

Organizations increasingly use knowledge arbitrage to stimulate innovation and achieve competitive advantage. However, in knowledge management its use in startups is yet unexplored. This study aims to examine the utilization of knowledge arbitrage by startups, specifically during COVID-19.

This study employed an open-ended essay methodology to explore the drivers and barriers that startups face in utilizing knowledge arbitrage. We collected data from 40 participants to understand the role of knowledge arbitrage in startups’ knowledge management practices.

This study’s findings highlight the significance of knowledge arbitrage for startups. The benefits identified include organizational benefits such as building networks, innovating new products and achieving competitive advantage and financial benefits such as cost reduction and sales growth. The study also identifies several technological and organizational drivers and barriers that startups confront during knowledge arbitrage.

This study contributes to the existing literature on knowledge management by extending our understanding of knowledge arbitrage’s role in startups. Additionally, it sheds light on the importance of knowledge arbitrage for startups and the challenges they face, particularly in a disrupted environment reared by COVID-19. The study provides insights for the scholars and practitioners interested in effective knowledge management in startups.

This study aims to explore the strategic decisions at innovation level implemented by firms to thrive and transform themselves during crises. This study also aims to provide insights to answer the question: Why do some firms decide to implement certain types of innovation during a crisis?

This research was carried out through a multiple case study involving 22 firms. The methods were implemented in three steps to increase rigor and the replication of the study: identification and selection of cases, data collection through interviews triangulated with online information and analysis based on aggregating themes and finding patterns.

In the face of the COVID-19 pandemic, the companies analyzed focused their activities mainly on developing new features or functionalities for their products or services. Most of the firms implemented innovations across nearly all ten categories outlined by Keeley et al. (2013). Many of the implemented innovations involved personalized and superior service enhancements, process efficiency optimizations, channel diversification initiatives and new ways to collaborate to generate value. In general, the main drivers that led firms to decide to implement these innovations include reducing costs, enhancing operational efficiency, generating new revenue streams, augmenting sales and enhancing client relationships.

This research significantly advances the convergence of innovation, strategy and crisis in three impactful ways. First, it constructs a pragmatic and evidence-based framework, consolidating the primary catalysts, innovation categories and strategies adopted by firms in response to the challenges posed by the COVID-19 crisis. Second, it offers insights for guiding decision-making processes related to innovation, presenting actionable recommendations derived from the study’s findings. Thirdly, this study highlights critical perspectives that can guide governmental intervention, facilitating the formulation of more tailored and effective policies to assist companies during crisis periods.

This study centers on developing countries, specifically examining Colombian firms, considering their unique characteristics and priorities. Surprisingly, there is a scarcity of studies delving into the innovation and transformation of firms during the COVID-19 crisis in nations sharing cultural, economic and political similarities with Colombia.

The literature mainly concentrates on the relationships between externally oriented digital transformation (ExtDT), big data analytics capability (BDAC) and business model innovation (BMI) from an intra-organizational perspective. However, it is acknowledged that the external environment shapes the firm's strategy and affects innovation outcomes. Embracing an external environment perspective, the authors aim to fill this gap. The authors develop and test a moderated mediation model linking ExtDT to BMI. Drawing on the dynamic capabilities view, the authors' model posits that the effect of ExtDT on BMI is mediated by BDAC, while environmental hostility (EH) moderates these relationships.

The authors adopt a quantitative approach based on bootstrapped partial least square-path modeling (PLS-PM) to analyze a sample of 200 Italian data-driven SMEs.

The results highlight that ExtDT and BDAC positively affect BMI. The findings also indicate that ExtDT is an antecedent of BMI that is less disruptive than BDAC. The authors also obtain that ExtDT solely does not lead to BDAC. Interestingly, the effect of BDAC on BMI increases when EH moderates the relationship.

Analyzing the relationships between ExtDT, BDAC and BMI from an external environment perspective is an underexplored area of research. The authors contribute to this topic by evaluating how EH interacts with ExtDT and BDAC toward BMI.

This study investigated the interplay between business process management (BPM) and digitalization in organizations and developed principles for designing their interaction.

This study was explorative and used a questionnaire-based survey that involved experts in BPM and digitalization who were actively engaged in these two domains in their organizations to come up with the design principles. The survey and the design principles were based on Rosemann and vom Brocke's (2010) six core elements of BPM.

Digitalization was seen as influencing how BPM is practiced in organizations by strengthening organizations’ focus on BPM, and conversely, BPM was perceived as beneficial for digitalization and digitalization outcomes. In addition, based on Rosemann and vom Brocke’s six core elements of BPM, we proposed six principles for designing the interplay of BPM and digitalization in organizations.

Our empirical investigation was situated in a Norwegian context and included 104 respondents. While we have no reason to believe that our findings should not be valid and useful in other regions, this is a limitation in generalizing our findings, and a natural follow-up would be to investigate our research questions in other geographical areas. We are also aware of the potential response bias in our sample. Moreover, to outline the principles for designing the interactions of BPM and digitalization, we applied the six core elements of BPM by Rosemann and vom Brocke (2010) as our theoretical lens. We acknowledge that there are more issues related to the interplay of BPM and digitalization than we have dealt with in this study.

This study has several implications for organizations. First, managers may use our proposed design principles to decide how to integrate BPM and digitalization. Second, although this study showed that each discipline nurtures its own culture, building an organizational culture that combines values from each discipline can enable a process-oriented organization to innovate its operations and services with digital technology. Third, managers should align the responsibilities and tasks of process owners with the demands for the digitalization of business processes. Fourth, managers, when integrating BPM and digitalization, should take care not to impede the generative attributes of each discipline.

Processes and digital technologies play important roles in society at all levels. BPM seeks to understand how processes unfold and explores how new practices may better serve individuals, organizations and society (vom Brocke et al., 2021), while digitalization is concerned with how various kinds of modern digital technologies may trigger organizational and social changes (Markus and Rowe, 2023; Suri and Jack, 2016).

This study is one of the first studies to investigate the interplay between BPM and digitalization – how digitalization affects BPM practices in organizations and how BPM influences digitalization outcomes. In addition, this study offers novel principles for designing the interaction between BPM and digitalization.

The purpose of the this study is to discover the impact of practices of knowledge management, intellectual property protection and management innovation on entrepreneurial leadership, which in turn leads to sustainable growth in small and medium-sized enterprises.

The data was collected from 292 small and medium-sized businesses (SMEs) in the USA using a cross-sectional survey. To evaluate the study hypotheses and analyse the data, structural equation modelling was used. SMART-PLS software was used for both confirmatory factor analysis and structural analysis.

The work has significantly contributed in revealing that knowledge management practices, management innovation and intellectual property protection have a substantial and constructive impact on entrepreneurial leadership, which in turn leads to sustainable growth in SMEs.

The study findings recommend that SMEs must focus on knowledge management practices, intellectual property protection and management innovation to nurture entrepreneurial leadership, which can lead to sustainable growth. SMEs can benefit from investing in knowledge management practices, protecting their intellectual property and innovating their management practices to achieve sustainable growth. Also, the absorptive capacity of an SME can help it to aggravate the impact of the above factors and lead them to sustainable growth faster.

The current work studies the association between knowledge management practices, intellectual property protection, management innovation, entrepreneurial leadership and sustainable growth in SMEs, thus contributing to the literature. The study provides insights into the factors that can nurture entrepreneurial leadership and contribute to sustainable growth in SMEs, which can inform policy and practice in the field of entrepreneurship.