Types of Innovation and Sustainable Development: Evidence from Medium- and Large-Sized Firms

Konstantina K. Agoraki (), Georgios A. Deirmentzoglou, Marios Psychalis () and Sotiris Apostolopoulos ()
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Konstantina K. Agoraki: Department of Tourism Studies, University of Piraeus, 80 Karaoli & Dimitriou St. Piraeus, 18534, Greece
Georgios A. Deirmentzoglou: Department of Economics and Business, Neapolis University Pafos, 2 Danais Avenue, Paphos, 8042, Cyprus
Marios Psychalis: Department of Economics and Business, Neapolis University Pafos, 2 Danais Avenue, Paphos, 8042, Cyprus
Sotiris Apostolopoulos: Department of Economics and Business, Neapolis University Pafos, 2 Danais Avenue, Paphos, 8042, Cyprus

International Journal of Innovation and Technology Management (IJITM), 2024, vol. 21, issue 02, 1-18

Abstract: In the last few decades, the connection between innovation and sustainable development has been brought to the surface due to the concerns of academics, scientists, and policymakers regarding environmental and social issues. Although numerous studies have discussed the significance of innovation in achieving corporate sustainable development (CSD), the relationship between these two concepts remains vague. Under this background, the aim of this study was to examine which types of innovation have a significant impact on CSD. In particular, four types of innovation were tested — incremental, radical, product, and process innovation — with the three dimensions of CSD: the social, environmental, and economic dimensions. The data collected from medium- and large-sized firms revealed that incremental, radical, and process innovation had a significant positive impact on CSD. These results have substantial theoretical and managerial implications, as they indicate what types of innovation managers should focus on in order to improve their sustainable business performance.

Keywords: Innovation; sustainable development; sustainable business; environmental sustainability; social sustainability; radical innovation; incremental innovation; process innovation (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1142/S0219877024500135

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