The determinants of innovations and their impact on business performance in Indonesia during the Covid-19 pandemic

Anang Muftiadi, Ratih Purbasari, Raden Marsha Aulia Hakim, Richa Nahdalaily Fathara, Arbi Abdul Kahfi, Donghyun Park, Cynthia Petalcorin and Yothin Jinjarak

International Journal of Monetary Economics and Finance, 2024, vol. 17, issue 2/3, 146-159

Abstract: Innovation drives growth. Thus, this research examines how economic sector configurations affect innovation and corporate success. It utilises a regression model based on Statistics Indonesia 2020-2021. The findings demonstrated that market structure strongly influences innovation. The gender mix of CEOs, domestic investment, company age of 5-10 years, and innovation division affect this innovative strategy. The 2020 COVID-19 pandemic reduced innovation to 29.7% from 32%. There are two sorts of innovation: product and process. 24% of organisations create new inventions domestically in 2020. Product innovation enhanced revenue and efficiency, whereas process innovation increased competitiveness. Market structure may be used to evaluate improvements in corporate governance, and economic sector innovations may affect business and economic development. Government policy may promote market competitiveness and domestic investment.

Keywords: business innovation; market structure; innovation performance; business governance; competitiveness; domestic investment; business performance. (search for similar items in EconPapers)
Date: 2024
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