The mediating roles of financialization and vertical integration in the innovation culture and performance relationship: An examination of SME investment firms

Grant Alexander Wilson, Jason Jogia and Eric W. Liguori

Journal of Small Business Management, 2025, vol. 63, issue 3, 1172-1197

Abstract: This study extends innovation culture and performance research by examining vertical integration and a newly conceptualized financialization measure as mediators in the context of small- to medium-sized (SME) investment firms participating in real estate. The work responds to several calls for research that includes more industry-specific strategies that mediate the innovation culture and performance relationship, a financialization measure and examination of its outcomes, and expanding on the limited vertical integration research in real estate. The results show that innovation culture is partially mediated by both vertical integration and financialization, such that innovation culture is directly related to performance but also indirectly via the two strategies. The findings suggest that SME investment firms participating in real estate should create an innovation culture to better execute relevant strategies such as vertical integration and financialization, promoting sustained performance. The paper concludes by offering recommendations for future research and managerial implications.

Date: 2025
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DOI: 10.1080/00472778.2024.2376048

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