Authors retain the copyright without restrictions for their published content in this journal. HSSR is a SHERPA ROMEO Green Journal.
Publishing License
This is an open-access article distributed under the terms of
INNOVATION, PROCESS CAPITAL AND FINANCIAL PERFORMANCE: MEDIATING ROLE OF MARKETING PERFORMANCE (EVIDENCE FROM MANUFACTURING INDUSTRY IN INDONESIA)
Corresponding Author(s) : Bambang Tjahjadi
Humanities & Social Sciences Reviews,
Vol. 7 No. 1 (2019): January
Abstract
Purpose of the Study: This paper aims to investigate the mediating role of marketing performance on innovation-financial performance relationship as well as on process capital-financial performance relationship using the publicly listed manufacturing firms on the Indonesia Stock Exchange (IDX).
Methodology: This is a quantitative research employing marketing performance as the mediation variable. A mediation research model is constructed to test the hypotheses of this research using the Partial Least Squares Structural Equation Modeling. A new data set is prepared which involves the publicly listed manufacturing companies on the IDX covering a period of thirteen years from 2005 to 2017.
Main Findings: The results of this research provide the following empirical evidence. Firstly, marketing performance partially mediates the relationship between innovation and financial performance. Secondly, marketing performance fully mediates the relationship between process capital and financial performance.
Conclusion: This study provides a better understanding of managers regarding the mechanism of how innovation affects financial performance via marketing performance as well as on the mechanism of how to process capital affects financial performance via marketing performance.
Application/Implication: This study implies that managers need to continuously innovate, improve manufacturing processes, and enhance marketing management to achieve better financial performance.
Keywords
Download Citation
Endnote/Zotero/Mendeley (RIS)BibTeX
- Aguilera-Caracuel, J., & Ortiz-de-Mandojana, N. (2013), Green Innovation and Financial Performance: An Institutional Approach. Organization and Environment, https://doi.org/10.1177/1086026613507931 DOI: https://doi.org/10.1177/1086026613507931
- Al-Zyadaat, M.A., Saudi, M.A., & Al-Awamreh, M.A. (2012). The Relationship Between Innovation and Marketing Performance in Business Organizations: An Empirical Study on Industrial Organizations in the Industrial City of King Abdullah II. International Business and Management, http://dx.doi.org/10.3968/j.ibm.1923842820120502.1135
- 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, https://doi.org/10.1016/j.sbspro.2013.04.026 DOI: https://doi.org/10.1016/j.sbspro.2013.04.026
- Baron, R.M., & Kenny, D. (1986). The Moderator-Mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic, and Statistical Consideration. Journal of Personality and Social Psychology, https://doi.org/10.1037/0022-3514.51.6.1173 DOI: https://doi.org/10.1037/0022-3514.51.6.1173
- Bigliardi, B. (2013). The Effect of Innovation on Financial Performance: A Research Study Involving SMEs. Innovation: Management, Policy and Practice, 14(2), 245-255.https://doi.org/10.5172/impp.2013.15.2.245 DOI: https://doi.org/10.5172/impp.2013.15.2.245
- Cefis, E., & Ciccarelli, M. (2005). Profit differentials and innovation. Economics of Innovation and New Technology, 14(1-2), 43–61.https://doi.org/10.1080/1043859042000232160 DOI: https://doi.org/10.1080/1043859042000232160
- Cefis, E., & Marsili, O. (2004). A Matter of Life and Death: Innovation and Firm Survival.Industrial and Corporate Change, https://doi.org/10.1093/icc/dth081 DOI: https://doi.org/10.1093/icc/dth081
- Chaston, I., & Scott, G.J. (2012). Entrepreneurship and open innovation in an emerging economy. Management Decision, https://doi.org/10.1108/00251741211246941 DOI: https://doi.org/10.1108/00251741211246941
- Chen, J., Zhaoui, Z., & Hon, Y.X. (2004). Measuring Intellectual Capital: A New Model and Empirical Study. Intellectual Capital, https://doi.org/10.1108/14691930410513003 DOI: https://doi.org/10.1108/14691930410513003
- Cheng, M.Y., Lin, J.Y., Hsiao, T.H., & Lin, W.T. (2010). Invested resource, competitive intellectual capital, and corporate performance. Intellectual Capital, https://doi.org/10.1108/14691931011085623 DOI: https://doi.org/10.1108/14691931011085623
- Chin, W.W (1998b). The Partial Least Squares Approach to Structural Equation Modelling. In G. A. Marcoulides (Eds.), Modern methods for business research. London: Lawrence Erlbaum Associates.
- Chin, W.W. (1998a). Issues and opinion on SEM. MIS Quarterly, 51, 1173-1182.
- Chiu, C.L., & Chen, Y.S. (2017). A web-scale experience to identify the component impacts of intellectual capital on corporate performance from the perspective of multimedia data applications. International Journal of Applied Systemic Studies, https://doi.org/10.1504/IJASS.2017.088907 DOI: https://doi.org/10.1504/IJASS.2017.088907
- Darroch, J. (2005). Knowledge management, innovation, and firm performance. Knowledge Management, https://doi.org/10.1108/13673270510602809 DOI: https://doi.org/10.1108/13673270510602809
- Ernst, H., Hoyer, W.D., Krafft, M. & Krieger, K. (2010). Customer relationship management and company performance: the mediating role of new product performance. Journal of the Academy of Marketing Science, https://doi.org/10.1007/s11747-010-0194-5 DOI: https://doi.org/10.1007/s11747-010-0194-5
- Ezzi, F., & Jarboui, A. (2016). Does innovation strategy affect financial, social and environmental performance?. Journal of Economics, Finance and Administrative Science, https://doi.org/10.1016/j.jefas.2016.03.001 DOI: https://doi.org/10.1016/j.jefas.2016.03.001
- Fagerberg, J., Mowery, D.C., & Nelson, R.R. (2004). The Oxford Handbook of Innovation, USA: Oxford University Press.
- Feng, H., Morgan, N.A., & Rego, L.L. (2015). Marketing Department Power and Firm Performance. Journal of Marketing, https://doi.org/10.1509/jm.13.0522 DOI: https://doi.org/10.1509/jm.13.0522
- Ferrari, M., & La Rocca, L. (2010). Innovation and Performance: Some Evidence From Italian Firms. In M.J. Epstein, J-F. Manzoni, & A.Davila (Eds.), Studies in Managerial and Financial Accounting, Volume 20: Performance Measurement and Management Control: Innovative Concepts and Practices (115 – 141). Emerald Group Publishing Limited. DOI: https://doi.org/10.1108/S1479-3512(2010)0000020008
- Freeman, R.E. (1984). Stakeholder management: A stakeholder approach. Marshfield, MA: Pitman Publishing.
- Gartenberg, C., Prat, A. & Serafeim, G. (2019). Corporate Purpose and Financial Performance. Organization Science, https://doi.org/10.1287/orsc.2018.1230 DOI: https://doi.org/10.1287/orsc.2018.1230
- Gunday, G., Ulusoy, G., Kilic, K., & Alpkan, L. (2011). Effects of Innovation Types on firm Performance. International Journal of Production Economics, https://doi.org/10.1016/j.ijpe.2011.05.014 DOI: https://doi.org/10.1016/j.ijpe.2011.05.014
- Hariyati & Tjahjadi, B. (2018). Contingent Factors Affecting the Financial Performance of Manufacturing Companies: The Case of East Java, Indonesia. Asian Journal of Business and Accounting, https://doi.org/10.22452/ajba.vol11no1.5 DOI: https://doi.org/10.22452/ajba.vol11no1.5
- Hartmann, F., & Slapnicar, S. (2009). How formal performance evaluation affects trust between superior and subordinate managers. Accounting, Organizations and Society, https://doi.org/10.1016/j.aos.2008.11.004 DOI: https://doi.org/10.1016/j.aos.2008.11.004
- Jansson, C. (2018). Financial Resilience: The Role of Financial Balance, Profitability, and Ownership. In: S. Tengblad & M. Oudhuis (Eds.), The Resilience Framework. Work, Organization, and Employment. Singapore: Springer. DOI: https://doi.org/10.1007/978-981-10-5314-6_7
- Kalkan, A., Bozkurt, Ö.Ç., & Arman, M. (2014). The Impacts of Intellectual Capital, Innovation and Organizational Strategy on Firm Performance. Procedia - Social and Behavioral Sciences, https://doi.org/10.1016/j.sbspro.2014.09.025 DOI: https://doi.org/10.1016/j.sbspro.2014.09.025
- Kaplan, R.S., & Norton, D.P. (2001). Transforming the Balanced Scorecard from Performance Measurement to Strategic Management: Part II. Accounting Horizons, https://doi.org/10.2308/acch.2001.15.2.147 DOI: https://doi.org/10.2308/acch.2001.15.2.147
- Keats, B.W., & Hitt, M.A. (1998). A Causal Model of Linkages Among Environmental Dimensions, Macro Organizational Characteristic and Performance. Academy of Management Journal, https://doi.org/10.2307/256460 DOI: https://doi.org/10.2307/256460
- Khan, F. R., Hatami, Y. J., Sasidharan, A., & Al-Roshdi, S. A. A. (2017). Investigative Study of Preferred Social Media Marketing in Safeer Mall, Sohar, Oman. Humanities & Social Sciences Reviews, https://doi.org/10.18510/hssr.2017.515 DOI: https://doi.org/10.18510/hssr.2017.515
- Kianto, A., Sáenz, J., & Aramburu, N. (2017). Knowledge-based human resource management practices, intellectual capital, and innovation. Journal of Business Research, https://doi.org/10.2478/orga-2019-0002 DOI: https://doi.org/10.1016/j.jbusres.2017.07.018
- Lagat, C., & Frankwick, G.L. (2017). Marketing capability, marketing strategy implementation and performance in small firms. Journal for Global Business Advancement, https://doi.org/10.1504/JGBA.2017.10005516 DOI: https://doi.org/10.1504/JGBA.2017.084612
- Liu, L., Qu, W., & Haman, J. (2018). Product market competition, state-ownership, corporate governance, and firm performance. Asian Review of Accounting, https://doi.org/10.1108/ARA-05-2017-0080 DOI: https://doi.org/10.1108/ARA-05-2017-0080
- Luft, J., & Shields, M.D. (2003). Mapping management accounting: graphic and guidelines for theory-consistent empirical research. Accounting, Organization and Society, https://doi.org/10.1016/S0361-3682(02)00026-0 DOI: https://doi.org/10.1016/S0361-3682(02)00026-0
- Mahmoud, M.A., Blankson, C., Owusu-Frimpong, N., Nwankwo, S., & Trang, T.P. (2016). Market Orientation, Learning Orientation, and Business Performance: The Mediating Role of Innovation. International Journal of Bank Marketing, https://doi.org/10.1108/IJBM-04-2015-0057 DOI: https://doi.org/10.1108/IJBM-04-2015-0057
- Narver, J.C., & Slater, S.F. (1990). The Effect of a Market Orientation on Business Profitability. Journal of Marketing, https://doi.org/0.2307/1251757 DOI: https://doi.org/10.1177/002224299005400403
- OECD (2005). Oslo Manual: Guidelines for Collecting and Interpreting Innovation Data. Paris: OECD Publishing and Eurostat. DOI: https://doi.org/10.1787/9789264013100-en
- Padgett, R.C., & Moura-Leite, R.C. (2012). Innovation with High Social Benefits and Corporate Financial Performance. Journal of Technology,Management Innovation, http://dx.doi.org/10.4067/S0718-27242012000400005 DOI: https://doi.org/10.4067/S0718-27242012000400005
- Prajogo, D., Oke, A., & Olhager, J. (2016). Supply Chain Processes: Linking Supply Logistics Integration, Supply Performance, Lean Processes, and Competitive Performance. International Journal of Operations & Production Management, https://doi.org/10.1108/IJOPM-03-2014-0129 DOI: https://doi.org/10.1108/IJOPM-03-2014-0129
- Rajapathirana, R.J., & Hui, Y. (2018). Relationship between innovation capability, innovation type, and firm. Journal of Innovation and Knowledge, https://doi.org/10.1016/j.jik.2017.06.002 DOI: https://doi.org/10.1016/j.jik.2017.06.002
- Rashid Al-Thehli, F. A., & Ahamat, A. (2019). Managing Innovation and Creativity In Human Resource Management: A Critical Review Of Literature. Humanities & Social Sciences Reviews, https://doi.org/10.18510/hssr.2019.723 DOI: https://doi.org/10.18510/hssr.2019.723
- Schramm-Klein, H., & Morschett, D. (2006). The Relationship between marketing performance, logistics performance and company performance for retail companies. The International Review of Retail, Distribution and Consumer Research, https://doi.org/10.1080/09593960600572399 DOI: https://doi.org/10.1080/09593960600572399
- Shi, Y., Lim, J.M., Weitz, B.A., & France, S.L. (2018). The impact of retail format diversification on retailers’ financial performance. Journal of the Academy of Marketing Science, https://doi.org/10.1007/s11747-017-0559-0 DOI: https://doi.org/10.1007/s11747-017-0559-0
- Shukla, S. (2017). Innovation and Economic Growth: A Case Of India. Humanities & Social Sciences Reviews, https://doi.org/10.18510/hssr.2017.521 DOI: https://doi.org/10.18510/hssr.2017.521
- Slater, S.F., & Olson, E M. (2001). Marketing’s Contribution to the Implementation of Business Strategy: An Empirical Analysis. Strategic Management Journal, https://doi.org/10.1002/smj.198 DOI: https://doi.org/10.1002/smj.198
- Smith, M., & Chang, C. (2010). Improving customer outcomes through the implementation of customer relationship management. Asian Review of Accounting, https://doi.org/10.1108/13217341011089658 DOI: https://doi.org/10.1108/13217341011089658
- Tuan, N., Nhan, N., Giang, P., & Ngoc, N. (2013). The Effects of Innovation on Firm Performance of Supporting Industries in Hanoi – Vietnam. Journal of Industrial Engineering and Management, http://dx.doi.org/10.3926/jiem.1564 DOI: https://doi.org/10.3926/jiem.1564
- Wang, W.Y., & Chang, C. (2005). Intellectual capital and performance in causal models: Evidence from the information technology industry in Taiwan. Intellectual Capital, https://doi.org/10.1108/14691930510592816 DOI: https://doi.org/10.1108/14691930510592816
- Wulan Sari, D. (2019). Ratio Analysis of Financial Performance Of Companies Q45 Index Listed. Humanities & Social Sciences Reviews, https://doi.org/10.18510/hssr.2019.7361 DOI: https://doi.org/10.18510/hssr.2019.7361
- Yaakub, M.B. & Othman, K. (2014). The Foundation of Knowledge Management: A Review from Conventional and Islamic Perspectives. Humanities and Social Sciences Review, CD-ROM. ISSN: 2165-6258 :: 03(03):65–77
- Yu, W., Ramanathan, R., & Nath, P. (2013). The impacts of marketing and operations capabilities on financial performance in the UK retail sector: A resource-based perspective. Industrial Marketing Management, https://doi.org/10.1016/j.indmarman.2013.07.014 DOI: https://doi.org/10.1016/j.indmarman.2013.07.014
- Zhou, H., Zhihong, D., Xia, Y., & Fu, M. (2016). A new sampling method in particle filter based on the Pearson correlation coefficient. Neurocomputing, https://doi.org/10.1016/j.neucom.2016.07.036 DOI: https://doi.org/10.1016/j.neucom.2016.07.036
References
Aguilera-Caracuel, J., & Ortiz-de-Mandojana, N. (2013), Green Innovation and Financial Performance: An Institutional Approach. Organization and Environment, https://doi.org/10.1177/1086026613507931 DOI: https://doi.org/10.1177/1086026613507931
Al-Zyadaat, M.A., Saudi, M.A., & Al-Awamreh, M.A. (2012). The Relationship Between Innovation and Marketing Performance in Business Organizations: An Empirical Study on Industrial Organizations in the Industrial City of King Abdullah II. International Business and Management, http://dx.doi.org/10.3968/j.ibm.1923842820120502.1135
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, https://doi.org/10.1016/j.sbspro.2013.04.026 DOI: https://doi.org/10.1016/j.sbspro.2013.04.026
Baron, R.M., & Kenny, D. (1986). The Moderator-Mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic, and Statistical Consideration. Journal of Personality and Social Psychology, https://doi.org/10.1037/0022-3514.51.6.1173 DOI: https://doi.org/10.1037/0022-3514.51.6.1173
Bigliardi, B. (2013). The Effect of Innovation on Financial Performance: A Research Study Involving SMEs. Innovation: Management, Policy and Practice, 14(2), 245-255.https://doi.org/10.5172/impp.2013.15.2.245 DOI: https://doi.org/10.5172/impp.2013.15.2.245
Cefis, E., & Ciccarelli, M. (2005). Profit differentials and innovation. Economics of Innovation and New Technology, 14(1-2), 43–61.https://doi.org/10.1080/1043859042000232160 DOI: https://doi.org/10.1080/1043859042000232160
Cefis, E., & Marsili, O. (2004). A Matter of Life and Death: Innovation and Firm Survival.Industrial and Corporate Change, https://doi.org/10.1093/icc/dth081 DOI: https://doi.org/10.1093/icc/dth081
Chaston, I., & Scott, G.J. (2012). Entrepreneurship and open innovation in an emerging economy. Management Decision, https://doi.org/10.1108/00251741211246941 DOI: https://doi.org/10.1108/00251741211246941
Chen, J., Zhaoui, Z., & Hon, Y.X. (2004). Measuring Intellectual Capital: A New Model and Empirical Study. Intellectual Capital, https://doi.org/10.1108/14691930410513003 DOI: https://doi.org/10.1108/14691930410513003
Cheng, M.Y., Lin, J.Y., Hsiao, T.H., & Lin, W.T. (2010). Invested resource, competitive intellectual capital, and corporate performance. Intellectual Capital, https://doi.org/10.1108/14691931011085623 DOI: https://doi.org/10.1108/14691931011085623
Chin, W.W (1998b). The Partial Least Squares Approach to Structural Equation Modelling. In G. A. Marcoulides (Eds.), Modern methods for business research. London: Lawrence Erlbaum Associates.
Chin, W.W. (1998a). Issues and opinion on SEM. MIS Quarterly, 51, 1173-1182.
Chiu, C.L., & Chen, Y.S. (2017). A web-scale experience to identify the component impacts of intellectual capital on corporate performance from the perspective of multimedia data applications. International Journal of Applied Systemic Studies, https://doi.org/10.1504/IJASS.2017.088907 DOI: https://doi.org/10.1504/IJASS.2017.088907
Darroch, J. (2005). Knowledge management, innovation, and firm performance. Knowledge Management, https://doi.org/10.1108/13673270510602809 DOI: https://doi.org/10.1108/13673270510602809
Ernst, H., Hoyer, W.D., Krafft, M. & Krieger, K. (2010). Customer relationship management and company performance: the mediating role of new product performance. Journal of the Academy of Marketing Science, https://doi.org/10.1007/s11747-010-0194-5 DOI: https://doi.org/10.1007/s11747-010-0194-5
Ezzi, F., & Jarboui, A. (2016). Does innovation strategy affect financial, social and environmental performance?. Journal of Economics, Finance and Administrative Science, https://doi.org/10.1016/j.jefas.2016.03.001 DOI: https://doi.org/10.1016/j.jefas.2016.03.001
Fagerberg, J., Mowery, D.C., & Nelson, R.R. (2004). The Oxford Handbook of Innovation, USA: Oxford University Press.
Feng, H., Morgan, N.A., & Rego, L.L. (2015). Marketing Department Power and Firm Performance. Journal of Marketing, https://doi.org/10.1509/jm.13.0522 DOI: https://doi.org/10.1509/jm.13.0522
Ferrari, M., & La Rocca, L. (2010). Innovation and Performance: Some Evidence From Italian Firms. In M.J. Epstein, J-F. Manzoni, & A.Davila (Eds.), Studies in Managerial and Financial Accounting, Volume 20: Performance Measurement and Management Control: Innovative Concepts and Practices (115 – 141). Emerald Group Publishing Limited. DOI: https://doi.org/10.1108/S1479-3512(2010)0000020008
Freeman, R.E. (1984). Stakeholder management: A stakeholder approach. Marshfield, MA: Pitman Publishing.
Gartenberg, C., Prat, A. & Serafeim, G. (2019). Corporate Purpose and Financial Performance. Organization Science, https://doi.org/10.1287/orsc.2018.1230 DOI: https://doi.org/10.1287/orsc.2018.1230
Gunday, G., Ulusoy, G., Kilic, K., & Alpkan, L. (2011). Effects of Innovation Types on firm Performance. International Journal of Production Economics, https://doi.org/10.1016/j.ijpe.2011.05.014 DOI: https://doi.org/10.1016/j.ijpe.2011.05.014
Hariyati & Tjahjadi, B. (2018). Contingent Factors Affecting the Financial Performance of Manufacturing Companies: The Case of East Java, Indonesia. Asian Journal of Business and Accounting, https://doi.org/10.22452/ajba.vol11no1.5 DOI: https://doi.org/10.22452/ajba.vol11no1.5
Hartmann, F., & Slapnicar, S. (2009). How formal performance evaluation affects trust between superior and subordinate managers. Accounting, Organizations and Society, https://doi.org/10.1016/j.aos.2008.11.004 DOI: https://doi.org/10.1016/j.aos.2008.11.004
Jansson, C. (2018). Financial Resilience: The Role of Financial Balance, Profitability, and Ownership. In: S. Tengblad & M. Oudhuis (Eds.), The Resilience Framework. Work, Organization, and Employment. Singapore: Springer. DOI: https://doi.org/10.1007/978-981-10-5314-6_7
Kalkan, A., Bozkurt, Ö.Ç., & Arman, M. (2014). The Impacts of Intellectual Capital, Innovation and Organizational Strategy on Firm Performance. Procedia - Social and Behavioral Sciences, https://doi.org/10.1016/j.sbspro.2014.09.025 DOI: https://doi.org/10.1016/j.sbspro.2014.09.025
Kaplan, R.S., & Norton, D.P. (2001). Transforming the Balanced Scorecard from Performance Measurement to Strategic Management: Part II. Accounting Horizons, https://doi.org/10.2308/acch.2001.15.2.147 DOI: https://doi.org/10.2308/acch.2001.15.2.147
Keats, B.W., & Hitt, M.A. (1998). A Causal Model of Linkages Among Environmental Dimensions, Macro Organizational Characteristic and Performance. Academy of Management Journal, https://doi.org/10.2307/256460 DOI: https://doi.org/10.2307/256460
Khan, F. R., Hatami, Y. J., Sasidharan, A., & Al-Roshdi, S. A. A. (2017). Investigative Study of Preferred Social Media Marketing in Safeer Mall, Sohar, Oman. Humanities & Social Sciences Reviews, https://doi.org/10.18510/hssr.2017.515 DOI: https://doi.org/10.18510/hssr.2017.515
Kianto, A., Sáenz, J., & Aramburu, N. (2017). Knowledge-based human resource management practices, intellectual capital, and innovation. Journal of Business Research, https://doi.org/10.2478/orga-2019-0002 DOI: https://doi.org/10.1016/j.jbusres.2017.07.018
Lagat, C., & Frankwick, G.L. (2017). Marketing capability, marketing strategy implementation and performance in small firms. Journal for Global Business Advancement, https://doi.org/10.1504/JGBA.2017.10005516 DOI: https://doi.org/10.1504/JGBA.2017.084612
Liu, L., Qu, W., & Haman, J. (2018). Product market competition, state-ownership, corporate governance, and firm performance. Asian Review of Accounting, https://doi.org/10.1108/ARA-05-2017-0080 DOI: https://doi.org/10.1108/ARA-05-2017-0080
Luft, J., & Shields, M.D. (2003). Mapping management accounting: graphic and guidelines for theory-consistent empirical research. Accounting, Organization and Society, https://doi.org/10.1016/S0361-3682(02)00026-0 DOI: https://doi.org/10.1016/S0361-3682(02)00026-0
Mahmoud, M.A., Blankson, C., Owusu-Frimpong, N., Nwankwo, S., & Trang, T.P. (2016). Market Orientation, Learning Orientation, and Business Performance: The Mediating Role of Innovation. International Journal of Bank Marketing, https://doi.org/10.1108/IJBM-04-2015-0057 DOI: https://doi.org/10.1108/IJBM-04-2015-0057
Narver, J.C., & Slater, S.F. (1990). The Effect of a Market Orientation on Business Profitability. Journal of Marketing, https://doi.org/0.2307/1251757 DOI: https://doi.org/10.1177/002224299005400403
OECD (2005). Oslo Manual: Guidelines for Collecting and Interpreting Innovation Data. Paris: OECD Publishing and Eurostat. DOI: https://doi.org/10.1787/9789264013100-en
Padgett, R.C., & Moura-Leite, R.C. (2012). Innovation with High Social Benefits and Corporate Financial Performance. Journal of Technology,Management Innovation, http://dx.doi.org/10.4067/S0718-27242012000400005 DOI: https://doi.org/10.4067/S0718-27242012000400005
Prajogo, D., Oke, A., & Olhager, J. (2016). Supply Chain Processes: Linking Supply Logistics Integration, Supply Performance, Lean Processes, and Competitive Performance. International Journal of Operations & Production Management, https://doi.org/10.1108/IJOPM-03-2014-0129 DOI: https://doi.org/10.1108/IJOPM-03-2014-0129
Rajapathirana, R.J., & Hui, Y. (2018). Relationship between innovation capability, innovation type, and firm. Journal of Innovation and Knowledge, https://doi.org/10.1016/j.jik.2017.06.002 DOI: https://doi.org/10.1016/j.jik.2017.06.002
Rashid Al-Thehli, F. A., & Ahamat, A. (2019). Managing Innovation and Creativity In Human Resource Management: A Critical Review Of Literature. Humanities & Social Sciences Reviews, https://doi.org/10.18510/hssr.2019.723 DOI: https://doi.org/10.18510/hssr.2019.723
Schramm-Klein, H., & Morschett, D. (2006). The Relationship between marketing performance, logistics performance and company performance for retail companies. The International Review of Retail, Distribution and Consumer Research, https://doi.org/10.1080/09593960600572399 DOI: https://doi.org/10.1080/09593960600572399
Shi, Y., Lim, J.M., Weitz, B.A., & France, S.L. (2018). The impact of retail format diversification on retailers’ financial performance. Journal of the Academy of Marketing Science, https://doi.org/10.1007/s11747-017-0559-0 DOI: https://doi.org/10.1007/s11747-017-0559-0
Shukla, S. (2017). Innovation and Economic Growth: A Case Of India. Humanities & Social Sciences Reviews, https://doi.org/10.18510/hssr.2017.521 DOI: https://doi.org/10.18510/hssr.2017.521
Slater, S.F., & Olson, E M. (2001). Marketing’s Contribution to the Implementation of Business Strategy: An Empirical Analysis. Strategic Management Journal, https://doi.org/10.1002/smj.198 DOI: https://doi.org/10.1002/smj.198
Smith, M., & Chang, C. (2010). Improving customer outcomes through the implementation of customer relationship management. Asian Review of Accounting, https://doi.org/10.1108/13217341011089658 DOI: https://doi.org/10.1108/13217341011089658
Tuan, N., Nhan, N., Giang, P., & Ngoc, N. (2013). The Effects of Innovation on Firm Performance of Supporting Industries in Hanoi – Vietnam. Journal of Industrial Engineering and Management, http://dx.doi.org/10.3926/jiem.1564 DOI: https://doi.org/10.3926/jiem.1564
Wang, W.Y., & Chang, C. (2005). Intellectual capital and performance in causal models: Evidence from the information technology industry in Taiwan. Intellectual Capital, https://doi.org/10.1108/14691930510592816 DOI: https://doi.org/10.1108/14691930510592816
Wulan Sari, D. (2019). Ratio Analysis of Financial Performance Of Companies Q45 Index Listed. Humanities & Social Sciences Reviews, https://doi.org/10.18510/hssr.2019.7361 DOI: https://doi.org/10.18510/hssr.2019.7361
Yaakub, M.B. & Othman, K. (2014). The Foundation of Knowledge Management: A Review from Conventional and Islamic Perspectives. Humanities and Social Sciences Review, CD-ROM. ISSN: 2165-6258 :: 03(03):65–77
Yu, W., Ramanathan, R., & Nath, P. (2013). The impacts of marketing and operations capabilities on financial performance in the UK retail sector: A resource-based perspective. Industrial Marketing Management, https://doi.org/10.1016/j.indmarman.2013.07.014 DOI: https://doi.org/10.1016/j.indmarman.2013.07.014
Zhou, H., Zhihong, D., Xia, Y., & Fu, M. (2016). A new sampling method in particle filter based on the Pearson correlation coefficient. Neurocomputing, https://doi.org/10.1016/j.neucom.2016.07.036 DOI: https://doi.org/10.1016/j.neucom.2016.07.036