A Comprehensive Framework of Corporate Strategies Leveraging Open Innovation

Abstract

Today, corporate strategy entails a clearly defined, long-term idea that organizations set, looking for to create business value and stimulate the structures of corporations to implement the proper actions and to achieve customer satisfaction. In addition, corporate strategy is an incessant process that requires a continuous energy to involve investors in trusting the company with their money, thereby increasing the company's equity. One of the main corporate strategies in the service and public organizations is corporate governance which is considered as the mechanisms, processes and relations by which corporations are controlled and directed. Governance principles and strategies identify the distribution of responsibilities among regulators, managers, board of directors, shareholders, creditors, auditors, and other stakeholders. It includes the rules and procedures for making decisions in corporate affairs. Corporate governance includes the processes through which corporations' objectives are set and pursued in the context of the social, regulatory and market environment. Mechanisms of governance mostly involve canning and reviewing of decisions and policies of organizations, their partners, and affected customers and shareholders. This study has been done due to the lack of theoretical literature in this respect and the goal of this study is to design a model of corporate governance with open innovation approach in the insurance industry. The research method is qualitative and based on grounded theory. The sample consists of 8 faculty members and insurance industry experts who have been selected based on purposeful sampling procedure. This research, based on aim is an applied one and based on collecting data through interviews, it is considered as field research. According to research findings, open innovation at inbound, outbound and composition are defined as strategies that enhance corporate governance. Research findings recommended open innovation strategies of various ways to solve the problems of corporate governance should be used in the insurance industry.