“…According to Barney et al (2011) and Bedoya and Arango, (2017), the new direction of resource-based studies should contemplate the analysis of the maximum set of variables to present a theoretical and practical understanding of the heterogeneity of resources. Historically, the resource-based study only contemplates one to two variables in which the literature reveals positive impacts on innovation capacity (Ajayi, 2016;Asikhia, 2010;Bedoya & Arango, 2017;Canales & Álvarez, 2017;Cruz, 2018;Didonet et al, 2016;González, 2017;López & Contreras, 2009;Schumpeter 2000;Zontek, 2016). When contemplating the set of most analyzed variables (EO, MO, SC and HC) in the literature through the HCM, it presents a valuable contribution of how the heterogeneity in the variable resources is observed.…”