“…Many studies on innovation have shown that innovation is influenced by one's knowledge (Hussinki, 2015), other characteristics such as enterprise size, enterprise age, leadership, technology characteristics..., may also influence decisions to apply new technology or management methods (Thao et al, 2021;Truong & Bui, 2022), affect the business performance (Hai, Xuan, Thao, & Hien, 2021;. Therefore, in this study, we also examine the role of these factors along with how the level of formalization affects the innovation results of small and medium-sized enterprises.…”