“…In EM, in general, and in Latin America, TI and NTI in Peruvian manufacturing firms specifically, firms face a different context from that of firms in developed countries (Juliao-Rossi et al, 2020). The specifics have been described in different studies focused on the low levels of innovation in Latin America (Fernandez, 2017) and include informal economies and the rigidities of the labor market (Heredia et al, 2017), different innovative behavior (Olavarrieta and Villena, 2014), differences between the social and economic structures and educational systems (Bianchi, 2014;Jardon and Pagani, 2016;Nielsen et al, 2018) and low levels of R&D and patent generation (Cimoli et al, 2016). Indeed, for modest innovators in Latin America, R&D investment is not necessarily a predictor of firm performance; rather, NTI accounts for firm performance in this group of innovators.…”