What drives innovative behavior?- An experimental analysis on risk attitudes, creativity and performance

Mittone, Luigi; Morreale, Azzurra; Vu, Thi-Thanh-Tam

doi:10.1016/j.socec.2022.101868

Cited by 7 publications

(3 citation statements)

References 51 publications

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“…Creative entrepreneurship is growing faster than the production and services market, providing jobs for some 8.3 million EU citizens, giving it the status of an effective economic model of self-employment. 1.2 million creative enterprises provide 155 billion euros of added value in the EU (Mittone et al, 2022).…”

Section: Methodology and Findingsmentioning

confidence: 99%

Correlation and Interaction of Economic Creativity Factors as a Determinant of Sustainable Development (On the Example of the Eu Countries)

Hrysenko

Pryiatelchuk²,

Shvorak

2022

BJES

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The creative economy is currently demonstrating quite intensive development indicators, and the share of the creative sector in GDP creation is constantly growing. The aim of this article is to reveal the interrelation and interdependence of socio-economic development factors and to clarify the place of the creative sector in ensuring sustainable economic growth. On the basis of 19 variables, the economies of the EU countries were analyzed by means of cluster analysis, which allowed the authors to single out 8 clusters in the constructed dendrogram, united by the nature and trends, as well as the role of the creative sector in these processes. In addition, the degree of correlation and interaction between the influencing factors themselves was described. Using RStudio, the authors built two multiple regression models, where the dependent variables were GDP and the global creativity index, and the factors were the indicators used to calculate the creativity index. Innovations and creativity are one of priorities of the program of socio-economic development of the European Union. There is a universal approach to understanding the importance of creative economy in the EU. However, the practical implementation of the strategy of development and activity of the creative industries by the EU countries is carried out in the following different directions – the foreign economic expansion of the creative industries themselves; the promotion of all national culture at the international level; export-oriented development of the creative sector of the economy; the lack of a separate comprehensive strategy of foreign economic activity for the creative industries, but the implementation of various programs and measures aimed at promoting exports of products of these industries as part of a national development strategy. Overall, the active functioning of the EU creative sector directly or indirectly affects the economy by improving its performance and creating jobs, stimulating innovation, and contributing to social and sustainable development. As a result, it was found that the global creativity index is largely dependent on the share of the creative class. It has also been proved that the creative and cultural industries determine the growth of a country's economy in terms of traditional economic and employment indicators. Investments in the creative economy will increase the qualitative and quantitative indicators of sustainable economic development.

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Section: Methodology and Findingsmentioning

confidence: 99%

Correlation and Interaction of Economic Creativity Factors as a Determinant of Sustainable Development (On the Example of the Eu Countries)

Hrysenko

Pryiatelchuk²,

Shvorak

2022

BJES

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“…To test our hypotheses, we use a between-group experiment method, adopted in similar and recent investigations into innovative choices (Mittone and Morreale, 2022). This method is considered valid for fields of research that have largely passed the nascent stage of development (Edmondson and McManus, 2007), as is the case with innovative behavior, as established by a few literature reviews (Bani-Melhem et al , 2018; Kwon and Kim, 2020).…”

Section: Methodsmentioning

confidence: 99%

Future thinking and managers’ innovative behavior: an experimental study

Eisenbart

Lovallo

Garbuio

et al. 2022

JKM

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Purpose Does future thinking enhance managers’ innovative behavior? This study aims to posit that the ability to project events while considering current/future variables and their development (i.e. future thinking) – inextricably linked with the knowledge creation process – may enhance the manager’s accuracy and the number of potentially successful innovative ideas for organizations. Design/methodology/approach The authors use a between-group experiment to examine the innovation choices of 47 subjects with experience in evaluating the market potential of new products when asked to support or otherwise reject real-life innovation-related ideas. The authors test the accuracy of decisions made by participants primed to apply future thinking, practically implemented through abductive reasoning, in their decision-making. Findings The authors found a significant change in managers’ innovative choices, with participants primed for future thinking making significantly more accurate decisions than the control group. Those participants both correctly chose innovation-related ideas with significant future potential and rejected ideas with limited potential that ultimately failed. Originality/value This study explores how future thinking enhances managers’ innovative behavior in organizations. It provides empirical evidence on how future thinking, practiced through abductive reasoning, can work to foster innovative behavior, which is an antecedent of knowledge creation. Organizations that foster future thinking concurrently create knowledge, increasing their competitive advantage in the long run.

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“…Awareness regarding risk attitudes still needs to be increased in Batik SMEs. According to Mittone et al (2022) the risk is the result or deviation from the realization of plans that may occur unexpectedly. Even though an activity has been planned as well as possible, it still contains uncertainties.…”

Section: Literature Reviewmentioning

confidence: 99%

Impact of Intellectual Capital and Risk Attitude Through Financial Literacy on Business Sustainability in Indonesia Batik Smes

Idris,

Hanafi,

Rahmawati

et al. 2023

Economics

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This study aims to create a theoretical model of business sustainability with financial literacy antecedents. The antecedents of financial literacy are intellectual capital and risk attitudes. The research location is in the province of East Java, Indonesia. Batik SMEs are only found in Indonesia because it is a cultural heritage belonging to Indonesia that does not exist in other countries. The sampling technique used was purposive sampling, with 222 respondents from the batik SMEs spread across six cities. The data was taken using a questionnaire on a Likert scale. Data analysis uses SEM (structural equation modeling) with the SmartPLS application. The study results show that risk attitudes toward financial literacy have a positive effect. The effect of financial literacy on the business sustainability of the batik industry has a positive influence. The impact of intellectual capital on the business sustainability of the batik industry has a positive effect. Risk attitudes have no significant positive impact on business sustainability. Financial literacy has yet to be able to mediate intellectual capital’s influence on the batik SME’s business sustainability. This needs to be explored further with further research. Furthermore, financial literacy can mediate risk attitudes towards the business sustainability of batik SMEs.

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What drives innovative behavior?- An experimental analysis on risk attitudes, creativity and performance

Cited by 7 publications

References 51 publications

Correlation and Interaction of Economic Creativity Factors as a Determinant of Sustainable Development (On the Example of the Eu Countries)

Correlation and Interaction of Economic Creativity Factors as a Determinant of Sustainable Development (On the Example of the Eu Countries)

Future thinking and managers’ innovative behavior: an experimental study

Impact of Intellectual Capital and Risk Attitude Through Financial Literacy on Business Sustainability in Indonesia Batik Smes

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