Advances in Management and Applied Economics

Open Innovation Practices, Product Development and Business Performance in Manufacturing Firms

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• Abstract

  In the scientific literature on innovation, there is a growing interest of researchers and academics in the analysis and discussion of the phenomenon of open innovation, as well as in the documentation of the contribution of empirical evidence of the capacities of the development of new products. However, little is known about the relationship between open innovation practices, new product development, and business performance, which is why there is a call from researchers, academics, and industry professionals, for future guidance, studies in the analysis and discussion of these three constructs through large samples that allow generalization of the results obtained, for which this research has the main objective of filling this gap in the literature through an extensive review of the literature. Likewise, a self-administered questionnaire was distributed to a sample of 460 manufacturing companies in Mexico, analyzing the data set through confirmatory factor analysis and structural equation models. The results obtained suggest that open innovation practices have significant positive effects on both the development of new products and the business performance of manufacturing companies in the automotive industry.

  JEL classification numbers: M31

  Keywords: Open innovation practices, Product development, Firm performance, Manufacturing firms.