Intellectual capital and innovation

Innovation has been identified as “the principal determinant of competitiveness” (Petty and Guthrie, 2000, p. 157). However, research has also shown that it is multi-faceted and multidimensional (Tidd, 2001, p. 169). In particular, the innovation process is “power and value-laden” (Dumay et al., 2013, p. 609) with outcomes that are difficult to predict (Tidd, 2001). Further, the literature on innovation in strategic practice identifies gaps between perceptions of innovation and awareness of the common characteristics of successful innovation (Cooper and Kleinschmidt, 1993, p. 74). Here, researchers find that the role of subjective judgment and its behavioural implications have strong links to innovation and its management (Bisbe and Otley, 2004; Chenhall and Moers, 2015).