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DRIVERS OF INNOVATION PERFORMANCE AND FIRM PERFORMANCE: EXAMINING THE INTER-RELATIONSHIP OF RISK-TAKING, RISK MANAGEMENT AND OPEN INNOVATION

This study empirically examines how risk-taking and risk management affect open innovation (OI) and innovation performance in terms of new product or service success (NPS) and new product or service innovativeness (NPI) and analyses how OI is related to innovation performance and firm performance, utilising a combination of survey and secondary data. To test the proposed hypotheses, we perform structural equation modelling (SEM) based on a sample of 309 German firms. Our findings show that a higher level of risk-taking, as well as more extensive risk management, is associated with an increased OI intensity. Additionally, we find that supporting a positive attitude towards risk-taking, implementing risk management and engaging in OI increases the innovation performance of a firm. However, we can only detect an indirect relationship between OI and firm performance. Overall, our findings contribute to research on drivers and outcomes of OI and drivers of innovation and firm performance.