He nández-Pe lines, Felipe; Blanco-González, Alicia; Mio o, Gio gia
A icle
Inno a ion in amily businesses: Explo ing he in luence
o en ep eneu ial o ien a ion and abso p i e capaci y on
inno a i e capaci y
Jou nal o Inno a ion & Knowledge (JIK)
P o ided in Coope a ion wi h:
Else ie
Sugges ed Ci a ion: He nández-Pe lines, Felipe; Blanco-González, Alicia; Mio o, Gio gia (2024) :
Inno a ion in amily businesses: Explo ing he in luence o en ep eneu ial o ien a ion and
abso p i e capaci y on inno a i e capaci y, Jou nal o Inno a ion & Knowledge (JIK), ISSN
2444-569X, Else ie , Ams e dam, Vol. 9, Iss. 4, pp. 1-14,
h ps://doi.o g/10.1016/j.jik.2024.100600
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Inno a ion in amily businesses: Explo ing he in luence o en ep eneu ial
o ien a ion and abso p i e capaci y on inno a i e capaci y
Felipe He n´
andez-Pe lines
a,*
, Alicia Blanco-Gonz´
alez
b
, Gio gia Mio o
c
a
Uni e si y o Cas illa La Mancha, Calle San Ped o M´
a i , 7, 45002, Toledo, Spain
b
Rey Juan Ca los Uni e si y, Paseo de los A illos s/n, 28032, Mad id, Spain
c
Eada Business School, Ca e d’A ag´
o, 204, L’Eixample, 08011 Ba celona, Spain
ARTICLE INFO
JEL codes:
M10
L21
O52
Keywo ds:
En ep eneu ial o ien a ion
Abso p i e capaci y
Inno a i e capaci y
Family business
Dynamic capabili ies
ABSTRACT
Fi ms’ inno a ion posi i ely a ec s hei compe i i eness and hus hei inancial pe o mance. To b idge he
esea ch gap in he heo e ical amewo k o dynamic capabili ies and espond o he call o pape s o explo e
new ways o analyzing inno a ion in amily businesses, his s udy in es iga es how en ep eneu ial o ien a ion
and abso p i e capaci y in luence inno a i e capaci y in amily i ms. Da a om 156 amily i ms a e analyzed
using he heo e ical amewo k o dynamic capabili ies and s uc u al equa ion modeling. The esul s e eal ha
bo h en ep eneu ial o ien a ion and abso p i e capaci y in luence inno a i e capaci y and ha his in luence is
g ea e when bo h capabili ies ac oge he han when hey ac indi idually. This s udy con i ms ha en e-
p eneu ial o ien a ion and abso p i e capaci y a e an eceden s o inno a i e capaci y. Mo eo e , en ep eneu ial
o ien a ion has a g ea e in luence on inno a i e capaci y han abso p i e capaci y does.
In oduc ion
A majo conce n o companies in gene al, and amily businesses in
pa icula , is achie ing and main aining a le el o compe i i eness ha
enables hem o compe e in dynamic, hos ile, unce ain, and e e -
changing en i onmen s (S iegli z e al., 2016). Among o he ac o s, a
company’s compe i i eness depends on i s abili y o de elop new
p oduc s and p ocesses o ace and adap o en i onmen al changes
(Casei o & Coelho, 2019; Hel a e al., 2007; Teece e al., 1997). In
pa icula , inno a ion helps amily i ms espond e ec i ely o changes
ou side he i m (Ch isman e al., 2015; De Massis e al., 2016). Agazu
and Ke o (2024) e iewed 40 s udies published be ween 2015 and 2023
on he ela ionship be ween inno a ion and compe i i eness,
concluding ha i ms’ inno a ion posi i ely a ec s hei compe i i e-
ness and hus hei inancial pe o mance (Nybakk & Jenssen, 2012).
Simila ly, Acu e al. (2012), Hughes and Mo gan (2007), and Szu owski
e al. (2019) all ind ha inno a i e capaci y posi i ely in luences
business g ow h. Gi en he need o con inue explo ing inno a ion’s
challenges and oppo uni ies (Lee e al., 2010; Tho pe e al., 2005), his
s udy analyzes he inno a i e capaci y o amily i ms, he eby eplying
o he calls o Apa icio e al. (2019) and Casado-Belmon e e al. (2021) o
ad ance esea ch on inno a ion and i s de e mining ac o s in amily
i ms.
Inno a i e capaci y in amily i ms can be analyzed om di e en
pe spec i es using a ious heo e ical amewo ks (Calab `
o e al., 2019).
In his s udy, we adop he dynamic capabili ies app oach (Teece e al.,
1997) ollowing Díaz e al. (2006), Ga cía-Valde ama e al. (2009),
He n´
andez-Pe lines e al. (2019), and Mon ei o e al. (2019). This
analy ical me hod is based on he p emise ha companies can build and
main ain hei compe i i e ad an age by c ea ing and econ igu ing
hei esou ces and capabili ies in he long e m (Damanpou &
Wischne sky, 2006). Few s udies ha e adop ed he dynamic capabili ies
app oach o analyze i m-le el inno a ion. Among his sca ce li e a u e,
De Massis e al. (2016) examined mul iple case s udies, showing ha
inno a ion ou comes mus be in e nalized and ein e p e ed h ough he
lens o a i m’s capabili ies and knowledge. Casp ini e al. (2017)
analyzed how open inno a ion in amily i ms is de e mined by hei
in e nal esou ces and ex e nal knowledge, using a single case s udy.
In he p esen s udy, we de ine inno a i e capaci y as he esul o
he con inuous de elopmen o inno a ion de i ed om he c ea ion,
ans o ma ion, and applica ion o knowledge (Joshi e al., 2015). F om
a dynamic pe spec i e, his in ol es he c ea ion o new p oduc s and
p ocesses (Lumpkin & Dess, 1996) and he in oduc ion and de elop-
men o inno a ions (Naka a e al., 2011). Howe e , we go a s ep u he
* Co esponding au ho .
E-mail add esses: [email p o ec ed] (F. He n´
andez-Pe lines), [email p o ec ed] (A. Blanco-Gonz´
alez), [email p o ec ed] (G. Mio o).
Con en s lis s a ailable a ScienceDi ec
Jou nal o Inno a ion & Knowledge
jou nal homepage: www.else ie .com/loca e/jik
h ps://doi.o g/10.1016/j.jik.2024.100600
Recei ed 26 Feb ua y 2024; Accep ed 15 Oc obe 2024
Jou nal o Inno a ion & Knowledge 9 (2024) 100600
A ailable online 8 No embe 2024
2444-569X/© 2024 The Au ho (s). Published by Else ie España, S.L.U. on behal o Jou nal o Inno a ion & Knowledge. This is an open access a icle unde he
CC BY-NC-ND license (
h p://c ea i ecommons.o g/licenses/by-nc-nd/4.0/ ).
by analyzing he mul iple ac o s ha de e mine inno a ion in amily
i ms (Apa icio e al., 2019; Calab `
o e al., 2019).
The i s an eceden o inno a i e capaci y analyzed in his s udy is
en ep eneu ial o ien a ion (Rhee e al., 2010; Zeeba ee & Si on,
2017). Kamme lande and Gan e (2015) and Kamme lande e al.
(2015) claimed ha inno a ion depends on he en ep eneu ial
beha io o amily i ms. Mo eo e , en ep eneu ship is c ucial o he
success o amily businesses, a ec ing hei p o i abili y, g ow h
(Casillas & Mo eno, 2010; Zah a, 1996; Zah a e al., 2004), and su i al
(Kelle manns & Eddles on, 2006). Indeed, mul iple s udies show ha
en ep eneu ial o ien a ion posi i ely impac s i ms’ pe o mance
(Ba oso Ma ínez e al., 2016; Chi ico e al., 2011). Hence, ollowing
C uz and No dq is (2012), He n´
andez-Pe lines e al. (2018), Kelle -
manns e al. (2012), Naldi e al. (2007), and Zah a (2005), we measu e
en ep eneu ship using en ep eneu ial o ien a ion.
En ep eneu ial o ien a ion has ecen ly become a ocus o esea ch
(Co in & Wales, 2012) and has no only expe ienced signi ican g ow h
in he managemen li e a u e (Lombe g e al., 2017), bu also es ab-
lished i sel as a speci ic ield (Mason e al., 2015) in business manage-
men (Basco e al., 2020; Ca usgil & Knigh , 2015; Wales e al., 2013). I
has been de ined as a company’s skill o seize new business oppo u-
ni ies (He n´
andez-Pe lines, 2018; Rig e ing e al., 2017). Acco ding o
Mille (1983), a company’s en ep eneu ial o ien a ion ep esen s i s
willingness o ake isks, p omo e inno a ion, and ope a e p oac i ely.
Simila ly, acco ding o Russell Me z and Saube (1995) en ep eneu ial
o ien a ion is linked o p oac i e and inno a i e beha io s. Lumpkin
and Dess (1996) added compe i i e agg essi eness and au onomy o he
a o emen ioned beha io s.
F om he li e a u e e iewed abo e, wo app oaches o measu ing
en ep eneu ial o ien a ion s and ou . The i s asse s ha he h ee
cha ac e is ics ha bes de ine en ep eneu ial o ien a ion a e inno a-
ion, p oac i i y, and isk- aking (Mille , 1983). Acco ding o Co in and
Sle in (1989)), a company’s en ep eneu ial o ien a ion depends on i s
deg ee o change, inno a ion, and isk- aking when agg essi ely
compe ing. This concep o en ep eneu ial o ien a ion aligns wi h a
company’s abili y o de elop inno a ions, ake isks, and be pionee s in
i s s a egies (Fai oz e al., 2010). Fu he , acco ding o Lombe g e al.
(2017), he dimensions o inno a ion, p oac i i y, and isk- aking de ine
en ep eneu ial o ien a ion by cap u ing he essence o en ep eneu ial
beha io (Basco e al., 2020).
The second app oach de ines en ep eneu ial o ien a ion as a se o
p ocesses, p ac ices, and decision-making ac i i ies ha lead o he
en y o new businesses (Lumpkin & Dess, 1996). In addi ion o inno-
a ion, p oac i i y, and isk- aking (Mille , 1983), his de ini ion con-
side s au onomy and compe i i e agg essi eness. Acco ding o Co in
and Wales (2019) and He n´
andez-Pe lines e al. (2021), he unda-
men al dis inc ion be ween Mille ’s (1983) p oposal and Lumpkin and
Dess’ (1996) app oach is ha he i s conside s ha en ep eneu ial
o ien a ion depends on he coexis ence o i e dimensions, while he
second s a es ha hey ope a e independen ly.
In his s udy, we ollow he i s app oach. Based on he abo e
amewo k and esea ch objec i es, we analyze he ela ionship be ween
en ep eneu ial o ien a ion and inno a i e capaci y h ough he
ollowing esea ch ques ion:
RQ1: Does en ep eneu ial o ien a ion in luence inno a i e capaci y
and, i so, how?
The second an eceden o inno a i e capaci y analyzed in his s udy
is abso p i e capaci y. Mul iple s udies ha e poin ed ou ha inno a ion
is de e mined by abso p i e capaci y (Apa icio e al., 2019; Calab `
o
e al., 2019; Cepeda-Ca i´
on e al., 2012; Ko la e al., 2020; Wang &
Wang, 2012). I is a dynamic capabili y (Wang & Ahmed, 2007), wi h
se e al de ini ions exis ing in he li e a u e. Howe e , he mos ele an
de ini ion accep ed by mos schola s (Volbe da e al., 2010) is a ibu ed
o Zah a and Geo ge (2002), who s a ed ha abso p i e capaci y is “a se
o ou ines and o ganiza ional p ocesses h ough which companies ac-
qui e, assimila e, ans o m, and exploi knowledge” (p. 186).
Jansen e al. (2005), Lane e al. (2006), and Todo o a and Du isin
(2007)) analyzed he mul idimensional na u e o abso p i e capaci y.
Jansen e al. (2005) a gued ha a company’s success depends la gely on
i s abili y o ecognize, assimila e, and apply new knowledge. Lane e al.
(2006) examined he in luence o abso p i e capaci y on inno a i e
pe o mance, inancial pe o mance, compe i i e ad an age, and
knowledge ans e . Acco ding o Ga c´
es-Galdeano e al. (2024),
abso p i e capaci y also plays a key ole in enabling lea ning and
inno a ion. Inno a ion enables a company o exploi business oppo -
uni ies (I eland e al., 2009). Fu he mo e, i is c ucial o business
compe i i eness (G e e, 2009) and pe o mance (Tsai & Yang, 2014),
e en a ec ing a company’s su i al (Van Gils e al., 2014). Inno a ion
allows companies o c ea e new p oduc s and p ocesses and en e new
ma ke s (Wang & Ahmed, 2007). I gene a es alue om some hing new
o imp o ed (Ca negie & Bu lin, 1993).
In he p esen s udy, we adop P ajogo and Sohal’s (2006) de ini ion
o inno a ion, which goes beyond he con en ional esea ch and
de elopmen (R&D)-based app oach and ocuses on inno a ion de el-
opmen , allowing us o connec i wi h abso p i e capaci y. In his
con ex , unde s anding ha abso p i e capaci y is he abili y o ecog-
nize he impo ance o new oppo uni ies and gene a e new knowledge
(Ma hews, 2002), we p opose he ollowing esea ch ques ion:
RQ2: Does abso p i e capaci y in luence inno a i e capaci y and, i
so, how?
This s udy speci ically a ge s amily businesses since hey a e he
mos ep esen ed business model in he wo ld (Gedajlo ic e al., 2012;
G´
omez-Mejía e al., 2007; He n´
andez-Pe lines & Ribei o-So iano, 2023).
Acco ding o he 2023 Global Family Business Index de eloped by E ns
and Young and he Uni e si y o S . Gallen in Swi ze land, amily
businesses a e he backbone o mos economies and ep esen be ween
80 % and 90 % o global businesses (Family Business Index, 2023).
Ou s udy con ibu es o he li e a u e on amily i m inno a ion,
en ep eneu ship managemen , abso p i e capaci y, and business man-
agemen by con i ming he ac o s ha in luence inno a i e capaci y in
amily i ms as well as e ealing he ac o ha has he highe in luence
on amily i ms’ inno a i e capaci y. Addi ionally, by using he dynamic
capabili ies app oach and pa ial leas squa es s uc u al equa ion
modeling (PLS-SEM) o analyze he da a, he esea ch con ibu es o he
amily business li e a u e, since hese me hods a e a ely used o analyze
he ela ionships among en ep eneu ial o ien a ion, abso p i e capac-
i y and inno a i e capaci y.
Theo e ical amewo k and hypo heses de elopmen
Inno a i e capaci y is ele an o a i m’s compe i i eness and
pe o mance (Agazu & Ke o, 2024; O iz-Villajos & So oca, 2018). Many
au ho s ha e highligh ed he posi i e ela ionship be ween inno a ion
and compe i i eness, including, mos ecen ly, Agazu and Ke o’s (2024)
sys ema ic li e a u e e iew o 40 s udies published be ween 2015 and
2023 in Scopus, Web o Science (WOS), PubMed, and Taylo and
F ancis. Inno a ion is also a ele an esea ch opic in he li e a u e on
amily businesses (Apa icio e al., 2019; Calab `
o e al., 2019; Casado--
Belmon e e al., 2021; Miglio i e al., 2020; S obl e al., 2020). How-
e e , he indings on inno a ion in gene al and in amily businesses
speci ically a e con adic o y, necessi a ing u he esea ch o del e
deepe in o he opic.
Apa icio e al. (2019) conduc ed a bibliome ic s udy on inno a ion
in amily i ms by analyzing 207 s udies published be ween 1994 and
2017 in WOS. They co obo a ed he academic in e es on inno a ion in
amily businesses, no ing a subs an ial inc ease in he numbe o pub-
lica ions on his opic in WOS jou nals. They classi ied hese pape s in o
h ee main ca ego ies. The i s includes pape s iden i ying he in e nal
cha ac e is ics ha a ec inno a i e beha io by amily i ms. They
highligh ed signi ican he e ogenei y among amily i ms because o
hei indi iduali ies, including amily cul u e, non- inancial objec i es,
in e nal ela ionships, en ep eneu ship, and go e nance.
F. He n´
andez-Pe lines e al.
Jou nal o Inno a ion & Knowledge 9 (2024) 100600
2
Consequen ly, hey analyzed he e ec s o en ep eneu ial o ien a ion
on inno a ion in amily businesses. The second ca ego y includes s udies
on ex e nal ac o s as de e minan s o inno a ion in amily businesses.
The hi d ca ego y includes ad anced esea ch on inno a ion in amily
businesses and hei managemen and inno a ion imp o emen .
Calab `
o e al. (2019) conduc ed a sys ema ic e iew o he li e a u e
on inno a ion in amily businesses in 118 pee - e iewed jou nal a icles
published be ween 1961 and 2017. They ound signi ican he e ogenei y
in con ibu ions on inno a ion in amily i ms, di iding he con ibu-
ions in o h ee main g oups: heo e ical, quali a i e empi ical, and
quan i a i e empi ical. In he i s g oup, mos o he s udies ha e used a
mul i-c i e ia heo e ical amewo k, wi h ew using dynamic capabil-
i ies o s udy inno a ion in amily i ms. The second g oup includes
esea ch based on he case me hod (single o mul iple cases) o analyze
inno a ion. Wi hin his g oup, De Massis e al. (2016), using a
mul iple-case me hodology, desc ibed inno a ion h ough adi ion,
which is a ec ed by he capabili ies needed o in e nalize and ein e -
p e pas knowledge. The hi d g oup includes quan i a i e s udies,
which ha e analyzed no only he di ec e ec o amily a iables on
inno a ion, bu also he in luence o inno a ion on amily business
pe o mance, including he mode a ing oles o amily a iables.
Ano he sys ema ic e iew o he li e a u e on inno a ion in amily
businesses was ca ied ou by Casado-Belmon e e al. (2021). These
au ho s e iewed 975 pape s published be ween 1987 and 2019 in he
WOS and Scopus da abases. They g ouped he pape s in o ou heo-
e ical amewo ks and i e hema ic clus e s, encou aging u he
esea ch on amily i m inno a ion h ough an in eg a i e amewo k
ha imp o es he unde s anding o he e ogeneous inno a ion beha io
in amily i ms. Acco ding o hem, en ep eneu ship and abso p i e
capaci y a e he key ac o s o inno a ion in amily i ms.
Finally, Hu and Hughes (2020) conduc ed a sys ema ic li e a u e
e iew on adical inno a ion in amily i ms based on 51 a icles pub-
lished be ween 2003 and 2018 in high-impac jou nals. These 51 pape s
we e classi ied in o ou g oups acco ding o he au ho s’ heo e ical
app oach: he esou ce-based iew app oach and i s capabili ies ex en-
sion, agency and s ewa dship heo y, beha io al agency and socio-
emo ional weal h, and he capabili y and willingness pa adox. The
au ho s e ealed ha only one a icle has used en ep eneu ial o ien-
a ion as a basis o explaining adical inno a ion. Simila ly, C aig e al.
(2014) analyzed he adical inno a ion o 532 i ms in Finland,
concluding ha isk- aking does no a ec inno a ion ou comes and
e ealing ha only one s udy, Huang e al. (2015), which ocused on 165
Taiwanese i ms, has speci ied ha abso p i e capaci y acili a es
inno a ion by mode a ing he ela ionship be ween R&D budge allo-
ca ion and inno a ion.
Inno a i e capaci y
Inno a ion is a ecu ing opic in business managemen esea ch. I
co e s aspec s such as he de elopmen o new p oduc s o se ices,
p oduc ion me hods, o ganiza ional models, ma ke iden i ica ion, and
supply chain managemen (Schumpe e , 1934). Acco ding o Mille and
F iesen (1983), inno a ion has ou dimensions: a) new p oduc o
se ice inno a ion, b) p oduc ion me hod o se ice deli e y inno a-
ion, c) isk- aking by execu i e eam membe s, and d) he sea ch o
unusual and new solu ions. Cap´
on e al. (1992) ocused on o ganiza-
ional inno a ion, de ining h ee dimensions: a) ma ke -wide inno a i e
capaci y, b) pionee ing s a egic ends, and c) echnological sophis i-
ca ion. Companies can imp o e hei esul s h ough inno a ion in new
o imp o ed p oduc s and p ocesses o mee he needs o hei cu en
and po en ial cus ome s (O lay, 1993). Acco ding o P ajogo and Sohal
(2006), changes in p oduc s o se ices may come om di e en inno-
a ion p ocesses based on he gene a ion o new ideas.
The inno a ion p ocess in ol es p oduc and p ocess inno a ion,
which bo h a ec companies’ compe i i eness and a e essen ial o
economic g ow h (Camison & Villa -L´
opez, 2010). This bidimensional
concep o inno a ion p o ides a b oade pe spec i e han he adi-
ional R&D and inno a ion de ini ion, and i is he mos widely accep ed
app oach o unde s and inno a ion (Camison & Villa -L´
opez, 2010;
Mille & F iesen, 1983; P ajogo & Sohal, 2006). The ele ance o
inno a ion lies in i s egula and con inuous implemen a ion (Hjalage ,
2010), which enables companies o each new ma ke s (Wang & Ahmed,
2004).
Inno a i e capaci y allows ce ain beha io s o eme ge in a company
o implemen new p oduc s and ma ke s, o ming he basis o he
compe i i e ad an age ha he company can gain om he ela ionship
among i s esou ces, capabili ies, and he en i onmen (Wang & Ahmed,
2007). This esea ch ocuses on he inno a ion de ini ion based on he
gene a ion o new p oduc s and p ocesses (P ajogo & Sohal, 2006;
Schumpe e , 1934).
De Massis e al. (2013), Du an e al., (2016), and Mille and Le
B e on-Mille (2005) s udied inno a ion in amily businesses as an in-
dica o o i m success and su i al (Calab `
o e al., 2019; Eddles on
e al., 2008; No dq is e al., 2009). Howe e , despi e he signi ican
inc ease in s udies analyzing inno a ion in amily businesses, how
inno a ion ac s o e successi e gene a ions emains unclea (Calab `
o
e al., 2019; Ch isman e al., 2015;). De Massis e al. (2014) and Ch is-
man e al. (2015) a ibu ed his o he pa adox o capaci y and will-
ingness. Inno a ion in amily businesses is o en mo e p oduc i e han
ha in non- amily businesses (De Massis e al., 2013). Family i ms ha e
esou ces and capabili ies ha allow hem o be compe i i e and
main ain hei compe i i eness o e ime (Sha ma & Sal a o, 2011).
This ad an age depends on hei (dynamic) capabili y o adap , include,
and econ igu e acqui ed knowledge (Zellwege & Siege , 2012). The
heo e ical amewo k o dynamic capabili ies unde pins ou esea ch
(Ing am & K a´
snicka, 2023; Makadok, 2001; P ahalad & Hamel, 1990;
Teece e al., 1997), as such capabili ies enable companies o adap o
e e changing en i onmen al condi ions. Mo eo e , ce ain amily
business cha ac e is ics a o inno a ion (Bammens e al., 2015; Du an
e al., 2016). Family businesses ha e ecen ly begun o apply open
inno a ion h ough collabo a i e s a egies (Lamb ech s e al., 2017).
Ko la e al. (2013) analyzed he ac o s ha acili a e o hinde open
inno a ion in amily businesses.
En ep eneu ial o ien a ion
En ep eneu ial o ien a ion has ecen ly become one o he mos
impo an opics in he business li e a u e (Co in & Mille , 2014; Co in
& Sle in, 1991; Engelen e al., 2015; K opp e al., 2006; Rauch e al.,
2009). En ep eneu ship and en ep eneu ial o ien a ion a e c i ical o
he su i al and g ow h o amily i ms (Acs & A ming on, 2004; Classen
e al., 2012), which o e a unique con ex o esou ces and capabili ies
o en ep eneu ial o ien a ion (Casillas e al., 2010). Mo eo e , en e-
p eneu ial o ien a ion is a key ac o behind inno a ion in amily busi-
nesses (Apa icio e al., 2019; Calab `
o e al., 2019; Casado-Belmon e
e al., 2021; Hu & Hughes, 2020). We examine en ep eneu ial o ien-
a ion because al hough p e ious s udies ha e poin ed ou ha en e-
p eneu ial o ien a ion can explain inno a ion in amily i ms, ecen
esea ch has ecommended u he s udies (Apa icio e al., 2019; Cal-
ab `
o e al., 2019; Casado-Belmon e e al., 2021; Hu & Hughes, 2020).
En ep eneu ial o ien a ion has unde gone mul iple e o mula ions
since i s o iginal concep ion, e ol ing in o a dynamic concep . Mille
(1983) was he i s o discuss en ep eneu ial o ien a ion, cha ac e -
izing i as a i m’s beha io ma ked by inno a ion, p oac i i y, and
isk- aking. La e , conside ing his de ini ion, some au ho s s a ed ha
en ep eneu ial o ien a ion depends on he deg ee o which change,
inno a ion, decision-making, and agg essi e compe i ion a e s imula ed
(Geo ge & Ma ino, 2011; Wiklund & Shephe d, 2005). Engelen e al.
(2015) de ined en ep eneu ial o ien a ion as a company’s abili y o
ca y ou inno a ion- ela ed ac i i ies, ake isks, and pionee new ac-
ions. In o he wo ds, adop ing an en ep eneu ial o ien a ion can help
c ea e new ma ke o e ings, ake isks o es new p oduc s/se ices and
F. He n´
andez-Pe lines e al.
Jou nal o Inno a ion & Knowledge 9 (2024) 100600
3
ma ke s, and be mo e p oac i e han compe i o s when exploi ing new
oppo uni ies (Co in & Sle in, 1991; Lumpkin & Dess, 1996; Mille ,
1983; Wiklund & Shephe d, 2005).
The dimensionali y o en ep eneu ial o ien a ion and in e depen-
dence be ween i s dimensions ha e been ie cely deba ed (Co in e al.,
2006; Knigh , 2000; K eise e al., 2002; Lumpkin & Dess, 1996). As
no ed ea lie , en ep eneu ial o ien a ion in ou s udy consis s o h ee
dimensions: inno a ion, p oac i i y, and isk- aking. Inno a ion is
cha ac e ized by a endency o suppo new ideas, expe imen , and use
c ea i e p ocesses (Chand a e al., 2009; K opp e al., 2006; Mille &
F iesen, 1983). P oac i i y e e s o pionee s seeking ad an ages by
an icipa ing u u e ma ke desi es and needs o capi alize on eme ging
business oppo uni ies (Co in & Sle in, 1989; Lumpkin & Dess, 1996)
and in oduce new p oduc s and se ices be o e compe i o s (Rauch
e al., 2009). Risk- aking in ol es implemen ing s a egies ha equi e
signi ican esou ces wi hou a high assu ance o success (K aus e al.,
2012; Lumpkin & Dess, 1996). En ep eneu ial o ien a ion is conside ed
o be a second-o de composi e mode ( o mo e in o ma ion, see Co in &
Wales, 2012; Hansen e al., 2011; He n´
andez-Pe lines, 2016; Rauch
e al., 2009); in o he wo ds, i cap u es business beha io c ucial o i s
ela ionship wi h business pe o mance. The heo e ical a gumen un-
de pinning his s a emen is ha companies bene i om inno a ion,
p oac i i y, and isk- aking (Lumpkin & Dess, 1996).
P e ious s udies ha e con i med he posi i e ela ionship be ween
en ep eneu ial o ien a ion and i m pe o mance (Ba inge & Blue-
do n, 1999; Co in & Sle in, 1989; Da is e al., 2010; F ank e al., 2010;
He n´
andez-Pe lines e al., 2016; Lumpkin & Dess, 1996; Mille , 1983;
Wiklund, 1999; Wiklund & Shephe d, 2005; Zah a, 1991; Zah a &
Co in, 1995). This ela ionship is conside ed o be independen o
company cha ac e is ics and na ional con ex (Iba a-Cisne os e al.,
2021; Rauch e al., 2009; Saeed e al., 2014), making en ep eneu ial
o ien a ion a aluable p edic o o business success (He n´
andez-Pe lines
& Iba a Cisne os, 2017; K aus e al., 2012) and con i ming he ela-
ionship be ween en ep eneu ial o ien a ion and business compe i-
i eness (Hughes e al., 2018; Yin e al., 2021). This ela ionship allows
he edesigning o p ocesses o explo e new g ow h pa hs (Alam e al.,
2023). Addi ionally, p e ious s udies ha e linked en ep eneu ial
o ien a ion o inno a i e capaci y based on he desi e o es c ea i e
ideas (Gup a & Ba a, 2016; Real e al., 2014; Shan e al., 2016).
Based on he abo e, we p opose he ollowing hypo hesis:
H1. En ep eneu ial o ien a ion posi i ely in luences he inno a i e
capaci y o amily businesses.
Abso p i e capaci y
In his s udy, abso p i e capaci y is conside ed as he abili y o
explo e, assimila e, ans e , and apply new knowledge (Cohen & Le -
in hal, 1990; Zah a & Geo ge, 2002). Abso p i e capaci y has a posi i e
e ec on a company’s inno a i e beha io (Aljanabi e al., 2014;
Cepeda-Ca ion e al., 2012; Ga c´
es-Galdeano e al., 2024;
Gonz´
alez-Campo & Ayala, 2014). I enables companies o ecognize,
assimila e, and apply new knowledge o compe e in he ma ke (Jansen
e al., 2005). Cohen and Le in hal (1990) we e he i s o de ine
abso p i e capaci y, s a ing ha i is a company’s abili y o iden i y,
assimila e, and exploi new knowledge. This is in angible and c ucial o
alue c ea ion. The concep has e ol ed o e ime, wi h he mos ele-
an de ini ion a ibu ed o Zah a and Geo ge (2002). F om his de i-
ni ion, an abundan li e a u e on abso p i e capaci y has eme ged
(Volbe da e al., 2010), wi h some s udies add essing i s mul idimen-
sional na u e (Jansen e al., 2005; Lane e al., 2006; Todo o a & Du isin,
2007) and o he s analyzing i s an eceden s (Ande sen & Foss, 2005;
A go e & Ing am, 2000; Dijks e huis e al., 1999; Kogu & Zande , 1992;
Lane & Luba kin, 1998; Lane e al., 2001; Lenox & King, 2004; Lyles &
Salk, 2007; Van den Bosch e al., 1999). Some s udies ha e also analyzed
he in luence o abso p i e capaci y on inno a i e pe o mance,
inancial pe o mance, compe i i e ad an age, and knowledge ans e
(Lane e al., 2006).
Addi ionally, some ha e analyzed i s media ing ole. Fo example,
Aljanabi e al. (2014) s udied abso p i e capaci y’s media ing ole in he
ela ionship be ween o ganiza ional suppo ac o s and echnological
inno a ion. Leal-Rod íguez e al. (2014) ocused on inno a ion ou -
comes. S´
aenz e al. (2014) and Adisa and Rose (2013) analyzed he
media ing e ec o abso p i e capaci y on buye –supplie ela ionships
and knowledge ans e , espec i ely, while Liu e al. (2013) and
WuYang e al. (2010) examined his e ec on he ela ionship be ween
in o ma ion echnology capabili ies and i m pe o mance and ech-
nology managemen capaci y and new p oduc de elopmen pe o -
mance, espec i ely. O he au ho s ha e highligh ed he mode a ing
ole o abso p i e capaci y. Fo example, Hay on and Zah a (2005)
con i med ha abso p i e capaci y mode a es business g ow h h ough
collabo a ion o acquisi ions and ou comes measu ed by e enue ol-
ume and new p oduc /p ocess de elopmen . Addi ionally, Zah a &
Hay on (2008) a i med ha abso p i e capaci y posi i ely mode a es
he ela ionship be ween in e na ional ac i i ies and business
pe o mance.
Howe e , s udies analyzing abso p i e capaci y in amily businesses
a e sca ce (Ande sen, 2015; De Masis e al., 2013; Ga c´
es-Galdeano
e al., 2024; He n´
andez-Pe lines & Iba a Cisne os, 2017). Among he
sca ce li e a u e, Ande sen (2015) s a ed ha abso p i e capaci y be-
ha es di e en ly depending on he ype o amily business analyzed.
Fe ei a and Fe ei a (2017) claimed ha abso p i e capaci y la gely
de e mines he inno a ion pe o mance o amily businesses. Fu he -
mo e, Volbe da e al. (2010) e ealed ha he owne ship o a amily
business is a key de e minan o i s abso p i e capaci y, while Ko la
e al. (2020) analyzed how ce ain in e nal con ingency ac o s ela ed
o emo ional a achmen and powe concen a ion acili a e o hinde
abso p i e capaci y. Acco ding o G´
omez-Mejía e al. (2007), socio-
emo ional weal h sheds ligh on abso p i e capaci y in amily busi-
nesses. Ali and Pa k (2016) analyzed he ela ionship be ween wo ypes
o abso p i e capaci ies (po en ial and ealized), inno a i e cul u e, and
o ganiza ional inno a ion.
Thus, based on he abo e, we p opose he second hypo hesis as
ollows:
H2. Abso p i e capaci y posi i ely in luences he inno a i e capaci y
o amily businesses.
Fig. 1 p esen s he p oposed esea ch model.
Me hodology
Da a collec ion
To collec he da a o his s udy, we used a ques ionnai e design.
Be ween Sep embe and No embe 2023, ques ionnai es we e emailed
h ough he LimeSu ey pla o m om he use se ice cen e o he
Uni e si y o Cas illa-La Mancha o he chie execu i e o ice s (CEOs) o
1045 amily businesses associa ed wi h he Ins i u e o Family Business
in Spain. In esponse o he su ey, 156 alid ques ionnai es we e
ecei ed ( esponse a e: 15 %), om which we colla ed he equi ed
da a. Table 1 shows he sample cons uc ion.
As shown in Table 2, o he 156 amily businesses, 67.30 % a e olde
han 25 yea s, 76.27 % employ ewe han 249 wo ke s (i.e., hey a e
de ined as small and medium-sized en e p ises), 41.03 % ope a e in he
se ice sec o , and 26.28 % a e i s -gene a ion amily i ms. Rega ding
hei CEOs, 46.15 % do no ha e a uni e si y deg ee, 55.76 % a e men,
and 61.53 % a e amily membe s. Fu he mo e, 54.49 % o he i ms
ha e ex e nal di ec o s on hei boa d o di ec o s.
The s a is ical powe o he sample used in his s udy was 0.995. I
was calcula ed using Cohen’s (1992) e ospec i e powe analysis and
ob ained using he G*Powe 3.1.9.6 p og am (Faul e al., 2009). The
ob ained alue allows us o s a e ha he sample used in his s udy has
F. He n´
andez-Pe lines e al.
Jou nal o Inno a ion & Knowledge 9 (2024) 100600
4
adequa e s a is ical powe , as i exceeds he h eshold o 0.80 se by
Cohen (1992).
Measu emen o he a iables
In his s udy, inno a i e capaci y was he dependen a iable, while
en ep eneu ial o ien a ion and abso p i e capaci y we e used as inde-
penden a iables. All h ee a iables we e measu ed using a 7-poin
Like scale anging om 1 (s ongly disag ee) o 7 (s ongly ag ee).
Inno a i e capaci y was measu ed using he scale p oposed by P ajogo
and Sohal (2006), which conside s bo h p oduc inno a i e capaci y
( i e i ems) and p ocess inno a i e capaci y ( ou i ems). As his scale
conside s compe i o s, i educes subjec i e esponse bias (K a , 1990).
En ep eneu ial o ien a ion was measu ed using nine i ems assessing
inno a ion, p oac i i y, and isk- aking. The i ems we e aken om he
scale p oposed by Mille (1983) and modi ied by Co in and Sle in
(1989)) and Co in and Mille (2014). Abso p i e capaci y was a e aged
om a scale o a mul idimensional na u e (Jansen e al., 2005; Lane
e al., 2006; Todo o a & Du isin, 2007), which includes ou
dimensions: acquisi ion ( h ee i ems), assimila ion ( ou i ems), ans-
o ma ion ( ou i ems), and exploi a ion ( h ee i ems). In addi ion,
ollowing J.J. Ch isman e al. (2015), we used h ee con ol a iables:
i m size, measu ed by he numbe o employees; i m age, measu ed by
he numbe o yea s since ounda ion; and i m sec o , conside ing he
p ima y, indus ial, and se ice sec o s.
Fig. 1. P oposed esea ch model.
Sou ce: Compiled by he au ho .
Table 1
Sample cons uc ion.
Sample size 1045 i ms/156 ques ionnai es
Uni o analysis Fi ms
Geog aphical scope Spain
Valid esponses ( esponse a e) 156 (14.92 %)
Con idence le el 95 %
E o a e 7.24 %
In o man s CEOs
Da a collec ion pe iod Sep embe o No embe 2023
Sou ce: Compiled by he au ho .
Table 2
Sample in o ma ion.
N %
Fi m age (yea s) <25 51 35.70
>25 105 67.30
Fi m employees 10–49 64 41.02
50–249 55 35.25
>250 37 23.73
Fi m sec o P ima y 34 21.80
Indus ial 58 37.17
Se ices 64 41.03
Gene a ion 1s 41 26.28
2nd 70 44.87
3 d o mo e 45 28.85
CEO educa ion le el No uni e si y 72 46.15
Uni e si y 84 53.85
CEO gende Male 87 55.76
Female 69 44.24
Family CEO Yes 96 61.53
No 60 38.47
Ex e nal di ec o s on he boa d Yes 85 54.49
No 71 45.51
Sou ce: Compiled by he au ho .
F. He n´
andez-Pe lines e al.
Jou nal o Inno a ion & Knowledge 9 (2024) 100600
5
Resul s
The da a we e analyzed using he PLS-SEM echnique (Ringle e al.,
2024). PLS-SEM is inc easing used in managemen , s a egy, ma ke ing
(Sa le e al., 2010), and amily business esea ch (Vallejo, 2009).
Se e al s udies ha e highligh ed he use ulness o his model as a
esea ch ool in he ield o amily business (Sa s ed e al., 2014).
Fu he , Rigdon e al. (2017) ecommended using PLS-SEM o e any
o he me hod o da a analysis. Speci ically, PLS-SEM was app op ia e o
his s udy o he ollowing i e main easons:
⋅ This me hod assesses he causal ela ionships be ween he analyzed
a iables (As achan e al., 2014; J¨
o eskog & Wold, 1982).
⋅ I allows o he inclusion o la en a iables wi h e lec i e and
o ma i e indica o s (Hensele e al., 2009), ha is, ype A o B
a iables, as in ou s udy.
⋅ I does no se s ic assump ions abou he no mali y o he da a
(Chin, 1998) and can be used wi h small samples (Hensele e al.,
2015; Kim e al., 2011; Reina z e al., 2009).
⋅ I can analyze s uc u al models wi h mul i-i em cons uc s and
di ec and indi ec ela ionships (Vallejo, 2009).
⋅ I can analyze complex ela ionships in models based on second-
o de cons uc s (Hai e al., 2019).
Sma PLS . 4.1.0.8 so wa e was used o analyze he da a (Ringle
e al., 2024). Following he ecommenda ions o Ba clay e al. (1995)
and Hai e al. (2017), he measu emen model was i s e alua ed,
ollowed by he s uc u al model.
E alua ion o he measu emen model
The en ep eneu ial o ien a ion, abso p i e capaci y, and inno a i e
capaci y a iables we e modeled based on Sa s ed e al.’s (2016)
ecommenda ions:
⋅ En ep eneu ial o ien a ion was ope a ionalized as a second-o de
mul idimensional ype “b” composi e, wi h h ee dimensions
conside ed as i s -o de ype “a” composi es, including inno a ion,
p oac i i y, and isk- aking, in line wi h Co in and Wales (2012),
Hansen e al. (2011), He n´
andez-Pe lines (2018), and Rauch e al.
(2009).
⋅ Abso p i e capaci y was a second-o de ype “a” composi e, wi h
ou dimensions ope a ionalized as i s -o de ype “a” composi es
(Cohen & Le in hal, 1990; He n´
andez-Pe lines e al., 2016; Lane
e al., 2006), using he scale p oposed by Fla en e al. (2011). We
ope a ionalized abso p i e capaci y in his way because we assumed
ha all ou dimensions mus be p esen o he i m o ha e ue
abso p i e capaci y e en hough each dimension has di e en ace s.
⋅ Inno a i e capaci y was ope a ionalized as a second-o de ype “a”
composi e, wi h wo dimensions conside ed as i s -o de ype “a”
composi es. Again, we ope a ionalized inno a i e capaci y in his
way because we assumed ha bo h dimensions mus be p esen o
he i m o ha e ue inno a i e capaci y e en hough each dimen-
sion comp ises di e en ace s.
⋅ The con ol a iables we e managed as a second-o de ype “a”
composi e, wi h h ee dimensions conside ed as i s -o de ype “a”
composi es.
The eliabili y o he a iables was e i ied and con e gen and
disc iminan alidi y we e assessed ollowing Rold´
an and S´
anchez-
F anco’s (2012) ecommenda ions using he ollowing indica o s
(Ba clay e al., 1995; Hai e al., 2017; Rold´
an & S´
anchez-F anco, 2012).
As shown in Tables 3.a, 3.b, 3.c, and 4, he dimensions ha e alues o
loadings, composi e eliabili y,
1
C onbach’s alpha,
2
Rho a,
3
a e age
a iance ex ac ed (AVE) ,
4
and he he e o ai -mono ai a io (HTMT)
5
wi hin he h esholds conside ed as adequa e. The e o e, we con i med
ha he di e en a iables used a e co ec and he measu emen model
has adequa e le els o eliabili y and con e gen and disc iminan
alidi y.
Fu he mo e, o comple e he disc iminan alidi y e i ica ion, we
calcula ed he HTMT in e ence using boo s apping (5000 subsamples).
Disc iminan alidi y exis s when he esul ing in e al con ains alues
below 1. Table 5 shows ha ou da a mee his equi emen .
E alua ion o he s uc u al model
Once he con e gen and disc iminan alidi y o he measu emen
model ha e been assu ed, we can es he ela ionships among he a -
iables in he s uc u al model. The s uc u al model was i s analyzed by
conside ing he in luence o each an eceden a iable sepa a ely, ha is,
he in luence o en ep eneu ial o ien a ion on inno a i e capaci y and
he in luence o abso p i e capaci y on inno a i e capaci y. En ep e-
neu ial o ien a ion has a posi i e and signi ican in luence on inno a i e
capaci y since he pa h coe icien is 0.729, which exceeds he minimum
h eshold o 0.2 p oposed by Chin (1998)), and is 17.2352 (based on a
one- ailed [4.999] and p <0.0000) (see Table 6 and Fig. 2). En e-
p eneu ial o ien a ion alone explains 54.2 % o he a iance in inno-
a i e capaci y (see Fig. 2). Fo i s pa , abso p i e capaci y also
posi i ely in luences inno a i e capaci y, wi h a pa h coe icien o
0.398. Mo eo e , his in luence is signi ican , ha ing a - alue o
10.4564 (based on a one- ailed [4.999] and p <0.0000; see Table 6).
Mo eo e , abso p i e capaci y explains 39.8 % o he a iance in
inno a i e capaci y (see Fig. 2). These esul s allow us o con i m ha
en ep eneu ial o ien a ion has a g ea in luence on inno a i e capaci y
and can explain he a iance in inno a i e capaci y mo e han abso p-
i e capaci y can.
The join e ec o bo h en ep eneu ial o ien a ion and abso p i e
capaci y was also analyzed. This analysis shows ha en ep eneu ial
o ien a ion has a g ea e in luence on inno a i e capaci y han
abso p i e capaci y does, wi h a highe pa h coe icien o 0.564
compa ed wi h 0.452 o abso p i e capaci y. In bo h cases, hey a e
signi ican : he pa h coe icien o en ep eneu ial o ien a ion has a -
alue o 7.9053 (based on a one- ailed [4.999] and p <0.0000), while
he - alue o he pa h coe icien o abso p i e capaci y is 3.2100 (based
on a one- ailed [4.999] and p <0.0000)). Toge he , en ep eneu ial
o ien a ion and abso p i e capaci y explain 57.7 % o he a iance in
inno a i e capaci y (see Fig. 2 and Table 6).
Finally, en ep eneu ial o ien a ion has a posi i e and signi ican
in luence on abso p i e capaci y since he pa h coe icien is 0.6603 and
he alue is 12.2030 (based on a one- ailed [4.999] and p <0.0000)
1
Composi e eliabili y: Acco ding o Fo nell and La cke (1981), composi e
eliabili y alues should be abo e 0.7, wi h sui able alues anging be ween 0.7
and 0.9 (Hai e al., 2018). Addi ionally, as no alue exceeds 0.95, he e a e no
edundancy p oblems (Diaman opoulos e al., 2012; D ole & Mo ison, 2001).
2
C onbach’s alpha: C onbach’s alpha alues should exceed 0.7 (Fo nell &
La cke , 1981).
3
Rho a: Rho a should be g ea e han 0.7 (Dijks a & Hensele , 2015) and
should all be ween he alues o composi e eliabili y and C onbach’s alpha
(Hai e al., 2018).
4
AVE: AVE is used o assess he con e gen alidi y o each composi e.
Fo nell and La cke (1981) ecommend an AVE alue abo e 0.5.
5
HTMT a io: This a io is used o measu e disc iminan alidi y. To
main ain disc iminan alidi y, he co ela ion be ween each pai o cons uc s
should no be g ea e han he squa e oo o he AVE o each cons uc , ha is,
HTMT alues mus be below 0.85 (Hensele e al., 2015).
F. He n´
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Jou nal o Inno a ion & Knowledge 9 (2024) 100600
6
Table 3a
En ep eneu ial o ien a ion: i em loadings, pa h coe icien composi e eliabili y, C onbach’s alpha, and Rho a.
βComposi e eliabili y C onbach’s alpha AVE Rho a
Inno a ion Inno 1 0.8377
Inno 2 0.8454 0.5143 0.8788 0.7931 0.7931 0.7653
Inno 3 0.8400
P oac i i y P oac 1 0.7709
P oac 2 0.8342 0.4158 0.6355 0.7348 0.6656 0.6924
P oac 3 0.7783
Risk- aking Risk-T1 0.8119
Risk-T2 0.8231 0.2836 0.7867 0.6083 0.5572 0.6579
Risk-T3 0.7786
Sou ce: Compiled by he au ho .
Table 3b
Inno a i e capaci y: i em loadings, pa h coe icien composi e eliabili y, C onbach’s alpha, and Rho a.
βComposi e eliabili y C onbach’s alpha AVE Rho a
P oduc inno a i e capaci y P odinncap1 0.8851
P odinncap2 0.8878
P odinncap3 0.9248 0.5166 0.9484 0.9217 0.7864 0.9333
P odinncap4 0.8893
P odinncap5 0.8342
P ocess inno a i e capaci y P ocinncap1 0.8508
P ocinncap2 0.9136 0.5177 0.9488 0.9279 0.8227 0.9299
P ocinncap3 0.9093
P ocinncap4 0.9013
Sou ce: Compiled by he au ho .
Table 3c
Abso p i e capaci y: i em loadings, pa h coe icien composi e eliabili y, C onbach’s alpha, and Rho a.
βComposi e eliabili y C onbach’s alpha AVE Rho a
Acquisi ion capaci y Acqcap1 0.8696
Acqcap2 0.9025 0.3027 0.9239 0.8756 0.8021 0.8809
Acqcap3 0.8646
Assimila ion capaci y Assimcap1 0.8543
Assimcap2 0.9008 0.2888 0.9139 0.8744 0.7266 0.8871
Assimcap3 0.8315
Assimcap4 0.8207
T ans o ma ion capaci y T anscap1 0.9001
T anscap2 0.9132 0.2657 0.9250 0.9070 0.8414 0.9088
T anscap3 0.9241
T anscap4 0.9002
Exploi a ion capaci y Explcap2 0.7471
Explcap3 0.8751 0.3240 0.8627 0.7592 0.6777 0.7634
Explcap4 0.8421
Sou ce: Compiled by he au ho .
Table 4
Co ela ion ma ix, composi e eliabili y, con e gen and disc iminan alidi y, HTMT a io, and desc ip i e s a is ics.
Cons uc AVE Composi e eliabili y En ep eneu ial o ien a ion Abso p i e capaci y Inno a i e capaci y
En ep eneu ial o ien a ion 0.649 0.845
Abso p i e capaci y 0.711 0.907 0.659
Inno a i e capaci y 0.924 0.924 0.734 0.629
HTMT a io
En ep eneu ial o ien a ion
Abso p i e capaci y 0.815
Inno a i e capaci y 0.810 0.695
C onbach’s alpha 0.723 0.864 0.918
Rho a 0.772 0.907 0.933
Mean 4.585 5.266 4.244
SD 2.102 1.750 1.786
No e: The mean and s anda d de ia ion alues o each second-o de composi e we e calcula ed based on he mean alues o he di e en i s -o de composi es ha
compose hem.
(*) Diagonal alues ha e been ob ained om he squa e oo o he AVE o each composi e.
Sou ce: Compiled by he au ho .
F. He n´
andez-Pe lines e al.
Jou nal o Inno a ion & Knowledge 9 (2024) 100600
7
(see Fig. 2).
None o he con ol a iables ha e a ele an (pa h coe icien s a e
<0.2) o signi ican ( hei alues a e less han he ecommended alue, p
<0.001) in luence (see Table 7 and Fig. 2).
To comple e he analysis o he s uc u al model, we conduc ed a
goodness-o - i es using he s anda dized oo mean squa e esidual
(SRMR) me hod p oposed by Hu and Ben le (1998) and Hensele e al.
(2015). We ob ained an SRMR alue o 0.063, which is lowe han he
h eshold alue o 0.08 (Hensele e al., 2015).
Discussion
This s udy p o ides aluable insigh s in o he ela ionships among
en ep eneu ial o ien a ion, abso p i e capaci y, and inno a i e ca-
paci y in amily i ms. The indings con i m ha bo h en ep eneu ial
o ien a ion and abso p i e capaci y a e signi ican an eceden s o
inno a i e capaci y. Mo eo e , he combined e ec o hese wo dy-
namic capabili ies is mo e subs an ial han hei indi idual impac s,
highligh ing he impo ance o hei in e ac ion. These esul s align wi h
he dynamic capabili ies amewo k, which emphasizes ha a i m’s
abili y o adap , econ igu e, and inno a e in esponse o en i onmen al
changes is c ucial o main aining a compe i i e ad an age (Hel a e al.,
2007; Teece e al., 1997).
The ole o en ep eneu ial o ien a ion
En ep eneu ial o ien a ion, which encompasses isk- aking,
Table 5
HTMT in e ence.
O iginal Sample (O) Sample Mean (M) 5 % 95 % Sample Mean (M) Bias 5 % 95 %
En ep eneu ial o ien a ion ⇒ Inno a i e capaci y 0.5648 0.5651 0.4410 0.6749 0.5651 0.0007 0.3780 0.4741
Abso p i e capaci y ⇒ Inno a i e capaci y 0.2525 0.2510 0.1204 0.3805 0.2510 −0.0015 0.1245 0.3836
Sou ce: Compiled by he au ho .
Table 6
S uc u al model.
Model R
2
ß - alue p-
alue
En ep eneu ial o ien a ion ⇒ Inno a i e
capaci y
0.542 0.729 17.2352 0.0000
Abso p i e capaci y ⇒ Inno a i e
capaci y
0.398 0.624 10.4564 0.0000
En ep eneu ial o ien a ion ⇒ Abso p i e
capaci y
0.436 0.660 12.2023 0.0000
En ep eneu ial o ien a ion ⇒ Inno a i e
capaci y
0.564 7.9053 0.0000
Abso p i e capaci y ⇒ Inno a i e
capaci y
0.577 0.452 3.210 0.0000
Sou ce: Compiled by he au ho .
Fig. 2. S uc u al model.
Sou ce: Compiled by he au ho .
Table 7
Con ol a iables.
ß - alue
Age −0.006 0.441
Sec o −0.074 0.465
Size −0.030 1.207
Sou ce: Compiled by he au ho .
F. He n´
andez-Pe lines e al.
Jou nal o Inno a ion & Knowledge 9 (2024) 100600
8
