HOW INNOVATION CULTURE AFFECTS CORPORATE PERFORMANCE: A LITERATURE REVIEW
Department of Management, Faculty of Management Sciences
Rivers State University, Port Harcourt
Maduabuchi, Chinyere Emeka
Department of Management,
Ignatius Ajuru University of Education, Rumuolumeni, Port Harcourt firstname.lastname@example.org
This study examined the relationship between innovation culture and corporate performance through a literature review. The objectives of the study were to examine how dimensions of innovation culture such as product innovation, process innovation and administrative innovation affect three dimensions of corporate performance such as product quality, time minimization and waste minimization. The dominant literature on the subject suggests that innovation culture enhances corporate performance. It concluded that innovation is a key determinant of corporate performance. Consequently, the study recommended that organizations should create the culture of innovation in order to be able to offer new products, modify existing ones and make them user friendly to customers. They should improve their innovative processes involving materials, technology and other resources to improve product quality and to be time and cost efficient. Organizations should establish new ways of doing things in administration to enhance corporate performance.
Keywords: Innovation, innovation culture, product innovation, process innovation, administrative innovation, corporate performance, product quality, time minimization, waste minimization