PapersFlow Research Brief
Business, Innovation, and Economy
Research Guide
What is Business, Innovation, and Economy?
Business, Innovation, and Economy is an interdisciplinary research area that studies how firms, entrepreneurs, technologies, and public institutions shape economic outcomes through investment decisions, business models, product development, and policy frameworks.
The Business, Innovation, and Economy literature spans 211,695 works and links firm strategy and innovation processes to macroeconomic performance and public finance.
Topic Hierarchy
Research Sub-Topics
Innovation Ecosystems
This sub-topic examines the structures, actors, and interactions within regional and national innovation ecosystems that foster technological and business innovation. Researchers study network dynamics, policy interventions, and performance metrics in clusters like Silicon Valley or emerging markets.
Small and Medium Enterprises
This sub-topic investigates the financing, growth strategies, and survival challenges of SMEs in various economies. Researchers analyze credit access, innovation adoption, and their contributions to employment and GDP.
Digital Marketing
This sub-topic explores consumer behavior, SEO, social media strategies, and analytics in online marketing contexts. Researchers develop models for digital advertising effectiveness and personalization algorithms.
Tourism Management
This sub-topic covers sustainable tourism development, destination marketing, and impact assessment on local economies. Researchers examine overtourism, ecotourism models, and post-pandemic recovery strategies.
City Branding
This sub-topic analyzes strategies for place branding to attract investment, tourists, and talent to urban areas. Researchers study branding impacts on urban development and resident perceptions.
Why It Matters
Research in Business, Innovation, and Economy informs how organizations and governments design incentives, allocate capital, and build capabilities that translate ideas into scalable products and measurable economic outcomes. At the firm level, Eyring, Johnson, and Nair argue in "Nuevos modelos de negocios en los mercados emergentes" (2011) that multinational growth strategies in emerging economies often fail when they rely primarily on aggressive cost-cutting and near-zero margins, motivating business-model redesign rather than incremental efficiency alone. At the innovation-management level, Elder and Souder’s "Managing New Product Innovations" (1989) frames new-product work as an end-to-end management system from conception to commercialization, directly applicable to R&D portfolio governance and go-to-market execution inside firms. At the policy and public-finance level, "Latin American Economic Outlook 2022" (2022) and "Revenue Statistics in Latin America and the Caribbean 2023" (2023) are used to connect growth constraints and fiscal capacity in Latin America and the Caribbean, while Galindo and Nuguer’s "2023 Latin American and Caribbean Macroeconomic Report: Preparing the Macroeconomic Terrain for Renewed Growth" (2023) explicitly centers a “triple social, fiscal and growth challenge” limiting development in the region. In empirical research and evaluation, Gómez Ruíz, Pardo, and San Martín’s "MODELOS DE ECUACIONES ESTRUCTURALES" (2010) and Matas’s "Diseño del formato de escalas tipo Likert: un estado de la cuestión" (2018) matter because they shape how scholars and practitioners measure constructs (e.g., innovation capability, social responsibility, city branding) and test causal models in applied business and economic studies.
Reading Guide
Where to Start
Start with "Managing New Product Innovations" (1989) because it provides an end-to-end managerial structure that helps readers map where business-model design, investment decisions, and measurement methods fit in applied research.
Key Papers Explained
A practical pathway is to connect firm execution, strategic fit, and economic constraints. "Managing New Product Innovations" (1989) supplies the process view of moving from ideas to commercialization; "Nuevos modelos de negocios en los mercados emergentes" (2011) adds the strategic requirement to redesign business models for emerging-market conditions rather than relying on cost minimization; "On the Theory of Optimal Investment Decision" (1958) anchors how economists formalize investment choice under constraints. For empirical testing, "MODELOS DE ECUACIONES ESTRUCTURALES" (2010) provides the multivariate causal-modeling toolkit, while "Diseño del formato de escalas tipo Likert: un estado de la cuestión" (2018) supports defensible measurement of survey constructs that often populate those models. To situate firm behavior inside regional constraints, "Latin American Economic Outlook 2022" (2022), "Revenue Statistics in Latin America and the Caribbean 2023" (2023), and "2023 Latin American and Caribbean Macroeconomic Report: Preparing the Macroeconomic Terrain for Renewed Growth" (2023) provide macroeconomic and fiscal context frequently used in development-oriented innovation studies.
Paper Timeline
Most-cited paper highlighted in red. Papers ordered chronologically.
Advanced Directions
Advanced work often combines (i) business-model adaptation questions raised in "Nuevos modelos de negocios en los mercados emergentes" (2011), (ii) process governance from "Managing New Product Innovations" (1989), and (iii) formal decision logic from "On the Theory of Optimal Investment Decision" (1958), then validates claims with rigorous measurement and causal modeling using "Diseño del formato de escalas tipo Likert: un estado de la cuestión" (2018) and "MODELOS DE ECUACIONES ESTRUCTURALES" (2010). Regionally focused research can treat "Latin American Economic Outlook 2022" (2022), "Revenue Statistics in Latin America and the Caribbean 2023" (2023), and "2023 Latin American and Caribbean Macroeconomic Report: Preparing the Macroeconomic Terrain for Renewed Growth" (2023) as baseline references for macro-fiscal conditions that shape innovation finance and scaling.
Papers at a Glance
| # | Paper | Year | Venue | Citations | Open Access |
|---|---|---|---|---|---|
| 1 | Nuevos modelos de negocios en los mercados emergentes | 2011 | Harvard business review | 1.9K | ✕ |
| 2 | The Design of Innovation: Lessons from and for Competent Genet... | 2002 | — | 914 | ✕ |
| 3 | Constitución de la República del Ecuador | 2008 | — | 763 | ✕ |
| 4 | MODELOS DE ECUACIONES ESTRUCTURALES | 2010 | Redalyc (Universidad A... | 679 | ✓ |
| 5 | Latin American Economic Outlook 2022 | 2022 | Latin American economi... | 677 | ✕ |
| 6 | On the Theory of Optimal Investment Decision | 1958 | Journal of Political E... | 602 | ✕ |
| 7 | Revenue Statistics in Latin America and the Caribbean 2023 | 2023 | Revenue statistics in ... | 459 | ✕ |
| 8 | Managing New Product Innovations | 1989 | Journal of Marketing | 432 | ✕ |
| 9 | 2023 Latin American and Caribbean Macroeconomic Report: Prepar... | 2023 | — | 404 | ✓ |
| 10 | Diseño del formato de escalas tipo Likert: un estado de la cue... | 2018 | Revista Electrónica de... | 401 | ✓ |
In the News
Innovation Breakthrough Projects 2025 Funding Call
The Productivity Institute invites proposals for innovation research projects that examine how technical and economic costs shape the adoption of breakthrough technologies at sectoral level.
NSF Small Business Innovation Research / Small Business Technology Transfer Fast-Track Pilot Programs (SBIR-STTR Fast-Track)
The NSF SBIR/STTR and SBIR/STTR Fast-Track pilot programs support moving scientific excellence and technological innovation from the lab to the market. By funding startups and small businesses, NSF...
NSF announces new initiative to launch and scale a new generation of transformative independent research organizations to advance breakthrough science
The NSF Directorate for Technology, Innovation and Partnerships (NSF TIP) seeks to engage all Americans in accelerating critical and emerging technologies to advance U.S. competitiveness. The direc...
More SBIR News and Highlights
## SBIR News Stories ** Supporting Small Businesses Through the EPA SBIR Program **(August 2020)
H2 2025 Innovation Economy Update
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Recent Preprints
International Journal of Business Innovation and Research
One of the largest unrealised opportunities in organisations is fully leveraging ideas and knowledge to transform business processes into continuing innovation. Global markets and operations force ...
The Role of Innovation in Driving Economic Growth
Innovation is widely acknowledged as a key factor of economic growth, yet the mechanisms through which it impacts economic advancement remain inadequately defined, especially within the context of ...
Research Papers / Publications
Back To Top
HKUST Business School Research Paper Series
The HKUST Business School Research Paper Series features the latest research from our faculty members in several business and management domains including accounting, economics, finance, informatio...
Small Business Economics | Springer Nature Link
ECONIS EconLit FNEGE Google Scholar JSTOR Naver Norwegian Register for Scientific Journals and Series OCLC WorldCat Discovery Service Portico ProQuest Research Papers in Economi...
Latest Developments
Recent research in 2026 highlights significant advancements in business, innovation, and the economy, including a positive outlook for US GDP growth at 2.5% in 2026, driven by tax cuts and a shift from tariffs (Goldman Sachs, January 2026), ongoing innovation focus among business leaders prioritizing product development and profitability (J.P. Morgan, July 2026), and the transformative impact of AI, which is evolving from tools to collaborative partners across industries, influencing work, healthcare, and scientific research (Microsoft, February 2026; Harvard Business Review, February 2026; OECD, June 2025). Additionally, the economy is expected to experience modest job growth with stable unemployment, while concerns about interest rates, fiscal space, and AI's role in productivity and innovation remain central themes (Stanford, February 2026; OECD, June 2025).
Sources
Frequently Asked Questions
What does the field of Business, Innovation, and Economy study in practice?
Business, Innovation, and Economy studies how organizations create and capture value (e.g., business models and new products) and how those choices interact with investment, policy, and macroeconomic constraints. "Nuevos modelos de negocios en los mercados emergentes" (2011) exemplifies the firm-strategy side, while "On the Theory of Optimal Investment Decision" (1958) exemplifies the investment-theory side.
How are innovation processes managed from idea to commercialization according to the most-cited literature?
"Managing New Product Innovations" (1989) presents innovation as a total management system spanning conception through commercialization. The work is commonly used to structure stage-based decision-making and to identify conditions associated with new-product success.
Why do business models matter for growth in emerging markets?
Eyring, Johnson, and Nair argue in "Nuevos modelos de negocios en los mercados emergentes" (2011) that multinationals often pursue emerging-market growth by relentlessly reducing costs and accepting near-zero margins, which can undermine sustainable expansion. Their analysis motivates designing business models suited to local constraints rather than transferring high-income-market templates unchanged.
Which methods are commonly used to test causal claims in business and innovation research?
Gómez Ruíz, Pardo, and San Martín explain in "MODELOS DE ECUACIONES ESTRUCTURALES" (2010) that structural equation models are multivariate techniques used to test models proposing causal relationships among variables. This approach is widely used when researchers need to link latent constructs (e.g., capabilities, attitudes) to observed outcomes.
How should researchers design Likert scales for surveys in innovation, marketing, and management studies?
Matas reviews common design choices and debates in "Diseño del formato de escalas tipo Likert: un estado de la cuestión" (2018), focusing on how scale format affects data quality. The paper is frequently used to justify survey-instrument decisions in social-science and market-research contexts.
Which sources in this literature connect innovation and business performance to macroeconomic and fiscal constraints in Latin America and the Caribbean?
"Latin American Economic Outlook 2022" (2022) and "Revenue Statistics in Latin America and the Caribbean 2023" (2023) are core references linking development challenges to fiscal and revenue structures in the region. Galindo and Nuguer’s "2023 Latin American and Caribbean Macroeconomic Report: Preparing the Macroeconomic Terrain for Renewed Growth" (2023) frames regional constraints as a combined social, fiscal, and growth challenge.
Open Research Questions
- ? How can firms operationalize end-to-end new-product management systems described in "Managing New Product Innovations" (1989) while adapting business-model choices highlighted in "Nuevos modelos de negocios en los mercados emergentes" (2011) to local market constraints?
- ? Which structural equation model specifications, as outlined in "MODELOS DE ECUACIONES ESTRUCTURALES" (2010), best distinguish between measurement error and true causal effects when studying innovation capability and performance?
- ? How do alternative Likert scale formats discussed in "Diseño del formato de escalas tipo Likert: un estado de la cuestión" (2018) change estimated relationships in innovation and marketing models, and when do such design choices alter substantive conclusions?
- ? How should optimal investment decision logic from "On the Theory of Optimal Investment Decision" (1958) be extended to settings where innovation projects face staged uncertainty and commercialization constraints emphasized in "Managing New Product Innovations" (1989)?
- ? How can regional macro-fiscal diagnostics synthesized in "Latin American Economic Outlook 2022" (2022), "Revenue Statistics in Latin America and the Caribbean 2023" (2023), and "2023 Latin American and Caribbean Macroeconomic Report: Preparing the Macroeconomic Terrain for Renewed Growth" (2023) be translated into testable firm-level hypotheses about innovation financing and scaling?
Recent Trends
The provided corpus is large (211,695 works), and the most-cited anchors show sustained emphasis on (i) business-model design for emerging markets ("Nuevos modelos de negocios en los mercados emergentes" , 1908 citations), (ii) formal investment theory ("On the Theory of Optimal Investment Decision" (1958), 602 citations), (iii) innovation process management ("Managing New Product Innovations" (1989), 432 citations), and (iv) stronger attention to measurement quality in applied studies ("Diseño del formato de escalas tipo Likert: un estado de la cuestión" (2018), 401 citations) and causal modeling ("MODELOS DE ECUACIONES ESTRUCTURALES" (2010), 679 citations).
2011Region-specific synthesis reports have also become highly cited in this cluster, including "Latin American Economic Outlook 2022" with 677 citations and "Revenue Statistics in Latin America and the Caribbean 2023" (2023) with 459 citations, reflecting demand for integrated macroeconomic and fiscal context in applied business and innovation research.
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