Jelena Nikolić, Marija Mirić, Dejana Zlatanović

DOI Number
First page
Last page


The turbulent business environement acknowledges innovativeness and learning as dominant success factors of modern business organizations. The differences in their innovativeness can be explained by the ownership structure, as an internal mechanism of corporate governance, with significant attention being paid to the ownership type. The paper seeks to identify potential differences in innovativeness and learning orientation among companies from the aspect of domestic and foreign ownership. The research sample consists of 71 companies operating in the territory of the Republic of Serbia. Primary data were collected by the survey method. An appropriate quantitative methodology was implemented in this empirical research. and analyzed with non – parametric Mann – Whitney U test. The results obtained revealed statistically significant differences in the level of innovation and learning orientation between domestically and foreign – owned companies. The originality of the research is reflected in the analysis of individual innovation dimensions, from the ownership type aspect, including product or service innovations, process and organizational innovations. By studying the link between learning orientation and type of ownership, the paper fills the identified research gap in the existing literature.


corporate governance, ownership type, innovativeness, learning orientation.

Full Text:



Aleksić Mirić, A. (2017). Organizaciono učenje i znanje: od individualnog do interorganizacionog znanja (Organizational learning and knowledge: From individual to interorganizational level). Teme, 41(1), 139 – 156.

Ayyagari, M., Demirguc – Kunt, A., & Maksimović, V. (2011). Firm innovation in emerging markets: The role of finance, governance and competition. Journal of Financial and Quantitative Analysis, 46(6), 1545 – 1580, DOI:

Aggarwal, R., Erel, I., Ferreira, M., & Matos, P. (2011). Does governance travel around the world? Evidence from institutional investors. Journal of Financial Economics, 100(1), 154 – 181, DOI:

Atalay, M., Anafarta, N., & Sarvan, F. (2013). The relationship between innovation and firm performance: An empirical evidence from Turkish automotive supplier industry. Procedia – Social and Behavioral Sciences, 75, 226 – 235, DOI:

Balsari, C.K., Ozkan, S., & Varan, S.S. (2015). Impact of foreign ownership on innovation. Journal of Economics and Management, 20(A), 86 – 96.

Chen, V.Z., Li, J., Shapiro, D.M., & Zhang, X. (2014). Ownership structure and innovation: An emerging market perspective. Asia Pacific Journal of Management, 31(1), 1 – 24, DOI: 10.2139/ssrn.1299737

Chen, C.J., Lin, B.W., Lin, Y.H., & Hsiao, Y.C. (2016). Ownership structure, independent board members and innovation performance: A contingency perspective. Journal of Business Research, 69(9), 3371 – 3379, DOI:

Choi, S.B., Lee, S.H., & Williams, C. (2011). Ownership and firm innovation in a transition economy: Evidence from China. Research Policy, 40(3), 441 – 452, DOI: 10.1016/j.respol.2011.01.004

Choi, S.B., Park, B.I., & Hong, P. (2012). Does ownership structure matter for firm technological innovation performance? The case of Korean firms. Corporate Governance: An International Review, 20(3), 267 – 288, DOI: 10.1111/j.1467-8683.2012.00911.x

Dachs, B., & Ebersberger, B. (2009). Does foreign ownership matter for the innovative activities of enterprises? International Economics and Economic Policy, 6(1), 41 – 57, DOI: 10.1007/s10368-009-0126-3

Eris, E.D., & Ozmen, O.N.T. (2012). The effect of market orientation, learning orientation and innovativeness on firm performance: A research from Turskish logistics sector. International Journal of Economic Sciences and Applied Research 5(1), 77 – 108.

Falk, M. (2008). Effects of foreign ownership on innovation activities: Empirical evidence for 12 European countries. National Institute Economic Review, 204(1), 85 – 97, DOI:

Gonzales – Bustos, J.P., & Hernandez – Lara, A.B. (2016). Corporate governance and innovation: A systematic literature review. Corporate ownership and Control Journal, 13(3), 33 – 45, DOI: 10.22495/cocv13i3p3

Ghazi, Z., & Rim, Z.H. (2013). Ownership structure, innovation and firm performance: Evidence from Tunisia. International Journal of Governance, 3(2), 1 – 29.

Guadalupe, M., Kuzmina, O., & Thomas, C. (2012). Innovation and foreign ownership. American Economic Review, 102(7), 3594 – 3627, DOI: 10.1257/aer.102.7.3594

Gunday, G., Ulusoy, G., Kilic, K., & Alpkan, L. (2011). Effects of innovation types on firm perfomance. International Journal of Production Economics, 133(2), 662 – 676, DOI:


Hult, G.T.M., Hurley, R.F., & Knight, G.A. (2004). Innovativeness: Its antecedents and impact on business performance. Industrial Marketing Management, 33(5), 429 – 438,


Izadi, J., Ziyadin, S., Palazzo, M., & Sidhu, M. (2020). The evaluation of the impact of innovation management capability to organisational performance. Qualitative Market Research, ahead – of – print, DOI:

Joe, D.J., Oh, F.D., & Yoo, H. (2019). Foreign ownership and firm innovation: Evidence from Korea. Global Economic Review, 48(3), 284 – 302, DOI:

Jimenez – Jimenez, D., Martinez – Costa, M., & Sanz – Valle, R. (2014). Innovation, organizational learning orientation and reverse knowledge transfer in multinational companies. The Electronic Journal of Knowledge Management, 12(1), 47 – 55.

Keskin, H. (2006). Market orientation, learning orientation, and innovation capabilities in SMEs: An extended model. European Journal of Innovation Management, 9(4), 396 – 417, DOI: 10.1108/14601060610707849

Kaya, N., & Patton, J. (2011). The effects of knowledge – based resources, market orientation and learning orientation on innovation performance: An empirical study of turkish firms. Journal of International Development, 23(2), 204 – 219, DOI: 10.1002/jid.1662

Lee, S. (2012). Financial determinants of corporate R&D investment in Korea. Asian Economic Journal, 26(2), 119-135, DOI: 10.1111/j.1467-8381.2012.02080.x

Li, J., Chen, D., & Shapiro, D.M. (2010). Product Innovations in Emerging Economies: The role of foreign knowledge access channels and internal efforts in Chinese firms. Management and Organization Review, 6(2), 243 – 266, DOI:

Love, J.H., Ashcroft, B., & Dunlop, S. (1996). Corporate structure, ownership and the likelihood of innovation. Applied Economics, 28(6), 737 – 746,

Liu, S.S., Luo, X., & Shi, Y.Z. (2002). Integrating customer orientation, corporate entrepreneurship, and learning orientation in organizations in transition: An empirical study. International Journal of Research in Marketing, 19(4), 367 – 382, DOI:

Minetti, R., Murro, P., & Paiella, M. (2011). Ownership structure, governance and innovation: Evidence from Italy. Discussion Papers D.E.S., 1 – 40.

Mustapha, N., & Mendi, P. (2015). Multinational corporations as channels for international technology transfer: Evidence from the South African innovation survey. South African Journal of Economic and Management Sciences, 18(1), 128 – 142, DOI:

Nikolić, J. & Babić, V. (2016). The implications of ownership concentration for shareholder protection and strategic decision – making. Economic Annals, LXI(211), 69-98, DOI: 10.2298/EKA1611069N

Nikolić, J., & Savović, S. (2018). Efekti strukture vlasništva na performanse akvizicija u tranzicionim ekonomijama (Effects of ownership structure on acquisition performance in transition economies). U V. Babić, B. Paunović (red): Korporativno upravljanje u Srbiji, 129 – 144. Beograd: Ekonomski fakultet u Beogradu.

Ortega – Argiles, R., Moreno, R., & Caralt, J.S. (2005). Ownership structure and innovation: Is there a real link? The Annals of Regional Science, 39(4), 637 – 662, DOI: 0.1007/s00168-005-0026-6

Psomas, E., Kafetzopoulos, D., & Gotzamani, K. (2017). Determinants of company innovation and market performance. The TQM Journal, 30(1), 54 – 73, DOI: 10.1108/TQM-07-2017-0074

Rossi, F., Lacchini, M., Celenza, D., & Scafarto, V. (June, 2015). Corporate governance and firm innovation: Evidence from Italy. In: Proceedings 10th International Forum on Knowledge Asset Dynmics (IFKAD), 2433 – 2452.

Rajapthirana, R.P.J., & Hui, Y. (2018). Relationship between innovation capability, innovation type, and firm performance. Journal of Innovation & Knowledge, 3(1), 44 – 55, DOI:

Savović, S., Zlatanović, D., Nikolić, J. (2021). Technology acquisitions as a supporting tool for improving companies' innovative potential. Ekonomski horizonti, 23 (1), 3-18. doi:10.5937/ekonhor2101003s

Slavković, M. & Babić, V. (2013). Knowledge Management, Innovativeness, and Organizational Performance: Evidence from Serbia. Economic Annals, 58 (199), 85–107, DOI:

Siguaw, J.A., Simpson, P.M., & Enz, C.A. (2006). Conceptualizing innovation orientation. A framework for study and integration of innovation resarch. Journal of Product Innovation Management, 23(6), 556 – 574, DOI: 10.1111/J.1540-5885.2006.00224.X

Simonin, B.L., & Ozsomer, A. (2009). Knowledge processes and learning outcomes in MNCs: An empirical investigation of the role of HRM practices in foreign subsidiaries. Human Resource Management, 48(4), 505 – 530, DOI: 10.1002/hrm.20296

Werlang, N.B., & Rossetto, C.R. (2019). The effects of organizational learning and innovativeness on organizational performance in the service provision sector. Gest. Prod., 26(3), DOI: 10.1590/0104-530x3641-19

Zlatanović, D. & Mulej, M. (2015). Soft–systems approaches to knowledge–cum–values management as innovation drivers. Baltic Journal of Management, 10 (4), 497–518, DOI: 10.1108/BJM-01-2015-0015

Zlatanović, D., Nikolić, J., Nedelko, Z. (2020). A systemic approach to improving innovativeness in higher education. Teme, 44(2), 441-461, DOI:

Zhou, J., Liu, Z., Li, J., & Zhang, G. (2021). Foreign equity, exporting and firm innovation: An emerging market perspective. The Journal of Technology Transfer, 46(3), 606 – 628, 10.1007/s10961-020-09813-6



  • There are currently no refbacks.

© University of Niš, Serbia
Creative Commons licence CC BY-NC-ND
Print ISSN: 0353-7919
Online ISSN: 1820-7804