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Entrepreneurial culture and innovation in the services sector: case study evidence from Greece

Author

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  • Petrou, Anastasia
  • Daskalopoulou, Irene

Abstract

Innovation in the services sectors has been a rather neglected research area under the commonly held view that manufacturing firms are the main drivers of innovation in developed economies. The rise of the service economy has redirected the research agenda towards the potential of services firms to adopt innovation activity. Here we analyze the determinants of innovation activity in the tourism industry, which is one of the fastest growing service industries in the world. Our analysis builds upon the theoretical notion of entrepreneurial culture in order to suggest that entrepreneurs possess such culture when they actively and consciously seek information in order to underwrite the risk and ambiguity inherent in actions such as innovation activity. At the empirical level, entrepreneurial culture is approximated by active engagement in networking activity. Our results indicate that both internal and external to the firm social capital generation processes, determine innovation activity in tourism and provide evidence over the selective nature of information networks.

Suggested Citation

  • Petrou, Anastasia & Daskalopoulou, Irene, 2009. "Entrepreneurial culture and innovation in the services sector: case study evidence from Greece," MPRA Paper 22666, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:22666
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    References listed on IDEAS

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    More about this item

    Keywords

    social capital; innovation; firm behavior;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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