5. Conclusions
In this article, we investigated the complex relationships between a company’s IC, SKM and innovation and market performance. To test our framework, we surveyed companies from Serbia. The data have been analyzed using symmetric SEM-PLS and asymmetric fsQCA techniques. The SEM results show that SC and RCs have a direct effect on innovation performance. Although, there is no significant direct effect of HC on innovation performance, the relationship becomes significant when moderated by SKM. The effects of HC and SC on innovation performance are negatively moderated by SKM activities. Moreover, the insights from our application of fsQCA technique show a clear pattern of equifinality. In particular, we show that there are multiple combinations of static and dynamic conditions that can lead to higher innovation and market performance. Our article contributes to existing literature on several levels as discussed below.
5.1 Theoretical contribution
On the theoretical level, we show that the interrelationships between IC as resources and SKM as managerial capability are more complex in nature than suggested by literature on innovation and market performance. While previous research suggests a straightforward link between resource stock embedded in IC and the capability of SKM to use those (Kianto, 2007; Kianto et al., 2014; Wang et al., 2016), our study suggests that only certain combinations of IC resources can be exploited by specific SKM capability to achieve high firm performance.