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PurposeThis paper aims to explore the innovation performance of Serbian family firms, the differences in the innovation performance between family and non-family firms as well as different family firms, and the relationship between business process innovation and customer satisfaction among family firms.Design/methodology/approachThe sample consists of 207 valid responses from young Serbian companies from various industries founded in 2015 that published their financial statements in 2017. The statistical analysis involved descriptive statistics, reliability analysis, independent samples t-test, one-way ANOVA, and correlation analysis.FindingsThe study results indicate that family businesses in Serbia are innovation-oriented and that they introduced a number of innovations in business processes related to the production and distribution of goods or services and the development of products and business processes. The results also suggest that family and non-family firms are equally committed to introducing innovations in business processes. In addition, the study did not confirm significant differences in the performance of business process innovations among family firms in the manufacturing, trade, and service sectors. Finally, the results demonstrate that introducing business process innovations is positively associated with customer satisfaction and customer retention rate in Serbian family firms.Originality/valueThis paper presents the first comprehensive analysis of the innovation performance of Serbian family firms and can help policymakers assess the contribution of innovation to economic goals. |
