Providing a Model for the Impact of Corporate Characteristics Mechanisms on Corporate Innovation Indicators: Delphi Survey Validation

The process of creating an innovative idea and presenting it requires planning and comprehensive attention to all the effective factors. This goal cannot be achieved without using a proper model. Therefore, the purpose of this study was to provide a model to explain the relationship between the components of corporate characteristics and innovation indicators by using the Delphi method. The current research was performed by removing individual variables, adding new variables, and determining their importance in two stages. In the first stage, various studies and sources were reviewed in a library and the indicators commonly used in the evaluations were extracted. In the second stage, the Delphi method was utilized to compile and weight the indicators. The effective indicators were selected after these two stages. Also, using the sampling method, the data of 104 companies active in Tehran Stock Exchange (TSE) during the period of 2011-2020 were assessed. To test the hypotheses, the multivariate regression model and combined data were employed. The findings indicated the positive and significant effects of profitability, profit quality, and firm size, as well as the inverse relationship of the variables of financial leverage, firm life, and dividend profit with the innovation indicators. In addition, no significant relationships of other variables of corporate characteristics, including profit stability, firm growth, risk, market risk (beta), stock returns, and liquidity with innovation were observed.