The interplay between entrepreneurial risk-taking and intellectual capital: effects on innovation novelty in high-tech firms

Purpose The paper aims to analyse the effects of interplay between entrepreneurial risk-taking behaviour and each of the three components of intellectual capital (IC) on the degree of novelty of new products. Design/methodology/approach This article studies one of the most recognized dimensions of entrepreneurial orientation (EO) along with knowledge-based assets owned by high-tech firms. In this way, entrepreneurial risk-taking is analysed considering the companies’ intellectual capital endowment, as a contingent variable, to examine the achievement of a higher novelty in developing new products from firms’ EO. The empirical study was carried out on a sample of 155 Spanish knowledge-intensive firms and based on survey data gathered from two different respondents. Hierarchical regression analysis was used. Findings Findings reveal heterogeneous effects of IC components on the relationship between entrepreneurial risk-taking and innovation novelty. While innovative culture (organizational capital) has a positive interaction with risk-taking in the influence on the degree of novelty of new products, relationships with customers (social capital) have a negative one. And, however, CEO industry experience (human capital) doesn’t have any contingent effect. Originality/value This study contributes to shed light on the few empirical studies that analyse internal contingent elements in the relationship between entrepreneurial risk-taking behaviour and the novelty of product innovation in high-tech firms. Concretely, specific manifestations of IC components are examined jointly with entrepreneurial risk-taking.