Corporate innovation strategy and sales revenue of multinational companies in times of crisis: A case of the COVID-19 pandemic

Businesses varied in their experiences during the COVID-19 crisis, some faced significant difficulties while others thrived (Hu & Zhang, 2021). Over the past three decades, literature has demonstrated that a company’s success during turbulent business and stable environments is increasingly influenced by intangible resources rather than tangible ones (Masood et al., 2017). This study aims to explore the impact of corporate innovation (CI) strategy on sales revenue (SR) during the COVID-19 pandemic. The study is quantitative, based on a sample of 74 global companies that were identified as thriving during the pandemic by the Financial Times. Data for the period 2019–2021 was analyzed using a Pearson pairwise correlation matrix and cross-sectional regression analysis. Our findings revealed a positive and statistically significant correlation between CI and SR. However, the direct impact of the CI strategy on SR was found to be statistically insignificant. These findings suggest that while CI strategy may not have an immediate impact on SR, it is crucial for sustaining SR, even during the recent COVID-19 crisis.