An Inquisitive Insight into Innovation Indicators


  • Dr. Poonam Mahajan
  • Ms. Pradeep Kaur


Focus of this paper is to critically examine the feasibility of innovation indicators used throughout the literature in various contexts and provide suggestions for appropriate representation of this dynamic process. This study selected 106 research papers from databases of Scopus, Web of Science, and Google scholar from the year 1973 to 2020. These research papers are filtered based on specific selected keywords related to term innovation. Selected indicators are then classified into different types of innovation indicators based on their use and the type of data that needs to be collected. Based on extensive review, article provides appropriate suggestions for use of indicators based on the requirement of researchers. Many of the past studies have suggested that customized models and indexes are appropriate choices for innovation indicators to account for the divergent environment as a single proxy would not justify the dynamic nature of innovation activities. Research papers and other publications are selected based on specific keywords which contribute to its limitations. Even though more than 100 papers are analyzed, still there may be other indicators that could not be included in this paper. This paper offers insight for future studies to quantify the dynamic process of innovation. Researchers can use this article as a guide to appropriately select the innovation indicator. This study provides guide for managers to select appropriate indicators to form composite index to completely calculate the innovation activities of firm. This study includes various proxies of innovational activities and analyzes them in minute detail which contributes to literature to support future studies. This study proves originality by providing a complete list of indicators used in literature and their critical analysis.