Simple Approaches on How to Discover Promising Strategies for Efficient Enterprise Performance, at Time of Crisis in the Case of SMEs: Voronoi Clustering and Outlier Effects Perspective

This paper analyses the connection between innovation activities of companies—implemented before a
financial crisis—and their performance—measured after such a time of crisis. Pertinent data about
companies listed in the STAR Market Segment of the Italian Stock Exchange is analysed. Innovation is
measured through the level of investments in total tangible and intangible fixed assets in 2006–2007, while
performance is captured through growth—expressed by variations of sales or of total assets—profitability
—through ROI or ROS evolution—and productivity—through asset turnover or sales/employee in the
period 2008–2010. The variables of interest are analysed and compared through statistical techniques and
by adopting a cluster analysis. In particular, a Voronoi tessellation is implemented in a varying centroids
framework. In accord with a large part of the literature, we find that the behaviour of the performance of
the companies is not univocal when they innovate. The statistical outliers are the best cases in order to
suggest efficient strategies. In brief, it is found that a positive rate of investments is preferable.