In times of crisis, companies need to carefully monitor current expenses and forecast potential costs, which could be caused by risky actions. Risk is inherent in all business functions and in every kind of activity. Knowing how to identify risks, attribute a value and a priority scale, design actions and mechanisms to minimize risks, and continuously monitor them, are essential to guarantee companies’ survival and create sustainable value. This is especially true for small- and medium-sized businesses that are most exposed to the harmful effects of the risks, due to limited resources and structural features. The objective of this study is to analyze available literature on the subject of risk management for small- and medium-sized enterprises from 1999 to 2009. The analysis derives interesting characteristics from the scientific studies, highlighting gaps and guidelines for future research

Open innovation (OI) denotes a company's ability to draw on a range of external sources to

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Purpose – The purpose of this paper is to analyze the linkages between company’s strategy, open innovation and innovation performance, focusing on small and medium enterprises (SMEs). In more detail, the aim is to investigate the influence of firm strategy on the level of openness adopted and then the impact of open innovation on firm performance. Finally, the influence of context-specific variables (such as firm size, technology intensity, geographical area, experience of the company and technology turbulence) on the relations mentioned above will be verified. Design/methodology/approach – A survey has been conducted in the Italian manufacturing context and a database of 107 responses was obtained. The constructs of the research framework were created and validated using factor analysis; further, structural equation modeling was performed to verify the hypothesis about the studied relations. Findings – The obtained model confirmed most of the relations hypothesized, giving useful indications on how to define competitive strategy and coherent level of open innovation to pursue improved firm performance. Results highlight that firms, which pursue an innovative strategy are those who invest more on technical skills and core competencies. Companies who choose a strategy of diversification are likely to use, exclusively, managerial practices of open innovation, while firms focused on a strategy of efficiency are inclined toward open innovation practices and, to a lesser extent, to the development of core competencies. Originality/value – The main original contribution is the development of an integrated model that links company’s strategy, open innovation and innovation performance in SMEs.

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