  This paper analyzes 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 analyzed. 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 analyzed
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
behavior 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.
