Global Journal of Management and Business Research, E: Marketing, Volume 21 Issue 4

Standardised Coefficient t p Collinearity Statistics Variable St. Error Beta Tolerance VIF (Constant) 0.022 0.000 1.000 MO 0.046 0.106 2.300 0.022 0.238 4.206 DF 0.045 0.292 6.443 0.000 0.244 4.096 Ownership 0.032 0.103 3.248 0.001 0.496 2.017 In the regression analysis, Market Orientation is found to be positively associated with patent commercial success ( β = .106, p< .05), supporting H1. Diffusion was also positively associated with patent commercial success ( β = .292, p< .05) supporting H2. Ownership is also significant ( β =.103, p<.05), indicating that ownership impacts patent commercial success. The overall model fit was also checked, which resulted in the linear regression model being statistically significant. The model explained 79% (R2) of the variance in commercialising with a p=.001. To test hypothesis H3 of patent ownership moderating the relationship between market orientation and patent commercial success, the independent variable with the standardised moderating variables were included in the regression analysis. The ANOVA indicated model 1 without the interaction term significant at F (2,217) = 269.60, p<.001 while model 2 with the interaction term was also significant at F(3,216) = 220.54, p=.001 indicating the interaction between patent ownership and MO account for significantly more variance than just MO and just patent ownership singularly as the model R2 change .o41 p=.001 or a 4.1% increase in variance explained by the interaction term thus confirming H3 hypothesis: Patent ownership moderates the relationship of market Orientation on commercial success. Table 10: Ownership Moderation on Market Orientation Model Summary Change Statistics Model R R2 Adjusted R2 Std. Error of the Estimate R2 Change F change df1 df2 p Durbin Watson 1 .844 .713 .710 .53814566 .713 269.607 2 217 .000 2 .868 .754 .750 .49953524 .041 35.841 1 216 .000 1.445 To test the hypothesis H4 of patent ownership moderating the relationship between diffusion and patent commercial success, the independent variable with the standardised moderating variable was included in the hierarchical regression analysis. The analysis is given in Table 11. Table 11: Ownership Moderation on Diffusion Model Summary Change Statistics Model R R2 Adjusted R2 Std. Error of the Estimate R2 Change F change df1 df2 p Durbin Watson 1 .878 .771 .769 .48056592 .771 365.642 2 217 .000 2 .882 .778 .775 .47473426 .007 6.364 1 216 .012 1.646 The analysis accounted for more variance than just the independent variable diffusion and patent ownership. Model 1 without the interactive term is significant at F (2,217) =365.64, p<.001. The R2 change .007 p=.012 confirming patent ownership moderates' diffusion to patent commercial success. Hence hypothesis 4 is confirmed. V. D iscussion The study reveals that both market orientation and diffusion have a significant positive impact on the success of patent commercialisation. Therefore, to improve the commercial success rate of patents, the inventors who are patent holders need to develop their new technology incorporating the aspects identified through MO, which will reflect in DF if implemented. It is paramount that the patent owners understand the success of patents depend on the technical quality, the market opportunity and the technological obstacles (Chunbo 2017). Constant scanning of market shifts in terms of consumer requirements and competitor activity is required throughout the innovation process. The market scanning requires a high level of interaction between the potential user groups and constantly © 2021 Global Journals Global Journal of Management and Business Research Volume XXI Issue IV Version I Year 2021 ( ) E 39 The Impact of Market Orientation and Diffusion on Commercial Success of Patented Innovation in Sri Lanka Table 9: Regression Coefficients of Independent variable on Dependent Variable