We also encourage more research on the long-term innovation performance outcomes of firms pursuing social and economic strategic goals. Related research on sustainability and social investment suggests that there is a possibility that social strategic goals will be associated with less volatility, more resilience, and long-term growth (Ortiz-de-Mandojana and Bansal, 2016; Stephan and Huysentruyt, 2016). Although this study uses time lags between the variables of interest and there are no conceptual reasons to fear reverse causality or other endogeneity issues, future studies should preferably use longer time lags and longitudi- nal designs or try to identify and include instrumental variables in the data collection.