Abstract
Setting corporate vision, strategy, and associated unit-based strategic goals are crucial for any company to create and to sustain the competitive advantage. This concept has been frequently discussed in theory and practice. The case is no different from the innovation perspective of enterprises. Therefore, this article is aimed at exploring the integration of balanced scorecard into innovative strategic management, providing a framework of interrelated issues based on the existing literature and application areas in this research field. Along with the brief review of innovation based strategic management, which includes 13 peer reviewed journal articles; 8 book chapters, 41 peer-reviewed scientific journal articles, including a content analysis, was conducted to show the last ten years of the balanced scorecard approach from the innovation perspective. The literature review revealed that: (1) the number of related publications on the topic is showing similarity over the last few years; (2) the explored research field has been mainly grounded on balanced scorecard research, but has also been enriched by innovation perspective; and (3) there are wide range of industry applications based on innovation conducted for the balanced scorecard approach. The literature review provides a summary of the most important issues that emerged in this field which can shed lights on the new opportunities and challenges for further research.