**7. Conclusion**

Innovation is the key to firm survival and important for firm long-term business success as well as it can also influence long-term economic growth. Firms innovated successfully have typically been rewarded with high growth, big profits, and easy access to the new markets. Most organizations look at corporate innovation as a major and significance for all companies since innovation can be the source of additional revenues from their new products or services. Also, innovation can help to save firm costs or improve the quality of existing processes. The commonly used proxies of corporate innovation are patent activities and R&D expenditure. However, both of these measures are subject to serious limitations when used as proxies for corporate innovation because some innovation projects may fail and do not contribute to firm innovation. Adopting new innovation proxies is what many researchers are doing currently and new proxies' examples of are Community Innovation Survey (CIS) carried out in all EU member-states, or most recently a novel text-based innovation index constructed by Bellstam, Bhagat, and Cookson [7]. The obvious advantage of using the text-based innovation index is that it can capture innovation for firms that either they do not have patent and R&D expenditures or they do not disclose their R&D expenditure. Therefore, the text-based innovation can overcome the limitations imposed by the other innovation proxies.

Sustainability assessments and measurements are very complex appraisals. There exist various types of sustainability indicators and framework for a variety of systems and applications as well as numerous sustainable development indicators. Future studies are recommended on the assessment information aggregation, which leads to both an accurate design framework and a suitable formation of complex sustainability performance indices, especially with the current and unprecedented shock around the world. For example, the negative effects of the COVID-19 pandemic start to recede, many industries must work collaboratively in order to change their strategies in order to make their transitions smoothly as well as to still gain their business sustainability. These unpredicted circumstances may help create a supportive number of research opportunities in sustainability fields to improve existing sustainability assessment as well as to develop powerful decision analysis and decision-making methodologies to facilitate in reshaping technology innovations.

#### **Notes/thanks/other declarations**

Suwongrat Papangkorn is a corresponding author and is also C2F postdoctorate researcher. This project is funded by National Research Council of Thailand (NRCT): N42A650683.

*Perspective Chapter: Sustainability and Corporate Innovation DOI: http://dx.doi.org/10.5772/intechopen.108457*
