Innovation is the successful implementation of creative ideas within a firm [26]. It is generated from raw ideas that are created within the firm or derived from the adaptation of new knowledge that is found outside of the firm. Innovation is generally regarded as a key ingredient in a firm’s competitiveness and its ability to survive in a dynamic business environment [26]. Prior studies have argued that innovation can be the most important determinant of a firm’s performance, and evidence has been found that new products account for up to one-third of firms’ financial growth (e.g., [49]). As a key aspect of overall innovation, product innovation plays a critical role by enabling firms to earn abnormal profits and providing a channel for the firms to enter new markets and industries [50]. Given the interdisciplinary nature of product innovation, studies have examined the antecedents of product innovation and its performance from different perspectives (e.g., [50]). For instance, from a marketing perspective, Luca and Atuahene-Gima [45] argued that market knowledge serves as a mediator between cross-functional collaboration and product innovation performance. Tang et al. [62] focused on the role of a firm’s strategic human resource management in the relationship between entrepreneurial orientation and product innovation.