Next generation entrepreneur: innovation strategy through Web 2.0 technologies in SMEs

This essay studies the diffusion/adoption of Web 2.0 technologies in small and medium sized enterprises (SMEs)’ innovation strategies and particularly in research, development, design and other innovation activities. It looks at the effects of these technologies on the evolution and the dynamics of firm's innovation capabilities and the implications of entrepreneurial turnover on the adoption of said technologies. The study is based on original fieldwork with some 130 SMEs. The author finds that a consistent share of SMEs is actively trying to fill the knowledge gap and integrate Web 2.0 technologies in their innovation strategies. SMEs are managing this integration by progressively adjusting their behaviour in reaction to the opportunities offered by the technology and balancing the dependence of the business from the web. Barriers to the adoption of such technologies are also discussed.     

Economic efficiency of Greek retail SMEs in a period of high fluctuations in economic activity: a DEA approach

This study aims to analyse the economic efficiency of Greek small and medium retail enterprises before and after the crisis that started in 2008. Based on the Accounting Equation, we use Data Envelopment Analysis (DEA) to estimate variable returns of scale efficiency scores and to conclude on specific characteristics that efficient companies have, for example, on capital structure. Our results from the DEA application show a high degree of inefficiency. We found that SMEs on the islands are more efficient than those on the mainland and that SMEs in the cities are the least efficient. Size seems to be important, more so on the islands and on the mainland than in the cities. We conclude that companies should act more conservatively in terms of operating cost when the first signs of a recession appear. In addition, during a recession period, companies that have evidences that their operations will continue positively should strengthen their operations by raising more own capital. Finally, our study clarifies four issues: the efficiency of retail companies in a period of growth and a period of recession, focusing on SMEs that operate in different regions, connecting Accounting Equation and DEA and adding acid ratio as an output in our model.     

县域中小企业对发展环境的评价分析——基于江苏省县域中小企业的调查

宏观政策和经济环境对中小企业的发展具有重要的作用。运用江苏省县域中小企业的实地抽样调查数据,实证分析中小企业对宏观政策和经济环境的评价,并分析中小企业对资金、人才、技术、市场、政府支持和产权保护这些发展要素的评价,得出相关政策建议。     

科技型中小企业R&D投资、人力资本投资与企业成长路径的关系

基于科技型中小企业成长的特点,将人力资本与技术资本涵盖于知识资本的范畴,在动态演化的理论框架中,构建了影响科技型中小企业演化路径的指标体系,并首次运用混合截面数据对科技型中小企业知识资本与企业演化路径的关系进行了实证研究。研究表明：在满足一定条件下,人力资本与企业成长路径变迁之间呈正相关关系,其中,研发人员比例具有显著的经济意义。同时,R&D投入对企业倾向于跳跃式突变成长有显著的正向影响,而非R&D投入与其存在负相关关系,但在控制了行业特征之后,传统制造业R&D投入效果较高科技行业更为显著。这一结果从另一侧面说明了行业特征对企业演化路径和策略选择的重要性。另外,我国科技型中小企业在成长路径选择中不存在区域比较优势。     

Factors Determining the Adoption of Energy-Saving Technologies in Swiss Firms: An Analysis Based on Micro Data

This study investigates the factors that determine firms’ decisions to adopt energysaving technologies. We distinguish between the decisions of whether or not to use a technology (“inter-firm diffusion”), and of how intensely to use a technology (“intra-firm diffusion”). The empirical model used accommodates several effects that have been postulated in the theoretical diffusion literature: firm and industry heterogeneity, strategic considerations and external effects. Data for 2,324 Swiss firms for the year 2008 is used, with separate information for four categories of energy-saving technology applications (electromechanical and electronic, motor vehicles and traffic engineering, construction, power-generating processes). The results reveal significant differences with respect to firm characteristics and adoption barriers between inter-firm and intrafirm diffusion. In practically all cases, positive net external effects of adoption can be found. Inducement effects, particularly those traced back to intrinsic motivations for environment-friendly technologies, show clearly positive effects on adoption behavior.     

培育类产业政策对中小企业技术创新的影响

通过手工收集地方政府培育类政策并与2007—2019年中国中小板和创业板上市企业数据进行匹配，利用多期DID模型检验其对中小企业创新的影响。结果表明，培育类政策对中小企业创新起长期显著促进作用，但政府认定次数增加并不能推动中小企业创新由量转质的飞跃。进一步地，培育类政策可通过激发创新意愿、加速人才聚集、提升市场关注度促进中小企业创新。异质性分析表明，该类政策对国有中小企业创新促进作用更为显著，且仅对低集中度行业企业起到促进作用，知识产权保护水平较低地区政策激励与创新补偿效应更强。结论可丰富产业政策对中小企业创新影响的经验证据，为完善扶持中小企业创新政策提供决策参考。     

Research technology organisations as leaders of R&D collaboration with SMEs: role,barriers and facilitators

Research technology organisations or RTOs have attracted academic interest in the last decade due to their role as technology transfer agents and R&D collaborative leaders for firms and especially for small and medium enterprises (SMEs). Although their role within the diversity of specialised structures in generating R&D for industry in National Innovation Systems is recognised, there are scarce publications in relation to their strategies, performance or characteristic, as leaders of R&D collaboration with SMEs. The aim of this work is to identify the role, barriers and facilitators for RTOs performance as well as to develop a contingency relationship between industry environment, strategy, organisational structure and other factors for successful technology transfer from technology organisations to SMEs. This research is based on a field study conducted on 14 technology organisations based in the Valencia region, working with various industry sectors.     

对外贸易、金融改革和经济增长:来自中国的证据

本文根据技术扩散模型阐释,中国的技术进步取决于它对先进技术的吸收能力和可吸收的世界先进技术集合的乘积。金融改革通过消除经济扭曲提升我国的吸收能力。如果国际先进技术通过对外贸易扩散到中国,那么对外贸易和金融改革在增长中就存在相互促进的作用。利用中国改革开放后的数据,我们没有发现对外贸易(出口或进出口)和金融改革在促进经济增长中有显著的互补作用。该结论在控制条件收敛、其他经济增长因素、分省和时间效应后成立,并在解决贸易的内生性后仍然稳健。将该结论和我们已发现的金融改革和外商直接投资在促进经济增长中有显著的互补作用的结果相对照,可见,与国际贸易相比,国际先进技术更可能通过外商直接投资扩散到中国。     

Lending technologies,banking relationships,and firms’ access to credit in Italy: the role of firm size

This paper analyses the role of lending technologies and banking relationships on firms’ credit access in Italy. Using EFIGE firm-level data, we show that the depth and strength of firm–bank relationships have heterogeneous effects on credit demand and rationing probabilities depending on the size of the borrower. Multiple banking relationships alleviate financial constraints for small firms, while borrowing from a large number of lenders hinders access to credit for large companies. Small and medium-sized enterprises with a higher share of debt with the main bank have a lower probability of being credit denied, as debt concentration contributes to overcome the opacity problems typical of the SMEs. Long-lasting relationships, by reducing information asymmetries, significantly improve access to credit for small and large firms. Conversely, we find that medium-sized enterprises are more exposed to financing constraints as relationship duration increases, due to possible lock-in effects. Finally, firms maintaining banking relationships based on transactional technologies are more likely to be credit denied, while the use of relationship lending technologies improves credit availability for both small and large enterprises.     

Effects of main bank switching on new business bankruptcy

This paper examines the effects of main bank switching on the probability of bankruptcy of new small businesses using a propensity score matching estimation approach. We use a unique firm-level dataset of approximately 1,000 small and medium-sized enterprises (SMEs) incorporated in Japan; these SMEs are young and unlisted just after incorporation. We find that switching main bank relationships increases the probability of firm bankruptcy. In addition, the result holds only when the relationship between the firm and its main bank is terminated. Specifically, the probability of bankruptcy increases when firms switch their main banks to financial institutions with which they have not previously transacted, and when the ex-post main banks are not affiliated financial institutions of their ex-ante main banks. These results may be because such switching worsens the financial condition of client firms, and thus, it leads to bankruptcy.     

Determining factors for the adoption of e-business: the case of SMEs in Korea

This study investigates the determining factors of the successful adoption of e-business by small and medium enterprises (SMEs) in Korea using survey data. After the major determining factors were identified from the innovation adoption literature and were extracted by applying the principal component analysis to the survey data and by adding the country-specific characteristics of Korea, we conducted empirical analyses to determine the critical success factors for the adoption of e-business by Korean firms. The empirical results which are based on t-tests of the differences between adopters and non-adopters, the linear probability model, and the logit model, all suggest that the important determinants of the successful adoption of e-business by SMEs in Korea are: the CEO's knowledge of information technology (IT)/e-business, relative advantages and benefits from implementing e-business, governmental support, globalization strategy and the North Korean factor. Business size, the cost of e-business adoption and competitive pressure of the industry do not seem to play an important role in the adoption of e-business by Korean SMEs. The policy implications of this study on promoting e-business adoption by SMEs in emerging economies, such as Korea, are also discussed.     

Pathways from discovery to commercialisation: using web sources to track small and medium-sized enterprise strategies in emerging nanotechnologies

This paper presents results from a pilot study of small and medium-sized enterprises (SMEs) based on a web-scraping and content analysis of current and archived nanotechnology enterprise websites. We use this approach to explore nanotechnology SMEs transitions from discovery to commercialisation and understand how transitions vary by SME characteristics, technology and market sectors. Our findings suggest that although the idealised linear innovation model is present, important instances of divergence exist. Cluster analysis uncovered sectoral differences but even more distinctions based on the age, funding source, and research intensity.     

The Contribution of Small and Medium Enterprises to Economic Development in Ukraine and Belarus: Some Policy Perspectives

The paper considers the development of small and medium enterprises (SME) in two transition economies where market reforms have been slow (Ukraine and Belarus), focusing specifically on the role of government in the process. Empirical data from a study on SMEs and economic development in Ukraine, Belarus and Moldova are used to consider the contribution of SMEs to different aspects of transformation whilst data from a second project are used to show the support needs of SMEs.Following the introduction, which summarises the aims and methodology, the second section presents brief profiles of the context for SME development in each country. Part 3 summarises some of the main empirical findings, focusing on those aspects that have potential policy significance, specifically with respect to employment, innovation, and market orientation, whilst the fourth section considers survey evidence of the support needs of SMEs. The final section draws out the main policy implications of the findings, whilst also setting out an agenda designed to increase the contribution of SMEs to economic development in the future.On the whole, the empirical results demonstrate that some SMEs have developed in Belarus and Ukraine despite the actions of governments, although the number of private enterprises per capita remains small and their qualitative characteristics often reflect the difficult operating conditions. As a result, their contribution to economic and social change is less than it could be, mainly due to an unstable environment and an institutional context that has yet to establish the framework conditions for sustainable private sector development. In terms of policy priorities, the survey data suggest that reform of the distorted legal and financial infrastructures that exist in these countries is the highest priority need.     

The labour market effects of offshoring of small and medium-sized firms: micro-level evidence for Germany

Small and medium-sized enterprises (SMEs) are the economic powerhouse of many OECD countries (perhaps most prominently so in Germany). Yet, the labour market dynamics caused by the internationalization of their production activities are largely unexplored. We use survey-based micro-level data for Germany to explore the employment effects of offshoring of SMEs, relying on propensity score matching and difference-in-difference analysis. We find evidence for a downsizing effect in the immediate aftermath of offshoring whereas, initially, job creation is not spurred. In the medium run, we find evidence for a slowing down of employment dynamics of offshoring firms (that tend to belong to the better performing SMEs in Germany) relative to non-offshoring firms. Even though our results do not point to a net employment loss in the medium run, our evidence suggests that offshoring may lead to less jobs being created. This conclusion cannot be confirmed for large companies.     

Impediments to innovation faced by Canadian manufacturing firms

Using the findings of the 1999 Survey of Innovation in the Canadian manufacturing sector, we analyse the impediments, i.e. the problems and obstacles, that firms in the sector face when they innovate. In particular, we assess the factors which inhibit innovation, especially with regard to by small and medium enterprises (SMEs). First we try to establish the relationship between the impediments to innovation and various firm characteristics. Then we assess whether these impediments actually prevent firms from innovating or whether firms are able to overcome them.

We find that the perception of impediments to innovation vary according to firm characteristics. For example, large firms are more likely to report the high cost of developing innovation and organizational rigidities as impediments than small firms. However, they seem to have less difficulty with regard to financing innovation projects compared to SMEs. Our results also show that firms seem to be able to overcome most of the obstacles to innovation. Therefore, the impediments featured in innovation survey(s) should not be interpreted as impenetrable barriers that prevent innovation. The sole exception is organizational rigidities. Firms facing organizational rigidities are less likely to become innovative, whether they are small, medium, or large. From our results, we conclude that small firms do not face particular impediments which prevent them from becoming innovative.     

Board diversity and firm performance: evidence from the U.K. SMEs

This study examines the relationship between board diversity and firm performance in small- and medium-sized enterprises (SMEs) in the U.K. In particular, we investigate the role of gender and age as two dimensions of diversity. Using a large sample of SMEs (34,798 firms) located in the U.K. and focusing on the period from 2005 to 2013, our results show a significant negative association between each of gender diversity and age diversity, and firm performance. Our evidence yields important insights on the association between board diversity and firm performance, and calls suggestions for increased board diversity into question. A possible explanation for our findings could be due to the fact that our sampled firms are SMEs, whereas those in previous studies have been large enterprises. This research provides insights to entrepreneurs on how to enhance their performance, and to governments and policymakers on the development of rules that would achieve better performance in the SME sector.     

Size and Determinants of Capital Structure in the Greek Manufacturing Sector

Increasing competition in the European Union (EU) and world markets affects the Greek manufacturing sector. Capital structure is essential for the survival, growth and performance of a firm. There has been a growing interest worldwide in identifying the factors associated with debt leverage. However, nothing has been done so far in contrasting small and medium sized enterprises (SMEs) and large sized enterprises (LSEs) on these aspects. SMEs are very important in the Greek manufacturing sector for employment and growth. Empirical studies show that capital structure and the factors affecting it vary with firm size. In this paper we investigate the determinants of capital structure of Greek manufacturing firms and formulate some policy implications that may improve the financial performance of the sector. Our study utilizes panel data of two random samples, one for SMEs and another for LSEs. The findings show that profitability is a major determinant of capital structure for both size groups. However, efficient assets management and assets growth are found essential for the debt structure of LSEs as opposed to efficiency of current assets, size, sales growth and high fixed assets, which were found to affect substantially the credibility of SMEs. In an era of increasing globalization, the findings imply that Greek SMEs should focus their efforts on (a) increasing their cash flow capacity through better assets management and achievement of higher exports and (b) ensuring good bank relations, but at the same time, turn to alternative forms of financing. Greek LSEs should adopt strategies that will lead to the improvement of their competitiveness and securing new forms of financing. Government policy measures aiming at structural changes and economic efficiency should be designed clearly depending upon its targets: SMEs need policies that will encourage information exchange and co‐operation in local and foreign markets and use of e‐business, as well as, financial assistance. On the other hand, LSEs should be supported by policies aimed at new high‐technology investments, entrance of new firms and foreign investments in the country, tax alleviation and increase of R&D and training expenditures. The upgrading and transparency of the capital market in Greece is expected to improve the capital structure of Greek manufacturing firms.     

不良贷款、路径依赖与中小企业的融资困难--对当前我国中小企业融资难的一种新解释

关于中小企业在经济发展中所占据的重要地位及作用在理论界早已形成较为一致的看法并为各国政府所重视.目前,虽然中小企业与金融机构之间已经普遍建立起了较为稳定的合作关系,但中小企业的融资难问题仍然是制约中小企业发展的最大瓶颈.本文根据转型时期我国银行和企业的基本特征,建立了一个包括家庭-企业-银行的三部门两期模型,从我国国有银行的体制利弊出发,运用路径依赖的理论,对不良贷款在造成我国中小企业融资困难时的作用机理进行了深入分析,并讨论了单纯的贸易部门开放和贸易金融部门的同时开放对解决中小企业融资难的不同效果,以期对将来的改革有所启示.     

Development of internal resources and capabilities as sources of differentiation of SME under increased global competition: A field study in Mexico

This paper draws on the resource-based view of the firm and contributes to our understanding of how the development of internal resources and capabilities in SMEs can provide sources of competitive advantages in the international arena and improve their business performance.This research found statistical evidence to suggest that business performance measured by growth rate, efficiency, productivity and shareholder's financial returns, is positively related with the development of internal capabilities such as soft technology (methods and processes that support the firm) and hard technology (externally acquired equipment, in-house development of machinery and innovation in raw materials) and a strategy of continuous improvement, innovation and change.A number of relevant contributions are proposed in this piece of research that expands our understanding of how SMEs can compete in the international context: (1) firms whose explicit business strategy emphasizes innovation and knowledge creation have been able to successfully participate in global contexts; (2) even though financial resources are important for a firm to leverage performance it was found that development of internal capabilities has been more important than limited financial resources in order to develop competitive advantages to compete with larger and multinational competitors; (3) results of this research support the proposition that from an associational economy perspective the development of a geographical region or country should be an interaction among a number of constituents namely government policies, the firms themselves and universities and research centers among others.     

The use of patent databases by european small and medium-sized enterprises

Patent databases contain a wealth of technical information, but only a fraction of innovative small and medium-sized enterprises (SMEs) use them as an information source. The characteristics of SMEs that use patent databases and the reasons why they do or do not use them are investigated in this study. Part of the analysis is based on the Community Innovation Survey results, which Is the largest survey to date of innovative European firms. The results show that the probability of using patent databases increases with firms size and is higher among firms that perform research and develobment or which and patents of value as an appropriation method. Furthermore, the percentage of firms in each of 14 sectors that and patents to be an important information source is correlated with the patent propensity rate in each sector. The second part of the study is based on a combined survey and interview study of Dutch SMEs in five high-technology sectors. The results show that SMEs mainly use patent databases to acquire information, often for legal purposes, that is not available from any other source. In contrast, these databases are seldom used to acquire technical data, largely because of the cost in terms of personnel time and expertise. This points to the need for simpler and more efficient methods of searching patent databases.