Does the market care about investor protection practices in China?

This study develops a scorecard with which to measure the investor protection practices of major listed firms in China during 2007–2010. We use time-series data to examine the relationship between the change in firm investor protection practices and market performance. Our results show that firms exhibiting improvements in investor protection practices manifest a subsequent increase in buy-and-hold abnormal returns. The results further indicate that the changes in the sub-index have different effects on a firm’s future performance. Shareholder rights to be rewarded seem to have the most significant and positive effect on a firm’s future performance for both local and international investors. Moreover, international investors pay attention to their rights to information. Our results provide evidence in support of the notion that the market does care about firm’s investor protection practices. The findings are robust to other measures of firm performance.     

British SMEs’ e-commerce technological investments and firm performance: an RBV perspective

Despite the heated debate on the Information Technology (IT) investment–performance paradox, the resource-based view (RBV) has received relatively little attention as an approach to explain such phenomena, particularly in the small and medium enterprise (SME) and e-commerce context. This study draws on the RBV perspective to empirically examine the association between SME e-commerce investments and firm performance. We collected firm-level data from 430 British SMEs across 16 industry sectors. Results demonstrate that RBV provides strong theoretical support, that is, business resources, human resources, and external resources (i.e. e-commerce readiness) strongly contribute to enhanced firm performance. The sophistication of SMEs' e-commerce websites contribute to firm performance, but those firms' capital investments in IT and e-commerce training per se are not significant performance drivers. Our findings suggest that UK SMEs can and do differentiate themselves on the basis of their e-commerce capability, which is created by the synergistic combination of e-commerce resources with other organisational resources and capabilities.     

Economic uncertainty,ownership structure and small and medium enterprises performance

This paper investigates the effect of economic uncertainty on the performance of small and medium enterprises (SMEs) over the period 2007–2016. This paper also examines the effects of ownership structure on the relation between Economic Uncertainty and firm performance. We find that an increase in economic uncertainty is negatively associated with the performance of SMEs. Our results also reveal that increased economic uncertainty is associated with a lower performance level for state-owned SMEs, whereas foreign-owned SMEs can better mitigate the negative impact of on their performance than domestic-owned firms.     

Innovation capability in achieving higher performance: perspectives of management and employees

The study clarifies the issue of whether innovation capability has a positive effect on firm performance. The effects are analysed in the perspectives of management and employees. The study has been executed by conducting a web-based survey in Finnish Small- and medium-sized enterprises (SMEs). A total of 311 responses were received from a sample of 2400 randomly selected SMEs. The results show that three aspects of innovation capability, namely ideation and organising structures, participatory leadership culture, and know-how development, are related to firm performance. The results also reveal that managers and employees have different perceptions on what aspects of innovation capability affect performance.     

Entrepreneur’s creativity and firm-level innovation performance: bricolage as a mediator

Prior literature focuses on the direct influence of entrepreneur’s creativity on firm-level innovation performance, but it ignores the intermediate mechanism of how. This study examines the role of bricolage in mediating the relationship between entrepreneur’s creativity and innovation performance. We propose that in SMEs, entrepreneur’s creativity can facilitate bricolage, which in turn influences innovation performance. Furthermore, the extent to which entrepreneur’s creativity can influence bricolage depends on firm age. Survey data from 249 SMEs indicate that bricolage functions as a mediator in the relationship between entrepreneur’s creativity and innovation performance. Entrepreneur’s creativity has a stronger effect on bricolage for young firms than for old firms.     

Government advice networks for SMEs: an assessment of the influence of local context on Business Link use,impact and satisfaction

Business Link in Britain is one of the main recent government initiatives to support SMEs in the EU. The paper uses a 1997 survey of SMEs to determine how Business Link use, impact and satisfaction are influenced by firm characteristics, local partnership characteristics, local geographical context, service intensity and other explanatory variables. The paper presents econometric estimates based on logit and ordered logit models. A key finding of the paper is to demonstrate that local context is not very significant to service use, impact or satisfaction, but local Business Link management and adviser performance are important influences on the impact and satisfaction. Major differences in the way SMEs use government-backed services are also found. There are high volumes of use of ‘gateway’ information services producing only low impact, and low volumes but high impacts and satisfaction with intensive advice services governed by contracts between the clients and the adviser. Implications for the Small Business Service, launched in April 2000, are drawn.     

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.     

Information technology and firm performance: mediation role of absorptive capacity and corporate entrepreneurship in manufacturing SMEs

ABSTRACT

The success of small and medium-sized enterprises (SMEs) depends on dynamic capabilities, as it provides opportunities to remain competitive and perform well in the dynamic business environment. Although several studies show the significant positive impacts of dynamic capabilities on firm performance, our knowledge of the underlying mechanism through which IT capabilities affect the firm performance is not yet clear. Applying the dynamic capability view, this study investigates the intervening role of absorptive capacity and corporate entrepreneurship. The data of 417 respondents is collected from medium-sized manufacturing sector SMEs in Punjab, Pakistan. The research hypotheses have been analysed through the structural equation modelling method by using the Smart-PLS software. The research findings show that absorptive capacity and corporate entrepreneurship partially mediates the relationship between IT capabilities and firm performance. Furthermore, the sequential path of IT technical skills, absorptive capacity, corporate entrepreneurship, and firm performance is highly significant as compared to other paths.     

人力资源管理影响企业绩效的实证研究——以沪深两市生产制造型企业为对象

本文通过采集我国沪深两市56家生产制造型企业的人力资源管理和企业绩效数据,利用相关分析与层级回归分析,研究人力资源管理与企业绩效的关系。实证结果揭示,人力资源管理的管理哲学、扮演角色以及职能表现,都与企业绩效显著关联;人力资源管理所扮演角色以及职能表现的引入,均能显著增强回归方程对企业绩效的解释能力。     

人力资源管理实践与企业绩效关系的实证研究

战略人力资源管理的普适观认为人力资源管理实践对企业绩效存在直接效应,但在中国情境下是否各项实践对企业绩效的直接效应都显著,还有待做进一步的实证研究。本文基于205家企业的调查数据,采用结构方程模型对人力资源管理的＂选＂、＂育＂、＂用留＂实践与员工保留、企业财务绩效的关系进行了检验。结果显示：＂选＂实践对员工保留的负向直接效应显著;＂用留＂实践对员工保留、企业财务绩效的正向直接效应都显著;员工保留在＂用留＂实践影响企业财务绩效时发挥部分中介作用。研究结果说明：在中国企业中,薪酬、绩效考核、工作轮换实践是降低员工流失率、提高企业财务绩效的主要人力资源管理实践;招聘与选择实践使用不当,将致使员工主动离职。     

Drivers of productivity in Vietnamese SMEs: the role of management standards and innovation

Using a rich panel dataset of small and medium scale manufacturing enterprises (SMEs) active in the manufacturing sector in Viet Nam, this paper investigates the drivers of firm productivity, focusing on the role played by international management standards certification. We test the hypothesis that, accounting for technological innovation (product and process) and other variables related to technological capabilities, international standards are conducive to higher productivity, through improved management practices and business organization. In line with the requirement of continuous improvement implied by most international standards, the main findings show that the possession of an internationally recognized standard certificate leads to significant productivity premium. We further find that the effect of certification on productivity is particularly strong for firms with technological innovation, located in southern provinces, and operating in more scale-intensive industries.     

Antecedents of strategic ambidexterity in the context of internationalisation: a panel study of Taiwan Small and median-sized enterprises

This study seeks to investigate the antecedents of Small and median-sized enterprises’ (SMEs’) ambidexterity strategy, and also to explore the association between ambidexterity strategy and SMEs’ performance with internationalisation as a moderator. Based on a longitudinal panel data set of 225 Taiwan SMEs, we testify the proposed hypotheses with STATA 10.0 by a series of panel data analysis. The empirical results show that both learning capability and top management team heterogeneity positively relate with SMEs’ ambidexterity strategy, while SMEs’ network capability cannot predict ambidexterity strategy. We also find that there is an ‘S’ shape relationship between ambidexterity strategy and SMEs’ performance, and this relationship is negatively moderated by the degree of internationalisation. Theoretical and managerial implications are discussed.     

Linking technology innovation strategy,intellectual capital and technology innovation performance in manufacturing SMEs

The research interest on Intellectual Capital (IC) has been increasing, adopting different definitions and developing diverse measurement tools. Nonetheless, little research focuses on small and medium-sized enterprises (SMEs) and the relation between IC and innovation management. The purpose of this paper is to investigate the role of technology innovation strategy on the IC development and then on innovation performance in manufacturing SMEs. After conducting a survey, measures of IC for SMEs have been performed and an integrated structural equation model has been created. Results demonstrate that technology innovation strategy affects all IC components, the internal structural capital supports the relational and human capital, and the latter two influence firm technology innovation performance. This study contributes to developing an IC measurement system in SMEs and to emphasise the importance of single IC components in improving technology innovation performance.     

An assessment of trends in technology use,innovative work practices and employees’ attitudes in Europe

Several studies of innovative work practices show a positive link with firm performance and employees’ task involvement, organizational commitment and citizenship behaviours. One of the recent changes faced by firms is the introduction of Information and Communication Technologies (ICTs). Although several empirical studies analyse the links between ICT use, innovative work practices and firm performance, employee-level analyses are scarce. Using data from the European Working Condition Survey (EWCS), this article investigates the relationships between use of the Internet and computers and positive attitudes among employees (social support, job satisfaction, extra effort) in the European context. Our empirical results are based on data for more than 9500 employees from 16 European countries in 2005, and more than 14 000 in 2010. Among the different effects of ICT use, based on the results for the 2005, 2010 and the pooled 2005–2010 sample, and in a within-cohorts change analysis, we find that Internet use is positively related to employees’ job satisfaction and extra effort. We find that computer use is not related to employees’ behaviours. We find also that most of the innovative work practices considered are positively related to employees’ positive attitudes.     

企业如何从绿色管理中获利:战略更新视角

绿色管理已经成为企业应对政府和公众环境关切的重要战略选择。企业如何以及在何种情况下能依靠绿色管理提高绩效成为重要研究问题。整合资源基础观和战略更新研究,构建一个被调节的中介模型,以阐明绿色管理如何通过战略更新的中介作用影响绩效,同时分析竞争强度的调节作用。基于288家企业的实证结果表明,绿色管理与企业战略更新、战略更新与企业绩效显著正相关,战略更新对绿色管理与绩效之间的关系具有完全中介作用,竞争强度正向调节战略更新对企业绩效的影响,也正向调节战略更新在绿色管理与企业绩效之间的中介作用。研究有助于从战略更新视角深化对绿色管理影响企业绩效路径机制的理解,对企业成功实施绿色转型有重要实践启示。     

产学研融合程度对科技型中小企业创新绩效的影响

构建产学研深度融合的技术创新体系，是我国为应对当前复杂多变的国际环境、满足新时代高质量发展要求的重要战略。基于产学研融合内涵，构建微观层面企业产学研融合程度综合评价模型，实证检验产学研融合程度对科技型中小企业创新绩效的影响以及环境不确定性的调节作用。结果表明，我国科技型中小企业产学研融合广度、深度和频度总体均呈波动上升趋势，正逐步迈向深度融合阶段；产学研融合广度和深度对科技型中小企业创新绩效具有正向影响，产学研融合频度对科技型中小企业创新绩效具有负向影响；环境不确定性会增强产学研融合广度对科技型中小企业创新绩效的正向影响，削弱产学研融合深度对科技型中小企业创新绩效的正向影响，增强产学研融合频度对科技型中小企业创新绩效的负向影响。结论可拓展产学研合作相关研究，发展产学研融合理论，为解决我国科技型中小企业产学研融合效率偏低、机制不佳等问题提供实践指导。     

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.     

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.     

Business Growth,Size and Age: Evidence from the Business Longitudinal Survey (BLS) Data in Australia

Despite the important role small and medium‐sized enterprises (SMEs) play in the Australian economy, little is known from empirical literature on the formation, growth and frequent dissolution of these businesses. Considering the dynamics of business behaviour, this article analyses the performance, business formation (or dissolution) and variability of growth. Using only available Business Longitudinal Survey (BLS) data from the Australian Bureau of Statistics (ABS), manufacturing businesses are considered for the analysis. Firm growth, the variability of firm growth and the probability that a firm will fail (or survive) depend on firm age. Incorporating the age for Australian businesses, we are able to explain the importance of maturity in analysing growth and survival process of SMEs.     

The land that lean manufacturing forgot?

We have conducted the first large ‐ scale survey on management practices in transition countries. We found that Central Asian transition countries, such as Uzbekistan and Kazakhstan, have on average very poor management practices. Their average scores are below developing countries such as India. In contrast, the Central European transition countries such as Poland and Lithuania operate with management practices that are only moderately worse than those of Western European countries such as Germany. As we find these practices are strongly linked to firm performance, this suggests that poor management practices may be impeding the development of Central Asian transition countries. We find that competition, multinational ownership, private ownership and human capital are all strongly correlated with better management. If causally interpreted, this would imply that the continued opening of markets to domestic and foreign competition, privatization of state ‐ owned firms and increased levels of workforce education should promote better management, and ultimately faster economic growth.