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1.
Impact of firm size and age on the export behaviour of small locally owned firms: Fresh insights 总被引:1,自引:1,他引:0
Densil Anthony Williams 《Journal of International Entrepreneurship》2011,9(2):152-174
This paper analyses the impact of size and age on small firms’ export behaviour. A review of the literature reveals that the
extant conclusions are fragmented, inconclusive and limited in geographical scope. This study aims to address these limitations
by analysing small, locally owned firms’ export behaviour from a novel location that has never been studied in the extant
literature. The study draws on data from Jamaica, a small, open Caribbean economy. The statistical analysis revealed that
size, not age, has a significant impact on export behaviour. Furthermore, other factors such as the owner’s previous international
job experience and foreign travel experience also play an important role. These findings have implications for future research
on the export behaviour of small firms, especially those from emerging environments. In addition, they provide export policy
makers who are engaged in export stimulation among small, locally owned firms, with profile of firms that have a greater proclivity
to export. 相似文献
2.
We study the impact of firm and industry characteristics on small firms’ capital structure, employing a proprietary database
containing financial statements of Dutch small and medium-sized enterprises (SMEs) from 2003 to 2005. The firm characteristics
suggest that the capital structure decision is consistent with the pecking-order theory: Dutch SMEs use profits to reduce
their debt level, and growing firms increase their debt position since they need more funds. We further document that profits
reduce in particular short-term debt, whereas growth increases long-term debt. We also find that inter- and intra-industry
effects are important in explaining small firms’ capital structure. Industries exhibit different average debt levels, which
is in line with the trade-off theory. Furthermore, there is substantial intra-industry heterogeneity, showing that the degree
of industry competition, the degree of agency conflicts, and the heterogeneity in employed technology are also important drivers
of capital structure. 相似文献
3.
Corporate Philanthropic Disaster Response and Ownership Type: Evidence
from Chinese Firms’ Response
to the Sichuan Earthquake 总被引:3,自引:0,他引:3
This article examines whether the charitable giving amount and likelihood of firm response to catastrophic events relate to
firms’ ownership type using a unique dataset of listed firms in China, where state ownership is still prevalent. Based on
the data of Chinese firms’ response to the 2008 Sichuan earthquake, we find that the extent of corporate contributions for
state-owned firms following this disaster is less than that for private firms. State-owned firms are also less likely to respond
in␣this disaster compared to private firms. The results also␣reveal that firm size, profitability, geography, cash resource
available, and leverage affect firms’ philanthropic disaster response behavior in China. 相似文献
4.
Innovation in SMEs exhibits some peculiar features that most traditional indicators of innovation activity do not capture.
Therefore, in this paper, we develop a structural model of innovation that incorporates information on innovation success
from firm surveys along with the usual R&D expenditures and productivity measures. We then apply the model to data on Italian
SMEs from the “Survey on Manufacturing Firms” conducted by Mediocredito-Capitalia covering the period 1995–2003. The model
is estimated in steps, following the logic of firms’ decisions and outcomes. We find that international competition fosters
R&D intensity, especially for high-tech firms. Firm size and R&D intensity, along with investment in equipment, enhances the
likelihood of having both process and product innovation. Both these kinds of innovation have a positive impact on firm’s
productivity, especially process innovation. Among SMEs, larger and older firms seem to be less productive.
相似文献
Jacques MairesseEmail: |
5.
This article develops and tests resource dependency and institutional theory arguments to explain two choices facing SME owner/managers:
(1) the decision whether to export or not and (2) if the firm exports, the choice between a direct (to customers abroad) and
an indirect (using another firm as intermediary) export mode. Binomial logistic regressions on our sample of 871 Dutch SMEs
suggest that institutional theory perspectives (owner/managers’ perception of the increased international presence of their
domestic competitors, customers' and suppliers' and perceptions of increased use of foreign suppliers) explain the decision
to export, while resource dependency theory arguments (owner/managers’ perception of the favorability of access to knowledge
and technology, of production costs and of access to capital in the home market) guide the choice between direct and indirect
export modes. 相似文献
6.
This paper studies the effects of local market attributes on local firms’ exports of innovations. Our starting point are three
common hypotheses. First, innovations are a major determinant for the export performance of firms. Second, user–producer interaction
is an important factor for successful innovations. Third, user–producer interaction is most efficient in close proximity.
Taken together this would mean that intense local user–producer interaction increases exports. This reasoning contradicts
a main proposition in international management that overt local responsiveness may be hampering export chances of a firm.
In order to generate global innovations, an international firm should look at the world market instead, for instance by identifying
the global common denominator of national preferences. Yet, many local innovations have become globally successful. This paper
investigates the question to what extent local demand is capable of inducing innovations that are export effective. We utilize
data from the German innovation survey of 4,786 firms in the manufacturing and service industries. In this survey firms were
asked about the sources of their innovation and their export activities. We find evidence that the export orientation and
the domestic demand structure stimulate export success. 相似文献
7.
This paper investigates links between social capital and symbolic capital and responsible entrepreneurship in the context of small and medium enterprises (SMEs). The source of the primary data was 144 ‘Business Profiles’, written by the owner-managers of small businesses in application for a Small Business Awards competition in 2005. Included in each of these narratives were claims relating to the firms’ contributions to wider society, relationships with customers, employees and stakeholders. These narratives were coded and classified in a framework drawn from Nahapiet and Ghoshal’s (1998, Academy of Management Review
23(2), 242–266) categorisation of social capital. The analysis revealed a range of strategic orientations towards the development of social and symbolic capital, along a conceptual continuum ranging from being responsible for oneself to being responsible for others. Overall, the evidence demonstrates the significance of the power inherent in the social relations of SMEs as a force for ethical behaviour, and suggests that normative theories of the development of social capital may provide ‘competitive advantage’ through responsible behaviour for small business in the global economy.Ted Fuller is a Professor of Entrepreneurship and Strategic Foresight, and Head of the Centre for Entrepreneurship and SME Development, Teesside Business School, University of Teesside.Yumiao Tian is a postgraduate research student in the Centre for Entrepreneurship and SME Development, Teesside Business School, University of Teesside. 相似文献
8.
Recent perspectives on a capabilities view of the firm often recognize the need for firms to develop an external organization.
From a relational view of the industry, the external organization may include economic and non-economic exchange relationships.
The decision to combine both types of relationships and its relevance for the firm can be linked to their role for accessing,
generating and diffusing knowledge. More often than not, these decisions are however not unilateral. This paper discusses
the potential role that Technological Centers (TC’s), created by the collective initiative of some local firms, can play as
part of firms’ external organizations and emphasizes TC’s role in connecting economic and non-economic exchange relationships.
It is further suggested that the diverse motives and benefits perceived by firms in relating in and across the TC’s and, in
general, the relevance of sharing experiences within these contexts, should be seen in the wider context of firms’ specific
and idiosyncratic trajectories. 相似文献
9.
This paper investigates the importance of transport costs in new venture internationalisation, i.e. of firms that start exporting
before they are 3 years of age. It does so by merging two large international datasets, on the firm level (covering 49,584
firms) as well as on the country level (covering 154 countries). It is found that transport costs matter significantly for
new venture internationalisation, for older firms’ decision to export, as well as the extent of the latter’s subsequent exports.
Export costs, the quality of transport infrastructure and domestic logistics costs affect new venture internationalisation
even when controlling for a range of standard determinants. New international ventures behave differently from older firms
in two important ways: (1) Transport costs affect the probability that they will export but not the extent of their subsequent
exports and (2) their probability of exporting is affected negatively by their networking, domestic success and ISO status,
whilst in the case of older firms, these factors have a positive impact. Various recommendations for policy and further research
are made. 相似文献
10.
Stefano Colombo 《Journal of Industry, Competition and Trade》2011,11(4):325-349
We study the pricing policy equilibria emerging in a partial collusion duopolistic framework where firms in the first stage
of the game choose non-cooperatively the pricing strategy (perfect price discrimination or uniform pricing), and from the
second stage onward collude on prices. We show that for intermediate discount factors and high firms’ asymmetry, the unique
equilibrium is characterized by only the smaller firm choosing price discrimination. In the case of intermediate discount
factors and low firms’ asymmetry, there are two possible equilibria: both firms price discriminate or no firm price discriminates.
When the discount factor is particularly high or particularly low both firms price discriminate in equilibrium. 相似文献
11.
Determinants of Managerial Values on Corporate Social Responsibility: Evidence from China 总被引:1,自引:0,他引:1
This article empirically investigates how Chinese executives and managers perceive and interpret corporate social responsibility
(CSR), to what extent firms’ productive characteristics influence managers’ attitudes towards their CSR rating, and whether
their values in favour of CSR are positively correlated to firms’ economic performance. Although a large proportion of respondents
express a favourable view of CSR and a willingness to participate in socially responsible activities, we find that the true
nature of their assertion is linked to entrepreneurs’ instincts of gaining economic benefits. It is the poorly performing
firms, or rather, firms with vulnerable indicators – smaller in size, State-owned, producing traditional goods and located
in poorer regions that are more likely to have managers who opt for a higher CSR rating. Managers’ personal characteristics
per se are not significant in determining their CSR choice. Moreover, controlling for other observed variables, we find that managers’
CSR orientation is positively correlated with their firms’ performance. The better-off a firm is, the more likely its manager
is to get involve in CSR activities. Firms with better economic performance before their restructuring would sustain higher
post-restructuring performance. 相似文献
12.
13.
Most analyses of small firms’ decision to seek outside equity financing and the conditions thereof concern private firms.
Knowledge of the risk and return of entrepreneurial ventures for outside investors is consequently limited. This paper attempts
to fill this gap by examining the Canadian context, where small and medium-sized enterprises (SMEs) are allowed to list on
a stock market. We analyze seasoned equity offerings launched by SMEs over the last decade. These public issuers can be considered
low quality firms with poor operating performance. Managers issue equity before a large decrease in operating and stock market
performance. Individual investors do not price the stocks correctly around the issue and incur significant negative returns
in the years following the issue. This is particularly true for constrained issuers. We confirm that entrepreneurial outside
equity attracts lemons and that individual investors cannot invest wisely in emerging ventures. Probably as a consequence
of individual investors’ lack of skill and rationality, the cost of outside equity financing of Canadian public SMEs is abnormally
low. 相似文献
14.
This article studies how financial investors respond to firms’ corporate social responsibility (CSR) performance in terms
of their investing behaviors, and how such behaviors change contingent on an event that provokes their attention and concerns
to CSR. Using the melamine contamination incident in China as a natural experiment, it is found that neither the individual
investors’ nor the institutional investors’ behaviors are influenced by firms’ CSR performance before the incident. Nevertheless,
in the post-event period, institutional investors’ behaviors are significantly influenced by firms’ CSR performance that exceeds
a certain threshold. Furthermore, such an effect diminishes for a better CSR performance. In comparison, the authors do not
find any effects of CSR performance on individual investors, either before the event or after the event. Finally, firms’ performance
and investors’ behaviors jointly affect firms’ stock returns after the event but not before the event. This article reconciles
the mixed findings in the literature on the effect of firms’ CSR performance on their financial performance by showing that
such an effect exists in a contingent manner. Furthermore, the authors show that a too low or a too high CSR performance could
lead to undesirable responses from investors. Therefore, managers should pay attention to optimizing firms’ CSR activities. 相似文献
15.
Firms can approach advertising competition either by setting advertising budgets (as in the percentage of sales method) or
target sales levels (as in the objective and task approach). We study firms’ incentives to adopt one or the other posture
using a two-stage model of duopolistic competition. In the first stage, each firm chooses to commit either to an advertising
budget, letting its sales follow from the market response function, or to a desired sales level, promising to adjust its advertising
spending accordingly. In the second stage, firms choose the actual levels of their advertising budget or sales target. When
prices are exogenous, we show that, due to strategic effects, if a firm benefits from its rival’s advertising (as when advertising
increases awareness of the product category) then setting an advertising budget dominates setting a sales target. On the other
hand, if a firm is harmed by its rival’s advertising (as when advertising increases the firm’s share of a fixed market), then
committing to a sales level dominates. We extend these results in several directions and show that when firms engage in price
competition as well as advertising the nature of advertising and product-market competition interact to determine whether
setting an advertising budget or sales target dominates.
相似文献
Amit Pazgal (Corresponding author)Email: |
16.
Melitz’s dynamic model of export participation is the basis of our empirical specification that accounts for a wide range of internal and external factors affecting the export behaviour of small and medium-sized enterprises (SMEs) in Transition Countries (TCs). Using firm-level data, our estimates highlight the particular importance of the human and technology-related factors to the export behaviour of SMEs in TCs. Other important factors for SME exporting activities are productivity-enhancing spillovers from industry—especially vertical—linkages, firm size, ownership type, type of activity, the availability of external finance, networking through business associations, and market share. In addition, significant period and country differences are identified. This paper contributes to the transition literature by filling an important gap in the understanding of the SME internationalisation process and by identifying a comprehensive set of variables to explain firms’ export behaviour in TCs. 相似文献
17.
Lu and Beamish (2001) examined the effect of two internationalization strategies, exporting and foreign direct investment
(FDI), on SME performance (ROA). We extend this research by examining the differential effects of these strategies on two
other dimensions of SME performance: growth and ROS. We develop and test four sets of hypotheses using a sample of 164 Japanese
SMEs. We find that exporting activity has a positive impact on growth, but negative impact on profitability. FDI activity
has a positive relationship with growth, but a U curve relationship with profitability. Exporting activity has a positive
moderating effect on the relationship between an SME’s FDI activity and firm growth, a negative moderating effect on the relationship
between an SME’s FDI activity and firm profitability. An SME’s age when it starts to make FDIs has a negative moderating impact
on the relationship between FDI and firm growth and profitability. 相似文献
18.
This paper compares the technical efficiency of small and medium-sized enterprises (SMEs) with that of large firms and studies
the factors influencing technical efficiency for Taiwan’s electronics industry. Unlike conventional studies, we use two alternative
approaches to control for the influence of size effect. One is the two-stage switching regression to correct for endogenous
size effect on technical efficiency and, the other is, a metafrontier production function for firms in different groups. The
main results are as follows. First, the average technical efficiency for large firms is higher than that of SMEs, without
considering the size effect, and lower when considering the endogenous choice on firm size. This study cannot, therefore,
conclude that there is a negative size–technical efficiency relationship. It however, sheds light on the importance of size
effect on the size–technical efficiency nexus. Second, the estimates on the determinants of technical efficiency show that
being a subcontractor has a statistically significant positive influence on SMEs’ technical efficiency, but the effect decreases
with firm size.
相似文献
Ku-Hsieh ChenEmail: |
19.
In this article, we examine the empirical association between corporate governance (CG) and corporate social responsibility
(CSR) engagement by investigating their causal effects. Employing a large and extensive US sample, we first find that while
the lag of CSR does not affect CG variables, the lag of CG variables positively affects firms’ CSR engagement, after controlling
for various firm characteristics. In addition, to examine the relative importance of stakeholder theory and agency theory
regarding the associations among CSR, CG, and corporate financial performance (CFP), we also examine the relation between
CSR and CFP. After correcting for endogeneity bias, our results show that CSR engagement positively influences CFP, supporting
the conflict-resolution hypothesis based on stakeholder theory, but not the CSR overinvestment argument based on agency theory.
Furthermore, firms’ CSR engagement with the community, environment, diversity, and employees plays a significantly positive
role in enhancing CFP. 相似文献
20.
This article examines whether the likelihood and amount of firm charitable giving in response to catastrophic events are related
to firm advertising intensity, and whether industry competition level moderates this relationship. Using data on Chinese firms’
philanthropic response to the 2008 Sichuan earthquake, we find that firm advertising intensity is positively associated with
both the probability and the amount of corporate giving. The results also indicate that this positive advertising intensity-philanthropic
giving relationship is stronger in competitive industries, and firms in competitive industries are more likely to donate.
This study thus provides evidence suggesting that even in the wake of catastrophic events, corporate philanthropic giving
is strategic. 相似文献