Geographical and cognitive proximity effects on innovation performance in SMEs: a way through knowledge acquisition

This study explores the relative influence of geographical and cognitive proximity to explain innovation performance. This paper deepens the controversy between the significance of both types of proximity, contributing to a better understand their interconnections. The study further analyzes to what extent knowledge acquisition provides a congruent explanation of the effectiveness of innovation in proximity contexts. The paper has tested a structural model based on a sample of 224 Spanish footwear firms. Footwear industry is a mature and traditional industry with a significant presence of the territorial agglomeration of firms all over Spain. Findings suggest both a direct and indirect effect of cognitive proximity on innovation performance. However, an excess of geographical proximity produces spatial lock-in, thus limiting the access to new knowledge and lowering innovations. By contrast, proximity in terms of goals and culture leads firms belonging to a territorial cluster to achieve knowledge acquisition resulting in relevant innovation. Findings suggest that although transferable valuable knowledge exists in clustered contexts firms should adopt a proactive behavior to have access common knowledge and in order to generate effective innovations.     

Announced layoffs: Their effect on corporate financial performance

Conventional wisdom holds that when a firm gets into trouble due to lagging sales and rising costs, cutting the size of the organization to reduce fat and waste is a normal and effective response. In this study, evidence was found to suggest that just the opposite might be true. The financial performance of Fortune 100 companies was tracked over a five-year period—two years prior to the announced layoff, the year of the layoff announcement, and two years following it. Contrary to expectations, the results indicate that financial performance worsened, rather than improved, following announced layoffs. Strategic and human resource implications for the management of corporate downsizing are provided.     

浅谈中小企业财务会计内部控制机制的建立

中小企业财务会计内部控制体系是企业管理重要的环节。文中提出了建立中小企业财务会计内部控制的原则、内涵、外部监督和人员素质等问题。以完善财务会计的内部控制体系,促进中小企业快速发展。     

Nonlinearity in the effects of financial development and financial structure on unemployment

The positive role of the financial sector in promoting economic growth has been well established among academics and practitioners since the early 1990s. However, more recently, there has been increasing evidence pointing to a vanishing, and even negative, effect of financial sectors at high levels of financial depth, particularly since the global financial crisis of 2007?2009. Too much finance could hurt growth. The paper shifts the focus towards labor market outcomes by examining whether too much finance also hurts unemployment. Using a dynamic simultaneous model via system GMM estimation and a panel of 97 OECD and non-OECD countries for the period 1991–2015, we find that the answer depends on the type of finance and the extent of a country’s labor market flexibility. Specifically, (i) too much financial development hurts unemployment for countries with more rigid labor markets; (ii) too bank-centered or too little market-oriented financial systems worsen unemployment, particularly for countries with more flexible labor markets; and (iii) too much credit to private enterprises deteriorates unemployment in countries with more rigid labor markets, whereas too little credit to households worsens unemployment in countries with more flexible labor markets. Evidence also shows that these unemployment consequences possibly run through investment and entrepreneurship channels.     

Supply chain management maturity and performance in SMEs

Supply chain maturity models attempt to disseminate best practices in supply chain management (SCM). One basic idea behind these models is that increased maturity will lead to improved supply chain performance, which in turn will lead to improved financial performance. There is, however, little empirical evidence about the relationship between supply chain (SC) maturity and financial performance, specifically in SMEs. The results of this study indicate that there is a strong relationship between SCM maturity and SC performance in SMEs, as well as some relationships between SCM maturity and financial performance. One conclusion is that if firms use maturity indicators in the Supply Chain Operations Reference areas to improve their processes, they will most likely achieve positive effects on supply chain performance and probably also on financial performance.     

The influence of intelligent manufacturing on financial performance and innovation performance: the case of China

ABSTRACT

Artificial intelligence is increasingly used in advanced manufacturing systems to realise intelligent manufacturing. However, there is still a lack of empirical research on the impact of intelligent manufacturing on enterprise performances, especially for China. The author adopts the enterprise panel data of intelligent manufacturing implemented by China’s manufacturing industry in 2014 to 2019, and uses propensity score matching with difference in differences (PSM-DID) method to investigate the impact of intelligent manufacturing on financial performance and innovation performance. The research yields two main conclusions. First, the implementation of intelligent manufacturing has a significant role in promoting the financial performance and innovation performance of manufacturing enterprises. Second, technology-intensive industries improve the quantity of innovation by implementing intelligent manufacturing, thus promoting the improvement of short-term financial performance, but the improvement of innovation quality has a negative impact on short-term financial performance. In labour-intensive industries, the relationship between financial performance and innovation performance is not obvious.     

浅谈中小企业财务管理运行现状与对策

财务管理是基于企业再生产过程中客观存在的财务活动和关系而产生的,是组织企业资金活动、处理企业同各方面的财务关系的一项经济管理工作,是企业管理的重要组成部分。财务管理的内容主要有筹资管理、投资管理和分配管理三个方面。     

Network ties and entrepreneurial orientation: Innovative performance of SMEs in a developing country

This study investigates the role of intra-cluster ties, extra-cluster ties, and entrepreneurial orientation in shaping firms’ innovative performance. We conduct our analysis on a primary data set of 120 small and medium enterprises located in the Cibaduyut footwear-manufacturing cluster, Indonesia. We explore the effectiveness of knowledge acquisition through intra-cluster ties and extra-cluster ties on innovative performance. We find that extra-cluster ties mediate the relationship between proactiveness and innovative performance. Also, a combination of high extra-cluster ties and risk taking exert a positive impact on innovative performance. Surprisingly, we find that risk taking negatively moderates the influence of intra-cluster ties on innovative performance. Over-reliance on within-cluster knowledge sharing may result in the diffusion of redundant knowledge rather than making new knowledge available to the firm. Overall, our findings point to the synergistic effects of entrepreneurial orientation and extra-cluster ties on innovative performance.     

Influence of subcontracting on innovation and economic performance of SMEs in Indian automobile industry

Trans-national corporations (TNCs) expanding their production bases to developing countries having better conditions of manufacturing and domestic markets provide increasing opportunities for local small and medium enterprises (SMEs) to have subcontracting relationships with these TNCs. Even though some theoretical and a few empirical studies throw light on the nature of assistance provided by TNCs to local SMEs through subcontracting relationships, none of the studies so far quantitatively analysed the role of this assistance on the innovative performance of SMEs leading to better economic performance. This paper probes the extent and diversity of assistance received by SMEs from a TNC through subcontracting and its influence on technological innovations and economic performance of SMEs, in the Indian automobile industry. Indian SMEs were able to receive mainly product related and purchase process assistance, thereby implying that subcontracting is largely confined to purchase–supply relationships. However, assistance received through subcontracting is beneficial as it promoted technological innovations of SMEs: the higher the degree of assistance, the higher the level of innovations carried out by these SMEs, which, in turn facilitated their economic performance. Thus, this paper substantiates in the Indian context that subcontracting relationship with a TNC can be an important source of technological innovations and enhanced economic performance for SMEs.     

浅析中小企业如何运用信息化策略应对金融危机

当前,金融风暴愈演愈烈,虚拟经济危机对实体经济的冲击日渐严重,许多企业大遭其难。中小企业人力资源有限、资本积累少、技术力量薄弱,应对危机的能力相对欠缺,因此面临着更大的生存压力。对于中小企业而言,通过信息化提升企业的管理效率和创新能力,绝对是应对危机的良策之一。文章阐述了金融危机对中小企业的影响,分析了当前中小企业信息化的机遇与困难,并就中小企业如何运用信息化策略应对金融危机进行了探讨。     

Determinants of performance of independent financial advisors

This paper examines the performance of independent financial advisors (IFAs) in terms of their involvement in innovation activities, participation in business networks and open innovation as a strategy to cope with difficult market conditions caused by the recent economic downturn. Performance is assessed on the basis of average sales growth for years 2010–2012. The results of the study suggest that IFAs’ involvement in innovation activities, participation in networks and open innovation enhances business performance. The managerial implications are that IFAs may be able to achieve higher sales growth by participating in networks and engaging in innovation activities. The originality of this paper is that it provides an empirical assessment of possible strategies to support sales growth in small financial service sector firms facing volatile market conditions.     

Corporate social responsibility and financial performance: event study cases

This paper examines how the U.S. capital market perceives corporate social responsibilities (CSRs) by examining the constituent companies of the Dow Jones Sustainability Index (DJSI) and explores whether the implementation of CSR policies and verification by independent organizations contribute to variances in financial performance . This paper also examines different events (i.e., nominations, inclusions, and awards) in the analysis of how much importance investors place on CSR. The results show that investors do not exhibit significant recognition of U.S. companies included in the DJSI. However, when CSR becomes common practice within a given industry, certification by independent third parties regarding CSR policies conveys actual benefits to corporate performance. In addition, this paper compares degrees of CSR recognition between investors in the United States and investors in Taiwan. This study uses the Awards of Excellence in Corporate Social Responsibility given by Common Wealth Magazine to assess whether investors form different expectations of CSR based on company size. The results indicate that Taiwanese investors are increasingly aware of CSRs and the awards received by mid-sized companies show significant impacts. Changes in share prices for mid-sized companies are slower than for large companies. This paper argues that CSR policies not only enhance reputation but also lead to good financial performance. Companies are encouraged to take an active attitude toward CSR by understanding the relevant costs.     

Entrepreneurial orientation and firm performance in family SMEs: the moderating effects of family,women, and strategic involvement in the board of directors

Entrepreneurial success in family SMEs is largely determined by the knowledge, skills, and new ideas contributed by board directors, the most important actors in the formulation of corporate strategy and decision making. The composition of family SME boards has traditionally been homogeneous, as such boards usually comprise male family members. Boards’ contributions, however, depend on their level of diversity and strategic involvement. This study analyzes the moderating effects of two main sources of board diversity in family firms, family involvement level and gender diversity, as potential means of enhancing family firms’ success when exploiting entrepreneurial initiatives. This study also explores whether these two potential moderators depend on the strategic involvement of the board directors. Based on a sample of 230 Spanish family firms, we found that the link between entrepreneurial orientation and performance is stronger in firms with lower levels of family involvement and higher levels of gender diversity in the board. Moreover, the board’s high strategic involvement may strengthen the positive impact of gender diversity and change the moderating influence of family involvement from negative to positive.     

ISO 9000 practices and financial performance: A technology coherence perspective

Attention to processes has increased, as thousands of organizations have adopted process-focused programs such as TQM and ISO 9000. Proponents of such programs stress the promise of improved efficiency and profitability. But research has not consistently borne out these prospects. Moreover, the expectation of universal benefits is not consistent with research highlighting the important role of firm-specific capabilities in sustaining competitive advantage. In this paper, we use longitudinal panel data on ISO 9000 practices for firms in the auto supplier industry to study two new issues related to the adoption of process management practices. First, we find that, as the majority of firms within an industry adopt ISO 9000, late adopters no longer gain financial benefits from these practices. Second, we explore how firms’ technological coherence moderates the performance advantages of ISO 9000 practices. We find that firms that have a very narrow or very broad technological focus have fewer opportunities for complementary interactions that arise from process management practices and thus benefit less than those with limited breadth in technologically related activities.     

全球金融风暴下我国中小企业融资出路探讨

在全球金融风暴的经济背景下,我国中小企业的融资更加困难,已经严重的威胁到中小企业的生存。文章首先概述了我国中小企业融资的现状,然后从政府政策、我国金融服务体系结构、商业银行惜贷等四个方面分析了制约我国中小企业融资的原因,最后从政府政策的扶持、金融服务体系的创新、商业银行信贷创新等方面探讨解决我国中小企业融资难的途径。     

Concentrated supply chain membership and financial performance: Chain- and firm-level perspectives

This study reports evidence that concentrated 3-firm supply chains achieve superior financial performance, and that supply chains’ financial performance varies systematically with measures of chain concentration and chain duration. Results from firm-level analyses suggest that the profitability benefits of supply chain relationships are captured predominantly by downstream chain members, whereas cash cycle benefits are realized throughout the supply chain. Firm-level tests also reveal that chain members’ financial performance varies systematically with measures of downstream bargaining power, downstream relationship duration, and degree of supply consolidation. The study's chain- and firm-level analyses employ data extracted from sample firms’ publicly available financial reports, including their major customer disclosures under Statement of Financial Accounting Standards Nos. 131 (1997) and 14 (1976).     

基于提高安徽省财政支农资金使用绩效的思考

文章在对2003～2007年间安徽省财政支农资金的增长、使用、分配及管理情况的综合分析基础上,提出了调整和优化财政支农资金的支出结构,并提出建立健全的资金管理制度、创新资金管理等机制提高安徽省财政支农资金的使用绩效的对策建议。     

中小企业产业集群发展模式研究——基于安徽省中小企业的SWOT分析

本文首先介绍了中小企业产业集群的内涵及意义,并对其发展状况做了概述,虽然取得了较大的进展,但仍存在不少矛盾和问题。     

Inter-industry differences in layoff announcement effects for financial institutions

This study expands the examination of workforce layoffs by banks to include non-bank financial institutions and explores inter-industry differences in market reactions to layoff announcements. In examining inter-industry differences, we control for variables that influence the market’s reaction to a layoff announcement, such as firm size, the size of the layoff, the reason given for the layoff, and the governance structure of the firm. We provide evidence of inter-industry differences in market reaction to layoff announcements by financial institutions, with banks experiencing more favorable stock-price reactions than other types of regulated firms. These results provide evidence that bank regulation reduces asymmetric information surrounding managerial announcements to a greater degree than the regulation of other types of financial institutions.

Gender gap,training and financial performance: evidence from public accounting industry

This study examines the effects of training on organization-level financial performance for male-owned and female-owned audit firms. We define audit firms whose auditors take professional training as non-violator firms and whose auditors do not take professional training as violator firms. Regression results indicate that financial performance of non-violator audit firms is better than that of violator firms. Male-owned audit firms are superior in financial performance to female-owned ones. Male-owned violator firms even outperform female-owned non-violator firms. In addition, the extent of financial performance effect of training in the female-owned audit firms is higher compared to the male-owned firms. Findings gained in this study indicate that gender-role stereotype dominates the determination of financial performance of Taiwanese audit firms due to the Chinese cultural values in social roles against women. This study extends prior studies on training and gender gap, contributing knowledge to the extant literatures.