본문 바로가기
KERD
논문KCI 등재

The Effect of Entrepreneurial Orientation,Social Network,and Resource Acquisition on Firm Performance in Chinese SMEs: The Mediating Effect of Resource Acquisition

Sunhae Lee|Xiyu Wang|Sae Woon Park
사람과세계경영학회 (People&Global Business Association)|2020.09|Global Business and Finance Review|제25권 제3호|pp. 1-18|DOI https://doi.org/10.17549/gbfr.2020.25.3.1

0

조회

0

다운로드

8

인용

0

참고문헌

키워드

Firm PerformanceEntrepreneur OrientationResource AcquisitionChinese SMESocialNetwork

초록

Purpose: The purpose of this study is to explore the impact of entrepreneurial orientation (EO), social network, and resource acquisition on firm performance in Chinese SMEs.Moreover, we analyze the impact of EO and social network on resource acquisition and further the mediating effect of resource acquisition on the relationship between EO and firm performance, and the mediating effect of resource acquisition on the relationship between social network and firm performance. Design/methodology/approach: The research is based on a survey of 204 SMEs in the Liaoning province of China, which includes entrepreneurial orientation, social network, resource acquisition, and firm performance.A structural equation model is used as the methodology. Findings: EO and social network have a significant positive impact on resource acquisition and firm performance. Resource acquisition proves to play a mediating role in the relationship between EO and firm performance, and the relationship between social network and firm performance.A higher EO can acquire more resources, and thus improve firm performance. Research limitations/implications: This research is meaningful, but it has its own limitations.First, the analysis target is limited to one area of China.If the target is expanded to other areas, different results may come out. Second, there may be measurement errors because firm performance is self-reported by the respondents.It is almost impossible that the authors gauge the accuracy and precision of these responses. The research implications are as follows: for SMEs in this region to thrive, the corporate executives should promote their entrepreneurial orientation, and strengthen their business and political ties to enhance mutual trust, and to get government support, information, loans or financing from financial institutions.These ties may also enable them to get favorable details on tax reduction Originality/value: The five-dimensional model of EO is the most prevalent in recent studies.Yet, there is not much research existent on Chinese companies.In this regard, this research using EO’s five-dimensional model on Chinese SMEs may provide some contributions to the literature.

Abstract

Purpose: The purpose of this study is to explore the impact of entrepreneurial orientation (EO), social network, and resource acquisition on firm performance in Chinese SMEs.Moreover, we analyze the impact of EO and social network on resource acquisition and further the mediating effect of resource acquisition on the relationship between EO and firm performance, and the mediating effect of resource acquisition on the relationship between social network and firm performance. Design/methodology/approach: The research is based on a survey of 204 SMEs in the Liaoning province of China, which includes entrepreneurial orientation, social network, resource acquisition, and firm performance.A structural equation model is used as the methodology. Findings: EO and social network have a significant positive impact on resource acquisition and firm performance. Resource acquisition proves to play a mediating role in the relationship between EO and firm performance, and the relationship between social network and firm performance.A higher EO can acquire more resources, and thus improve firm performance. Research limitations/implications: This research is meaningful, but it has its own limitations.First, the analysis target is limited to one area of China.If the target is expanded to other areas, different results may come out. Second, there may be measurement errors because firm performance is self-reported by the respondents.It is almost impossible that the authors gauge the accuracy and precision of these responses. The research implications are as follows: for SMEs in this region to thrive, the corporate executives should promote their entrepreneurial orientation, and strengthen their business and political ties to enhance mutual trust, and to get government support, information, loans or financing from financial institutions.These ties may also enable them to get favorable details on tax reduction Originality/value: The five-dimensional model of EO is the most prevalent in recent studies.Yet, there is not much research existent on Chinese companies.In this regard, this research using EO’s five-dimensional model on Chinese SMEs may provide some contributions to the literature.

참고문헌 (92)

  1. Adler, P. S., "Social capital : Prospects for a new concept", Academy of Management Review, 27(1), pp.17~40 (2002)
  2. Agyapong, A., "The moderating role of social network on the relationship between innovative capability and performance in the hotel industry", International Journal of Emerging Markets, 13(5), pp.801~823 (2018)
  3. Alegre, J., "Linking entrepreneurial orientation and firm performance : The role of organizational learning capability and innovation performance", Journal of Small Business Management, 51(4), pp.491~507 (2013)
  4. Alhaddad, A., "Perceived quality, brand image and brand trust as determinants of brand loyalty", Journal of Research in Business and Management, 3(4), pp.1~8 (2015)
  5. Al-Surmi, A., "The impact of aligning business, IT, and marketing strategies on firm performance", Industrial Marketing Management, 84, pp.39~49 (2020)
  6. Anderson, B. S., "Reconceptualizing entrepreneurial orientation", Strategic Management Journal, 36(10), pp.1579~1596 (2015)
  7. Awang, Z., "SEM Made Simple: A Gentle Approach to Learning Structural Equation Modeling" (2015), MPWS Rich Publication Sdn Bhd
  8. Bagozzi, R. P., "On the evaluation of structural equation models", Journal of the Academy of Marketing Science, 16(1), pp.74~94 (1988)
  9. Barney, J. B., "Resource-based theories of competitive advantage : A ten-year retrospective on the resource-based view", Journal of Management, 27(6), pp.643~650 (2001)
  10. Baum, J. R., "Alongitudinal study of the relation of vision and vision communication to venture growth in entrepreneurial firms", Journal of Applied Psychology, 83(1), pp.43~ (1998)
  11. Birley, S., "The role of networks in the entrepreneurial process", Journal of Business Venturing, 1(1), pp.107~117 (1985)
  12. Boomsma, A., "The robustness of LISREL modeling revisited.S tructural equation models: Present and future", A Festschrift in honor of Karl Jöreskog, 2(3), pp.139~168 (2001)
  13. Bratkovič Kregar, T., "The relationship between the entrepreneur’s personal network multiplexity and firm growth", Economic research-Ekonomska istraživanja, 29(1), pp.1126~1135 (2016)
  14. Burt, R., "Structural Holes" (1992), Westview Press
  15. Covin, J. G., "Strategic management of small firms in hostile and benign environments", Strategic Management Journal, 10(1), pp.75~87 (1989)
  16. Covin, J. G., "The measurement of entrepreneurial orientation", Entrepreneurship Theory and Practice, 36(4), pp.677~702 (2012)
  17. Del Mel, S., "Measuring microenterprise profits : Must we ask how the sausage is made?", Journal of Development Economics, 88(1), pp.19~31 (2009)
  18. Dess, G. G., "The role of entrepreneurial orientation in stimulating effective corporate entrepreneurship", Academy of Management Perspectives, 19(1), pp.147~156 (2005)
  19. Dess, G., "Measuring organizational performance in the absence of objective measures", Strategic Management Journal, 5, pp.265~273 (1984)
  20. Ding, L., "Effects of estimation methods, number of indicators per factor, and improper solutions on structural equation modeling fit indices", Structural Equation Modeling : A Multidisciplinary Journal, 2(2), pp.119~143 (1995)
  21. Dubini, P., "Personal and extended networks are central to the entrepreneurial process", Journal of Business Venturing, 6, pp.305~ (1991)
  22. Fornell, C., "Structural equation models with unobservable variables and measurement error : Algebra and statistics", Journal of Marketing Research, 18(3), pp.382~388 (1981)
  23. Fanghua, Z., "Empirical study on relationship between resource acquisition and performance of technology innovation", Studies in Science of Science, 8, pp.635~640 (2006)
  24. Ganesan, S., "Determinants of long-term orientation in buyer-seller relationships", Journal of Marketing, 58(2), pp.1~19 (1994)
  25. George, G., "Networking strategy of boards : Implications for small and medium-sized enterprises", Entrepreneurship and Regional Development, 13(3), pp.269~285 (2001)
  26. Ghosh, M., "Governance value analysis and marketing strategy", Journal of Marketing, 63(4_suppl1), pp.131~145 (1999)
  27. Granovetter, M. S., "The strength of weak ties", American Journal of Sociology, 78(6), pp.1360~1380 (1973)
  28. Guo, H., "Opportunity recognition and SME performance : The mediating effect of business model innovation", R&D Management, 47(3), pp.431~442 (2017)
  29. Gupta, V. K., "Entrepreneurial orientation and firm performance in Indian SMEs : Universal and contingency perspectives", International Small Business Journal, 34(5), pp.660~682 (2016)
  30. Hair, J. F., "Multivariate Data Analysis" (1998), Pearson
  31. Hillman, A. J., "Corporate political strategy formulation : A model of approach, participation, and strategy decisions", Academy of Management Review, 24(4), pp.825~842 (1999)
  32. Hoang, H., "Network-based research in entrepreneurship : A critical review", Journal of Business Venturing, 18(2), pp.165~187 (2003)
  33. Hoogland, J. J., "Robustness studies in covariance structure modeling : An overview and a meta-analysis", Sociological Methods & Research, 26(3), pp.329~367 (1998)
  34. Hoque, A. S. M. M., "Technopreneurial intention among university students of business courses in Malaysia : a structural equation modeling", International Journal of Entrepreneurship and Small & Medium Enterprise, 4, pp.1~16 (2017)
  35. Hoskisson, R. E., "Strategy in emerging economies", Academy of Management Journal, 43(3), pp.249~267 (2000)
  36. Hoyle, R. H., "Statistical Strategies for Small Sample Research" (1999), Sage
  37. Hoyle, R. H., "Sample size, reliability, and tests of statistical mediation", Statistical Strategies for Small Sample Research, 1, pp.195~222 (1999)
  38. Hughes, M., "Deconstructing the relationship between entrepreneurial orientation and business performance at the embryonic stage of firm growth", Industrial Marketing Management, 36(5), pp.651~661 (2007)
  39. Jackson, D. L., "Revisiting sample size and number of parameter estimates : Some support for the N : q hypothesis", Structural Equation Modeling, 10(1), pp.128~141 (2003)
  40. Jiang, X., "Entrepreneurial orientation, network resource acquisition, and firm performance : A network approach", Journal of Business Research, 87, pp.46~57 (2018)
  41. Kline, R. B., "Principles and Practice of Structural Equation Modeling" (2005), Guilford
  42. Kreiser, P. M., "D isaggregating entrepreneurial orientation : the nonlinear impact of innovation, proactiveness, and risk-taking on SMEs performance", Small Business Economies, 40(2), pp.273~291 (2013)
  43. Kumar Panda, D., "Managerial networks and strategic orientation in SMEs : Experience from a transition economy", Journal of Strategy and Management, 7(4), pp.376~397 (2014)
  44. Lechner, C., "Entrepreneurial orientation, firm strategy and small firm performance", Journal of Small Business Journal, 32(1), pp.36~60 (2014)
  45. Ledermann, T., "Assessing mediation in dyadic data using the actor-partner interdependence model", Structural Equation Modeling : A Multidisciplinary Journal, 18(4), pp.595~612 (2011)
  46. Liu, Y., "Research on the Relationship of Openness of Corporate culture, Resource Acquisition and Innovation performance", Doctor, pp.2017
  47. Li, Y. H., "E ntrepreneurial orientation and firm performance : The role of knowledge creation process", Industrial Marketing Management, 38(4), pp.440~449 (2009)
  48. Loong Lee, W., "The effects of entrepreneurial orientation on the performance on the Malaysian manufacturing sector", Asia-Pacific Journal of Business Administration, 11(1), pp.30~45 (2019)
  49. Lomberg, C., "Entrepreneurial orientation : the dimensions’ shared effects in explaining firm performance", Entrepreneurship Theory and Practice, 41(6), pp.973~998 (2017)
  50. Lumpkin, G. T., "Clarifying The entrepreneurial orientation construct and linking it to performance", Academy of Management Review, 21(1), pp.135~172 (1996)
  51. Lumpkin, G. T., "Linking two dimensions of entrepreneurial orientation to firm performance : The moderating role of environment and industry life cycle", Journal of Business Venturing, 16(5), pp.429~451 (2001)
  52. Luo, Y., "Guanxi and organizational performance : A meta-analysis", Management and Organization Review, 8(1), pp.139~172 (2012)
  53. Madhok, A., "Reassessing the fundamentals and beyond : Ronald Coase, the transaction cost and resource-based theories of the firm and the institutional structure of production", Strategic Management Journal, 23(6), pp.535~550 (2002)
  54. Marsh, H. W., "Confirmatory factor analysis : Strategies for small sample sizes", Statistical Strategies for Small Sample Research, 1, pp.251~284 (1999)
  55. McEvily, S. K., "T he persistence of knowledge-based advantage : An empirical test for product performance and technological knowledge", Strategic Management Journal, 23(4), pp.285~305 (2002)
  56. Miller, D., "T he correlates of entrepreneurship in three types of firms", Management Science, 29(7), pp.770~791 (1983)
  57. "2018 China SMEs Economic Operation Report" (2019)[URL]
  58. Nahapiet, J., "Social capital, intellectual capital, and the organizational advantage", Academy of Management Review, 23(2), pp.242~266 (1998)
  59. Neneh, B. N., "Gender differences in entrepreneurial orientation and Performance: evidence from south Africa", Paper presented at the Proceedings of the 28th Annual Conference of the Southern African Institute of Management Scientists (2016)
  60. Park, S. H., "Guanxi and organizational dynamics : Organizational networking in Chinese firms", Strategic Management Journal, 22(5), pp.455~477 (2001)
  61. Peng, M. W., "M anagerial ties and firm performance in a transition economy : The nature of a micro-macro link", Academy of Management Journal, 43(3), pp.486~501 (2000)
  62. Pratono, A. H., "Fr om social network to firm performance : The mediating effect of trust, selling capability and pricing capability", Management Research Review, 41(6), pp.680~700 (2018)
  63. Ring, P. S., "Introduction to special topic forum : Perspecives on how goverments matter", Academy of Management Review, 30(2), pp.308~320 (2005)
  64. Rubin, A., "Statistics for Evidence-based Practice and Evaluation" (2009), Cengage Learning
  65. Runyan, R. C., "Entrepreneurial orientation in cross-cultural research : Assessing measurement invariance in the construct", Entrepreneurship Theory and Practice, 36(4), pp.819~836 (2012)
  66. Sellappan, P., "D elineating entrepreneurial orientation efficacy on retailer’s business performance", Management Decision (2020)
  67. Shah, S. Z. A., "E ntrepreneurial orientation and performance of small and medium-sized enterprises", Competitiveness Review, 29(5), pp.551~572 (2019)
  68. Shen, W., "Review of evolution route in start-up enterprises' social network", Journal of Wuhan University of Technology(Social Sciences Edition), 2010(6), pp.842~846 (2010)
  69. Sheng, S., "The effects of business and political ties on firm performance : Evidence from China", Journal of Marketing, 75(1), pp.1~15 (2011)
  70. Si, B., "R&D network's configuration and network value : A review and concept model", Journal of Xidian University(Social Science Edition), 24(2), pp.21~30 (2014)
  71. Sirmon, D. G., "Managing firm resources in dynamic environments to create value : Looking inside the black box", Academy of Management Review, 32(1), pp.273~292 (2007)
  72. Shu, C., "Managerial ties and firm innovation : Is knowledge creation a missing link?", Journal of Product Innovation Management, 29(1), pp.125~143 (2012)
  73. Tabachnick, B. G., "Using Multivariate Statistics" (2001), Allyn & Bacon
  74. Tan, J. J., "Environment-strategy relationship and its performance implications : An empirical study of the Chinese electronics industry", Strategic Management Journal, 15, pp.1~20 (1994)
  75. Tan, J., "Organizational slack and firm performance during economic transitions : Two studies from an emerging economy", Strategic Management Journal, 24(13), pp.1249~1263 (2003)
  76. Tang, J., "Exploring an inverted U-sahped relationship between entrepreneurial orientation and performance in Chinese ventures", Entrepreneurship Theory and Practice, 32(1), pp.219~239 (2008)
  77. Teng, B. S., "Corporate entrepreneurship activities through strategic alliances : A resource-based approach toward competitive advantage", Journal of Management Studies, 44(1), pp.119~142 (2007)
  78. Uzzi, B., "Social structure and competition in interfirm networks : The paradox of embeddedness", Administrative Science Quarterly, 42, pp.35~67 (1997)
  79. Wales, W. J., "Too much of a good thing? Absorptive capacity, firm performance, and the moderating role of entrepreneurial orientation", Strategic Management Journal, 34(5), pp.622~633 (2013)
  80. Wang, C., "Can ethno-linguistic diversity explain cross country differences in social capital? : A ‐ global perspective", Economic Record, 91(294), pp.338~366 (2015)
  81. Wang, G., "Managerial ties and firm performance in an emerging economy : Tests of the mediating and moderating effects", Asia Pacific Journal of Management, 30(2), pp.537~559 (2013)
  82. Wang, T., "Entrepreneurial orientation, legitimation, and new venture performance", Strategic Entrepreneurship Journal, 11(4), pp.373~392 (2017)
  83. Wang, Y., "Network capabilities, resource acquisition and technological innovation performance-An empirical study based on science and technology small and micro enterprises", Science and Technology Management Research, 36(6), pp.135~140 (2016)
  84. Watson, A., "Entrepreneurial orientation rhetoric in franchise organizations : The impact of national culture", Entrepreneurship Theory and Practice, 43(4), pp.751~772 (2019)
  85. Wen, Z., "Analyses of mediating effects : The development of methods and models", Advances in Psychological Science, 22(5), pp.731~745 (2014)
  86. Wiklund, J., "Knowledge-based resources, entrepreneurial orientation, and the performance of small and medium-sized businesses", Strategic Management Journal, 24(13), pp.1307~1314 (2003)
  87. Wiklund, J., "Where to from here? EO-as experimentation, failure, and distribution of outcomes", Entrepreneurship Theory and Practice, 35(5), pp.925~946 (2011)
  88. Wiklund, J., "Entrepreneurial orientation and small business performance : A configurational approach", Journal of Business Venturing, 20(1), pp.71~91 (2005)
  89. Winborg, J., "Financial bootstrapping in small businesses : Examining small business managers' resource acquisition behaviors", Journal of Business Venturing, 16(3), pp.235~254 (2001)
  90. Wu, W., "Dimensions of social capital and firm competitiveness improvement : The mediating role of information sharing", Journal of Management Studies, 45(1), pp.122~146 (2008)
  91. Yuan, Y. U. A. N., "An empirical research on the relationship of entrepreneurs social network and new ventures performance", Science and Technology Management Research, 4, pp.175~185 (2013)
  92. Xiumei, Z. H. U., "Empirical analysis on relationship among network competence, resource acquisition and new firm performance", Journal of Management Sciences in China, 4, pp.44~56 (2010)

관련 논문AI추천

The Impact of Entrepreneurs’ Social Capital on Innovation Performance in Chinese Small and Medium-sized Technological Enterprises : Knowledge Acquisition as a Mediating Variable송재훈, BAI Yongfeng한국전문경영인학회 · 전문경영인연구2022 · 제25권 제3호Entrepreneurial Orientation and Organizational Performance : The Mediating Role of Knowledge CapabilitiesShruti Batra경영경제연구소 · 아태비즈니스연구2015 · 제6권 제1호How Entrepreneurial Orientation Impacts a Firm’s Non-financial Performance : The Mediating Role of Dynamic Capability차형석한국전문경영인학회 · 전문경영인연구2024 · 제27권 제3호중국 중소기업의 사내 기업가적 활동, 사회적 네트워크, 환경의 불확실성 그리고 기업성과 간의 관계장수덕, 주연매한국인적자원관리학회 · 인적자원관리연구2014 · 제21권 제1호Entrepreneurial Orientation and Performance for Subcontracting Korean SMEs: The Role of Buyer-Supplier Relationship이영우한국유통과학회 · 산경연구논집2023 · 제14권 제8호Entrepreneurial Orientation and the Performance of Manufacturing SMEs in Nigeria: The Mediating Roles of Technological Capabilities박종혁, 다니엘 데어 조셉한국전문경영인학회 · 전문경영인연구2015 · 제18권 제4호

이 간행물의 다른 논문 (6건)

The effect of consistency in accounting choices on financial statement comparability: Evidence from South KoreaYong-Shik Kimpp. 19-33The Loyalty Model of Foreign Tourists Consuming Traditional Balinese FoodNyoman Sudiarta, I Gusti Ayu Dewi Hendriyani, Made Budiarsa, Made Antarapp. 34-48Understanding Internet-Only Bank Service Adoption: An Integration of the Unified Technology Theory of Acceptance and Innovation Resistance Model배재권, Daewon Kimpp. 49-59Fund Performance During Recessions and Expansions in KoreaJellna Chung, 정문경, Yong-Hyeon Kimpp. 60-74The Effect of Contact Frequency with Customers on Relationship SatisfactionLia Jung, Seolwoo PARKpp. 75-83
원문 보기