Awakening the giant within: turning SME’s survival strategy into improved performance

E. Yunus, Erni Ernawati
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Abstract

Purpose This study aims to examine the positive impact of strategies on the viability of small and medium-sized enterprises (SMEs) in times of crisis. Specifically, it investigates the influence of resource utilization as an initial survival strategy on innovation practices and SMEs’ performance. It further assesses the potential impact of government aid and partnerships on the relationship between resource utilization and innovation. Design/methodology/approach This study used a mixed-method approach that integrates phenomenology and quantitative research. This phenomenological study conducted in-depth interviews with 23 SME owners. Based on qualitative findings, a quantitative research design was developed, and this study surveyed 352 SMEs. Structural equation modeling was used for hypothesis testing. Findings Resource utilization as an initial survival strategy has a positive effect on increasing organizational innovation practices and ultimately affects business performance. Furthermore, government support and external partnerships significantly enhance the relationship between resource utilization and innovation. Practical implications The COVID-19 pandemic brought a crisis for businesses but has provided many positive transformations. SME entrepreneurs should sustain their survival strategies and seize external support to enhance their potential. Due to the pandemic, various efforts have created innovations, honed business resiliency and increased competitiveness. Originality/value SMEs struggled with the crisis and responded by utilizing many retrenchment strategies. This study is among the first to provide empirical evidence of an emergency response that has resulted in fruitful impacts. The findings can be generalized to represent the behavior of SMEs, especially in emerging countries.
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唤醒内心的巨人:将中小企业的生存战略转化为更好的业绩
目的本研究旨在检视危机时期策略对中小企业生存力的正面影响。具体而言,本文研究了资源利用作为初始生存策略对创新实践和中小企业绩效的影响。它进一步评估了政府援助和伙伴关系对资源利用与创新之间关系的潜在影响。设计/方法/方法本研究采用了现象学和定量研究相结合的混合方法。本研究对23位中小企业主进行了深度访谈。在定性研究结果的基础上,制定了定量研究设计,对352家中小企业进行了调查。采用结构方程模型进行假设检验。发现资源利用作为一种初始生存策略对增加组织创新实践具有积极作用,并最终影响企业绩效。此外,政府支持和外部伙伴关系显著增强了资源利用与创新之间的关系。实际影响新冠肺炎大流行给企业带来了危机,但也带来了许多积极的转变。中小企业企业家应坚持其生存战略,并抓住外部支持,以提高其潜力。由于大流行,各种努力创造了创新,磨练了商业弹性,提高了竞争力。中小企业在危机中挣扎,并通过使用许多紧缩策略来应对。这项研究是第一批提供经验证据证明应急反应产生了丰硕影响的研究之一。研究结果可以概括为中小企业的行为,特别是在新兴国家。
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来源期刊
CiteScore
6.30
自引率
10.30%
发文量
32
期刊介绍: The International Journal of Innovation Science publishes fundamental and applied research in innovation practices. As the official journal of the International Association of Innovation Professionals (IAOIP), the journal is a forum for the exchange of advanced knowledge in innovation, including emerging technologies and best practices, tools and techniques, metrics, and organization design and culture; as well as the stakeholder engagement, change management, and leadership skills required to ensure innovation succeeds. Areas of Coverage: -Innovation processes, methods, techniques- Individual''s role in Innovation- Improvements in HR, marketing, finance, or other disciplines that enable innovation- Innovation practices in specific industries or countries- Innovation centers, incubators, labs...- Regional or national economic development/policies related to innovation- Innovation competency, skills- Innovation conventions, competitions, or training- Innovation for entrepreneurs-Regional impacts on innovation- Growing innovationthrough university programs- Attracting innovative companies and entrepreneurs
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Financial development and green technological innovation: a case of GCC countries Open innovation in hospitality and tourism services: a bibliometric analysis How do CCIs contribute to regional innovation? Situational selections of design methods for digital innovation processes Awakening the giant within: turning SME’s survival strategy into improved performance
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