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Managerial concentration, ownership concentration, and firm value: Evidence from Spanish SMEs 管理层集中度、股权集中度与企业价值:来自西班牙中小企业的证据
Pub Date : 2023-03-07 DOI: 10.26784/sbir.v7i1.541
Leslie Rodríguez-Valencia, Prosper Lamothe Fernández
Various corporate governance theories indicate that governance in small and medium-sized enterprises (SMEs) differs to that of larger corporations due to the ownership-management function within the organizational structure. This article provides empirical evidence of enhanced firm value in a sample of listed SMEs resulting from certain corporate governance mechanisms related to managerial and ownership concentration. The empirical analysis conducted in this paper is based on a panel data set consisting of 108 small and medium-sized public firms on the Spanish alternative stock exchange over a time frame of five years (2015-2019). The results suggest that CEO duality, the controlling shareholders, and the second largest shareholders all improve firm value. Conversely, the ratio of independent directors has a negative impact on firm value. These findings are robust to alternative model specifications such as dynamic panel estimators (Generalized Method of Moments -GMM-) and instrumental variable methods. Overall, we show that the governance configuration of listed SMEs can mitigate several of the central issues, such as agency problems, that large corporations face.
各种公司治理理论表明,由于组织结构中的所有权-管理功能,中小企业的治理不同于大公司的治理。本文以上市中小企业为样本,提供了与管理层集中度和所有权集中度相关的公司治理机制对企业价值提升的实证证据。本文进行的实证分析是基于一个由西班牙另类证券交易所108家中小型上市公司组成的面板数据集,时间跨度为五年(2015-2019)。结果表明,CEO二元性、控股股东和第二大股东均能提高公司价值。相反,独立董事比例对公司价值有负向影响。这些发现对于其他模型规范(如动态面板估计器(广义矩法- gmm -)和工具变量方法)是稳健的。总体而言,我们表明上市中小企业的治理配置可以缓解大公司面临的几个核心问题,例如代理问题。
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引用次数: 1
The effects of organizational learning and entrepreneurial orientation on the corporate performance of Argentinean, Mexican, and Ecuadorian MSMEs 组织学习和创业导向对阿根廷、墨西哥和厄瓜多尔中小微企业绩效的影响
Pub Date : 2023-03-07 DOI: 10.26784/sbir.v7i1.503
Nicolás Salvador Beltramino, L. Valdez-Juárez, Juan Marcelo Ingaramo, Lilia Carina Gazzaniga, Natalia Andrea Beltramino
The aim of this study is to analyze the effects of Organizational Learning (OL) and Entrepreneurial Orientation (EO) on the profitability of MSMEs. To this end, field research was conducted on a sample of 1,620 companies located in Argentina (630), Mexico (550), and Ecuador (440). The data collection was carried out between May and September 2020, through a structured questionnaire addressed to the highest level of the company. The results were analyzed and validated using the partial least square (PLS) structural equation modeling (SEM) statistical technique. This work contributes to the development of the literature on dynamic capabilities, social capital theory, and stakeholder theory. Our results reveal that Entrepreneurial Orientation is a determinant variable for generating better Environmental Corporate Social Responsibility (ESCR) practices and is key to increasing the financial profitability of MSMEs. Furthermore, it is found that ESCR is a variable that partially mediates between EO and the Performance of MSMEs.
本研究的目的是分析组织学习(OL)和创业导向(EO)对中小微企业盈利能力的影响。为此目的,对位于阿根廷(630)、墨西哥(550)和厄瓜多尔(440)的1,620家公司进行了实地研究。数据收集是在2020年5月至9月期间通过结构化问卷向公司最高层进行的。采用偏最小二乘(PLS)结构方程建模(SEM)统计技术对结果进行分析和验证。这一工作有助于动态能力理论、社会资本理论和利益相关者理论的发展。研究结果表明,创业取向是中小微企业环境企业社会责任(ESCR)实践的决定变量,是提高中小微企业财务盈利能力的关键。此外,研究还发现,ESCR在中小微企业绩效与创业绩效之间起到部分中介作用。
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引用次数: 1
Whistleblowing in small and large accounting firms in Brazil 巴西大大小小的会计师事务所的举报
Pub Date : 2022-12-20 DOI: 10.26784/sbir.v6i2.502
J. Sallaberry, Isabel Martínez-Conesa, L. Flach
Organizations must constantly try to prevent losses resulting from unforeseen events and fraud. Whistleblowing has emerged as the most efficient mechanism for detecting such risks, but this phenomenon has not yet been studied in SMEs. This research seeks to analyze the relationships between attitudinal, normative, and control beliefs on the whistleblowing of accounting professionals, contrasting the behavior between small and large accounting firms from the perspective of the Theory of Planned Behavior. By using the structural equation modeling (PLS-SEM) method on a sample of 559 Brazilian accounting professionals, the analysis shows that an individual’s perceptions and characteristics influence their whistleblowing practices depending on firm size. SME accountants are directly and negatively influenced by family management and control beliefs, but are positively influenced by the moderation of attitudinal beliefs and by the risks of the scenario.
组织必须不断努力防止意外事件和欺诈造成的损失。举报已成为发现此类风险的最有效机制,但这种现象尚未在中小企业中进行研究。本研究旨在分析态度信念、规范信念和控制信念对会计专业人员举报行为的影响,并从计划行为理论的角度对大型和小型会计师事务所的举报行为进行对比。通过对559名巴西会计专业人员的样本使用结构方程建模(PLS-SEM)方法,分析表明,个人的观念和特征会影响他们的举报行为,这取决于公司的规模。中小企业会计师直接受到家族管理和控制信念的负向影响,但受到态度信念的调节和情景风险的正向影响。
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引用次数: 0
Does employee management influence the continued use of telework after the COVID-19 pandemic? 员工管理是否会影响COVID-19大流行后远程办公的持续使用?
Pub Date : 2022-12-15 DOI: 10.26784/sbir.v6i2.537
Inés González-González, M. P. Martínez-Ruiz, J. Clemente-Almendros
This paper analyses the intention of Spanish companies to continue using telework after the end of the COVID-19 pandemic. With this aim, we consider the influence that the management of several variables related to one of the key stakeholders, employees, has on this intention. This line of study is of great interest, given the implications not only for the management of companies, but also for key aspects such as the goals of the 2030 Agenda for Sustainable Development. To this end, we start with a review of the relevant literature on this topic, which allows us to raise various research hypotheses. This is followed by an analysis of a sample of 1,879 Spanish SMEs though a binary logistic regression model, which shows the positive influence of managers’ university education and companies’ orientation towards innovation on the use of telework after the pandemic.
本文分析了西班牙公司在COVID-19大流行结束后继续使用远程办公的意图。为此,我们考虑了与关键利益相关者之一员工相关的几个变量的管理对这一意图的影响。这条研究路线非常有趣,因为它不仅对公司管理有影响,而且对2030年可持续发展议程的目标等关键方面也有影响。为此,我们首先回顾了有关该主题的相关文献,这使我们能够提出各种研究假设。随后,通过二元逻辑回归模型对1,879家西班牙中小企业样本进行了分析,结果显示,大流行后,管理人员的大学教育程度和公司的创新取向对远程办公的使用产生了积极影响。
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引用次数: 1
The relationship between formalization of HRM function and HRM intensity in SMEs: An empirical investigation in Sri Lanka 中小企业人力资源管理功能正规化与人力资源管理强度的关系:斯里兰卡的实证调查
Pub Date : 2022-12-12 DOI: 10.26784/sbir.v6i2.529
V. Wickramasinghe
Human resource management (HRM) intensity is important for any type of business in which human resources play a vital role. However, little is known about HRM intensity in the context of small and medium-sized enterprises (SMEs). The aim of this study is to investigate the relationship between the formalization of HRM function and HRM intensity. The sample of the study consists of medium-sized enterprises operating in Sri Lanka. The results show that although the formalization of HRM function is low, HRM intensity is high. The findings also show that higher levels of formalization lead to a greater intensity in HRM practices.
人力资源管理(HRM)强度对于任何类型的企业来说都是很重要的,因为人力资源在其中起着至关重要的作用。然而,人们对中小企业的人力资源管理强度知之甚少。本研究的目的是探讨人力资源管理功能的形式化与人力资源管理强度之间的关系。本研究的样本包括在斯里兰卡经营的中型企业。结果表明,虽然人力资源管理功能的形式化程度较低,但人力资源管理强度较高。研究结果还表明,形式化程度越高,人力资源管理实践的强度越大。
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引用次数: 1
How founder-entrepreneurs from Chinese high-tech SMEs assess market risks and explore new opportunities for growth and survival during COVID-19 中国中小科技型创业者如何在新冠疫情期间评估市场风险,探索新的发展和生存机遇
Pub Date : 2022-09-28 DOI: 10.26784/sbir.v6i2.504
Yanzhi Huang, B. Baruah, A. Ward
Founder-entrepreneurs in SMEs tend to have an active role in shaping the business and the direction and management of their innovation strategies. During COVID-19, their understanding of risks and approach towards decision making has become very crucial as the market sensitivity changed drastically with various levels of challenges such as travel restrictions, national lockdown, reduced market demand and operational uncertainty. So far, there are very limited studies on the role of the founder-entrepreneurs from Chinese high-tech software SMEs in managing the business risks from the pandemic. This paper will address some of these gaps by presenting case studies of 9 successful high-tech software SMEs in China and discuss how their founder-entrepreneurs have engaged with the market, identified COVID-19 related risks and how they have made critical decisions to survive and explore new market opportunities for growth. As part of a longitudinal study, in-depth interviews were conducted with the founder-entrepreneurs at various stages of the pandemic to explore their progress with the business operation and management. The paper will discuss the role of the founder-entrepreneurs from SMEs in risk analysis and decision-making. It makes an important contribution to the growing literature on Chinese SMEs, and COVID-19.
中小企业的创始人企业家往往在塑造企业、指导和管理其创新战略方面发挥积极作用。在2019冠状病毒病期间,随着旅行限制、国家封锁、市场需求减少和运营不确定性等不同程度的挑战,市场敏感性发生了巨大变化,他们对风险的理解和决策方法变得非常重要。到目前为止,关于中国高科技软件中小企业创始人企业家在管理疫情风险中的作用的研究非常有限。本文将通过介绍中国9家成功的高科技软件中小企业的案例研究来解决其中的一些差距,并讨论他们的创始人企业家如何与市场接触,识别与COVID-19相关的风险,以及他们如何做出关键决策以生存和探索新的市场增长机会。作为纵向研究的一部分,在大流行的不同阶段与创始人兼企业家进行了深入访谈,以探讨他们在业务经营和管理方面的进展。本文将讨论中小企业创始人在风险分析和决策中的作用。它为越来越多的关于中国中小企业和新冠肺炎的文献做出了重要贡献。
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引用次数: 1
Understanding how digital transformation can enable SMEs to achieve sustainable development: A systematic literature review 理解数字化转型如何使中小企业实现可持续发展:系统的文献综述
Pub Date : 2022-05-31 DOI: 10.26784/sbir.v6i1.473
Simon P. Philbin, Radhakrishnan Viswanathan, A. Telukdarie
Small and medium-sized enterprises (SMEs) are key drivers of economic growth and development. Innovation through digital transformation has the capacity to enable sustainability, competitiveness and customisation in products and services. However, adoption of digital technologies by SMEs to underpin sustainability outcomes is poorly understood. A systematic literature review identified an initial dataset of 1300 articles, which after screening and application of exclusion criteria resulted in a dataset of 64 articles for synthesis. Analysis was carried out according to three main areas, namely the technology aspects of digital transformation, sustainable development according to the triple bottom line (i.e. economic, environmental and social aspects), and the business characteristics of SMEs. In the latter case, business strategy and management, organizational structure, organizational culture, skills and qualifications, and leadership factors are identified from the literature. Furthermore, literature expressing the triple bottom line dimensions and the type of Industry 4.0 technology areas adopted are synthesized. Correlation of the data through bibliographic analysis is provided on the type of technology enabling SMEs towards a pathway for sustainable development as well as synthesis of future research directions arising from the study.
中小企业是经济增长和发展的重要动力。数字化转型带来的创新有能力实现产品和服务的可持续性、竞争力和定制化。然而,人们对中小企业采用数字技术来巩固可持续发展成果知之甚少。系统文献综述确定了1300篇文章的初始数据集,经过筛选和排除标准的应用,产生了64篇文章的数据集用于合成。根据三个主要领域进行分析,即数字化转型的技术方面,根据三重底线(即经济,环境和社会方面)的可持续发展,以及中小企业的业务特征。在后一种情况下,从文献中确定了企业战略和管理,组织结构,组织文化,技能和资格以及领导因素。此外,综合了表达三重底线维度和工业4.0技术领域类型的文献。通过书目分析提供了数据的相关性,说明了使中小企业走上可持续发展道路的技术类型,并综合了研究产生的未来研究方向。
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引用次数: 11
Does informal finance matter for micro and small businesses in Africa? 非正式金融对非洲的微型和小型企业重要吗?
Pub Date : 2022-03-14 DOI: 10.26784/sbir.v6i1.415
S. Mago, F. Modiba
Globally, micro and small businesses require finance to support their business activities. Most of them have low profits because of the lack of support from the formal financial system. Micro and small businesses in developing countries have a dire need for financing start-ups and existing business operations. The lack of support from the formal financial system and the government forces them to explore other financial support mechanisms, making it important to investigate alternative financial channels. This paper investigates whether informal finance matters for micro and small businesses. We used a systematic literature review to answer the predetermined research question. Thirty (30) primary studies were surveyed to establish the importance of informal finance for micro and small businesses. The findings show that informal finance is a workable alternative for micro and small businesses. It supports business start-ups, existing businesses and enhances business growth, business owners’ livelihoods and livelihoods in their communities. Informal finance models can be improved to work as small business promotion tools. The original value of the paper is based on the use of a systematic literature review to assess whether informal finance matters for micro and small businesses and connect theories with emerging themes. It further contributes to the debates on the importance of informal finance and contributes to future lines of research on informal finance.
在全球范围内,微型和小型企业需要融资来支持其业务活动。由于缺乏正规金融体系的支持,大多数中小企业的利润都很低。发展中国家的微型和小型企业迫切需要为初创企业和现有业务提供资金。由于缺乏正规金融体系和政府的支持,他们不得不探索其他的金融支持机制,因此寻找替代的金融渠道变得非常重要。本文探讨了非正规金融对小微企业的影响。我们采用系统的文献综述来回答预定的研究问题。调查了三十(30)项初步研究,以确定非正式融资对微型和小型企业的重要性。调查结果表明,非正规金融是微型和小型企业的可行选择。它支持初创企业、现有企业,并促进企业增长、企业主的生计及其所在社区的生计。可以改进非正式融资模式,使其成为促进小企业发展的工具。本文的原始价值是基于使用系统的文献综述来评估非正式融资对微型和小型企业是否重要,并将理论与新兴主题联系起来。它进一步有助于关于非正式金融重要性的辩论,并有助于今后非正式金融的研究方向。
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引用次数: 6
Determinants of the capital structure of small and medium enterprises: Empirical evidence in the public works and hydraulics sector from Algeria 中小企业资本结构的决定因素:阿尔及利亚公共工程和液压部门的经验证据
Pub Date : 2022-02-04 DOI: 10.26784/sbir.v6i1.408
Ishaq Hacini, Khadra Mohammedi, Khadra Dahou
This study aims to identify the determinants of the capital structure of SMEs in Algeria during the period 2010-2018. Where a sample consists of 20 SMEs from the Public Works and Hydraulics sector. The study used financial leverage as the dependent variable and assets structure, profitability, liquidity, and size as independent variables. The study used Panel Data methods for testing the hypothesis. The results show that profitability, liquidity, and assets structure are negatively related to financial leverage, while size does not affect the financial leverage. The results indicate that SMEs in Algeria rely on their internal resources to finance their activities.
本研究旨在确定2010-2018年期间阿尔及利亚中小企业资本结构的决定因素。样本包括来自公共工程和液压行业的20家中小企业。本研究以财务杠杆为因变量,以资产结构、盈利能力、流动性、规模为自变量。该研究使用面板数据方法来检验假设。结果表明,盈利能力、流动性和资产结构与财务杠杆呈负相关,而规模对财务杠杆没有影响。结果表明,阿尔及利亚的中小企业依靠其内部资源为其活动提供资金。
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引用次数: 5
Determining factors in MSMEs success: An empirical study in Mexico 中小微企业成功的决定因素:墨西哥的实证研究
Pub Date : 2022-01-10 DOI: 10.26784/sbir.v6i1.384
Rubén Molina-Sánchez, Domingo García‐Pérez‐de‐Lema, A. López-Salazar, Roberto Godínez-López
This work empirically analyzes the competitive factors that help make micro, small, and medium enterprises (MSMEs) successful. To do this, an empirical study with a sample of 614 companies in Guanajuato, Mexico, has been carried out. The results of the binary logistic regression analysis show that quality, technology, and innovation are the main variables that determine a company’s success. These findings could provide guidelines to help MSMEs improve their competitiveness, and they could help public administrations better support MSME growth.
本文对中小微企业成功的竞争因素进行了实证分析。为此,对墨西哥瓜纳华托州614家公司进行了一项实证研究。二元逻辑回归分析的结果表明,质量、技术和创新是决定公司成功的主要变量。这些发现可以为中小微企业提高竞争力提供指导,也可以帮助公共管理部门更好地支持中小微企业的成长。
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引用次数: 6
期刊
Small Business International Review
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