Journal of Technology Innovation (기술혁신연구)

Korea Society for Innovation Managemetn & Economics (기술경영경제학회)
권호 표지
DOI QR코드

DOI QR Code

The Impact of Entrepreneurial Orientation, and Absorptive Capacity on Corporate Performance between Platform Companies and General Companies in SMEs: Moderating Role of Organizational Resilience

중소 플랫폼기업과 일반기업의 기업가지향성, 흡수역량이 기업성과에 미치는 영향: 조직회복탄력성의 조절효과를 중심으로

  • 이재형 (연세대학교 일반대학원 기술경영학협동과정) ;
  • 이정훈 (연세대학교 정보대학원) ;
  • 남동균 (연세대학교 정보대학원)
  • Received : 2023.01.09
  • Accepted : 2023.04.17
  • Published : 2023.05.31
Download PDF
⟨ Previous Next ⟩

Abstract

This study comprises critical questions of "What kinds of intangible resources are significant to create and reinforce competitive advantages for the small and medium-sized enterprises(SMEs) that significantly influence the national economy? What kinds of capacities do SMEs need in consideration with the large changes in market environment and during crisis? With large changes to market environment, would different capacities affect performance of platform and general SMEs?" To examine these questions, I have provided Entrepreneurial Orientation, Absorptive Capacity, and Organizational Resilience as key capacities that influence the competitive advantage and performance of SMEs. In particular, I have substantiated the control effect of Organizational Resilience (a rising key capacity for enterprises in recent times) on Corporate Performance. Moreover, I have analyzed the control effect of Organizational Resilience on Corporate Performance by comparing platform and general companies, and also substantiated how control effects may vary depending on sub-factors of Organizational Resilience. The results of this study indicate that Entrepreneurial Orientation and Absorptive Capacity significantly and positively influence Corporate Performance. Organizational Resilience also demonstrate a positive influence on Corporate Performance. Notably, sub-factors of Organizational Resilience (risk preparation capacity, risk response capacity, and change initiative capacity) significantly control correlation between Entrepreneurial Orientation and Corporate Performance. Risk preparation capacity and change initiative capacity significantly control correlation between Absorptive Capacity and Corporate Performance. Additionally, the control effect of risk preparation capacity significantly control correlation between Entrepreneurial Orientation and Corporate Performance. Also, the control effect of risk response capacity correlations between Entrepreneurial Orientation and Corporate Performance demonstrated themselves significantly only in platform enterprises. The study's results indicate that Organizational Resilience not only directly influence Corporate Performance, but also strengthens Corporate Performance via mutual interaction with Entrepreneurial Orientation and Absorptive Capacity, although the control effect of Organizational Resilience may vary between platform enterprises and general enterprises. I expect such results to provide practical value to the management of small and medium-sized enterprises (SMEs).

본 연구는 '국가 경제에 큰 영향을 미치는 중소기업들의 경쟁우위 강화와 성과 창출을 위해 어떠한 무형자원이 중요할까? 특히, 시장 환경 변화가 크고, 위기·재난 상황일 경우에는 어떤 역량이 필요할까? 시장 환경 변화가 클 때, 중소기업 중 플랫폼기업과 일반 기업의 기업성과에 미치는 역량은 다를 수 있지 않을까?'라는 질문에서 시작되었다. 이를 위해 중소기업의 경쟁우위와 성과에 영향을 미치는 주요 역량으로 기업가지향성, 흡수역량, 조직회복탄력성을 제시하였고, 특히, 최근 기업의 핵심역량으로 부상하고 있는 조직회복탄력성이 기업성과에 어떠한 조절효과를 갖는지 실증하였다. 또한, 플랫폼기업과 일반기업을 비교하여 기업성과에 미치는 조직회복탄력성의 조절효과를 분석하였으며, 조직회복탄력성의 어떤 하위요소에 따라 조절효과가 달라지는지 실증하였다. 연구 결과, 기업가지향성, 흡수역량은 모두 기업성과에 유의한 정(+)의 영향을 미치며, 조직회복탄력성도 기업성과에 유의한 정(+)의 영향을 미치는 것으로 나타났다. 또한, 조직회복탄력성의 하위 구성요소인 위기준비 역량, 위기대응 역량, 변화주도 역량은 기업가지향성과 기업성과 간 관계를 유의하게 조절하고, 위기준비 역량과 변화주도 역량은 흡수역량과 기업성과 간 관계를 유의하게 조절하였다. 그리고, 기업가지향성과 기업성과 간 관계에서 위기준비 역량의 조절효과, 기업가지향성과 기업성과 간 관계에서 위기대응 역량의 조절효과는 플랫폼기업에서만 유의한 결과를 보였다. 연구 결과는 조직회복탄력성이 기업성과에 직접 영향을 줄 뿐 아니라, 기업가지향성, 흡수 역량과 상호작용하여 기업성과를 더욱 높여줄 수 있으며, 플랫폼기업과 일반기업 간 조직회복 탄력성의 조절효과가 다를 수 있음을 시사하였다. 이러한 결과는 중소기업의 경영에 실질적인 도움이 될 것으로 기대된다.

Keywords

References

  1. 강석민(2021), "대구 중소기업의 혁신성과에 미치는 개별협력 활동의 영향 분석: 기술역량의 조절 효과",「한국콘텐츠학회논문지」, 제21권, 제4호, pp.404-413. https://doi.org/10.5392/JKCA.2021.21.04.404
  2. 권재득(2018), "기업의 회복탄력성 결정요인에 관한 연구",「경일대학교 대학원」, 박사학위논문.
  3. 김병근.옥주영(2017), "한국 중소기업의 협력역량, 흡수역량과 협력성과",「연세경영연구」, 제54권, 제3호, pp.51-76.
  4. 박수황.김태중.남윤성(2016), "네트워크효과를 위한 현지화 전략의 실패: 카카오톡의 일본시장 진출 사례를 중심으로",「국제경영리뷰」, 제20권, 제2호, pp.151-180.
  5. 우형록.권정언(2013), "기업가지향성과 흡수역량이 중소기업의 신제품개발에 미치는 영향", 「기술혁신연구」, 제21권, 제2호, pp.57-84.
  6. 이금노.서종희.정영훈(2016), "온라인 플랫폼 기반 소비자거래에서의 소비자문제 연구",「정책연구보고서」, 한국소비자원, pp.95-96.
  7. 이경미.이장우(2017), "벤처기업의 지식 흡수능력과 기업가적 지향성이 혁신성과에 미치는 영향", 「경영학연구」, 제46권, 제5호, pp.1503-1519.
  8. 이정민.김병근(2018), "기업가적 지향성과 시장지향성이 기업성과에 미치는 영향",「연세경영연구」, 제55권, 제3호, pp.103-131
  9. 이정아(2018), "지각된 조직회복탄력성이 혁신행동 및 조직자발성에 미치는 영향: 관계적 심리계약의 매개효과",「성균관대학교 대학원」, 박사학위논문.
  10. 정재호(2010), "사업부 제조직을 채택한 다국적기업의 분권화에 관한 이론과 사례연구",「기업경영연구」, 제17권, 제1호, pp.23-39.
  11. 조세근.손종서.이우진(2015), "창업지향성과 학습지향성이 중소창업기업의 성과에 미치는 영향에 관한 연구",「벤처창업연구」, 제10권, 제6호, pp.1-13. https://doi.org/10.16972/APJBVE.10.6.201512.1
  12. 최석봉.이도형(2013), "기업가지향성과 시장지향성의 하위변수가 혁신성과 및 재무성과에 미치는 영향: 국내벤처 및 중소기업을 대상으로",「전략경영연구」, 제16권, 제3호, pp.109-129. https://doi.org/10.17786/JSM.2013.16.3.005
  13. Aiken, L. S., & West, S. G.(1991), "Multiple regression: Testing and interpreting interactions", SAGE Publications.
  14. Aldrich, H., & Auster, E. R.(1986), "Even dwarfs started small: Liabilities of age and size and their strategic implications", Research in Organizational Behavior, Vol.8, pp.165-198.
  15. Aleksic, A., Stefanovic, M., Arsovski, S., & Tadic, D.(2013), "An assessment of organizational resilience potential in SMEs of the process industry, a fuzzy approach", Journal of Loss Prevention in the Process Industries, Vol.26, pp.1238-1245. https://doi.org/10.1016/j.jlp.2013.06.004
  16. Baker, W. E., & Sinkula, J. M.(2009), "The Complementary Effects of Market Orientation and Entrepreneurial Orientation on Profitability in Small Businesses", Journal of Small Business Management, Vol.47, No.4, pp.443-464. https://doi.org/10.1111/j.1540-627X.2009.00278.x
  17. Barney, J.(1991), "Firm resources and sustained competitive advantage", Journal of management, Vol.17, No.1, pp.99-120. https://doi.org/10.1177/014920639101700108
  18. Bhamra, R., Dani, S., & Burnard, K.(2011), "Resilience: the concept, a literature review and future directions", International Journal of Production Research, Vol.49, No.18, pp.5375-5393. https://doi.org/10.1080/00207543.2011.563826
  19. Burnard, K. & Bhamra, R.(2011), "Organizational resilience: development of a conceptual framework for organizational responses", International Journal of Production Research, Vol.49, No.18, pp.5581-5599. https://doi.org/10.1080/00207543.2011.563827
  20. Chen, H. L., & Hsu, C.-H.(2013), "Entrepreneurial orientation and firm performance in non-profit service organizations: contingent effect of market orientation", The Service Industries Journal, Vol.33, No.5, pp.445-466. https://doi.org/10.1080/02642069.2011.622372
  21. Chen, S.(2016), "Construction of an early risk warning model of organizational resilience: An empirical study based on samples of R&D teams", Discrete Dynamics in nature and Society, pp.1-9.
  22. Cohen, W. M., & Levinthal, D. A.(1990), "Absorptive capacity: A new perspective on learning and innovation", Administrative Science Quarterly, Vol.35, No.1, pp.128-152. https://doi.org/10.2307/2393553
  23. Corey, C. M., & Deitch, E. A.(2011), "Factors affecting business recovery immediately after Hurricane Katrina", Journal of Contingencies and Crisis Manage, Vol.19, No.3, pp.169-181. https://doi.org/10.1111/j.1468-5973.2011.00642.x
  24. Covin, J. G., & Covin, T. J.(1990), "Competitive aggressiveness, environmental context, and small firm performance", Entrepreneurship theory and practice, Vol.14, No.4, pp.35-50. https://doi.org/10.1177/104225879001400406
  25. Covin, J. G, & Lumpkin, G. T.(2011), "Entrepreneurial Orientation Theory and Research: Reflections on a Needed Construct", Entrepreneurship Theory and Practice, Vol.35, No.5, pp.855-872. https://doi.org/10.1111/j.1540-6520.2011.00482.x
  26. Covin, J. G., & Slevin, D. P.(1989), "Strategic management of small firms in hostile and benign environments", Strategic Management Journal, Vol.10, No.1, pp.75-87. https://doi.org/10.1002/smj.4250100107
  27. Curran, Patrick J., West, Stephen G., Finch, & John F.(1996), "The robustness of test statistics to nonnormality and specification error in confirmatory factor analysis", Psychological Methods, Vol.1, No.1, pp.16-29. https://doi.org/10.1037/1082-989X.1.1.16
  28. De Clercq, D., Dimov, D., & Thongpapanl, N. T.(2010), "The moderating impact of internal social exchange processes on the entrepreneurial orientation-performance relationship", Journal of Business Venturing, Vol.25, No.1, pp.87-103. https://doi.org/10.1016/j.jbusvent.2009.01.004
  29. Denhardt, J., & Denhardt, R.(2010), "Handbook of adult resilience", Guilford.
  30. Dess, G. G., & Robinson, R. B.(1984), "Measuring organizational performance in the absence of objective measures: The case of the privately-held firm and conglomerate business unit", Strategic Management Journal, Vol.5, No.3, pp.265-273. https://doi.org/10.1002/smj.4250050306
  31. Dess, G. G., Lumpkin, G. T., & Covin, J. G.(1997), "Entrepreneurial strategy making and firm performance: Tests of contingency and configurational models", Strategic Management Journal, Vol.18, No.9, pp.677-695. https://doi.org/10.1002/(SICI)1097-0266(199710)18:9<677::AID-SMJ905>3.0.CO;2-Q
  32. Engelen, A., Kube, H., Schmidt, S., & Flatten, T. C.(2014), "Entrepreneurial orientation in turbulent environments: The moderating role of absorptive capacity", Research Policy, Vol.43, No.8, pp.1353-1369. https://doi.org/10.1016/j.respol.2014.03.002
  33. Flatten, T. C., Greve, G. I., & Brettel, M.(2011), "Absorptive capacity and firm performance in SMEs: The mediating influence of strategic alliances", European Management Review, Vol.8, No.3, pp.137-152. https://doi.org/10.1111/j.1740-4762.2011.01015.x
  34. Frank, H., Kessler, A., & Fink, M.(2010), "Entrepreneurial orientation and business performance", Schmalenbach Business Review, Vol.62, No.2, pp.175-198. https://doi.org/10.1007/BF03396804
  35. Garcia-Villaverde, P. M., Ruiz-Ortega, M. J., & Canales, J. I.(2013), "Entrepreneurial orientation and the threat of imitation: The influence of upstream and downstream capabilities", European Management Journal, Vol.31, No.3, pp.263-277. https://doi.org/10.1016/j.emj.2012.11.006
  36. Gittell, J. H., Cameron, K., Lim, S., & Rivas, V.(2006), "Relationships, layoffs, and organizational resilience", The Journal of Applied Behavioral Science, Vol.42, No.3, pp.300-329. https://doi.org/10.1177/0021886306286466
  37. Green, K. M., Covin, J. G., & Slevin, D. P.(2008), "Exploring the relationship between strategic reactiveness and entrepreneurial orientation: The role of structure-style fit", Journal of Business Venturing, Vol.23, No.3, pp.356-383. https://doi.org/10.1016/j.jbusvent.2007.01.002
  38. Hagiu, A., & Wright, J.(2015), "Multi-sided platforms", International Journal of Industrial Organization, Vol.43, pp.162-174. https://doi.org/10.1016/j.ijindorg.2015.03.003
  39. Hamel, G., & Valikangas, L.(2003), "The quest for resilience", Harvard Business Review, Vol.81, pp.52-63.
  40. Holling, C. S.(1973), "Resilience and stability of ecological systems", Annual Review of Ecology and Systematics, Vol.4, pp.1-23. https://doi.org/10.1146/annurev.es.04.110173.000245
  41. Horne, J., & Orr, J.(1998), "Assessing behaviors that create resilient organizations", Employment Relations Today, pp.29-39.
  42. Ireland, R. D., Hitt, M. A., & Sirmon, D. G.(2003), "A model of strategic entrepreneurship: The construct and its dimensions", Journal of management, Vol.29, No.6, pp.963-989. https://doi.org/10.1016/S0149-2063(03)00086-2
  43. Ismail, H.S., Poolton, J., & Sharifi, H.(2011), "The role of agile strategic capabilities in achieving resilience in manufacturing-based small companies", International Journal of Production Research, Vol.49, pp.5469-5487. https://doi.org/10.1080/00207543.2011.563833
  44. Kantru, D., & Iseri-Say, A.(2012), "Organizational resilience: A conceptual integrative framework", Journal of Management & Organization, Vol.18, No.6, pp.762-773. https://doi.org/10.5172/jmo.2012.18.6.762
  45. Keh, H. T., Nguyen, T. T. M., & Ng, H. P.(2007), "The effects of entrepreneurial orientation and marketing information on the performance of SMEs", Journal of Business Venturing, Vol.22, No.4, pp.592-611. https://doi.org/10.1016/j.jbusvent.2006.05.003
  46. Kraus, S., Rigtering, J. C., Hughes, M., & Hosman, V.(2012), "Entrepreneurial orientation and the business performance of SMEs: A quantitative study from the Netherlands", Review of Managerial Science, Vol.6, No.2, pp.161-182. https://doi.org/10.1007/s11846-011-0062-9
  47. Lane, P. J., & Lubatkin, M.(1998), "Relative absorptive capacity and interorganizational learning", Strategic Management Journal, Vol.19, No.5, pp.461-477. https://doi.org/10.1002/(SICI)1097-0266(199805)19:5<461::AID-SMJ953>3.0.CO;2-L
  48. Lane, P. J., Koka, B. R., & Pathak, S.(2006), "The reification of absorptive capacity: A critical review and rejuvenation of the construct", Academy of Management Review, Vol.31, No.4, pp.833-863. https://doi.org/10.5465/amr.2006.22527456
  49. Lengnick-Hall, C. A., & Beck, T. E.(2003), "Beyond bouncing back: The concept of organizational resilience", The Academy of Management, Seattle, WA, pp.1-6.
  50. Lengnick-Hall, C. A., & Beck, T. E.(2011), "Developing a capacity for organizational resilience through strategic human resource management", Human Resource Management Review, Vol.21, pp.243-255. https://doi.org/10.1016/j.hrmr.2010.07.001
  51. Lichtenthaler, U.(2009), "Absorptive capacity, environmental turbulence, and the complementarity of organizational learning processes", Academy of Management Journal, Vol.52, No.4, pp.822-846. https://doi.org/10.5465/amj.2009.43670902
  52. Lumpkin, G. T., & Dess, G. G.(1996), "Clarifying the entrepreneurial orientation construct and linking it to performance", Academy of Management Review, Vol.21, No.1, pp.135-172. https://doi.org/10.2307/258632
  53. Lumpkin, G. T., & Dess, G. G.(2001), "Linking two dimensions of entrepreneurial orientation to firm performance: The moderating role of environment and industry life cycle", Journal of Business Venturing, Vol.16, No.5, pp.429-451. https://doi.org/10.1016/S0883-9026(00)00048-3
  54. Maelah, R., Al Lami, M. F. F., & Ghas, G.(2021), "Usefulness of management accounting information in decision making among SMEs: the moderating role of cloud computing", Asia-Pasific Management Accounting Journal, Vol.16, No.1, pp.59-92.
  55. Mahoney J. T., & Pandian, J. R.(1992), "The resource based view within the conversation of strategic management", Strategic management journal, Vol.13, No.5, pp.363-380. https://doi.org/10.1002/smj.4250130505
  56. Maldonado, T., Salaiz, A., Vera, D., & Keller, R. T.(2019), "Taking Stock of the Absorptive Capacity Construct and its Dimensions in the Context of Technological Innovation: A Meta-Analytic Approach", IEEE Transactions on Engineering Management, Vol.66, No.2, pp.193-207. https://doi.org/10.1109/TEM.2018.2817388
  57. Mallak, L. A.(1998a), "Measuring resilience in health care provider organizations", Health Manpower Management, Vol.24, No.4, pp.148-152. https://doi.org/10.1108/09552069810215755
  58. Martin, R., Saumeet, N., & Kevin, W., & Edzard, W.(2020), "Becoming an All-Weather Company", BCG Henderson Institute.
  59. Matsuno, K., Mentzer, J. T., & Ozsomer, A.(2002), "The effects of entrepreneurial proclivity and market orientation on business performance", Journal of Marketing, Vol.66, No.3, pp.18-32. https://doi.org/10.1509/jmkg.66.3.18.18507
  60. Moazed, A. & Johnson, N. L.(2016), "Modern Monopolies", Applico.
  61. Narver, J. C., & Slater, S. F.(1990), "The Effect of Market Orientation on Business Profitability", Journal of Marketing, Vol.54, No.4, pp.20-35. https://doi.org/10.1177/002224299005400403
  62. Neely, A.(1999), "The performance measurement revolution: why now and what next?", International Journal of Operations & Production Management, Vol.19, No.2, pp.205-228. https://doi.org/10.1108/01443579910247437
  63. Pal, R., Torstensson, H., & Mattila, H.(2014), "Antecedents of organizational resilience in economic crises-an empirical study of Swedish textile and clothing SMEs", International Journal of Production Economics, Vol.147, pp.410-428. https://doi.org/10.1016/j.ijpe.2013.02.031
  64. Richard, O. C., Wu, P., & Chadwick, K.(2009), "The impact of entrepreneurial orientation on firm performance: the role of CEO position tenure and industry tenure", The International Journal of Human Resource Management, Vol.20, No.5, pp.1078-1095. https://doi.org/10.1080/09585190902850281
  65. Rochet, J. C., & Tirole, J.(2003), "Platform competition in two sided markets", Journal of the European Economic Association, Vol.1, No.4, pp.990-1029. https://doi.org/10.1162/154247603322493212
  66. Rysman, M.(2009), "The economics of two-sided markets", Journal of Economic Perspectives, Vol.23, No.3, pp.125-143. https://doi.org/10.1257/jep.23.3.125
  67. Sciascia, S., D'Oria, L., Bruni, M., & Larraneta, B.(2014), "Entrepreneurial Orientation in low-and medium-tech industries: The need for Absorptive Capacity to increase performance", European management journal, Vol.32, No.5, pp.761-769.
  68. Senivongse, C., Mariano. S., Bennet. A., & Tsui. E.(2020), "Absorptive capacity efficacy in SMEs: evidence from multiple case studies in the information technology industry", Knowledge Management Research & Practice, Vol.20, pp.1-14.
  69. Shapiro, C., & Varian, H. R.(2013), "Information rules: a strategic guide to the network economy", Harvard Business Press.
  70. Spithoven, A., Vanhaverbeke, W, & Roijakkers, N.(2013), "Open innovation practices in SMEs and large enterprises", Small Business Economics, Vol.41, No.3, pp.537-562. https://doi.org/10.1007/s11187-012-9453-9
  71. Stam, W., & Elfring, T.(2008), "Entrepreneurial orientation and new venture performance: the moderating role of intra-and extra-industry social capital", Academy of Management journal, Vol.51, pp.97-111. https://doi.org/10.5465/amj.2008.30744031
  72. Su, Z., Xie, E., & Li, Y.(2011), "Entrepreneurial Orientation and Firm Performance in New Ventures and Established Firms", Journal of Small Business Management, Vol.49, No.4, pp.558-577. https://doi.org/10.1111/j.1540-627X.2011.00336.x
  73. Su, Z., Xie, E., & Wang, D.(2015), "Entrepreneurial Orientation, Managerial Networking, and New Venture Performance in China", Journal of Small Business Management, Vol.53, No.1, pp.228-248. https://doi.org/10.1111/jsbm.12069
  74. Sutcliffe, K. M., & Vogus, T.(2003), "Organizing for resilience In Positive organizational scholarship: Foundations of a new discipline", Berrett-Koehler, Chapter 7, pp.94-110.
  75. Tang, J. T., Z.; Marino, L. D.; Zhang, Y.; Li, Q.(2008), "Exploring an Inverted U-Shape Relationship between Entrepreneurial Orientation AND Performance in Chinese Ventures", Entrepreneurship theory and practice, Vol.32, No.1, pp.219-239. https://doi.org/10.1111/j.1540-6520.2007.00223.x
  76. Tang, Z., & Tang, J.(2012), "Entrepreneurial orientation and SME performance in China's changing environment: The moderating effects of strategies", Asia Pacific Journal of Management, Vol.29, No.2, pp.409-431. https://doi.org/10.1007/s10490-010-9200-1
  77. Teece, D. J.(2007), "Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance", Strategic Management Journal, Vol.28, No.13, pp.1319-1350. https://doi.org/10.1002/smj.640
  78. Teece, D. J., Pisano, G., & Shuen, A.(1997), "Dynamic capabilities and strategic management", Strategic Management Journal, Vol.18, No.7, pp.509-533. https://doi.org/10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z
  79. Tsai, W.(2001), "Knowledge transfer in intraorganizational networks: Effects of network position and absorptive capacity on business unit innovation and performance", Academy of Management Journal, Vol.44, No.5, pp.996-1004. https://doi.org/10.2307/3069443
  80. Wales, W. J., V. K. Gupta, & F. T. Mousa(2011), "Empirical research on entrepreneurial orientation: An assessment and suggestions for future research", International Small Business Journal, Vol.31, No.4, pp.357-383. https://doi.org/10.1177/0266242611418261
  81. Wales, W. J., Parida, V., & Patel, P. C.(2013b), "Too much of a good thing? Absorptive capacity, firm performance, and the moderating role of entrepreneurial orientation", Strategic Management Journal, Vol.34, No.5, pp.622-633. https://doi.org/10.1002/smj.2026
  82. Werner, E. E., & Smith, R. S.(1977), "Kauai's children come of age", University of Hawaii Press.
  83. Wiklund, J.(1999), "The Sustainability of the entrepreneurial orientation-performance relationship". Entrepreneurship Theory Practices, Vol.24, No.1, pp.37-48. https://doi.org/10.1177/104225879902400103
  84. Wiklund, J., & Shepherd, D.(2003), "Knowledge based resources, entrepreneurial orientation, and the performance of small and medium-sized businesses", Strategic Management Journal, Vol.24, No.13, pp.1307-1314. https://doi.org/10.1002/smj.360
  85. Wiklund, J., & Shepherd, D.(2005), "Entrepreneurial orientation and small business performance: a configurational approach". Journal of Business Venturing, Vol.20, No.1, pp.71-91. https://doi.org/10.1016/j.jbusvent.2004.01.001
  86. Zahra, S. A., & Covin, J. G.(1995), "Contextual Influences on the Corporate Entrepreneurship-performance Relationship: A Longitudinal Analysis", Journal of Business Venturing, Vol.10, No.1, pp.43-58. https://doi.org/10.1016/0883-9026(94)00004-E
  87. Zahra, S. A., & George, G.(2002), "Absorptive capacity: A review, reconceptualization, and extension", Academy of Management Review, Vol.27, No.2, pp.185-203. https://doi.org/10.2307/4134351
  88. Zahra, S. A., & Hayton, J. C.(2008), "The effect of international venturing on firm performance: The moderating influence of absorptive capacity". Journal of Business Venturing, Vol.23, No.2, pp.195-220. https://doi.org/10.1016/j.jbusvent.2007.01.001