Impact of ownership concentration on the innovation of small and medium-sized enterprises

• Autorzy: Oanh Dao Le Kieu , Nguyen Hong Thu , Linh Nguyen Tran Xuan , Nhan Do Thi Thanh

Identyfikatory

DOI

10.17512/pjms.2022.25.1.19

Warianty tytułu

PL

Wpływ koncentracji własności na innowacyjność małych i średnich przedsiębiorstw

• Języki publikacji: EN

Abstrakty

EN

The study was conducted to assess the impact of ownership concentration on the innovation of Small and Medium-sized Enterprises (SMEs) in Vietnam. Furthermore, innovation is seen as an important element in creating competitiveness to achieve long-term development for a company. This topic has been reported in many previous pieces of research where innovation is often measured through the number of patents. However, this study measures the innovation of SMEs through whether these businesses introduce products/services or introduce a new production process or new technology in 3 years. By Logit Bayes regression method, the research results show that ownership concentration harms the innovation of SMEs in Vietnam. The authors explain this result through channels like "access to capital" and the "Risk aversion" channels.

PL

Badanie przeprowadzono w celu oceny wpływu koncentracji własności na innowacyjność małych i średnich przedsiębiorstw (MŚP) w Wietnamie. Ponadto innowacyjność postrzegana jest jako ważny element tworzenia konkurencyjności w celu osiągnięcia długoterminowego rozwoju firmy. Ten temat został poruszony w wielu poprzednich badaniach, w których innowacyjność jest często mierzona liczbą patentów. Jednak badanie to mierzy innowacyjność MŚP poprzez to, czy te firmy wprowadzają produkty/usługi lub wprowadzają nowy proces produkcyjny lub nową technologię w ciągu 3 lat. Wyniki badań metodą regresji Logit Bayes pokazują, że koncentracja własności szkodzi innowacyjności MŚP w Wietnamie. Autorzy wyjaśniają ten wynik kanałami, takimi jak „dostęp do kapitału” i „niechęć do ryzyka”.

Słowa kluczowe

EN

ownership concentration; innovation; SMEs; FDI; Bayes

PL

koncentracja własności; innowacje; MŚP; BIZ; Bayes

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2022
• Tom: Vol. 25, No. 1
• Strony: 312--326
• Opis fizyczny: Bibliogr. 44 poz., rys., tab.

Twórcy

autor

Oanh Dao Le Kieu

• Faculty of Banking, Hochiminh University of Banking, Vietnam

autor

Nguyen Hong Thu

• Thu Dau Mot University, Binh Duong, Vietnam

autor

Linh Nguyen Tran Xuan

• Faculty of Accounting - Finance and banking, Ho Chi Minh City Industry and Trade college, Vietnam

autor

Nhan Do Thi Thanh

• Faculty of finance and banking, Ton Duc Thang university, Hochiminh university, Vietnam

Bibliografia

• 1.Aghion, P., Bergeaud, A., Lequien, M. & Melitz, M. J., (2018). The impact of exports on innovation: Theory and evidence (p. 678). New York, NY, USA: National Bureau of Economic Research.
• 2.Aghion, P., Howitt, P., (1992). A model of growth through creative destruction. Econometrica, 60, 323-351.
• 3.Aghion, P., Van Reenen, J. and Zingales, L., (2013). Innovation and institutional ownership. American economic review, 103(1), 277-304.
• 4.Avci, O. B., Akin, T., (2020). The interaction between Foreign Direct Investment and Domestic Investment: Is there crowding out effect?. Journal of Eastern European and Central Asian Research (JEECAR), 7(2), 163-174.
• 5.Ayyagari, M., Demirguc-Kunt, A. & Maksimovic, V., (2011). Small vs. young firms across the world: contribution to employment, job creation, and growth. The World Bank Policy Research Working Paper 5631.
• 6.Bayarc¸elik, E. B., F. Tas¸el. and S. Apak., (2014). A Research on Determining Innovation Factors for SMEs. Procedia - Social and Behavioral Sciences, 150, 202-211.
• 7.Baysinger, B. D., Kosnik, R. D. and Turk, T. A., (1991). Effects of board and ownership structure on corporate R&D strategy. Academy of Management Journal, 34(1), 205-214.
• 8.Beck, T., Demirgüc¸ -Kunt, A., Laeven, L. and Maksimovic, V., (2006). The determinants of financing obstacles. Journal of International Money and Finance, 25(6), 932-952.
• 9.Bhattacharya, M., Bloch, H., (2004). Determinants of innovation. Small business economics, 22(2), 155-162.
• 10.Carney, M., Gedajlovic, E., (2002). The Coupling of Ownership and Control and the Allocation of Financial Resources: Evidence from Hong Kong. Journal of Management Studies, 39(1), 123-146.
• 11.Chen, V. Z., Li, J. and Shapiro, D. M., (2011). Are OECD-prescribed "good corporate governance practices" really good in an emerging economy? Asia Pacific Journal of Management, 28(1), 115-138.
• 12.Choi, S. B., Park, B. I. and Hong, P., (2012). Does Ownership Structure Matter for Firm Technological Innovation Performance? The Case of Korean Firms. Corporate Governance: An International Review, 20(3), 267-288.
• 13.Cole, R. A., Frost, T., (2018). The role of financial reporting quality in worldwide access to credit. Available at SSRN 3292551
• 14.Edmans, A., (2014). Blockholders and Corporate Governance. Annual Review of Financial Economics, 6(1), 23-50.
• 15.Eng, L.L., Shackell, M., (2001). The implications of long-term performance plans and institutional ownership for firms' research and development (R&D) investments. Journal of Accounting, Auditing & Finance, 16(2), 117-139.
• 16.Gao, H., Hsu, P.-H. and Li, K., (2018). Innovation strategy of private firms. Journal of Financial and Quantitative Analysis, 53(1), 1-32.
• 17.Gedajlovic, E. R., Shapiro, D. M., (1998). Management and ownership effects: Evidence from five countries. Strategic Management Journal, 19(6), 533-553.
• 18.Gelman, A., Jakulin, A., Pittau, M. G. and Su, Y. S., (2008). A weakly informative default prior distribution for logistic and other regression models. The annals of applied statistics, 2(4), 1360-1383.
• 19.He, J., Tian, X., (2020). Institutions and Innovation: A Review of Recent Literature. Available at SSRN 3530214.
• 20.Healy, P. M., Palepu, K. G., (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1), 405-440.
• 21.Holmstrom, B., (1989). Agency costs and innovation. Journal of Economic Behavior & Organization, 12(3), 305-327.
• 22.Hope, O.-K., Thomas, W. and Vyas, D., (2011). Financial credibility, ownership, and financing constraints in private firms. Journal of International Business Studies, 42(7), 935-957.
• 23.Howard, G. S., Maxwell, S. E. and Fleming, K. J., (2000). The proof of the pudding: An illustration of the relative strengths of null hypothesis, meta-analysis, and Bayesian analysis. Psychological Methods, 5, 315-332.
• 24.Iwasaki, I., Mizobata, S., (2020). Ownership Concentration and Firm Performance in European Emerging Economies: A Meta-Analysis. Emerging Markets Finance and Trade, 56(1), 32-67.
• 25.Jappelli, T., Pagano, M., (2002). Information sharing, lending and defaults: Cross-country evidence. Journal of Banking & Finance, 26(10), 2017-2045.
• 26.Jensen, M. C., Meckling, W. H., (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
• 27.Kornecki, J. (2011). Small and Medium-Sized Enterprises on the Public. Equilibrium. Quarterly Journal of Economics and Economic Policy, 6(2), 23-46.
• 28.Kruschke, J. K., (2011). Bayesian assessment of null values via parameter estimation and model comparison. Perspectives on Psychological Science, 6(3), 299-312.
• 29.Lesáková, Ľubica., (2014). Small and medium enterprises in the new world of globalization. Forum Scientiae Oeconomia, 2(3), 111-122.
• 30.Love, I., Martínez Pería, M. S., (2015). How Bank Competition Affects Firms' Access to Finance. The World Bank Economic Review, 29(3), 413-448.
• 31.Mariëlle, Z., Peeters, M., Depaoli, S. and Schoot, R, V., (2017). Where Do Priors Come From? Applying Guidelines to Construct Informative Priors in Small Sample Research. Research in Human Development, 14(4), 305-320.
• 32.McNeish, D. M., (2016). Using data-dependent priors to mitigate small sample bias in latent growth models: A discussion and illustration using Mplus. Journal of Educational and Behavioral Statistics, 41(1), 27-56.
• 33.Minetti, R., Murro, P. and Paiella, M., (2015). Ownership structure, governance, and innovation. European Economic Review, 80, 165-193.
• 34.Nguyen, D., Tran, Q-N. and Truong, Q-T., (2022) The Ownership Concentration − Innovation Nexus: Evidence From SMEs Around The World, Emerging Markets Finance and Trade, 58(5), 1288-1307.
• 35.Qi, S., Ongena, S., (2020). Fuel the engine: Bank credit and firm innovation. Journal of Financial Services Research, 57(2), 115-147.
• 36.Ramayah, T., Ling, N. S., Taghizadeh, S. K. and Rahman, S. A., (2016). Factors influencing SMEs website continuance intention in Malaysia. Telematics and Informatics, 33(1), 150- 164.
• 37.Rapp, M. S., Udoieva, I. A., (2017). Corporate Governance and Its Impact on R&D Investment in Emerging Markets. Emerging Markets Finance and Trade, 53(10), 2159- 2178.
• 38.Ross, S. A., (1973). The economic theory of agency: The principal's problem. The American economic review, 63(2), 134-139.
• 39.Rossi, F., Cebula, R. J., (2015). Ownership structure and R&D: an empirical analysis of Italian listed companies. PSL Quarterly Review, 68(275), 297-325.
• 40.Shane, S. A., Ulrich, K. T., (2004). 50th anniversary article: Technological innovation, product development, and entrepreneurship in management science. Management Science, 50(2), 133-144.
• 41.Shleifer, A., Vishny, R. W., (1986). Large shareholders and corporate control. Journal of political economy, 94(3, Part 1), 461-488.
• 42.Shleifer, A., Vishny, R. W., (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783.
• 43.Sözbilir, F., (2018). Innovation capacity and innovation performance in terms of educational level of managers. İşletme Araştırmaları Dergisi, 10(2), 1-12.
• 44.Wang, K., Shailer, G., (2015). Ownership concentration and firm performance in emerging markets: A meta-analysis. Journal of Economic Surveys, 29(2), 199-229.

Uwagi

Opracowanie rekordu ze środków MEiN, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2022-2023).