Contribution of Resource-Based View and Entrepreneurial Orientation on Small Firm Growth
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Published
18-09-2018
João J. Ferreira
Susana Garrido Azevedo
Rubén Fernández Ortiz
Abstract
Objectives:
This research provides a useful framework for identifying a small firms' propensity to engage in entrepreneurial orientation. We examine the impact of the Entrepreneurial Orientation (EO) as a main resource and capability on small firm' growth.
Prior Work:
The growth seems to come out as an important demonstration of the entrepreneurial orientation of small firms (Davidsson, 1989; Green and Brown, 1997; Janney and Gregory, 2006). Thus, this research builds on prior conceptual research that suggests a positive integration between entrepreneurial orientation and resource-based view.
Approach:
In the first instance, the research will focus on reviewing literature in the emerging area of entrepreneurial orientation as it applies to growth oriented small firms and resource-based view of the firm. Secondly, an empirical study was developed based on a stratified sample of small firms of manufacturing industry. Data were submitted to a multivariate statistical analysis and a linear regression model was performed in order to predict the influence of the resources and capabilities on small firms' growth. In this sense, we consider the construct growth as a dependent variable and the ones relates with resources and capabilities (entrepreneur resources, firm resources, networks and EO) as independent variables.
Results:
The research results suggest a set of resources and capabilities that promote the growth of the small firms. Also, the EO seems to have a predictive value on growth. Explaining variables related with resources and capabilities and EO were identified as essential in growth oriented small firms. It was still possible to conclude that the entrepreneurial firms which grew seem to have resources and develop more capabilities and take advantage in the search for those competences. This attitude reflects on the EO of the firm.
Implications:
This study has important implication for both researchers and practitioners. It highlights the necessity of firms to develop superior EO of all their members and also to invest on better resources and consequently superior capabilities as a way of reaching higher levels of growth.
Value:
While previous authors have attempted to analyse certain aspects of this process (linkage between entrepreneurial orientation and growth), this research developed a framework that combines these and others factors (resource-based view) pertinent to growth oriented small firms. The results support the necessity to identify explicative variables of multiple levels to explain the growth of small firms. The adoption of an entrepreneurial orientation as an indispensable variable to the growth oriented small firms seems pertinent.
How to Cite
Ferreira, J. J., Garrido Azevedo, S., & Fernández Ortiz, R. (2018). Contribution of Resource-Based View and Entrepreneurial Orientation on Small Firm Growth. Cuadernos De Gestión, 11(1), 95–116. https://doi.org/10.5295/cdg.100185jf
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Keywords
Resources-Based View, Entrepreneurial orientation, Growth of Small Firms
References
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BRYMAN, A. and CRAMER, D. (1992): “Análise de Dados em Ciências Sociais”, Celta Editora, Portugal.
CARUANA, A., MORRIS, M. and VELLA, A. (1998): “The effect of centralization and formalization on entrepreneurship in export firms”, Journal of Small Business Management, Vol. 15, pp. 322-332.
CHANDLER, G. and HANKS, S. (1994): “Market attractiveness resource-based capabilities, venture strategies and venture performance”, Journal of Business Venturing, Vol. 9, pp. 331-349.
CHOW, I. (2006): “The relationship between entrepreneurial orientation and firm performance in China”, S.A.M. Advanced Management Journal, Vol. 71, No. 3, pp. 11-20.
COVIN, J. G. and SLEVIN, D. P. (1991): “A conceptual model of entrepreneurship as firm behaviour”, Entrepreneurship Theory and Practice, Fall, pp. 7-25.
COVIN, J. G. and SLEVIN, D. P. (1989): “Empirical relationship among strategic posture environmental context variables, and new venture performance”, Frontiers Entrepreneurship Research, Wellesley, MA, pp. 124-133.
DAVIDSSON, P. (1989): “Continued Entrepreneurship and Small Firm Growth”, Stockholm School of Economics, Stockholm.
DAVIDSSON, P. and DELMAR, F. (1999): “Hunting for new employment: the role of high growth firms”, RENT XII Conference, London.
DAY, G. (1994): “The capabilities of market-driven organizations”, Journal of Marketing, Vol. 58, No. 4, pp. 37-52.
DAY, G. and WENSLEY, R. (1988): “Assessing advantage: a framework for diagnosing competitive superiority”, Journal of Marketing, Vol. 52, pp. 17-32.
FALEMO, B. (1989): “The firm’s external persons: entrepreneurs or network actors?”, Entrepreneurship and Regional Development, Vol. 1, pp. 167-177.
FINNEY, R., CAMPELL, N. and POWELL, C. (2005): “Strategies and resources: pathways to success?”, Journal of Business Research, Vol. 58, pp. 1721-1729.
FISCHER, E. and REUBER, E. (2003): “Support for rapid-growth firms: a comparison of the views of founders, government policymakers, and private sector resource providers”, Journal of Small Business Management, Vol. 41, No. 4, pp. 346-365.
GARNSEY, E., STAM, E. and HEFFERNAN, P. (2006): “New firm growth: exploring processes and paths”, Industry and Innovation, Vol. 13, No. 1, pp. 1-20.
GIMENEZ, F. P. (1999): “Miles and Snow’s strategy model in the context of small firms”, 44th ICSB World Conference, Italy.
GORDON, J., LEE, P. and LUCAS, H. (2005): “A resource-based view of competitive advantage at the Port of Singapore”, Journal of Strategic Management Systems, Vol. 14, pp. 69-86.
GRANSTRAND, O., PATEL, P. and PAVITT, K. (1997): “Multi-technology corporations: Why they have distributed rather than distinctive core competencies”, California Management Review, Vol. 39, No. 4, pp. 8-25.
GRANT, R. M. (1991): “The Resources-Based Theory of competitive advantage: implications for strategy formulation”, California Management Review, Spring, pp. 114-135.
GREENE, P. and BROWN, T. E. (1997): “Resources needs and the dynamic capitalism typology”, Journal of Business Venturing, Vol. 12, pp. 161-173.
GREENE, P., BRUSH, C. and BROWN, T. (1997): “Resources in small firms: an exploratory study”, Journal of Small Business Strategy, Vol. 8, No. 2, pp. 25-40.
HAIR, J. F., ANDERSON, R. E., TATHAM, R. L. and BALCK, W. C. (1998): “Multivariate data analysis”, Prentice Hall, New Jersey.
HALL, R. (1992): “The strategic analysis of intangible resources”, Strategic Management Journal, Vol. 13, No. 1, pp. 135-144.
HAMBRICK, D. C. (1983): “High profit strategies in mature capital goods industries: a contingency approach”, Academy of Management Journal, Vol. 26, No. 4, pp. 687-707.
HARPER, D. A. (1996): “Entrepreneurship and the Market Process: An enquiry into the growth of knowledge”, Routledge, London.
HITT, M. and IRELAND, D. (1986): “Relationships among corporate level distinctive competencies, diversification strategy, corporate strategy and performance”, Journal of Management Studies, Vol. 23, pp. 401-416.
HITT, M., IRLAND, R. and HOSKISSON, R. (2003): “Strategic Management: Competitiveness and Globalisation”, South-Western, Cincinnati, OH.
HOFER, C. and SCHENDEL, D. (1978): “Strategy and formulation: Analytical concepts”, St Paul, MN.
ITAMI, H. (1987): “Mobilizing Invisible Assets”, Harvard University Press, Boston, MA.
JACOBSEN, R. (1988): “The persistence of abnormal returns”, Strategic Management Journal, Vol.9, pp. 41-58.
JANEY, J.J. and DESS, G. (2006): “When entrepreneurs bundle resources: toward an integration of entrepreneurial-orientation and the resource-based view of the firm”, Current Topics in Management, New Brunswick, USA, M. Afzalur Rahum, Vol. 11, pp. 157-173.
JOHANISSON, B. (1990): “Building an entrepreneurial career in a mixed economy: need for social and business ties in personal networks”, Academy of Management Annual Meeting, San Francisco.
LEARNED, E., CHRISTENSE, C., ANDREWS, K. and GUTH, W. (1969): “Business Policy”, Homewood, IL, Irwin.
LEONARD-BARTON, D. (1992): “Core capabilities and core rigidities: a paradox in managing new product development”, Strategic Management Journal, Vol. 13, pp. 111-125.
LIPPMAN, S. and RUMELT, R. (1982): “Uncertain imitability: an analysis of interfirm differences in efficiency under competition”, Bell Journal of Economics, Vol. 13, pp. 418-438.
LUMPKIN, G. T. and 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.
MAHONEY, J. and PANDIAN, J. (1992): “The Resource-Based View within the conversation of strategic management”, Strategic Management Journal, Vol. 33, pp. 363-380.
MCCLELLAND, D. C. (1961): “The Achieving Society”, Princeton, New Jersey, D. Van Norstrand Co, Inc.
MCKELVEY, B. (1997): “Quasi-natural organization science”, Organization Science, Vol. 8, No. 4, pp. 352-380.
MERZ, G. R., WEBER, P. B., and LAETZ, V. B. (1994): “Linking small business management with entrepreneurial growth”, Journal of Small Business Management, Vol. 32, No. 3, pp. 48-60.
MILES, R. and SNOW, C. (1978): “Organizational Strategy, Structure and Process”, New York, McGraw-Hill.
MILLER, D. (1987): “Strategy making and structure: analysis and implications for performance”, Academy of Management Journal, Vol. 30, No. 1, pp. 7-32.
MILLER, D. (1983): “The correlates of entrepreneurship in three types of firms”, Management Science, Vol. 29, No. 7, pp. 770-791.
MILLER, D. and FRIESEN, P. (1984): “A Longitudinal study of the corporate life cycle”, Management Science, Vol. 30, No. 10, pp. 1161-1183.
MILLER, D. and FRIESEN, P. (1982): “Innovation in conservative and entrepreneurial firms: Two models of strategic momentum”, Strategic Management Journal, Vol. 3, pp. 1-25.
MILLER, D. and SHAMSIE, J. (1996): “The Resources-Based View of The firm in two environments: the Hollywood film studios from 1936 to 1965”, Academy of Management Journal, Vol. 39, No. 3, pp. 519-543.
MINER, J. B. (1990): “Entrepreneurs, high growth entrepreneurs and managers: contrasting and overlapping motivational patterns”, Journal of Business Venturing, Vol. 5, No. 4, pp. 221-234.
MINER, J. B., SMITH, N. R. and BRACKER, J. S. (1994): “Role of entrepreneurial task motivation in the growth of technologically innovative firms: interpretation from follow-up data”, Journal of Applied Psychology, Vol. 79, No. 4, pp. 627-630.
MINTZBERG, H. (1973): “Strategy-making in three modes”, California Management Review, Vol. 2, pp. 44-53.
MOPE, 2001, Estudo e Falências – Dados Comparativos de 2001 vs 2000. Departamento de Marketing e Comunicações do Grupo MOPE, Portugal.
MOSTAFA, R., WHEELER, C. and JONES, M. (2006): “Entrepreneurial orientation, commitment to the Internet and export performance in small and medium sized exporting firms”, Journal of International Entrepreneurship, Vol. 3, pp. 291-302.
NALDI, L., NORDQVIST, M., SJÖBERG, K. and WIKLUND, J. (2007): “Entrepreneurial orientation, risk taking, and performance in family firms”, Family business Review, Vol. 20, No. 1, pp. 33–47.
NELSON, R. (1991): “Why do firms differ and how does it matter?”, Strategic Management Journal, Vol. 14, No. 3, pp. 179-192.
PAVITT, K. (1991): “Key characteristics of the large innovating firm”, British Journal of Management, Vol. 2, pp. 41-50.
PENROSE, E. (1959): “The Theory of the Growth of the Firm”, Oxford, Basil Blackwell.
PESTANA, M. H. and GAGEIRO, J. N. (2000): “Análise de dados para ciências sociais: Uma complementariedade do SPSS”, Edições Sílabo, Lisbon, Portugal.
PETERAF, M. (1993): “The cornerstone of competitive advantage: A Resource-Based View”, Strategic Management Journal, Vol. 14, pp. 179-191.
PORTER, M. (1985): “Competitive Advantage” New York, Free Press.
PORTER, M. (1980a): “Competitive Strategy”, New York, Free Press.
PORTER, M. (1980b): “Competitive Strategy”, New York, NY, Free Press.
PRAHALAD, C. and HAMEL, G. (1990): “The core competence of the corporation”, Harvard Business Review, Vol. 68, pp. 79-91.
RICARDO, D. (1966), “Economic Essays”, New York, A. M. Kelly.
RONEN, J. (1983): “Some Insights into the Entrepreneurial Process”, Entrepreneurship, Lexington, Ma, Lexington Books, pp. 137-173.
RUMELT, R. (1991): “How much does industry mater?”, Strategic Management Journal, Vol. 12, No. 3, pp. 167-185.
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