Search Results (247)

From a systems-thinking perspective, firms can be understood as adaptive socio-technical systems in which strategic resource allocation, innovation activities, organizational capabilities, and environmental conditions interact through dynamic feedback processes. This study examines whether strategic focus alternation, defined as the recurrent reallocation of resources between technology focus and market focus, is associated with firm resilience. Using 30,930 firm-year observations of Chinese A-share listed firms from 2010 to 2024, we construct a firm-level measure of strategic focus alternation and examine its association with resilience using industry and year fixed-effects models, complemented by multiple robustness analyses, propensity score matching, instrumental-variable estimation, Heckman two-stage estimation, and within-firm analyses. The results indicate that strategic focus alternation is positively associated with firm resilience, although the magnitude of this association is economically modest, suggesting that strategic focus alternation represents one contributing element within a broader organizational resilience system rather than a dominant managerial determinant. Strategic focus alternation is also positively associated with persistent innovation and ambidextrous innovation synergy; however, mediation analyses do not support these innovation outcomes as statistically significant transmission mechanisms linking strategic focus alternation to resilience. Furthermore, while the capability to undertake strategic focus alternation is positively associated with resilience across firms, greater within-firm alternation intensity, measured by switching frequency and magnitude, does not generate additional resilience benefits and is marginally negatively associated with resilience, indicating potential coordination and adjustment costs. Entrepreneurial orientation and knowledge integration capability further strengthen the positive association between strategic focus alternation and resilience. Finally, the findings suggest that organizational resilience depends less on frequent strategic switching than on disciplined strategic reconfiguration that maintains dynamic stability while enabling organizational adaptation under uncertainty. By integrating systems thinking with research on strategic resource allocation, organizational resilience, and innovation, this study provides a more comprehensive understanding of how firms balance strategic flexibility and organizational stability in dynamic environments. Full article

Artificial intelligence (AI) is increasingly used by small- and medium-sized enterprises (SMEs), but its role in sustainable business transformation remains unclear, especially in emerging economies where adoption is often fragmented and experimental. This study examines how AI use is associated with Sustainable Value Creation through Entrepreneurial Reconfiguration Capability (ERC) and Business Model Innovation (BMI). ERC refers to a firm’s capability to interpret AI-enabled opportunities, recombine existing resources, govern experimentation with new value configurations, and decide which AI-related initiatives should be scaled. Using survey data from 385 SMEs in four Ecuadorian sectors and Partial Least Squares Structural Equation Modeling (PLS-SEM), the study tests a sequential model linking AI use, ERC, BMI, and Sustainable Value Creation. The findings show positive associations between AI use and ERC, ERC and BMI, and BMI and Sustainable Value Creation. The results suggest that AI adoption alone is unlikely to be associated with sustainable value unless SMEs develop entrepreneurial capabilities that connect AI use with business model innovation. The study contributes by shifting the focus from AI adoption to AI-enabled entrepreneurial transformation in SMEs from an emerging-economy context. Future research should examine moderating factors related to digital maturity, institutional support, environmental dynamism, firm size, and sectoral conditions. Full article

Purpose: This study investigates how financial and entrepreneurial capability configurations differentiate internationalized from domestically oriented Thai SMEs. By adopting a decision-science perspective, the study identifies the capability patterns that shape firms’ strategic international orientation. Design/methodology/approach: This research, which utilizes survey and financial data from 179 Thai SMEs (2021–2023), employs an inductive machine learning approach based on Extreme Gradient Boosting (XGBoost). The analytical framework integrates profitability, liquidity, leverage, operational efficiency, international experience, team readiness, market knowledge, and institutional connectivity. Feature importance scores and confirmatory statistical tests are used to validate differentiating capability structures. Findings: Internationalized SMEs are characterized by stronger financial agility, higher profitability, disciplined leverage, and more efficient resource utilization, together with entrepreneurial preparedness reflected in international experience, risk tolerance, team coordination, and institutional embeddedness. Localized SMEs, by contrast, display liquidity-heavy but lower-dynamism profiles, weaker network engagement, and more limited organizational readiness. Practical implications: The findings suggest that SME support should move beyond finance-only assistance and address capability alignment. Programs that strengthen financial agility, team readiness, international market knowledge, digital channels, and institutional networks may improve SME readiness for international engagement. Originality/value: The study contributes to international business theory by reframing SME internationalization as a selective and configurational process rather than a linear or binary outcome. It extends the resource-based view by emphasizing capability bundles rather than isolated resources and contributes to the dynamic capabilities perspective by showing how financial, entrepreneurial, and institutional capabilities are associated with SMEs’ differentiated participation in international markets. Full article

This study examines the influence of green market orientation (GMO) and green entrepreneurial orientation (GEO) on business competitiveness in increasingly demanding environmental contexts. Drawing on the literature on strategic management and sustainability, this research analyzes how environmentally oriented market and entrepreneurial capabilities contribute to strengthening firms’ competitive positioning. Using a quantitative approach, data were collected from 200 companies in the agri-food and manufacturing sectors, and the data were analyzed through Partial Least Squares Structural Equation Modeling (PLS-SEM). The results confirm that both GMO (β = 0.534; p < 0.001) and GEO (β = 0.395; p < 0.001) have a significant influence on competitiveness, with GMO showing a stronger impact. These findings suggest that firms integrating environmental market demands and fostering innovation, proactiveness, and risk-taking with an ecological focus achieve enhanced competitive performance. This study concludes that green-oriented strategic capabilities constitute key drivers of sustainable competitive advantages and represent a relevant pathway for organizational strengthening in dynamic and environmentally regulated markets. Full article

This study examines how the resource configurations of early-stage startups are associated with intellectual property (IP) management capability. To achieve this objective, a dual analytical framework integrating hierarchical regression analysis (OLS) with machine learning techniques (XGBoost and SHAP) is employed. Because conventional linear models may not capture complex associations, the analysis also explores potential nonlinear patterns among key variables, which are interpreted as exploratory, model-based tendencies rather than as causal or temporal effects. The empirical findings reveal several important insights. First, the results of the linear regression analysis indicate that the main effects of simple quantitative indicators—such as firm age and organizational size—are not statistically significant. The interaction between the startup period and pre-startup education (H1) is the only relationship to approach statistical significance, although it is borderline and not robust to alternative variable coding. This pattern suggests that IP management capability is associated not with the quantity of inputs but with the preparedness of the entrepreneur’s knowledge resources. Second, the explainable artificial intelligence (XAI)-based analysis surfaces nonlinear patterns that are not captured by conventional linear models. Specifically, the model-estimated contribution of entrepreneurial education is comparatively small among firms in their first two years and larger among firms around the third year, and the model-estimated contribution of organizational size diminishes once the firm reaches roughly thirty employees. These inflections are model-based tendencies observed in SHAP dependence plots and are corroborated by formal segmented (breakpoint) regressions (spline terms p = 0.010 and p = 0.002). Methodologically, the study shows how integrating hierarchical regression with explainable machine learning (XGBoost and SHAP) can reveal nonlinear and threshold patterns that conventional linear models overlook. Building on this, it proposes resource latency as an interpretive lens, rather than an established construct, for age-related patterns in startup resource utilization, to be examined in future longitudinal research. From a practical perspective, the findings suggest the value of sustained support during the early scale-up period and of more systematic management structures as firms grow, while recognizing that these patterns are cross-sectional associations. Full article

Against the backdrop of frequent global shocks and increasingly complex supply chain networks, supply chain disruption risk exposure has become a major challenge affecting firms’ operational stability and sustainable competitive advantage. Meanwhile, generative artificial intelligence is being increasingly embedded in business operations and has demonstrated strong application potential in information processing, risk identification, and decision support. Based on data from Chinese A-share listed firms from 2017 to 2024 and using text measures based on Management Discussion and Analysis (MD&A) disclosures of Generative AI application and supply chain disruption risk exposure, this study examines the relationship between Generative AI application and corporate supply chain disruption risk exposure, and further explores the channels through which this relationship may operate from the perspective of risk governance transformation. The results show that Generative AI application is significantly associated with lower corporate supply chain disruption risk exposure, and this relationship remains robust across a series of robustness checks and supplementary endogeneity analyses. Channel analyses suggest that this relationship may be related to firms’ risk governance transformation, mainly reflected in enhanced risk identification capability, improved resource allocation capability, and strengthened collaborative response capability. Heterogeneity analyses show that this association is more pronounced among firms facing higher environmental uncertainty, manufacturing firms, and firms located in cities with lower entrepreneurial vitality. This study provides text-based firm-level evidence for understanding the relationship between Generative AI application and supply chain risk governance, and offers managerial implications for firms seeking to promote scenario-based Generative AI application and enhance supply chain resilience and risk governance capability. Full article

Drawing on institutional theory and agency theory, this study examines whether venture capital (VC) and private equity (PE) ownership acts as a complement to, or substitute for, investor protection in shaping equity financing, debt financing, and leverage decisions in high-tech entrepreneurial firms. The analysis is based on a panel dataset of 403 high-tech entrepreneurial firms from 11 European countries over the period 2009–2013. To address potential endogeneity and reverse causality between external finance and VC/PE investment, the study employs two-stage least squares (2SLS) regression models using an instrumental-variable approach. The results provide tentative evidence that VC/PE ownership is associated with stronger debt-related financing outcomes, particularly leverage, in countries characterised by weaker investor protection, suggesting a possible substitutive relationship in debt-related financing outcomes. However, these findings should be interpreted cautiously given the limitations associated with the instrumental-variable strategy. The study contributes to the literature on entrepreneurial finance, corporate governance and law and finance by showing how firm-level governance mechanisms interact with national institutional settings in shaping financing decisions. Full article

This study aims to assess whether micro-, small-, and medium-sized enterprises in Ecuador’s Amazon region show evidence of sustained reorientation toward selected non-extractive activities under persistent extractive dependence. Guided by four empirical propositions concerning sectoral reorientation, differential firm viability, temporal discontinuity and limited reallocation, and territorial heterogeneity, the study uses a longitudinal administrative panel of 769,344 firm-year observations for 2006–2021, complemented by descriptive evidence for 2022–2024. The empirical strategy combines fixed-effects models, non-parametric trend and structural break tests, cohort analysis, survival analysis, and transition matrices. The results indicate an emerging but constrained diversification pattern. New-economy firms increased their relative participation after the 2015–2016 commodity downturn and showed higher survival rates and stronger formal employment generation than extractive firms. However, intersectoral mobility remained limited, and the evidence does not support the interpretation of a completed structural transformation. Provincial heterogeneity further shows that extractive expansion continues to influence local entrepreneurial dynamics, especially in mining-frontier territories. The main limitation is that the analysis captures formally registered firms and does not directly measure informal-sector activity, productivity upgrading, or full regional structural transformation. The study contributes to debates on regional development, sustainability, and firm-level transformation by showing that non-extractive reorientation may emerge in peripheral resource-dependent regions without fully displacing extractive dependence. Full article

This article examines how smart cities can act as catalysts for enterprise development by integrating technological, infrastructural, governance and human capital dimensions into a coherent urban innovation ecosystem. Drawing on an extensive literature review, the study first conceptualizes smart cities as adaptive systems that combine physical infrastructure, digital data layers, and institutional frameworks, creating conditions for knowledge spillovers, entrepreneurial opportunities, and business model innovation. Empirically, the research is based on an expert survey conducted among 54 specialists from academia, business, and public administration, who assessed the importance of technological, infrastructural, governance, innovation ecosystem, and human capital factors for enterprise development in the context of smart cities. The results suggest that advanced digital technologies, smart infrastructure, open data, R&D support, startup programs and talent development are perceived by experts as key, mutually complementary drivers of firms’ innovation, efficiency, sustainable growth, and competitiveness, with notable differences between expert groups. On this basis, the study proposes a synthetic model of relationships and impact pathways linking smart city components with enterprise outcomes. The paper concludes with a discussion of the study’s limitations, related to the expert-based, country-specific, and perceptional character of the data, and outlines directions for further quantitative and qualitative research on the firm-level effects of smart city development. Full article

The shifting business landscape globally and within Saudi Arabia toward environmental sustainability requires a significant transformation in the business models of micro, small, and medium enterprises (MSMEs) to achieve long-term sustainable performance. This study investigates the factors that enhance firms’ sustainable business model innovation (SBMI), particularly in achieving sustainable competitive advantage (SCA) within the context of MSMEs in Saudi Arabia. Data were collected from more than 440 MSMEs using structured, web-based, closed-ended questionnaires and analyzed using partial least squares structural equation modeling. Drawing on the dynamic capabilities view and network theory, the findings indicate that entrepreneurial networks (ENs) are positively associated with dynamic capabilities, providing firms with the information and knowledge required to transform their capabilities toward greater sustainability. ENs are also positively associated with opportunity recognition, suggesting that MSMEs with favorable network positions are better able to identify and seize sustainable innovation-oriented opportunities. This, in turn, enables SBMI, which serves as a critical conduit between ENs, dynamic capabilities, opportunity recognition, and SCA. The findings suggest that managers should prioritize strengthening internal capabilities alongside ENs to better identify and capitalize on opportunities. Full article

The accelerating energy transition and digital transformation have increased the importance of understanding the drivers of energy-related entrepreneurship and investment across countries. This study aims to investigate how digitalisation and entrepreneurial ecosystem development influence the number and funding of energy-related start-ups, with particular attention to stage-specific effects, lagged dynamics, and non-linear relationships in a cross-country panel setting. The analysis is based on panel data from the European Commission (DESI), the International Energy Agency, and StartupBlink, covering 25 countries (2017–2022) and a global sample (2019–2023), and is estimated using Poisson pseudo-maximum likelihood models with fixed effects, lagged variables, and non-linear specifications in R. The findings show that digitalisation has a limited, selective relationship with energy-related entrepreneurship, whereas entrepreneurial ecosystem development plays a more consistent role. Digital connectivity is associated mainly with improved early-stage funding conditions, whereas broader digitalisation indicators do not systematically explain start-up formation. Stronger entrepreneurial ecosystems are linked to both higher green start-up activity and a shift in investment from early-stage ventures to more mature digital energy firms. The non-linear results further suggest diminishing returns to ecosystem development in later-stage green funding, indicating potential saturation effects in highly developed ecosystems. These findings suggest that policies aimed at accelerating sustainable energy entrepreneurship should go beyond general digitalisation strategies and focus more directly on strengthening inclusive entrepreneurial ecosystems, improving access to finance across the start-up lifecycle, and preventing excessive investment concentration in already mature ventures. Full article

Background: Despite growing scholarly interest in Sustainable Entrepreneurship Orientation (SEO), the field lacks a theoretically grounded measurement approach, limiting the generalizability and comparability of SEO adaptation. Methods: This paper proposes an evidence-based formative measurement approach to assess the degree of SEO within an enterprise. A multidisciplinary literature review identified four SEO dimensions, namely Entrepreneurial, People, Environmental, and Communal Orientation (EPEC), and their observable firm behavior indicators. A Multiple Indicators and Multiple Causes (MIMIC) model framework is used to position SEO as a latent formative construct rated across defined maturity levels. A longitudinal single-case study of a Hungarian private medical clinic, conducted over four quarterly measurement cycles using onsite observations and semi-structured interviews, was used to demonstrate the feasibility of the instrument, its ability to rate SEO adaptation levels consistently across independent raters from different organizational roles, and its ability to generate meaningful, trackable SEO maturity data that evolves. Results: Fleiss’ Kappa values confirmed substantial inter-rater agreement across 21 raters, and progressive SEO maturity was observed across all four quarters. Conclusions: The paper offers a theoretically grounded, methodologically replicable measurement instrument with potential applications for researchers, practitioners, and policymakers, subject to further validation across diverse organizational and cultural contexts. Full article

This article examines the emergence of entrepreneurial universities within China’s innovation-driven development agenda, with Shenzhen used as a regional case through which to analyse this process. Drawing on the Triple Helix literature and its later Quadruple and Quintuple Helix extensions, this study uses a qualitative case-study design that combines policy and archival analysis, descriptive questionnaire evidence from 132 respondents, and 42 semi-structured interviews with university, industry, government and venture-capital actors. The analysis shows how Shenzhen’s innovation capacity has been built through the interaction of firm-led technological upgrading, enabling municipal governance and a gradual repositioning of universities. Rather than following the university-centred pattern often associated with mature Western innovation systems, Shenzhen displays a hybrid Helix configuration in which universities acquire entrepreneurial functions through talent provision, external partnerships, practice-oriented knowledge exchange and organisational adaptation. This article therefore contributes to debates on entrepreneurial universities by explaining how such institutions can develop in late-developing, industry-led regions where conventional research infrastructure is initially limited. It also offers policy implications for strengthening sustainable university entrepreneurship, cross-sector coordination and regional innovation resilience in emerging economies. Full article

This research examines the impact of Entrepreneurial Orientation and Market Orientation on Dynamic Capabilities and investigates how these capabilities influence Firm Performance in the wine tourism industry. Drawing on the Dynamic Capabilities View, the research addresses a gap in the literature by clarifying the relationships between strategic orientations (Entrepreneurial and Market) and performance outcomes in a rapidly evolving tourism context. Data were collected through a structured questionnaire administered to 171 entrepreneurs operating visitable wineries, using a five-point Likert scale. Structural Equation Modeling was employed to test the proposed relationships. The results indicate that both Entrepreneurial Orientation and Market Orientation significantly contribute to the development of Dynamic Capabilities, which in turn positively affect Firm Performance. The findings confirm the mediating role of Dynamic Capabilities in the relationship between strategic orientations and performance, offering new theoretical insights into how entrepreneurial and market-oriented behaviors translate into improved organizational outcomes. From a practical perspective, the research provides implications for wine tourism firms seeking to enhance innovation, adaptability, and market responsiveness, thereby strengthening long-term competitiveness in an increasingly dynamic and competitive environment. Full article

This article examines how platform-mediated crisis policy shaped inclusion and exclusion outcomes for small, medium, and micro enterprises (SMMEs) in the Western Cape during COVID-19. Integrating a market-failure perspective with entrepreneurial ecosystem theory, we present a theory-driven secondary analysis of 16 qualitative interviews and policy documents. We map five crisis-amplified failures—finance, markets, digital, institutions, and human capital—onto Isenberg’s six ecosystem domains and analyze how provincial interventions, particularly digital marketplaces, voucher schemes, and online coordination tools, functioned as governance mechanisms regulating access, visibility, and participation. The findings show that platform-mediated interventions accelerated coordination and digital market access but disproportionately benefited already connected firms, leaving institutional and inclusion gaps largely unresolved. We conceptualize sub-national crisis response as a form of platform governance and discuss implications for designing more inclusive digital policy infrastructures in middle-income contexts. Full article