SME internationalisation process: Key issues and contributions,existing gaps and the future research agenda

The literature that studies internationalisation of small and medium-sized enterprises (SMEs), despite being only recent, has already become very extensive and fragmented, taking different approaches and contributing across diverse facets of internationalisation. There is also a need to analyse and systematise those issues that have received the attention in the field of SME internationalisation. This study aims to develop a systematic literature review on SME internationalisation. We correspondingly make recourse to the Web of Science and Scopus database, and analyse a total of 366 articles, spanning the period from 1995 to 2017, to identify the core issues and contributions made by the existing literature. The results enable the categorisation of the existing literature into three main areas of research: i) Internationalisation process, ii) Specific factors/variables influencing internationalisation; and iii) Internationalisation and performance. This structuring then establishes the grounds for grasping the gaps existing in the literature and to propose a future research agenda.     

制造型企业市场导向执行模式及前因变量和绩效

考察了市场导向执行的具体模式,以及市场导向模式选择的影响因素和绩效。对227家制造型企业的问卷调查结果显示:MKTOR量表在中国制造业环境下具有良好的信度和效度;我国制造型企业市场导向的具体模式可以分为6种;不同模式市场导向下的产品创新绩效和企业财务绩效存在明显差异;市场导向的模式选择与内部组织因素和外部环境因素有关。     

Enjoyment and absorption: An electronic diary study on daily flow patterns

Abstract

Flow experience is a state of mind in which one is totally absorbed in a task. This study explored the daily flow patterns related to working and non-working tasks among healthy and non-healthy (burned-out) individuals using the Experience Sampling Method. Previously the flow experience has been measured in terms of high challenges and high skills. The main aim of this study was to explore flow throughout the day using an operationalization that focused on the flow experience itself, as indicated by enjoyment and absorption. Forty healthy participants and 60 burned-out individuals kept an electronic diary on activities (work/non-work), and levels of flow (enjoyment and absorption) for 14 days. Entries were prompted by a signal on average five times a day, thus rendering 5455 entries. A curvilinear daily flow pattern was observed, with lower levels of flow during working hours. Differences were found between the components of flow: enjoyment was higher during non-working tasks, whereas absorption was higher when working. There were no differences in flow patterns between the healthy and burned-out group although the actual levels differed, with the former experiencing more flow than the latter. The results confirm the validity of this means of measuring flow, using enjoyment and absorption as indicators.     

Intergenerational succession and internationalisation strategy of family SMEs: Evidence from China

Internationalisation is a key dimension of a firm's strategy process. Yet, research on why and how family firms internationalise is underdeveloped. As one of the most critical issues family firms face, how intergenerational succession can influence their internationalisation remains an important question. Given the extraordinary succession and internationalisation circumstances pertaining to China, we conducted a qualitative case study analysis of eleven newly internationalised Chinese small- and medium-sized family firms that had recently undergone a succession from the first to the second generation. Three distinct intergenerational succession patterns among our case firms were identified, revealing three underlying types of incumbent-successor relationships. Based on our findings, we put forth propositions on how these patterns influence the next-generation's level of attitudinal commitment toward and resources available for internationalisation, and link these to the firm's overall internationalisation capabilities and international involvement. Our findings suggest that the connection between intergenerational succession and internationalisation strategy of family firms is significantly influenced by the nature of the underlying incumbent-successor relationship and therefore much more complex than previously considered.     

Proactive international strategies of cluster SMEs

In this conceptual paper, proactive international strategies of small- and medium-sized enterprises (SMEs) in the cluster context are discussed. The majority of cluster SMEs assume passive roles as network participants in the process of internationalisation. However, a smaller fraction adopts proactive strategies to foreign expansion acting as leaders of networks. SMEs as network leaders are embedded in the source clusters and dependent on local networks that provide them with complementary resources. We assert that this mutual dependence between a firm's resources and the development of industrial agglomeration should be reflected in the strategic options that SMEs adopt when going international. This paper contributes by synthesising and evaluating a comprehensive range of SME-strategic options and by proposing the proactive competitive strategies of SMEs in the international arena that are both feasible and effective. The feasibility of adopting a specific strategy means the suitability for this group of companies, considering their characteristics. The evaluation of the effectiveness of each strategy was performed according to the objectives of avoiding lock-in and of protecting and developing the core competencies embedded in cluster networks. We address the research gap in evaluating the outcomes of SME international strategies and in synthesising a comprehensive range of cluster SMEs' strategic options.     

The international business incubator as a foreign market entry mode

Foreign market entry for the firm is often a more complex process than suggested by theoretical models, which can often benefit from re-contextualising and extension in order to retain their explanatory power. In this article, case study research shows how an international business incubator in China, operated by a British export promotion organisation is able to facilitate the foreign market entry of firms. The findings provide an opportunity to highlight a hitherto under-researched method of foreign market entry, explore the synergies between the foreign market entry and business incubation literature and also to extend theory by integrating the role of the business incubator as a method of foreign market entry into existing models and frameworks.     

有效市场假说与市场适应性有效

通过对产生异常现象的原因进行分类分析,指出原因不同的异常现象具有不同的变化特点,同时运用行为金融理论对有效市场假说进行了评述,介绍并分析了Daniel和Titman提出的适应性有效的概念,提出了适应性投资策略的概念,并对进行证券市场适应性有效分析的意义进行了阐述.     

Closer than ever: Growing business-level connections between Australia and Europe

Despite the growing presence of European firms in Australia and vice versa, studies of these business-level connections have been few and far between. Building on points made in our earlier macro-level analysis of Australian-European relations, this study examines business-to-business and business-to-consumer activity at the micro-level between the two continents.We focus on three themes illustrative of these growing business-level relations. First, we examine the different pathways taken by Australian businesses in their quest to develop a European market presence. Second, we discuss instances of business and technological innovation in the Australian context, including stories of success in digital innovation and university-corporate collaboration as well as cautionary tales for European institutions arising from the Australian experience. Third, we compare and contrast how Australian and European businesses have responded to the challenge of climate change, focussing on the issues of green lending and retail insurer performance.In foregrounding these three themes, we offer reflections on the implications and lessons for the growing number of businesses operating across both continents.     

市场开放和股票市场行为-B股市场实证研究

本文使用沪市和深市对国内投资者开放前和开放后的数据,利用Bootstrap方法构造Levene统计量临界值,从市场波动性、平均回报率和夏普比率等三个方面研究了B股市场对国内投资者开放以后的市场行为.研究发现尽管市场开放后的波动性呈现显著减小的趋势,但是市场平均回报率和夏普比率开放前后没有发生显著的变化.实证结果表明B股市场对内开放并没有显著改善B股市场的效率.     

Product Market Regulation and Labor Market Performance around the World

Using annual data on 80 countries for 1980–2007 and a new indicator of product market regulation, this paper studies the effects of product market regulation on labor market performance among the total population as well as among two important groups of labor market outsiders: women and youth. It finds that stricter regulation is likely to both increase the unemployment rate and decrease the employment rate. The magnitude of the estimated effects is substantial. There are above‐average effects on both groups of outsiders, with the effects being particularly strong on youth. The results are robust to variations in specification.     

Clubs and the Market

This paper defines a general equilibrium model with exchange and club formation. Agents trade multiple private goods widely in the market, can belong to several clubs, and care about the characteristics of the other members of their clubs. The space of agents is a continuum, but clubs are finite. It is shown that (i) competitive equilibria exist, and (ii) the core coincides with the set of equilibrium states. The central subtlety is in modeling club memberships and expressing the notion that membership choices are consistent across the population.     

公允价值计量、系统流动性与市场危机的传染效应

金融危机发生之后伴随而来的是关于公允价值会计作用的争议.本文探索金融危机的形成原因,由系统流动性视角实证分析沪、深两市上市公司的市场数据和公允价值计量信息后发现,公允价值计量扩大了市场危机的传染效应,加速证券价格的下跌.进一步的研究公允价值会计对传染效应的作用途径后发现,公允价值计量导致证券流动性和市场流动性趋同,加速了市场危机期间证券的流动性枯竭效应,从而解释金融危机期间证券价格循环性下跌与流动性枯竭的现象.此外,经过样本分离等稳健性分析后,非金融行业以及不同产权情况同样存在上述公允价值计量的影响.     

融资流动性与市场流动性

市场流动性刻画市场的交易能力,融资流动性反映投资者的融资能力,两种流动性及其相关程度是衡量金融市场健康发展的重要指标,为了控制与防范危机时期金融市场的风险,有必要准确分析和量化融资流动性与市场流动性的关系。以融资流动性和股票市场流动性为研究对象,以美国次级债危机作为研究背景,选择2000年1月3日～2008年4月30日作为样本区间,运用DCC-MVGARCH模型估计融资流动性与股票市场流动性之间的动态相关系数,并通过t检验对比金融危机前后两者之间动态条件相关系数的时间走势,以证实两种流动性在危机时期是否存在相互增强的促进作用。实证结果表明,危机爆发前,融资流动性与股票市场流动性的动态相关性较低,且相对稳定,但危机爆发后,两种流动性的相关性显著增强,且波动程度变大,呈现出流动性螺旋的现象。这一结论为危机中市场流动性突然消失提供了理论解释,并以此提出提升市场流动性的相关政策和建议。     

IT能力与市场响应性的关系研究

基于动态能力理论和能力层级观,提出IT能力(IT整合和IT重置)通过促进吸收能力来提高企业市场响应性.同时,市场动荡性也可能调节IT能力与吸收能力的关系.通过对203个样本的问卷调查,分析结果表明:吸收能力在两种IT能力和市场响应性之间都起到中介作用;市场动荡性正向调节IT整合与吸收能力之间的关系,而对IT重置与吸收能力间关系的调节效应不显著.     

Statistics and the Single Market

Abstract. At the end of 1992customs barriers will fall and the European Internal Market will be realized, as envisaged by the Single European Act signed in 1986 by the EEC's member countries. Statistical Offices are preparing to meet the new information requirements from all the economic and social forces of the new Europe. EUROSTAT planned a politically endorsed statistical programme and established the European Statistical Planning Committee, enlarging the tasks of the Conference of the Heads of National Statistical Institutes. Each National Statistical Institute is urgently required to improve the comparability of statistics and implement the harmonised projects of the European Statistical Programme. Official statistics will conform to the new requirements in order to supply the business world, national governments, the EEC authorities and public opinion with up-to-date information to face a wider, more open and competitive market. The business world will focus its attention on information on the flows by sectors and very small areas. Statistics on intra-community foreign trades will shift from customs bills to new tools more directly assigned to national statistical bodies. National governments and EEC countries will need more information on population behaviour as to employment, consumptions, use of leisure time, fruition of public facilities, and social security, as well as more precise estimates of GDP, now the basic contribution to EEC budget. Citizens and public opinion will ask for timely information on migrations, social mobility, income distribution. Demographic projections show the European population is progressively ageing, unemployment is bound to decrease and women are going to be more present within society and the labour market. Information on the home care of elderly people. health, environment, crime prevention and the status of women in general will have to be supplied. Presently Statistics Offices have greater experience in two essential domains: conceptual frameworks and the techniques for conceptual statistical representation of the investigated events. Moreover, the improving of computer technology will provide substantial help to survey methodologies and data processing.     

市场有效性及其检验方法

对于一个给定的市场,它不可能是完全有效的,我们所关心的应该是它的有效程度.在回顾有效市场理论的基础上,对市场有效性的检验方法进行评述,详细阐述了Hurst指数原理和应用,为市场有效性程度的检验提出新的方法.     

中国房地产市场与金融市场发展关系的研究

随着我国房地产业的发展,房地产市场与金融市场的关系越来越密切,但国内尚无有关房地产市场与金融市场关系的实证研究.本文在实证分析中国1997到2003年间房地产市场与金融市场的月度数据基础上,建立两者之间的误差修正模型(ECM模型).我们对ECM模型线性Cranger因果检验,并对模型的残差项进行非线性Granger因果检验,发现房地产市场的发展与金融市场的发展长期之间存在着双向线性因果关系,但没有发现两者间的非线性的Granger因果关系.