scholarly journals Innovation Vouchers and the Sustainable Growth of High-Tech SMEs: Evidence from China

2021 ◽  
Vol 13 (20) ◽  
pp. 11176
Author(s):  
Di Tian ◽  
Xiaohan Guo ◽  
Peng Wang
Keyword(s):  
Financial Performance ◽  
Sustainable Growth ◽  
Policy Implications ◽  
High Tech ◽  
Small And Medium Enterprise ◽  
Important Policy ◽  
The World ◽  
Medium Enterprise ◽  
Knowledge Intensive ◽  
The Relationship

Innovation has become an essential source of sustainable growth for most firms, especially small- and medium-sized enterprises (SMEs). Governments around the world widely implement innovation vouchers to promote innovation in SMEs. This study empirically explores the effects of innovation vouchers in stimulating patentable innovation and ultimately enhancing firms’ financial performance. Using a panel of 1274 listed SMEs from the Small and Medium Enterprise Board (SMEB) and the Growth Enterprise Board (GEB), we find that innovation vouchers lead firms to utilize knowledge-intensive services and significantly increase their financial performance. We further document that patentable innovations mediate the relationship between innovation vouchers and firms’ financial performance. We report that the effects of innovation vouchers on financial performance are more prominent for SMEs with limited external informational resources. We believe that our study yields novel evidence and sheds further light on the important policy implications of innovation vouchers to facilitate the sustainable growth of SMEs.

scholarly journals The Influence of R&D Intensity on Financial Performance: The Mediating Role of Human Capital in the Semiconductor Industry in Taiwan

2020 ◽  
Vol 12 (12) ◽  
pp. 5128
Author(s):  
Tsung-Chun Chen ◽  
Yenchun Jim Wu
Keyword(s):  
Human Capital ◽  
Financial Performance ◽  
Capital Investment ◽  
Performance Metrics ◽  
Intangible Assets ◽  
Semiconductor Industry ◽  
Value Added ◽  
Positive Influence ◽  
High Tech ◽  
The Relationship

Knowledge transfer is a strategy used by high-tech companies to acquire new knowledge and skills. Knowledge can be internally generated or externally sourced. The access to external knowledge is a quick fix, but the risks associated with reliance on external sources are often overlooked. However, not acquiring such knowledge is even riskier. There have been a slew of litigations in the semiconductor industry in recent years. The acquisition and assurance of intangible assets is an important issue. This paper posits that internal R&D should take into consideration the knowledge intensity and capital investment in the industry. This study focuses on the relationship between intangible assets and financial performance. It sourced the 2004 to 2016 financial data of semiconductor companies in Taiwan for panel data modeling and examined case studies for empirical validation. This study found that the higher the R&D intensity (RDI) in the value-added component of human capital, the better the financial performance of the company. RDI has a positive influence on the accumulation of human capital and financial performance metrics, and such influence is deferred. Meanwhile, human capital is a mediating factor in the relationship between RDI and financial performance. RDI is integral to the semiconductor industry’s pursuit of business sustainability.

China and World Order

1978 ◽  
Vol 3 (4) ◽  
pp. 555-587 ◽  
Author(s):  
Samuel S. Kim
Keyword(s):  
World Order ◽  
Policy Implications ◽  
Global Politics ◽  
Global Policy ◽  
The World ◽  
World Organization ◽  
Multilateral Diplomacy ◽  
The Relationship ◽  
Broad Policy ◽  
Half Decade

This paper makes a macro-inquiry into Chinese global politics by defining and elaborating the Chinese image and strategy of world order within a normative framework. Empirical data and behavioral referents in the paper are largely drawn from Chinese multilateral diplomacy in the global community during the first half-decade (1971–1976) of Chinese participation in UN. Such a normative-globalist paradigm has a heuristic value in interpreting more broadly China's global policy and its impact on the evolving process of creating a more just and humane world order. The paper argues that the interactions between China and the world organization have, on the whole, been positive and that the relationship between the two has been one of mutual adjustment and mutual legitimization, with the resulting enhancement of each other's symbolic capability. By way of conclusion, the paper draws, in a tentative and speculative manner, some broad policy implications of the post-Mao leadership.

Industrial economics in the context of globalization: scientific, practical foundations and development priorities

2021 ◽  
Vol 27 (5) ◽  
pp. 117-125
Author(s):  
I. Krasovskaya ◽  
◽  
T. Malysheva ◽  
Keyword(s):  
Russian Federation ◽  
Well Being ◽  
Division Of Labour ◽  
Sustainable Growth ◽  
High Tech ◽  
Industrial Economy ◽  
Industrial Economics ◽  
Depth Analysis ◽  
The World ◽  
The Russian Federation

The relevance of the publication topic is argued by the need for an in-depth study of the globalization process, which is global financial, political and cultural integration, unification, the global division of labour, the planetary migration of capital, human and productive resources, standardization of legislation, and interference of cultures of the world community. The theoretical and practical goals of the publication are to study causal algorithms for the formation of a negative scientific and production balance of the Russian Federation and an increase in disproportions between the import and export of high-tech products, as well as a comparative description of global development as a symbiosis of contradictory trends in the subordination of the world economy to the interests of transnational capital. The theoretical and methodological basis of the publication was the scientific works of domestic and foreign scientists studying the globalization of the industrial economy due to the intensification of international scientific and technological competition and the expansion of the innovation market, deepening of specialization and division of labour, and the increase in the risks of producing high-tech products at the national and world levels. Scientific novelty lies in the authors’ interpretation of such socio-economic advantages of globalization as economies of scale, stimulation of labour productivity, rationalization of production at the interstate level and the spread of innovative technologies, cost reduction, price regression, achieving sustainable growth in the well-being of society, on the basis of which the development is confirmed global industrial economy on a research basis characterized by such attributes interdependence, asymmetry, regionalization and diversification, regression efficiency, inclusiveness, resource and raw material demarcation, a high degree of uncertainty and of the economic risk. The practical significance of the results obtained is determined by an in-depth analysis of the American (based on differentiation of labor and specialization of personnel, demarcation of labor duties, concentration of scientific and production efforts on a purely economic result) and Eurasian (characterized by mobility and compactness of production processes, saving transaction costs, adaptability to market conditions and availability of labour-tolerant staff) strategies for innovative development of industrial economics. Based on a critical rethinking of the American and Eurasian strategies, proposals and recommendations are formulated on the formation of the scientific and technical policy of the Russian Federation

Financing Decisions and Performance of Italian SMEs in the Hotel Industry

2018 ◽  
Vol 60 (4) ◽  
pp. 335-354 ◽  
Author(s):  
Marco Botta
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Optimal Level ◽  
Pecking Order ◽  
Optimal Capital Structure ◽  
Financing Decisions ◽  
Medium Enterprise ◽  
Optimal Capital ◽  
And Performance ◽  
The Relationship

This study investigates the existence of an optimal capital structure for small and medium enterprise (SME) hotels through the analysis of the relationship between financing decisions and financial performance in a large sample of Italian hotel SMEs. The results show that hotel SMEs face an optimal capital structure that allows them to maximize returns to investors, while instead having both too little and too much debt reduces their financial performance. This notwithstanding, we show that hotel SMEs are not particularly concerned with optimizing their capital structure, and their funding behavior is deeply connected with the availability of internally available funds, a typical pecking order behavior, and they result extremely slow in converging toward their optimal level of leverage so that they could improve their performance by adopting a more sophisticated financial strategy.

Currency risk impact on the financial performance of multilateral banks

2015 ◽  
Vol 13 (1) ◽  
pp. 91-118
Author(s):  
Philip Kamau ◽  
Eno L. Inanga ◽  
Kami Rwegasira
Keyword(s):  
Financial Performance ◽  
Design Methodology ◽  
Regression Coefficient ◽  
Policy Implications ◽  
Stock Exchanges ◽  
Currency Risk ◽  
Content Type ◽  
Regulatory Status ◽  
The Impact ◽  
The Relationship

Purpose – The purpose of this paper is to investigate the impact of currency risks on the financial performance of multilateral banks (MBs). Financial performance is measured here by after-tax accounting profitability or losses. Design/methodology/approach – Quantitative hypothesis regarding the impact of currency risks on the financial performance of MBs was tested by a two-tailed t test for significance of the b regression coefficient. Findings – A regression analysis was done on the total currency risk and financial performance of MBs after taking into account currency risk over eight years. The analysis of variance of the regression of the b coefficient led to non-rejection of the null hypothesis of no association, F(1, 6) = 0.77, p > 0.05. The results of the two-tailed t test on the b regression coefficient suggest that the relationship between currency risk and financial performance is statistically insignificant. Therefore, it was concluded that there is no significant impact of currency risk on the financial performance of MBs. Research limitations/implications – The results of the study can be generalized only for MBs given their peculiar characteristics as wholesale banks, which are owned mainly by governments and are generally not listed on stock exchanges. Originality/value – The study is of value to those interested in the multilateral banking industry. To the authors’ knowledge it is the first study providing empirical evidence on currency risk impact on MBs financial performance. The study finds that the currency risk impact on the financial performance of MBs is insignificant. The results are also useful to managers of MBs in terms of benchmarking their effectiveness in managing currency risk compared to their peers and learn from better performers. It has also policy implications in terms of justifying the current self-regulatory status, shareholder monitoring and governance of MBs as they are not significantly impacted by currency risk as it appears to be effectively managed.

Linking Knowledge Management and Intellectual Capital

2013 ◽  
Vol 5 (4) ◽  
pp. 1-13 ◽  
Author(s):  
Maria do Rosário Cabrita ◽  
Virgílio Cruz-Machado ◽  
Florinda Matos
Keyword(s):  
Knowledge Management ◽  
Intellectual Capital ◽  
Banking Sector ◽  
Banking Industry ◽  
Successful Implementation ◽  
Successful Management ◽  
Knowledge Resources ◽  
The World ◽  
Knowledge Intensive ◽  
The Relationship

The ability of an organization to effectively nurture, capture, leverage, and share its knowledge resources become the key that provides an enterprise with its strategic power advantage in the world. When an organization develops its ability to build, access and leverage its knowledge resources it is creating its knowledge advantage. In an era of knowledge economics, Knowledge Management (KM) and Intellectual Capital (IC) have emerged as major issues that managers must deal with, if the organizations want maintain their competitive advantage. The accumulation of IC and KM is closely related. The successful management of IC is linked to the efficiency of KM processes, which, in turn, implies that the successful implementation of KM ensures the growth and renewal of IC in an organization. There are relatively few discussions on the relationship between KM and IC, and even fewer studies on such relationship in the banking industry. For the banking sector, as one of the most knowledge-intensive industries, it is imperative to understand how to use techniques in KM to accumulate IC to cope with an increasingly changing environment. Based on previous studies, this article seeks to explore the links between IC and KM in Portuguese banks, by identifying the IC resources of importance and leveraging these resources through KM capability.

scholarly journals Entrepreneurial Experience and Performance: From the Aspect of Sustainable Growth of Enterprises

2020 ◽  
Vol 12 (18) ◽  
pp. 7351
Author(s):  
Huatao Peng ◽  
Chen Zhou ◽  
Yang Liu
Keyword(s):  
Work Experience ◽  
Meta Analysis ◽  
Dynamic Environment ◽  
Sustainable Growth ◽  
Future Research ◽  
High Tech ◽  
Entrepreneurial Performance ◽  
Entrepreneurial Experience ◽  
Start Up ◽  
The Relationship

In the uncertain entrepreneurial ecosystem, scholarly knowledge is bounded by the sustainable growth of entrepreneurial enterprises. Moreover, there is a lack of consensus in academic circles on the relationship between entrepreneurial experience and entrepreneurial performance. In adopting the meta-analysis method, we found a significant relationship between entrepreneurial experience and entrepreneurial performance based on an investigation of 45 independent samples (N = 18,752). We also examined theoretically derived moderators of this relationship referring to firm age, industry condition and experience type to test whether the moderating effects can explain the inconsistent research results on the relationship between entrepreneurial experience and entrepreneurial performance. The relationship was stronger for the high-tech industry than for low-tech industry, for the early business stage than for late business stage and for start-up experience compared to management experience, work experience and industry experience. Our research findings are meaningful for practitioners to achieve sustainable growth by better preserving and coordinating entrepreneurial experience in a dynamic environment. Further, these findings are also important for future research to analyze the factors triggering the heterogeneity of entrepreneurial experience and to investigate the extent to which the start-up experience is more capable of promoting entrepreneurial performance.

scholarly journals Indonesia and a Marginality Trap

2021 ◽  
Vol 1 (1(50)) ◽  
pp. 146-154
Author(s):  
Anton O. Zakharov ◽  
Keyword(s):  
Armed Forces ◽  
Developed Countries ◽  
Poverty Rate ◽  
High Tech ◽  
The Poor ◽  
The World ◽  
The Republic ◽  
Knowledge Intensive ◽  
The Developed Countries ◽  
Muslim Communities

Indonesia has a huge population over 270 million people. The Republic of Indonesia is the largest Muslim state in the world. Its steady economic growth faces a deep challenge due to the COVID-19 pandemic. Indonesian education and medicine systems are insufficient whereas the country nowadays has no high-tech or knowledge-intensive technologies. Indonesia looks a bit marginal facing current challenges, especially in comparison with the developed countries. The poverty rate is high in Indonesia. The country also faces a rise of radical Muslim communities. The COVID-19 pandemic does help the Indonesian military to strengthen again. Many challenges — demographic, economic, social, political and cultural — imply that any Indonesian government has to maneuver between the Armed Forces, Muslim groups, and the poor.

scholarly journals Analysis of the military-economic potential of some countries of the world

2019 ◽  
Vol 9 (3) ◽  
Author(s):  
Mykola Tkach ◽  
Ivan Tkach
Keyword(s):  
Social Activity ◽  
The State ◽  
Evolutionary Development ◽  
High Tech ◽  
Economic Potential ◽  
National Interests ◽  
Military Equipment ◽  
The World ◽  
The Military ◽  
The Relationship

The article is interesting for specialists, both in economic and defense spheres. In the context of increasing tension in relations between the states, of the world there is an increase in their defense budgets and the increase in the number of new weapons and military equipment systems and their evolutionary development. Such a reaction of states is logical, since it is the build-up of military capabilities that will ensure the protection of national interests.  At the same time, the basis for the development of military might is the economy, which provides the opportunity to manufacture and procure weapons. It is the degree of economic development of the state that allows it to move scientific and technological progress and realize its results in all spheres of social activity, including the production of high-tech weapons. The article shows the relationship between such concepts as economic potential and military potential of the state, namely the impossibility of developing a military potential without the development of economic potential. Having carried out mathematical calculations on the basis of selected indicators of potentials, the military-economic potentials of some advanced states of the world, as well as some developing countries, were discovered. possibility of development of military potential without development of economic potential are shown. Such a comparative analysis allowed to partly assess the balance of power in the world and draw conclusions about understanding of the processes of interaction between states.

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