دانلود رایگان مقاله انگلیسی فعالیت نوآوری شرکت های کوچک و متوسط و رشد آنها: مدل سازی معادلات ساختاری - اشپرینگر 2018

Abstract

Using an augmented version of Gibrat’s law, we theorized the relationship between the innovation activities of small and medium-sized enterprises (SMEs) and their growth in sales, firm value, and research and development (R&D) investment in the following years. Based on 17 years of data from 598 SMEs in South Korea, this study examined the mediating role of sales growth and firm value growth in the relationship between innovation activities and R&D investment growth in a longitudinal setting. The study findings suggested that the innovation activities of SMEs at Time 1 influenced the sales growth of high-growth firms and high-tech sectors at Time 2 more positively than that of low-growth firms and low-tech sectors, and that SMEs consequently invested more in R&D at Time 3. However, the innovation activities of SMEs at Time 1 did not significantly affect their firm value growth at Time 2. Theoretical and managerial implications are discussed for scholars, managers, and policy makers.

5 Conclusions and discussion

In recent decades, numerous studies have considered the relationship between innovation activities and firm growth, with a focus on estimating the effect of innovation activities on firm sales growth. However, in contrast to most previous studies, this study focused on the role of the stable innovation activities of SMEs in sustainable growth. In line with this, we used firm value, in addition to sales, as a proxy for firm growth, as stock markets have been shown to be a useful channel to decrease firms’ financial obligations (see Brown et al. 2009; Blass and Yosha 2003). Our empirical study simultaneously considered two routes: (1) innovation activities at T1, sales growth at T2, and R&D investment growth at T3; and (2) innovation activities at T1, firm value growth at T2, and R&D investment growth at T3. Moreover, we analyzed the mediation effect of firm growth in the relationship between innovation activities and R&D investment growth through the two routes to examine the R&D financing channel of SMEs. This study adopted a dynamic and evolutionary approach—augmented Gibrat’s law equations—using multiple measures and methods to provide a comprehensive understanding of the firm growth process and to highlight the way in which stock markets can be a potentially important channel to connect SME innovation activities and growth.