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THE INFLUENCE OF CAPITAL STRUCTURE AND INTANGİBLE RESOURCES ON THE RELATİONSHIP BETWEEN ENTREPRENEURIAL ORIENTATION AND FIRM GROWTH: THE EXAMPLE OF TR90

Year 2016, ICAFR 16 Özel Sayısı, 506 - 518, 01.10.2016

Abstract

1Bu araştırma ilk yazarın yürütücülüğünde Gümüşhane Üniversitesi, Bilimsel Araştırma Projeleri Koordinasyon Birimi BAP kapsamında 25.11.2015 tarihinde tamamlanan projeden türetilmiştir. In this study, two potential boundary conditions related to the relationship between entrepreneurial orientation and firm growth has examined: firm capital structure and intangible resources advantage. In this vein, aim of this study is investigate the moderating influence of firm capital structure and intangible resources on the entrepreneurial orientation-firm growth relationship among small to medium sized enterprises SMEs . TR90 covered 961 firms within the scope of Small and Medium Sized Enterprises sample is added to analysis to test this relationship. It has not been observed in studies investigating the influence of a firm capital structure and intangible resources advantage on the entrepreneurial orientation-firm growth relationship among small to medium sized enterprises in Turkey. It can be said that from this point of study contributes to the literature

References

  • Baker, W.E., Sinkula, J.M. (2009). The Complementary Effects of Market Orientation and Entrepreneurial Orientation on Profitability in Small Businesses. Journal of Small Business Management, 47, 443–464.
  • Barney, J.B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17, 771–792
  • Billett, M., King, T., Mauer, D. (2007). Growth Opportunities And The Choice Of Leverage, Debt Maturity, And Covenants. Journal of Finance, 62, 697–730.
  • Chittenden, F., Hall, G., Hutchinson, P. (1996). Small Firm Growth, Access to Capital Markets and Financial Structure: Review of Issues and an Empirical Investigation. Small Business Economics, 8, 59–67.
  • Cohen, J., Cohen, P., West, S.G., Aiken, L.S. (2003). Applied Multiple Regression/Correlation Analysis For The Behavioral Sciences, New Jersey:3rd Ed. Lawrence Erlbaum.
  • Covin, J.G., Slevin, D.P. (1989). Strategic Management of Small Firms in Hostile and Benign Environments. Strategic Management Journal, 10, 75–87.
  • Covin, J.G., Slevin, D.P. (1991). A Conceptual Model of Entrepreneurship as Firm Behavior. Entrepreneurship Theory and Practice, 16, 7–25.
  • Covin, J.G., Green, K.M., Slevin, D.P. (2006). Strategic Process Effects on the Entrepreneurial Orientation-Sales Growth Rate Relationship. Entrepreneurship Theory and Practice, 30, 57–81.
  • George, G. (2005). Slack Resources and the Performance of Privately Held Firms. Academy of Management Journal, 48, 661–676.
  • Goyal, V.K., Lehn, K., Racic, S. (2002). Growth Opportunities and Corporate Debt Policy: The Case of The U.S. Defense Industry. Journal of Financial Economics, 64(1), 35–59.
  • Hansen, J.D., Deitz, G.D., Tokman, M., Marino, L.D., Weaver, K.M. (2010). Cross- National Invariance of The Entrepreneurial Orientation Scale. Journal of Business Venturing 26, 61–78.
  • Ireland, D.R., Hitt, M.A., Sirmon, D.G. (2003). A Model of Strategic Entrepreneurship: The Construct and Its Dimensions. Journal of Management, 29, 963–989.
  • Itami, H. (1987). Mobilizing Invisible Assets. Harvard University Press, Cambridge, MA.
  • Jang, SC., Park, K. (2011). Inter-Relationship between Firm Growth and Profitability. International Journal of Hospitality Management, 30, 1027– 1035.
  • Khandwalla, P.N. (1977). Some Top Management Styles, Their Context and Performance. Organization and Administrative Sciences, 7, 21–51.
  • Kreiser, P., Marino, L., Weaver, K. (2002). Assessing The Psychometric Properties of The Entrepreneurial Orientation Scale: A Multi-Country Entrepreneurship Theory and Practice, 26, 71–95. Analysis.
  • Marino, L., Strandholm, K., Steensma, H.K., Weaver, K.M. (2002). The Moderating Effect of National Culture on the Relationship between Entrepreneurial Orientation and Strategic Alliance Portfolio Extensiveness. Entrepreneurship Theory and Practice, 26, 145–160.
  • Miller, D. (1983). The Correlates of Entrepreneurship in Three Types of Firms. Management Science, 29, 770–791.
  • Mintzberg, H. (1973). Strategy-Making in Three Modes. California Management Review, 16, 44–53
  • Mudambi, R. Swift, T. (2011). Proactive R&D Management and Firm Growth: A Punctuated Equilibrium Model. Research Policy, 40, 429-440.
  • Newbert, S.L. (2007). Empirical Research on The Resource-Based View Of The Firm: An Assessment And Suggestions For Future Research. Strategic Management Journal, 28, 121–146.
  • Nohria, N., Gulati, R. (1996). Is Slack Good of Bad For Innovation? Academy Of Management Journal, 39, 1245–1264.
  • Opler, T.C. Titman, S. (1994). Financial Distress and Corporate Performance. The Journal of Finance, 49, 1015–1040.
  • Priem, R.L., Butler, J.E. (2001). Is The Resource-Based “View” A Useful Perspective For Strategic Management Research? Academy of Management Journal, 26, 22– 40.
  • Rauch, A., Wiklund, J., Lumpkin, G.T., Frese, M. (2009). Entrepreneurial Orientation and Business Performance: An Assessment of Research and Suggestions for the Future Entrepreneurship. Theory and Practice, 33, 761–787.
  • Sevil, G., Başar, M., Coşkun, M. (2013). Finansal Yönetim II, Ankara: Anadolu Üniversitesi Yayınları.
  • Stam, W., Elfring, T. (2008). Entrepreneurial Orientation And New Venture Performance: The Moderating Role of Intra- And Extra-Industry Social Capital. Academy of Management Journal, 51, 97–111.
  • Thornhill, S., Amit, R. (2003). Learning about Failure: Bankruptcy, Firm Age, and the Resource-Based View. Organization Science, 14, 497–509.
  • Wiklund, J., Shepherd, D. (2005). Entrepreneurial Orientation and Small Business Performance: A Configurational Approach. Journal of Business Venturing, 20, 71–91.
  • Wiklund, J., Shepherd, D. (2011). Where To From Here? EO-As-Experimentation, Failure, And Distribution Of Outcomes. Entrepreneurship Theory and Practice. 35(5), 925-946.
  • Wu, X., Yeung, C.K. (2012). Firm Growth Type and Capital Structure Persistence. Journal of Banking & Finance, 36, 3427–3443.

GİRİŞİMCİLİK EĞİLİMLERİ İLE FİRMA BÜYÜMESİ ARASINDAKİ İLİŞKİYE KOBİ’LERİN SERMAYE YAPISININ VE MADDİ OLMAYAN VARLIKLARININ ETKİSİNİN İNCELENMESİ: TR90 ÖRNEĞİ

Year 2016, ICAFR 16 Özel Sayısı, 506 - 518, 01.10.2016

Abstract

Bu çalışmada girişimcilik eğilimi ve firma büyümesi arasındaki ilişkiyle ilgili iki potansiyel sınır durumu incelenmektedir: firmanın sermaye yapısı ve firmanın maddi olmayan varlıklarının avantajı. Bu noktadan hareketle, çalışmanın amacı KOBİ’lerin sermaye yapılarının ve maddi olmayan varlıklarının firma büyümesi ile girişimcilik eğilimleri arasındaki ilişkiye olan etkisini incelemektir. Bu ilişkiyi test etmek için 961 adet TR90 kapsamında yer alan Küçük ve Orta Boy İşletme KOBİ örneklemi analize tabi tutulmuştur. Bir firmanın sermaye yapısının ve maddi olmayan varlıklar avantajının girişimcilik eğilimleri ile firma büyümesi arasındaki ilişkiye olan etkisini araştıran çalışmalara rastlanılmamıştır. Bu noktadan hareketle çalışmanın literatüre katkısının olacağı söylenebilir.

References

  • Baker, W.E., Sinkula, J.M. (2009). The Complementary Effects of Market Orientation and Entrepreneurial Orientation on Profitability in Small Businesses. Journal of Small Business Management, 47, 443–464.
  • Barney, J.B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17, 771–792
  • Billett, M., King, T., Mauer, D. (2007). Growth Opportunities And The Choice Of Leverage, Debt Maturity, And Covenants. Journal of Finance, 62, 697–730.
  • Chittenden, F., Hall, G., Hutchinson, P. (1996). Small Firm Growth, Access to Capital Markets and Financial Structure: Review of Issues and an Empirical Investigation. Small Business Economics, 8, 59–67.
  • Cohen, J., Cohen, P., West, S.G., Aiken, L.S. (2003). Applied Multiple Regression/Correlation Analysis For The Behavioral Sciences, New Jersey:3rd Ed. Lawrence Erlbaum.
  • Covin, J.G., Slevin, D.P. (1989). Strategic Management of Small Firms in Hostile and Benign Environments. Strategic Management Journal, 10, 75–87.
  • Covin, J.G., Slevin, D.P. (1991). A Conceptual Model of Entrepreneurship as Firm Behavior. Entrepreneurship Theory and Practice, 16, 7–25.
  • Covin, J.G., Green, K.M., Slevin, D.P. (2006). Strategic Process Effects on the Entrepreneurial Orientation-Sales Growth Rate Relationship. Entrepreneurship Theory and Practice, 30, 57–81.
  • George, G. (2005). Slack Resources and the Performance of Privately Held Firms. Academy of Management Journal, 48, 661–676.
  • Goyal, V.K., Lehn, K., Racic, S. (2002). Growth Opportunities and Corporate Debt Policy: The Case of The U.S. Defense Industry. Journal of Financial Economics, 64(1), 35–59.
  • Hansen, J.D., Deitz, G.D., Tokman, M., Marino, L.D., Weaver, K.M. (2010). Cross- National Invariance of The Entrepreneurial Orientation Scale. Journal of Business Venturing 26, 61–78.
  • Ireland, D.R., Hitt, M.A., Sirmon, D.G. (2003). A Model of Strategic Entrepreneurship: The Construct and Its Dimensions. Journal of Management, 29, 963–989.
  • Itami, H. (1987). Mobilizing Invisible Assets. Harvard University Press, Cambridge, MA.
  • Jang, SC., Park, K. (2011). Inter-Relationship between Firm Growth and Profitability. International Journal of Hospitality Management, 30, 1027– 1035.
  • Khandwalla, P.N. (1977). Some Top Management Styles, Their Context and Performance. Organization and Administrative Sciences, 7, 21–51.
  • Kreiser, P., Marino, L., Weaver, K. (2002). Assessing The Psychometric Properties of The Entrepreneurial Orientation Scale: A Multi-Country Entrepreneurship Theory and Practice, 26, 71–95. Analysis.
  • Marino, L., Strandholm, K., Steensma, H.K., Weaver, K.M. (2002). The Moderating Effect of National Culture on the Relationship between Entrepreneurial Orientation and Strategic Alliance Portfolio Extensiveness. Entrepreneurship Theory and Practice, 26, 145–160.
  • Miller, D. (1983). The Correlates of Entrepreneurship in Three Types of Firms. Management Science, 29, 770–791.
  • Mintzberg, H. (1973). Strategy-Making in Three Modes. California Management Review, 16, 44–53
  • Mudambi, R. Swift, T. (2011). Proactive R&D Management and Firm Growth: A Punctuated Equilibrium Model. Research Policy, 40, 429-440.
  • Newbert, S.L. (2007). Empirical Research on The Resource-Based View Of The Firm: An Assessment And Suggestions For Future Research. Strategic Management Journal, 28, 121–146.
  • Nohria, N., Gulati, R. (1996). Is Slack Good of Bad For Innovation? Academy Of Management Journal, 39, 1245–1264.
  • Opler, T.C. Titman, S. (1994). Financial Distress and Corporate Performance. The Journal of Finance, 49, 1015–1040.
  • Priem, R.L., Butler, J.E. (2001). Is The Resource-Based “View” A Useful Perspective For Strategic Management Research? Academy of Management Journal, 26, 22– 40.
  • Rauch, A., Wiklund, J., Lumpkin, G.T., Frese, M. (2009). Entrepreneurial Orientation and Business Performance: An Assessment of Research and Suggestions for the Future Entrepreneurship. Theory and Practice, 33, 761–787.
  • Sevil, G., Başar, M., Coşkun, M. (2013). Finansal Yönetim II, Ankara: Anadolu Üniversitesi Yayınları.
  • Stam, W., Elfring, T. (2008). Entrepreneurial Orientation And New Venture Performance: The Moderating Role of Intra- And Extra-Industry Social Capital. Academy of Management Journal, 51, 97–111.
  • Thornhill, S., Amit, R. (2003). Learning about Failure: Bankruptcy, Firm Age, and the Resource-Based View. Organization Science, 14, 497–509.
  • Wiklund, J., Shepherd, D. (2005). Entrepreneurial Orientation and Small Business Performance: A Configurational Approach. Journal of Business Venturing, 20, 71–91.
  • Wiklund, J., Shepherd, D. (2011). Where To From Here? EO-As-Experimentation, Failure, And Distribution Of Outcomes. Entrepreneurship Theory and Practice. 35(5), 925-946.
  • Wu, X., Yeung, C.K. (2012). Firm Growth Type and Capital Structure Persistence. Journal of Banking & Finance, 36, 3427–3443.
There are 31 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Hasan Ayaydın This is me

İbrahim Karaaslan This is me

Publication Date October 1, 2016
Published in Issue Year 2016 ICAFR 16 Özel Sayısı

Cite

APA Ayaydın, H., & Karaaslan, İ. (2016). GİRİŞİMCİLİK EĞİLİMLERİ İLE FİRMA BÜYÜMESİ ARASINDAKİ İLİŞKİYE KOBİ’LERİN SERMAYE YAPISININ VE MADDİ OLMAYAN VARLIKLARININ ETKİSİNİN İNCELENMESİ: TR90 ÖRNEĞİ. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 12(12), 506-518.