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Many start-ups do not survive the first few years of business. Previous studies suggest that networks play a role in start-ups' success, but this positive effect has limits. The purpose of this paper is to answer the call for a better understanding of the dark side of networks and the variables that condition variables' effect on the likelihood of start-ups' survival.

A longitudinal research design includes 139 start-ups (102 from Germany and 37 from Portugal) and a total of 252 participants. A generalized linear mixed model (GLMM)was applied to estimate all the coefficients, to test the mediation (H1), the moderation (H2) and the moderated mediation (H3) while considering the economic situation of the start-up (sales growth), start-ups' networking behavior, creativity orientation and ultimately the likelihood of survival.

Based on an empirical study from two different countries, the results show that effective networking is contingent on the start-up's economic situation and creative potential. Specifically, the results point to situations in which early sales growth may lead to external networking, which, in contexts of low creativity-oriented start-ups, can compromise the start-ups' success.

Based on the findings, the authors compare scenarios in which networking increases the chances for start-up survival with situations where networking can have adverse effects. This study highlights the importance of considering specific start-up parameters, such as start-ups' economic situation and level of creativity orientation, in the business venturing literature.

The purpose of this paper is to investigate the simultaneous relationship among ownership concentration, innovation and firm performance of the small- and medium-sized enterprises (SMEs) in Vietnam during the 2011–2015. By employing a Conditional Mixed Process (CMP) model, the findings show that: there is no impact of ownership concentration on innovation, but it has a positive impact on sales growth; innovation positively affects firm performance; and there exists a positively reverse causality from sales growth to innovation.

In this study, the authors propose the adaption of CMP model (Roodman, 2011). The nature of the first stage dependent variable – Innovation – is a binary one while the dependent variable Performance is continuous. Therefore, a model that can adapt the binary nature of the dependent variable and perform the estimation of a system of equations such as CMP model is preferred. The CMP framework is substantially that of seemingly unrelated regression, but with application in a larger scope. This approach is based on a “simulated maximum likelihood method” suggested by Geweke–Hajivassiliou–Keane algorithm.

By applying CMP method, this study examines the simultaneous relationship among ownership concentration, innovation and firm performance of the SMEs in Vietnam from 2011 to 2015. The findings indicate that: there is no impact of ownership concentration on innovation, but it has a positive impact on sales growth; innovation positively affects firm performance; and there exists a positively reverse causality from sales growth to innovation.

In spite of the efforts to explore the simultaneous relationship among ownership concentration, innovation and firm performance of the SMEs in Vietnam, the study still has some limitations which are promising further research directions. First, the SME surveys by Central Institute for Economic Management do not have much information about other types of ownership including state-owned and foreign ownership. Therefore, possible further studies with richer data sets may explore the impacts of different types of ownership on firm innovation and performance. Second, other types of innovation such as organizational innovation, marketing innovation can also be investigated in further studies in a richer data set for the case of Vietnam SMEs.

The findings show that: there is no impact of ownership concentration on innovation, but it has a positive impact on sales growth; innovation positively affects firm performance; and there exists a positively reverse causality from sales growth to innovation. The policy implications insist on facilitating SMEs with easier access to capital via loans with preferred interest or trust loans without collateral, training programs for the labor force and SME leaders, and reduction of unnecessary administrative procedure.

The purpose of this paper is to examine high-tech small-to-medium-sized enterprises (SMEs) supply chain partnerships. Partnerships are considered at the level of business function rather than the entire organisation. Second, the drivers of SMEs to engage in partnerships are assessed to see whether functions engage in partnerships for different reasons. Third, performance per function is assessed to see the differential effect of partnerships on the function’s performance.

In this study, the relationship between the drivers of SMEs to engage in partnerships, four types of partnerships (marketing and sales, research and development (R&D), purchasing and logistics, and production) and four types of functional performances of firms (marketing and sales, R&D, purchasing and logistics, and production) are examined. The data have been collected from 279 SMEs. The proposed hypotheses are tested using structural equation modelling.

The results indicate that there are considerable differences between business functions in terms of the degree of involvement in partnerships and the effect of partnerships on the performance of these functions. This paper contributes to research by explaining the contradictory results of partnerships on SMEs performance.

This study helps firms understand which type of partnership should be established based on the firm’s drivers to engage in supply chain partnership; and which partnership has a significant effect on which type of business performance of the firm.

The originality of this study is to investigate the relationship between different drivers to engage in supply chain partnership and different types of partnerships and different functional performance of firm in a single model.

The purpose of this paper is to expose the impact of innovation and patent registration, as a strategy that contributes to business success in the current competitive and globalized market conditions.

This paper presents a study on the innovation and contribution of the patent registry in the growth of economic sales of 1,746 companies in the Colombian manufacturing sector, whose applied methodology was a statistical correlation analysis and a binary logistic regression.

The results reveal a positive relationship among incremental product innovations with the achievement of sales success, although it is evident that patent registration negatively influences business success as a factor in innovation.

This study allows organizations to understand the importance of developing innovation processes and patent registration as a competitive factor that drives sales growth and success.

The purpose of this study is to introduce a matching function approach to analyze matching in financial reporting.

The matching function is first analyzed analytically. It is specified as a multiplicative Cobb-Douglas-type function of three categories of expenses (labor expense, material expense and depreciation). The specified matching function is solved by the generalized reduced gradient method (GRG) for 10-year time series from 8,226 Finnish firms. The coefficient of determination of the logarithmic model (CODL) is compared with the linear revenue-expense correlation coefficient (REC) that is generally used in previous studies.

Empirical evidence showed that REC is outperformed by CODL. CODL was found independent of or weakly negatively dependent on the matching elasticity of labor expense, positively dependent on the material expense elasticity and negatively dependent on depreciation elasticity. Therefore, the differences in matching accuracy between industries emphasizing different expense categories are significant.

The matching function is a general approach to assess the matching accuracy but it is in this study specified multiplicatively for three categories of expenses. Moreover, only one algorithm is tested in the empirical estimation of the function. The analysis is concentrated on ten-year time-series of a limited sample of Finnish firms.

The matching function approach provides a large set of important information for considering the matching process in practice. It can prove a useful method also to accounting standard-setters and other specialists such as managers, consultants and auditors.

This study is the first study to apply the new matching function approach.

This study investigates a mediational model between legitimated elements, financial resource mobilisation and subsequent early firm growth among New Technology-Based Firms (NTBFs) using conformity and control perspectives of legitimacy.

To test the hypotheses, a longitudinal database of 303 NTBFs from Sweden, Finland and France is used. The ordinary least square regression analysis method is applied, and the proposed mediation relationships are studied by employing the four-step approach developed by Baron and Kenny (1986).

This study finds that based on the conformity principle, two out of three legitimated elements (business plan and incubator relationship, but not start-up experience) have an impact on financial resource mobilisation, which in turn, is associated with early growth in NTBFs based on the control principle. Thus, financial resource mobilisation positively mediates the relationships among the two legitimated elements and early growth in NTBFs.

This study has several limitations, which also generate promising pathways for future research. Future research should study the relationship between the three legitimacy elements and financial resource mobilisation and early growth across a wider range of firms and settings. The questionnaire was also based on a single point in time and could not capture the evolving nature of the legitimacy elements and fundraising. Hence, future research can examine the multidimensionality of these processes; longitudinal qualitative studies can be a complement, allowing for a better understanding of the impact of legitimacy on NTBFs.

The findings offer implications for managers of NTBFs because developing legitimacy is critical to NTBFs early growth and development. The findings indicate that NTBFs' founders must systematically develop business plans and that incubators help enhance legitimacy through a signalling.

It is believed that the study meaningfully contributes to the collective understanding of the role of legitimacy in driving the development of NTBFs. Given the importance of NTBFs in our economies, coupled with the lack of attention given to the role of mobilisation of external resources in explaining NTBF early growth, it is believed that the study is both timely and important.

The findings meaningfully contribute to the collective understanding of NTBF growth. While there are studies that have examined the antecedents of growth and finance separately, this study proposes a novel mediational model that integrates both and tests it empirically.

The purposes of this paper are 1) to develop model of long term financial health for logistics companies in Thailand 2) to identify factors that determine long term financial stability. Many researchers currently provide factors affecting financial health. Most factors refer to financial ratios, not many non-financial ratios such as age and size have been mentioned. This paper considers both financial and non-financial ratios that affect financial performance of Logistics companies in Thailand. The study has covered some interesting non-financial ratios such as Nationality of Shareholders, type of network in Logistics Company, growth rate (consisted of sales growth rate/profit growth rate/asset growth rate / Liability growth rate) and variable of growth rates. The target group is 110 logistics companies in Thailand enlisted from Department of International Trade Promotion Ministry of Commerce, Royal Thai Government. The group is divided into three categories according to financial health of company; Healthy financial, Unhealthy (Distress) and normal situation. The Multidiscriminant Analysis (MDA) is applied to analyze the differentiations among the three categories. Significant variables from MDA will be used as the independent variables for Multimonial Logistic Regression Analysis (MLRA) to identify factors that determine long terms financial stability. This paper find CF/D, RE/TA, BE/TL, Size, Age, Type of network, Nationality of Shareholders and Number of Shareholders are significant factors determine long term financial stability of Logistics company in Thailand.

This article studies the impact of micro and macro factors on firm performance in the context of an emerging economy just changed from a subsidized economy to a market economy.

The authors carried out an investigation into 30 listed food processing companies in Vietnam from 2014 to 2019. The data are analyzed by using STATA software. In this study, beside the regression analytical technique, the Blinder–Oaxaca decomposition analysis is used to study more deeply the effect of variables on financial performance of food processing companies, so its results are reliable base to give suggestions.

The results of empirical research help us to have some following conclusion. First, two variables consisting of total assets turnover ratio (ATR) and growth in sales significantly influence financial performance, when it is measured by return on equity (ROE) or return on sales (ROS). Second, leverage significantly negatively impacts return on sale. Third, there are difference in financial performance and the effect of predictors on dependent variable “ROS” between state-owned enterprises (SOEs) and non SOEs, and the causes come from the component effect.

In fact, although a range of previous researches on that topic have been carried out, none of them dig deeper reasons resulting to the differences in financial performance between SOEs and non SOEs, whereas Vietnamese economy has just changed to a market economy since 1986, making impacts of State ownership totally different from other countries. In this study, the authors use the t-test and analysis to have more accurate conclusions about that problem.

The unprecedented economic crisis in Greece deeply affected entrepreneurship, which was traditionally characterised by low levels of innovation and competitiveness, the dominant presence of micro-sized enterprises and the weak signs of prosperity in large firms. This paper, in acknowledgement of the necessary transformations that production incurred due to the crisis, attempts to detect the characteristics of large manufacturing firms that contributed to their greater resilience during the unstable period of 2011–2016 by analysing the determinants of the higher profitability of firms. The analysis shows that firms that improved their productivity and sales levels and in parallel are flexible, in the sense that they have limited amounts of both assets and liabilities and thus a small risk, are those that presented higher profits during the period under study. Initial conditions, sectoral characteristics and the broader national environment do not seem to have a strong contributive role in firms' profitability.

The analysis follows a dynamic system generalised method of moments (GMM) estimation based on a panel data set of 125 Greek large firms over the time span 2011–2016.

The analysis shows that firms that improve their productivity and sales levels and in parallel are flexible, in the sense that they have a limited amount of both assets and liabilities and thus a small risk, are those that present higher profits during the period under study. Initial conditions, sectoral characteristics and the broader national environment do not seem to have a strong contributive role in firms' profitability.

The present paper attempts to explain the performance of the most dynamic large manufacturing firms in Greece by investigating the role of some of the most important determinants of firm profitability (according to data availability), acknowledging, however, some analysis' limitations as the absence of some other parameters like the export activity or the incorporation of any innovative features in the firms

The novelty of this paper lies in two points. First, the subject of the analysis is the large firms in Greece, which have not received much attention as Greek entrepreneurship was traditionally based on the light, labour- or resource-intensive production and the main bulk of the literature was not on that topic. Second, during the deep and protracted crisis that Greece has experienced, several production transformations have taken place that remain partly undiscovered. The present paper attempts to analyse the characteristics of large firms that drove their profitability and improved their resilience during the crucial time period 2011–16.

在希臘出現的史無前例的經濟危機深深地影響了該國的創業能力，而希臘的創業能力有其傳統特徵：低水平的創新與競爭力、微型企業佔主導地位和大企業呈現微弱的繁榮跡象。本文在承認這經濟危機導致生產必須轉型的前提下，研究那些於2011年至2016年這不穩定期間營運的大型製造公司，透過分析它們能取得更高利潤的決定因素，以探求是哪些公司特徵使其有更強的抵禦和復原能力。分析顯示，那些改善了生產率和銷售水平的公司，亦同時是靈活變通的公司 （所謂靈活變通，是指公司無論在資產抑或負債方面的數量上都是有限的，因此，它們只需冒小風險），就是那些在本研究涵蓋期間展示獲取更高利潤的公司。初始條件、行業的特徵和更廣泛的國家環境，就公司的盈利能力而言，似乎沒有扮演重要的促進角色。

分析用了廣義動差估計(GMM)這動態系統，基於涵蓋125間希臘大公司、橫跨2011年至2016年期間的面板數據。

分析顯示，那些改善生產率和銷售水平的公司，亦同時是靈活變通的公司 （所謂靈活變通，是指公司無論在資產抑或負債方面的數量上都是有限的，因此，它們只需冒小風險），就是那些在本研究涵蓋期間展示獲取更高利潤的公司。初始條件、行業的特徵和更廣泛的國家環境，就公司的盈利能力而言，似乎沒有扮演重要的促進角色。

本文擬透過探討一些決定公司盈利能力最重要的因素 （根據數據的可獲性），來闡釋在希臘那些最有動力的大型製造公司的績效，但亦同時承認分析有局限之處，那就是，分析沒有涵蓋一些其它決定因素：出口活動和那些公司有否納入任何創新功能。

本文有兩個創新之處：首先，本研究分析的對象是在希臘的大企業，而這個研究對象和課題未曾得到頗多的關注，這是因為希臘的創業能力一向基於勞動密集型或資源密集型的輕工業生產，而過去大部分文獻都不涉及這個課題。另外，當希臘經歷這個巨大且持久的危機時，國內有些仍未普遍察覺的生產轉型出現了。本文擬分析推動大企業於2011年至2016年間這關鍵時刻取得利潤，及改善其抵禦和復原能力的公司特徵。

The study compares the impacts of mixed syndication venture capital (VC) investment and private VC (PVC) investment on the transitional performance indicators of intangible assets, fixed assets, liabilities and number of employees in Estonia. It also examines the impact of mixed syndication on investees' sales and profit.

This study conducted panel data regression analyses based on the dataset consists of yearly data from 2006 to 2015 for more than 187,000 unlisted firms in Estonia.

Results showed that mixed syndication had a significant positive effect on the number of employees of investees but not on investees' sales and profit. PVC investment had a significant positive effect on investee sales but not on the transitional performance indicators of investees.

The study has two unique research contributions. First, it investigates the impact of syndicated investment on investees' transitional performance indicators in addition to performance indicators. Second, it focuses on Estonia, an emerging country that has somewhat achieved success in fostering information and communications technology startups and is one of the earliest emerging countries to implement a mixed syndication VC investment policy.