Innovation and Firm Performance: The Moderating and Mediating Roles of Firm Size and Small and Medium Enterprise Finance
Abstract
:1. Introduction
2. Hypotheses Development
2.1. Impacts of Innovation on Firm Performance
2.2. Impacts of Financial Capital on Firm Performance of SMEs
2.3. Impacts of Firm Size on Firm Performance
3. Research Methodology
3.1. Samples and Data Collection
3.2. Measures
3.3. Control Variable
3.3.1. Firm Age
3.3.2. Firm Type
4. Data Analysis
4.1. Reflective Measurement Model Assessment
4.1.1. Construct and Indicator Reliability
4.1.2. Convergent Validity
4.1.3. Discriminant Validity
4.2. Structural Model and Hypotheses Testing
4.2.1. Structural Model Assessment
4.2.2. Mediating Effect of Financial Capital
4.2.3. Moderating Effect of Firm Size
5. Results and Discussion
6. Implications and Conclusions
Author Contributions
Funding
Acknowledgments
Conflicts of Interest
References
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1 | There is no standard for defining SMEs, as the SME definition differs across countries depending on the specific criteria used. According to European Union (EU) criteria, SMEs are the firms having less than 250 employees (OECD 2017) while SMEs in Central Asia are defined differently depending on the size of fixed asset and the number of employees is less than 200 (OEDC 2018). This study follows the definition of SMEs from the Business Environment and Enterprise Performance Survey 2013, cooperatively developed by the World Bank, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the European Commission (EC) (www.enterprisesurveys.org). SMEs are defined as enterprises which have five to 99 employees. Small firms are firms having five to 19 employees, whereas medium firms are those having 20 to 99 employees. |
Variable | Small | Medium |
---|---|---|
Product innovation | 30.51% | 40.80% |
Process innovation | 12.30% | 14.70% |
Formal finance-bank | 54.02% | 45.98% |
Formal finance-nonbank | 54.07% | 45.93% |
Informal finance | 59.27% | 40.73% |
Variable | Method of Measurement | Obs | Mean | Std. dev | Min | Max |
---|---|---|---|---|---|---|
Firm size | 1 = Small 2 = Medium | 12,890 | 1.42 | 0.49 | 1 | 2 |
Fixed asset | 1 = Increased 2 = Not increased | 12,890 | 1.62 | 0.48 | 1 | 2 |
Product innovation | 1 = Having a technological innovative licence 2 = Not having a technological innovative licence | 12,890 | 1.87 | 0.34 | 1 | 2 |
Process innovation | 1 = Having innovative training programmes 2 = Not having innovative training programmes | 12,890 | 1.65 | 0.48 | 1 | 2 |
Formal finance-bank | Formal finance from banks (%) | 12,890 | 9.96 | 21.47 | 0 | 100 |
Formal finance-nonbank | Formal finance from non-banks (%) | 12,890 | 0.85 | 6.41 | 0 | 100 |
Informal finance | Informal finance (%) | 12,890 | 2.13 | 10.91 | 0 | 100 |
Variable | Firm Performance | Innovation | Financial Capital |
---|---|---|---|
Firm performance | 1.000 | ||
Innovation | 0.318 *** | 1.000 | |
Financial capital | 0.160 *** | 0.127 *** | 1.000 |
Variables | Indicators of Variables | Description of Indicators |
---|---|---|
Firm performance (FP) | Total sales (Sales) Fixed asset investment (Fixed_Asset) | The total sale The amount of money invested in fix asset |
Innovation (Inno) | Product innovation (Product_Inno) Process innovation (Process_Inno) | Products having a technological innovative licence Training programs for improving employees technical and innovative skills |
Financial capital (Fin_Cap) | Formal finance (Formal_fin) Informal finance (Informal_fin) | Loans from banks (state-owned and private) and non-bank institutions. Trade credits and loans from friends, families and money lenders. |
Latent Variable | Indicators | Factor Loading | AVE | CR |
---|---|---|---|---|
Firm performance | Sales | 0.762 | 0.549 | 0.709 |
Fixed_Asset | 0.720 | |||
Innovation | Product_Inno | 0.786 | 0.585 | 0.738 |
Process_Inno | 0.743 | |||
Financial capital | Formal_Fin | 0.859 | 0.746 | 0.854 |
Informal_Fin | 0.868 |
Firm Performance | Innovation | Financial Capital | |
---|---|---|---|
Firm performance | 0.741 | ||
Innovation | 0.318 | 0.765 | |
Financial capital | 0.160 | 0.127 | 0.864 |
Relationship | Total Effect (Beta) | Indirect Effect (Beta) |
---|---|---|
Innovation → Firm performance | 0.320 *** | 0.015 *** |
Innovation → Financial capital | 0.126 *** | |
Financial capital →Firm performance | 0.122 *** |
Hypothesis | Relationships | Path Coefficient | Supported |
---|---|---|---|
H1 | Innovation → Performance | 0.294 *** | Yes |
H2 | Finance → Performance | 0.116 *** | Yes |
H3 | Innovation→ Finance → Performance | 0.015 *** | Yes |
H4 | Firm size→ Performance | −0.198 *** | Yes |
H5 | Innovation → Firm size → Performance | 0.071 *** | Yes |
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Kijkasiwat, P.; Phuensane, P. Innovation and Firm Performance: The Moderating and Mediating Roles of Firm Size and Small and Medium Enterprise Finance. J. Risk Financial Manag. 2020, 13, 97. https://doi.org/10.3390/jrfm13050097
Kijkasiwat P, Phuensane P. Innovation and Firm Performance: The Moderating and Mediating Roles of Firm Size and Small and Medium Enterprise Finance. Journal of Risk and Financial Management. 2020; 13(5):97. https://doi.org/10.3390/jrfm13050097
Chicago/Turabian StyleKijkasiwat, Ploypailin, and Pongsutti Phuensane. 2020. "Innovation and Firm Performance: The Moderating and Mediating Roles of Firm Size and Small and Medium Enterprise Finance" Journal of Risk and Financial Management 13, no. 5: 97. https://doi.org/10.3390/jrfm13050097