THEORIES UNDERLYING SUSTAINABLE GROWTH OF SMALL AND MEDIUM ENTERPRISE
Abstract
Purpose: The appropriate involvement of Small and Medium Enterprises (SMEs) in industrial activities globally is an incontestable truth. SMEs need to keep pace with a dynamic and changing ecosystem that perpetuates both local and international borders to support their continuous and sustainable contributions to economic growth. Therefore, the main objective of this study is to assess the theories underlying sustainable growth of small and medium enterprises. Most theories are based on separate perspectives because each pattern is explored differently and there is limited knowledge. This study helps to validate the leading theory perspective focusing on the sustainable growth of small and medium enterprises and to unlock a strong view of SMEs.
Method: This study assessed the suitable theories underlying sustainable growth of SMEs. Thus, the different theoretical perspectives reviewed would provide a novel contribution to the theories underlying the sustainable growth of small and medium enterprises.
Conclusion: Future studies should aim at a more empirical and quantitative approach that could explain the underlying reality of the theoretically advanced seven selected theories for sustainable growth of small and medium enterprises.
Keyword: Theories, sustainable growth, small and medium enterprises.
References
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Alonso, A. D., Kok, S., & O’Shea, M. (2018). Family businesses and adaptation: A dynamic capabilities approach. Journal of family and economic issues, 39(4), 683-698. doi.org/10.1007/s10834-018-9586-3.
Amit, R., & Schoemaker, P. J. (1993). Strategic assets and organizational rent. Strategic management journal, 14(1), 33-46, doi.org/10.1002/smj.4250140105.
Anderson, B. S., & Eshima, Y. (2011). The influence of firm age and intangible resources on the relationship between entrepreneurial orientation and firm growth among Japanese SMEs. Journal of Business Venturing, 28(3), 413-429, doi.org/10.1016/j.jbusvent.2011.10.001.
Arifin, Z. (2015). The effect of dynamic capability to technology adoption and its determinant factors for improving firm's performance; toward a conceptual model. Procedia-Social and Behavioral Sciences, 207, 786-796, doi.org/10.1016/j.sbspro.2015.10.168.
Assandé, K. P., Naouré, A. F., & Vangah, Y. C. A. (2020). Sustainable development and small-and medium-sized enterprises: How to meet the challenges of mobilizing Ivorian SMEs?. In inclusive green growth (pp.119-136). Springer, Cham. doi.org/10.1007/978-3-030-44180-7_6.
Bagnoli, C., & Giachetti, C. (2015). Aligning knowledge strategy and competitive strategy in small firms. Journal of Economics and Management 16, 571-598.
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Barratt, M., & Choi, T. (2007). Mandated RFID and institutional responses: Cases of decentralized business units. Production and Operations Management, 16(5),569-585. doi.org/10.1111/j.1937-5956.2007.tb00281.x.
Bonelli, M. A. (2014). Review of the Upper Echelon Theory and Subsequent Refinements. Alliant International University: Alhambra, CA, USA.
Burns, T., & Stalker, G. M. (1961). The management of innovation. London. Tavistock Publishing. Cited in Hurley, RF and Hult, GTM (1998). Innovation, Market Orientation, and Organisational Learning: An Integration and Empirical Examination. Journal of Marketing, 62, 42-54.
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Caldera, H. T. S., Desha, C., & Dawes, L. (2019). Evaluating the enablers and barriers for successful implementation of sustainable business practice in ‘lean’ SMEs. Journal of Cleaner Production, 218, 575-590, doi.org/10.1016/j.jclepro.2019.01.239.
Caldera, S. T. H., Desha, C., & Dawes, L. (2017). Embedding lean and green practices into small and medium-sized enterprises to achieve sustainable business practice. Proceedings of 18th European Roundtable for Sustainable Consumption and Production Skiathos Island, Greece.
Carbery, R., Garavan, T. N., Sheehan, M., Darcy, C., Hill, J., McCabe, T. J., & McGovern, P. (2014). A consideration of organisational sustainability in the SME context. European Journal of Training and Development. 38(5), 398-414, doi.org/10.1108/EJTD-10- 2013-0108.
Carvalho, A. M., Sampaio, P., Rebentisch, E., Carvalho, J. Á., & Saraiva, P. (2019). Operational excellence, organisational culture and agility: the missing link?. Total Quality Management & Business Excellence, 30(13-14), 1495-1514, doi.org/10.1080/14783363.2017.1374833.
Chandler, A. D. (1962). Strategy and structure: Chapters in the history of the industrial enterprise. Cambridge: MIT Press.
Chege, S. M., & Wang, D. (2020). The influence of technology innovation on SME performance through environmental sustainability practices in Kenya. Technology in Society, 60, 101210, doi.org/10.1016/j.techsoc.2019.101210.
Child, J. (1975). Managerial and organizational factors associated with company performance part II. A contingency analysis. Journal of Management Studies, 12(1‐2), 12-27. doi.org/10.1111/j.1467-6486.1975.tb00884.x.
Clarke, A., & MacDonald, A. (2019). Outcomes to partners in multi-stakeholder cross-sector partnerships: A resource-based view. Business & Society, 58(2), 298-332, doi.org/10.1177/0007650316660534.
Cornelissen, J. P. & Durand, R. (2014). Moving forward: Developing theoretical contributions in management studies’. Journal of Management Studies, 51, 995-1022, doi.org/10.1111/joms.12078.
Crossan, M. M., & Apaydin, M. (2010). A multi-dimensional framework of organizational innovation: a systematic review of the literature. Journal of Management Studies, 47(6), 11541191, doi.org/10.1111/j.1467-6486.2009.00880.x.
Cuervo-Cazurra, A., Newburry, W., & Park, S. H. (2020). 15 Examining Strategic Capabilities Across Emerging Markets and Their Firms. Building Strategic Capabilities in Emerging Markets, 359.
Cunningham, J., & Harney, B. (2012). Strategy and strategists. Oxford University Press. DiMaggio, P. J., & Powell, W. W. (1983). American sociological review, 147-160.
Darcy, C., Hill, J., McCabe, T. J., & McGovern, P. (2014). A consideration of organisational sustainability in the SME context: A resource-based view and composite model. European Journal of Training and Development, 38(5), 398-414. doi.org/10.1108/EJTD-10-2013-0108.
Davis, P. E., & Bendickson, J. S. (2020). Strategic antecedents of innovation: Variance between small and large firms. Journal of Small Business Management, 59(1) 47-72, doi.org/10.1111/jsbm.12478.
Dentchev, N., Rauter, R., Jóhannsdóttir, L., Snihur, Y., Rosano, M., Baumgartner, R., ..., & Jonker, J. (2018). Embracing the variety of sustainable business models: A prolific field of research and a future research agenda. Journal of cleaner production, 194, 695-703, doi.org/10.1016/j.jclepro.2018.05.156.
DiMaggio, P. J., & Powell, W. W. (2000). The iron cage revisited institutional isomorphism and collective rationality in organizational fields. Economics meets sociology in strategic management, 17, 143-166, doi.org/10.1016/S0742-3322(00)17011-1.
Do, H., Mazzarol, T., Soutar, G. N., Volery, T., & Reboud, S. (2018). Organisational factors, anticipated rents and commercialisation in SMEs. International Journal of Innovation Management, 22(2), 1850018, doi.org/10.1142/S1363919618500184.
Dobbs, M., & Hamilton, R. T. (2007). Small business growth: recent evidence and new directions. International Journal of Entrepreneurial Behavior & Research. 13(5), 296-322, doi.org/10.1108/13552550710780885.
Donaldson, L. (2001). The contingency theory of organizations. Sage.
Duh, M., Belak, J., & Milfelner, B. (2016). The importance of culture for enterprise dynamics: the role of type and strength of culture. Economic research-Ekonomska istraživanja, 29(1), 263-285, doi.org/10.1080/1331677X.2016.1168038.
Easterby-Smith, M., Lyles, M. A., & Peteraf, M. A. (2009). Dynamic capabilities: Current debates and future directions. British Journal of Management, 20, S1-S8, doi.org/10.1111/j.1467-8551.2008.00609.x.
Eijdenberg, E. L., Thompson, N. A., Verduijn, K., & Essers, C. (2019). Entrepreneurial activities in a developing country: an institutional theory perspective. International Journal of Entrepreneurial Behavior & Research, 25 (3), 414-432, doi.org/10.1108/IJEBR-12-2016-0418.
Fagerberg, J., Mowery, D. C., & Nelson, R. R. (2004). The Oxford Handbook of Innovation, Oxford University Press, New York, NY.
Fauzi, A. A., & Sheng, M. L. (2020). The digitalization of micro, small, and medium-sized enterprises (MSMEs): An institutional theory perspective. Journal of Small Business Management, 1-26, doi.org/10.1080/00472778.2020.1745536.
Fink, A. (1998). Conducting research literature reviews. From paper to the internet. Sage Publications, Thousand Oaks (1998), http://www.worldcat.org/oclc/38200246.
Fink, A. (2019). Conducting research literature reviews: From the internet to paper. Sage publications. Inc, Thousand Oaks, USA.
Francke, E., & Alexander, B. (2019). Entrepreneurial development in South Africa through innovation: A model for poverty alleviation. Acta Commercii, 19(1), 1-11, doi.org/10.4102/ac.v19i1.631.
Freeman, R. E. (1984), Strategic management: A stakeholder approach. Pittman, Marshfield, MA.
Freeman, R. E., Harrison, E. J., & Wicks, C. A, (2007). Managing for stakeholders: survival, reputation, and success (Yale University Press, New Haven, CT).
Freudenreich, B., Lüdeke-Freund, F., & Schaltegger, S. (2020). A stakeholder theory perspective on business models: Value creation for sustainability. Journal of Business Ethics, 166, 3-18, doi.org/10.1007/s10551-019-04112-z.
Friedmann, C. B., Garg, R., & Holtbrügge, D. (2018). CEOs' cultural and demographic attributes and organisational performance of Indian SMEs: an upper echelon approach. International Journal of Entrepreneurial Venturing, 10(5), 483-512, doi.org/10.1504/IJEV.2018.094606.
Gatignon, H., & Xuereb, J. M. (1997). Strategic orientation of the firm and new product performance. Journal of Marketing Research, 34 (1) 77-90, doi.org/10.1177/002224379703400107.
Glover, J. L., Champion, D., Daniels, K. J., & Dainty, A. J. (2014). An Institutional Theory perspective on sustainable practices across the dairy supply chain. International Journal of Production Economics, 152, 102-111, doi.org/10.1016/j.ijpe.2013.12.027.
Grant, R. M. (1991). The resource-based theory of competitive advantage: implications for strategy formulation. California management review, 33(3), 114-135, doi.org/10.2307/41166664.
Grewal, D., Iyer, G. R., Javalgi, R. R. G., & Radulovich, L. (2011). Franchise partnership and international expansion: a conceptual framework and research propositions. Entrepreneurship Theory and Practice, 35(3), 533-557, doi.org/10.1111/j.1540-6520.2011.00444.x.
Gudmundson, D., Tower, C. B., & Hartman, E. A. (2003). Innovation in small businesses: Culture and ownership structure do matter. Journal of Developmental entrepreneurship, 8(1), 1-17.
Hadjimanolis, A. (2019). Drivers and barriers to sustainable innovation in SMEs in the context of small countries. Managing sustainable innovation. Routledge, 1997-2013.
Hakala, H., & Kohtamäki, M. (2011). Configurations of entrepreneurial-customer-and technology orientation: Differences in learning and performance of software companies. International Journal of Entrepreneurial Behavior and Research, 17(1), 64-81, doi.org/10.1108/13552551111107516.
Hambrick, D. C. (2007). Upper echelons theory: An update. Academy of Management Review, 32(2), 334-343, doi.org/10.5465/amr.2007.24345254.
Hambrick, D. C. (2016). Upper echelons theory. The Palgrave encyclopaedia of strategic management, 1-5.
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: the organization as a reflection of its top managers. Academic of Management Review, 9, 193-206, doi.org/10.5465/amr.1984.4277628.
Hambrick, D. C., Humphrey, S. E., & Gupta, A. (2015). Structural interdependence within top management teams: A key moderator of upper echelons predictions, Strategic Management Journal, 36(3), 449-461, doi.org/10.1002/smj.2230.
Hami, N., Yamin, F. M., Shafie, S. M., Muhamad, M. R., & Ebrahim, Z. (2018). Sustainable manufacturing practices among SMEs in Malaysia. International Journal of Technology, 9(8), 1658-1667, doi.org/10.14716/ijtech.v9i8.2751.
Hatch, J. M. (2006). Organization theory: modern, symbolic, and postmodern perspectives (second ed.), Oxford University Press, Oxford, England.
Heiskanen, E. (2002). The institutional logic of life cycle thinking. Journal of Cleaner Production, 10(5), 427-437, doi.org/10.1016/S0959-6526(02)00014-8.
Hock, M., Clauss, T., & Schulz, E. (2016). The impact of organizational culture on a firm's capability to innovate the business model. R&d Management, 46(3), 433-450, doi.org/10.1111/radm.12153.
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McKiernan, P. (Ed.). (2017). Historical evolution of strategic management, volumes I and II (Vol. 1). Taylor & Francis.
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Penrose, E. (1959). The theory of the growth of the firm (Wiley, New York).
Post, C., Sarala, R., Gatrell, C., & Prescott, J. E. (2020). Advancing theory with review articles. Journal of Management Studies, 57(2), 351-376, doi.org/10.1111/joms.12549.
Prahalad, C. K., & Hamel, G. (1990). The core competence of the corporation. Harvard Business Review, 68(3), 79-91.
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Priem, R. L., & Butler, J. E. (2001). Is the resource-based “view” a useful perspective for strategic management research?. Academy of management review, 26(1), 22-40, doi.org/10.5465/amr.2001.4011928.
Rashidirad, M., & Salimian, H. (2020). SMEs’ dynamic capabilities and value creation: the mediating role of competitive strategy. European Business Review, 32(4), 591-613, doi.org/10.1108/EBR-06-2019-0113.
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