The Inter-Relations between Entrepreneurial Orientation Components and Their Impact on the Performance of Croatian Small and Medium Enterprises

Association of entrepreneurial orientation with performance, viewed as both a unidimensional and multidimensional concept, has been widely researched, especially in the small and medium enterprises context. However, there is a gap in the literature related to how the components of entrepreneurial orientation are inter-related and how their intricacies drive small firm performance. Rather than looking into configurations between entrepreneurial orientation and various external factors, this article investigates the different configurations within the entrepreneurial orientation components and how they affect performance. This article builds on the work by Putniņš, T.J. and Sauka, A. “Why does entrepreneurial orientation affect company performance?” who used financial economics theory to explore the direct relationship between risk-taking and performance. They used innovativeness as a moderator and proactiveness as mediators of the relationship between risk-taking and performance. This article uses a configurational approach to investigate the effect of individual roles of each of entrepreneurial orientation’s dimensions and their interactions on small firm performance. Using survey data from 202 Croatian small and medium-sized firms, results reveal that entrepreneurial orientation and all of its three components are positively associated with small firm performance. Relationships between innovativeness and proactiveness with small firm performance are significant when controlling for risk-taking; therefore, they do not obtain this relationship through their association with risk-taking. Proactiveness does not have an indirect, positive relationship with small firm performance via risk-taking as a mediator. Innovativeness is a moderator that further strengthens the positive relationship between risk-taking and performance

ULOGA OBRAZOVANJA U POVEĆANJU RAZVOJA TRŽIŠTA I RAZVOJA NOVIH PROIZVODA U KONTEKSTU ŽENSKOG PODUZETNIŠTVA: PRIMJER HRVATSKE

Female entrepreneurship is a rapidly expanding academic topic in the field of entrepreneurship. Many researchers claim that female entrepreneurship represents a new stream of economic growth because higher inclusion of women in entrepreneurial activities generates new jobs, enables the exploitation of new business opportunities, and provides new perspectives and solutions to managerial, organizational and business problems in general. Therefore, the purpose of this paper is to further explore the impact of gender, experience and education on the entrepreneurial performance. More specifically, by using the linear regression analysis the paper will explore direct and moderating effects of gender, experience and education on the market and new product development in the context of Croatian SMEs. The results of this study did not confirm any positive effects of gender, experience, or education on market development and new product development. Moreover, the results did not confirm the existence of moderation effects between gender and experience on market development, nor on new product development. On the other hand, this study produced a very interesting finding, that the relationship between education and market development, and education and new product development is moderated in such a way that it is stronger for women than for men. This means that business performance, in this case considered as market and new product development, is higher with the increase in level of education among female entrepreneurs. Therefore, these findings provide another layer of evidence to policy makers that tailor-made educational business programs are more than necessary and useful to prepare women for entrepreneurial projects, which in turn brings many benefits to the national economy and society as a whole.Žensko poduzetništvo sve više postaje važna akademska tema unutar područja poduzetništva. Mnogi istraživači tvrde da žensko poduzetništvo predstavlja novi izvor gospodarskog rasta jer veća uključenost žena u poduzetničke aktivnosti dovodi do stvaranja novih radnih mjesta, omogućuje iskorištavanje novih poslovnih prilika, te općenito pruža nove perspektive i rješenja za menadžerske, organizacijske i poslovne probleme. Stoga je svrha ovog rada dodatno istražiti učinke roda, iskustva i obrazovanja na uspješnost poduzetnika. Konkretnije, korištenjem linearne regresijske analize, u radu će se istražiti izravni i moderirajući učinci roda, iskustva i obrazovanja na razvoj tržišta i razvoj novih proizvoda u kontekstu hrvatskih malih i srednjih poduzeća. Rezultati ovog istraživanja nisu potvrdili pozitivne učinke roda, iskustva niti obrazovanja, kako na razvoj tržišta, tako ni na razvoj novih proizvoda. Štoviše, rezultati nisu potvrdili postojanje moderatornih utjecaja spola i iskustva na razvoj tržišta, kao i na razvoj novih proizvoda. S druge strane, ovaj rad je producirao jedan vrlo zanimljiv nalaz, a to je da su odnosi između obrazovanja i razvoja tržišta, te obrazovanja i razvoja novih proizvoda moderirani na način da su odnosi snažniji za žene, nego za muškarce. Znači, poslovna uspješnost, u ovom slučaju promatrana kao razvoj tržišta i razvoj novih proizvoda, veća je s povećanjem razine obrazovanja među poduzetnicama. Stoga, rezultati ovog istraživanja pružaju još jednu razinu dokaza kreatorima javnih politika da su prilagođeni obrazovni poslovni programi više nego potrebni i korisni u pripremi žena za poduzetničke projekte, što zauzvrat pruža mnoge koristi, kako nacionalnom gospodarstvu, tako i društvu u cjelini

THEORY OF NETWORK – BUSINESS APPROACH

Mrežni odnosi igraju značajnu ulogu u poduzetničkom procesu te predstavljaju bitan čimbenik gospodarskog razvoja. Unatoč strelovitom razvoju mrežnih teorija, na sistematiziran način znanstvena literatura ne pruža cjelovit pristup konceptu mrežnih odnosa među malim i srednjim poduzećima. Stoga su ovim člankom detaljno objašnjena teoretska ishodišta koncepta mreža i mrežnih aktivnosti, detaljno su klasificirani i opisani pristupi proučavanja mrežnih odnosa pri čemu je poseban naglasak stavljen na poduzetnički pristup navedenom problemu. Pružen je prikaz najznačajnijih karakteristika mrežnih odnosa čime je izvršena distinkcija u odnosu na ostale organizacijske oblike, te se ujedno izvršilo pozicioniranje teorije mreža unutar suvremene ekonomske teorije. Članak pruža vrijedan doprinos znanstvenicima u ranoj fazi istraživačkog rada zainteresiranim za područje interorganizacijskog povezivanja i umrežavanja.Networks play an important role in entrepreneurship and represent a significant factor in economic development. Despite the rapid development of network theories, scientific literature does not provide in a systematized way a comprehensive approach to the concept of networking among small and medium sized enterprises. Therefore, the article explains in detail theoretical origins of the network and networking concepts and elaborates approaches in researching network relationships with particular emphasis on an entrepreneurial approach. An overview of the most important characteristics of network relationships is provided, a distinction in relation to other organizational forms is made, and network theory is positioned within the modern economic theory. Article provides a valuable contribution to the scholars in an early stage of their research interested in the area of interorganizational linking and networking

The role of national culture for human resource management and leadership within an international context

Over the last decades, globalization has brought many positive effects for the companies operating overseas including exposures to new cultures and belief systems. However, such international exposure has also brought certain problems in terms of cultural differences from different markets. Expatriates (international managers) when running international operations and managing foreign teams come across many obstacles caused by differences in national cultural systems, therefore it is important to have a good understanding how cultures differ from each other and what is the best way to approach each one of them in the right way. Therefore, the aim of this paper is to determine how intercultural differences affect human resource management in an international context and how expatriates should adapt their leadership styles to the requirements of local markets. Moreover, the paper elaborates on differences between domestic and international management styles and on the differences between leadership styles across different regions

Open-end Investment Funds in Croatia

This work discusses investment funds in Croatia, with a particular emphasis on openend investment funds. After a short review of the development of the funds, the perception of the funds is analysed, as are the trends in total assets and in average yields. The degree of concentration of open-end investment funds is shown with statistical measures of concentration (the Gini Coefficient, the Lorenz Curve and concentration ratios). All these indicators show that the concentration is moderate to strong. The greatest yields are given by the equity funds, but these are also the most risky

Sustav poticanja kao faktor razvoja korporativnog poduzetništva

Ovim radom pružen je teorijski prikaz uloge i značaja korporativnog poduzetništva u suvremenim poduzećima. Prikazane su osnovne teorijske postavke korporativnog poduzetništva, objašnjena je uloga i značaj intrapoduzetnika kao nositelja poduzetničkih aktivnosti u srednjim i velikim poduzećima, te je pruženo objašnjenje sustava poticanja i nagrađivanja kao jednog od temeljnih odrednica razvoja korporativnog poduzetništva. Pri tome ukazano je na činjenicu kako bez kvalitetnog i poduzetnički orijentiranog sustava poticanja nije moguće osigurati dugoročno inovativno i proaktivno ponašanje poduzeća

ROLE OF MANAGEMENT IN STIMULATING ENTREPRENEURIAL ACTIVITIES OP LARGE CROATIAN COMPANIES

Ovim radom pružen je teoretski prikaz uloge i značaja korporativnog poduzetništva u suvremenim poduzećima. Prikazane su osnovne teorijske postavke korporativnog poduzetništva, definirani su faktori i objašnjene su uloge upravljačkih struktura u razvoju poduzetničkih aktivnosti unutar poduzeća. Također, prikazano je postojeće stanje provođenja i poticanja poduzetničkih aktivnosti unutar promatranih poduzeća pri čemu su potrebni podaci dobiveni istraživanjem provedenim putem anketnog upitnika na uzorku od 150 velikih hrvatskih poduzeća. Usto, ovim radom istražila se i povezanost poticanja poduzetničkih aktivnosti unutar promatranih poduzeća i razine kreacija inovacija i invencija, odnosno, promatran je odnos između potpore menadžmenta, kao jednog faktora razvoja poduzetničkih aktivnost, i razine inovativnosti i inventivnosti promatranih poduzeća.This paper attempts to advance the theory of the role and importance of corporate entrepreneurship in modern firms via an integrative framework. Fundamental theoretical elements of corporate entrepreneurship are demonstrated through experiences of Croatian enterprises with activities linked to management support of entrepreneurial activity including the existing state of implementation and progress of such efforts within the observed enterprises. Via a survey conducted among 150 large Croatian corporations the research attempt it to demonstrate the linkages between management support of entrepreneurial activity within the observed enterprises, as one of the antecedents to the creation of sustainable entrepreneurship within a company and creative intensity of innovations and inventions

MODERATING EFFECT OF EXTERNAL ENVIRONMENT ON THE ENTREPRENEURIAL ORIENTATION AND BUSINESS PERFORMANCE RELATIONSHIP OF CROATIAN SMALL AND MEDIUM SIZED MANUFACTURING ENTERPRISES

Poduzetnička orijentacija predstavlja strateški stav poduzeća da bude inovativno, proaktivno, sklono riziku, autonomno te agresivno nasuprot konkurenciji. Poduzetnička orijentacija, kao koncept, odnosi se na promociju poduzetničkih inicijativa na svim organizacijskim razinama prilikom formuliranja i implementiranja poslovnih strategija. Svrha je ovog članka ispitati utjecaj poduzetničke orijentacije na poslovnu uspješnost hrvatskih malih i srednjih proizvodnih poduzeća, pri čemu su fi nancijski i nefi nancijski pokazatelji promatrani kako bi se preciznije istražili višedimenzionalna gledišta navedenog odnosa. Također, u članku se ispitivao direktan i moderatoran utjecaj okoline na promatrane varijable. Rezultati ovog istraživanja korisni su kako za znanstvenike, tako i za donosioce odluka u poduzećima da bi jasnije razumjeli ulogu i značaj poduzetničke orijentacije u postizanju poslovnu uspješnosti malih i srednjih proizvodnih poduzeća u kontekstu srednje razvijene zemlje.Entrepreneurial orientation is a firm’s strategic posture to be innovative, proactive, willing to take risks, act autonomously and be highly competitive in regards to the market rivals. Entrepreneurial orientation, as a concept, refers to the promotion of entrepreneurial initiatives among all organizational levels in the strategy formulation and implementation process. Th e purpose of this paper is to examine the influence of entrepreneurial orientation (EO) on the firm performance of Croatian manufacturing SMEs. Financial and non-financial indicators were used in order to more precisely clarify the multidimensional aspect of the EO-performance relationship. External environment further tested the relationship as a moderator. Both academics and practitioners can find the results of this research useful while comprehending the signifi cance of entrepreneurial orientation for the performance of manufacturing SMEs in a developing country

Contemporary approaches in observing business performance from an entrepreneurial perspective

Mjerenje poslovne uspješnosti još uvijek predstavlja značajan izazov, kako za znanstvenu tako i za poslovnu zajednicu. Empirijska istraživanja jasno ukazaju na multidimenzionalnost samog koncepta, međutim ne pružaju suglasnost koje točno dimenzije čine koncept poslovne uspješnosti. Ciljevi rada su: (1) prikazati detaljan pregled literature povijesnog razvoja koncepta poslovne uspješnosti uvažavajući tradicionalne i suvremene poglede, (2) pružiti osnovni pregled prednosti i nedostataka različitih mjera uspješnosti te (3) pružiti detaljan opis koncepta poslovne uspješnosti unutar poduzetničkog konteksta, pri čemu je naglasak stavljen na najznačajnije pristupe proučavanja poslovne uspješnosti. Može se zaključiti da literatura i dalje ne pruža jedinstven i nedvosmislen pogled koja je to „najbolja” mjera poslovne uspješnosti, niti pruža jasno definiran model kojim bi se poslovna uspješnost mogla u potpunosti iskazati. Rad je namijenjen široj akademskoj i poslovnoj zajednici zainteresiranoj za proučavanje koncepta poslovne uspješnost i njezine teorijske i praktične primjene.Measuring business performance still represents a significant challenge for both the scientific and business communities. Empirical research clearly indicates the multidimensional aspect of business performance, however does not provide an agreement which dimensions constitute the concept itself. The objectives of the paper are following: (1) to present a detailed literature review on the historical development of the business performance as a concept taking into account traditional and contemporary perspectives, (2) to provide an overview of the main advantages and disadvantages of various performance measures, (3) to present a detailed description of business performance within an entrepreneurial context where the emphasis is placed on the most significant approaches to researching the concept of business performance. It can be concluded that the literature still does not provide a unique and unambiguous view of what is the best; measure of business performance, nor does it provide a clearly defined model by which business performance could be entirely explained. The paper is intended for the wider academic and business community interested in researching the concept of business performance, including its theoretical and practical applications

STRATEŠKI PRISTUP UMREŽAVANJU MALIH I SREDNJIH PODUZEĆA

Mrežni odnosi igraju značajnu ulogu u poduzetničkom procesu i predstavljaju bitan čimbenik gospodarskog razvoja. Unatoč strelovitom razvoju mrežnih teorija, na sistematiziran način znanstvena literatura ne pruža strateški pristup konceptu mrežnih odnosa među malim i srednjim poduzećima. Zato je ovim člankom detaljno objašnjen koncept mreža i mrežnih aktivnosti s posebnim naglaskom na dugoročne oblike mrežnih odnosa. Pružen je prikaz tržišno najučestalijih oblika strateških mrežnih odnosa među malim i srednje velikim poduzećima, pri čemu su opisane najznačajnije prednosti i nedostaci navedenih poslovnih odnosa. Članak pruža vrijedan doprinos znanstvenicima u ranoj fazi istraživačkog rada zainteresiranima za područje interorganizacijskog povezivanja i umrežavanja