Available online at www.sciencedirect.com ScienceDirect Procedia - Social and Behavioral Sciences 219 (2016) 84 – 90 UG*OREDO&RQIHUHQFHRQ%XVLQHVVDQG6RFLDO6FLHQFH*&%66'HFHPEHU .XDOD/XPSXU0DOD\VLD &RVWPDQDJHPHQWHQWUHSUHQHXUVKLSDQGFRPSHWLWLYHQHVVRI VWUDWHJLFSULRULWLHVIRUVPDOODQGPHGLXPHQWHUSULVHV $]UL\DK$PLU6RILDK0G$X]DLUDQG5R]LWD$PLUXGGLQ School of Accounting, Faculty of Economics and Management, Universiti Kebangsaan Malaysia, 43600 UKM Bangi Malaysia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¶V FRPSHWLWLYHQHVVRIVWUDWHJLFSULRULWLHV$IXUWKHUDQDO\VLVGHPRQVWUDWHVWKDWWKHUHODWLRQVKLSEHWZHHQFRVWPDQDJHPHQWSUDFWLFHV DQG 60(V¶ FRPSHWLWLYHQHVV RI VWUDWHJLF SULRULWLHV LV PHGLDWHG E\ HQWUHSUHQHXUVKLS FDSDELOLWLHV 7KLV VWXG\ FRQWULEXWHV WR WKH OLWHUDWXUH RQ UHVRXUFH EDVHG YLHZ E\ H[WHQGLQJ WKH XQGHUVWDQGLQJ RI LQWHJUDWHG HIIHFWV RI FRVW PDQDJHPHQW SUDFWLFHV DQG HQWUHSUHQHXUVKLSRQFRPSHWLWLYHQHVVRIVWUDWHJLFSULRULWLHV,QWHUPVRISUDFWLFDOFRQWULEXWLRQWKHUHVXOWVRIWKLVVWXG\FDQEHXVHG E\UHJXODWRUVSROLF\PDNHUVDQG60(V¶RZQHUVLQGHYHORSLQJWKHULJKWUHVRXUFHVWRHQKDQFHWKHFRPSHWLWLYHQHVVRI60(V¶VWUDWHJLF SULRULWLHV © 2016 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license 7KH$XWKRUV3XEOLVKHGE\(OVHYLHU/WG (http://creativecommons.org/licenses/by-nc-nd/4.0/). 3HHUUHYLHZXQGHUUHVSRQVLELOLW\RIWKH2UJDQL]LQJ&RPPLWWHHRIWKHUG*&%66 Peer-review under responsibility of the Organizing Committee of the 3rd GCBSS-2015 Keywords:&RVWPDQDJHPHQWSUDFWLFHV&RPSHWLWLYHQHVVRIVWUDWHJLFSULRULWLHV6PDOODQGPHGLXPHQWHUSULVHV60(V5HVRXUFHEDVHGYLHZ (QWUHSUHQHXUVKLSFDSDELOLWLHV &RUUHVSRQGLQJDXWKRU E-mail address:D]UL\DKDPLU#JPDLOFRP 1877-0428 © 2016 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer-review under responsibility of the Organizing Committee of the 3rd GCBSS-2015 doi:10.1016/j.sbspro.2016.04.046 Azriyah Amir et al. / Procedia - Social and Behavioral Sciences 219 (2016) 84 – 90 ,QWURGXFWLRQ :KDW DUH WKH IDFWRUV WKDW FRXOG LQIOXHQFH 6PDOO DQG 0HGLXP (QWHUSULVHV 60(V FRPSHWLWLYHQHVV RI VWUDWHJLF SULRULWLHV"7KLV LV WKHTXHVWLRQ WKDW PDQ\ 60(V DQG UHJXODWRUV DLP WRVROYH LQ RUGHUHQVXUH WKH VXVWDLQDELOLW\ DQG VXFFHVVIXOQHVV LQ FUHDWLQJ PDUNHW GLIIHUHQWLDWLRQ DPRQJ 60(V 7KLV VWXG\ VHHNV WR H[SODLQ GRHV 60(V FRVW PDQDJHPHQW SUDFWLFHV LQIOXHQFH FRPSHWLWLYHQHVV RI VWUDWHJLF SULRULWLHV E\ H[DPLQLQJ 60(V¶ FRVW PDQDJHPHQW SUDFWLFHVLQ0DOD\VLD 60(VDUHLPSRUWDQWWR0DOD\VLDQHFRQRP\VLJQLILFDQWFRQWULEXWLRQWRWKHFRXQWU\¶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¶ FRPSHWLWLYHQHVVRIVWUDWHJLFSULRULWLHVLVYHU\LPSRUWDQWDVLWFRXOGGLUHFWO\DIIHFWILUPV¶SHUIRUPDQFH7KXVWKHILUVW REMHFWLYHRIWKLVVWXG\LVWRLQYHVWLJDWHWKHUHODWLRQVKLSEHWZHHQFRVWPDQDJHPHQWZLWKFRPSHWLWLYHQHVVRIVWUDWHJLF SULRULWLHVIRU60(V 3UHYLRXV VWXGLHV RQ FRVW PDQDJHPHQW SUDFWLFHV LQ 0DOD\VLD PDLQO\ IRFXV RQ WKH W\SH RI PDQDJHPHQW FRQWURO WHFKQLTXHV )RU H[DPSOH VWXGLHV LQ EXGJHWLQJ EHKDYLRXU .DPDU HW DO PDQDJHPHQW DFFRXQWLQJ SUDFWLFHV .DPLODKDQGSHUIRUPDQFHPDQDJHPHQW0RKG1L]DP+RZHYHUWKHUHLVOLWWOHHYLGHQFHRQVWXG\WKDW ORRNV DW WKH UHODWLRQVKLS EHWZHHQ FRVW PDQDJHPHQW DQG WKH IRUPDWLRQ RI RUJDQL]DWLRQDO FRPSHWLWLYHQHVV DQG FRPSHWLWLYHVWUDWHJLHVRI60(V$GGLWLRQDOO\+HQULDQG+XOWDQG.HWFKHQLGHQWLI\WKDWHQWUHSUHQHXUVKLS FDSDELOLWLHV FRXOG DVVLVW RUJDQL]DWLRQV WR DFKLHYH FRPSHWLWLYH DGYDQWDJHV DQG FUHDWH PDUNHW GLIIHUHQWLDWLRQ (QWUHSUHQHXUVKLSFDSDELOLWLHVZLOODOVRDIIHFWWKHHIIHFWLYHQHVVRIPDQDJHPHQWSUDFWLFHVRI60(V$WHVHWDO 0RKG1L]DP 7KXV WKH VHFRQG REMHFWLYH RI WKLV VWXG\ LV WR H[DPLQH ZKHWKHUWKH UHODWLRQVKLSEHWZHHQ FRVW PDQDJHPHQW SUDFWLFHV DQG 60(V¶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¶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¿QDOO\ZH SURYLGHVRPHFRQFOXGLQJUHPDUNV /LWHUDWXUHUHYLHZ 2.1. SME competitiveness of strategic priorities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zriyah Amir et al. / Procedia - Social and Behavioral Sciences 219 (2016) 84 –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cost management $FFRUGLQJWR+DQVHQHWDOFRVWPDQDJHPHQWUHIHUVWRLGHQWLILFDWLRQLQIRUPDWLRQFROOHFWLRQPHDVXUHPHQW FODVVLILFDWLRQDQGUHSRUWLQJXVHIXOLQIRUPDWLRQWRPDQDJHPHQWWRGHWHUPLQHWKHUHODWHGFRVWVRISURGXFWVFXVWRPHUV DQGVXSSOLHUVDVZHOODVIRUSODQQLQJSXUSRVHVFRQWUROFRQWLQXRXVLPSURYHPHQWDQGGHFLVLRQPDNLQJ)D\DUGHWDO GHILQHFRVWPDQDJHPHQWDVWKHFRVWRISRUWIROLRPDQDJHPHQWDQGEXVLQHVVDFWLYLWLHVWKDWHQDEOHRUJDQL]DWLRQV WRPDQDJHWKHLUFRVWVDQGPDNHFRVWPDQDJHPHQWGHFLVLRQV 7KH FRVW DQG PDQDJHPHQW FRQWURO WHFKQLTXHV WKDW KDYH EHHQ H[DPLQHG LQ 60(V HQYLURQPHQW DUH UHODWHG WR SHUIRUPDQFH HYDOXDWLRQ -DUYLV HW DO EXGJHW .DPDU HW DO .LQJ HWDO DFWLYLW\EDVHG FRVWLQJ +RSSHUHWDO+XJKHVWDUJHWFRVWLQJ+RSSHUHWDO.DPLODKTXDOLW\PDQDJHPHQW.REHU HWDO6DGLT7HREDODQFHGVFRUHFDUG)HUQDQGHVHWDO7KHVHVWXGLHVDUHODUJHO\IRFXVHGRQWKH PDQDJHPHQW DFFRXQWLQJ SUDFWLFHV DQG LWV LPSOLFDWLRQV RQ EXVLQHVV SHUIRUPDQFH )RU H[DPSOH -DUYLV HW DO H[DPLQHGWKHSHUIRUPDQFHHYDOXDWLRQVPDOOILUPVLQWKH8QLWHG.LQJGRP)LQGLQJIRXQGWKDWDVFRPSDUHGWRWKHUDWLR RISURILWDELOLW\60(VSUHIHUFDVKIORZVDVDQLQGLFDWRURISHUIRUPDQFH.LQJHWDOH[DPLQHWKHUHODWLRQVKLS EHWZHHQFRVWDQGSHUIRUPDQFHPDQDJHPHQWWKURXJKWKHUHODWLRQVKLSEHWZHHQEXGJHWDQGSHUIRUPDQFHKHDOWKEXVLQHVV FLUFOHV LQ $XVWUDOLD .LQJ HW DO IRXQG SRVLWLYH UHODWLRQVKLS EHWZHHQ EXGJHWLQJ SUDFWLFH DQG EXVLQHVV SHUIRUPDQFH+RSSHUHWDOH[SORUHFRVWLQJV\VWHPDQGFRVWPDQDJHPHQWSUDFWLFHVDPRQJ60(VXVLQJVHPL VWUXFWXUHGLQWHUYLHZVZLWKVPDOODQGPHGLXPHQWHUSULVHVLQ-DSDQ7KHLUILQGLQJVVKRZWKDWWKHVPDOODQGPHGLXP HQWHUSULVHV DGRSW FRVWLQJ WHFKQLTXHV VXFK DV VWDQGDUG FRVWLQJ WDUJHW FRVWLQJ DQG DFWLYLW\EDVHG FRVWLQJ $ VWXG\ FRQGXFWHGE\.DPLODKLQ0DOD\VLDDOVRIRXQGVLPLODUUHVXOWV%DVHGRQWKHUHVSRQGVIURPDFFRXQWDQWVLW ZDVIRXQGWKDWWUDGLWLRQDOFRVWLQJLVEHLQJSUDFWLFHGPRVWE\60(VLQ0DOD\VLD 2.3. SME entrepreneurship capabilities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zriyah Amir et al. / Procedia - Social and Behavioral Sciences 219 (2016) 84 –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ypotheses development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¶PDQDJHUVKDYHDYDULHW\RIGXWLHV DQGUROHVZKLFKLQFOXGHLQRSHUDWLRQDQGVWUDWHJ\$WHVHWDO60(V¶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zriyah Amir et al. / Procedia - Social and Behavioral Sciences 219 (2016) 84 – 90 5HVHDUFKPHWKRG 7KHVDPSOHDUHVHOHFWHGUDQGRPO\IURP60(&RUSOLVWLQJ4XHVWLRQQDLUHVXUYH\VZHUHPDLOHGWRHLWKHURZQHUVRU VHQLRUPDQDJHPHQWRI0DOD\VLDQ60(V7KHVXUYH\LQVWUXPHQWVZHUHDGDSWHGDQGPRGLILHGIURP)D\DUGHWDO 0LOOHU HW DO DQG 1DPDQ DQG 6HOYLQ $ WRWDO RI UHVSRQVHV RU SHUFHQW IURP TXHVWLRQQDLUHV GLVWULEXWHGZHUHUHFHLYHG7WHVWVVKRZHGQRVLJQLILFDQWGLIIHUHQFHIRUDOOYDULDEOHVPHDVXUHGEHWZHHQHDUO\DQGODWH UHVSRQGHQWV7KLVLQGLFDWHVQRUHVSRQVHELDVRQWKHRYHUDOOGDWDFROOHFWHG 5HVXOWVDQGGLVFXVVLRQ 5.1. Factor analyses 6WUDWHJLFSULRULWLHVLVPHDVXUHGEDVHGRQSHUIRUPDQFHDFKLHYHGIRUHDFKVWUDWHJLFDUHDDQGWKHLPSRUWDQFHRIWKHVH VWUDWHJLHVIRUSURGXFWRUVHUYLFHLQWKH60(V6WUDWHJLFSULRULW\LVEDVHGRQLWHPVLGHQWLILHGE\0LOOHUHWDO $VZHUXQIDFWRUDQDO\VHVRQFRPSHWLWLYHQHVVRIVWUDWHJLFSULRULW\YDULDEOHLWHPVZHIRXQGWKDWDOOLWHPVWKDWLV WHVWHG KDYH IDFWRU ORDGLQJ WKDW H[FHHG &URQEDFK¶V $OSKD YDOXH DOVR H[FHHGHG PLQLPXP DFFHSWDQFH OHYHO RI UHOLDELOLW\WHVWDWWKHYDOXHRI &RVWPDQDJHPHQWORDGVRQDVLQJOHFRPSRQHQWZLWKDOOLWHPVH[FHHG7KHUHVXOWIRUWKHIDFWRUDQDO\VLVDOVR VKRZHG WKDW HQWUHSUHQHXULDO FDSDELOLW\ ORDG RQ D VLQJOH FRPSRQHQW 7KLV FRPSRQHQW H[SODLQV SHUFHQW RI WKH YDULDEOH2YHUDOODOORIWKHLWHPVWHVWHGZHUHDERYHWKHPLQLPXPIDFWRUORDGLQJRI&URQEDFK V$OSKDDOVRVKRZV DKLJKYDOXHRI 5.2. Regression 7KH UHJUHVVLRQ UHVXOWV VKRZHG WKDW WKH GLUHFW UHODWLRQVKLS EHWZHHQ FRVW PDQDJHPHQW DQG FRPSHWLWLYHQHVV RI VWUDWHJLF SULRULWLHV LV SRVLWLYH DQG VLJQLILFDQW DW ȕ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zriyah Amir et al. / Procedia - Social and Behavioral Sciences 219 (2016) 84 –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ontemporary Accounting Research $PUDQ$ZDQJ6KDLIXO$QQXDU.KDOLG$E$]L]<XVRI.DPVRO0RKDPHG.DVVLP0RKDPPDG,VPDLO5R]LKDQD6KHNK=DLQ$EGXO5DVKLG 6LQWKD 0DGDU (QWUHSUHQHXULDO RULHQWDWLRQ DQG SHUIRUPDQFH UHODWLRQV RI 0DOD\VLDQ EXPLSXWHUD 60(V 7KH LPSDFW RI VRPH SHUFHLYHG HQYLURQPHQWDOIDFWRUVInternational Journal of Business and Management $WHV$*DUHQJR3&RFFD3%LWLWFL87KHGHYHORSPHQWRI60(PDQDJHULDOSUDFWLFHIRUHIIHFWLYHSHUIRUPDQFHPDQDJHPHQW. Journal of Small Business and Enterprise Development %DQILHOG3-HQQLQJV3/%HDYHU*&RPSHWHQFHEDVHGWUDLQLQJIRUVPDOOILUPV$QH[SHQVLYHIDLOXUHLong Range Planning %DUQH\-)LUPVUHVRXUFHVDQGVXVWDLQHGFRPSHWLWLYHDGYDQWDJHJournal of Management %DUQH\-:ULJKW0.HWFKHQ'-7KHUHVRXUFHEDVHGYLHZRIILUP7HQ\HDUVDIWHUJournal of Management± %DUULQJHU%5%OXHGRUQ$&7KHUHODWLRQVKLSEHWZHHQFRUSRUDWHHQWUHSUHQHXVKLSDQGVWUDWHJLFPDQDJHPHQWStrategic Management Journal± %LVEH - 0DODJXHQR 5 8VLQJ VWUDWHJLF SHUIRUPDQFH PHDVXUHPHQW V\VWHPV IRU VWUDWHJ\ IRUPXODWLRQ 'RHV LW ZRUN LQ G\QDPLF HQYLURQPHQWV"Management Accounting Research &KHQKDOO5+$/DQJILHOG6PLWK.7KHUHODWLRQVKLSEHWZHHQVWUDWHJLFSULRULWLHVPDQDJHPHQWWHFKQLTXHVDQGPDQDJHPHQWDFFRXQWLQJ $QHPSLULFDOLQYHVWLJDWLRQXVLQJDV\VWHPVDSSURDFKAccounting, Organizations and Society &KHQKDOO5+$,QWHJUDWLYHVWUDWHJLFSHUIRUPDQFH PHDVXUHPHQWV\VWHPVVWUDWHJLFDOLJQPHQWRI PDQXIDFWXULQJOHDUQLQJDQGVWUDWHJLF RXWFRPHV$QH[SORUDWRU\VWXG\Accounting, Organization and Society &RYLQ-*6OHYLQ'36WUDWHJLFPDQDJHPHQWRIVPDOOILUPVLQKRVWLOHDQGEHQLJQHQYLURQPHQWVStrategic Management Journal &URRN75.HWFKHQ'-&RPGV-*7RGG66WUDWHJLFUHVRXUFHVDQGSHUIRUPDQFH$PHWDǦDQDO\VLVStrategic Management Journal )D\DUG'/HH6//HLWFK5$.HWWLQJHU:-(IIHFWRILQWHUQDOFRVWPDQDJHPHQWLQIRUPDWLRQV\VWHPVLQWHJUDWLRQDQGDEVRUSWLYH FDSDFLW\RQLQWHURUJDQL]DWLRQDOFRVWPDQDJHPHQW,2&0LQVXSSO\FKDLQVAccounting, Organizations and Society )HUQDQGHV.-5DMD9:KDOOH\$/HVVRQVIURPLPSOHPHQWLQJWKHEDODQFHGVFRUHFDUGLQDVPDOODQGPHGLXPVL]HPDQXIDFWXULQJ RUJDQL]DWLRQTechnovation *LPEHUW;%LVEH-0HQGR]D;7KHUROHRISHUIRUPDQFHPHDVXUHPHQWV\VWHPVLQVWUDWHJ\IRUPXODWLRQSURFHVVHVLong Range Planning *UD\&(QWUHSUHQHXUVKLSUHVLVWDQFHWRFKDQJHDQGJURZWKLQVPDOOILUPVJournal of Small Business and Enterprise Development +DQVHQ'0RZHQ0*XDQ/Cost management: Accounting and control&HQJDJH/HDUQLQJ +D\HV$)Introduction to mediation, moderation, and conditional process analysis: A regression-based approach*XLOIRUG3UHVV +HQUL-)0DQDJHPHQWFRQWUROV\VWHPDQGVWUDWHJ\$UHVRXUFHEDVHGSHUVSHFWLYHAccounting, Organizations and Society +RSSHU7.RJD7*RWR-&RVWDFFRXQWLQJLQVPDOODQGPHGLXPVL]HG-DSDQHVHFRPSDQLHV$QH[SORUDWRU\VWXG\Accounting and Business Research 89 90 Azriyah Amir et al. / Procedia - Social and Behavioral Sciences 219 (2016) 84 – 90 +XJKHV$$%&$%0±DFWLYLW\EDVHGFRVWLQJDQGDFWLYLW\EDVHGPDQDJHPHQW$SURILWDELOLW\PRGHOIRU60(VPDQXIDFWXULQJFORWKLQJDQG WH[WLOHVLQWKH8.Journal of Fashion Marketing and Management +XOW*70.HWFKHQ'-'RHVPDUNHWRULHQWDWLRQPDWWHU"$WHVWRIWKHUHODWLRQVKLSEHWZHHQSRVLWLRQDODGYDQWDJHVDQGSHUIRUPDQFH Strategic Management Journal -DUYLV5&XUUDQ-.LWFKLQJ-/LJKWIRRW*7KHXVHRITXDQWLWDWLYHDQGTXDOLWDWLYHFULWHULDLQWKHPHDVXUHPHQWRISHUIRUPDQFHLQVPDOO ILUPV. Journal of Small Business and Enterprise Development -HHQ:HL2QJ+LVKDPXGGLQ,VPDLO+XPDQFDSLWDOVPDNHHQWUHSUHQHXUPRUHHQWUHSUHQHXULDO"$QHPSLULFDOGDWDIURPVPDOODQGPHGLXP HQWHUSULVHVLQ0DOD\VLDJournal of Asia Entrepreneurship and sustainability .DPDU0XVD5R]LWD$PLUXGGLQ$LQXQ$EG0DMLG3UDNWLVSHPEHODQMDZDQSHUXVDKDDQNHFLOGDQVHGHUKDQD3.6SHUNLODQJDQGL0DOD\VLD 3HUVLGDQJDQ.HEDQJVDDQHNRQRPL0DOD\VLDNH9,-LOLG,,0HODND0DOD\VLD±-XQ .DPLODK$KPDG7KHDGRSWLRQRIPDQDJHPHQWDFFRXQWLQJSUDFWLFHVLQ0DOD\VLDQVPDOODQGPHGLXPVL]HGHQWHUSULVHVAsian Social Science .LQJ 5 &ODUNVRQ 3 0 :DOODFH 6 %XGJHWLQJ SUDFWLFHV DQG SHUIRUPDQFH LQ VPDOO KHDOWKFDUH EXVLQHVVHVManagement Accounting Research .REHU56XEUDDPDQQLDP7:DWVRQ-7KHLPSDFWRIWRWDOTXDOLW\PDQDJHPHQWDGRSWLRQRQVPDOODQGPHGLXPHQWHUSULVHV¶ILQDQFLDO SHUIRUPDQFHAccounting & Finance 0LOOHU'7KHFRUUHODWHVRIHQWUHSUHQHXUVKLSLQWKUHHW\SHVRIILUPVManagement Science 0LOOHU - * 0H\HU $ 1DNDQH - The Benchmarking global manufacturing-understanding international suppliers, customers and competitors+RPHZRRG,/,UZLQ 0RKG 1L]DP $EG 5DKPDQ 7KH HIIHFWLYH LPSOHPHQWDWLRQ RI JOREDO VXSSO\ FKDLQ PDQDJHPHQW LQ VPDOO WR PHGLXPVL]HG FRPSDQLHV LQ 0DOD\VLD$QHPSLULFDOVWXG\International Journal of Management3DUW 0RKG5RVOL0&RPSHWLWLYHVWUDWHJ\RI0DOD\VLDQVPDOODQGPHGLXPHQWHUSULVHV$QH[SORUDWRU\LQYHVWLJDWLRQAmerican International Journal of Contemporary Research 1DPDQ-/6OHYLQ'3(QWUHSUHQHXUVKLSDQGWKHFRQFHSWRIILW$PRGHODQGHPSLULFDOWHVWVStrategic Management Journal 1HZEHUW6/(PSLULFDOUHVHDUFKRQWKHUHVRXUFHǦEDVHGYLHZRIWKHILUP$QDVVHVVPHQWDQGVXJJHVWLRQV IRU IXWXUH UHVHDUFK Strategic Management Journal 1RRU+D]OLQD$KPDG:LOVRQ&.XPPHURZ/$FURVVFXOWXUDOLQVLJKWLQWRWKHFRPSHWHQF\PL[RI60(HQWUHSUHQHXUVLQ$XVWUDOLDDQG 0DOD\VLDInternational Journal of Business and Management 3RUWHU0(&RPSHWLWLYHDGYDQWDJH1HZ<RUN7KH)UHH3UHVV 5RVOL0DKPRRG1RUVKDIL]DK+DQDIL(QWUHSUHQHXULDORULHQWDWLRQDQGEXVLQHVVSHUIRUPDQFHRIZRPHQRZQHGVPDOODQGPHGLXPHQWUHSULVHV LQ0DOD\VLDFRPSHWLWLYHDGYDQWDJHDVDPHGLDWRUInternational Journal of Business and Social Science 6DGLT6RKDLO7HR%RRQ+RRQJ740SUDFWLFHVDQGRUJDQL]DWLRQDOSHUIRUPDQFHVRI60(VLQ0DOD\VLD 6RPH HPSLULFDO REVHUYDWLRQV Benchmarking: An International Journal 6DOHK$61GXELVL12$QHYDOXDWLRQRI60(GHYHORSPHQWLQ0DOD\VLDInternational Review of Business Research Papers 7DW.HK+0DL1JX\HQ773LQJ1J+7KHHIIHFWVRIHQWUHSUHQHXULDORULHQWDWLRQDQG PDUNHWLQJLQIRUPDWLRQRQWKHSHUIRUPDQFHRI 60(VJournal of Business Venturing 7LQJ2.60(LQ0DOD\VLD3LYRWSRLQWVIRUFKDQJHKWWSZZZPFDRUJP\>0HL@ :RQJ .HH/XHQ .XHN 7KLDP<RQJ 2QJ 6HQJ)RRN 6WUDWHJLF SODQQLQJ DQG EXVLQHVV SHUIRUPDQFH $ VWXG\ RI 60(V LQ 0DOD\VLD Proceedings of 3rd Asia-Pacific Business Research Conference, Kuala Lumpur, Malaysia)HEXDUL =DKUD 6 $ &RYLQ - * &RQWH[WXDO LQIOXHQFHV RQ WKH FRUSRUDWH HQWUHSUHQHXUVKLSSHUIRUPDQFH UHODWLRQVKLS $ ORQJLWXGLQDO DQDO\VLV. Journal of Business Venturing
© Copyright 2026 Paperzz