Theroleoftopmanagers’humanandsocialcapitalinbusiness
modelinnovation
HaiGuoandJingZhao
SchoolofBusiness,RenminUniversityofChina,Beijing,China,and
Roleoftopmanagers’capital
447
JintongTang
JohnCookSchoolofBusiness,SaintLouisUniversity,StLouis,Missouri,USA
Abstract
Purpose–Thepurposeofthisstudyistoconceptualizethebusinessmodelfromavaluenetworkperspectiveandtoinvestigatehowtopmanagers’individualcharacteristicscontributetobusinessmodelinnovation.
Design/methodology/approach–Onthebasisofupperechelonstheoryandcontingencytheory,thisstudyempiricallyexaminesthemicro-macrolinkbetweentopmanagers’humanandsocialcapitalandfirmbusinessmodelinnovation.
Findings–Usingsurveydatacollectedfrom146Chinesefirms,thefindingsindicatethatbothtopmanagers’managerialandentrepreneurialskillsandmanagerialtiessignificantlyleadtobusinessmodelinnovation.Furthermore,theinteractionbetweenentrepreneurialskillsandmanagerialtiesenhances,yettheinteractionbetweenmanagerialskillsandmanagerialtiesinhibitsbusinessmodelinnovation.
Originality/value–Byproposingavaluenetwork-baseddefinitionforthebusinessmodel,thisstudyprovidesadditionalinsightsintothecurrentdebateonthedefinitionandarchitectureofbusinessmodel.Further,thecurrentstudycontributestoanemergingbodyofbusinessmodelresearchbydemonstrating,forthefirsttime,thatamanager’sindividualcharacteristicscanbothdirectlyandinteractivelydrivebusinessmodelinnovationinthecontextofemergingeconomies.KeywordsBusinessmodelinnovation,Valuenetwork,Humancapital,Socialcapital,ManagersPapertypeResearchpaper
Introduction
Theconceptof“businessmodel”hasrecentlyemergedandquicklyattractedasubstantialamountofattentionfromavarietyofresearchfields,includingstrategy(Teece,2010),entrepreneurship(GeorgeandBock,2011),organizationaldesign(ZottandAmit,2007),andtechnologyandinnovationmanagement(Chesbrough,2010).Representinganewsubjectofinnovation,businessmodelinnovation(BMI)expeditesorganizationalrenewal(DemilandLecocq,2010),facilitatestechnologycommercialization(Chesbrough,2010),andimprovesoverallfirmperformance(ZottandAmit,2008).Consequently,scholarsarguethatasasourceofwealthcreationandfirmcompetitiveadvantage(ZottandAmit,2007),BMIcanextractasmuchvalueastechnologicalinnovationcan(Chesbrough,2010).AlthoughscholarshavewidelyconfirmedtheadvantagesofBMI,thedefinitionofbusinessmodelisratherfragmented,
ThisstudyissupportedbyProjectofNationalNaturalScienceFoundationofChina(71102105,71072141),andtheFundamentalResearchFundsfortheCentralUniversitiesandtheResearchFundsofRenminUniversityofChina(10XNC001).
ChineseManagementStudies
Vol.7No.3,2013
pp.447-469
qEmeraldGroupPublishingLimited
1750-614X
DOI10.1108/CMS-03-2013-0050
CMS7,3
448
andrelativelylittledirectevidenceexistsconcerninghowafirmcansuccessfullyreinventitsexistingbusinessmodel(Zottetal.,2011).
Alargebodyofresearchhashighlightedtheessentialroleoftopmanagersindrivingfirminnovation.Theresource-basedlogicsuggeststhattopmanagers’abilitytoeffectivelyallocateandmanageresourcesiscloselyrelatedtofirminnovation(Irelandetal.,2003).Socialnetworktheoryproposesthatmanagers’socialnetworksarecriticalforfirminnovation(ZhangandLi,2010).Alongthoselines,researchattheinterfaceofmanagerialindividualcharacteristicsandfirminnovationhaspaidconsiderableattentiontotechnology-basedinnovation(e.g.productorprocessinnovation).However,previousresearchhasmadelittleattempttoexplorethenatureofthemicro-macrolinkbetweenmanagerialindividualfactorsandfirmBMI.Thepresentstudybridgesthegapintheliteratureby:.
conceptualizingbusinessmodelfromavalue-networkperspective;and.investigatinghowtopmanagers’individualcharacteristicscontributetofirmBMI.ExtendingPorter’s(1985)conceptofvaluechain,thepresentresearchemploysthevalue-networkperspectivetodefinebusinessmodelasaboundary-spanningvaluenetworkcomposedofthreekeyelements:valuepropositions,value-creationsystems,andvalue-capturingmechanisms.Accordingly,BMIreferstothecreationorreinventionofexistingbusinessmodelsbyproposingnewvaluepropositions,designingnovelvalue-creationsystems,andbuildingoriginalvalue-capturingmechanisms.
Inordertofulfillthesecondpurpose,thecurrentstudyutilizesupperechelonstheory(Hambrick,2007)toinvestigatetheeffectsoftopmanagers’characteristicsonBMI.UpperechelonstheoryindicatesthatCEOsandTMTsoftenexertpowerfuleffectsonorganizationaloutcomes.Thetheoryexaminestowhatextenttheskills,knowledge,experience,andcharacteristicsofthetop-levelmanagersinfluencefirm-leveloutcomes;andthroughwhatpsychologicalandsocialprocessessucheffectsoccur.DrawingonthefoundationalworkofChandlerandHanks(1998)andPengandLuo(2000),thisstudyfocusesontwoimportantaspectsoftopmanagers’individualcharacteristics:humancapitalandsocialcapital.Moreover,buildingoffofcontingencytheory(Donaldson,1995),thepresentresearchsuggeststhatwhilebothhumanandsocialcapitalareimportanttoBMI,thefitbetweenthemisalsoimportant.Contingencytheoryfocusesontheperformanceeffectsoffitoftwoormoreorganizationalfactors.Thisstudyextendscontingencytheorytotherealmofindividualcharacteristicsoftopmanagersandproposesthatbetterfitbetweentopmanagers’humanandsocialcapitalyieldsbetterBMI.Differentfromtechnologicalinnovation,BMIdoesnotnecessarilyrequireafirmtobeatechnologyleader(Chesbrough,2007),yethaspotentialtocreatemorevalue(Teece,2010).Thus,BMImaybeparticularlyimportantforfirmsfromemergingeconomies.TakeChina,forexample:Chinesefirmsaresufferingfromtwokeydisadvantagesinconductingtechnologicalinnovation.First,Chinesefirmslackcoretechnologies.Asaresult,theyoftentimeshavetoimitateoradapttoexistingtechnologies.Second,Chinesefirmsarefacinganunderdevelopedinnovation-supportinginstitutionalenvironment(Tangetal.,2008).Forexample,theimmatureintellectualproperty-protectingsystemandtheimbalancedfinancingsystemmakefirmsratherriskytoinvestheavilyinR&D(LiandAtuahene-Gima,2001).AsBMIisnotnecessarilyassociatedwithdisruptivetechnologies,firmsfromemergingeconomies(e.g.China)maybemorelikelytoreinventtheirexistingbusinessmodelsinordertograspvaluablebusinessopportunities.
Datafrom146firmsinChina’semergingeconomyprovideevidencefortheexistenceofacomplexmicro-macrolinkfrommanagerialindividualfactorstofirmBMI.Specifically,thepresentstudyfindsthatbothtopmanagers’humancapital(consistingofmanagerialandentrepreneurialskills)andsocialcapital(representingmanagerialties)significantlycontributetoBMI.Furthermore,theinteractionbetweenentrepreneurialskillsandmanagerialtiesispositivelyrelatedto,buttheinteractionbetweenmanagerialskillsandmanagerialtiesisnegativelyrelatedtoBMI.Overall,thecurrentstudycontributestoanemergingbodyofbusinessmodelresearchbydemonstrating,forthefirsttime,thatamanager’sindividualcharacteristicscanbothdirectlyandinteractivelydrivefirmBMIinthecontextofemergingeconomies.TheoreticalbackgroundandhypothesesdevelopmentBusinessmodel
Whiletheconceptofbusinessmodelhaswonwidespreaduseinbusinesspractices,academicresearchonthistopicisquitelimitedanddiversified(Morrisetal.,2005).Indeed,businessmodelvariesgreatlyindefinitions,components,andtheoreticalunderpinnings(GeorgeandBock,2011;Shaferetal.,2005).Forexample,scholarshavedefinedbusinessmodelasaboundary-spanningorganizationalarrangementforopportunityexploitation(AmitandZott,2001;ZottandAmit,2007);areflectionofafirm’srealizedstrategy(Casadesus-MasanellandRicart,2010);orausefulapproachtocommercializetechnologies(Chesbrough,2010).AccordingtoZottetal.’s(2011)review,businessmodelresearchspreadsamongthreekeyareas:(1)e-business(Mahadevan,2000);
(2)strategicmanagement(Teece,2010;ZottandAmit,2008);and
(3)technologyandinnovationmanagement(GambardellaandMcGahan,2010).Althoughpublicationsregardingbusinessmodelinleadingacademicjournalsare“relativelysmall”(Zottetal.,2011,p.1020),anexceptionisthatAmitandZotthavepublishedaseriesofresearchstudiesonbusinessmodelandBMIinleadingjournalsinthepastdecade(AmitandZott,2001;ZottandAmit,2007,2008,2010).AmitandZott(2001)integratetheoreticalperspectivesonvaluecreationwiththeconceptofbusinessmodelanddefinethebusinessmodelas“thecontent,structure,andgovernanceoftransactionsdesignedsoastocreatevaluethroughtheexploitationofbusinessopportunities”(AmitandZott,2001,p.511).AsAmitandZott(2001)revealed,thebusinessmodelisatheoreticallyintegratedconstruct.Usingasampleof190publiclistedfirms,ZottandAmit(2007)findthatbusinessmodelhaspositiveimplicationsforperformanceofentrepreneurialfirms.ZottandAmit(2008)furtheraddresshowafirm’sproductmarketstrategyanditsbusinessmodelinteractivelyimpactfirmperformance.Inanefforttogeneralizetheirfindings,ZottandAmit(2010,p.216)conceptualizeafirm’sbusinessmodelas“asystemofinterdependentactivitiesthattranscendsthefocalfirmandspansitsboundaries”.Despitecontributions,ZottandAmit’sserialstudiesdonotprovidereadersaverycleartheoreticalframework,makingitrathernecessarytoexplorefornewperspectivesofthebusinessmodel.
Althoughresearchhasreachednoconsensusindefiningbusinessmodel,somecommonthemesareindeedemerging.First,businessmodelaimstobothcreateandcapturevalue(Zottetal.,2011).Businessmodelnotonlyenablesfirmstogainprofitbydesigningrevenueformulasandcoststructures,butalsodescribeshowfirmsgenerate
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valuesbyidentifyingkeyresources,capabilities,andprocesses(Shaferetal.,2005).Second,businessmodelisanelaborately-designedopennetworkthatlinksthefocalfirmwithallstakeholders,includingcustomers,suppliers,distributionchannels,andothers.Sinceabusinessmodel“elucidateshowanorganizationislinkedtoexternalstakeholders,andhowitengagesineconomicexchangeswiththemtocreatevalueforallexchangepartners”(ZottandAmit,2007,p.181),thedesignofabusinessmodelusuallyrequiresthefocalfirmtobuildaboundary-spanningbusinessnetworkwithitsexternalstakeholdersinordertoeffectivelyexploitopportunitiesandcapturevalue(Shaferetal.,2005).Indeed,networkhasbecomeakeycomponentforbusinessmodel(AmitandZott,2001;Chesbrough,2007;Shaferetal.,2005).
Drawingonthesetwocommonthemesofbusinessmodel(GeorgeandBock,2011;Shaferetal.,2005;ZottandAmit,2008)andextendingPorter’s(1985)conceptofvaluechain,thisstudyproposesavaluenetwork-baseddefinitionforbusinessmodel.Accordingtoavaluenetworkperspective,firmsdonotcreatevaluelinearly,butinamorecomplicated,elaborately-structuredbusinessnetwork.Specifically,thepresentresearchdefinesbusinessmodelas“aboundary-spanningvaluenetworkcomposedofthreekeyelements:valueproposition,value-creationsystem,andvalue-capturingmechanism”(Figure1).Valuepropositionsdefinefirmofferings(i.e.productsorservices)andtargetcustomers.Value-creationsystemsfurthercontainfoursub-dimensions:
(1)actorsrelatedtovaluecreation;
(2)resourcestructure(theconfigurationofresources,capabilities,andactivitiesin
thenetwork);
(3)transactivestructure(thestructurethatdetermineskeytransactionswith
stakeholders);and
(4)governancemechanisms(rules,norms,expectations,andotherinstitutional
arrangementsthatgovernresourceconfigurationsandtransactions).Finally,value-capturingmechanismsreflectthefinancialaspectofabusinessmodel,whichconsistsofcoststructure,revenueformula,andprofitmodel.
Business model
Value proposition
Offerings
Value-creation system
Value actorsResource structureTransactive structureGovernance mechanisms
Value-capturing mechanism
Cost structureRevenue formulaProfit model
Figure1.
Businessmodel:avaluenetworkperspective
Target customers
Businessmodelinnovation
Complementarytootherformsofinnovationsuchasproductorprocessinnovation,BMIsignifies“theconceptualizationandadoptionofnewwaysofconductingeconomicexchanges”(ZottandAmit,2007,p.184).Rapidadvancesintechnologieshaveenabledfirmstofundamentallychangethewaystheydobusiness,inparticular,thewaystheyreshapetheirboundary-spanningbusinessnetworks.Thus,businessmodeldesignbecomesanimportantsourceoffirminnovationand“abetterbusinessmodelwilloftenbeatabetterideaortechnology”(Chesbrough,2007,p.12).Hence,businesssuccessdependsasmuchonBMIasontheselectionofactualtechnology.DrawinguponZottandAmit’s(2007)definitionfornovelty-centeredbusinessmodeldesign,thisstudydefinesBMIas“thecreationorreinventionofexistingbusinessmodelsbyproposingnewvaluepropositions,designingnovelvalue-creationsystems,andbuildingoriginalvalue-capturingmechanisms”.
BMIhasbecomeakeyantecedenttofirmperformance.ExistingliteraturehasdemonstratedthatBMIrepresentsaneffectivevehiclefororganizationaltransformationandrenewal(DemilandLecocq,2010),facilitatestechnologycommercialization(Chesbrough,2010;GambardellaandMcGahan,2010),andimprovesfirmperformance(ZottandAmit,2008).BMIisparticularlyvaluableforfirmsoperatinginuncertainenvironmentalcontextssuchasthoseofemergingeconomies.Forexample,facingadynamicandincreasinglycompetitivebusinessenvironment,andlaggingfarbehindinglobaltechnologycompetition,Chinesefirmsmightprefertodesignnovelbusinessmodelsratherthandevelopnewtechnologiesinordertogaincompetitiveadvantages.Nonetheless,firmsoftentimesfindthemselvesstrugglingtoovercomevariousbarrierstoBMI.Forexample,thetraditionalconfigurationsoffirmassetsmayhinderfirmsfromexperimentingwithnewbusinessmodels(Chesbrough,2010).Similarly,Sosnaetal.(2010)emphasizetheimportanceoftrial-and-errorlearningforBMI.AlthoughalimitednumberofstudieshaveaddressedbarriersordriversofsuccessfulBMI(DemilandLecocq,2010;DozandKosonen,2010;Johnsonetal.,2008),noempiricalevidenceexists.Inparticular,extantliteraturehasnotidentifiedtheroleoftopmanagersinbusinessmodelexperimentations.Indeed,somemanagersmaybeskillfulattakingfulladvantageofcurrentbusinessmodels,yetothersmayprefertoconfigureresourcestosupportnewbusinessmodeldesign(Chesbrough,2010).Thecurrentstudyaddressesthisgapbyempiricallyexamininghowtopmanagers’humancapitalandsocialcapitalworkinconcerttoaffectfirmBMI.
DirecteffectsofhumancapitalandsocialcapitalonBMI
Upperechelonstheory(HambrickandMason,1984;Hambrick,2007)indicatesthatCEOsandotherexecutivesactonthebasisoftheirpersonalizedinterpretationsofthestrategicsituationstheyface,andthattheseinterpretationsareafunctionoftheirexperience,values,andpersonalities.Theactionstheytakeandthestrategiestheyformulateonthebasisofthesecognitiveframesthenstronglyinfluenceawiderangeoforganizationalprocesseswhich,inturn,influencethesurvival,growth,andprofitabilityoftheirorganizations(HambrickandMason,1984).Employingupperechelonstheory,thepresentresearchinvestigatestheinfluenceoftopmanagers’humanandsocialcapitalonBMI,akeyfactorinfirmsurvivalandgrowth.
Extantresearchsuggestsbothhumancapitalandsocialcapitaloftopmanagersareessentialtofirminnovation.Humancapitalreflectsafirmmanager’sinnateand
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learnedskills,includingabilities,expertise,andknowledge(CastaniasandHelfat,2001),amongwhichtwoaspectsofskillsareparticularlyimportant:managerialskillsandentrepreneurialskills(ChandlerandHanks,1998).Managerialskillsrefertotopmanagers’abilitytoeffectivelyorganize,allocate,andconfigurevariousfirmresources.Entrepreneurialskillsreflecttheabilityoftopmanagerstosenseandrecognizeentrepreneurialopportunities.Topmanagers’managerialskillscanhelpafirmsolidifyitsestablishedcompetitiveadvantagesbytakingfulladvantageofrecognizedopportunities,andentrepreneurialskillsenableafirmtobuildnewcompetitiveadvantagesbyembracingnewbusinessopportunities(Irelandetal.,2001).Bothmanagerialandentrepreneurialskillsarecloselyrelatedtofirminnovation(MarvelandLumpkin,2007;SubramaniamandYoundt,2005;Tangetal.,2012).
ManagerialskillshavepotentialstopromoteBMIforthefollowingreasons.First,managerialskillsinvolvesubstantiveresourcecoordinationandconfigurationwhichsupportfirms’businessmodel(Sirmonetal.,2011).Specifically,asmanagerialskillsenablemanagerstointegrate,build,andreconfigurefirmresourcestosupportstrategyexecution,managerscantakenovelbusinessmodeldesignasamechanismtorealizefirmstrategy(Casadesus-MasanellandRicart,2010).Second,asaboundary-spanningvaluenetwork,businessmodelrequiresthefocalfirmtointeractwiththeenvironmentinordertoachieveknowledgeandresourceorchestration(Sirmonetal.,2011).Duringsuchprocesses,managerialskillscanhelpthefocalfirmmoreeffectivelyintegrateresourceswithinthevaluenetwork,createprocessestoleveragethosebundledresources,andbondthefocalfirmwithitsparticipantsinnovelways.Third,afirmoftendesignsnewbusinessmodelstocapturetheeconomicvaluesofentrepreneurialopportunities(GeorgeandBock,2011),andmanagerialskillsoftopmanagershelpthefirmtoachievethisgoalbyeffectivelycombiningandconfiguringinternalandexternalresourcestoexploitopportunities(ZottandAmit,2010):H1.Topmanagers’managerialskillsarepositivelyrelatedtoBMI.
Entrepreneurialskillscanalsodriveafirmtoreinventitsexistingbusinessmodel.Asabusinessmodelreflectsthedesignofboundary-spanningorganizationalstructurestocapitalizeonacommercialopportunity(GeorgeandBock,2011),firmsoftencreatenovelbusinessmodelstocapturesuchbusinessopportunities(Bocketal.,2012;Johnsonetal.,2008).Sinceentrepreneurialskillssuchasalertness(Tangetal.,2012)areparticularlyusefulforsensingandshapingopportunities,oncetopmanagersrecognizeanewopportunitywiththeirentrepreneurialskills,theywillendeavortocapitalizeupontheopportunitythroughnewproducts,processes,orservices,whichoftenrequiresthefocalfirmtoinventaninnovativebusinessmodel:
H2.Topmanagers’entrepreneurialskillsarepositivelyrelatedtoBMI.Topmanagers’socialcapitalreferstoamanager’sabilitytocultivatepersonalsocialconnectionswithkeyexternalentities,suchastieswithmanagersofbusinesspartners(buyers,suppliers,orcompetitors),ortieswithgovernmentofficials(Lietal.,2008;LiandZhang,2007;PengandLuo,2000).Accordingtosocialnetworktheory,managerialtiesprovidefirmswithaccesstovariousexternalknowledgeandresources(PengandLuo,2000),enablefirmstorecognizevaluablebusinessopportunitiesbybringinginformationrelatedtopotentialmarketneeds(LiandZhou,2010),andhelpfirmssearchfordesiredpartnersbyprovidingnetworkingopportunities(WongandEllis,2002).
Asaresult,managerialtiesrepresentakeydeterminantoffirmperformanceinemergingeconomiessuchasChina(LiandZhang,2007).Further,managerialtiesareanimportantdriverofproductinnovation(ZhangandLi,2010)andcriticalforbusinessmodeldesigninparticular(Chesbrough,2007).FollowingPengandLuo(2000),thecurrentstudyregardsmanagerialtiesasindicatorsofsocialcapitalrepresentingbothtieswithbusinesspartnersandgovernmentalofficials.
ManagerialtiescanpromoteBMIforthefollowingreasons.First,BMIoftensignifiestheredefinitionofavaluenetwork,whichinvolvestheintroductionofnewsuppliers,vendors,orotherbusinesspartners.Firmswithstrongmanagerialtieswillhavemoreopportunitiestogetincontactwithandembracedesirablebusinesspartners(WongandEllis,2002).Second,toseizenewopportunities,designinganewbusinessmodelrequiresthefocalfirmtocollectagreatdealofcustomer,supplier,andcompetitorinformationandintelligence(Timmers,1998),andtodevelop,shareandreconfigureresourceswithinthevaluenetwork.Topmanagers’strongtieswillnotonlyhelpthefirmrecognizeentrepreneurialopportunities(Maetal.,2011;Tang,2010),butgainaccesstoexternalinformationandresources(PengandLuo,2000).Finally,adisruptivebusinessmodeloftenbreaksanindustry’sdominantcompetitiverulesdefinedbyexistingbusinessmodels(Irelandetal.,2001).Firmswithstrongmanagerialtiescanmoresuccessfullyconvincetheirkeystakeholderstoacceptnewly-establishedbusinesslogics,thuspromotingnewbusinessmodels:
H3.Topmanagers’managerialtiesarepositivelyrelatedtoBMI.
Fromacontingencyview,fitandmisfitoforganizationalfactorsarecentralconcernsandhavesignificantperformanceimplications(Donaldson,1995).Whilefithasapositiveimpactonfirmperformance,misfitwillhaveanegativeinfluenceonfirmperformance.Thecurrentstudyarguesthatachievingfitbetweentopmanagers’humancapitalandsocialcapitalisaprimaryfunctionofeffectiveBMI.
InteractiveeffectsofhumancapitalandsocialcapitalonBMI
Letusturn,first,totheinteractionbetweenmanagerialtiesandmanagerialskills.Toexploitnewbusinessopportunities,thefocalfirmneedstodesignamatchingvaluenetworkandrunthenetworkefficientlybymobilizingvariousresourcesinsidethisnetwork.Further,inordertomanagevariousrelationshipswithinthevaluenetwork,thefocalfirmshouldlearntomotivatetheirpartnerstobehaveinasynergisticmannercongruentwiththegoalsofthebusinessmodel.Thus,whentopmanagerspossesshighmanagerialskills,thefocalfirmcanmoreeasilyinventitsbusinessmodelbecausemanagerialskillspromoteBMIbycreativelyreconfiguringpeopleandotherresourceswithintheboundaryofthevaluenetwork.Duringtheprocessofbusinessmodeldesignandimplementation,managerialties,bysmoothingtherelationshipsbetweenthefocalfirmanditsbusinesspartners,canexpediteknowledgerecombinationandresourcereconfiguration.Inthisregard,managerialskillsandmanagerialtiesareconcertedinpromotingBMI:
H4.Theinteractionbetweentopmanagers’managerialskillsandmanagerialties
ispositivelyrelatedtoBMI.ManagerialtiesandentrepreneurialskillswillalsointeractivelypromoteBMI.Firmsoftentimesinventnewbusinessmodelstograspentrepreneurialopportunities
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recognizedbyhighentrepreneurialskills,andmanagerialtiesmayacceleratetheprocessoftransferringsuchvaluableopportunitiesintovalue-capturingbusinessmodels.Managerialtiesallowthefocalfirmtogatherandfiltertechnological,market,andcompetitiveinformation,whichenhancesmanagers’abilitytoevaluateandclarifythebusinesspotentialofrecognizedopportunities.Thefocalfirmcanalsousemanagerialtiestotapintocriticalknowledgeandresourcesinordertocapturevaluefromnewopportunities(Maetal.,2011;PengandLuo,2000).Further,asmanagerialtiescanhelpachievevalue-enhancingorchestrationofassetsbyintroducingsuitableparticipantsintothefocalfirm’sbusinessecosystem,tiesutilizationhelpsthefocalfirmbuildcollaborationnetworkstotakefulladvantageofmarketopportunities.Consequently,managerialtiesfacilitatetheeffectofentrepreneurialskillsonBMI.Similarly,entrepreneurialskillscanstrengthentherelationshipbetweenmanagerialtiesandBMIaswell.Entrepreneurialskillscanguidethefocalfirmtoconvertinformationandknowledgeacquiredthroughmanagerialtiesintonewbusinessopportunities.Consequently,thefocalfirmwilltrytoseizetheseopportunitiesbyreinventingitsexistingbusinessmodels.Furthermore,managerswithstrongentrepreneurialskillsmayprefertoconfiguremanagerialtieswithexperimentationandlearningactivities.Thatis,firmswillutilizemanagerialtiestoacquirenewresourcesandintegratethemintoexistingresourcesinnovelways,andthenleveragethemtodesignnewbusinessmodels(Sosnaetal.,2010;Teece,2010):
H5.Theinteractionbetweentopmanagers’entrepreneurialskillsandmanagerial
tiesispositivelyrelatedtoBMI.Wearguethattopmanagers’managerialskillsandentrepreneurialskillscanalsointeractivelyimpactBMI.Asdiscussedabove,entrepreneurialskillsenablefirmmanagerstopursueentrepreneurialopportunitiesbyreinventingthefirm’sbusinessmodel.Duringthisprocess,managerialskillsenablefirmmanagerstobettermanagefirmresourcestosuccessfullyreapprofitsfromsuchopportunities.Fromastrategicentrepreneurshipperspective,entrepreneurialskillspromoteBMIthroughtopmanagers’opportunity-seekingefforts,whilemanagerialskillspromoteBMIthroughtopmanagers’advantage-seekingefforts(Irelandetal.,2001).Suchthat,theintegrativeuseofmanagerialskillsandentrepreneurialskillscanbetterfacilitateBMIbyenablingfirmstosimultaneouslypursueentrepreneurialopportunitiesandresource-basedadvantages:
H6.Theinteractionbetweentopmanagers’entrepreneurialskillsandmanagerial
skillsispositivelyrelatedtoBMI.Method
Sampleanddata
DataforthisstudywerecollectedthroughsurveyadministrationinChina.ThequestionnairewasoriginallydevelopedinEnglishandtranslatedintoChineseviaadoubleback-translationprocessfollowingBrislin’s(1980)framework.Toensurecontentvalidity,thefirstauthorconsultedextensivelywiththreetopmanagersfortheirsuggestionsandadviceforspecificsurveyinstruments.Basedonthisfeedback,severalroundsofmodificationsweremadetocorrectanydiscrepanciesbetweentheEnglishandChineseversions.Then,apilottestwasconductedwithtenexecutivesfromsixcompanies.Thepurposeofthepilottestwastoensureaccurateunderstandingofeachsurveyitemby
therespondents.Thecommentsgatheredfromthepilottestwereincorporatedintothedesignofthefinalquestionnaire.Forexample,inordertoreducesocialdesirabilitybias,thisstudymadesureallthequestionswerephrasedwithneutralwords;informedrespondentsoftheacademicpurposeoftheprojectandconfidentialityoftheirresponses;andassuredthemthatonlyaggregatedresponseswouldbeusedinanalysis.
Forthemainstudy,arandomsampleof500enterpriseswasselectedfromthedatabasesmaintainedbytheEconomicCommerceCommittee(ECC)oftwoprovincesinChina,ShandongandShaanxi,in2009.ThesetwoprovincesrepresentthefastgrowingeconomicdevelopmentinEasternandWesternChina,respectively,(NBSC,2008).TheECCisaspecialadministrativebodyoverseeingbusinessdevelopment.TheECCwaswillingtocooperatebecausethisresearchhasthepotentialtoenhancetheECC’sunderstandingoflocalfirmsandbenefittheECCfortheirpolicymaking.Wephonedthetopexecutivesfromoursamplefortheiragreementtoparticipateinthesurvey.Upontheiragreement,weproceededtointerviewtheparticipantsofoursurveyquestions.Comparedwithmailoronlinesurveys,on-siteinterviewsprovideduswiththeopportunitytoexplainthesurveyquestionstoourparticipantstominimizeanypotentialmisinterpretationsoftheitemsandtoimproveourresponserate.Ourrespondentswereprimarilytopmanagersorheadsofkeydepartmentssuchasdirectorofstrategicdevelopmentandchiefoperationofficer.Generallyspeaking,theCEOorthegeneralmanagerofafirmwasaskedtobetherespondent.ForafewfirmswhoseCEOsorgeneralmanagersareinconvenient,weaskedthemtorecommendoneortwokeydepartmentheadstoindividuallyortogetherfillthequestionnaires.Itshouldbenotedthatonlythosewhowereknowledgeableandpossessedaccurateinformationconcerningtheirfirms’managementandentrepreneurshippracticeswerequalifiedtoparticipantininterviews.Amongourrespondents,over90percentofthemhadworkedintheircompaniesformorethanfiveyears,withanaverageof8.27yearsofbusinesstenure.Thislengthofserviceensuredthattheywerequalifiedparticipants.
Atotalof146validquestionnaireswerecollected,reflectinganeffectiveresponserateof29.2percent(146outof500).FollowingArmstrongandOverton(1977),thisstudyperformedaseriesoft-teststocheckfornon-responsebias.Specifically,theauthorscomparedtherespondingandnon-respondingfirmsalongmajorfirmattributessuchasfirmsize,firmage,salesandownershipstatus.Resultsshowedthatallt-statisticswereinsignificant.Thus,noevidenceofsystematicnon-responsebiaswasdetectedinthedata.Theaveragefirmagewas12yearsandaveragefirmsizewas218employees.Withrespecttosalesvolume,approximately16.6percentoffirmsreportedsalesrevenue(inRMBYuan)oflessthan1million,31percentbetween1and10million,34.5percentbetween10and100million,and17.9percentmorethan100million.Approximately,15.9percentofthefirmswerestate-ownedenterprises,40.7percentlimitedliabilitycompanies,35.9percentprivatecompanies,and7.6percentothers,suchasjointventures,collectivefirms,andvillagefirms.
Measuresandvalidation
Allsurveyitems(exceptfirmsizeandfirmage)weremeasuredonafive-pointLikertscalewhere“1”is“stronglydisagree”and“5”is“stronglyagree”.TableIliststhespecificitemsofkeyvariablesusedinthisstudyalongwiththeirvalidityestimates.BasedonevidenceandsuggestionsbyZottandAmit(2007,2008),thisstudydevelopedanine-itemscaleforBMI.Thisscalereflectedtheextenttowhichthefirm’s
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Managerialties(a¼0.76;CR¼0.85;AVE¼0.59)
Items
Factorloadings0.820.820.810.600.810.840.760.800.810.760.830.810.740.830.790.860.820.860.840.870.880.830.85
456
TableI.
Measurementitemsandvalidityassessment
IhavecultivatedcloseconnectionswithourbuyersIhavecultivatedcloseconnectionswithoursuppliersIhavecultivatedcloseconnectionswithourcompetitorsIhavecultivatedcloseconnectionswithvariouslevelsofgovernmentofficials
Managerialskills(a¼0.86;OneofmygreateststrengthsisachievingresultsbyCR¼0.90;AVE¼0.65)organizingandmotivatingpeople
Oneofmygreateststrengthsisorganizingresourcesandcoordinatingtasks
Oneofmygreateststrengthsismyabilitytodelegateeffectively
Oneofmygreateststrengthsismyabilitytosupervise,influence,andleadpeople
Imakeresourceallocationdecisionsthatachievemaximumresultswithlimitedresources
EntrepreneurialskillsIenjoythinkingaboutnewwaysofdoingbusinesses(a¼0.85;CR¼0.90;IfrequentlyidentifyopportunitiestostartnewbusinessesAVE¼0.63)(eventhoughImaynotpursuethem)
Ifrequentlyidentifyideasthatcanbeconvertedintonewproductsorservices
Iamalerttopreviouslyunnoticedentrepreneurialopportunities
Iseemyselfascreatingentrepreneurialopportunities
BusinessmodelinnovationOurbusinessmodeloffersnewcombinationsofproducts,
servicesandinformation(a¼0.95;CR¼0.96;
AVE¼0.71)Ourbusinessmodelattractsalotofnewcustomers
Ourbusinessmodelattractsalotofnewsuppliersandpartners
Ourbusinessmodelbondsparticipantstogetherinnovelways
Ourbusinessmodellinksparticipantstotransactionsinnovelways
Wefrequentlyintroducenewideasandinnovationsintoourbusinessmodel
Wefrequentlyintroducenewoperationalprocesses,routines,andnormsintoourbusinessmodelWearepioneersofthebusinessmodelOverall,ourbusinessmodelisnovel
Notes:a–Cronbach’salpha;CR–compositereliability;AVE–averagevarianceextracted
businessmodelwasinnovativeandnovelcomparedtoitscompetitors.OurconceptualdefinitionforBMIcorrespondstoitsoperationaldefinitionincertainways.First,thevaluepropositionelementisreflectedbytwoitems:
(1)ourbusinessmodeloffersnewcombinationsofproducts,servicesand
information;and
(2)ourbusinessmodelattractsalotofnewcustomers.
Second,thevalue-creationsystemelementisreflectedbyitemslike:.
ourbusinessmodelbondsparticipantstogetherinnovelways;and.
wefrequentlyintroducenewoperationalprocesses,routines,andnormsintoourbusinessmodel.Finally,thevalue-capturingmechanismcanbereflectedbyitemslike:ourbusinessmodellinksparticipantstotransactionsinnovelways.BecausetheconceptsofbusinessmodelandBMIarerelativelynew,alltherespondentswereclearlyinformedofthedefinitionandcomponentsofabusinessmodelbeforeansweringthequestionsabovetoensurethattheirresponseswerebuiltuponthesameunderstanding.
ThemeasureformanagerialtieswasadaptedfromPengandLuo(2000).Thisfour-itemscalegaugedthemanagerialtiesthattopmanagersdevelopedwithcustomers,suppliers,competitorsandgovernmentofficials.AdaptingfromChandlerandHanks’(1998)measures,thisstudydevelopedtwofive-itemscalesformanagerialskillsandentrepreneurialskills.Managerialskillsreflectedtopmanagers’abilitiestoeffectivelymanagefirmresourcesandpeople,andentrepreneurialskillsrevealedtopmanagers’abilitiestorecognizeentrepreneurialopportunities.Overall,thesemeasureswereadaptedbasedonexistingscalestoensuretheappropriatenessofemployingthemwithintheChinesesetting.
Thecurrentstudyintroducedtencontrolvariables.Firmsize(measuredasthelogarithmofthenumberofemployees)andfirmagewerecontrolledbecausesmallerandyoungerfirmsaremorelikelytoexerteffortstoinnovatetheirexistingbusinessmodelstogaincompetitiveadvantage(ZottandAmit,2007).Thereinventionofabusinessmodeliscloselyassociatedwiththepursuitofentrepreneurialopportunities(GeorgeandBock,2011).Thus,afirm’sopportunityorientationwascontrolledbyadoptingBrownetal.’s(2001)items.Specifically,themeasureassessedtheextenttowhichrespondentsagreedwiththefollowingstatement:“Opportunitiescontrolourbusinessstrategies”.Previousresearchindicatesthatfirmsarelesslikelytoinnovatewhenfinancialperformanceishigh(CyertandMarch,1963).Thus,thisstudycontrolledforfirmfinancialperformancebyincludingreturnonsales(ROS)inthepreviousyear.Threevariableswereaddedtocontroltheeffectsofenvironmentalturbulence.Demanduncertaintywasevaluatedbyaskingtherespondentswhethertheyagreedwiththefollowingstatement:“Itisverydifficulttopredictanydemandchangesinthemarketplace”.Technologicalchangewasevaluatedwiththefollowingitem:“Thetechnologyinourindustryischangingrapidly”.Finally,competitiveintensitywasmeasuredbythefollowingitem:“Competitioninourindustryiscutthroat”.Industrialcompetition,institutions,andfirmresourcesrepresentthreekeydeterminantsoffirminnovationandperformance(Peng,2002).Hence,anotherthreevariableswereintroducedtocontroltheireffects.First,industrialattractivenesswasevaluatedbyaskingtherespondentswhethertheyagreedwiththefollowingstatement:“Theindustryisrichinprofitableopportunities”.Second,institutionalsupportwasevaluatedwiththefollowingitem:“Thegovernmentplanningprovidesuswithstrongsupport”.Finally,resourceavailabilitywasmeasuredbythefollowingitem:“Wecaneasilyacquireresourcesforoperationandexpansionfromthemarket”.
Thisstudyimplementedseveraltestsforconstructreliabilityandvalidity.First,theinternalconsistencyreliabilitywasestimatedusingbothCronbach’saandcompositereliability(CR).Typically,reliabilitycoefficientsof0.70orhigherareconsidered
Roleoftopmanagers’capital
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CMS7,3
458
adequate(Nunnally,1978).AsTableIshows,theCronbach’saandCRvaluesforallconstructswerewellabove0.70.Next,toensuretheconvergentvalidityofmeasurementscales,thisstudyemployedexploratoryfactoranalysis(EFA)andfoundthatallfactorloadingswereabove0.70,withaveragevarianceextracted(AVE)foreachscalegreaterthan50percent.
Finally,thisstudyestimateddiscriminantvalidityofthekeymeasures(i.e.managerialskills,entrepreneurialskills,managerialties,andBMI)withx2differencetestsbyemployingAMOStoconductconfirmatoryfactoranalysis(CFA).Thisstudyformedaone-factorandafour-factormodelandthentestedx2differencestodeterminewhichmodelprovidedabetterfittothedata.Resultsindicatedthatthefour-factormeasurementmodelprovidedasignificantlybetterfitthantheone-factormodel(Dx2¼289.35,df¼6,p,0.001).Additionally,fitindicesshowedthatthefour-factormodel(CFI¼0.90,IFI¼0.90,NFI¼0.82,RMSEA¼0.09)fittedthedatabetterthantheone-factormodel(CFI¼0.76,IFI¼0.77,NFI¼0.70,RMSEA¼0.13).Moreover,inthefour-factormodel,allitemsloadedsignificantlyontheirrespectivelatentvariables.Together,theseCFAresultsdemonstratedthattheconceptualdistinctionamongkeyvariableshadadequatediscriminantvalidity.
Analysisandresults
Testsformulticollinearityandcommonmethodvariance
Todiagnosethepossibilityofmulticollinearity,thisstudyexecutedthevarianceinflationfactor(VIF)test.ResultsshowedthatthelargestVIFvaluewas2.31,wellbelowthebenchmarkof5(Neteretal.,1990).Hence,nosignificantmulticollinearityproblemsexistedinthedata.
Giventhedesignofourstudy,commonmethodvariance(CMV)mightbeanissue.FollowingsuggestionsofChangetal.(2010),thisstudyemployedmultiplemethodstocheckforthepresenceofCMV.First,Harman’ssingle-factortestwasadopted.TocheckforthepresenceofCMV,weenteredallofthevariablesintoanEFAprocedureusingtheprincipalaxisfactoringmethod(Podsakoffetal.,2003).Next,weexaminedtheunrotatedfactorsolutiontodeterminethenumberoffactorsthatwerenecessarytoaccountforthevariance.Sixfactorsemergedwitheigenvaluesexceeding1.0,withthefirstoneexplaining35percentofvariance.Thus,nosinglefactorwasdominant.Second,thestudyappliedaCFAapproachtotestforCMV.Wedidthisanalysisbytestingamodelloadingallitemsontoacommonmethodfactor,andamodelloadingtheitemsontotheirtheoreticalconstructs.Pairwisetestsforallfactorsshowedthat,inallcases,atwo-factormodelfittedthedatabetter.Forexample,comparingatwo-factormodelinvolvingmanagerialskillsandentrepreneurialskillstoaone-factormodelyieldedasignificantchangeinx2(Dx2(Ddf¼1,n¼146)¼61.50,p,0.001)(TableII).Overall,theseresultsindicatethatCMVisunlikelytobeathreattothefindingsofthisstudy.Third,assuggestedbyMarshandBailey(1991),weusedacorrelateduniquenessmodeltoevaluatethemagnitudeofCMV.Thatis,wetestedamodelloadingtheitemsontotheirtheoreticallyassignedlatentvariablesaswellasallowingtheerrortermsofconstructstobecorrelated(Podsakoffetal.,2003).AsshowninTableII,comparingthetwo-factormodeltothecorrelateduniquenessmodelyieldednosignificantx2change(Dx2(Ddf¼5,n¼146)¼9.22,p.0.05).Overall,theseresultssuggestlimiteddangerofCMV.
ModelModeldescription
x2df
Dx2RMSEANFICFI0.090.150.11
0.910.930.810.840.900.93
84.4734Model1Two-factormodel:managerialskillsand
entrepreneurialskillsweretreatedastwodistinctfactors
145.933561.46*Model2One-factormodel:managerialskillsand
entrepreneurialskillswerecombinedintoonefactor
21.92299.22Model3Correlateduniquenessmodel:basedonthetwo-factormodel,theerrortermsofconstructswere
alsoallowedtobecorrelated
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TableII.Comparisonofmeasurementmodels
Notes:Significantat:*p,0.001;n¼146;df–degreeoffreedom;RMSEA–rootmeansquareerrorofapproximation;NFI–normedfitindex;CFI–comparativefitindex
Testsofhypotheses
TableIIIpresentsthemeans,standarddeviations,andPearsoncorrelationsforallvariablesinthepresentstudy.TableIIIindicatesthat,aspredicted,topmanagers’managerialskills,entrepreneurialskills,andmanagerialtiesallhaveapositiverelationshipwithBMI.
Thisstudytestedhypothesesusinghierarchicalregressionanalysis.Inthefirststep,thecontrolvariableswereentered.Next,thethreeindependentvariableswereentered.Thenthetwo-wayinteractiontermswereadded.IncrementalR2andF-testsofstatisticalsignificancewereevaluated.Aninteractioneffectexistsiftheinteractiontermgivesasignificantcontributionoverandabovethedirecteffectsoftheindependentvariables(CohenandCohen,1983).ResultsaresummarizedinTableIV.AsModel1inTableIVshows,thecontrolvariablesexplained30percentofthevarianceinBMI.Thenextstepoftheanalysisaddressedthedirecteffectsofmanagerialskills,entrepreneurialskills,andmanagerialtiesonBMIoverandabovethebasemodel.Thesethreevariablesaccountedforanadditional34percentofthevariationinBMIasdisplayedinModel2.H1-H3assertthattopmanagers’managerialskills,entrepreneurialskills,andmanagerialtieshaveapositiveeffectonBMI.Model2showsthatmanagerialskills,entrepreneurialskills,andmanagerialtiesareallrelatedtoBMIsignificantlyandpositively(b¼0.36,p,0.001formanagerialskills;b¼0.23,p,0.01forentrepreneurialskills;b¼0.28,p,0.001formanagerialties).Thus,H1-H3aresupported.However,theseoverallresultsmustbeinterpretedinthecontextoftheeffectsofhigher-orderinteractions.Likewise,themagnitudeofhigher-orderregressioncoefficientscannotbeevaluatedseparatelyfromlower-orderterms,buthavetobeassessedjointly,asdiscussedbelow.
H4predictsthattheinteractionofmanagerialskillsandmanagerialtiesispositivelyrelatedtoBMI.Model3showsthattheinteractiontermofmanagerialskillsandmanagerialtiesissignificantlyyetnegativelylinkedtoBMI(b¼20.17,p,0.01),lendingnosupportforH4.H5arguesthattheinteractionbetweenentrepreneurialskillsandmanagerialtiesispositivelyrelatedtoBMI.Model3indicatesthattheinteractiontermofentrepreneurialskillsandmanagerialtiesispositivelyrelatedtoBMI(b¼0.13,p,0.05),providingevidenceforH5.H6arguesthattheinteractionbetweenentrepreneurialskillsandmanagerialskillsispositivelyrelatedtoBMI.Model3indicatesthattheinteractiontermofentrepreneurialskills
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TableIII.
Descriptivestatisticsandcorrelationmatrix
**310106..10****21050046...100*****1102630656....1000********010660704434.....10000**********9010441064424......100000************809617550554434.......1000000*09653113700100000........100000002**************0428203526003235433.........1000000002*************060912474050311123324..........10000000002******************40391548492603203333234...........10000000000*******************009611531496m3043313333212h............100000000000ti2rago**0929986798830L2a0011001000111;.............100000000000010.*0**00672938481122,102100020000000p..............10000000000000*222*d96772314898203nDa68999939996778..............S010000200000005110.0n04871471973204a83019483996564,e..............pM123333932233331*:talllasltaasieenritdoaycieyielsatevtccaeiyluceleinnlntaamfitnnnoaizengociliiaoaeeiininlrroigdtytutncieeesintsanaonteleitamiittrvirbrgagpgseaielasesanSlilrlbmmarnehupsrtfirurttrrmcbmnonotoscuepemfitpuaoanltlnivso:aiiecerotpirrspdrtsvainiunirFFDnuTutCnrinunteiOoFepIsIaRaMksEkasMBnesita..............V12345678901234o11111NVariables
ControlsFirmsizeFirmage
DemanduncertaintyTechnologicalturbulenceCompetitiveintensityOpportunityorientationFirmfinancialperformanceInstitutionalsupportIndustrialattractivenessResourceavailabilityMaineffects
ManagerialskillsEntrepreneurialskillsManagerialtiesInteractionterms
Managerialskills£managerialtiesEntrepreneurialskills£managerialtiesManagerialskills£entrepreneurialskillsR2AdjustedR2DR2F-value
Businessmodelinnovation
Model1Model2Model320.0620.0120.110.24**0.27*0.050.020.19*0.08
0.17****
20.0320.0420.060.17**0.16**20.15*0.030.060.050.050.34***0.18*0.28***
20.0320.0220.100.18**0.18**20.15*0.010.080.050.060.34***0.14*0.30***20.17*0.08*0.02(NS)0.690.660.0516.50***
Roleoftopmanagers’capital
461
0.400.358.89***0.640.630.2419.43***
Note:Significantat:*p,0.05,**p,0.01,***p,0.001and****p,0.10
TableIV.
Resultsofhierarchicalregressionanalyses
andmanagerialtiesisnotsignificantlyrelatedtoBMI(b¼0.02,p¼0.70).Thus,H6isnotsupportedbythedata.
Tofacilitateinterpretationoftheinteractions,thisstudyplottedtheserelationships,indicatinghighandlowlevelsofmanagerialskills,entrepreneurialskills,andmanagerialtiesbyvaluesonestandarddeviationaboveandbelowthemean(AikenandWest,1991).Figure2showsthepositivemoderatingeffectofmanagerialtiesandentrepreneurialskillsonBMI.Figure3,onthecontrary,revealsthatmanagerialtiesaremorestronglyrelatedtoBMIwhenmanagerialskillsarelower.TheseresultsprovideadditionalsupportforH5.
Discussion
ThepresentresearchaddstocurrentknowledgeconcerningthetheoreticalfoundationsofandantecedentstoBMI.Utilizingavaluenetwork-basedperspective,thisstudyconceptualizebusinessmodelascomposedofthreekeyelements:valuepropositions,value-creationsystems,andvalue-capturingmechanisms.Thendrawingonupperechelonsandcontingencytheory,thisarticlebuildsatheoreticalmodelthataddressestherelationshipsbetweenmanagerialindividualfactorsandfirmBMIinanemergingeconomy.Resultsshowedthatbothtopmanagers’humancapital(representingmanagerialskillsandentrepreneurialskills)andsocialcapital(representingmanagerialties)arerelatedtoBMIpositively.Inaddition,theinteraction
CMS7,3
Business model innovation0.60.50.40.30.20.10–0.1–0.2–0.3–0.4–0.5
Weak entrepreneurial skillsStrong entrepreneurial skills462
LowMediumHighFigure2.
Interactiveeffectsof
entrepreneurialskillsandmanagerialtieson
businessmodelinnovation
Managerial ties0.60.4Business model innovation0.20
Low–0.2–0.4–0.6–0.8–1
Weak managerial skillsStrong managerial skillsMediumHighFigure3.
Interactiveeffectsofmanagerialskillsandmanagerialtieson
businessmodelinnovation
Managerial tiesbetweenentrepreneurialskillsandmanagerialtiesfurtherenhancesBMI,whereastheinteractionofmanagerialskillsandmanagerialtiesinhibitsBMI.
NotethatH4receivednosupportfromthedata.Contrarytotheprediction,resultsrevealedthattheinteractionbetweenmanagerialskillsandmanagerialtiesisdetrimentaltoBMI.Theauthorssuspectthatsucharesultmightbedue,atleastpartly,tothedualnatureofinnovationimplicationsofmanagerialties.Althoughclosemanagerialtiesenablefirminnovationbybringingincrucialinformation,knowledge,andnetworkingopportunities(ZhangandLi,2010),strongmanagerialtiesmightsuppressinnovationbecausetheymakefirmsover-embeddedincohesivenetworks(Uzzi,1997),andareassociatedwithredundantknowledge,perspectives,andcapabilities(Tiwana,2008).Whileentrepreneurialskillsareassociatedwithopportunity
identification,managerialskillsenhancetopmanagers’efficiencyinallocatingpeopleandotherresourcestoachieveresourceorchestration(ChandlerandHanks,1998).Takentogether,entrepreneurialskillstendtoguidefirmstoreconfiguremanagerialtiesinordertoseizenewbusinessopportunitiesbywayssuchasBMI.Thereconfigurationofstrongmanagerialskillsandmanagerialties,however,islikelytomotivatefirmstoengageinexploitativelearningactivitiesbyimprovingandsolidifyingtheirexistingbusinessmodels.Hence,theinteractionbetweenmanagerialskillsandmanagerialtiesmightbeeffectiveinenablingthefocalfirmtocapitalizeonexistingopportunities,ratherthanexplorenewopportunities.
Theoreticalandmanagerialimplications
Intotal,theseresultshaveimportantimplicationsforboththeoryandmanagerialpractice.First,asanewsubjectofinnovation,BMIhasattractedmoreandmoreattentionrecently(Chesbrough,2010).Nonetheless,theliteratureischaracterizedbyalackofclarityregardingtheconceptualframeworkforbusinessmodel(Zottetal.,2011),andbusinessmodelresearchisstillinitsinfancy(GeorgeandBock,2011).Byproposingavaluenetwork-basedexplanationforbusinessmodel,thisstudyprovidesadditionalinsightsintothecurrentdebateonthedefinitionandarchitectureofbusinessmodel(Shaferetal.,2005).
Second,thecurrentstudyprovidespreliminaryinsightsintotheprocessesbywhichindividualtopmanagers,throughtheiractions,skills,capabilities,andothercharacteristics,influencefirmlevelBMI.Resultscontributetoupperechelonstheory(Hambrick,2007)forunderstandingtheroleoftopmanagersinBMI.Further,tothebestoftheauthors’knowledge,thisstudyrepresentsthefirstexploratorysteptoempiricallytestthemicro-macrolinkbetweentopmanagers’individualfactorsandBMIratherthantechnologicalinnovation.Althoughscholarshaverecognizedtheimportanceofhumancapitalandsocialcapitalfortechnologicalinnovation(MarvelandLumpkin,2007;TangandMurphy,2012),sucharolehasnotbeensystematicallyinvestigatedinthedomainofBMI.Further,fewstudieshaveattemptedtoincorporateextensivemeasuresofsocialcapitalwhichmayamplifyormitigatehumancapitaloutcomes.Thus,byshiftingthefocusfromtechnologicalinnovationtoBMI,thisstudyexpandstheboundaryofanimportantstreamofresearchthatendeavorstoexplorevariousantecedentstosuccessfulfirminnovation.
Third,extantresearchhascalledforfurtherclarificationoftheantecedentsandconsequencesofBMI(Sosnaetal.,2010;Zottetal.,2011).Thepresentstudyrespondstothiscallbyemployingupperechelons(Hambrick,2007)andcontingencytheory(Donaldson,1995)toexplainthetheoreticalfoundationsofBMI.Theproposedresearchmodelelaborateshowtopmanagers’humancapitalandsocialcapitalcanindependentlyandworkinconcerttoinfluencefirmBMI.ThisapproachaddstoanemergingbodyofresearchthataddressesthebarriersanddriversforBMI(Chesbrough,2010;DemilandLecocq,2010;DozandKosonen,2010;Johnsonetal.,2008;Sosnaetal.,2010).Specifically,thepresentresearchshowsthatbothmanagerialhumancapital(representingmanagerialandentrepreneurialskills)andsocialcapital(representingmanagerialties)canfacilitateBMI.Moreimportantly,differentialconfigurationsofmanagerialhumancapitalandsocialcapitalmayimpactBMIdifferently.Thesefindingssuggestthatstrongentrepreneurialskills,indicatingcapabilitiesforsensingandshapingopportunities,canguidemanagerstoconfigure
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managerialtiesinanattempttopursueentrepreneurialopportunitiesbyreinventingexistingbusinessmodels.Contrarily,strongmanagerialskills,indicatingcapabilitiesforallocatinganddeployingresources,willmorelikelyguidemanagerstoconfiguremanagerialtiessoastoprofitfromexistingopportunitiesbysolidifyingmaturebusinessmodels.Theempiricalsupportforcontingencytheory(Donaldson,1995)addsconsiderablemeritstotheexplorationofothercontingencieswithinthelogicoftopmanagers’variousindividualcharacteristics.
Thefindingsofthisstudyofferimportantmanagerialimplicationsaswell.First,thisstudydirectspractitionerstoengageinhumancapitalandsocialcapitalorchestrationtooptimizefirmBMI.Asnovelbusinessmodelaimstoexploitopportunitiesinthemarketplace(Bocketal.,2012;Johnsonetal.,2008),topmanagersneedtocultivatetheirentrepreneurialskillsinordertosense,identify,andshapesuchopportunities.Inaddition,becauseBMIinvolvesagreatdealofresource-orchestratingactivities(Sirmonetal.,2011),topmanagersneedtoenhancetheirmanagerialskills,too,toeffectivelyallocateandconfigureresources.Further,BMIwillbenefitfromtopmanagers’accumulatedtieswithotherbusinessesandgovernmentofficialsbecausesuchmanagerialtiesarecriticaltogainaccesstoinformation,resources,andnetworkingopportunitiesforthereinventionofbusinessmodel.
Second,firmtopmanagersshouldlearntorealizetheirhumancapitalandsocialcapitalwithabalancedapproachinordertooptimizeBMI.FindingsindicatethattheconfigurationofentrepreneurialskillsandmanagerialtiesisinfavorofBMI,whereastheconfigurationofmanagerialskillsandmanagerialtieswillsuppressBMI.Thus,managersshouldfullytakeadvantageofbothentrepreneurialskillsandmanagerialtiestopromoteBMI.Ontheotherhand,however,althoughtheemploymentofeithermanagerialskillsormanagerialtiesfavorsBMI,highlevelsofbothmanagerialskillsandmanagerialtiesmaybecounterproductive.Indeed,akeytaskfortopmanagersistomobilizethesimultaneouscapitalizationofmanagerialskillsandmanagerialtiessothattheirjointimpactdoesnotrisetoalevelatwhichthepotentialdetrimentaleffectswilloutweighthebenefits.
ImplicationsfromaChinesemanagementperspective
ThefindingsofthisstudyalsooffertwoimportantmanagerialimplicationsfromaChinesemanagementperspective.First,thisstudyindicatestheimportanceofBMIforChinesefirms.WhilescholarsaredevotinggreateffortstohelpChinesefirmsenhancetheirtechnologicalinnovationcapabilities,Chinesefirmsarestillsufferingfromtwokeytechnologicaldisadvantages:(1)lackingcoretechnologies;and
(2)facinganimmatureintellectualproperty-protectinginstitutionalenvironment.Therefore,formostChinesefirms,themostrealisticstrategynowisstilltoplaytheroleofatechnologyfollower.However,thisstrategymightdragthemintoaviciouscircleintechnologicalinnovation.Comparedwithtechnology-basedinnovations,BMIdoesnotrequireafirmtobeatechnologyleader,yethaspotentialtocreateatleastasmuchvalueastechnologicalinnovation.Furthermore,arelianceonnetwork-basedstrategiesprovidesfirmmanagersmuchmoreopportunitiestodesignnovelbusinessmodels.Asaresult,weencouragemanagersofChinesefirmstodevotegreatereffortstoBMIactivitiesinthefuture.
Second,ourresultssuggestthattopmanagersofChinesefirmsshouldmakeeffortstoenhancetheirhumancapitalandsocialcapitaltoboostBMI.Afterover30yearsofrapideconomicgrowth,Chinahasbecometheworld’ssecondlargesteconomy.Concomitantwiththis,manyChinesefirmshasgrownupintoworldfamouscompanies.Formostofthesefirms,theirreputationsareduetotheirsharesintheworld’slargestemergingmarketandtheirhugesizes.However,the“softpower”ofthesefirmsisstillatalowlevel.Particularly,themanagementabilitiesofChinesefirmsrequiresignificantimprovements.WesuggestthatChinesefirmsshouldinvestmoreheavilyinimprovingtheirtopmanagers’managerialskills,entrepreneurialskills,aswellasnetworkingskills,inordertobetterenhancefirmBMIandcompetitiveadvantage.
Limitationsandsuggestionsforfutureresearch
Severallimitationsofthecurrentstudywarrantattention.First,thisstudyhasreliedonself-reporteddatacollectedfromsingleinformants.Asaresult,thefindingsmightsufferfromthethreatofCMV.ThisstudyevaluatedthemagnitudeofthisthreatbymeansofproceduresrecommendedbyPodsakoffetal.(2003).AndresultsindicatethatfindingsareunlikelytobetheresultsofCMV.Nonetheless,futurestudiesshouldstrivetocollectdatafrommultiplesourcestoreducesame-sourceconfounds.
Second,thegeneralizabilityofthisstudy’sfindingsisrestrictedbecausetheauthorscollectedthedatafromoneemergingeconomyonly(China).Ausefulextensionwouldbetoreplicatethisstudyinotheremergingeconomies,ortoconductcomparativestudiesinbothdevelopedandemergingeconomies.Inaddition,thecross-sectionaldatasetusedinthisstudydoesnotallowforcausalinterpretationsamongdifferentfactors.Thus,thepresentresearchcannotdetermineatwhatstagesofthemanagerialprocessdifferentfactorsofhumancapitalandsocialcapitalareinfluentialforBMI.
Despitetheselimitations,thepresentstudyoffersseveralimplicationsforfutureresearch.First,thetheoreticalbuildingblocksofbusinessmodelproposedinthisstudyneedfurtherexploration.Thisstudyattemptstoenrichtheconceptualizationofbusinessmodelbyproposingavaluenetwork-basedview.However,researchonbusinessmodelremainsunderdeveloped.Toavoidmisunderstandingsofthebusinessmodelconceptandwipeoffdoubtsforitsusefulness,scholarsneedtotakegreatereffortstoadvanceresearchinthisarea.Forexample,scholarscoulddrawonrelatedresearchfields(e.g.entrepreneurship,technologymanagement)tofurtherdigthetheoreticalrootsofbusinessmodel,distinguishbusinessmodelfromseeminglysimilarconcepts(e.g.opportunityenactment),andpreciselydefinebusinessmodeltoprovideasolidfoundation.
Second,scholarscoulddevotemoreeffortstoexploretheantecedentstosuccessfulBMI.Inadditiontomanagerialhumancapitalandsocialcapital,futureresearchcouldembraceotherpotentialdrivingforces,bothatindividualandfirmlevels.Forexample,extantresearchsuggeststhatfirmscandefineorreformabusinessmodeltoadapttoitsenvironments(DemilandLecocq,2010).PriorresearchhasalsohighlightedtheimportanceoforganizationallearningforBMI(Sosnaetal.,2010).Thus,futureresearchneedstomoresystematicallyexploretheconnectionbetweenBMIandvariousenvironmentalfactorsororganizationallearningactivities.
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Abouttheauthors
HaiGuoisanAssistantProfessorattheSchoolofBusiness,RenminUniversityofChina.Hisresearchinterestsincludestrategicentrepreneurship,institutionalentrepreneurship,andbusinessmodelinnovation.HehaspreviouslypublishedhisresearchinjournalssuchasJournalofProductInnovationManagement,JournalofBusinessResearch,ManagementandOrganizationReview,AsiaPacificJournalofManagement,andJournalofOrganizationalChangeManagement.HaiGuoisthecorrespondingauthorandcanbecontactedat:guohai@rbs.org.cn
JingZhaoisanAssociateProfessorattheSchoolofBusiness,RenminUniversityofChina.Herresearchinterestsarecorporategovernanceandbusinessmodelinnovation.
JintongTangisanAssistantProfessoratJohnCookSchoolofBusiness,SaintLouisUniversity,USA.Herprimaryresearchstreamsfocusonindividualaspectsofentrepreneurship,suchasentrepreneurs’socialskills,coreself-evaluations,alertnessandopportunityrecognition.ShehaspreviouslypublishedherresearchinjournalssuchasJournalofManagement,JournalofBusinessVenturing,EntrepreneurshipTheory&Practice,JournalofSmallBusinessManagement,andAsiaPacificJournalofManagement.
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