Chapter 5: Conclusions
5.3 Research Limitations and Directions
Despite its contributions, this study has following limitations that possibly pave the way for future research.
1. This study relies on the self-reported data from top managers, so it may be involved with a common method variance (CMV). To address the potential concerns of common method bias and single informant bias, several procedural and statistical remedies were used (Podsakoff et al., 2003). Regarding the procedural remedies (ex ante preventive methods), the managers were guaranteed anonymity and the questionnaires were mailed directly to them. Item ambiguity was also reduced, and related items were separated to avoid the respondents guessing the relationship between the variables (Podsakoff et al., 2003). As for the statistical remedies (ex post testing methods), Harman’s single-factor test, a widely-adopted post hoc remedy, was used to estimate whether our data had a CMV problem or not (Podsakoff and Organ, 1986). The results showed that the first factor accounted for only 10.34% of variance among the variables. This implied that there were no serious CMV problems in our data.
2. The data of this study was derived from diverse industries in Taiwan, and the empirical evidence derived from a single country may not be able to generalize the situation of other developed or developing economies. Future studies may consider collecting data from various countries to achieve more generalizable research findings.
3. Several studies have suggested that the effect of EO on firm performance is a long-term rather than a short-term (Wiklund, 1999; Zahra & Covin, 1995). A firm with EO is viewed as a first-mover and introduces new products or services ahead
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of competitors. This action helps first-movers to establish markets, thus sustaining a superior performance. To avoid the error of measurement for short-term returns, a number of performance indicators are used in this study to estimate the effectiveness of business operations between 2007 and 2009 (Combs & Ketchen, 1999). The results show that EO indeed influences firm performance, and the relationship between EO and firm performance (including competitive advantage and satisfaction) can be mediated by value/rareness of resource-capability combinations. In addition, this study further examines the relationships between EO, value/rareness of resource-capability combinations and firm performance over a future two-year period (2010-2011). The results show that all the Hypotheses are not supported when performance is measured using a future two-year period. There are two possible explanations for these results. First, based on small- and medium-sized enterprises in Western countries, prior scholars find that the strength of EO-performance will increase over time. However, the sample in this study mainly focuses on public firms that include a variety of organizational types, and this may produce insignificant results between EO, value/rareness, and firm performance.
Second, both ROA and Tobin’s q that are the indicators of objective performance may be not indeed represent the advantages of a firm with EO because engaging in bold initiatives and risk-taking is usually inherent in a firm with EO and such firm may invest heavily in long-term growth to increase non-financial goals, such as the satisfaction of customers, market share, and brand image. Therefore, based on a large sample of small- and medium-sized enterprises in Taiwan, the framework of the mediating effects in this dissertation can be examined in future studies.
4. This study focuses how EO, environmental dynamism, and resource attributes influence firm performance by using quantitative research. However,
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entrepreneurship is a complex process that is related to the context and conditioned by many factors. Therefore, in order to truly understand the entrepreneurial career and posture of a firm, it is useful that scholars must spend a good deal of time to study the start, mature, and declining stages of the life cycle of this firm by getting close to its managers, employees, owners, or customers (Miller, 2011; Neergaard &
Ulhoi, 2006). However, the EO literature has shied away from qualitative studies, perhaps because they are hard to carry out due to the time, skills, and access required. Thereby, this dissertation introduces pilot case and choices two firms (including YAGEO Company and GIGA-BYTE Technology Company) with EO that are regarded as the sample of pilot case by interviewing top managers. Due to the time and space of printed paper, this study only uses two cases to discuss this issue and to construct propositions. It is suggested that future scholars can continue access to other firms from different industries.
5. Although this dissertation has pointed out the mediating and moderating factors, many possible contingency factors may still exist. Some scholars have argued that organizational structure may influence the relationship between EO and firm performance (Nordqvist & Melin, 2010; Nordqvist, Habbershon, & Melin, 2008).
For example, the family firm is not only the oldest, but the general organization type, of all enterprises in the world. Recent academic studies note that family firms have been viewed as an important organizational type, structure, and a unique context for firms in developed, developing, and emerging economics (Casillas & Moreno, 2010;
Nordqvist & Melin, 2010). Many firms in Taiwan are family firms that have following characteristics: family-owned or family-managed. Future studies may be able to examine whether possessing EO would influence the performance of family vs. non-family firms.
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6. In terms of external environmental factors, this dissertation only examined one variable: environmental dynamism, with a focus on whether environmental dynamism can lead to the effectiveness of resource attributes. However, the association between EO and performance may be influenced by other environmental variables, such as hostility. For instance, some scholars have examined the effects of environmental dynamism and hostility on the success of firms in Western countries (Covin & Slevin, 1989; Dess et al., 1997). However, this issue remains unclear in Eastern countries. Thus, future studies should try to explore external environmental factors and their influences on Taiwanese or Chinese firms.
7. Some scholars have argued that a close relationship may exist between EO and top management teams (Lumpkin & Dess, 1996; Zahra, 1993; Zhou & Li, 2007).
According to the perspective of the upper echelons, Hambrick and Mason (1984) argue that organizational outcomes, strategies and effectiveness, are reflected in the dominant coalition of a firm, especially its top management team. Early on, EO emerges from a strategic-choice perspective (Child, 1972), and then Mintzberg (1973) viewed this proclivity as an entrepreneurial strategy mode that is characterized by an active search for new opportunities, undertaking risky decisions, and taking dramatic leaps forward. Therefore, some scholars have viewed EO as entrepreneurial strategy-making in terms of process, approach, and styles of decision-making (Dess, Lumpkin, & Covin, 1997; Li & Li, 2009; Simsek, Heavy, &
Veiga, 2010). From prior studies of EO and the upper echelons perspective, there are two streams of academic research. First, future studies can examine how top management teams moderate the relationship between EO and firm performance.
Second, top management teams are viewed as the antecedent factor which may be examined to ascertain how to influence EO.
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