Abstract
Whereas commonly innovation and internationalization have been studied disjointedly, many academics have recently questioned the relationship that there might be between these two strategic choices. The present study aims to determine whether businesses can concurrently attain internationalization and innovation instead of selecting for only one of the two strategies in pursuing superior performance. The paper tests the relationships between firm managerial capabilities, technological and marketing resources, innovation and internationalization strategies, and firm performance based on the assumptions of the resource-based view. The hypotheses are tested using the data from a survey on 169 Italian SMEs. The outcomes reveal that innovation and internationalization are complementary, and not alternative in the attainment of firm superior performance, both technological and marketing resources are positively associated with the business internationalization, whereas only technological resources contribute to the business innovativeness. Additionally, managerial capabilities are key for deploying the firm overall resource endowment.
References
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Barney, J. (1991). Firm resources and sustained competitive advantage, Journal of Management, 17, 99–120.
Becker, S., & Egger, P. (2009). Endogenous product versus process innovation and a firm’s propensity to export, Empirical Economics, 44(1), 329–354.
Boermans, M., & Roelfsema, H. (2015). The effects of internationalization on in-novation: Firm-level evidence for transition economies, Open Economies Re-view, 26(2), 333–350.
Brock, D. M., & Jaffe, T. (2008). International diversification and performance: The mediating role of implementation. International Business Review, 17, 600–615.
Caloghirou, Y., Kastelli, I., & Tsakanikas, A. (2004). Internal capabilities and ex-ternal knowledge sources: complements or substitutes for innovative perfor-mance? Technovation, 24, 29-39.
Cassiman, B. & Golovko, E. (2011). Innovation and internationalization through exports. Journal of International Business Studies, 42(1), 56–75.
Castellani, D., & Zanfei, A. (2007). Internationalisation, innovation and productivi-ty: How do firms differ in Italy?, The World Economy, 30, 156–176.
Cerrato, D. (2009). Does innovation lead to global orientation? Empirical evi-dence from a sample of Italian firms, European Management Journal, 27, 305-315.
Cohen, W.M., & Levinthal, D.A. (1989). Innovation and learning: The two faces of R&D. Economic Journal, 99, 569–596.
Cohen, W.M., & Levinthal, D.A. (1990). Absorptive Capacity: A New Perspective on Learning and Innovation, Administrative Science Quarterly, 35, 1, 128-152.
Collis, D.J. (1991). A resource-based analysis of global competition: the case of the bearings industry. Strategic Management Journal, 12, 49-68.
Criscuolo, C., Haskel, J. E. & Slaughter, M. J. (2010). Global engagement and the innovation activities of firms. International journal of industrial organiza-tion, 28, 191–202.
Damanpour, F., Szabat, K.A., & Evan, W.M. (1989). The relationship between types of innovation and organizational performance, Journal of Management Studies, 26, 587-601.
Day, G.S. (1994). The capabilities of market-driven organizations, Journal of Marketing, 58(4), 37–52.
de Carvalho J., & Chima, F.O. (2014). Applications of Structural Equation Model-ing in Social Sciences Research. American International Journal of Contem-porary Research, 4(1), 6–11.
De Luca, L.G., Verona, G., & Vicari, S., (2010). Market Orientation and R&D Ef-fectiveness in High-Technology Firms: An Empirical Investigation in the Bio-technology Industry, Journal of Product Innovation Management, 27, 299-320.
Dhanaraj, C. & Beamish, P. W. (2003). A Resource-Based Approach to the Study of Export Performance. Journal of Small Business Management, 41: 242–261.
Dierickx, I., & Cool, K. (1989). Asset Stock Accumulation and Sustainability of Competitive Advantage. Management Science, 35(12), 1504-1511.
Drucker, P.F. (1993). Management: Tasks, responsibilities, practices. New York, NY: Harper Collins Publishers.
Dutta, S., Narasimhan, O. & Rajiv, S. (1999). Success in High-Technology Mar-kets: Is Marketing Capability Critical? Marketing Science, 18, 4, 547-568.
Filatotchev, I., & Piesse, J. (2009). R&D, internationalization and growth of newly listed firms: European evidence, Journal of International Business Studies, 40(8), 1260-1276.
Gebhardt, G.F., Carpenter, G.S. & Sherry, J.F. (2006). Creating a market orienta-tion: A longitudinal, multifirm, grounded analysis of cultural transformation. Journal of Marketing, 70, 37–55.
Giovannetti, G., Ricchiuti, G. & Velucchi, M. (2011). Size, innovation and interna-tionalization: a survival analysis of Italian firms, Applied Economics, 43(12), 1511–1520.
Glaum, M., & Oesterle, M.J. (2007). 40 years of research on internationalization and firm performance: More questions than answers? Management Interna-tional Review, 47(3), 307-317.
Golovko, E., & Valentini, G. (2011). Exploring the complementarity between in-novation and export for SMEs’ growth, Journal of International Business Stud-ies, 42, 362-380.
Hagemejer, J., & Kolasa, K. (2011). Internationalisation and economic perfor-mance of enterprises: evidence from polish firm-level data, World Economics, 34(1), 74–100.
Hagen, B., Denicolai, S., & Zucchella, A. (2014). International entrepreneurship at the crossroads between innovation and internationalization, Journal of In-ternational Entrepreneurship, 12, 111-114.
Hair, Jr J.F., Black, W.C., Babin, B.J., & Andersons R.E. (2009). Multivariate Da-ta Analysis. 7/E. Prentice Hall.
Halilem, N., Amara, N., & Landry, R. (2014). Exploring the relationships between innovation and internationalization of small and medium-sized enterprises: A non-recursive structural equation model, Canadian Journal of Administrative Sciences, 31, 18-34.
Hamel, G., & Prahalad, C.K. (1994). Competing for the Future. Boston, Mass.: HBS Press.
Hessels, S.J.A. (2007). Innovation and international involvement of Dutch SMEs. International Journal of Entrepreneurship and Small Business, 4(3), 234–255.
Hooley, G.J., Greenley, G.E., Cadogan, J.W. & Fahy, J. (2005). The performance impact of marketing resources. Journal of Business Research, 58, 18–27.
Hoyle, R. (1995). The structural equation modeling approach: Basic concepts and fundamental issues. In R. H. Hoyle (Ed.), Structural Equation modeling: Concepts, issues, and applications (pp. 1-15). Thousand Oaks CA: Sage.
Ito, K., & Lechevalier, S. (2010). Why some firms persistently out-perform others: Investigating the interactions between innovation and exporting strategies. In-dustrial and Corporate Change, 19(6), 1997–2039.
Kotabe, M., & Helsen, K. (2004). Global marketing strategy (3rd ed.). Hoboken, NJ: Wiley.
Kotabe, M., Srini, Srinivasan, S.S., & Aulakh, P.S. (2002). Multinationality and Firm Performance: The Moderating Role of R&D and Marketing Capabilities. Journal of International Business Studies, 33(1), 79–97.
Krasnikov, A., & Jayachandran, S. (2008). The relative impact of marketing, re-search and development, and operations capabilities on firm performance. Journal of Marketing, 72(4), 1–11.
Kumar, M.V.S. (2009). The relationship between product and international diver-sification: The effects of short-run constraints and endogeneity, Strategic Management Journal, 30(1), 99-116.
Kutner, M. H., Nachtsheim, C. J., & Neter, J. (2004). Applied Linear Regression Models (4th ed.). McGraw-Hill Irwin.
Kyläheiko, K., Jantunen, A., Puumalainen, K., Saarenketo, S., & Tuppura, A. In-novation and Internationalization as growth strategies: The role of technologi-cal capabilities and appropriability, International Business Review, 20, 508-520.
Lachenmaier, S., & Wößmann, L. (2006). Does innovation cause exports? Evi-dence from exogenous innovation impulses and obstacles using German mi-cro data. Oxford Economics Papers, 58(2), 317–350.
Lecerf, M.-A. (2012). Internationalization and Innovation: The Effects of a Strate-gy Mix on the Economic Performance of French SMEs, International Business Research, 20(6), 2–13.
Lee, H., Kelley, D., Lee, J., & Lee, S. (2012). SME Survival: The Impact of Inter-nationalization, Technology Resources, and Alliances, Journal of Small Busi-ness Management, 50(1), 1-19.
Lengnick-Hall, C.A. (1996). Innovation and Competitive Advantage: What We Know and What We Need to Learn, Journal of Management, 18(2), 399-429.
López Rodríguez, J. & García Rodríguez, R. M. (2005). Technology and Export behavior: A resource-based view approach. International business review,14 (5), 539–557.
Ngo, L.V. & O’Cass, A. (2012). In search of innovation and customer-related per-formance superiority: The role of market orientation, marketing capability, and innovation capability interactions. Journal of Product Innovation Management, 29(5), 861–877.
OECD (2011). ISIC REV. 3 TECHNOLOGY INTENSITY DEFINITION. Classifica-tion of manufacturing industries into categories based on R&D intensities.
Orr, L.M., Bush, V.D., & Vorhies, D.W. (2011). Leveraging firm-level marketing capabilities with marketing employee development, Journal of Business Re-search, 64, 1074-1081.
Prahalad, C.K., & Hamel, G. (1990). The core competence of the corporation, Harvard Business Review, 79–91.
Ramaswami, S., Srivastava, R., & Bhargava, M. (2009). Market-based capabili-ties and financial performance of firms: insights into marketing’s contribution to firm value. Journal of the Academy of Marketing Science, 37, 97–116.
Ren, S., Eisingerich, A.B., & Huei-Ting, T. (2015). How do marketing, research and development capabilities, and degree of internationalization synergistical-ly affect the innovation performance of small and medium-sized enterprises (SMEs)? A panel data study of Chinese SMEs, International Business Re-view, 24(4), 642-651.
Rodriguez, J. L., & Rodriguez, R. M. G. (2005). Technology and export behavior: A resource-based view approach. International Business Review, 14, 539–557.
Roper, S., & Love, J.H. (2002). Innovation and export performance: Evidence from the UK and German manufacturing plants. Research Policy, 31(7), 1087-1102.
Sanchez, R. & Heene, A. (1996). A Systems View of the Firm in Competence-based Competition. In: Sanchez, R., Heene, A., Thomas, H. (Eds.): Dynamics of Competence-based Competition. Oxford: Pergamon: 39–62.
Sanchez, R., & Heene, A. (2004), The New Strategic Management: Organiza-tions, Competition and Competence, John Wiley & Sons.
Santamaria, L., Nieto, M.J., & Barge-Gil, A. (2009). Beyond formal R&D: Taking advantage of other sources of innovation in low- and medium-technology in-dustries. Research Policy, 38(3), 507–517.
Santoni, S., & Zanni, L. (2011). Comportamenti di ricerca e innovazione nei dis-tretti industriali: gli attori del cambiamento e l’accesso a “conoscenze distanti”. Sinergie, 84: 231-256.
Simoni, C., Mattiacci, A., & Zanni, L. (2010b). Italian SME International Strate-gies: evidences From Local Clusters in the Fashion Industry. In L. Dana, I. Welpe, M. Han, & V. Ratten (Eds), Handbook of Research on European Busi-ness and Entrepreneurship. Cheltenham, UK: Edward Elgar.
Simoni, C., Rabino, S., & Zanni, L. (2008). Small& medium gold and fashion en-terprises (SMEs) in Arezzo: Italy: competitive challenger and strategic implica-tions, Journal of Global Marketing, 21(2), 141-159.
Simoni, C., Rabino, S., & Zanni, L. (2010a). Italian and Indian gold and jewelry SMEs, marketing practices in the USA. A comparative case study, Journal of Small Business and Enterprise Development, 17(3), 403-417.
Spillan, J., & Parnell, J. (2006). Marketing Resources and Firm Performance among SMEs, European Management Journal, 24(2/3), 236-245.
Teece, D.J., Pisano, G.P., & Shuen, A. (1997). A Dynamic capabilities and stra-tegic management, Strategic Management Journal, 18, 509–533.
Tsang, E., Yip, P. S., & Toh, M. H. (2008). The impact of R&D on value added for domestic and foreign firms in a newly industrialized economy. International Business Review, 17, 423–441.
Vorhies, D.W., Harker, M., & Rao, C.P. (1999). The capabilities and performance advantages of market-driven firms, European Journal of Marketing, 33(11/12), 1171-1202.
Vorhies, D.W., Morgan, R.E., & Autry, C.W. (2009). Product-market strategy and the marketing capabilities of the firm: Impact on market effectiveness and cash flow performance. Strategic Management Journal, 30(12), 1310–34.
Wagner, J. (2007). Exports and productivity: a survey of the evidence from firm level data. World Economics, 30(1), 60–82.
Wakelin, K. (1998). Innovation and export behavior at the firm level. Research Policy, 26(7), 829–841.
Wang, C. , Hong, J. , Kafouros, M. & Boateng, A. (2012). What drives outward FDI of Chinese firms? Testing the explanatory power of three theoretical frameworks, International Business Review, 21(3), 425–438.
Weerawardena, J. (2003) The role of marketing capability in innovation-based competitive strategy. Journal of Strategic Marketing, 11, 15-35.
Wernerfelt, B. (1984). A resource based view of the firm. Strategic Management Journal, 5(2), 171–180.
Winter, S. & Szulanski, G. (2002). Replication of Organizational Routines: Con-ceptualizing the Exploitation of Knowledge Assets. In Choo C. and Bontis N. (Eds.) The Strategic Management of Intellectual Capital and Organizational Knowledge, New York: Oxford University Press: 207–221.
Zahra, S. A., Brett, P. M., & Carleton, J. M. (2003). Technological resource lever-aging and the internationalisation of new ventures. Journal of International En-trepreneurship, 1(2), 163–186.
Zahra, S.A., Ucbasaran, D., & Newey, L.R. (2009). Social knowledge and SMEs’ innovative gains from internationalization, European Management Review, 6(1), 81–93.
Zou, S., & Stan, S. (1998). The determinants of export performance: a review of the empirical literature between 1987 and 1997. International Marketing Re-view, 15, 5, 333-356.
Barney, J. (1991). Firm resources and sustained competitive advantage, Journal of Management, 17, 99–120.
Becker, S., & Egger, P. (2009). Endogenous product versus process innovation and a firm’s propensity to export, Empirical Economics, 44(1), 329–354.
Boermans, M., & Roelfsema, H. (2015). The effects of internationalization on in-novation: Firm-level evidence for transition economies, Open Economies Re-view, 26(2), 333–350.
Brock, D. M., & Jaffe, T. (2008). International diversification and performance: The mediating role of implementation. International Business Review, 17, 600–615.
Caloghirou, Y., Kastelli, I., & Tsakanikas, A. (2004). Internal capabilities and ex-ternal knowledge sources: complements or substitutes for innovative perfor-mance? Technovation, 24, 29-39.
Cassiman, B. & Golovko, E. (2011). Innovation and internationalization through exports. Journal of International Business Studies, 42(1), 56–75.
Castellani, D., & Zanfei, A. (2007). Internationalisation, innovation and productivi-ty: How do firms differ in Italy?, The World Economy, 30, 156–176.
Cerrato, D. (2009). Does innovation lead to global orientation? Empirical evi-dence from a sample of Italian firms, European Management Journal, 27, 305-315.
Cohen, W.M., & Levinthal, D.A. (1989). Innovation and learning: The two faces of R&D. Economic Journal, 99, 569–596.
Cohen, W.M., & Levinthal, D.A. (1990). Absorptive Capacity: A New Perspective on Learning and Innovation, Administrative Science Quarterly, 35, 1, 128-152.
Collis, D.J. (1991). A resource-based analysis of global competition: the case of the bearings industry. Strategic Management Journal, 12, 49-68.
Criscuolo, C., Haskel, J. E. & Slaughter, M. J. (2010). Global engagement and the innovation activities of firms. International journal of industrial organiza-tion, 28, 191–202.
Damanpour, F., Szabat, K.A., & Evan, W.M. (1989). The relationship between types of innovation and organizational performance, Journal of Management Studies, 26, 587-601.
Day, G.S. (1994). The capabilities of market-driven organizations, Journal of Marketing, 58(4), 37–52.
de Carvalho J., & Chima, F.O. (2014). Applications of Structural Equation Model-ing in Social Sciences Research. American International Journal of Contem-porary Research, 4(1), 6–11.
De Luca, L.G., Verona, G., & Vicari, S., (2010). Market Orientation and R&D Ef-fectiveness in High-Technology Firms: An Empirical Investigation in the Bio-technology Industry, Journal of Product Innovation Management, 27, 299-320.
Dhanaraj, C. & Beamish, P. W. (2003). A Resource-Based Approach to the Study of Export Performance. Journal of Small Business Management, 41: 242–261.
Dierickx, I., & Cool, K. (1989). Asset Stock Accumulation and Sustainability of Competitive Advantage. Management Science, 35(12), 1504-1511.
Drucker, P.F. (1993). Management: Tasks, responsibilities, practices. New York, NY: Harper Collins Publishers.
Dutta, S., Narasimhan, O. & Rajiv, S. (1999). Success in High-Technology Mar-kets: Is Marketing Capability Critical? Marketing Science, 18, 4, 547-568.
Filatotchev, I., & Piesse, J. (2009). R&D, internationalization and growth of newly listed firms: European evidence, Journal of International Business Studies, 40(8), 1260-1276.
Gebhardt, G.F., Carpenter, G.S. & Sherry, J.F. (2006). Creating a market orienta-tion: A longitudinal, multifirm, grounded analysis of cultural transformation. Journal of Marketing, 70, 37–55.
Giovannetti, G., Ricchiuti, G. & Velucchi, M. (2011). Size, innovation and interna-tionalization: a survival analysis of Italian firms, Applied Economics, 43(12), 1511–1520.
Glaum, M., & Oesterle, M.J. (2007). 40 years of research on internationalization and firm performance: More questions than answers? Management Interna-tional Review, 47(3), 307-317.
Golovko, E., & Valentini, G. (2011). Exploring the complementarity between in-novation and export for SMEs’ growth, Journal of International Business Stud-ies, 42, 362-380.
Hagemejer, J., & Kolasa, K. (2011). Internationalisation and economic perfor-mance of enterprises: evidence from polish firm-level data, World Economics, 34(1), 74–100.
Hagen, B., Denicolai, S., & Zucchella, A. (2014). International entrepreneurship at the crossroads between innovation and internationalization, Journal of In-ternational Entrepreneurship, 12, 111-114.
Hair, Jr J.F., Black, W.C., Babin, B.J., & Andersons R.E. (2009). Multivariate Da-ta Analysis. 7/E. Prentice Hall.
Halilem, N., Amara, N., & Landry, R. (2014). Exploring the relationships between innovation and internationalization of small and medium-sized enterprises: A non-recursive structural equation model, Canadian Journal of Administrative Sciences, 31, 18-34.
Hamel, G., & Prahalad, C.K. (1994). Competing for the Future. Boston, Mass.: HBS Press.
Hessels, S.J.A. (2007). Innovation and international involvement of Dutch SMEs. International Journal of Entrepreneurship and Small Business, 4(3), 234–255.
Hooley, G.J., Greenley, G.E., Cadogan, J.W. & Fahy, J. (2005). The performance impact of marketing resources. Journal of Business Research, 58, 18–27.
Hoyle, R. (1995). The structural equation modeling approach: Basic concepts and fundamental issues. In R. H. Hoyle (Ed.), Structural Equation modeling: Concepts, issues, and applications (pp. 1-15). Thousand Oaks CA: Sage.
Ito, K., & Lechevalier, S. (2010). Why some firms persistently out-perform others: Investigating the interactions between innovation and exporting strategies. In-dustrial and Corporate Change, 19(6), 1997–2039.
Kotabe, M., & Helsen, K. (2004). Global marketing strategy (3rd ed.). Hoboken, NJ: Wiley.
Kotabe, M., Srini, Srinivasan, S.S., & Aulakh, P.S. (2002). Multinationality and Firm Performance: The Moderating Role of R&D and Marketing Capabilities. Journal of International Business Studies, 33(1), 79–97.
Krasnikov, A., & Jayachandran, S. (2008). The relative impact of marketing, re-search and development, and operations capabilities on firm performance. Journal of Marketing, 72(4), 1–11.
Kumar, M.V.S. (2009). The relationship between product and international diver-sification: The effects of short-run constraints and endogeneity, Strategic Management Journal, 30(1), 99-116.
Kutner, M. H., Nachtsheim, C. J., & Neter, J. (2004). Applied Linear Regression Models (4th ed.). McGraw-Hill Irwin.
Kyläheiko, K., Jantunen, A., Puumalainen, K., Saarenketo, S., & Tuppura, A. In-novation and Internationalization as growth strategies: The role of technologi-cal capabilities and appropriability, International Business Review, 20, 508-520.
Lachenmaier, S., & Wößmann, L. (2006). Does innovation cause exports? Evi-dence from exogenous innovation impulses and obstacles using German mi-cro data. Oxford Economics Papers, 58(2), 317–350.
Lecerf, M.-A. (2012). Internationalization and Innovation: The Effects of a Strate-gy Mix on the Economic Performance of French SMEs, International Business Research, 20(6), 2–13.
Lee, H., Kelley, D., Lee, J., & Lee, S. (2012). SME Survival: The Impact of Inter-nationalization, Technology Resources, and Alliances, Journal of Small Busi-ness Management, 50(1), 1-19.
Lengnick-Hall, C.A. (1996). Innovation and Competitive Advantage: What We Know and What We Need to Learn, Journal of Management, 18(2), 399-429.
López Rodríguez, J. & García Rodríguez, R. M. (2005). Technology and Export behavior: A resource-based view approach. International business review,14 (5), 539–557.
Ngo, L.V. & O’Cass, A. (2012). In search of innovation and customer-related per-formance superiority: The role of market orientation, marketing capability, and innovation capability interactions. Journal of Product Innovation Management, 29(5), 861–877.
OECD (2011). ISIC REV. 3 TECHNOLOGY INTENSITY DEFINITION. Classifica-tion of manufacturing industries into categories based on R&D intensities.
Orr, L.M., Bush, V.D., & Vorhies, D.W. (2011). Leveraging firm-level marketing capabilities with marketing employee development, Journal of Business Re-search, 64, 1074-1081.
Prahalad, C.K., & Hamel, G. (1990). The core competence of the corporation, Harvard Business Review, 79–91.
Ramaswami, S., Srivastava, R., & Bhargava, M. (2009). Market-based capabili-ties and financial performance of firms: insights into marketing’s contribution to firm value. Journal of the Academy of Marketing Science, 37, 97–116.
Ren, S., Eisingerich, A.B., & Huei-Ting, T. (2015). How do marketing, research and development capabilities, and degree of internationalization synergistical-ly affect the innovation performance of small and medium-sized enterprises (SMEs)? A panel data study of Chinese SMEs, International Business Re-view, 24(4), 642-651.
Rodriguez, J. L., & Rodriguez, R. M. G. (2005). Technology and export behavior: A resource-based view approach. International Business Review, 14, 539–557.
Roper, S., & Love, J.H. (2002). Innovation and export performance: Evidence from the UK and German manufacturing plants. Research Policy, 31(7), 1087-1102.
Sanchez, R. & Heene, A. (1996). A Systems View of the Firm in Competence-based Competition. In: Sanchez, R., Heene, A., Thomas, H. (Eds.): Dynamics of Competence-based Competition. Oxford: Pergamon: 39–62.
Sanchez, R., & Heene, A. (2004), The New Strategic Management: Organiza-tions, Competition and Competence, John Wiley & Sons.
Santamaria, L., Nieto, M.J., & Barge-Gil, A. (2009). Beyond formal R&D: Taking advantage of other sources of innovation in low- and medium-technology in-dustries. Research Policy, 38(3), 507–517.
Santoni, S., & Zanni, L. (2011). Comportamenti di ricerca e innovazione nei dis-tretti industriali: gli attori del cambiamento e l’accesso a “conoscenze distanti”. Sinergie, 84: 231-256.
Simoni, C., Mattiacci, A., & Zanni, L. (2010b). Italian SME International Strate-gies: evidences From Local Clusters in the Fashion Industry. In L. Dana, I. Welpe, M. Han, & V. Ratten (Eds), Handbook of Research on European Busi-ness and Entrepreneurship. Cheltenham, UK: Edward Elgar.
Simoni, C., Rabino, S., & Zanni, L. (2008). Small& medium gold and fashion en-terprises (SMEs) in Arezzo: Italy: competitive challenger and strategic implica-tions, Journal of Global Marketing, 21(2), 141-159.
Simoni, C., Rabino, S., & Zanni, L. (2010a). Italian and Indian gold and jewelry SMEs, marketing practices in the USA. A comparative case study, Journal of Small Business and Enterprise Development, 17(3), 403-417.
Spillan, J., & Parnell, J. (2006). Marketing Resources and Firm Performance among SMEs, European Management Journal, 24(2/3), 236-245.
Teece, D.J., Pisano, G.P., & Shuen, A. (1997). A Dynamic capabilities and stra-tegic management, Strategic Management Journal, 18, 509–533.
Tsang, E., Yip, P. S., & Toh, M. H. (2008). The impact of R&D on value added for domestic and foreign firms in a newly industrialized economy. International Business Review, 17, 423–441.
Vorhies, D.W., Harker, M., & Rao, C.P. (1999). The capabilities and performance advantages of market-driven firms, European Journal of Marketing, 33(11/12), 1171-1202.
Vorhies, D.W., Morgan, R.E., & Autry, C.W. (2009). Product-market strategy and the marketing capabilities of the firm: Impact on market effectiveness and cash flow performance. Strategic Management Journal, 30(12), 1310–34.
Wagner, J. (2007). Exports and productivity: a survey of the evidence from firm level data. World Economics, 30(1), 60–82.
Wakelin, K. (1998). Innovation and export behavior at the firm level. Research Policy, 26(7), 829–841.
Wang, C. , Hong, J. , Kafouros, M. & Boateng, A. (2012). What drives outward FDI of Chinese firms? Testing the explanatory power of three theoretical frameworks, International Business Review, 21(3), 425–438.
Weerawardena, J. (2003) The role of marketing capability in innovation-based competitive strategy. Journal of Strategic Marketing, 11, 15-35.
Wernerfelt, B. (1984). A resource based view of the firm. Strategic Management Journal, 5(2), 171–180.
Winter, S. & Szulanski, G. (2002). Replication of Organizational Routines: Con-ceptualizing the Exploitation of Knowledge Assets. In Choo C. and Bontis N. (Eds.) The Strategic Management of Intellectual Capital and Organizational Knowledge, New York: Oxford University Press: 207–221.
Zahra, S. A., Brett, P. M., & Carleton, J. M. (2003). Technological resource lever-aging and the internationalisation of new ventures. Journal of International En-trepreneurship, 1(2), 163–186.
Zahra, S.A., Ucbasaran, D., & Newey, L.R. (2009). Social knowledge and SMEs’ innovative gains from internationalization, European Management Review, 6(1), 81–93.
Zou, S., & Stan, S. (1998). The determinants of export performance: a review of the empirical literature between 1987 and 1997. International Marketing Re-view, 15, 5, 333-356.
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