Influence of innovation on the relationship between market orientation, entrepreneurial orientation, and SME performance in Pakistan

Muhammad Hassan Arshad; Yaty Sulaiman; Maha Mohammed Yusr

doi:10.31893/multiscience.2024052

Keywords:

Abstract

Small and medium-sized firms (SMEs) are important in enhancing the economy, driving innovation, and enhancing competitiveness. Consequently, they play a substantial role in enhancing the overall operational efficacy of enterprises. The primary objective of this study was to investigate the impact of market orientation and entrepreneurial orientation on small and medium-sized enterprises (SMEs) operating in the Pakistani manufacturing sector. Additionally, the study sought to determine the mediating effect of innovation in the link between these orientations and SME performance. Data was collected from 381 small and medium-sized enterprises (SMEs) operating in Pakistan using a self-administered questionnaire. Out of the total surveys collected, 360 met the criteria for conducting a detailed analysis. The study utilized a structured equation modelling technique by SMART PLS 4 to evaluate the influence of Market Orientation (MO), Entrepreneurial Orientation (EO), and Innovation (INO) on the performance of Small and Medium Enterprises (SMEs). The findings of the study demonstrated a notable association between Market Orientation (MO), Entrepreneurial Orientation (EO), and Firm Performance (FP), wherein innovation played a crucial intermediary function within this framework. The aforementioned findings highlight the significant significance of market orientation (MO), entrepreneurial orientation (EO), and innovation orientation (INO) in the attainment of success for small and medium-sized enterprises (SMEs). This study serves as a significant reference for both scholars and practitioners who are interested in gaining a deeper understanding of the effects of market orientation (MO), entrepreneurial orientation (EO), and innovation orientation (INO) on the performance of small and medium-sized enterprises (SMEs). Therefore, this study makes a valuable contribution to the existing body of knowledge in the field, enhancing our comprehension of the topic.
References
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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

How to cite

Arshad, M. H., Sulaiman, Y., & Yusr, M. M. (2023). Influence of innovation on the relationship between market orientation, entrepreneurial orientation, and SME performance in Pakistan. Multidisciplinary Science Journal, 6(5), 2024052. https://doi.org/10.31893/multiscience.2024052

[1] Acosta, A. S., Crespo, Á. H., & Agudo, J. C. (2018). Effect of market orientation, network capability and entrepreneurial orientation on international performance of small and medium enterprises (SMEs). International Business Review, 27(6), 1128-1140.

[2] Ahmad, N. N., Hanafi, W. N. W., Abdullah, W. M. T. W., Daud, S., & Toolib, S. N. (2020). The Effectiveness of Additional PRIHATIN SME Economic Stimulus Package (PRIHATIN SME+) in Malaysia Post-COVID-19 Outbreak: A Conceptual Paper. Global Business & Management Research, 12(4).

[3] Akhtar, S., & Liu, Y. (2018). SMEs' use of financial statements for decision making: Evidence from Pakistan. Journal of Applied Business Research (JABR), 34(2), 381-392.

[4] Al Asheq, A., & Hossain, M. U. (2019). SME performance: Impact of market, customer and brand orientation. Academy of marketing studies journal, 23(1), 1-9.

[5] Al Mamun, A., & Fazal, S. A. (2018). Effect of entrepreneurial orientation on competency and micro-enterprise performance. Asia Pacific Journal of Innovation and Entrepreneurship.

[6] Al-Dhaafri, H. S., Al-Swidi, A. K., & Yusoff, R. Z. B. (2016). The mediating role of total quality management between the entrepreneurial orientation and the organizational performance. The TQM Journal, 28(1), 89-111.

[7] Alerasoul, S. A., Afeltra, G., Bouncken, R. B., & Hakala, H. (2022). The synergistic impact of market and technology orientations on sustainable innovation performance: evidence from manufacturing firms. International Journal of Entrepreneurial Behavior & Research, (ahead-of-print).

[8] Amin, M., Thurasamy, R., Aldakhil, A. M., & Kaswuri, A. H. B. (2016). The effect of market orientation as a mediating variable in the relationship between entrepreneurial orientation and SMEs performance. Nankai Business Review International.

[9] Arshad, M. Z., Arshad, D., Lamsali, H., Alshuaibi, A. S. I., Alshuaibi, M. S. I., Albashar, G., ... & Chuah, L. F. (2023). Strategic resources alignment for sustainability: The impact of innovation capability and intellectual capital on SME's performance. Moderating role of external environment. Journal of Cleaner Production, 417, 137884.

[10] Arshad, M. Z., & Arshad, D. (2018). Intellectual capital and SMEs performance in Pakistan: The role of environmental turbulence. International Journal of Entrepreneurship, 22(1).

[11] Arshad, M., & Arshad, D. (2019). Internal capabilities and SMEs performance: A case of textile industry in Pakistan. Management Science Letters, 9(4), 621-628.

[12] Arshad, M. Z., Ahmad, M. J., Ali, M., Khan, W. A., & Arshad, M. (2020). The role of government business support services and absorptive capacity on SMES performance. International Journal of Advanced Science and Technology, 29(3), 1492-1499.

[13] Aspelund, A., & Moen, Ø. (2004). Internationalization of small high-tech firms: the role of information technology. Journal of Eeromarketing, 13(2-3), 85-105.

[14] Azmi, I. A. G. (2017). Muslim women entrepreneurs’ motivation in SMEs: A quantitative study in Asia Pacific countries. Asian Economic and Financial Review, 7(1), 27-42.

[15] Bakar, H. A., Mahmood, R., & Ismail, N. N. H. N. (2015). Fostering small and medium enterprises through entrepreneurial orientation and strategic improvisation. Mediterranean Journal of Social Sciences, 6(4), 481.

[16] Baker, W. E., & Sinkula, J. M. (2009). The complementary effects of market orientation and entrepreneurial orientation on profitability in small businesses. Journal of small business management, 47(4), 443-464.

[17] Bamfo, B. A., & Kraa, J. J. (2019). Market orientation and performance of small and medium enterprises in Ghana: The mediating role of innovation. Cogent Business & Management, 6(1), 1605703.

[18] Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of personality and social psychology, 51(6), 1173.

[19] Bhattarai, C. R., Kwong, C. C., & Tasavori, M. (2019). Market orientation, market disruptiveness capability and social enterprise performance: An empirical study from the United Kingdom. Journal of Business Research, 96, 47-60.

[20] Calantone, R. J., Cavusgil, S. T., & Zhao, Y. (2002). Learning orientation, firm innovation capability, and firm performance. Industrial marketing management, 31(6), 515-524.

[21] Chan Hung Ngai, J., & Ellis, P. (1998). Market orientation and business performance: some evidence from Hong Kong. International marketing review, 15(2), 119-139.

[22] Charles, Lagat, Chepkwony Joel, and Kotut Cheruiyot Samwel. "Market orientation and firm performance in the manufacturing sector in Kenya." European Journal of Business and Management 4, no. 10 (2012): 20-27.

[23] De Clercq, D., & Zhou, L. (2014). Entrepreneurial strategic posture and performance in foreign markets: the critical role of international learning effort. Journal of international Marketing, 22(2), 47-67.

[24] Fu, Q., Sial, M. S., Arshad, M. Z., Comite, U., Thu, P. A., & Popp, J. (2021). The inter-relationship between innovation capability and SME performance: The moderating role of the external environment. Sustainability, 13(16), 9132.

[25] Glavas, C., Mathews, S., & Bianchi, C. (2017). International opportunity recognition as a critical component for leveraging Internet capabilities and international market performance. Journal of international entrepreneurship, 15(1), 1-35.

[26] Hair Jr, J. F., Sarstedt, M., Ringle, C. M., & Gudergan, S. P. (2017). Advanced issues in partial least squares structural equation modeling. saGe publications.

[27] Hair, J. F., Gabriel, M., & Patel, V. (2014). AMOS covariance-based structural equation modeling (CB-SEM): Guidelines on its application as a marketing research tool. Brazilian Journal of Marketing, 13(2).

[28] Henseler, J., Ringle, C. M., & Sinkovics, R. R. (2009). The use of partial least squares path modeling in international marketing. In New challenges to international marketing. Emerald Group Publishing Limited.

[29] Hurley, R. F., & Hult, G. T. M. (1998). Innovation, market orientation, and organizational learning: an integration and empirical examination. Journal of marketing, 62(3), 42-54.

[30] Imran, M., Aziz, A., Hamid, S. N. B. A., Shabbir, M., Salman, R., & Jian, Z. (2018). Retracted: The mediating role of total quality management between entrepreneurial orientation and SMEs export performance. Management Science Letters, 8(6), 519-532.

[31] Kajalo, S., & Lindblom, A. (2015). Market orientation, entrepreneurial orientation and business performance among small retailers. International Journal of Retail & Distribution Management, 43(7), 580-596.

[32] Kalesamy, K. M. (2021). A Conceptual Study: Technology Adoption among Malaysian Manufacturing SMEs for Corporate Sustainability in the Context of IR 4.0. The International Journal of Business & Management, 9(9).

[33] Karadağ, H. (2016). The role of SMEs and entrepreneurship on economic growth in emerging economies within the post-crisis era: An analysis from Turkey. Journal of Small Business and Entrepreneurship Development.

[34] Khan, M. L., Salleh, R., Javaid, M. U., Arshad, M. Z., Saleem, M. S., & Younas, S. (2023). Managing Butterfly Career Attitudes: The Moderating Interplay of Organisational Career Management. Sustainability, 15(6), 5099.

[35] Khan, W. A., Hassan, R. A., Arshad, M. Z., Arshad, M. A., Kashif, U., Aslam, F., & Wafa, S. A. (2020). The effect of entrepreneurial orientation and organisational culture on firm performance: The mediating role of innovation. International Journal of Innovation, Creativity and Change, 13(3), 652-677.

[36] Khan, W. A., Hassan, R. A., Wafa, S. A., & Arshad, M. Z. (2020). Does Innovation Affect the Firm Performance in Developing Countries? A Conceptual Framework. Jurnal Pengurusan, 59.

[37] Kirca, A. H., Jayachandran, S., & Bearden, W. O. (2005). Market orientation: A meta-analytic review and assessment of its antecedents and impact on performance. Journal of marketing, 69(2), 24-41.

[38] Kohli, A. K., & Jaworski, B. J. (1990). Market orientation: the construct, research propositions, and managerial implications. Journal of marketing, 54(2), 1-18.

[39] Koirala, S. (2019). SMEs: Key drivers of green and inclusive growth.

[40] Lekmat, L., Selvarajah, C., & Hewege, C. (2018). Relationship between Market Orientation, Entrepreneurial Orientation, and Firm Performance in Thai SMEs: The Mediating Role of Marketing Capabilities. European Journal of Pediatric Dermatology, 28(4).

[41] Liao, S. H., Chang, W. J., Wu, C. C., & Katrichis, J. M. (2011). A survey of market orientation research (1995–2008). Industrial marketing management, 40(2), 301-310.

[42] Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. Academy of management Review, 21(1), 135-172.

[43] Lyon, D. W., Lumpkin, G. T., & Dess, G. G. (2000). Enhancing entrepreneurial orientation research: Operationalizing and measuring a key strategic decision-making process. Journal of management, 26(5), 1055-1085.

[44] MacKinnon, D. P., Krull, J. L., & Lockwood, C. M. (2000). Equivalence of the mediation, confounding and suppression effect. Prevention science, 1, 173-181.

[45] Mahboob, A. M., Vichayanan, R., & Abusayed, K. A. (2017). Comparative positioning of small and medium enterprises in Bangladesh, Thailand and the Philippines. Экономика региона, 13(2), 381-395.

[46] Mahmoud, M. A. (2011). Market orientation and business performance among SMEs in Ghana. International Business Research, 4(1), 241-251.

[47] Malik, K. (2015). Impact of foreign direct investment on economic growth of Pakistan. American Journal of Business and Management, 4(4), 190-202.

[48] Malik, S., Arshad, M. Z., Amjad, Z., & Bokhari, A. (2022). An empirical estimation of determining factors influencing public willingness to pay for better air quality. Journal of Cleaner Production, 372, 133574.

[49] Manikandan, K. S., & Ramachandran, J. (2015). Beyond institutional voids: Business groups, incomplete markets, and organizational form. Strategic Management Journal, 36(4), 598-617.

[50] Merlo, O., & Auh, S. (2009). The effects of entrepreneurial orientation, market orientation, and marketing subunit influence on firm performance. Marketing Letters, 20, 295-311.

[51] Miller, D. (2011). Miller (1983) revisited: A reflection on EO research and some suggestions for the future. Entrepreneurship theory and practice, 35(5), 873-894.

[52] Narver, J. C., & Slater, S. F. (1990). The effect of a market orientation on business profitability. Journal of marketing, 54(4), 20-35.

[53] Narver, J. C., & Slater, S. F. (1990). The effect of a market orientation on business profitability. Journal of marketing, 54(4), 20-35.

[54] Poupalan, R., Salleh, S. S. M. M., Rozali, A. Z., Fareed, M., Laeeq, H., & Ahmad, A. (2023). Setting entrepreneurial mindset, what university graduates need to have? Evidence from Malaysian public universities. In AIP Conference Proceedings (Vol. 2544, No. 1). AIP Publishing.

[55] Pratono, A. H., Darmasetiawan, N. K., Yudiarso, A., & Jeong, B. G. (2019). Achieving sustainable competitive advantage through green entrepreneurial orientation and market orientation: The role of inter-organizational learning. The Bottom Line.

[56] Qalati, S. A., Yuan, L. W., Khan, M. A. S., & Anwar, F. (2021). A mediated model on the adoption of social media and SMEs’ performance in developing countries. Technology in Society, 64, 101513.

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