Journal of Business and Management Sciences:

Home » Journal » JBMS » Archive » Volume 1, Issue 6

Article

Relationship of Labor Productivity, Foreign Direct Investment and Economic Growth: Evidence from OECD Countries

1Department of Management Sciences, International Islamic University Islamabad, Pakistan

2Director Staff College, National Bank of Pakistan, Islamabad, Pakistan


Journal of Business and Management Sciences. 2013, 1(6), 133-138
DOI: 10.12691/jbms-1-6-3
Copyright © 2013 Science and Education Publishing

Cite this paper:
Abdullah Alam, M. Usman Arshad, WasimUllah Rajput. Relationship of Labor Productivity, Foreign Direct Investment and Economic Growth: Evidence from OECD Countries. Journal of Business and Management Sciences. 2013; 1(6):133-138. doi: 10.12691/jbms-1-6-3.

Correspondence to: Abdullah  Alam, Department of Management Sciences, International Islamic University Islamabad, Pakistan. Email: abdullah_alam@yahoo.com

Abstract

The aim of this study is to have an insight into the causality relationships between economic growth and two of its key determinants, foreign direct investment and labor productivity. Error correction mechanism, through the implementation of generalized method of moments (GMM), is used to study the causalities between the three variables. This study encompasses data from nineteen (19) OECD member countries over a period of 1980-2009. Short-term causalities have been observed running from foreign direct investment to economic growth, labor productivity to economic growth and foreign direct investment to labor productivity. In the long-run, bi-directional causalities exist between economic growth and labor productivity, foreign direct investment and labor productivity. Also, foreign direct investment is observed to cause economic growth in the long-run.

Keywords

References

[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
[[1]  Kormendi, R., and Meguire, P. (1985). Macroeconomic determinants of growth: Cross- country evidence. Journal of Monetary Economics, 16(2), 141-163.
 
[[2]  Barro, R. (1990). Government spending in a simple model of endogenous growth. Journal of Political Economy, 98, 103-125.
 
[[3]  Barro, R. (1995). Inflation and economic growth. Bank of England Economic Bulletin 35 (May): 1-11.
 
[[4]  Barro, R. (1996). Determinants of economic growth: A cross-country empirical study. NBER Working Paper no. 5698. Cambridge, Mass.: National Bureau of Economic Research.
 
[[5]  Barro, R. (1997). Determinants of Economic Growth: A Cross-Country Empirical Study. Cambridge, MA: MIT Press.
 
Show More References
[6]  Barro, R. and Lee, J-W. (1994). Sources of economic growth. Carnegie Rochester Conference Series on Public Policy 40, 1–46.
 
[7]  Islam, Nazrul (1995). Growth empirics: A panel data approach, Quarterly Journal of Economics, 110(4), 1127-1170.
 
[8]  Barro, R. J. and X. Sala-i-Martin. (1995). Economic Growth, McGraw-Hill, New York.
 
[9]  Sachs, J.D. and Warner, A.M. (1997). Sources of Slow Growth in African Economies. Journal of African Economies, 6, 335-76.
 
[10]  Gawrycka, M., Sobiechowska-Ziegert, A. and Anna Szymczak, A. (2012). The impact of technological and structural changes in the national economy on the labour-capital relations. Contemporary Economics, 6(1), 4-12.
 
[11]  Li, X. and Liu, X., (2005). Foreign direct investment and economic growth: an increasingly endogenous relationship. World Development, 33, 393-407.
 
[12]  Hayami, Y. and Godo, Y. (2005). Development economics: From the poverty to the wealth of nations. Oxford University Press.
 
[13]  Nelson, R. and Phelps, E. (1966). Investment in humans, technological diffusion, and economic growth. American Economic Review: Papers and Proceedings, 61, 69-75.
 
[14]  Grossman, G. and Helpman, E. (1991). Innovation and Growth in the Global Economy, MIT Press Cambridge, MA.
 
[15]  Findlay, R. (1978). Relative backwardness, direct foreign investment, and the transfer of technology: A simple dynamic model. Quarterly Journal of Economics, 92, 1-16.
 
[16]  Borensztein, E., De Gregorio, J. and Lee, J-W. (1998). How does foreign direct investment affect economic growth? Journal of International Economics, 45, 115-135.
 
[17]  De Mello, L.R. (1999). FDI-led growth: evidence from time series and panel data. Oxford Economic Papers, 51, 133-151.
 
[18]  Chang, C.C. and Luh, Y-H. (2000). Efficiency change and the growth in productivity: The Asian growth experience. Journal of Asian Economics, 10(4), 551-570.
 
[19]  Xiaming, L. Parker, D., Kirit, V. and Yingqi, W. (2001). The impact of foreign direct investment on labour productivity in the Chinese electronics industry. International Business Review, 10(4), 421-439.
 
[20]  Apergis, N., Economidou, C. and Filippidis, I. (2008). Innovation technology transfer and labor productivity linkages: Evidence from a panel of manufacturing industries. Review of World Economics, 144(3), 491-508.
 
[21]  De Gregorio, J. (1992). Economic growth in Latin America. Journal of Development Economics 39, 58-84.
 
[22]  Ramirez, M.D. (2006). Does foreign direct investment enhance labor productivity growth in Chile? Acointegration analysis. Eastern Economic Journal, 32(2), 205-220.
 
[23]  Balasubramanyam, V.N., Salisu, M. and Sapsford, D. (1996). Foreign direct investment and growth in EP and IS countries. The Economic Journal, 106, 92-105.
 
[24]  Xu, B. (2000). Multinational enterprises, technology diffusion, and host country productivity growth. Journal of Development Economics, 62, 477-493.
 
[25]  Popescu, R.G. (2010).The impact of foreign direct investments on labour productivity: A review of the evidence and implications. The Romanian Economic Journal, 36, 137-153.
 
[26]  Liu, X., Parker, D., Vaidya, K. and Wei, Y. (2001). The impact of foreign direct investment on labour productivity in the Chinese electronics industry. International Business Review, 10, 421-439.
 
[27]  Caves, R.E. (1974). Multinational firms, competition and productivity in host-country markets. Economica, 41, 176-193.
 
[28]  Blomstrom, M. and Persson, H. (1983). Foreign investment and spillover efficiency in an underdeveloped economy: Evidence from the Mexican manufacturing industry. World Development, 11, 493-501.
 
[29]  Kokko, A. (1994). Technology, market characteristics, and spillovers. Journal of Development Economics, 43, 279-293.
 
[30]  Blomstrom, M. and Wolff, E. (1994). Multinational corporations and productivity convergence in Mexico. In W. Baumol, R. Nelson and E. Wolff, Convergence of productivity: Cross-national studies and historical evidence. Oxford: Oxford University Press.
 
[31]  Liu, X., Siler, P., Wang, C. and Wei, Y. (2000). Productivity spillovers from foreign direct investment: Evidence from UK industry level panel data. Journal of International Business Studies, 31, 407-425.
 
[32]  Globerman, S. (1979). Foreign direct investment and “Spillover” efficiency benefits in Canadian manufacturing industries. The Canadian Journal of Economics/Revue Canadienned’ Economique, 12(1), 42-56.
 
[33]  Djankov, S. and Hoekman, B. (1999).Foreign investment and productivity growth in Czech enterprises, The World Bank Development Research Group Trade, Washington, DC.
 
[34]  Anderson, G.W. (2000).Multinational corporations and tacit knowledge: Determination of entry-mode and impact of entry. Paper presented at the 7thConvention of the East Asian Economic Association, Singapore.
 
[35]  Piscitello, L. and Rabbiosi, L. (2005). The impact of inward FDI on local companies’ labour productivity: Evidence from the Italian case. International Journal of theEconomics of Business, 12(1), 35-51.
 
[36]  Liu, D. and Zhao, Y. (2006)Ownership, foreign investment and productivity - A case study of the automotive industry in China. Japan Center for Economic Research, JCER Discussion Paper No. 104.
 
[37]  Aitken, B.J., and Harrison, A.E. (1999). Do domestic firms benefit from direct foreign investment? Evidence from Venezuela. American Economic Review, 89, 605-618.
 
[38]  Haddad, M. and Harrison, A. (1993). Are there positive spillovers from direct foreign investment? Evidence from panel data for Morocco. Journal of Development Economics, 42, 51-74.
 
[39]  Whalley, J. andXin, X. (2006). China’s FDI and non-FDI economies and the sustainability of future high Chinese growth. NBER working paper series #12249, National Bureau of Economic Research.
 
[40]  Ng, L.F.Y. and Tuan, C. (2006). Spatial agglomeration, FDI, and regional growth in China: Locality of local and foreign manufacturing investments. Journal of Asian Economics, 17, 691-713.
 
[41]  Yao, S.J. and Wei, K.L. (2007). Economic growth in the presence of FDI: The perspective of newly industrializing economies. Journal of Comparative Economics, 35,211-234.
 
[42]  Chakraborty, C. and Basu, P. (2002). Foreign direct investment and growth in India: A co integration approach. Applied economics, 34(9), 1061-1073.
 
[43]  Choe, J.I. (2003). Do foreign direct investment and gross domestic investment promote economic growth? Review of Development Economics, 7(1), 44-57.
 
[44]  Levin, A., Lin, C. F. and Chu, C. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24.
 
[45]  Im, K. S., Pesaran, M. H. and Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115(1), 53-74.
 
[46]  Maddala, G.S. and Wu,S. A. (1999).Comparative study of unit root tests with panel data and anew simple test. Oxford Bulletin of Economics and Statistics, 61, 631-652.
 
[47]  Pedroni, P. (2004). Panel co integration: asymptotic and finite sample properties of pooled time series tests with an application to PPP hypothesis: new results. Econometric Theory, 20(3), 597-627.
 
[48]  Arellano, M., and Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and applicationto employment equations. Review of Economic Studies, 58, 277-297.
 
Show Less References

Article

Reconnoitering the Causal Relationship in Crude Oil Market during Crisis

1Department of Management Studies, National Institute of Technology, Tiruchirappalli


Journal of Business and Management Sciences. 2013, 1(6), 128-132
DOI: 10.12691/jbms-1-6-2
Copyright © 2013 Science and Education Publishing

Cite this paper:
P. Lakshmi, S. Visalakshmi. Reconnoitering the Causal Relationship in Crude Oil Market during Crisis. Journal of Business and Management Sciences. 2013; 1(6):128-132. doi: 10.12691/jbms-1-6-2.

Correspondence to: P.  Lakshmi, Department of Management Studies, National Institute of Technology, Tiruchirappalli. Email: plakshmi.nitt@gmail.com

Abstract

The purpose of this paper is to study in Indian context, whether there is significant impact of Crude Oil future trading on crude spot prices or there is no such impact. We examine the effect of futures trading volume of crude oil to crude oil spot prices in the Multi Commodity Exchange of India (MCX) from January 2005 until May 2012. The vector autoregressive model (VAR), Granger Causality Wald test, Variance Decomposition and Impulse Response Function are applied to the data collected. The results exhibited that unidirectional causality runs from crude spot prices to futures trading volume. Further we do not have sufficient evidence to support that future markets lead to higher fluctuations in spot prices.

Keywords

References

[[[[[[[[[[[[[[[[[
[[1]  Biswas, S., &Rajib, P. (2011),"Testing price volume relationships for Indian commodity futures", Journal of Indian Business Research, Vol. 3 Iss: 2 pp. 117-131.
 
[[2]  Ekeland, I., Lautier, D., & Villeneuve, B. (2012).A simple equilibrium model for a commodity market with spot trades and futures contracts.
 
[[3]  Frankel JA and AK Rose (2009),‘Determinants of Agricultural and Mineral Commodity Prices’, in R Fry, C Jones and C Kent (eds), Inflation in an Era of Relative Price Shocks, Proceedings of a Conference, Reserve Bank of Australia, Sydney, pp 9-43.
 
[[4]  Garbade, K.D. and Silber, W.L. (1983), ‘‘Price movement and price discovery in futures and cash markets’’, The Review of Economics and Statistics, Vol. 65 No. 2, pp. 289-97.
 
[[5]  Granger, C. (1969), “Investigating causal relations by econometric models and cross-spectral methods”, Econometrica, Vol. 37, pp. 424-38.
 
Show More References
[6]  Iyer, V., &Pillai, A. (2010),"Price discovery and convergence in the Indian commodities market", Indian Growth and Development Review, Vol. 3 Iss: 1 pp. 53-61.
 
[7]  Karpoff, J. (1987), “The relation between price changes and trading volume: a survey”, Journal of Financial and Quantitative Analysis, Vol. 22, pp. 109-26.
 
[8]  Kumar, S. (2004), ‘‘Price discovery and market efficiency: evidence from agricultural commodities futures markets’’, South Asian Journal of Management, Vol 11 No. 2.
 
[9]  Liyan, L. (2011) FDI and Economic Development in China: 1978-2008, Management and Service Science (MASS), 2011 International Conference on 2011, IEEE, pp. 1-4.
 
[10]  Miller, J. I., &Ratti, R. A. (2009). Crude oil and stock markets: Stability, instability, and bubbles. Energy Economics, 31(4), 559-568.
 
[11]  Moosa I A (2002), “Price Discovery and Risk Transfer in the Crude Oil Futures. Market: Some Structural Time Series Evidence”, Economic Notes, Vol. 31, pp. 155-165.
 
[12]  Pavabutr, P., &Chaihetphon, P., (2010), Price discovery in the Indian gold futures market, Journal of Economics and Finance 34:455-467.
 
[13]  Shihabudheen M T and Padhi P (2010), “Price Discovery and Volatility Spillover Effect in Indian Commodity Market”, Indian Journal of Agricultural Economics, Vol. 65, No.1, pp. 101-117.
 
[14]  Praveen D G and Sudhakar A (2006), “Price Discovery and Causality in the Indian Derivatives Market”, ICFAI Journal of Derivatives Markets, Vol. 3, No.1, pp. 22-29.
 
[15]  Srinivasan P (2009), “An Empirical Analysis of Price Discovery in the NSE Spot and Future Markets of India”, The ICFAI Journal of Applied Finance, Vol. 15, No.11, pp. 24-36.
 
[16]  Srinivasan, P., Price Discovery and Volatility Spillovers in Indian Spot-Futures Commodity Market (September 27, 2012). The IUP Journal of Behavioral Finance, Vol. IX, No. 1, March 2012, pp. 70-85.
 
[17]  Gokhale, M. S., &Raju, J. R. (2012). Empirical Analysis of the Causal Relationship between Nominal Exchange Rate and Foreign Direct Investment in India Using VAR (Vector Autoregression Model). Global Journal of Management And Business Research, 12(22).
 
[18]  Weiguo, X., & Yang, Z. (2010, December). Empirical research on the influence of real exchange rate volatility on US FDI in China. In Information Science and Engineering (ICISE), 2010 2nd International Conference on (pp. 222-225). IEEE.
 
[19]  Tsai, B. H., & Li, S. H. (2004). The effect of foreign ownership restrictions on the price dynamics of depositary receipts—evidence from the Taiwan and Hong Kong markets. Journal of Accounting, Auditing & Finance, 19(3), 301-330.
 
[20]  Dwyer, A., Holloway, J., & Wright, M. (2012). Commodity market financialisation: A closer look at the evidence. The Recent Economic Performance of the States 1 Trends in National Saving and Investment 9 The Distribution of Household Wealth in Australia: Evidence from the 2010 HILDA Survey 19 India’s Steel Industry 29, 65.
 
[21]  Gujarati, D., 1995. Basic Econometrics, New York: McGraw Hill, Inc.
 
[22]  Davidson, R., and J. G. MacKinnon, Estimation and Inference in Econometrics. Oxford University Press, 1993.
 
Show Less References

Article

Organizational Business Development of Hospital by Laboratory Services

1Department of Industrial Management, Tabriz Branch, Islamic Azad University, Tabriz, Iran

2Department of laboratory, Madani Hospital, Tabriz, Iran


Journal of Business and Management Sciences. 2013, 1(6), 119-127
DOI: 10.12691/jbms-1-6-1
Copyright © 2013 Science and Education Publishing

Cite this paper:
Nasser Fegh-hi Farahmand. Organizational Business Development of Hospital by Laboratory Services. Journal of Business and Management Sciences. 2013; 1(6):119-127. doi: 10.12691/jbms-1-6-1.

Correspondence to: Nasser  Fegh-hi Farahmand, Department of Industrial Management, Tabriz Branch, Islamic Azad University, Tabriz, Iran. Email: farahmand@iaut.ac.ir

Abstract

An exploration of the ways in which the approaches of the organizations influence whether or not those organizations engage in Organizational Business Development of Hospital by Laboratory Services. The aim is that organizational business development is an integrated part of business. Indeed, business management system is also in general e.g. in the recognized business standards understood as a concept for systematic approach or mental system but not as a distinct, physical system for organizational business development of hospital by laboratory services. This paper explore the ways in which certain approaches in case of organizations generates a tendency to prepare a formal organizational business development plan and focus is primarily on what describe as the environmental approaches. Organizational business development factors are engineering, planning, management and analysis that for business excellence it required to organizational mission and strategy, management styles, structure, methods, process and system, cultures and believes, personnel and management.

Keywords

References

[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[
[[1]  Barkham, R, Gudgin, G. (1996), The Determinants of small Organization Growth. London: Jessica Kingsley.
 
[[2]  Bolton, B and Thompson J (2000) Entrepreneurs, Talent, Temperament and Technique. London: Butterworth Heinemann
 
[[3]  Bridge, S. O’Neill, K and Cromie S (1998) Understanding Enterprise, Entrepreneurship and small Business. London: Macmillan Business.
 
[[4]  Burns, P. (2001) Entrepreneurship and small Business. Basingstoke: Palgrave.
 
[[5]  Chell, E. (1985) The Entrepreneurial Personality: A Few Ghosts Laid To Rest, International small Business Journal, 3.
 
Show More References
[6]  Chell, E. (2001) Entrepreneurship: Globalization, Innovation and Development. London: Thomson Learning.
 
[7]  Chell, E. Haworth, J. and Brearley, S. A. (1991) The Entrepreneurial Personality. London: Rutledge.
 
[8]  Curran, J. and Blackburn, R. (1994) Business planning and Local Economic Networks: London: Paul Chapman.
 
[9]  Deakin, D. and Freel, M. (2003) Entrepreneurship and Business planning. London: McGraw Hill.
 
[10]  Feghhi Farahmand, Nasser (2001), Executive Management Process, Islamic Azad University, Tabriz Branch, Iran, pp 99-113.
 
[11]  Feghhi Farahmand, Nasser (2003), Permanent Management of Organization, First edition, Frouzesh Publication, Tabriz, Iran, pp 60-183.
 
[12]  Feghhi Farahmand, Nasser (2003), Strategic Structure of Organization Management Process, Forth edition, Islamic Azad University, Tabriz Branch, Iran, pp 11-145.
 
[13]  Feghhi Farahmand, Nasser (2005), Strategic Management of Organization, First edition, Frouzesh Publication, Tabriz, Iran, pp 35-198.
 
[14]  Feghhi Farahmand, Nasser (2009), Organization Strategic Plan compilation, First edition, Frouzesh Publication, Tabriz, Iran, pp 14-389.
 
[15]  Feghhi farahmand, Nasser (2011), Active and Dynamic Management of Organization, Second edition, Frouzesh Publication, Tabriz, Iran, pp 27-190.
 
[16]  Feghhi Farahmand, Nasser (2011a), Technology Management of Organization, Second edition, Frouzesh Publication, Tabriz, Iran, pp 11-118.
 
[17]  Friar, J.H., 1995. Competitive advantage through product performance strategy in a competitive market. J. Prod. Strategy Manage., 12: 33-42.
 
[18]  Haddad, S. and H. Algadeer, 2004. An empirical investigation on the impact of strategy within organizations on organizational improvement continuation strategy. Jordan. J. Applied Sci., 7: 77-95.
 
[19]  Hartley, J.L., B.J. Zirger and R.R. Kamath, 1997. Managing the buyer-supplier interface for on-time performance in product improvement. J. Operations Manage., 15: 57-70.
 
[20]  He, Z.L. and P.K. Wong, 2009. Knowledge interaction with manufacturing clients and strategy of knowledge-intensive business services organizations. Strategy Manage. Policy Prac., 11: 264-278.
 
[21]  Henard, D.H. and P.A. Dacin, 2010. Reputation for product strategy: Its impact on consumers. J. Prod. Strategy Manage., 27: 321-335.
 
[22]  Holak, S.L.and D.R. Lehmann, 1990. Purchase intentions and dimensions of strategy: An exploratory model. J. Prod. Strategy Manage., 7: 59-73.
 
[23]  Idwon, P.A., A. Alu and E.R. Adagunodo, 2002. The effect of information technology on the growth of the banking industry in Nigeria. Electronic J. Inform. Syst. Dev. Countries, 10: 1-8.
 
[24]  Ireland, R.D., M.A. Hitt and D. Vaidyanath, 2002 Alliance management as a source of competitive advantage. J. Manage., 28: 413-446.
 
[25]  J Anttila (2000): Innovative application of ISO 9000:2000 standards”, EOQ Annual Congress, Budapest.
 
[26]  J Anttila (2002): Business Integrated e-Quality Innovative opportunity for modern advanced organizations“. EOQ Annual Congress, Harrogate.
 
[27]  J Anttila (2002): Internet pages for the business integrated quality approach”, Sonera Corporation.
 
[28]  J Anttila (2002): Product quality in software business connection”. Conference on software quality connection, Helsinki.
 
[29]  Juhani Anttila, M. Sc. (2009.), Business-Integrated Quality Approach In Sonera Corporation The Third International Conference on Quality Management, Academician IAQ, Integration,Sonera Corporation, Finland.
 
[30]  Kirby, D. A. (2003) Entrepreneurship McGraw Hill Educational, Maidenhead.
 
[31]  Kuratko D F and Hodgetts R M (2004) Entrepreneurship: Theory, Process, Practice Mason, Ohio: Thomson South Western.
 
[32]  Mason, C and Stark, M. (2004) What Do Investors Look For In A Business Plan, International small Business Journal, 22.
 
[33]  Montoya-Weiss, M.M. and R.J. Calantone, 1994. Determinants of new product performance: A review and meta analysis. J. Prod. Strategy Manage., 11: 397-417.
 
[34]  Naffziger,D. Kuratko, D.(1991)An Investigation Into The Planning In small Business’, Journal of Business and Entrepreneurship, Fall.
 
[35]  Nayak, A and Greenfield, S. (1994) The Use Of Management Accounting Information, Finance and the BIO, pp. 182-231, London: Rutledge.
 
[36]  Nijs, V.R., M.J. Dekimpe, J.B.E.M. Seenkemp and D.M. Hanssens, 2001. The category demand effects of price promotions. Organizational improvement continuation Sci., 20: 1-22.
 
[37]  North, J., Blackburn, R and Curran, J. (1997) Reaching small Business: and Enterprising Futures, pp. 121-135, London: Paul Chapman.
 
[38]  Pauwels, K., D.M. Hanssens and S. Siddarth, 2002. The long-term effects of price promotions on category incidence, brand choice and purchase quantity. J. Market. Res., 39: 421-439.
 
[39]  Perry, S.C (2001) BP and the Failure of small Businesses in the US’, Journal of small Business Management, 39.
 
[40]  Roberts, P.W. and R. Amit, 2003. The dynamics of strategy activity and competitive advantage: The case of Australian retail banking, 1981 to 1995. Organization Sci., 14: 107-122.
 
[41]  Rue, L. and Ibrahim, N. (1998) Planning Sophistication and Performance in small Businesses, Journal of small Business Management, 36.
 
[42]  Rungtusanatham, M. and C. Forza, 2005. Coordinating product design, process design, and supply chain design decisions part A: Topic motivation, performance implications and article review process. J. Operations Manage., 3: 257-265.
 
[43]  Saguy, I.S. and H.R. Moskowitz, 1999. Integrating the consumer into new product improvement. Food Technol., 53: 68-73.
 
[44]  Sahlman, W. A. (1997) ‘How To Write A Great Business Plan’, Harvard Business Review, July-August, 98.
 
[45]  Salazar, M.T., T. Harrison and J. Ansell, 2007. An approach for the identification of cross-sell and up-sell opportunities using a technologist personnel services customer database. J. Technologist personnel Services Market., 12: 115-131.
 
[46]  Schwenk, C. R. and Shrader, C. B. (1993) Effects Of Formal Strategic Planning, Entrepreneurship: Theory and Practice, 17.
 
[47]  Senge P, Roberts C and Ross B. Kleiner A (1995): “The Fifth Discipline Fieldbook”, Nicholas Brealey Publishing Limited, London.
 
[48]  Shin, J. and G.E. McClomb, 1998. Top executive leadership and organizational strategy: An empirical investigation of nonprofit human service organizations (HSOs). Administration Social Work, 22: 1-21.
 
[49]  Sinkula, J.M., 1994. Market information processing and organizational learning. J. Market., 58: 35-45.
 
[50]  Smith, N. R. (1967) The Entrepreneur and His Organization. University of Michigan: Bureau of Business and Economic Research.
 
[51]  Srinivasan, S., K. Pauwels, J. Silva-Risso and D.M. Hanssens, 2009. Product strategys, advertising and stock returns. J. Market., 73: 24-43.
 
[52]  Storey, D. J. (1994) Understanding the small Business Sector, London: Rutledge.
 
[53]  Storey, D. J., Watson, R. and Wynarczyk, P. (1989) Case Studies of 40 BP ,Research Paper 67, London: Department of Employment.
 
[54]  Stutely, R. (2002) The Definitive Business Plan, London: Financial Times Prentice Hall.
 
[55]  Watts, H. D., Wood, A. M. and Wardle. P. (2003) Making Friends Or Making Things?, Urban Studies.
 
[56]  Westhead, P. and Birley, S. (1993) Employment in New Independent Owner Managed Organization, International small Business Journal, 13.
 
[57]  Westhead, P. and Storey, D. (1996) Management and BP Performance: Why is the Link So Weak? International small Business Journal, 14.
 
[58]  Westhead, P. and Wright, M. (1999) Contributions of Novice, Portfolio, Founders Located In Rural and Urban Areas, Regional Studies, 33.
 
[59]  Woods, A. and Joyce, P. (2003) ‘Owner-Managers and the Practice of Strategic Management’, International small Business Journal, 21.
 
Show Less References
comments powered by Disqus