Purpose – This study aims to analyze the moderating role of debt financing in the relationship between intellectual capital (IC) and small and medium enterprise (SME) performance in high-tech and low-tech industries. Design/methodology/approach – This longitudinal study uses a balanced panel sample of 7,293 (3,563 high-tech and 3,730 low-tech) SMEs in Southwestern European countries from 2013 to 2020. The data are analyzed using a fixed-effect model as baseline estimation, and a generalized method of moments estimation is used for robustness checks. Findings – The results show strong positive effects of human capital (HC) and structural capital (SC) and a weak effect of capital employed (CE), on the performance of high-tech SMEs. Debt financing is negatively and significantly associated with SME performance, and the moderating effect of debt financing is more significant in low-tech industries. Specifically, debt financing accentuates (attenuates) the positive effect of HC (SC and CE) on the performance of low-tech SMEs. Practical implications – This study offers a valuable framework for managers and policymakers when considering the role of debt financing in the IC components – SME performance relationship in distinctive industrial environments. Originality/value – This study provides new insights into the close and complex relationships between IC components, debt financing and SME performance.

Scopo: questo studio mira ad analizzare il ruolo moderatore del finanziamento tramite debito nella relazione tra capitale intellettuale (IC) e performance delle piccole e medie imprese (PMI) nei settori high-tech e low-tech. Metodologia: questo studio utilizza un campione bilanciato di 7.293 PMI (3.563 high-tech e 3.730 low-tech) nei paesi dell'Europa sud-occidentale dal 2013 al 2020. Risultati: i risultati mostrano forti effetti positivi del capitale umano (HC) e del capitale strutturale (SC) e un debole effetto del capitale impiegato (CE) sulla performance delle PMI high-tech. Il finanziamento tramite debito è associato negativamente e significativamente alla performance delle PMI e l'effetto moderatore del finanziamento tramite debito è più significativo nei settori low-tech. In particolare, il finanziamento tramite debito accentua (attenua) l'effetto positivo di HC (SC e CE) sulla performance delle PMI low-tech. Implicazioni pratiche: questo studio offre un quadro prezioso per manager e politici quando si considera il ruolo del finanziamento tramite debito nella relazione IC - performance delle PMI in ambienti industriali. Originalità/valore: questo studio fornisce nuove intuizioni sulle strette e complesse relazioni tra componenti IC, finanziamento tramite debito e performance delle PMI.

Debt financing as moderator in the relationship between intellectual capital and SMEs performance

Rangone Adalberto;
2024

Abstract

Purpose – This study aims to analyze the moderating role of debt financing in the relationship between intellectual capital (IC) and small and medium enterprise (SME) performance in high-tech and low-tech industries. Design/methodology/approach – This longitudinal study uses a balanced panel sample of 7,293 (3,563 high-tech and 3,730 low-tech) SMEs in Southwestern European countries from 2013 to 2020. The data are analyzed using a fixed-effect model as baseline estimation, and a generalized method of moments estimation is used for robustness checks. Findings – The results show strong positive effects of human capital (HC) and structural capital (SC) and a weak effect of capital employed (CE), on the performance of high-tech SMEs. Debt financing is negatively and significantly associated with SME performance, and the moderating effect of debt financing is more significant in low-tech industries. Specifically, debt financing accentuates (attenuates) the positive effect of HC (SC and CE) on the performance of low-tech SMEs. Practical implications – This study offers a valuable framework for managers and policymakers when considering the role of debt financing in the IC components – SME performance relationship in distinctive industrial environments. Originality/value – This study provides new insights into the close and complex relationships between IC components, debt financing and SME performance.
2024
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11391/1592694
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