Einar Lier Madsen

The relationship between resources, entrepreneurial orientation and performance in farm-based ventures

The purpose of this paper is to investigate how firm-specific resources and entrepreneurial orientation (EO) of the firm may influence performance in small farm-based ventures. It builds upon theoretical strands from the resource-based and entrepreneurship perspectives. Research within these fields indicates that these relationships might be dependent on the context within which the firm operates. Hypotheses are developed to test the possible effect of entrepreneurial efforts and resources (financial position, farm size, location, network and unique competence) on short- and long-term performance. Data gathered in 2003 and 2006 from farms engaged in innovative ventures were used to test the hypotheses. The results show that financial capacity, unique competence and entrepreneurial efforts influence performance in the investigated firms. This suggests that firms do get paid back in the long run for engaging in entrepreneurial efforts. Thus, entrepreneurial activities and attitudes represent an important factor enabling firms to create, reconsider and apply their resources in more efficient ways.

Dynamic capabilities facilitating innovative strategies in SMEs

In this study we present dynamic capabilities that facilitate innovative strategies (proactive-creativity strategy and growth-risk orientation) in Small- and Medium-sized Enterprises (SMEs). Corporate entrepreneurship is seen as the integration of opportunity-seeking and advantage-seeking actions providing new, valuable and unique business concepts. We build upon the Resource-Based View (RBV) of the firm and in particular elaborate on the accumulation of dynamic capabilities contributing to innovation and growth-oriented strategies. Based on the literature and an explorative study of 235 small- and medium-sized firms, we develop four categories of dynamic capabilities that are critical for the SMEs entrepreneurial position: internal and external reconfiguration and integration capabilities, resource acquisition capability, learning network capabilities and strategic path aligning capabilities. Most of the relations are medium to highly statistical significant for dynamic capabilities relationships with innovative strategies. Thus, the results indicated support for all the hypotheses, except of the relation between path aligning capabilities and the proactive-creativity strategy.

Innovations, their knowledge sources and their effects in experience-based tourism

The tourism sector – already one of the fastest growing industries in the world – is currently undergoing extensive change thanks to strong market growth and a transition to more experience-based products. The capacity for firms to innovate and adapt to market developments is crucial to their success, but research-based knowledge on innovation strategies in tourism remains scarce. This pioneering Handbook offers timely, original research on innovation within the tourism industry from a number of interdisciplinary and global perspectives.

Introduction: innovation in tourism industries

The tourism sector – already one of the fastest growing industries in the world – is currently undergoing extensive change thanks to strong market growth and a transition to more experience-based products. The capacity for firms to innovate and adapt to market developments is crucial to their success, but research-based knowledge on innovation strategies in tourism remains scarce. This pioneering Handbook offers timely, original research on innovation within the tourism industry from a number of interdisciplinary and global perspectives.