The Effect of the Positioning Strategy on the Firms' Performance Moderated by the Product Market Competition
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Abstract
This research aims to investigate the effect of generic positioning strategies (cost leadership and product differentiation), adopted in pure or hybrid form, on firms’ performance and to verify the moderating effect of product market competition in this relationship. A sample with 11,322 firm-year (2008-2019) observations, including data from firms in the G20 countries, was analyzed through logistic regression models. The competition level in the product market is measured using the Herfindahl-Hirshman index. The results indicate that firms adopting a hybrid strategy are more likely to achieve good performances than the others. The relationship between strategic positioning and operational performance is moderated by product market competitiveness level. In a low competition market, the adoption of a strategy is unnecessary. For low to medium levels of competition, pure strategy appears superior. In highly competitive environments, the hybrid strategy is more advantageous. This study brings a new discussion about choosing a more advantageous positioning strategy, in which the main issue is not which positioning strategy is superior, but under what conditions of the market environment the adoption of the hybrid strategy is related to superior performance. Contributing to advance in this research field, our outputs suggest that the effect of the positioning strategy on performance is moderated by the product market competition. The effort to establish a hybrid strategy is advantageous in highly competitive environments.
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Tessarolo, G. L., Azolin, L. G., & Louzada, L. C. (2023). The Effect of the Positioning Strategy on the Firms’ Performance Moderated by the Product Market Competition. Brazilian Administration Review, 20(4), e210124. https://doi.org/10.1590/1807-7692bar2023210124
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Research Articles
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References
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Banker, R. D., Mashruwala, R., & Tripathy, A. (2014). Does a differentiation strategy lead to more sustainable financial performance than a cost leadership strategy? Management Decision, 52(5), 872–896. https://doi.org/10.1108/MD-05-2013-0282
Bauman, M. P. (2014). Forecasting operating profitability with DuPont analysis Further evidence. Review of Accounting and Finance, 13(2), 191–205. https://doi.org/10.1108/RAF-11-2012-0115
Besanko, D., Dranove, D., Shanley, M., & Schaefer, S. (2013). Economics of strategy (6th ed.). John Wiley & Sons.
Chaganti, R., Chaganti, R., & Mahajan, V. (1989). Profitable small business strategies under different types of competition. Entrepreneurship Theory and Practice, 13(3), 21–36. https://doi.org/10.1177/104225878901300304
Davcik, N. S., & Sharma, P. (2016). Marketing resources, performance, and competitive advantage: A review and future research directions. Journal of Business Research, 69(12), 5547-5552. https://doi.org/10.1016/j.jbusres.2016.04.169
David, J. S., Hwang, Y., Pei, B. K., & Reneau, J. H. (2002). The performance effects of congruence between product competitive strategies and purchasing management design. Management Science, 48(7), 866-885. https://doi.org/10.1287/mnsc.48.7.866.2819
Delen, D., Kuzey, C., & Uyar, A. (2013). Measuring firm performance using financial ratios: A decision tree approach. Expert Systems with Applications, 40(10), 3970–3983. https://doi.org/https://doi.org/10.1016/j.eswa.2013.01.012
Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969-1994. https://doi.org/10.2308/accr-10130
Fairfield, P. M., & Yohn, T. L. (2001). Using asset turnover and profit margin to forecast changes in profitability. Review of Accounting Studies, 6(4), 371–385. https://doi.org/10.1023/A:1012430513430
Fernando, G. D., Schneible Jr, R. A., & Tripathy, A. (2016). Firm strategy and market reaction to earnings. Advances in accounting, 33, 20-34. https://doi.org/10.1016/j.adiac.2016.04.006
Ghemawat, P. (2002). Competition and business strategy in historical perspective. Business History Review, 76(1), 37–74. https://doi.org/10.2307/4127751
Garcia-Pont, C., & Nohria, N. (2002). Local versus global mimetism: The dynamics of alliance formation in the automobile industry. Strategic Management Journal, 23(4), 307-321. https://doi.org/10.1002/smj.225
Gill, A., Biger, N., & Mathur, N. (2010). The relationship between working capital management and profitability: Evidence from the United States. Business and Economics Journal, 10, p. 1-9. https://www.researchgate.net/publication/284875433_The_Relationship_Between_Working_Capital_Management_And_Profitability_Evidence_From_The_United_States
Gort, M., & Klepper, S. (1982). Time paths in the diffusion of product innovations. The Economic Journal, 92(367), 630-653. https://doi.org/10.2307/2232554
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Hambrick, D. C. (1983). High profit strategies in mature capital goods industries: A contingency approach. Academy of Management Journal, 26(4), 687–707. https://doi.org/10.5465/255916
Hansen, E., Nybakk, E., & Panwar, R. (2015). Pure versus hybrid competitive strategies in the forest sector: Performance implications. Forest Policy and Economics, 54, 51-57. https://doi.org/10.1016/j.forpol.2015.02.001
Healy, P., Serafeim, G., Srinivasan, S., & Yu, G. (2014). Market competition, earnings management, and persistence in accounting profitability around the world. Review of Accounting Studies, 19(4), 1281-1308. https://doi.org/10.1007/s11142-014-9277-8
Jones, G. R., & Butler, J. E. (1988). Costs, revenue, and business-level strategy. Academy of Management Review, 13(2), 202-213. https://doi.org/10.5465/amr.1988.4306865
Kaliappen, N., Chuah, F., Gorondutse, A. H., & Moktar, S. N. A. (2019). Hybrid competitive strategy, strategic capability and performance. Journal of Business and Retail Management Research, 13(4), 43-50. https://jbrmr.com/cdn/article_file/2019-07-02-11-38-57-AM.pdf
Kallás, D. (2014). A moderação da concentração setorial no efeito do ambiente institucional na performance empresarial [Doctoral dissertation]. Escola de Administração de Empresas de São Paulo da Fundação Getulio Vargas (EAESP-FGV), São Paulo, SP, Brazil. https://bibliotecadigital.fgv.br/dspace/handle/10438/11865
Karuna, C. (2008). Industry product market competition and corporate governance. SSRN. http://dx.doi.org/10.2139/ssrn.1270972
Kim, E., Nam, D. I., & Stimpert, J. L. (2004). Testing the applicability of Porter's generic strategies in the digital age: A study of Korean cyber malls. Journal of Business Strategies, 21(1). https://doi.org/10.54155/jbs.21.1.19-46
Kim, L., & Lim, Y. (1988). Environment, generic strategies, and performance in a rapidly developing country: A taxonomic approach. Academy of Management Journal, 31(4), 802-827. https://doi.org/10.5465/256339
Kotha, S., & Nair, A. (1995). Strategy and environment as determinants of performance: Evidence from the Japanese machine tool industry. Strategic Management Journal, 16(7), 497-518. https://doi.org/10.1002/smj.4250160702
Lapersonne, A. H. (2018). The hybrid competitive strategy framework: A managerial theory for combining differentiation and low-cost strategic approaches based on a case study of a european textile manufacturer [Doctoral dissertation]. The University of Manchester, Manchester, England. https://www.research.manchester.ac.uk/portal/files/66046490/FULL_TEXT.PDF
Lapersonne, A., Sanghavi, N., & De Mattos, C. (2015). Hybrid Strategy, ambidexterity and environment: toward an integrated typology. Universal Journal of Management, 3(12), 497-508. https://doi.org/10.13189/ujm.2015.031204
Lieberman, M. B., & Asaba, S. (2006). Why do firms imitate each other? Academy of Management Review, 31(2), 366-385. https://doi.org/10.5465/amr.2006.20208686
Louzada, L. C., & Gonçalves, M. A. (2018). The moderating effect of the sector’s level of concentration on the relationship between balance sheet composition and the firm’s competitive advantage. BBR. Brazilian Business Review, 15(6), 512-532. https://doi.org/10.15728/bbr.2018.15.6.1
Maury, B. (2018). Sustainable competitive advantage and profitability persistence: Sources versus outcomes for assessing advantage. Journal of Business Research, 84, 100-113. https://doi.org/10.1016/j.jbusres.2017.10.051
McGahan, A. M., & Porter, M. E. (1997). How much does industry matter, really?. Strategic Management Journal, 18(S1), 15-30. https://doi.org/10.1002/(SICI)1097-0266(199707)18:1+<15::AID-SMJ916>3.0.CO;2-1
Miles, R. E., & Snow, C. C. (1978). Organizational strategy, structure, and process. McGraw-Hill.
Miller, D. (1992). Generic strategies: Classification, combination, and context. In P. Shrivastava, A. Huff, & J. Dutton (Eds.), Advances in strategic management (pp. 391-408). JAI Press.
Nunnally, J. C., & Bernstein, I. H. (1994). Psychometric theory (3rd. ed.). McGraw-Hill.
Palepu, K. G., & Healy, P. M. (2008). Business analysis and valuation: Using financial statements, text and cases. Thomson South-Western.
Pallant, J. (2007). SPSS survival manual: A step by step guide to data analysis for windows (3rd ed). Routledge
Pertusa-Ortega, E. M., Molina-Azorín, J. F., & Claver-Cortés, E. (2009). Competitive strategies and firm performance: A comparative analysis of pure, hybrid and ‘stuck‐in-the-middle’strategies in Spanish firms. British Journal of Management, 20(4), 508-523.
Porter, M E. (1980). Competitive strategy: Techniques for analyzing industries and competitors. Free Press.
Porter, M. E. (1985). Competitive advantage: creating and sustaining superior performance. Free Press.
Resende, M., & Boff, H. (2013). Concentração industrial. In D. Kupfer & L. Hasenclever (2013), Economia industrial: fundamentos teóricos e práticas no Brasil (2nd ed., pp. 41–51). Elsevier.
Refinitiv (2020). The Refinitiv Business Classification. https://www.refinitiv.com/en/financial-data/indices/trbc-business-classification
Salavou, H. E. (2015). Competitive strategies and their shift to the future. European Business Review, 27(1), 80-99. https://doi.org/10.1108/EBR-04-2013-0073
Sashi, C. M., & Stern, L. W. (1995). Product differentiation and market performance in producer goods industries. Journal of Business Research, 33(2), 115-127. https://doi.org/10.1016/0148-2963(94)00062-J
Shinkle, G. A., Kriauciunas, A. P., & Hundley, G. (2013). Why pure strategies may be wrong for transition economy firms. Strategic Management Journal, 34(10), 1244-1254. https://doi.org/10.1002/smj.2060
Sofia, I. P. (2019). Strategy of business and enterprise risk management on organization performance: whistleblowing system as a moderating variable. South East Asia Journal of Contemporary Business, Economics and Law, 20(5), 140-146. https://seajbel.com/wp-content/uploads/2020/03/KLICELS14_268.pdf
Sofia, I. P., & Augustine, Y. (2019). Does enterprise risk management and hybrid strategy affect to organizational performance? South East Asia Journal of Contemporary Business, Economics and Law, 20(5), 120-126. https://seajbel.com/wp-content/uploads/2020/03/KLICELS14_256.pdf
Spanos, Y. E., Zaralis, G., & Lioukas, S. (2004). Strategy and industry effects on profitability: evidence from Greece. Strategic Management Journal, 25(2), 139-165. https://doi.org/10.1002/smj.369
Tabachnick, B. G., & Fidell, L. S. (2007). Using multivariate statistics (7th ed.). Pearson.
Thompson, A. A. Júnior, & Formby, J. P. (2003). Microeconomia da Firma: Teoria e prática. 6ª ed. LTC.
Thornhill, S., & White, R. E. (2007). Strategic purity: A multi‐industry evaluation of pure vs. hybrid business strategies. Strategic Management Journal, 28(5), 553-561. https://doi.org/10.1002/smj.606
Treacy, M., & Wiersema, F. (1993). Customer intimacy and other value disciplines. Harvard Business Review, 71(1), 84-93. https://hbr.org/1993/01/customer-intimacy-and-other-value-disciplines
Treacy, M., & Wiersema, F. (1995). How market leaders keep their edge. Fortune, 131(2), 52-57. https://money.cnn.com/magazines/fortune/fortune_archive/1995/02/06/201831/
Tripathy, A. (2006). Strategic positioning and firm performance [Doctoral dissertation]. The University of Texas, Dallas, Texas, United States of America. WorldCat Dissertations. (OCLC: 76043447).
Yamin, S., Gunasekaran, A., & Mavondo, F. T. (1999). Relationship between generic strategies, competitive advantage and organizational performance: An empirical analysis. Technovation, 19(8), 507-518. https://www.sciencedirect.com/science/article/abs/pii/S0166497299000243
Yasa, N. N. K., Sukaatmadja, I. P. G., Giantari, I. G. A. K., & Yuniari, N. W. (2019). The influence of external environment and resource capability on the hybrid business strategy and business performance. 7th Proceedings of the International Conference on Entrepreneurship and Business Management (ICEBM Untar 2018). https://doi.org/10.5220/0008492903430349
Amir, E., Kama, I., & Livnat, J. (2011). Conditional versus unconditional persistence of RNOA components: Implications for valuation. Review of Accounting Studies, 16(2), 302–327. https://doi.org/10.1007/s11142-010-9138-z
Andrews K. R. (1996) The concept of corporate strategy of strategic management. In P. McKiernam. Historical evolution (Vol. 1, pp. 15-440). Bookfeld, Dartmouth Publishing Company.
Banker, R. D., Mashruwala, R., & Tripathy, A. (2014). Does a differentiation strategy lead to more sustainable financial performance than a cost leadership strategy? Management Decision, 52(5), 872–896. https://doi.org/10.1108/MD-05-2013-0282
Bauman, M. P. (2014). Forecasting operating profitability with DuPont analysis Further evidence. Review of Accounting and Finance, 13(2), 191–205. https://doi.org/10.1108/RAF-11-2012-0115
Besanko, D., Dranove, D., Shanley, M., & Schaefer, S. (2013). Economics of strategy (6th ed.). John Wiley & Sons.
Chaganti, R., Chaganti, R., & Mahajan, V. (1989). Profitable small business strategies under different types of competition. Entrepreneurship Theory and Practice, 13(3), 21–36. https://doi.org/10.1177/104225878901300304
Davcik, N. S., & Sharma, P. (2016). Marketing resources, performance, and competitive advantage: A review and future research directions. Journal of Business Research, 69(12), 5547-5552. https://doi.org/10.1016/j.jbusres.2016.04.169
David, J. S., Hwang, Y., Pei, B. K., & Reneau, J. H. (2002). The performance effects of congruence between product competitive strategies and purchasing management design. Management Science, 48(7), 866-885. https://doi.org/10.1287/mnsc.48.7.866.2819
Delen, D., Kuzey, C., & Uyar, A. (2013). Measuring firm performance using financial ratios: A decision tree approach. Expert Systems with Applications, 40(10), 3970–3983. https://doi.org/https://doi.org/10.1016/j.eswa.2013.01.012
Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969-1994. https://doi.org/10.2308/accr-10130
Fairfield, P. M., & Yohn, T. L. (2001). Using asset turnover and profit margin to forecast changes in profitability. Review of Accounting Studies, 6(4), 371–385. https://doi.org/10.1023/A:1012430513430
Fernando, G. D., Schneible Jr, R. A., & Tripathy, A. (2016). Firm strategy and market reaction to earnings. Advances in accounting, 33, 20-34. https://doi.org/10.1016/j.adiac.2016.04.006
Ghemawat, P. (2002). Competition and business strategy in historical perspective. Business History Review, 76(1), 37–74. https://doi.org/10.2307/4127751
Garcia-Pont, C., & Nohria, N. (2002). Local versus global mimetism: The dynamics of alliance formation in the automobile industry. Strategic Management Journal, 23(4), 307-321. https://doi.org/10.1002/smj.225
Gill, A., Biger, N., & Mathur, N. (2010). The relationship between working capital management and profitability: Evidence from the United States. Business and Economics Journal, 10, p. 1-9. https://www.researchgate.net/publication/284875433_The_Relationship_Between_Working_Capital_Management_And_Profitability_Evidence_From_The_United_States
Gort, M., & Klepper, S. (1982). Time paths in the diffusion of product innovations. The Economic Journal, 92(367), 630-653. https://doi.org/10.2307/2232554
Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. L. (2006). Multivariate data analysis (6th ed.). Pearson University Press.
Haiyan, D., Ahmed, K., & Nanere, M. (2020). Life cycle, competitive strategy, continuous innovation and firm performance. International Journal of Innovation Management, 2150004. https://doi.org/10.1142/S1363919621500043
Hambrick, D. C. (1983). High profit strategies in mature capital goods industries: A contingency approach. Academy of Management Journal, 26(4), 687–707. https://doi.org/10.5465/255916
Hansen, E., Nybakk, E., & Panwar, R. (2015). Pure versus hybrid competitive strategies in the forest sector: Performance implications. Forest Policy and Economics, 54, 51-57. https://doi.org/10.1016/j.forpol.2015.02.001
Healy, P., Serafeim, G., Srinivasan, S., & Yu, G. (2014). Market competition, earnings management, and persistence in accounting profitability around the world. Review of Accounting Studies, 19(4), 1281-1308. https://doi.org/10.1007/s11142-014-9277-8
Jones, G. R., & Butler, J. E. (1988). Costs, revenue, and business-level strategy. Academy of Management Review, 13(2), 202-213. https://doi.org/10.5465/amr.1988.4306865
Kaliappen, N., Chuah, F., Gorondutse, A. H., & Moktar, S. N. A. (2019). Hybrid competitive strategy, strategic capability and performance. Journal of Business and Retail Management Research, 13(4), 43-50. https://jbrmr.com/cdn/article_file/2019-07-02-11-38-57-AM.pdf
Kallás, D. (2014). A moderação da concentração setorial no efeito do ambiente institucional na performance empresarial [Doctoral dissertation]. Escola de Administração de Empresas de São Paulo da Fundação Getulio Vargas (EAESP-FGV), São Paulo, SP, Brazil. https://bibliotecadigital.fgv.br/dspace/handle/10438/11865
Karuna, C. (2008). Industry product market competition and corporate governance. SSRN. http://dx.doi.org/10.2139/ssrn.1270972
Kim, E., Nam, D. I., & Stimpert, J. L. (2004). Testing the applicability of Porter's generic strategies in the digital age: A study of Korean cyber malls. Journal of Business Strategies, 21(1). https://doi.org/10.54155/jbs.21.1.19-46
Kim, L., & Lim, Y. (1988). Environment, generic strategies, and performance in a rapidly developing country: A taxonomic approach. Academy of Management Journal, 31(4), 802-827. https://doi.org/10.5465/256339
Kotha, S., & Nair, A. (1995). Strategy and environment as determinants of performance: Evidence from the Japanese machine tool industry. Strategic Management Journal, 16(7), 497-518. https://doi.org/10.1002/smj.4250160702
Lapersonne, A. H. (2018). The hybrid competitive strategy framework: A managerial theory for combining differentiation and low-cost strategic approaches based on a case study of a european textile manufacturer [Doctoral dissertation]. The University of Manchester, Manchester, England. https://www.research.manchester.ac.uk/portal/files/66046490/FULL_TEXT.PDF
Lapersonne, A., Sanghavi, N., & De Mattos, C. (2015). Hybrid Strategy, ambidexterity and environment: toward an integrated typology. Universal Journal of Management, 3(12), 497-508. https://doi.org/10.13189/ujm.2015.031204
Lieberman, M. B., & Asaba, S. (2006). Why do firms imitate each other? Academy of Management Review, 31(2), 366-385. https://doi.org/10.5465/amr.2006.20208686
Louzada, L. C., & Gonçalves, M. A. (2018). The moderating effect of the sector’s level of concentration on the relationship between balance sheet composition and the firm’s competitive advantage. BBR. Brazilian Business Review, 15(6), 512-532. https://doi.org/10.15728/bbr.2018.15.6.1
Maury, B. (2018). Sustainable competitive advantage and profitability persistence: Sources versus outcomes for assessing advantage. Journal of Business Research, 84, 100-113. https://doi.org/10.1016/j.jbusres.2017.10.051
McGahan, A. M., & Porter, M. E. (1997). How much does industry matter, really?. Strategic Management Journal, 18(S1), 15-30. https://doi.org/10.1002/(SICI)1097-0266(199707)18:1+<15::AID-SMJ916>3.0.CO;2-1
Miles, R. E., & Snow, C. C. (1978). Organizational strategy, structure, and process. McGraw-Hill.
Miller, D. (1992). Generic strategies: Classification, combination, and context. In P. Shrivastava, A. Huff, & J. Dutton (Eds.), Advances in strategic management (pp. 391-408). JAI Press.
Nunnally, J. C., & Bernstein, I. H. (1994). Psychometric theory (3rd. ed.). McGraw-Hill.
Palepu, K. G., & Healy, P. M. (2008). Business analysis and valuation: Using financial statements, text and cases. Thomson South-Western.
Pallant, J. (2007). SPSS survival manual: A step by step guide to data analysis for windows (3rd ed). Routledge
Pertusa-Ortega, E. M., Molina-Azorín, J. F., & Claver-Cortés, E. (2009). Competitive strategies and firm performance: A comparative analysis of pure, hybrid and ‘stuck‐in-the-middle’strategies in Spanish firms. British Journal of Management, 20(4), 508-523.
Porter, M E. (1980). Competitive strategy: Techniques for analyzing industries and competitors. Free Press.
Porter, M. E. (1985). Competitive advantage: creating and sustaining superior performance. Free Press.
Resende, M., & Boff, H. (2013). Concentração industrial. In D. Kupfer & L. Hasenclever (2013), Economia industrial: fundamentos teóricos e práticas no Brasil (2nd ed., pp. 41–51). Elsevier.
Refinitiv (2020). The Refinitiv Business Classification. https://www.refinitiv.com/en/financial-data/indices/trbc-business-classification
Salavou, H. E. (2015). Competitive strategies and their shift to the future. European Business Review, 27(1), 80-99. https://doi.org/10.1108/EBR-04-2013-0073
Sashi, C. M., & Stern, L. W. (1995). Product differentiation and market performance in producer goods industries. Journal of Business Research, 33(2), 115-127. https://doi.org/10.1016/0148-2963(94)00062-J
Shinkle, G. A., Kriauciunas, A. P., & Hundley, G. (2013). Why pure strategies may be wrong for transition economy firms. Strategic Management Journal, 34(10), 1244-1254. https://doi.org/10.1002/smj.2060
Sofia, I. P. (2019). Strategy of business and enterprise risk management on organization performance: whistleblowing system as a moderating variable. South East Asia Journal of Contemporary Business, Economics and Law, 20(5), 140-146. https://seajbel.com/wp-content/uploads/2020/03/KLICELS14_268.pdf
Sofia, I. P., & Augustine, Y. (2019). Does enterprise risk management and hybrid strategy affect to organizational performance? South East Asia Journal of Contemporary Business, Economics and Law, 20(5), 120-126. https://seajbel.com/wp-content/uploads/2020/03/KLICELS14_256.pdf
Spanos, Y. E., Zaralis, G., & Lioukas, S. (2004). Strategy and industry effects on profitability: evidence from Greece. Strategic Management Journal, 25(2), 139-165. https://doi.org/10.1002/smj.369
Tabachnick, B. G., & Fidell, L. S. (2007). Using multivariate statistics (7th ed.). Pearson.
Thompson, A. A. Júnior, & Formby, J. P. (2003). Microeconomia da Firma: Teoria e prática. 6ª ed. LTC.
Thornhill, S., & White, R. E. (2007). Strategic purity: A multi‐industry evaluation of pure vs. hybrid business strategies. Strategic Management Journal, 28(5), 553-561. https://doi.org/10.1002/smj.606
Treacy, M., & Wiersema, F. (1993). Customer intimacy and other value disciplines. Harvard Business Review, 71(1), 84-93. https://hbr.org/1993/01/customer-intimacy-and-other-value-disciplines
Treacy, M., & Wiersema, F. (1995). How market leaders keep their edge. Fortune, 131(2), 52-57. https://money.cnn.com/magazines/fortune/fortune_archive/1995/02/06/201831/
Tripathy, A. (2006). Strategic positioning and firm performance [Doctoral dissertation]. The University of Texas, Dallas, Texas, United States of America. WorldCat Dissertations. (OCLC: 76043447).
Yamin, S., Gunasekaran, A., & Mavondo, F. T. (1999). Relationship between generic strategies, competitive advantage and organizational performance: An empirical analysis. Technovation, 19(8), 507-518. https://www.sciencedirect.com/science/article/abs/pii/S0166497299000243
Yasa, N. N. K., Sukaatmadja, I. P. G., Giantari, I. G. A. K., & Yuniari, N. W. (2019). The influence of external environment and resource capability on the hybrid business strategy and business performance. 7th Proceedings of the International Conference on Entrepreneurship and Business Management (ICEBM Untar 2018). https://doi.org/10.5220/0008492903430349