Tóm tắt Luận án The impact of social capital, entrepreneurship, and resilience capability on the performance of state - Capital enterprises in Vietnam

that corporate social capital (a type of resource) has a significant effect on corporate resilience capability. * Resource dependence theory: Resource dependence theory states that a business cannot operate alone but always has resource relationships with stakeholders and external organizations (external social capital); enterprises know how to exploit, utilize and have the support of external resources to help reduce the uncertainties of the business environment (Pfeffer, 1972); Flexibility in resource allocation and exploitation is a core component of resilience capability. This theory mentions corporate social capital (in particular external social capital) helps increase the flexibility of resilience capability. Thus, resource dependence theory (resource dependence theory) supports the argument that corporate social capital has an impact on resilience capability. 2.5.3. Theory supports the relationship between social capital and entrepreneurship * Resource-advantage theory: Resource-advantage theory states that an enterprise has a certain advantage in resources that will increase the spirit of proactive and innovation when the business implements its business strategies; Corporate social capital is a resource that can give a business an edge; Proactive spirit and innovation are two key components of entrepreneurship. Thus, the resource-advantage theory supports the argument that corporate social capital has a significant impact on entrepreneurship. 10 2.5.4.Theory supports the relationship between resilience capability and performance * Organizational resilience theory: organizational resilience theory has provided insight into how businesses continue to achieve the intended results in the context of stress, barriers and uncertainty changes in the environment, at this time organization theory has no basis to explain these things. This theory confirms that the capacity to anticipate, an important component of resilience capability, has significantly contributed to improving firm performance despite unpredictable fluctuations of the business environment. * Contingency theory: Contingency theory refers to the random factors of the environment inside and outside the business; the ability to actively adjust through the building of adaptive structures and corporate governance to respond well to random factors; Contingency theory also refers to the dependent variable of performance and asserts that the performance is improved more or less depending on the ability to build adaptive structures and corporate governance. Indeed, business operations are always influenced by internal and external random factors, only a good response can help businesses achieve high performance (Luthans & Stewart, 1977). * Resource theory: Resource theory is based on the assumption that a business is a collection of resources and competencies, creating competitive advantage and privileged position (Penrose, 1959). Thus, this theory shows that with high adaptability, firms gain competitive advantage and improve performance by turning resources into the development of new products and services (Akgün & Keskin, 2014). 2.5.5.Theory supports the relationship between entrepreneurship and performance * Resource-based theory: From the point of view of resource-based theory, the transformation of resources is the basic condition of entrepreneurship (Casson, 1982). From a functional perspective through the application of newly created resources. Over time, entrepreneurship will affect business performance. According to resource-based theory, entrepreneurship is the key resource of the business. With the same risk assumption, the more entrepreneurial spirit an enterprise has, the higher the rate of profit will be. At the same time, the growth of that business is always higher than the industry average. The 11 difference in performance created by entrepreneurship is even more pronounced for firms operating in highly volatile industries (Teece & Pisano, 1994). Thus, resource-based theory helps to explain how entrepreneurship has a significant effect on performance. * Competition theory: Competition theory states that innovation, an element of entrepreneurial spirit, is closely related to the spirit of learning to help businesses acquire useful information to actively innovate technology, products and services, which contribute to increased business performance. 2.5.6. Theory supports the relationship between entrepreneurship and resilience capability * Resource-advantage theory (RA theory): Resource-advantage theory emphasizes proactive spirit, and innovation are components of entrepreneurial spirit that are closely related to response (reactive) a core spirit of resilience capability. This theory contributes to the explanation of entrepreneurship that increases the resilience capability of businesses. * Theory of competition: According to the theory of competition, creativity and innovation are the key factors for businesses to overcome the initial equilibrium, towards new achievements in business (Hallak, Assaker, O'Connor, & Lee, 2018 ). This is also the corporate strategy to create a competitive advantage (Zehir, Can, & Karaboga, 2015). Indeed, entrepreneurial actions help to create new resources or combine existing resources in a new way, helping to generate benefits through sustainable business competition (Alvarez & Busenitz, 2001). Sustainable performance is the core of resilience capability. 2.6. Develop hypotheses and model The relationship between social capital and performance Corporate social capital consists of three components: leaders' social capital, internal social capital and external social capital (Huynh Thanh Dien, 2012). A good leadership's social capital results in positive relationships and prompt information support from stakeholders, especially at all levels of government and media (Tushman, 1997) should contribute to many high results during the operation; help improve performance. Well-built internal social capital will actively promote cooperation; help support, coordinate and trust each other, and are willing to share knowledge and experiences 12 (Brookes and Ctg, 2006); contribute to reduce transaction costs; help to use resources effectively, thus improving performance. Good external social capital improves vertical and horizontal relationships (Yang and Ctg, 2011), especially for consulting organizations (horizontally) and with levels of government (vertically) will provide information, useful advice to be ready to take opportunities, bring many high results, help improve the performance. Social capital has the effect of reducing risks, contributing to improving performance (Casey, 2002; Woolcock, 2001; Narayan & Pritchett, 1999; Dasgupta, 2000); Previous studies have shown that social capital had a positive impact on performance, but there are few studies in Vietnam that mention this, especially about Vietnamese SCEs, so the writer proposed the following hypothesis: H1: Social capital has a positive impact on the performance of SCEs in Vietnam Relationship between social capital and resilience capability Corporate social capital consists of three components: leaders' social capital, internal social capital and external social capital (Huynh Thanh Dien, 2012). When the leaders are capable, highly qualified, they will affect the capacity of the business, bringing better performance. Leaders need to have good relationships with external and internal actors, especially authorities and media organizations (Tushman, 1997), which helps businesses overcome difficulties and challenges; anticipate possible bad situations; always proactive and well-adapted to the environment; agility and flexibility in rational resource allocation; ensure that the business operates sustainably. Thus, the social capital of leaders will help improve resilience capability. Well-built internal social capital promotes cooperation, support, coordination, and a willingness to share knowledge and experience (Brookes and Ctg, 2006); internal social capital creates stability because of high trust and consensus; This helps businesses to be proactive, adapt to the environment; always anticipate possible adverse situations; agility and flexibility in rational allocation of resources to adjust and respond to changes in the environment; Thus, internal social capital helps to improve resilience capability. Extenal social capital is well-built, horizontal and vertical relationships will be good (Yang and Ctg, 2011), especially for consulting organizations (horizontal) and goverment levels (vertical) will help businesses to predict and adapt well to changes in the 13 environment; Always agile and flexible in allocating reasonable resources to react and adjust positively to all situations, so external social capital helps improve resilience capability. Social capital affects the resilience capability (Noel Johnson, 2010) and social capital also helps to handle difficult business situations in a timely manner (Putnam, 1995, 2000); Previous studies have shown that social capital had a positive effect on resilience capability; However, there are few studies in Vietnam on this issue, especially about Vietnamese SMEs, so the writer proposed the following hypothesis: H2: Social capital has a positive impact on resilience capability of SCEs in Vietnam. Relationship between social capital and entrepreneurship Measurement of social capital is considered in three respective angles, namely, leader social capital, internal social capital and external social capital (Huynh Thanh Dien, 2012). When the leader has the ability, high qualifications, good quality (high LD) will have a good relationship with the Government levels and media organizations (Tushman, 1997), helping leaders to run businesses through difficulties, challenges, always be proactive and innovative; willing to take risks (Covin &Slevin, 1991) to achieve the expected goals most effectively without fear of binding personal responsibilities. As such, the social capital of leader will help improve entrepreneurship. Well-built internal social capital (high IN) will promote cooperation, support, coordination, and sharing of knowledge and experience internally (Brookes & et al, 2006); internal social capital creates stability because of high trust and consensus; This helps businesses to be confident, proactive, always innovate their operating methods, ready to take risks (Covin &Slevin, 1991) in order to achieve the expected target set without fear of personal responsibility; thus, the internal social capital helps to improve the entrepreneurship. External social capital is well established (high EX), the horizontal and vertical relationships will be good (Yang & et al, 2011), especially for consulting organizations (horizontal) and government levels (vertical) will help businesses overcome difficulties in administrative procedures, business conditions, technical conditions; help businesses have information, useful advice, cooperation contracts for businesses to be proactive, innovative and ready to take risks (Covin &Slevin, 1991) when fiercely competing (Lumpkin & Dess, 14 1996) without fear of damage when firms face with bad situations; so external social capital also helps to improve entrepreneurship. Social capital influences enterprise innovation (Landry & CTG, 2000) and social capital also influences entrepreneurship (Cheng-Nan et al, 2007); Previous studies have shown that social capital had a positive effect on entrepreneurship; However, there are few studies in Vietnam on this issue, especially about Vietnamese SCEs, so the writer proposed the following hypothesis: H3: Social capital has a positive impact on the entrepreneurship of SCEs in Vietnam Relationship between resilience capability and performance The resilience capability helps businesses always in a state of proactively predicting and adapting well to the environment; helps businesses be agile and flexible in allocating resources reasonably to react and adjust positively in all situations (Chu, 2015), thus creating conditions for businesses to have many opportunities to gain competitive advantage; take the lead in product innovation and technological innovation to meet market demand, increase customer satisfaction, increase profitability and increase market efficiency. Resilience capability also has a direct positive relationship with performance in the face of environmental changes (Chu, 2015). Thus, the resilience capability contributes to improve performance; There are many foreign studies on the resilience capability of enterprises in volatile environment, but there are few studies in Vietnam on this issue, especially about Vietnamese SCEs, so the writer proposed the following hypothesis: H4: Resilience capability has a positive impact on performance of SCEs in Vietnam Relationship between entrepreneurship and performance Entrepreneurship helps businesses stay in a state of proactively adapting to all situations (Denyer, D, 2017), there will be many opportunities to gain competitive advantage; take the lead in product innovation and technological innovation to meet market demand, increase customer satisfaction, increase profitability and increase market efficiency. Entrepreneurship also has a direct positive relationship with organizational performance (Sambrook & Roberts, 2005). Researchers believe that entrepreneurship at the organizational level can improve performance. The entrepreneurship helps to innovate management methods, helps reduce management and operational costs; increasing profits, customer satisfaction and market efficiency, thus entrepreneurship contribute to improving 15 operational efficiency. Previous studies have shown that entrepreneurship has a positive impact on performance, but there are few studies in Vietnam that mention this, especially about Vietnamese SCEs, so the writer proposed the following hypothesis.: H5: Entrepreneurship has a positive impact on performance of SCEs in Vietnam. Relationship between entrepreneurship and resiliencce capability The entrepreneurship structure consists of three components: proactive, innovation and risk taking (Covin & Sevin, 1991); Proactivity enables businesses to soon grasp the changes of the market and the environment outside as well as within enterprises, from which businesses will have a way to adjust appropriately and increase their predictability; innovation and creativity help businesses quickly create products and services that meet the needs of the market and technology, thus increasing the agility and adaptive capacity of businesses; autonomy, fierce competition, willingness to take risks, creating conditions for businesses to boldly decide to allocate resources in a flexible and timely manner to achieve a competitive advantage, thus increasing flexibility of the enterprise; Thus, all components of entrepreneurship (proactive, innovation and risk-taking) have the effect of increasing the composition of resilience capability (adaptability, anticipatory, agility, flexibility); Previous studies show that entrepreneurship has a positive influence on the ability of enterprises to adapt to the environment (Denyer, D, 2017); However, there are few studies in Vietnam mentioning this issue, especially about Vietnamese SCEs, so the writer proposed the following hypothesis: H6: Entrepreneurship has a positive impact on the resilience capability of SCEs in Vietnam. 16 This study proposes the following model: Social capital (SC): - Leader SC - Internal SC - External SC Resilience capability: - Adaptability - Anticipatory - Agility - Flexibility Performance: - Satisfaction - Profitability - Market efficiency Entrepreneurship: - Proactive - Innovation - Risk-taking H1 (+) H5 (+) H3 (+) H2 (+) H6 (+) H4 (+) 17 CHAPTER 3. RESEARCH METHODOLOGY 3.1. Research process Hình 3.1 Summary of research implementation process Discuss research results Research report Theoretical Review Preliminary qualitative (n=10) Draft scale Preliminary quantitative (n=60) Cronbach ’Alpha checksum correlation checksum, eliminates low correlation variables (<0.30) Cronbach’s Alpha Check EFA weight, factor and extracted variance, eliminate variables with low factor load (<0.50) EFA Test model suitability, CFA weight, composite reliability, unidimensionnal, convergent validity, and discriminant validity CFA Test the model suitability; Testing theoretical models and hypotheses SEM Official quantitative (n=568) Official scale, research model Cronbach ’Alpha checksum correlation checksum, eliminates low correlation variables (<0.30) Cronbach’s Alpha Test EFA weight, factor and extracted variance, eliminate variables with low factor load (<0.50) EFA Define research concepts, document research 18 Both qualitative and quantitative methods were used in this study. The qualitative approach was based on in-depth interviews of ten leaders of SCEs in Vietnam. Their ages were between 40 to 55 years old, and each had at least ten years of experience in SCEs. The research explored new indicators for the contextual latent variables in the research model. A structural equation model was conducted based on the survey data of all SCEs leaders in Vietnam. A list of 720 SCEs was prepared and questionnaires were sent to their leaders. Finally, 571 questionnaires were answered showing a return rate of about 80%. Three invalid and uncompleted questionnaires were rejected, resulting in 568 valid observations used for the analysis in this research 3.2. Developing scale The scale correction method is based on the results of the theoretical review of the original scales mentioned in Chapter Two to conduct qualitative interviews with experts to select and supplement observed variables to suit the context of SCEs in Vietnam. The scales after interviewing experts, hand-to-hand discussion with leaders of SCEs in Vietnam achieved the following results: - The scale of leader social capital (LD) has 5 items (from LD1 to LD5); the scale of internal social capital (IN) has 3 items (from IN1 to IN5); the scale of external social capital (EX) has 7 items (from EX1 to EX7); these scales are of enterprise social capital factor adapted and developed from the research of Huynh Thanh Dien (2012) - The scale of proactive (AC) has 4 items (from AC1 to AC4); the scale of innovation (IO) has 4 items (from IO1 to IO4); the scale of risk- taking (RI) has 4 items (from RI1 to RI4); these scales are of entrepreneurship factor adapted and developed from the research of Bolton & Lane (2012). - The scale of adaptibility (AD) has 4 items (from AD1 to AD4); the scale of anticipatory (AT) has 6 items (from AT1 to AT6); the scale of agility (AG) has 7 items (from AG1 to AG7); the scale of flexibility (FL) has 6 items (from FL1 to FL6); these scales are of resilience capability factor inherited from the research of Chu (2015). - The scale of customer satisfactory (SA) has 3 items (from SA1 to SA3); the scale of profitability (PR) has 3 items (from PR1 to PR3); the scale of market effectivity (ME) has 3 items (from ME1 to ME3); these scales are of performance factor inherited from the research of Chu (2015) 19 3.3. Quantitative research 3.3.1. Preliminary quantitative research Preliminary quantitative research using the survey method using a questionnaire on a sample of 60 SCEs in Vietnam using non-probability sampling methods, applying convenient sampling methods and the subjects of the survey are Chairman of the Council management, General Director, Deputy General Director, Director, Deputy Director for a preliminary assessment of the consistency and structure of the scale. Using software to calculate Cronchbach Alpha reliability and exploratory factor analysis (EFA) to screen scales, identify the scale structure for official quantitative research. The results of preliminary quantitative research showed that the scales met the standard required to form an official quantitative questionaire to submit to leaders of SCEs in Vietnam to collect data. 3.3.2. Official quantitative research Official quantitative research using survey method by questionnaire to test scales, test models and hypotheses with the collected sample size of 568 survey questionnaires meeting standard by overall sampling method., according to the sample frame is the list of 720 equitized SOEs as of August 2019 on the website Chinhphu.vn (the remaining enterprises do not return the questionnaire because they have divested all state capital); The subjects of the survey is still the Chairman of the Board of Directors, General Director, Deputy General Director, Director, Deputy Director or authorized person. Using software to calculate Cronchbach Alpha reliability and exploratory factor analysis (EFA); CFA aims to evaluate data compatibility, unidirectional, discriminant value, convergence value, aggregate reliability, and extraction variance to adjust the research model. Test the theoretical model with the structural equation modeling tool (SEM) to conclude the model, the hypotheses about the impact of social capital, entrepreneurship, resilience capability to performance of SCEs in Vietnam. 20 CHAPTER 4. RESEARCH RESULTS 4.1. Data analysis Characteristics of surveyed enterprises: Most types of enterprises are joint stock companies with agricultural capital accounting for 35.7%; The main field of activity is manufacturing, construction up to 49.6%; The number of major branches from 1 to 5 branches accounts for 30.6%; The structure of state capital is slow; Equitization area reached 100% in the sample; The equitization year focused heavily on the period 2018-2019 due to the time close to collecting information; Business results are mostly from normal to very good. Characteristics of individuals surveyed: Male and female gender equivalent; Respondents aged 41-50 accounted for the majority of 34.7%; University education accounts for the majority of 49.9%; The leadership positions that answer most are deputy directors to general directors; The main task is senior manager reaching 25.2%; The common working time in enterprises in group 1 to 6 years is 26.4%; Working time in state-owned enterprises concentrated much about 5 to 10 years, accounting for 36.1%. 4.2. Research results 4.2.1. Testing scale The Cronbach’s Alpha reliability coefficient of the scale of concepts is presented in Table 4.1 as follows: Table 4.1: Cronbach’s alpha Scales Measurement items Cronbach’s alpha Leader social capital (LD) 05 0.839 Internal social capital (IN) 03 0.766 External social capital (EX) 07 0.874 Proactive (AC) 04 0.872 Innovation (IO) 04 0.829 Risk taking (RI) 04 0.863 Adaptability (AD) 04 0.877 Anticipatory (AT) 06 0.889 Agility (AG) 07 0.912 21 Flexibility (FL) 06 0.897 Satisfaction (SA) 03 0.852 Proficiency (PR) 03 0.868 Market efficiency (ME) 03 0.846 The results show that all scales meet the requirements of Cronbach's Alpha reliability coefficient: the highest is the AG scale with α = 0.912 (agility scale) and the lowest is the IN scale with α = 0.766 (the scale of internal social capital) Therefore, the scales continue to be evaluated by the EFA exploratory factor analysis method. The exploratory factor analysis (EFA) result showed a value of 0.5 ≤ KMO = 0.903 ≤ 1; total variance extracted = 61.266% > 50% at eigenvalue = 1.235> 1; the maximum load factor of each observed variable was ≥ 0.5. This shows that the exploratory factor analysis was consistent with the survey data. Fifty-nine items with 13 latent variables were used in the model. Table 4.2 EFA results. Items Factors (latent variables) 1 2 3 4 5 6 7 8 9 10 11 12 13 Leader SC Inter nal SC Exter nal SC Proa ctive inno vati on Rist takin g Adapt abilit y Antic ipato ry Agilit y Flex ibilit y Sati sfac tion Profit ability Market Efficiency LD1 .578 LD2 .744 LD3 .739 LD4 .712 LD5 .730 IN1 .787 IN2 .686 IN3 .659 EX1 .691 EX2 .812 EX3 .655 EX4 .765 EX5 .683 EX6 .620 22 EX7 .644 AC1 .709 AC2 .846 AC3 .888 AC4 .732 IO1 .685 IO2 .715 IO3 .756 IO4 .806 RI1 .867 RI2 .710 RI3 .701 RI4 .827