This study investigates product, process, and management innovation among a sample of Spanish manufacturing small and medium‐sized enterprises (SMEs) during the current economic downturn and a period of economic growth. Tobit analyses examined whether the level of process, product, and management innovation changed during the recessionary period relative to the expansionary period; and MCO estimations were used to show whether the recession affected the relationship between SME innovation and performance. Three main findings are: (1) innovation among Spanish manufacturing SMEs declined during the recent economic crisis; (2) the type of innovation at Spanish manufacturing SMEs changed during different economic conditions; and (3) innovation was positively associated with firm performance during the economic expansion and recession years. The results demonstrate the importance of adopting innovation into SME strategy over the business cycle. The findings have relevance to SMEs, government policymakers, and providers of consulting services.

Purpose -The aim of the present study is to test the main differences between private small/medium-sized family businesses and non-family businesses with regard to management variables such as: strategy, strategic planning, manager's training and professionalism and financial techniques implementation. Design/methodology/approach -In this empirical research, we use a sample of 639 small and medium-sized industrial firms, distributed in 456 family and 183 non-family firms, with the intention of determining whether family SMEs possess specific structural characteristics distinct from non-family ones. The data collection technique used was a questionnaire obtained from a postal survey, and addressed to the manager of the company. Findings -Results show that managers of family firms use some management tools such as management accounting systems and cash budgets for the decision making process and also give less importance to strategic planning and personnel training programmes as a competitiveness factor. Research limitations/implications -There is a need for additional research because the findings indicate that there are different managerial behaviours between family and non-family firms, but we need to corroborate and look for the basis of such differences, in order to address what the advantages and disadvantages of family firms are. Practical implications -The results lead us to support the need for family firms to focus on "management development", which should be understood as the general enhancement and growth of management skills through a learning process. Originality/value -The paper contributes with new empirical evidence about the management function in family businesses. It is also expected that the results of the study help policy makers to make further efforts facilitating the progress of family firms, knowing they are the real engine driving and contributing to welfare of developed economies.

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This paper examines the investment decisions of 51 Spanish venture capital firms by stage of development. The results showed that venture capitalists ranked evaluation criteria related to the characteristics of the entrepreneurs, manager background, and management team experience as more important than market and product characteristics. Factors affecting the required rate of return were more important for the early-stage firms than for late-stage firms. Discounted cash flow analysis is the most frequently used valuation method. Private venture capital firms invest more during late development stages, while public venture capital firms invest more during the early stages. The results can be used by firms seeking venture capital, venture capital firms, consultants, and support agencies that provide capital-acquisition assistance. By gaining insight into decision criteria and processes, firms can develop better and more targeted materials to attract capital. Venture capital firms can use the information from this study to better understand their decision processes, individually and relative to competitors. Consultants and support agencies can use the information to provide better advice to both firms and venture capital firms. Information is this study could easily be built into training programs for both new and existing businesses. Finally, the results can also be incorporated directly into university courses that include material related to venture capital.

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En este artículo, se analizan los factores asociados al éxito competitivo de las mipymes peruanas, con una muestra de 94 empresas, con más de cinco trabajadores. Los factores de éxito competitivo se estudian desde la perspectiva de la teoría de los recursos y capacidades de las empresas. Los resultados muestran que, conforme las mipymes tengan implantados sistemas de control de gestión más desarrollados y que apliquen prácticas de gestión de sus recursos humanos más eficientes, mayor será la probabilidad de tener éxito en el mercado. Los resultados son especialmente útiles para los gerentes de las mipymes y los organismos de fomento de dichas instituciones para que puedan diseñar y promover estrategias y políticas que favorezcan el crecimiento y competitividad de la mipyme.Palabras clave: mipyme, rendimiento, teoría recursos y capacidades, sistemas de control de gestión, recursos humanos. Factors that determine the competitive success of MSME: An empirical study in Peruvian companiesThis paper analyses the factors associated with the competitive success of MSMEs in Peru. A qualitative research was carried out with a sample of 94 companies with more than 5 employees. Factors for competitive success are studied from the perspective of the resource-based theory. Results show that MSMEs that develop a more complete management control system and have more efficient human resources practices have a better chance to succeed in a competitive market. These results are especially useful for MSMEs managers and governmental directors in order to promote and design strategies and policies that promote the growth and competitiveness of MSMEs.Keywords: MSMEs, performance, resource-based theory, management control systems, human resources. Fatores determinantes do sucesso competitivo das MPMEs: Um estudo empírico em empresas peruanasEste artigo analisa os fatores associados ao sucesso competitivo das MPMEs peruanas Uma pesquisa qualitativa foi realizada com uma amostra de 94 empresas com mais de cinco funcionários. Os fatores de sucesso competitivos são estudados a partir da perspectiva da teoria de recursos e capacidades da empresa. Os resultados mostram que as MPMEs que desenvolvem um sistema de controle de gestão completo e têm práticas de recursos humanos mais eficientes têm ESTRATEGIA EMPRESARIAL

Creativity is an essential source of innovation for small and medium enterprises (SMEs). Moreover, one challenge in SMEs is to transform the novel and useful ideas that arise from creativity into innovation, hence the interest of researchers in advancing knowledge in this area. This study analyses: (a) how the creative process influences the results of creativity, (b) the role that risk-taking plays as a mediator in the relationship between creativity and product innovation, and (c) the impact of innovation on the performance of SMEs. The research model is validated with data from 139 Chilean industrial SMEs, using the Partial Least Square (PLS) method. The results show the importance of the creative process is different stages in SMEs. It also shows that risk-taking serves as an enabler in SMEs' ability to turn creativity into product innovation. We conclude our findings by illustrating the positive effect of product innovation on SMEs' performance, a crucial issue in their competitiveness. These findings allow managers to verify that creativity is not a random result but an intentional process.

La importancia de las Pequeñas y Medianas Empresas ha originado una serie de investigaciones para identificar los factores que determinan su competitividad. Este artículo tiene por objeto analizar la relación que existe entre el éxito competitivo y cuatro factores relacionados con el ambiente interno de las Pequeñas y Medianas Empresas (recursos humanos, planeación estratégica, innovación, tecnología y certificación de calidad), a través de una muestra de 405 empresas mexicanas. La metodología utilizada se basó en la revisión de estudios previos y planteamiento de hipótesis; trabajo de campo y análisis de datos; determinación de resultados y conclusiones del estudio. Los resultados muestran valores positivos y significativos en las variables de innovación, tecnología y planeación estratégica. La contribución del estudio es la comprobación empírica en el contexto de México, respecto de los factores determinantes de la competitividad. Concluimos que las Pequeñas y Medianas Empresas altamente competitivas son aquellas que innovan en sus productos, procesos y gestión, que tienen un nivel tecnológico superior y poseen un plan estratégico