Assessing the Impact of Corporate Entrepreneurship in the Financial Performance of Subsidiaries of Colombian Business Groups: Under Environmental Dynamism Moderation

Abstract

Corporate entrepreneurship creates opportunities in employment, technological advances, value creation, and cultural transformation for entrepreneurial ecosystems, entrepreneurs, governments, economies and society around the globe. The purpose of this study is to assess the impact of corporate entrepreneurship on the financial performance of subsidiaries of Colombian business groups under the moderating effect of the environmental dynamism, because the relationship between corporate entrepreneurship and financial performance in emerging economies must differ from developed economies. Using a cross-sectional structural equation modeling analysis, this study assessed the impact of entrepreneurial orientation and corporate venturing on the firm financial performance of 87 subsidiaries of Colombian business groups at different levels of environmental dynamism. This study confirms that the relationship between corporate entrepreneurship and performance is context-dependent, and that entrepreneurial orientation has a strong and positive causal relationship to corporate venturing. Additionally, subsidiaries of Colombian business groups increase their financial performance when they increase entrepreneurial orientation and decrease financial performance when they increase corporate venturing. Furthermore, the results with and without environmental dynamism are similar. This paper would contribute to important areas in Latin America business where such studies are scarce.

Formation of Multicultural Competence of Future Tourist Support Specialists (Guides) as a Pedagogical Problem

“…Good multicultural competency training programs clearly state how they will meet the needs of the organisation or the people they teach. They clearly outline the results that organisations and individuals can expect (Rodríguez-Peña, 2021). Regardless of the teaching method, high-quality curricula give participants the opportunity to interact with theories and concepts and engage in self-reflection.…”