product usage, dynamic demand models, forward-looking consumers, online con -tent, experiential products â¤Associate professor of Marketing at INSEAD
Activity consumption is a significant component of the U s. economy, with approximately $25. 1 billion spent on video games, consoles,
which contributed a large percentage of the firm†s profits. Subscriptions declined from 12 million paying customers at the end of 2010 to 11.4 million at the end of March of 2011 and continued
to rapidly drop until May. In response to questions about this decline, the company†s CEO, Mike Morhaime, said
to the demand decline 3 The second stream of research includes quantitative methods that explore the relation between
We model product usage decisions in a social environment where consumers have the possibility of
of benefits, including the opportunity to socialize with other individuals who have similar interests and collaborate on content consumption.
with the study of consumer demand in the online computer gaming industry 3. 1 An Online Game
dividuals explore the environment developed by programmers. The game was introduced originally in 2004 and became the best-selling PC game of 2005 and 2006 worldwide.
The game environment and related data are particularly suitable to the study of product usage
environment and individuals have the opportunity to join online communities to share experiences and explore content simultaneously.
16we note that more challenging content that demands cooperation of multiple players can still be performed
and computational demands. Therefore, with two levels of observed innate ability and two unobserved consumer segments, we have four segments
-plementary or competitive technologies or services that might increase or lower the appeal of the
that there are demand changes that occur over time and lead to either diï €erent participation rates
for expert players to advertise their group in the world environment or facilitate the transmission
A Dynamic Structural Analysis of Demand in a Reward Program, †Quantitative Marketing and Economics, 2008, Vol. 6, Issue 2, pp. 109-137
14. Hirschman, E. C. and M. B. Holbrook (1982), â€oehedonic Consumption: Emerging Concepts Methods, and Propositions, †Journal of Marketing, Vol. 46, No 3 (Summer), pp. 92-101
Ishihara, M. and A. Ching (2012), â€oedynamic Demand for New and Used Durable goods without Physical Depreciation:
Demand, †Quarterly Journal of Economics, 64 (May), pp. 183-207 24. Luo. L, Ratchford, B,
Pollak, R. A. 1970), â€oehabit formation and Dynamic Demand Functions, †The Journal of Political economy, 78, No. 4, pp. 745-763
stereotypical gamer profile, †Journal of Computer-Mediated Communication, 13, pp. 993-1018 44. Yao, S.,C. F. Mela, J. Chiang,
Journal of Knowledge management, Economics and Information technology 409 Special Issue December 2013 The Impact of Innovation in Romanian
Small and Medium-Sized Enterprises on Economic growth Development Author: Oncioiu Ionica, Titu Maiorescu University Bucharest
ionicaoncoiu@yahoo. ro, Romania Small firms are big business in the aid of economic development.
knowledge economy, innovation and creativity become a decisive factor in the economic activity because knowledge tends to be developed in the
actual contexts. Technical progress leads to innovation waves and creativity stands in the doorway of these phenomena,
the economy. The purpose of this study is to explore the implications positive and negative, of the changed economic environment in Romania
for the development of small medium enterprisesâ€. Results revealed that Romanian Small medium enterprises (SMES),
as in all transition economy play an important role in the economic growth development and are
increasingly recognized as having a permanent role as a seedbed for future growth Keywords: innovation;
development; growth; enterprise The Impact of Innovation in Romanian Small and Medium-Sized Enterprises on Economic growth Development
410 Special Issue December 2013 Introduction Given the importance of SMES in their world, economies everywhere are
given special attention. Hence the concern for their delineation as appropriate, with the intention to create conditions for broader and more
effective participation in economic activities in or involved. The substance of this upgrade though is situated in a great range of
differences from country to country or integration groups, however, has some common aspects are taken into account with a different intensity
and rise or fall of SMES in the economy of any country is their contribution to creating new value,
private enterprises. The first is a quantitative argument: SMES form a big and vital part of the modern economy.
The second argument is more qualitative: in spite of the heterogeneity of the SME sector, they differ
Enterprises on Economic growth Development 411 Special Issue December 2013 concept. The new business concept is conceived from the current state of
products and processes in the enterprise, the current markets and a perception of future market opportunities
Consistency between two major elements is decisive for a successful completion of the SMES innovation process.
these inherent challenges, that is, the capacity of the enterprise to muster resources and to act in a sufficiently dynamic way
All countries statistics result that SMES dominate in economy representing over 99%of the total of companies,
business because they provide an opportunity to succeed relatively much The Impact of Innovation in Romanian Small and Medium-Sized
Enterprises on Economic growth Development 412 Special Issue December 2013 higher. Therefore, when engaging in research,
small enterprises have share research costs much higher turnover than in large enterprises Moreover, large enterprises in research-development focuses on another
very important indicator for them: the share of production of new products in turnover Lately, attention is given, absolutely natural, SME branches of
the peak of high-tech.""Thus, in a recently completed study, conducted with funding from the European union Directorate General XXIII, divide
exploitation of opportunities offered by electronic commerce and service sectors And last but not least SMES integrated supply chains of large
from major customers The innovation infrastructure includes: incubators infrastructure for start-ups), technological parks (experimental facilities), technical transfer centers and the system of intellectual
property In a Romanian economy located yet in a consolidation process and of getting stronger of SMES sector, environment factors (generally
powerfully unstable) they act through numerous and diverse compromises. Maybe the most important are the ones who have a
legislative order, which are based on taxes (fiscal, firstly) dissipated changing and sometimes contradicted Against this background I searched for reasonable answers to the
Enterprises on Economic growth Development 413 Special Issue December 2013 the innovation in a transition economy, as Romanian is?
What are the factors that influence in the low level of innovation of Romanian SMES
Enterprises on Economic growth Development 414 Special Issue December 2013 reasons of the emergence of companies in specialized exchange economy
and where are directed the resources to the price mechanism Although Coase developed a new theory of the firm in 1937, she
SME environment (Santarelli and Sterlacchini, 1990; Kao, 1983 For smaller firms, technology adoption is indeed a crucial
heart of entrepreneurship (Schumpeter 1934. There are empirical researches presenting evidences about the importance of small
progress, and economic growth. At the same time, most small businesses that constitute the core of the economy do not innovate.
Most SME innovations are marginal improvements of already existing products, and instead of new technology creation, they rely on the adoption of the
Enterprises on Economic growth Development 415 Special Issue December 2013 Lankhuizen and Woolthuis 2003, Rothwell 1986,1994.
Romanian small and medium enterprises is to encourage the business environment and the general development of the economy.
Long term economic difficulties are focused attention on the importance of innovation and technological progress for business competitiveness
stimulation of knowledge-based economy and only a few companies proved able to compete through innovation.
Enterprises on Economic growth Development 416 Special Issue December 2013 maxims of scientific method: construct validity, internal validity and
SMES in strategies of development economic activity Results This study analyses the quantitative and qualitative results of
Enterprises on Economic growth Development 417 Special Issue December 2013 4 Pattern not evaluated 36 6, 10%1
Small and medium enterprises represent an equilibrium factor at micro and macroeconomic level. In permanent economic changing
environment, SMES are flexible and possess a greater adaptation capacity favorite by reduced dimensions and rapid decision process.
proportion technical innovations that are economy applicable. Many work places will come by innovation, and new discoveries will give birth
Enterprises on Economic growth Development 418 Special Issue December 2013 Thus, despite the economic reform, small and medium
enterprises in Romania are confronted still with a series of obstacles which, in the view of the economic and political instability, lead to
functioning in a business environment to the highest level. The competitive advantage of Romanian SMES will depend on the state to
business environment for SME growth and their competitiveness is based on the national strategy and government policies to facilitate an
incentive framework for foreign investment and development of commercial partnerships with small and medium firms in other
capital to help boost the sector's role the Romanian economy This innovation process is based on defining groups of
Enterprises on Economic growth Development 419 Special Issue December 2013 the crisis, and the winners will be those who will be able to make
businesses represent the engine of the economic growth and a vector for disseminating the research and development results.
businesses environment reducing the unemployment rate and increasing the productivity. It is necessary for the Romanian state to rethink the
environment, and positive, facilitating the access at new markets of provision and sale, the acceleration of the know-how transfer, the access
products or increase the productivity of labor and capital, but also bring The Impact of Innovation in Romanian Small and Medium-Sized
Enterprises on Economic growth Development 420 Special Issue December 2013 more economic growth, employment, a better balance of payments
improve the labor conditions References 1 Biatour, Bernadette and Kegels, Chantal and Vandecandelaere Siska, Le financement public dc l†mnnovation:
5 Golodner, A m.,Antitrust, Innovation, Entrepreneurship and Small Business, Small Business Economics Vol. 16 No.
1 february pp. 31-35,2001 6 Iacob Kerlek Ši colectiv, Economia à ntreprinderii, Editura Forumconsulting partners, pp 9, 1999
Enterprises on Economic growth Development 421 Special Issue December 2013 11 Soete, Luc a o.,Eindrapport van de Expertgoep voor de
13 TÃ nis Mets,.Creative Business model Innovation for Globalizing SMES, Entrepreneurship-Creativity and Innovative Business
Models, Thierry Burger-Helmchen (Ed.),ISBN: 978-953-51-0069 -0, Intech, Available from 14 http://www. intechopen. com/books/entrepreneurship
-creativity-and-innovative-business-models/creative-business -model-innovation-for-globalizing-smes, 2012 15 Torben Juul Andersen and Peter Winther Schroder, Strategic
Entrepreneurship Monitor, Rapport voor Bel en Vlaanderen 2006 17 Wickham, Philip A.,Strategic Entrepreneurship, Pearson, Fourth
Edition, 2006 18 Williamson, O. E.,The Institutions of Governance, The American Economic Review, Volume 88, Issue 2, 1998
of Entrepreneurship and S Business management. Pearson, Fifth Edition, 2008 20 Business models for Small and Medium-Sized Enterprises, in
Constructing the European Information Socia1yfair, 1998, pp 18-19 21 http://epp. eurostat. ec. europa. eu/portal/page/portal/statistics/se
23 OECD, Small and Medium-sized Enterprises: Local Strength Global Reach, OECD Observer, iunie 2011
24 www. alliedacademies. org/entrepreneurship/index. html 25 www. animmc. ro The Impact of Innovation in Romanian Small and Medium-Sized
Enterprises on Economic growth Development 422 Special Issue December 2013 26 www. cnipmmr. ro 27 www. europa. eu. int
Increasingly, innovation in new products/services and the implementation of key pro -significant implications for family owners and managers, the SME employees, and the
Journal of Innovation and Entrepreneurship 2013,2: 14 http://www. innovation-entrepreneurship. com/content/2/1/14
et al. 2003; Eddleston et al. 2008; Klein 2000. The purpose of this research is to exam
economies in which the family SME operates. High levels of performance can facilitate firm growth and subsequent profit performance,
which in turn can yield employment gains and contribute to the general economic health of a state, region, or nation (Wolff
-novative products and services are positioned to compete more successfully through the development of new products and processes, before competitors in first-mover ad
-vantage, increasing market share, return on investment (ROI), and overall firm success Allocca and Kessler 2006;
Similarly, family firms have dominated small and medium-sized enterprise (SME creation in many countries (Astrachan and Shanker 2003;
and medium-sized enterprises were analyzed through hierarchical regression analysis and innovation was found to be a significant factor in both family and non-family
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 2 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14
Innovation Family business The field of family business research has been gaining impetus in recent years Chrisman et al. 2010;
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 3 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14
predicting SME performance (Anderson and Eshima 2011; Achtenhagen et al. 2010 Innovation has been discussed as the development of a new product, the process of de
Innovation in firms has been studied in several forms in the entrepreneurship litera -ture. For example, a firm's †entrepreneurial orientation†suggests that a combination of
prone to be risk-averse than non-family firms, due to capital constraints and the close
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 4 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14
have a longer planning cycle that non-family firms, and thus, innovative capacity is in
apt to understand challenges and opportunities that face the firm (Zahra 2005 Spriggs et al. 2012) found an overall link between a family firms'innovativeness and
through offering new products and services; adopting new operating practices: techno -logical, organizational, or market-oriented;
-velopment is based on new products/services, opportunity recognition, process/practice development, and creativity in accomplishing goals
to family-owned enterprises (Nordqvist 2012. Knowledge-based resources have been noted as important for a firm's innovative capacity which aids in the discovery and ex
-ploitation of opportunities (Kaya and Patton 2011 Knowledge in a firm has been classified broadly as firm-specific or general (Helfat
knowledge into profit or else the expert would be acting as an entrepreneur. In turn the entrepreneur may not have the depth of knowledge that the specialist possesses (for
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lose their †familiness†as the advantages of knowledge may be changed in its application or reduced
in the environment and the appropriateness of strategic and tactical actions (Cohen and Levinthal 1990.
and exploiting new and emerging opportunities There appears to be a relationship between knowledge and innovation, with research
acquired knowledge as well as develop new opportunities. Alavi and Leidner (2001) de -scribed this process as creating,
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 6 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14
industry groupings were similar across the two countries: the retail sector for family 112 businesses or 38.2%)and for non-family (46 businesses or 33.6%).
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 7 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14
Family firms included 15.6%of respondents with 0 employees, and most firms in the family sample had between 1 and 10 employees (68.3%)as compared to the 10 to 20
Other services 14 4 1. 4 4 2. 9 Retail 5 112 38.2 46 33.6
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 8 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14
efficients of the two variables remain at a similar level, but there are significant t values for
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 9 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14
result (Î=0. 41, t=5. 14, p<.01. The t value is significant at the 1%level at 5. 14, but
and exploiting new opportunities Price et al. Journal of Innovation and Entrepreneurship 2013,2: 14 Page 10 of 20
http://www. innovation-entrepreneurship. com/content/2/1/14 Shane 2000. For this study, knowledge was not only significant in the final model, but it
also enhanced the explanation of the variance substantially compared to non-family firms The enhancement of knowledge emphasizes the gathering of new knowledge, which
existing products and services, proactiveness and calculated risk-taking, innovative marketing, and others as suggested by the innovation variable.
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The relationship between a family firm's knowledge-based resources and performance should influence the way a firm is organized to exploit these resources (Wiklund and
family or entrepreneur/team possess only their initial ideas about the opportunity Through a variety of activities, including searches of networks (Dubini and Aldrich
aids in revealing the overall potential of the opportunity and provides the basis for a
strategic foundation from which to build the venture (West and Noel 2009. The syn -thesizing of information is ultimately distinctive for each venture
-portunities enable firms to attract other human capital, financial investment, or technological capabilities (Zahra et al. 2007.
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 12 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14
performance, everything else constant. This finding could indicate that as firms become less innovative as they age, they become more bureaucratic over time with increases in
size and scope, for example, an increasing reliance on specific customers, suppliers, or markets The theoretical implications of this research strongly support the notion that family
tend to be and thus more rapid economic growth (Florida 2002. Further, knowledge has been tied to the development in the number of SMES in economies (Petrakis and
Kostis 2012 Through establishing a link between knowledge, innovation, and firm performance this research serves to inform managers that firms need to be managed effectively for
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 13 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14
discussed in the †Sample†subsection of the †Methods†section, we are confident in the
capital, and abundance of skilled labor and technology (Ebert and Griffin 2005 Jorgenson 2001. Such conditions aided in the establishment of economic systems sup
-portive of innovative capacity and knowledge-based competencies, which are a domin -ant driver of wealth creation and employment (Lee and Peterson 2000.
have factored consistently in recent entrepreneurship studies as being conducive to entrepreneurship (Busenitz et al. 2000; Autio 2005.
Thus, the question of whether the findings are specific to Australia and the USA (or Western countries in general) or per
Future research opportunities may exist to understand the role of innovation at varying points in time during the evolution of family firms.
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 14 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14
benefits of an increased sample size outweigh the disadvantages, through developing a more reliable sampling group by combining the two subgroups.
Currently, the SBA defines a business concern as one that is organized for profit; has a place of business in the USA;
contribution to the US economy through the payment of taxes or the use of American
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 15 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14
showed no significant difference between the US and Australian samples. Second, a regression analysis with each sample was conducted to investigate whether the two
from the entrepreneurship, SME, and strategy literature (for example, Covin and Slevin Price et al. Journal of Innovation and Entrepreneurship 2013,2: 14 Page 16 of 20
http://www. innovation-entrepreneurship. com/content/2/1/14 1989; Edelman et al. 2005; Gundry and Welsch 2001;
Hitt and Ireland 2000; Lee and Sukoco 2007; Wiklund and Shepherd 2003. Pretests regarding the clarity of the survey
-ledge, as well as to develop new opportunities (Carrillo et al. 2004; Quintas et al. 1997 Personal/mail survey
In addition, existing unique products/services in the company's port -folio are investigated. In order for innovation to occur,
-ward thinking and exhibit opportunity recognition and exploitation skills, three items that measured the willingness of firms to take on new opportunities and also their
willingness to adjust their business as necessary in order to exploit them. The pro -active nature of firms to utilize opportunities was measured by action and decision
-making shown in uncertain situations Innovation throughout an organization was examined also with regard to general business practices,
Journal of Innovation and Entrepreneurship 2013,2: 14 Page 17 of 20 http://www. innovation-entrepreneurship. com/content/2/1/14
to grow and expand Two control variables were added to the final model: firm size and age.
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Journal of Innovation and Entrepreneurship 2013 2: 14 Abstract Background Family business Innovation Knowledge Family firms and performance
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