Moderating effect of access to finance of the gem and jewelry industry





This study aims to investigate the moderating effect of access to finance on the linkages between strategic orientations and small medium enterprises (SMEs) performance of the gem and jewelry industry in Thailand. The sample of this study consisted of 116 firms operating in the gem and jewelry business in Thailand. In this study that data were collected using the systematic sampling technique. Based on the obtained analysis results, positive and significant relationships were found between market orientation (MO), learning orientation (LO), and SMEs performance, while entrepreneurial orientation (EO) was not found to have a positive significant relationship with SMEs performance. 

Palabras clave

Gem and jewelry industry, partial least square, SMEs, Thailand.

Texto completo:



AGEEVA, E & PANTEA F (2019). "Tourists' destination image through regional tourism: From supply and demand sides perspectives." Journal of Business Research, 101, pp. 334-348.

AMINU, I.M, MOHD SHARIFF, M.N (2015). “Influence of strategic orientation on SMEs access to finance in Nigeria.” Asian Social Science, 11(4), pp.298-309.

AMORNKITVIKAI, Y, HARVIE, C (2016). “The impact of finance on the performance of Thai manufacturing SMEs. In P. Vandenberg, P. Chantapacdepong, & N. Yoshino (Eds.), SMEs in Developing Asia: New Approach to Overcoming Market Failures (pp. 144-178).” Mandaluyong: Philippines, ADB Institute.

Changqing, L, Mengzhen, L, Pin, P, Siyuan, F (2018). “How Does Internet Finance Influence the Interest Rate? Evidence from Chinese Financial Markets.” Dutch Journal of Finance and Management, 2(1), pp.1-8.

CHARLES, L, JOEL, C, SAMWEL, C (2012). “Market orientation and firm performance in the manufacturing sector in Kenya.” European Journal of Business and Management, 4(10), pp.20-27.

COHEN, J. (1988). “Statistical Power Analysis for the Behavioral Science (2nd.).” New Jersey: USA, Lawrence Erlbaum Associates.

DILLMAN, D.A (2007). “Mail and internet surveys: The tailored design method (2nd ed.).” New Jersey: USA, John Wiley & Sons, Inc.

EGGERS, F, KRAUS, S, HUGHES, M, LARAWAY, S, SNYCERSKI, S (2013). “Implications of customer and entrepreneurial orientations for SME growth.” Management Decision, 51(3), pp.524-546.

Franklin W.S, Franklin G.T, Edith, E.T, Sandra, J (2019). “Implementation of the Quality Management System (ISO 9001: 2015) in the Bodywork Industry.” Journal of Information Systems Engineering and Management, 4(2), pp.1-10.

GHEYSARI, H, RASLI, A, ROGHANIAN, P, & NORHALIM, N (2012). “A review on the market orientation evolution.” Procedia – Social and Behavioral Sciences, 40, pp.542-549.

HAIR J.R, HULT, G.T.M, RINGLE, C.M, SARSTEDT, M (2017a). “A primer on partial least squares structural equation modeling (PLS-SEM) (2nd ed.).” California: USA, SAGE Publications, Inc.

HAIR J.R, MATTHEWS, L.M, MATTHEWS, R.L, SARSTEDT, M (2017b). “PLS-SEM or CB-SEM: Updated guidelines on which method to use.” International Journal of Multivariate Data Analysis, 1(2), pp.107-123.

HAIR J.R., BABIN, B (2017). “Covariance-based structural equation modeling in the journey of advertising: Review and recommendations.” Journal of Advertising, 46(1), pp.163-177.

HAIR, J.F, RINGLE, C.M, SARSTEDT, M (2011). “PLS-SEM: Indeed a silver bullet.” Journal of Marketing Theory & Practice, 19(2), pp.139-151.

HAKALA, H (2011). “Strategic orientations in management literature: Three approaches to understanding the interaction between market, technology, entrepreneurial and learning orientations.” International Journal of Management Reviews, 13, pp.199-217.

HAKALA, H (2013). “Entrepreneurial and learning orientation: Effects on growth and profitability in the software sector.” Baltic Journal of Management, 8(1), pp.102-118.

HAMID, M.R.A, SAMI, W, SIDEK, M.H.M (2017). “Discriminant validity assessment: Use of Fornell & Lacker criterion versus HTMT criterion.” Journal of Physics: Conference Series, 1, pp.890-910.

HENSELER, J, RINGLE, C.M, SARSTEDT, M. (2015). “A new criterion for assessing discriminant validity in variance-based structural equation modeling.” Journal of the Academy of Marketing Science, 43, pp.115-135.

KOCK, N, LYNN, G.S (2012). “Lateral collinearity and misleading results in variance-based SEM: An illustration and recommendations.” Journal of the Association for Information Systems, 13(7), pp.546-580.

KRUASOM, T (2017). “Creating a competitive advantage for Thai SMEs towards Thailand 4.0 era.” KKBS Journal of Business Administration and Accountancy, 1(1), pp.1-20.

MOHD SHARIFF, M.N, AHMAD, N.R, HAFEEZ, M.H (2017). “Moderating role of access to finance on entrepreneurial orientation, market orientaion, learning orientation and SMEs performance of gem and jewelry industry in Thailand: A proposed model.” Journal of Business and Social Review in Emerging Economies, 3(1), pp.117-128.

NARVER, J.C, SLATER, S.F (1990). “The effect of a market orientation on business profitability.” Journal of Marketing, 54(4), pp.20-35.

NARVER, J.C, SLATER, S.F, TIETJE, B (1998). “Creating a market orientation.” Journal of Market Focused Management, 2, pp.241-255.

RAMAYAH, T, CHEAH, J, CHUAH, F, TING, H, MEMON, M.A (2018). Partial least squares structural equation modeling (PLS-SEM) using SmsrtPLS 3.0: An updated and practical guide to statistical analysis. Malaysia: Pearson Malaysia Sdn Bhd.

ROUX, I.L, BENGESI, K.M.K (2014). “Dimensions of entrepreneurial orientation and small and medium enterprise performance in emerging economies.” Development Southern Africa, 31(4), pp.606-624.

SARSTEDT, M, RINGLE, C.M, HAIR, J.F (2017). “Partial least squares structural equation modeling. In C. Homburg, M. Klarmann, & A. Vomberg (Eds.), Handbook of Market Research (pp. 1-40).” Manhattan: New York City, Springer, Cham.

SWIERCZEK, F.W, HA, T.T (2003). “Entrepreneurial orientation, uncertainty avoidance and firm performance: An analysis of Thai and Vietnamese SMEs.” The International Journal of Entrepreneurship and Innovation, 4(1), pp.46-58.

TARASOVA, F, VARLAMOVA, E & GURYANOV, I (2019). “Syntactic Complexity of Russian Unified State Exam Texts in English: A Study on Reliability and Validity”, Research in Applied Linguistics, 10, pp. 228-240.

TURNER, M, SERMCHEEP, S, ANANTASIRIJKIAT, S, SRISANGNAM, P (2016). “Small and medium-sized enterprises in Thailand: Government policy and economic development.” Asia Pacific Journal of Public Administration, 38(4), pp.251-269.

VOORHEES, C.M, BRADY, M.K, CALANTONE, R, RAMIREZ, E (2016). “Discriminant validity testing in the marketing: An analysis, causes for concern, and proposed remedies.” Journal of the Academy of Marketing Science, 44, pp.119-134.

WALES, W.J (2015). “Entrepreneurial orientation: A review and synthesis of promising research directions.” International Small Business Journal, 1, pp.1-13.

WEI, L.Q, WU, L.Z, CHEUNG, Y.H, CHIU, R.K (2012). “Knowledge resources, learning orientation and firm performance: The mediating effect of organizational capability.” Journal of General Management, 37(2), pp.69-88.

WONGPUNYA, N. (2016). “What Thailand needs to do to become a high-income country.” ISEAS Perspective, 56, pp.1-8.

WU, S.I, LU, C.L (2012). “The relationship between CRM, RM, and business performance: A study of the hotel industry in Taiwan.” International Journal of Hospitality Management, 31(1), pp.276-285.

YOSHINO, N, TAGHIZADEH-HESARY, F (2018). “The role of SMEs in Asia and their difficulties in accessing finance.” ADBI Working Paper, 911, 1-18.

ZAMORA-LOBATO, T, GARCIA-SANTILLAN, A, MORENO-GARCÍA, E, LOPEZ-MORALES, J.S, RAMOS-HERNANDEZ, J (2017). High School Students and their Perception of Financial Institutions: An Empirical Study in Xalapa, Veracruz.” International Electronic Journal of Mathematics Education, 12(2), pp.133-143.

Licencia de Creative Commons
Este obra está bajo una licencia de Creative Commons Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional.

Utopía y Praxis Latinoamericana. Revista Internacional de Filosofía Iberoamericana y Teoría Social / Centro de Estudios Sociológicos y Antropológicos (CESA) / Facultad de Ciencias Económicas y Sociales / Universidad del Zulia-Venezuela

El único correo por el cual se reciben artículos y preguntas es

e-Mail <<>> is the only means to submission papers


 ISSN: 1316-5216 / e-ISSN: 2477-9555


Licencia de Creative Commons
Este obra está bajo una licencia de Creative Commons Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional.