EXPORT PERFORMANCE IN SOUTH AMERICA: DO INTANGIBLES AFFECT FIRMS’ PERFORMANCE IN DEVELOPING COUNTRIES SUCH AS PERU?

GUARDAMINO, CARLOS DEL CASTILLO; EGOÁVIL, JOSÉ VENTURA

doi:10.1590/S0034-759020210205

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ARTICLES • Rev. adm. empres. 61 (2) • 2021 • https://doi.org/10.1590/S0034-759020210205 copy

EXPORT PERFORMANCE IN SOUTH AMERICA: DO INTANGIBLES AFFECT FIRMS’ PERFORMANCE IN DEVELOPING COUNTRIES SUCH AS PERU?

Desempeño de las exportaciones en Sudamérica: ¿Los intangibles afectan el desempeño de las empresas en países en desarrollo como Perú?

Authorship SCIMAGO INSTITUTIONS RANKINGS

ABSTRACT

This study is one of the first empirical studies on intellectual capital (IC) in South American textile exporting companies. Using the resources and capabilities approach, we examine how certain intangibles can provide competitive advantages. We propose and test a model capturing the relationships between IC components and export performance (EP), as well as the various interrelationships among the different dimensions of IC. Using a sample of textile manufacturers operating in Peru, an emerging economy, we find that both human capital and structural capital have a significantly positive influence on EP. However, the data analysis does not confirm that relational capital has any positive influence on export performance.

KEYWORDS:
Intellectual capital; export performance; South American; textile companies; emerging economy

Variables	1	2	3	4	5	6	7	8
1. Export performance	1
2. Structural capital	0.92^* ***** significance at the 1% level (2-tailed);	1
3. Human capital	0.91^* ***** significance at the 1% level (2-tailed);	0.42^* ***** significance at the 1% level (2-tailed);	1
4. Relational capital	0.007	0.02	0.13*	1
5. Number of employees	-0.06	-0.04	0.11	-0.57^* ***** significance at the 1% level (2-tailed);	1
6. Age of the company	-0.23^* ***** significance at the 1% level (2-tailed);	-0.15^ significance at the 5% level (2-tailed); significance at the 10% level (2-tailed). Number of observations=207.	-0.10	0.49^* ***** significance at the 1% level (2-tailed);	0.48^* ***** significance at the 1% level (2-tailed);	1
7. Number of export countries	0.31^* ***** significance at the 1% level (2-tailed);	0.36^* ***** significance at the 1% level (2-tailed);	0.34^* ***** significance at the 1% level (2-tailed);	0.44^* ***** significance at the 1% level (2-tailed);	0.54^* ***** significance at the 1% level (2-tailed);	0.44^* ***** significance at the 1% level (2-tailed);	1
8. Number of export products	0.25^* ***** significance at the 1% level (2-tailed);	0.27^* ***** significance at the 1% level (2-tailed);	0.23^* ***** significance at the 1% level (2-tailed);	0.18**	0.30^* ***** significance at the 1% level (2-tailed);	0.12*	0.43^* ***** significance at the 1% level (2-tailed);	1

Item	Loading (t-value)
Structural capital (SC):
CR=0.864; AVE=0.680; Cronbach's alpha=0.764
SC2	0.785 (25.355)
SC3	0.811 (42.668)
SC5	0.875 (53.031)
Human capital (HC):
CR=0.918; AVE=0.619; Cronbach's alpha=0.897
HC2	0.919 (92.352)
HC3	0.725 (25.135)
HC6	0.869 (50.367)
HC7	0.860 (52.040)
HC10	0.857 (53.733)
Relational capital (RC):
CR=0.938; AVE=0.619; Cronbach's alpha=0.924
RC1	0.856 (4.141)
RC2	0.768 (2.640)
RC4	0.859 (3.955)
RC5	0.793 (3.314)
RC6	0.772 (3.013)
RC8	0.869 (4.241)
RC9	0.811 (4.466)
Export performance (EP):
CR=0.9893; AVE=0.677; Cronbach's alpha=0.677
EP1	0.932 (144.070)
EP2	0.725 (23.834)
EP3	0.805 (36.106)
EP4	0.817 (37.345)

Item	Structural capital (SC)	Human capital(HC)	Relational capital (RC)	Export performance(EP)
SC2	0.785	0.655	0.141	0.669
SC3	0.811	0.704	-0.064	0.806
SC5	0.875	0.740	-0.003	0.795
HC2	0.716	0.857	-0.008	0.789
HC3	0.815	0.919	-0.050	0.895
HC6	0.620	0.725	0.397	0.571
HC7	0.730	0.869	0.235	0.797
HC10	0.711	0.860	0.031	0.759
RC1	0.008	0.097	0.856	-0.012
RC2	-0.088	0.000	0.768	-0.105
RC4	0.005	0.124	0.859	0.026
RC5	0.008	0.065	0.793	-0.043
RC6	-0.042	0.061	0.772	-0.060
RC8	0.009	0.116	0.869	-0.005
RC9	0.084	0.123	0.811	0.059
EP1	0.868	0.854	-0.115	0.932
EP2	0.688	0.687	0.299	0.725
EP3	0.730	0.684	-0.300	0.805
EP4	0.738	0.753	0.213	0.817

			Confidence interval 95%
H₀	Effects	Estimate	Low	High	P-Value	Sig.
	Direct Effects:
H1	EP←HC	0.465	0.386	0.537	0.000	^* ***** p <0.01. EP: export performance; HC: human capital; SC: structural capital; RC: relational capital; EMPLOYEES: Number of employees; TIME: Time during which company has been engaged in export activities; COUNTRIES: Number of countries exported to; PRODUCTS: umber of products exported.
H2	EP←SC	0.482	0.399	0.565	0.000	^ p <0.05;
H3	EP←RC	0.020	-0.026	0.091	0.507
H4	SC←HC	0.850	0.809	0.878	0.000	^* ***** p <0.01. EP: export performance; HC: human capital; SC: structural capital; RC: relational capital; EMPLOYEES: Number of employees; TIME: Time during which company has been engaged in export activities; COUNTRIES: Number of countries exported to; PRODUCTS: umber of products exported.
H5	RC←HC	0.127	-0.234	0.238	0.315
	Indirect Effects:
	EP←HC	0.412	0.352	0.476	0.000	^* ***** p <0.01. EP: export performance; HC: human capital; SC: structural capital; RC: relational capital; EMPLOYEES: Number of employees; TIME: Time during which company has been engaged in export activities; COUNTRIES: Number of countries exported to; PRODUCTS: umber of products exported.
Controls	EP←EMPLOYEES	-0.085	-0.146	-0.007	0.019	^ p <0.05;
	EP←TIME	-0.109	-0.162	-0.050	0.000	^* ***** p <0.01. EP: export performance; HC: human capital; SC: structural capital; RC: relational capital; EMPLOYEES: Number of employees; TIME: Time during which company has been engaged in export activities; COUNTRIES: Number of countries exported to; PRODUCTS: umber of products exported.
	EP←CONTRIES	0.069	0.011	0.125	0.375
	EP←PRODUCTS	0.019	-0.027	0.057	0.017	^ p <0.05;

Item	Statement	Relevant Literature
EP1	In recent years, exports have accounted for the bulk of the company's sales.	Zou et al. (1998)
EP2	The growth in the volume of exports in recent years has been considerable.
EP3	The company is satisfied with the results achieved regarding its export activity in recent years.
EP4	In recent years, the company has achieved the forecasted objectives with respect to its foreign markets and export volumes.

Dimension	Item	Statement	Literature Review
Knowledge	HC1	Employees have sufficient knowledge about the textile and/or garment industry.	Pedrini (2007)Pedrini, M. (2007). Human capital convergences in intellectual capital and sustainability reports. Journal of Intellectual Capital , 8(2), 346-366., Nieto & Fernández (2006)Nieto, M. & Fernández, Z. (2006). The impact of ownership on the international involvement of SMEs. Journal of International Business Studies , 37(3), 340-351., Katsikea et al. (2007)Katsikea, E., Theodosiou, M. & Morgan, R. (2007). Managerial, organisational and external drivers of sales effectiveness in export market ventures. Journal of the Academy Marketing Science, 35(2), 270-283., Cadogan et al. (2002)Cadogan, J., Diamantopoulos, A. & Siguaw, J. (2002). Export market-oriented activities: their antecedents and performance consequences. Journal of International Business Studies, 33(3), 615-626., Knowles et al. (2006)Knowles, D., Mughan, T. y Lloyd-Reason, L. (2006). Foreign language use among decision-makers of successfully internationalised SMEs. Journal of Small Business and Enterprise Development, 13(4), 620-641., and Andersen (2006)Andersen, P. (2006). Listening to the global grapevine: SME export manager´s personal contacts as a vehicle for export information generation. Journal of World Business, 41(1), 81-96. doi: 10.1016/j.jwb.2005.10.006 https://doi.org/10.1016/j.jwb.2005.10.00...
	HC2	Managers have sufficient knowledge about economics, business, and finance.
	HC3	Employees have sufficient knowledge about exports (contractual conditions, currencies, tariffs, and regulations).
	HC4	Employees in the sales area have sufficient knowledge about the target markets.
	HC5	Salespeople have sufficient knowledge of the relevant foreign languages.
Skills	HC6	Employees can analyze and solve problems.	Daghfous & Kah (2006)Daghfous, A. & Kah, M. (2006). Knowledge management implementation in SMEs: a framework and a case illustration. Journal of Information & Knowledge Management, 5(2), 107-115., Pedrini (2007)Pedrini, M. (2007). Human capital convergences in intellectual capital and sustainability reports. Journal of Intellectual Capital , 8(2), 346-366., Chong et al. (2014)Chong, A., Ooi, K., Bao, H. & Lin, B. (2014). Can e-business adoption be influenced by knowledge management? An empirical analysis of Malaysian SMEs. Journal of Knowledge Management, 18(1), 121-136., and Wong & Aspinwall (2005)Wong, K. & Aspinwall, E. (2005). An empirical study of the important factors for knowledge-management adoption in the SME sector. Journal of Knowledge Management , 9(3), 64-82.
	HC7	Employees can adapt to new situations.
	HC8	Managers have leadership skills and the ability to delegate work.
Attitudes	HC9	Employees cooperate with their colleagues.	Wong & Aspinwall (2005)Wong, K. & Aspinwall, E. (2005). An empirical study of the important factors for knowledge-management adoption in the SME sector. Journal of Knowledge Management , 9(3), 64-82., Pedrini (2007)Pedrini, M. (2007). Human capital convergences in intellectual capital and sustainability reports. Journal of Intellectual Capital , 8(2), 346-366., Wang & Chang (2005)Wang, W. & Chang, C. (2005). Intellectual capital and performance in causal models-evidence form the information technology industry in Taiwan. Journal of Intellectual Capital , 6(2), 222-236., and Diamantopoulos & Kakkos (2007)Diamantopoulos, A. & Kakkos, N. (2007). Managerial assesment of export performance: Conceptual framework and empirical illustration. Journal of International Marketing, 15(3), 1-31.
	HC10	Employees show interest in remaining at the company.
	HC11	Managers are emotionally willing to persevere during the internationalization process.

Dimension	Item	Statement	Relevant Literature
Process	SC1	The company has formal processes (for production, administration, sales, exportation, and finance) within the value chain it operates.	Bontis et al. (2000), Chen et al. (2004)Chen, J., Zhu, Z. & Xie, H. (2004). Measuring intellectual capital: a new model and empirical study. Journal of Intellectual Capital , 5(1), 192-212., Tseng & Goo (2005)Tseng, C. & Goo, Y. (2005). Intellectual capital and corporate value in an emerging economy: empirical study of Taiwanese manufacturers. R&D Management, 38(2), 187-201., Pedrini (2007)Pedrini, M. (2007). Human capital convergences in intellectual capital and sustainability reports. Journal of Intellectual Capital , 8(2), 346-366., Wong & Aspinwall (2005)Wong, K. & Aspinwall, E. (2005). An empirical study of the important factors for knowledge-management adoption in the SME sector. Journal of Knowledge Management , 9(3), 64-82., Lee & Steen (2010)Lee, D. & van den Steen, E. (2010). Managing know-how. Management Science, 56(2), 270-285., Hutchinson & Quintas (2008)Hutchinson, V. & Quintas, P. (2008). Do SMEs do knowledge management? Or simply manage what they know? International Small Business Journal, 26(2), 131-151., and Cadogan et al. (2002)Cadogan, J., Diamantopoulos, A. & Siguaw, J. (2002). Export market-oriented activities: their antecedents and performance consequences. Journal of International Business Studies, 33(3), 615-626.
	SC2	Company processes are standardized and are recorded in management documents.
	SC3	The company constantly incorporates improvements into its products and processes.
	SC4	In the company, there is a continuous concern for the quality of the products or services exported.
Organization	SC5	The company can impart to new employees the experience it has gained.	Wong & Aspinwall (2005)Wong, K. & Aspinwall, E. (2005). An empirical study of the important factors for knowledge-management adoption in the SME sector. Journal of Knowledge Management , 9(3), 64-82., Chirico (2008)Chirico, F. (2008). Knowledge accumulation in family firms: evidence from four case studies. International Small Business Journal, 26(4), 433-462., Janet & Alton (2013)Janet, W. y Alton, C. (2013). The peculiarities of knowledge management processes in SMEs: the case of Singapore. Journal of Knowledge Management , 17(6), 958-972., Hutchinson & Quintas (2008)Hutchinson, V. & Quintas, P. (2008). Do SMEs do knowledge management? Or simply manage what they know? International Small Business Journal, 26(2), 131-151., and Jones & Crompton (2009)Jones, O. & Crompton, H. (2009). Enterprise logic and small firms: a model of authentic entrepreneurial leadership. Journal of Strategy and Management, 2(4), 329-351.
	SC6	The company can impart its organizational culture to its employees.
	SC7	Company information flows effectively for decision-making.

Dimension	Item	Statement	Relevant Literature
Clients	RC1	The company focuses on maintaining its image with current customers.	Shane & Cable (2002)Shane, S. & Cable, D. (2002). Network ties, reputation, and the financing of new ventures. Management Science, 48(3), 364-381., Pablos (2004)Pablos, P. O. de. (2004). Measuring and reporting structural capital. Journal of Intellectual Capital , 5(4), 629-647. doi: 10.1108/14691930410567059 https://doi.org/10.1108/1469193041056705... , Pedrini (2007)Pedrini, M. (2007). Human capital convergences in intellectual capital and sustainability reports. Journal of Intellectual Capital , 8(2), 346-366., Blyler & Coff (2003)Blyler, M. & Coff, R. (2003). Dynamic capabilities, social capital and rent appropriation: ties that split pies. Strategic Management Journal, 24, 677-686., Blomstermo et al. (2004)Blomstermo, A., Eriksson, K., Lindstrand, A. & Sharma, D. (2004). The perceived usefulness of network experiential knowledge in the internationalizing firm. Journal of International Management, 10(3), 355-373., Hilmersson & Jansson (2012)Hilmersson, M., & Jansson, H. (2012). Reducing uncertainty in the emerging market entry process: On the relationship among international experiential knowledge, institutional distance, and uncertainty. Journal of International Marketing, 20(4), 96-110. doi: 10.1509/jim.12.0052 https://doi.org/10.1509/jim.12.0052... , and Fletcher & Harris (2012)Fletcher, M. & Harris, S. (2012). Knowledge acquisition for the internationalization of the smaller firm: content and sources. International Business Review, 21(4), 631-647.
	RC2	The company cultivates a positive image for prospective customers.
	RC3	The company maintains an updated database of customers and suppliers.
	RC4	The company participates in events to find customers in current and new markets (e.g., fairs and exhibitions).
	RC5	The company analyzes the cultural, business, and political backgrounds of the countries to which it wants to export.
	RC6	The company analyzes customers' preferences in the countries to which it wants to export.
Businesses	RC7	The company obtains strategic information from its agents and distributors in the destination countries.	Blyler & Coff (2003)Blyler, M. & Coff, R. (2003). Dynamic capabilities, social capital and rent appropriation: ties that split pies. Strategic Management Journal, 24, 677-686., Andersen (2006)Andersen, P. (2006). Listening to the global grapevine: SME export manager´s personal contacts as a vehicle for export information generation. Journal of World Business, 41(1), 81-96. doi: 10.1016/j.jwb.2005.10.006 https://doi.org/10.1016/j.jwb.2005.10.00... , Pedrini (2007)Pedrini, M. (2007). Human capital convergences in intellectual capital and sustainability reports. Journal of Intellectual Capital , 8(2), 346-366., and Souchon et al. (2012)Souchon, A., Sy-Changco, J. & Dewsnap, B. (2012). Learning orientation in export functions: impact on export growth. International Marketing Review, 29(2), 175-202.
	RC8	The company cultivates and maintains good relations with agents and distributors in the destination countries.
	RC9	The company belongs to business networks (e.g., chambers of commerce and industry-wide associations).
	RC10	The company has cooperation agreements with other exporting companies.
	RC11	The company has cooperation agreements with its suppliers.

Fundação Getulio Vargas, Escola de Administração de Empresas de S.Paulo Avenida Nove de Julho, 2.029, Bela Vista, CEP: 01313-902, Telefone: +55 (11) 3799-7718 - São Paulo - SP - Brazil
E-mail: rae@fgv.br

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[1] cdelcastillo@iiai.org.pe

Variables	1	2	3	4	5	6	7	8
1. Export performance	1
2. Structural capital	0.92^* ***** significance at the 1% level (2-tailed);	1
3. Human capital	0.91^* ***** significance at the 1% level (2-tailed);	0.42^* ***** significance at the 1% level (2-tailed);	1
4. Relational capital	0.007	0.02	0.13*	1
5. Number of employees	-0.06	-0.04	0.11	-0.57^* ***** significance at the 1% level (2-tailed);	1
6. Age of the company	-0.23^* ***** significance at the 1% level (2-tailed);	-0.15^ significance at the 5% level (2-tailed); significance at the 10% level (2-tailed). Number of observations=207.	-0.10	0.49^* ***** significance at the 1% level (2-tailed);	0.48^* ***** significance at the 1% level (2-tailed);	1
7. Number of export countries	0.31^* ***** significance at the 1% level (2-tailed);	0.36^* ***** significance at the 1% level (2-tailed);	0.34^* ***** significance at the 1% level (2-tailed);	0.44^* ***** significance at the 1% level (2-tailed);	0.54^* ***** significance at the 1% level (2-tailed);	0.44^* ***** significance at the 1% level (2-tailed);	1
8. Number of export products	0.25^* ***** significance at the 1% level (2-tailed);	0.27^* ***** significance at the 1% level (2-tailed);	0.23^* ***** significance at the 1% level (2-tailed);	0.18**	0.30^* ***** significance at the 1% level (2-tailed);	0.12*	0.43^* ***** significance at the 1% level (2-tailed);	1