Summary of Article 1

“Identifying the impact of external environment on

business angel activities”

(1) Purpose:

The main purpose of this study is to explain the impact of external environment on
business angels’ activity in the context of Czechia. The basic dilemma is that the
current economic transformation has increased business dependency on external
resources including business angels. Business Angels’ activities have become a
critical concern to businesses specially in dynamic environments. The study tackles
this issue by considering the qualitative approach of business angels’ perception of
external environment to explain how it impacts their activities.

(2) Research Methodology/Design/Approach:

The research methodology adopted an inductive qualitative approach using

structured surveys as the data collection tool and semi-structured interviews as data
collection method. Regarding population, the study raised doubts about the size and
structure of Business Angels population in Czechia due to the unavailability of official
database for this normally hidden population. Snowball non-probability sampling
technique was employed to draw response from 31 investors in the local informal
venture capital market of Czechia. The study level of analysis is the local market
venture capital investors while the unit of analysis is each investor/business angel.
Methodology limitations lie in the low response rate which led to a small sample size
as well as the gender structure since no females were involved. The data was
primarily analysed using qualitative content analysis then coded and represented by
Descriptive Statistics.

(3) Originality/Value:

This study proposes a new approach to identify the impact of external environment
on business angels’ activities by uncovering their perception towards changing

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economic conditions. The research enriches literature by empirically studying this
using a novel survey-based approach to primarily collect data on this sparsely
discussed topic in Czechia.

(4) Theoretical and Practical Implications:

Theoretically, this study contributes to venture capital research field by empirically

investigating the impact of external environment on business angels’ activities in
Czechia. The study has enriched theory by recommending incentives that can be
implemented to increase attractiveness of venture capital markets. Practically,
governments may benefit from this by improving their public administration
framework towards a higher stability of legislations while sponsoring programs and
incentives for business angels’ community.

(5) Findings:

The study concluded that the overall macro-economic conditions and liquid capital
markets roles are not the factors that grab business angels’ strong attention.
However, ambiguity arises from the difficult predictability of changes in legislative
frameworks and tax policies. Moreover, business angels are more concerned about
labour market culture and public education policies as critical barriers to business
growth. Findings also reveal high dissatisfaction levels of business angels towards
how public administration service operates in the Czech Republic.

(6) Suggestion for Future Research:

Generally, limitations of the study constitute the future research implications where
this relationship can be examined using a larger sample with more diversity in
gender and work experience. Moreover, the survey-based approach of this study
can also be applied on different countries not only Czechia. The study may also be
applied on longitudinal timeframe and cross-cultural contexts. Lastly, the study can
be extended to the non-institutionalized venture capital markets with a significant
activity of business angels.

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(7) Criticism for the article:

Criticism of the article can be summarized in four main points. Firstly, the
generalisability of paper findings is so weak due to the small sample size of only 31
business angels. Moreover, the study only surveyed business angels in IT, e-
communications, R&D, Production and Services fields which barely resemble the
business market in Czechia and the sample was more inclined towards IT and e-
communications field. Secondly, the sampling technique is susceptible to
misinterpretation and bias since it is based on referrals not on random sampling.
Thirdly, the cross-sectional nature of the study does not suit its aim of studying the
external environmental impact; a longitudinal or cross-sequential approach could
have been better by allowing comparison across different time frames. Lastly,
triangulation could have been a better approach by integrating quantitative
measures to reflect on the study qualitative findings for enhanced reliability.

Comparison among articles is discussed in page (9).

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 Summary of Article 2
“Governance and attractiveness of FDI: the case of
Southern and Eastern Mediterranean countries”

(1) Purpose:

The main aim of this study is to identify the impact of governance on FDI in relation
to GDP in Southern and Eastern Mediterranean countries. The basic dilemma is
global debate around the impact of governance on FDI. The study tackles this issue
by reviewing literature on this topic, moreover, empirically testing for this impact in
10 Southern and Eastern Mediterranean countries over 15 years.

(2) Research Methodology/Design/Approach:

The research methodology employed a quantitative approach for data collection by

gathering data about Governance and FDI variables over the period from 200 to
2014. The population is all the Southern and Eastern Mediterranean countries.
Judgmental/Purposive sampling technique was adopted to choose the 10 Southern
and Eastern Mediterranean countries in the sample under-study. The level of
analysis is the Southern and Eastern Mediterranean region, while the unit of analysis
is each country. The variables’ quality was analysed using position, dispersion and
form indicators. Furthermore, Within and GLS techniques were used to analyse the
FDI-GDP Contribution. Static Panel technique was also used in data analysis since
the data is panel.

(3) Originality/Value:

The main originality of this study’s contribution lies in the novel investigation of the
Governance-FDI relationship by empirically testing it in 10 Southern and Eastern
Mediterranean countries over an extended period of 15 years through an
endogenous variable called FDI versus GDP.

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(4) Theoretical and Practical Implications:

Theoretically, this study adds to governance and FDI research literature by

approaching this relationship through an endogenous variable called FDI versus
GDP in 10 SMEC Countries over 15 years. Practically, practitioners can benefit from
the findings of existence of significant relationship in enhancing governance in
SMEC countries to promote FDI and boost GDP.

(5) Findings:

Findings of this study highlight specificities and differences in professionals’

perceptions. Both HR and IT professionals have different perspectives regarding
HRIS implementation. HR professionals are more into the effective use and results
of system, while IT professionals are more into system security and technicality. It is
concluded that the complementary cooperation among different perspectives is
critical in HRIS implementation.

(6) Suggestion for Future Research:

No suggestions for future research have been introduced by the authors, however, it
will be discussed in the criticism paragraph.

(7) Criticism for the article:

The major criticism of this article lies in its layout. The article lacks organizing
separate paragraphs for Methodology, Data Analysis, Findings, Theoretical and
Practical Implications, Limitations and Future Research recommendations. The
authors have merged a lot of information together in a mixed way that increased the
ambiguity of the paper. Moreover, the exclusion of certain SMEC Countries was not
justified. Lastly, the findings were not clearly presented and discussed.

Comparison among articles is discussed in page (9).

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 Summary of Article 3
“The impact of external business environment factors to
internationalization of Born Global companies by
promoting entrepreneurship”

(1) Purpose:

The main purpose of this study is to identify the external business factors that
promote entrepreneurship and accelerate the emergence of “Born Global” firms
through internationalization and innovativeness. The basic dilemma is the
emergence of a new term called “Born Global” due to the dramatic change in the
international business environment. The study sheds light on this by applying the
factors of “external business environment” framework on firms in Lithuania to explore
their impact on “Born Global” companies’ entrepreneurship.

(2) Research Methodology/Design/Approach:

The research methodology employed a quantitative approach using a survey

questionnaire as the data collection tool; combining online, telephone and personal
surveys to increase response rate. The research population was all Lithuanian “Born
Global” companies; their exact number was impossible to be determined.
Probability sidebar and comparative research sampling methods were adopted to
get the response of 50 Lithuanian “Born Global” companies. Methodology limitations
lie in the use of non-representable sampling technique that hinders generalizability.
The data was analysed by calculating the percentages of each factor response and
the arithmetic average of the Likert scale to provide answers to the three research
questions.

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(3) Originality/Value:

The major contribution of this study is the constitution of a theoretical framework of

28 multi-dimensional factors that generally promote “Born Global” companies’
entrepreneurship. The study established a novel framework of the external
environment factors promoting entrepreneurship of “Born Global” companies in the
Lithuanian context.

(4) Theoretical and Practical Implications:

Theoretically, this study adds to research literature by basically identifying 28 multi-

dimensional factors of external environment that promote “Born Global” companies’
entrepreneurship. Furthermore, it determined the 3 external environment factors that
promote entrepreneurship of “Born Global” companies in Lithuania. Thus,
practitioners and future researchers can capitalise on such findings. Practically,
decision makers may work on developing the appearance and attractiveness of the
Lithuanian framework. This could be achieved by encouraging the existence of
stable factors that promote “Global Born” companies’ entrepreneurship in Lithuania.

(5) Findings:

The study concluded that out of the previously identified 28 external factors
promoting “Born Global” companies’ entrepreneurship, 3 were perceived by
companies as irrelevant in the Lithuanian context. However, after analysis of survey
responses, 26 out of the 28 factors were found really promoting entrepreneurship of
Lithuanian “Born Global” companies. Lastly, a final Lithuanian framework of only 3
factors promoting entrepreneurship has been reached.

(6) Suggestion for Future Research:

No suggestions for future research have been introduced by the authors, however, it
will be discussed in the criticism paragraph.

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(7) Criticism for the article:

Criticism of the article can be summarized in four main points. Firstly, the sample
size of 50 Lithuanian “Born Global” companies is small which hinders
generalisability. Secondly, the study did not specify the industries to which these 50
companies belong which even hinders future comparative research contributions.
Thirdly, the inconsistency in data collection method using online, phone and
personal surveys is a major drawback in data analysis. Lastly, longitudinal study is
better in this context to ensure stability of framework indicators across extended time
frames.

(8) Comparison between the articles/readings:

Generally, the findings of the three articles complement each other. Article 2
highlighted that the 3 external environment factors of: Intensive Business
Competition, Culture Dimension and Financial Assistance from the country, promote
entrepreneurship, internationalization and innovation. This critical finding in Article 2
supports Article 1 finding that business angels perceive Labour Market culture,
public education policies and public administration service as barriers to business
growth. Moreover, this supports Article 3 finding on importance of good governance
for promoting FDI. Thus, Article 3 sheds light on the criticality of having good
governance for better FDI to overcome the drawbacks discussed in Article 1 that
may disappoint venture capital investors. Moreover, Article 2 serves practitioners
who would consider this issue by directing them with the 28 factors framework
towards enhanced governance, entrepreneurship and innovation. Both Article 1 and
3 used a survey for qualitative data collection for the aim of digging deep into
people’s perception and exploring new aspects in a cross-sectional context.
However, in Article 2, the study was more into testing for relationships among
variables over a longitudinal time frame Thus, quantitative secondary data was
collected and analysed to achieve the study aim.

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