Hassen, Nes edin Temam; Lema, Mes in; Neme a, Gemechu
A icle
Financial and ma ke ing app oach o expo pe o mance:
he media ion ole o p omo ion and esea ch and
de elopmen
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Financial and ma ke ing app oach o expo
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and esea ch and de elopmen
Nes edin Temam Hassen, Mesfin Lema & Gemechu Neme a
To ci e his a icle: Nes edin Temam Hassen, Mesfin Lema & Gemechu Neme a (2024)
Financial and ma ke ing app oach o expo pe o mance: he media ion ole o p omo ion
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Financial and ma ke ing app oach o expo pe o mance: he
media ion ole o p omo ion and esea ch and de elopmen
nes edin emam hassena , Mes in lemab and gemechu neme ac
aCollege o Business and economics, Depa men o Managemen , a ba Minch uni e si y, a ba Minch, e hiopia; bin e na ional
Leade ship ins i u e, addis ababa, e hiopia; cDepa men o Managemen , College o Business and economics, a ba Minch
uni e si y, a ba Minch, e hiopia
ABSTRACT
he cu en s udy in es iga es he di ec and indi ec e ec s o i m-speci ic and
en i onmen al ac o s on expo pe o mance. speci ically, he s udy in es iga es he
di ec and indi ec (media ion ole o p omo ion (P ) and esea ch & de elopmen ( D)
ac i i ies) e ec o capi al s uc u e (cs), a ailabili y o cash (ca), compe i ion om
in o mal sec o (ci), and poli ical ins abili y in home coun ies (Pi) on expo pe o mance
(eXP). Pa ial leas squa e s uc u al equa ion model (Pls-seM) is used o analyze a yea
da a (2022) om sample o 161 i ms in e hiopian manu ac u ing indus y (i.e. lea he
indus y, ex ile indus y, and Food & Be e age indus y), o ind he ela ion be ween
independen (cs, ca, ci, and Pi), media ing (P and D), and dependen (eXP) a iables
a e con olling o ac o s like i m size, and indus y ca ego y. he esul indica es ha
cs has obus di ec and indi ec e ec s on eXP while Pi has only di ec e ec . howe e ,
ca needs he in e media ion o o he a iables (i.e. D) o a ec eXP. his inding
suppo s he a gumen ha assessmen s o di ec ela ionships should no be he
p ima y conce n in ma ke ing s udies; a he , he sum o he di ec and indi ec e ec s
o a pa icula a iable mus be e alua ed o mo e in e p e a ion.
1. In oduc ion
in ecen decades, an inc easing numbe o i ms ha e emb aced in e na ional expansion h ough expo s
in esponse o globaliza ion, majo ma ke s, and ade libe aliza ion ini ia i es in many coun ies, esul -
ing in signi ican changes in he wo ld economy (Buckley & s ange, 2015). expo ing ep esen s a easi-
ble s a egic al e na i e o i ms o in e na ionalize, and has emained he mos equen ly used o eign
ma ke en y mode chosen (Zhao & Zou, 2002). i is i al o a i m a i m’s su i al o g ow h while
posi i ely in luencing cu en and u u e eXP by ensu ing compe i i e ad an age in in e na ional ma ke s
(na a o e al., 2010). While eXP is ega ded as one o he key indica o s o he success o a i m’s expo
ope a ions, i e lec s i m-speci ic beha io in le e aging i s esou ces and capabili ies in an in e na ional
con ex a a gi en poin in ime (Beleska-spaso a e al., 2012).
i has been long documen ed ha he in es iga ion on eXP de e minan s is o igo ous in e es o
public-policy-make s, p ac i ione s, and esea che s (ka sikeas e al., 2000). a numbe o ecen empi ical
s udies ha e made an e o o in es iga e he impac o di e en in e nal and ex e nal ac o s on eXP
(e.g. Bodlaj e al., 2020; Du maz & e en, 2018; Fe e as-Méndez e al., 2019; ka ami & ang, 2019; Malca
e al., 2020; Osiye skyy e al., 2020; acela & houm ung oje, 2020; sousa e al., 2020). his la ge olume
o publica ions is a s ong es imony o no only he impo ance o he issue bu also he legi imacy o
inqui y in o expo ma ke ing. he ecogni ion is well e lec ed no only by he ac ha expo ing
esea ch has been lou ished ecen ly, bu also by he shee numbe o publica ions ela ed o expo ing
(chen e al., 2016). howe e , despi e hese de elopmen s, some impo an issues s ill equi e a en ion
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT nes edin emam Hassen nes edede [email protected] Depa men o Managemen , College o Business and economics,
a ba Minch uni e si y, a ba Minch, e hiopia
h ps://doi.o g/10.1080/23311975.2024.2315658
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
ecei ed 9 June 2023
e ised 20 Decembe
2023
accep ed 2 Feb ua y
2024
KEYWORDS
capi al s uc u e; cash;
p omo ion; esea ch &
de elopmen
REVIEWING EDITOR
hui en (helen) cai,
Middlesex Uni e si y
Business school, Uni ed
kingdom
SUBJECTS
economics; Finance;
Business, Managemen
and accoun ing
2 n. . hassen e al.
in ex an esea ch. Fi s , a e iew o ecen publica ions indica es ha , among he s udies ha in es iga e
in e nal ac o s o i m eXP de e minan s, wi h a ew ecen no able excep ions (i.e. caban-ga cia e al.,
2020; chosiah, Pu wan o & e mawa i 2019; Pie o i o & Pozzolo, 2021), mos o he s udies ha e ailed
o conside he ole o i ms’ inancial a iables such as cs and ca in de e mining i ms’ eXP. none heless,
asse s and capabili ies a e he wo essen ial esou ces ha a e impe a i e o c ea e compe i i e ad an-
age (gao, Mu ay, ko abe, & lu, 2010).
as poin ed ou by s ebulae (2007), small adjus men cos s may cause la ge a ia ions in cs. Because
in e es on deb is a ax-deduc ible expense, he i m e ec i ely educes i s ax bill as i employs mo e
deb . consequen ly, he cos o capi al will no ise, e en i he use o le e age inc eases o excessi e
le els. he ade-o heo ies o cs en isage ha i ms choose le els o deb in o de o balance he
bene i s om he in e es ax shield wi h he cos s o u u e inancial dis ess o o cu en inancial
in lexibili y (Danis e al., 2014). he ela ionship be ween sou ces o inancing i ms’ business ope a ions
and i m pe o mance is well documen ed. hus, we heo izes ha he e is s ong ela ionship be ween
eXP and i s cs.
he di e ence be ween i m’s cash in low and ou low indica e he i m’s ca (Ogbeide & akanji, 2017).
cash policies unques ionably linked o he i m’s ope a ions (k oes & Manikas, 2014). i is widely linked
o i m’s inancial pe o mance. he P incipal wo king capi al managemen heo y ad oca es (B ewe &
speh, 2000; heodo e Fa is & hu chison, 2002) con end ha i ms can imp o e liquidi y, and hence hei
compe i i e posi ioning by handling hei cash lows. hus, we p esume ha i ms should egula ly
change he ex en a which cash is spen o insu e ca and enhance hei in e na ional ope a ions o
ob ain highe pe o mance.
second, s a egically expo success o i ms depends no only on i s con olled esou ces and capa-
bili ies, bu also on how he ins i u ional and indus ial en i onmen can con igu e i s beha io s h ough
cogni i e, no ma i e, and egula i e mechanisms (Wel e , 2011; Wel e & smallbone, 2011). howe e ,
despi e he u ge by leonidou and ka sikeas (2010), only ew s udies ha e ied o injec a heo e ical
pe spec i e in esea ching ins i u ional and indus ial en i onmen e ec s on expo pe o mance, which
has been endemic o empi ical esea ch in he o e all expo ing ield. he lack o empi ical alida ion o
in eg a i e model o bo h in e nal ( i m-le el) and ex e nal ac o s-eXP ela ionships on a comp ehensi e
pool is also a majo limi a ion in he exis ing li e a u e (see chosiah e al., 2019; Pie o i o & Pozzolo, 2021).
his leads he esea che o posi ha he esou ce based heo y ( B ), Dynamic capabili y iew (DcV),
and ins i u ion-based iew (iBV) can p o ide a sui able heo e ical pla o m o explain and p edic he i m’s
pe o mance in in e na ional ma ke s (hoskisson e al., 2000; Peng e al., 2009; W igh e al., 2005).
he B has eme ged in he pas decades as a e y in luen ial amewo k o analyze he sou ces and
sus ainabili y o a i m’s compe i i e ad an age in expo esea ch (nakos e al., 2019). i accen ua es how
o ganiza ions achie e iable compe i i e ad an age by de eloping esou ces and capabili ies (henna ,
1991). i has been a cen al ounda ion o i ms’ in e na ionaliza ion heo ies in de eloping he concep
o i m-speci ic ad an ages (Dunning, 1988). DcV a e ‘ he o ganiza ional and s a egic ou ines by which
i ms achie e new esou ce con igu a ions as ma ke s eme ge, collide, spli , e ol e and die’ (eisenha d
& Ma in, 2000). DcV in eg a es he s a egic managemen wi h en ep eneu ial o ien a ion, which a sig-
ni ican applica ion o di e se and changing con ex s as is in e na ional ma ke s (knigh & liesch, 2016).
he s udy also ounded on iBV o a gue ha poli ical ins abili y and compe i ion om in o mal sec o in
home coun ies di ec ly a ec i m expo pe o mance. iBV highligh s he signi icance o ins i u ional
en i onmen , and ad oca es ha ins i u ional o ces shape i ms’ s a egic decisions and de e mine hei
pe o mance ( ina Dacin e al., 2002).
hus, ounded on BV, DcV, and iBV, he esea che s con end ha cs, ca, ci in home coun ies, and
Pi in home coun ies di ec ly a ec i m eXP. hence, his s udy e eals he di ec and indi ec impac o
cs, ca, ci, and Pi in home coun ies on eXP. Pa icula ly, his s udy examines he ma ke ing e o ou e
h ough which cs and ca in luences eXP. he ma ke ing e o ou es ocus on he media ing ole o P
and D ac i i ies in explaining he ela ionship be ween cs, ca, and eXP.
he con ibu ion o his s udy is wo old. Fi s , on he me hodological on , his s udy is ocused on
ad ancing and empi ically alida ing a B , DcV, and an iBV in eg a i e model o expo pe o mance.
Pa icula ly, he s udy ocuses on in es iga ing he di ec and indi ec (ma ke ing mix s a egy ou e)
e ec o eXP an eceden s. his holis ic analysis app oach could make i possible o es ima e he
cOgen BUsiness & ManageMen 3
complica ed associa ions among c i ical in e nal and ex e nal ac o s, consequen ly p o iding mo e
sophis ica ed esul s as compa ed o he p e ious s udies. second, on he p ac ical and policy on s, his
s udy used da a om i ms in de eloping coun ies o empi ical alida ion o he heo e ical model,
which could enhance ou unde s anding o how i ms’ speci ic and ins i u ional ac o s d i e eXP in a
de eloping economy. speci ically, his s udy p o ides an impo an insigh o p ac i ione s and/o man-
age s in de eloping coun ies when en u ing ab oad ca e ully conside ing he consequences o inancial
a iables, poli ical ins abili y, and compe i ion om in o mal sec o i ms’ eXP ela ionships. simila ly, i
helps policymake s iden i y he impo an ac o s o conside in enhancing he eXP o i ms and coun-
ies. hus, i is in his way his s udy con ibu es o in e na ional ma ke ing li e a u e he eby enhancing
ou unde s anding o de e minan s o eXP while acili a ing heo y de elopmen .
2.Theo e ical backg ound and esea ch hypo heses
as his s udy in ends o in es iga e he impac o i m-speci ic and ins i u ional ac o s on expo pe o -
mance, i is ounded on he con luence o h ee ela ed heo ies, B , DcV, and iBV. he B has eme ged
in he pas decades as a e y in luen ial amewo k o analyze he sou ces and sus ainabili y o a i m’s
compe i i e ad an age in expo esea ch (nakos e al., 2019). B accen ua es how o ganiza ions achie e
iable compe i i e ad an age by de eloping esou ces and capabili ies (henna , 1991). i has been a
cen al ounda ion o i ms’ in e na ionaliza ion heo ies in de eloping he concep o i m-speci ic ad an-
ages (Dunning, 1988). his s udy ocuses on he ole ha i ms’ cs and ca play in de e mining expo
pe o mance. i p ima ily ocuses on examining he di ec impac o cs and ca on eXP. none heless, he
esea che also a gues ha a i m’s success in a o eign ma ke depends no only on i s gi en po olio
o esou ces and capabili ies, as pe he B , bu also on i s capaci y and abili y o cons an ly change
and adjus o in e na ional unce ain ies. hus, he DcV app oach in oduced by eece e al. (1997)
appea s o o e a mo e dynamic pe spec i e o he BV. DcV is de ined as ‘ he i m’s abili y o in eg a e,
build, and econ igu e in e nal and ex e nal compe ences o add ess apidly changing en i onmen s’.
DcV a e ‘ he o ganiza ional and s a egic ou ines by which i ms achie e new esou ce con igu a ions as
ma ke s eme ge, collide, spli , e ol e and die’ (eisenha d & Ma in, 2000).
Unlike adi ional economic de elopmen heo is s which s ess esou ce accumula ion, he DcV
amewo k s esses he impo ance o en e p ise-le el en ep eneu ship, inno a ion, lea ning, and good
s a egy ( eece, 2014). consequen ly, he DcV in eg a es he s a egic managemen wi h en ep eneu ial
o ien a ion, which a signi ican applica ion o di e se and changing con ex s as is in e na ional ma ke s
(knigh & liesch, 2016). Fu he mo e, heo y o s a egy-en i onmen co-alignmen (Po e , 1980;
Venka aman & P esco , 1990), s a es ha he ‘' i ’’ be ween s a egy and i s con ex -whe he i is he
ex e nal en i onmen (ande son & Zei haml, 1984) o o ganiza ional cha ac e is ics (gup a & go inda ajan,
1984) has signi ican posi i e implica ions o i m pe o mance. his s udy complemen s he DcV wi h
he B and s a ions wi hin he ecen app oaches o he B and he DcV, and adop s an in eg a i e
pe spec i e o esou ce o ien a ions and dynamic capabili ies o explain expo pe o mance.
in addi ion, as expo ac i i ies a e subjec o di e en ins i u ional o ces in he hos and expo
ma ke s (Peng e al., 2008), he heo e ical model also ounded on iBV o a gue ha poli ical ins abili y
and compe i ion om in o mal sec o in home coun ies di ec ly a ec i m expo pe o mance. he iBV
emphasizes he impo ance o ins i u ional en i onmen , and sugges s ha ins i u ional o ces shape
i ms’ s a egic decisions and de e mine hei pe o mance ( ina Dacin e al., 2002).
2.1. CS and EXP link
among he de ini ions, cs is desc ibed as he mix o deb and equi y ha a company uses o inance
i s ope a ions. his can be unde s ood as he balance be ween all o he company’s liabili ies + equi ies,
and hus conce ns he en i e ‘liabili ies + equi ies’ side o he balance shee . he concep o cs ecei ed
much a en ion a e Modigliani and Mille (1958) demons a ed in hei pape ha he choice be ween
deb and equi y does no ha e any ma e ial e ec s on he i m’s alue. howe e , s ebulae (2007) poin s
ou ha small adjus men cos s may cause la ge a ia ions in long- e m deb o equi y. Modigliani and
4 n. . hassen e al.
Mille (1963) subsequen ly co ec ed hei i ele ance p oposi ion o axes. Because in e es in deb is
ax-deduc ible, a i m e ec i ely educes i s ax bill as i employs mo e deb . his implies ha he cos
o capi al will no inc ease e en i le e age inc eases o excessi e le els.
howe e , solomon (1963) a gues ha in an ex eme le e age posi ion, he cos o capi al mus
inc ease. his is because excessi e deb induces ma ke s o eac by demanding highe a es o e u n.
he e o e, o minimize he weigh ed a e age cos o capi al, i ms a oid a pu e deb posi ion and seek
an op imal mix o deb and equi y. in conclusion, he li e a u e on he cs deba e has p og essed om
he i ele an p oposi ions o Modigliani and Mille (1958) o coun e a gumen s based on mo e ealis ic
assump ions. he ain o hough in cs i ele ance p oposi ions has de eloped o a gene al consensus
among esea che s ha he e is an op imal cs.
as he ade-o heo ies o cs en isage, i ms choose le els o deb in o de o balance he bene i s
om he in e es ax shield wi h he cos s o u u e inancial dis ess o o cu en inancial in lexibili y
(Danis e al., 2014). he ela ionship be ween he sou ces o inancing i ms’ business ope a ions and i m
pe o mance is well-documen ed. he use o bo owed capi al inc eases he le el o in es men unde -
aken by he i m wi hou incu ing any addi ional cos s o i m owne s o he han in e es expenses
(e io is e al., 2011). howe e , despi e he ac ha bo owed capi al inc eases he e u n on in es ed
capi al, i also inc eases he isk o i ms as well as o owne s because bo owed capi al c ea es ixed
expenses (i.e. in e es ); hus, a minimum p o i le el is necessa y o inance he le el o in e es . empi ical
e idence (salim & Yada , 2012) con i ms he nega i e ela ionship be ween i m pe o mance and
sho - e m, long- e m, and o al deb . he e is a signi ican nega i e ela ionship be ween inancial le e -
age, measu ed by sho - e m deb o o al asse s, o al deb o o al asse s, and i m pe o mance (khan,
2012). he e is e idence o a nega i e, s a is ically, and economically signi ican e ec o inancial con-
s ain s on bo h he p obabili y ha a i m expo s ( he ex ensi e ma gin) and he sha e o expo s o e
o al sales ( he in ensi e ma gin) (Pie o i o & Pozzolo, 2021).
con a y o khan’s (2012) indings, he esul s sugges ha inancial le e age measu ed by bo h sho -
and long- e m deb has a posi i e and signi ican e ec on i m pe o mance (Fosu, 2013). howe e ,
he e is also e idence ha he ela ionship be ween cs and co po a e pe o mance depends on i m size
o he i ms (san & heng, 2011). simila ly, Deg yse e al. (2012) a gue ha small and medium en e p ises
(sMes) use p o i s o educe hei deb le el, and g owing i ms inc ease hei deb posi ion since hey
need mo e unds. hese con adic o y indings can p obably be a ibu ed o i m size. he indica o s o
cs ega d he epa i ion be ween equi y and deb in he company’s esou ces. he esea che a gues
ha he bu den o making egula in e es paymen s o deb holde s can p essu e manage s o cu he
sho - e m in es men equi ed o enhance a i m’s eXP. hus, he esea che heo izes ha he e is a
s ong ela ionship be ween eXP and cs. his leads o he ollowing hypo hesis:
Hypo hesis 1: he e is signi ican ly nega i e ela ionship be ween i m capi al s uc u e wi h high deb and
expo pe o mance
2.2. CA and FXP link
ca is he ne amoun o cash and cash equi alen s ans e ed in o and ou o business. cash in o gani-
za ions usually akes wo di ec ions: cash in low and ou low. he di e ence be ween a i m’s cash in low
and ou low indica es i s ca (Ogbeide & akanji, 2017). his means ha cash comes om cus ome s o
clien s who buy p oduc s o se ices. cash is going ou o business in he o m o paymen s o expenses,
such as en o mo gages, in mon hly loan paymen s, and paymen s o axes and o he accoun s
payable.
Fi ms’ cash policies, which manage wo king capi al in he o m o cash ecei ables om cus ome s,
in en o y holdings, and cash paymen s o supplie s, a e ine i ably linked o hei ope a ions (k oes &
Manikas, 2014). P e ious s udies ha e in es iga ed how adjus men s o a i m’s ca can change i s pe -
o mance. his is linked o a i m’s inancial pe o mance. P edominan wo king capi al managemen he-
o y p omo e s (B ewe & speh, 2000; ii & hu chison, 2003; heodo e Fa is & hu chison, 2002) a gue ha
i ms can imp o e liquidi y and hence hei compe i i e posi ioning by handling hei cash lows. Fi m
cOgen BUsiness & ManageMen 5
ca is de e mined by he di e ence be ween he wo king capi al and wo king capi al needs. i i is pos-
i i e, i means ha he company has su icien liquidi y o ace all i s sho - e m obliga ions, which will
be mo e impo an when he company inc eases and in ensi ies i s expo ac i i y (Mau el, 2009). his
means ha i mo e money is coming in han is going ou , he e will be a ‘posi i e cash posi ion’ si ua-
ion, which will help i ms pay o bills. hus, based on ex an s udies, he esea che p esumes ha i ms
should egula ly change he ex en o which cash is spen o ensu e ca, enhances hei in e na ional
ope a ions and ob ains highe pe o mance. hence, in his sense he esea che p oposes he ollowing
hypo hesis:
Hypo hesis 2: he e is signi ican ly posi i e ela ionship be ween a ailabili y o cash and i m expo
pe o mance
2.3. CI And EXP link
in o mal sec o s a e b oadly de ined as economic ac i i ies no eco ded in o icial gDP s a is ics (london &
ha , 2004). he size o hese in o mal sec o s can be signi ican e en in ad anced economies, bu a e ypically
mo e subs an ial in eme ging and de eloping economies (schneide e al., 2011). none heless, he ac ha a
conside able in o mal sec o may gene a e posi i e bene i s in e ms o employmen , wel a e, and he p o ision
o local se ices, he compe i i e e ec on ‘ o mal’ (i.e. o icially egis e ed) is likely o be nega i e and consid-
e able (schneide & ens e, 2000). he exis ence o a sizeable in o mal sec o makes mac oeconomic policy less
e ec i e (Ma a, 2011), es ic ing he domes ic p ospec s o o mal g ow h and impeding economic g ow h in
hese ma ke s (lamanna, 2007). in addi ion, business ac i i ies wi hin he in o mal sec o a e ypically con-
duc ed ou side o icial law, wi h in o mal social con ac s being used as binding a angemen s, and i ms in he
o mal sec o may ind i di icul o p o ec hei p op ie a y knowledge and echnology h ough en o ceable
legal mechanisms (Mccann & Bahl, 2017). gi en hese disc imina o y condi ions, many i ms in he o mal
sec o choose o look o mo e le el playing ields in he p esence o s ong in o mal compe i ion. hus, he
esea che ’s hypo hesis was as ollows:
Hypo hesis 3: he e will be a nega i e ela ionship be ween he deg ee o compe i ion om he in o mal
sec o s in hei home coun ies and he o mal i m expo pe o mance.
2.4.PI and EXP link
Fi m beha io and s a egy bo h a home and ab oad is an ul ima e esul o ins i u ional con igu a ions
(Peng e al., 2008). hoskisson e al. (2000) a gued ha well-de eloped ins i u ions c ea e a a o able
business en i onmen wi h low ansac ion cos s and highly compe i i e p essu es ha a o e iciency
and inno a i eness. he ins i u ional en i onmen s in di e en coun ies ypically di e in many ways,
including uns able poli ical en i onmen s, pe asi e go e nmen in luence, non- anspa en egula o y
in as uc u e, unde -de eloped capi al and labo ma ke s, and g ea e in o mali y ( o ig, 2016). he col-
lec i e e ec s o hese ins i u ional de ici s mean ha doing business in di e en economies is o en
bese by oppo unis ic beha io , unp edic able go e nmen policies, in la ed ansac ion cos s, and highe
le els o unce ain y (gao e al., 2010). Based on he exis ing li e a u e (e.g. schneide e al., 2011), he
esea che iden i ies he a ibu es o he ins i u ional en i onmen s wi hin home coun ies ha need
conside a ion in ela ion o i m expo pe o mance: poli ical ins abili y. hus, he esea che a gues ha
hese speci ic ins i u ional ea u es a e pa icula ly ele an in de e mining i m eXP because hey in o-
duce unce ain y in hei domes ic ma ke s. Pi has se e al ad e se e ec s on business ac i i ies in an
economy (a áiz e al., 2013). o he ex eme, Pi may gi e ise o poli ical and/o ci il iolence, which
u he wo sens unce ain y and leads o e en g ea e ope a ional di icul ies (hia & sine, 2014). hus,
we p opose he ollowing hypo hesis:
Hypo hesis 4: he e will be a nega i e ela ionship be ween poli ical ins abili y in hei home coun ies and
he i m expo pe o mance.
6 n. . hassen e al.
2.5.The media ion ole o PR and RD
as he issue o ma ke ing s a egy ad ances inc easing eminence as an o ien a ion ha e e yone in he
o ganiza ion sha es and as a p ocess ha all unc ions pa icipa e in deploying, a c i ical issue ha a ises
is he ole o he ma ke ing unc ion. he ma ke ing li e a u e o da e has ocused on he di ec e ec
o expo pe o mance de e minan s. e idence om ecen s udies shows, only ew s udies (e.g. Boso
e al., 2019; cos a e al., 2015; Du maz & e en, 2018; hollende e al., 2017) weigh up he indi ec e ec
o he an eceden s on expo pe o mance. his s udy a gues ha i m P and D ac i i ies could explain
he link be ween cs, ca and eXP.
ega ding he media ing ole o P , he e has been a s eady s eam o esea ch s udying he impac
o i m p omo ion ac i i y on pe o mance. speci ically, p io s udies examine he con empo aneous asso-
cia ion be ween ad e ising expenses and eXP (gopina h e al., 2013), s idha e al., 2014). howe e ,
s a egic managemen schola s a gue ha i ms’ ma ke ing s a egy in luenced by he esou ce and capa-
bili y o he i m. leonidou e al. (2011) indica ed he in e ela ionship o he expo - ela ed o ganiza-
ional esou ces and hei impac on eXP. a ecen s udy also a gues ha esou ces a ailable o expo
ac i i ies a ec expo ma ke ing s a egy and pe o mance (imi u, 2018). in addi ion, Ma i an and lee
(2017) encou age mo e esea ch ha examines esou ce alloca ion as a cen al ocus o s udy o achie -
ing deepe and be e unde s andings abou i m s a egies. P io esea ch (e.g. Joshi & hanssens, 2010;
luo & Bha acha ya, 2006; Mcalis e e al., 2007) has ecognized i m p omo ion ac i i y as key compo-
nen s o a i m’s ma ke ing e o . ad e ising c ea es ma ke -based asse s such as b and equi y by
in o ming cus ome s, di e en ia ing p oduc s om compe i ion, and c ea ing ba ie s o en y (na asimhan
e al., 2006). ecen empi ical e idence shows ha le e age leads o lowe cus ome sa is ac ion, wi h
ad e ising in ensi y media ing his e ec (Malshe & aga wal, 2015).
O he media ing ac o conside ed in his s udy is D. Fi m compe i i e ad an age, long- e m g ow h and
echnological ad ancemen depends on he amoun o in es men on D ac i i ies which lead o enhanced
pe o mance (Pa el e al., 2018; uiqi e al., 2017). g ounded on he ee cash low hypo hesis, Jensen (1993)
es ablished ha manage s may o e spend hei ee cash lows in p ojec s like D. he possibili y o limi ed
gain om D in es men may come om he highe inancing cos associa ed wi h D due o he isky na u e
o D (hillie e al., 2011). he li e a u e has ound a posi i e ela ionship be ween D and i m pe o mance
(ebe ha e al., 2004; Yeh e al., 2010). D in es men may no au oma ically c ea e alue o he in es ing
i ms. D in es men helps o inc ease he ope a ing pe o mance o in es ing i ms in he long un (ebe ha
e al., 2004). howe e , he link be ween D in es men and i m pe o mance may be ein o ced o weakened
by o he i m speci ic and ex e nal ac o s (alam e al., 2019, 2020). he e, he no ion is he bu den o making
egula in e es paymen s o deb holde s can p essu e manage s o gene a e adequa e cash lows. hus, he
esea che heo ize ha his may lead ma ke e s o adop sho - e m ac ions such as cu ing P and D spend-
ing, which can ha m expo pe o mance by lowe ing cus ome ’s pe cei ed quali y and alue o he p oduc
o se ice. F om he abo e discussion, he ollowing hypo hesis was pos ula ed:
Hypo hesis 5: he e is signi ican ly nega i e ela ionship be ween i m capi al s uc u e wi h high deb and
i m expo p omo ion ac i i y
Hypo hesis 6: he e is signi ican ly nega i e ela ionship be ween i m capi al s uc u e wi h high deb and
i m esea ch & de elopmen ac i i y
Hypo hesis 7: he e is signi ican ly posi i e ela ionship be ween a ailabili y o cash and i m expo p omo-
ion ac i i y
Hypo hesis 8: he e is signi ican ly posi i e ela ionship be ween a ailabili y o cash and i m esea ch &
de elopmen ac i i y
Hypo hesis 9: he e is signi ican ly posi i e ela ionship be ween p omo ion ac i i y and i m expo pe o mance
Hypo hesis 10: he e is signi ican ly posi i e ela ionship be ween esea ch & de elopmen ac i i y and i m
expo pe o mance
Hypo hesis 11: Fi m expo p omo ion ac i i y signi ican ly and nega i ely media e he e ec o capi al s uc-
u e wi h high deb on expo pe o mance
Hypo hesis 12: Fi m esea ch and de elopmen ac i i y signi ican ly and nega i ely media e he e ec o
capi al s uc u e wi h high deb on expo pe o mance
cOgen BUsiness & ManageMen 7
Hypo hesis 13: Fi m expo p omo ion ac i i y signi ican ly and posi i ely media e he e ec o a ailabili y
cash on expo pe o mance
Hypo hesis 14: Fi m esea ch and de elopmen ac i i y signi ican ly and posi i ely media e he e ec o a ail-
abili y o cash on expo pe o mance
3.Me hods
3.1. Va iables and measu es
3.1.1. Dependen a iable
We ha e one dependen a iable in he heo e ical model. Fi m eXP, which e e s o all p oduc s expo ed
o he o eign ma ke , is used as he uni o analysis. eXP is he deg ee o which a i m comple es i s
pu poses by expo ing i s p oduc s o o eign ma ke s, comp ising economic o ope a ional ace s (p o i ,
sales, e c.) and s a egic aspec s (in e na ional posi ioning, inc eased ma ke sha e om expo ing,
achie emen o objec i es, e c.) (ca usgil & Zou, 1994). he wo p incipal modes o eXP assessmen
iden i ied in he gene al li e a u e a e objec i e (e.g. based mainly on eco ds ela ing o absolu e igu es
o company p o i abili y and sales le el) and subjec i e (e.g. manage s’ pe cep ions) measu es (ka sikeas,
1996). Following ou heo e ical bea ings, we ocus on he ope a ional pe o mance encompassing i ms’
expo sales olume and e enue om expo o commodi y (objec i e measu e) as eXP measu es. hus,
he eXP measu emen in his s udy does no include he companies’ sales o e enue om selling i s
p oduc in he domes ic ma ke . he esea che s used o al uni a i m sold du ing speci ic pe iod as
sales olume. We sol ed sales and p ice ac ion o ob ain e enue o speci ic i m. i means we calcula ed
e enue o speci ic i m by mul iplying o al uni sold du ing gi en pe iod by uni p ice. he ollowing
equa ions (equa ions 1 and 2) we e used o measu e eXP:
EXP sales
1
=
(1)
EXP sales*
2
=
(2)
whe e sales ep esen o al uni sold du ing a gi en ime pe iod, sales*p ice ep esen e enue du ing a
gi en ime pe iod.
3.1.2. P edic o s
Based on he li e a u e e iew, we dis inguished be ween in e nal and ex e nal eXP de e minan s (chen
e al., 2016). Fi ms cs and ca a e used as in e nal en i onmen al ac o s. Following o he s udies in
in e na ional business, cs and ca we e measu ed as manage s’ esponses o he i e-poin like scale
ques ion, ‘how do you assess he le el o long- e m and sho - e m deb inancing o you o ganiza ion
ela i e o he indus y?’ and ‘how do you assess liquidi y and cash ollowing you o ganiza ion’s posi ion
ela i e o he indus y?’ espec i ely.
he i s ac o ela ed o he ex e nal en i onmen is in o mal sec o compe i ion (ci), which cap u es
he ex en o which compe i ion om he in o mal sec o in home coun ies a ec s he eXP o o mal i ms
(‘ o wha ex en a e he p ac ices o compe i o s in he in o mal sec o an obs acle o he cu en expo
ac i i y?’). he second ac o ela ed o he ex e nal en i onmen is poli ical ins abili y (Pi), which measu es
he impac o poli ical ins abili y based on manage s’ esponses o he ques ion: ‘ o wha ex en is poli ical
ins abili y an obs acle o you cu en o he cu en expo ac i i y?’ Fo bo h ci and Pi, he esponses ha e
i e possible alues: no obs acle (0), mino (1), mode a e (2), majo (3), and e y se e e obs acles (4).
3.1.3. Media ing a iables
3.1.3.1. P omo ion mix ac i i ies (PR). a speci ic combina ion o p omo ional me hods used o one
p oduc o a amily o p oduc s is p omo ion mix. he main pu pose o p omo ion is o wa an ha
cus ome s a e cognizan o he exis ence and posi ioning o p oduc s. P omo ion mix is one o he mos
14 n. . hassen e al.
eXP o a i m. he esul s e ealed ha e ec o Pi in home coun ies is nega i ely ela ed o expo pe o -
mance (B = −0.127, = 2.408, p = 0.008). hence, his inding suppo s h4.
Fu he mo e, h5 e alua es whe he i m cs wi h high deb inancing signi ican ly and nega i ely a ec s P
ac i i y o a i m. he esul s sugges ed ha cs wi h high deb o ha e a nega i e and signi ican in luence on
i m P ac i i y (B = −0.373, = 4.441, p < 0.001). hence, h5 is suppo ed. simila ly, h6 e alua es whe he i m cs
wi h high deb inancing signi ican ly and nega i ely a ec s D ac i i y o a i m. he inding o he s udy also
con i ms ha cs wi h high deb ha e signi ican in luence on i m D ac i i y (B = −0.231, = 3.038, p = 0.001).
hus, h6 is suppo ed. ca is sugges ed o ha e signi ican posi i e e ec on P ac i i y (B = 0.415, = 4.642,
p < 0.001). his esul indica ed ha h7 is con i med. simila ly, h8 e alua es whe he ca signi ican ly and posi-
i ely a ec s D ac i i y o a i m. he esul s indica ed ha ca signi ican ly and posi i ely a ec s D ac i i y
o a i m (B = 0.476, = 6.332, p < 0.001). his esul sugges s ha h8 is con i med.
ega ding h9, his hypo hesis aims o in es iga e he impac o i m P ac i i y on eXP. he inding
o he s udy doesn’ suppo he p esence o posi i e impac o i m P ac i i y on eXP (B = 0.086,
= 1.015, p = 0.15). hence, h9 is no suppo ed. in addi ion, h10 assess how i m D ac i i y a ec eXP
and i has been ound ha he e is signi ican posi i e ela ionship be ween i m D ac i i y and eXP
(B = 0.444, = 6.174, p < 0.001). hus, h10 is suppo ed.
Finally, hough is no o in e es o he s udy’s objec i es, i m size and i m indus y ca ego y we e
included in he model as a con ol a iable ( able 6) because i could in luence he ou comes. he esul s
e ealed ha la ge i m has mo e e ec on bo h i m P and D ac i i y compa ed o sMes (B = 0.233,
= 1.820, p < 0.034; B = 0.233, = 1.929, p < 0.027) espec i ely. ega ding he e ec o i m indus y ca e-
go y on i m P and D ac i i y, he esul con i ms ood & be e age indus y has lesse impac on P
and D ac i i y o a i m compa ed o lea he , and ex ile & ga men indus y (B = −0.230, = 2.589,
p = 0.005; B = −0.265, = 2.733, p = 0.003) espec i ely.
4.3.1. Media ion analysis
he media ion analysis was pe o med o assess he media ion ole i m P and D ac i i ies in he
linkage be ween cs and ca, and he endogenous a iable, eXP. ega ding he media ion ole o i m P
and D ac i i ies in he linkage be ween cs and eXP, he esul ( able 7) e ealed he e is no signi ican
indi ec e ec o cs on eXP h ough P (B = −0.032, = 0.889, p = 0.187). hence, h11 is no suppo ed.
howe e , he e is signi ican indi ec e ec o cs on eXP h ough D (B = −0.102, = 2.633, p = 0.004). he
o al e ec o cs on eXP was signi ican (B = −0.309, = 6.553, p < 0.001), wi h he inclusion o media o
he e ec o cs on eXP was s ill signi ican (B = −0.175, = 3.416, p < 0.001). his shows a compe i i e
pa ial media ion ole o D in he ela ionship be ween cs and eXP. hence, h12 was suppo ed.
ega ding he media ion ole o i m P and D ac i i ies in he linkage be ween ca and eXP, he
inding ( able 7) con i ms no signi ican indi ec e ec o ca on eXP h ough P (B = 0.036, = 1.017,
p = 0.155). hence, h13 is no con i med. howe e , he esul e ealed he e is signi ican indi ec e ec o
Table 6. Di ec ela ionships (wi h con ol a iables).
Hypo hesis Be a coe icien s anda d de ia ion T s a is ics p Values
H1: Cs -> eXP −0.175 0.051 3.416 0.000
H2: Cs -> PR −0.373 0.084 4.441 0.000
H3: Cs -> RD −0.231 0.076 3.038 0.001
H4: Ca -> eXP −0.026 0.067 0.380 0.352
H5: Ca -> PR 0.415 0.089 4.642 0.000
H6: Ca -> RD 0.476 0.075 6.332 0.000
H7: iC -> eXP −0.105 0.082 1.277 0.101
H8: Pi -> eXP −0.127 0.053 2.408 0.008
H9: PR -> eXP 0.086 0.085 1.015 0.155
H10: RD -> eXP 0.444 0.072 6.174 0.000
sizeL <- PR 0.233 0.128 1.820 0.034
sizeL <- RD 0.233 0.121 1.929 0.027
Ca ego yFB <- PR −0.230 0.089 2.589 0.005
Ca ego yFB <- RD −0.265 0.09 2.733 0.003
No e: Cs = capi al s uc u e, Ca = a ailabili y o cash, Ci = compe i ion om he in o mal sec o s in home coun ies, Pi = poli ical ins abili y in
home coun ies, PR = p omo ion, RD = esea ch & de elopmen , eXP = i m expo pe o mance, sizeL = i m size la ge, Ca ego yFB = indus y
ca ego y ood & be e age.
cOgen BUsiness & ManageMen 15
Table 7. Media ion analysis esul s.
o al e ec (Cs -> eXP) Di ec e ec (Cs -> eXP) indi ec e ec o Cs on eXP
Coe icien T
alue
P-
alue
Coe icien T
alue
p
Value
Hypo hesis Coe icien se T
alue
p
Value
Pe cen ile boo s ap
95% con idence
in e al
Lowe uppe
−0.309 6.553 0.000 −0.175 3.416 0.000 H11: Cs -> PR
-> eXP
−0.032 0.036 0.889 0.187 −0.098 0.019
H12: Cs -> RD
-> eXP
−0.102 0.039 2.633 0.004 −0.174 −0.047
o al e ec (ca -> eXP) Di ec e ec (ca -> eXP) indi ec e ec o ca on eXP
Coe icien T
alue
p
Value
Coe icien T
alue
p
Value
Hypo hesis Coe icien se T
alue
p
Value
Pe cen ile boo s ap
95% con idence
in e al
Lowe uppe
0.222 3.214 0.001 −0.026 0.380 0.352 H13: Ca -> PR
-> eXP
0.036 0.035 1.017 0.155 −0.023 0.092
H14: Ca -> RD
-> eXP
0.211 0.052 4.062 0.000 0.138 0.306
ca on eXP h ough D (B = 0.211, = 4.062, p < 0.001). he o al e ec o ca on eXP was signi ican
(B = 0.222, = 3.214, p = 0.001), wi h he inclusion o media o he e ec o ca on eXP was no signi ican
(B = −0.026, = 0.380, p = 0.352). his shows a complemen a y ull media ion ole o D in he ela ionship
be ween ca and eXP. hence, h14 is suppo ed.
5. Discussion and implica ions
5.1. Theo e ical implica ions
he esul s ob ained in his s udy hold ele an heo e ical sugges ions wi h ega d o he de e minan s
o i m expo pe o mance. Founded on esou ce based heo y, dynamic capabili y iew, and
ins i u ional-base iew, he esea che s con ends ha cs, ca, ci and Pi in home coun ies di ec ly a ec
i m expo pe o mance.
he s udy indings highligh he impo ance o i m cs, ca, Pi in home coun ies, P and D ac i i y
o be e eXP. ega ding he di ec de e minan s o eXP, he esul s indica ed eXP o i m is nega i ely
in luenced by cs wi h high deb and Pi in home coun ies while ca, ci in home coun ies, and P ac i -
i y ound o ha e no di ec impac on eXP. howe e , he inding o s udy suppo s he di ec and posi-
i e impac o D ac i i y on eXP. Fu he mo e, he inding also con i ms he di ec and nega i e impac
o cs wi h high deb on bo h P and D ac i i y. simila ly, he inding e ealed ha ca has signi ican
and posi i e impac on P and D ac i i y, indica ing exis ence o an indi ec e ec o cs and ca on
eXP h ough P and D ac i i y. hese indings suppo he esea che s a gumen ha i m success in a
o eign ma ke depends no only on i s gi en po olio o esou ces and capabili ies, as pe he
esou ce-based heo y ( B ), bu also on i s capaci y and abili y o cons an ly change and adjus o
in e na ional unce ain ies. simila ly, heo y o s a egy-en i onmen co-alignmen (Po e , 1980;
Venka aman & P esco , 1990), s a es ha he ‘ i ’ be ween s a egy and i s con ex , whe he i is he
ex e nal en i onmen (ande son & Zei haml, 1984; ho e , 1990) o o ganiza ional cha ac e is ics (chandle ,
1962; gup a & go inda ajan, 1984) has signi ican posi i e implica ions o i m pe o mance.
Fu he mo e, his s udy con ibu es o he body o knowledge on he indi ec ela ionship be ween
cs, ca, and eXP by p o iding insigh s in o he syne gy among i m cs, ca, P , and D ac i i y and hei
e ec on he eXP. Decision abou whe he o s anda dize o adap he ma ke ing-mix elemen s does
ha e g ea impac on expo ma ke pe o mance ( uzo e al., 2011). empi ical and heo e ical li e a u e
acknowledged ma ke ing mix s a egy as a key d i e and media o o business pe o mance. al hough
he li e a u e con inuously emphasizes he i al ole o a ious i m speci ic and en i onmen al ac o s in
in luencing expo pe o mance, mos pas empi ical s udies examined he di ec e ec while igno ing
he po en ially complemen a y e ec s o o he ac o s pa icula ly he media ing ole o i m ma ke ing
16 n. . hassen e al.
mix s a egy. a ecen s udy a gues ha esou ces a ailable o expo ac i i ies a ec expo ma ke ing
mix s a egy and pe o mance (imi u, 2018). Ma i an and lee (2017) u ge mo e esea ch ha examines
esou ce alloca ion as a cen al ocus o s udy o achie ing deepe and be e unde s andings abou i m
s a egies. al hough i has been well a gued in he esou ce-pe o mance ela ionship li e a u e, mos
p e ious s udies ha e only ocused on he di ec e ec o i ms’ cs, and ca on eXP, neglec ing he medi-
a ing ole o expo ma ke ing mix s a egy. his gi es incomple e iew o eXP de e minan s while hin-
de ing he concep ualiza ion o eXP cons uc . Based on he heo e ical ounda ion p oposed by di e en
au ho s in ecen li e a u e on s a egic Managemen (Deu sche e al., 2016) and in e na ionaliza ion
(hagen e al., 2017; Paul e al., 2017), his s udy also in es iga es he media ing ole o P and D in he
link he be ween cs, ca, and eXP.
in e es ingly, his s udy shows ha i m P ac i i y has no i al ole in media ing he link be ween cs,
ca and eXP in he sho un. howe e , he s udy e ealed ha D ac i i y is a key ac o in media ing
he link be ween cs, ca and eXP. Meanwhile, he s udy unco e ed ha D ac i i y ully media e he
ela ionship be ween ca and eXP while pa ially media e be ween cs and eXP. howe e , non-signi ican
ela ionship be ween P and eXP is in e es ing as p e ious schola s ind suppo o he posi i e ela ion-
ship be ween i m P ac i i y and i s pe o mance ( habi & aew , 2018; na h e al., 2010). While we
know ha P ac i i y o i ms gene ally a ec eXP, he e may be limi as o i s ins an and linea na u e
o he P -eXP ela ionship, especially in he sho - e m. oo g ea a ocus on linea ela ionship be ween
P and eXP could be misleading. hus, an in e es ing a enue o u u e esea ch would be o look a
non-linea ela ionship be ween he cons uc s speci ically using panel da a. oge he , hese indings
begin o shine a ligh as o how esou ces in luence bo h ma ke ing mix s a egy and pe o mance
ampli ying he Ma i an and lee’s (2017) u ge o examine esou ce alloca ion as a cen al ocus o s udy
o achie ing deepe and be e unde s andings abou i m s a egies and pe o mance.
5.2. Manage ial and policy implica ions
he s udy o expo ma ke can be a lea ning pa adigm in he ield o ma ke ing o enhance he unde -
s anding o p ac i ione s, policy make s, and academicians. as his s udy join ly in es iga ed he impac
o in e nal (cs and ca) and ex e nal (ci and Pi) ac o s on eXP, i p o ides mo e sophis ica ed esul s as
compa ed o he sepa a e examina ions in he p e ious s udies. his s udy p o ides an impo an insigh
o p ac i ione s and/o manage s when en u ing ab oad ca e ully conside he consequences o
esou ce-ma ke ing s a egy in e ac ion o eXP. Mo eo e , using da a om i ms in de eloping economy
o empi ical alida ion o he heo e ical model, his s udy help policy make s iden i y he impo an
ac o s o conside in enhancing expo pe o mance o he i ms in de eloping economy con ex .
gene ally, he heo e ical and p ac ical con ibu ions o his s udy a e impo an . he pape de eloped
and alida ed B , DcV and iBV in eg a i e model which will enable academics, manage s and go e n-
men al bodies may emphasize he impo ance o bo h in e nal (cs, and ca) and ex e nal (ci, and Pi)
ac o s ha may esul in highe o lowe eXP, and he ole P and D ac i i y play in he link be ween
hese ac o s.
5.3. Limi a ions and u u e esea ch di ec ions
he ise o e e -changing o eign ma ke en i onmen al dynamism allows expo pe o mance esea ch
domain o o esee a p omising u u e a ea. he e was a call by esea che , manage s, and policy-make s
o a obus unde s anding o expo ing. his s udy e eals he di ec and indi ec impac o cs, ca, ci
in home coun ies, and Pi in home coun ies on eXP. P edominan ly, he s udy examines he ma ke ing
e o ou e h ough which cs and ca in luences eXP.
hough his s udy p o ides i al indings, he e a e issues which dese e u he conside a ion. Fi s ,
he es o ou model was pilo ed wi h a di e se c oss-sec ion o expo e s in e hiopian manu ac u ing
indus y. Fo c oss-na ional gene alizabili y, he model equi es eplica ion, ex ension, and u he e alu-
a ion in o he expo ma ke con ex s ha may di e in e ms o economic de elopmen and socio-cul u al
alues. second, ou ope a ionaliza ion o inancial a iables, while pe inen o he con ex o his s udy,
cOgen BUsiness & ManageMen 17
may no be comp ehensi e enough o cap u e he en i e domain o he concep . i is possible ha
inancial a iables u iliza ion is a mul i- ace ed cons uc , which dese es u he sc u iny and de elop-
men , since his cons uc is an ine i able pa o business ope a ions. hi d, subjec i e (pe cei ed) mea-
su es o cs and ca we e used because objec i e measu es we e di icul o ob ain du ing he p e es
s age o his s udy. While subjec i e and objec i e measu es ha e been ound o be highly co ela ed
(e.g. Boso e al., 2013), u u e s udies should a emp o include objec i e measu es. Finally, u u e s ud-
ies should inco po a e he consequence o he in e ac ion be ween cs and ca on eXP as hese wo
inancial a iables a e highly co ela ed.
Acknowledgemen s
he au ho s would like o hank a ba Minch Uni e si y o hei suppo in conduc ing his s udy. We a e also g a e-
ul o he sample manage s and employees, enume a o s, e hiopian Minis y o indus y, e hiopian en e p ise
De elopmen ins i u e key in o man s, and local adminis a o s o he s udy a ea o hei kindness and coope a ion
du ing ieldwo k.
Disclosu e s a emen
no po en ial con lic o in e es was epo ed by he au ho (s).
Abou he au ho s
Nes edin Temam Hassen is an assis an p o esso o Financial Managemen and in e na ional
Business a Di e Dawa Uni e si y, e hiopian. he holds a Bsc in Business Managemen om adama
science echnology Uni e si y o e hiopia, an MBa om andh a Uni e si y in india, and cu en ly a
Ph.D. schola in Ma ke ing a a ba Minch Uni e si y, e hiopia.
Mes in Lema is an e hiopian lec u e ained as Business adminis a o (MBa) and economis (Ma) a he F ee Uni e si y
and Uni e si y o echnology, Be lin, ge many, espec i ely and Ph.D. in Business adminis a ion a Bulacan s a e
Uni e si y, he Philippines. he is now wo king as associa e p o esso a in e na ional leade ship ins i u e, e hiopia.
Gemechu Neme a is an assis an P o esso o Managemen a a ba Minch Uni e si y. he s udded MBa and Ph.D. in
Business adminis a ion. he is now wo king as assis an p o esso a a ba Minch Uni e si y, e hiopia.
ORCID
nes edin emam hassen h p://o cid.o g/0009-0009-7838-8942
Da a a ailabili y s a emen
he da ase s used and/o analyzed du ing he cu en s udy a e a ailable om he co esponding au ho upon ea-
sonable eques .
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