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1 CHAPTER INTRODUCTION 1.1 The necessity of the research Over the past decades, innovation has attracted the attention of many researchers and practical activists Some universities have made innovation a compulsory subject for the curriculum In countries with high levels of development such as the US, Germany, Japan, South Korea, etc innovation has been implemented and applied thoroughly in many organizations and enterprises, bringing unsurpassed success in many multi-national corporations, making them the leading creative companies In Vietnam, in previous years, enterprises grew based on the cheap labor, abundant and industrious labor force and diversified natural resources In order to continue its growth, enterprises consider innovation as the main driving force for development in order to provide high levels of knowledge, science and technology and competitiveness products and services to the market In Vietnam as well as other countries in the world, electricity is one of the energy resources that plays a very important role in the nation's development However, power generation enterprises are now facing challenges such as old, outdated, low-performing machines and equipment, etc In this context, enterprises need a reliable guidance model that helps them focus their innovation efforts on a small number of important, wellcontrolled factors to deliver high efficiency Process innovation can be conducted to reduce production or distribution costs, higher product quality, to create and/or provide new or improved products (Steward, 1997; OECD, 2005; Gunday cộng sự, 2011) Although it retains a central position in the main theories of innovation, there are few studies that examine the factors that provide inducements for process innovation at the firm level (Reichstein Salter, 2006; Becheikh cộng sự, 2006) From the above-mentioned theoretical and practical needs, the thesis shall focus on studying “Factors affecting Process innovation - Research in power generation companies of Vietnam” 1.2 Objectives of the research - Objectives of the research: The thesis examines the effects of entrepreneurial leadership style, intellectual capital and absorptive capacity on process innovation in Vietnamese power generation enterprises - Missions of the research: + Overview of theoretical basis for process innovation, on which the author chooses an Upper Echelons Theory, a Knowledge-based Theory of the Firm and an Organizational Learning Theory Based on three theories, the thesis summarizes the theoretical basis of the influence of the factors of "Entrepreneurial leadership style" (Upper Echelons Theory), "intellectual capital" (a Knowledge-based Theory of the Firm), and "Absorption capacity" (Organizational Learning Theory) to study process innovation + Building a new research model based on Upper Echelons Theory, a Knowledge-based Theory of the Firm and Organizational Learning Theory; Proposing research hypotheses on process innovation and firm performance + Testing the research model and research hypotheses with data collected through a survey at power generation enterprises in Vietnam 1.3 Object and scope of the research - Research objects: The thesis examines the process innovation; the effects of Entrepreneurial leadership style, intellectual capital and absorptive capacity on process innovation and firm performance in Vietnamese power generation enterprises - Scope of the research + Research time: Secondary data from 2013 - 2018, primary data from 20172018 + Research objects: Vietnamese enterprises operating in the field of power generation with 357 enterprises managing 451 power plants 1.4 Research method and process 1.4.1 Research Methods - Qualitative research: The research interviewed 12 people: 03 people are members of the Board of Directors; 07 people are managers/deputy managers of technical department, managers/deputy managers of power plants and 02 people are experts, having extensive experience in training, teaching and researching in the field of electricity production The purpose is to screen independent variables and check the relationship with process innovation, adjust the scale against the original scale to suit the research context - Quantitative research Preliminary quantitative research Preliminary quantitative research was conducted with a survey of 100 power generation entreprises Preliminary quantitative research aimed at assessing the reliability of the measurement and eliminating inappropriate variables Official Quantitative research The thesis evaluates the reliability of each scale of variables through the Cronbach’s Alpha coefficient After that, confirmatory factor analysis (CFA) was done through the evaluation of the full measurement model Research model and hypotheses were tested by structural equation modeling (SEM) analysis technique, to test the impact of independent variables on the process innovation and firm performance 1.4.2 Research process 1.5 New contributions of the thesis The State needs to promulgate feasible policies to manage and instruct the development of science and technology for enterprises, setting up a technology market so that enterprises can easily access to acquire knowledge and new method to help them promote innovation 1.6 Structure of the thesis The thesis consists of the following sections: Introduction, Theoretical basis and research model; Research methods; Research results; Comments on research results and recommendations New academic and theoretical contribution - Firstly, the thesis has shown the important role of entrepreneurial leadership style has an impact on process innovation in the context of researching in a transition economy like Vietnam In addition, the entrepreneurial leadership style is also an important factor indirectly affecting the firm performance through human capital, social capital and process innovation CHAPTER THEORETICAL BASIS AND RESEARCH MODEL 2.1 Innovation: In this research, the author uses the definition proposed by OECD (2005) because it covers the entire operation of a business, cited by many countries, researchers and is very popular (Stone and et al, 2008; Phan, 2014; Nguyen and Vu, 2013) - Secondly, the thesis has interpreted and provided empirical evidence on the role of knowledge in process innovation and firm performance Specifically, the empirical evidence from the research shows that the social capital and absorptive capacity have a direct impact on the process innovation; absorptive capacity indirectly affects firm performance through process innovation; human capital and social capital directly impact on the firm performance According to OECD (2005): An innovation is the implementation of a new or significantly improved product (good or service), or process, a new marketing method, or a new organisational method inbusiness practices, workplace organisation or external relations - Thirdly, the thesis once again shows the important role of process innovation This is a factor that have direct impact and an important contribution to the firm performance A process innovation is the implementation of a new or significantly improved production or delivery method This includes significant changes in techniques, equipment and/or software Process innovations can be intended to decrease unit costs of production or delivery, to increase quality, or to produce or deliver new or significantly improved products New findings and proposals from the research results and surveys of the 2.2 Process innovation thesis From the enterprises: - Enterprise managers need to create and maintain a culture that nurtures innovation efforts, and willing to take risks, challenges and motivate employees to work in a creative, long-term way that will encourage the innovation - Human capital, Social capital need to be associated with strategic management These funds need to be considered as important resources of enterprises to achieve strategic goals, so they need to be managed at a strategic level - Effectively manage the organization's absorbtive capacity through regular training to improve the skills of its employees From the state management agencies: Production methods involve the techniques, equipment and software used to produce goods or services Examples of new production methods are the implementation of new automation equipment on a production line or the implementation of computerassisted design for product development 2.3 Scale of process innovation According to OECD (2005), countries with transition economy, due to scarce data, the reliability of the measurement indicators is not high, researchers when measuring innovation should focus on innovation activities In this thesis, the author uses a scale based on process innovation activities proposed by Wang and Ahmed (2004) and Gunday et al (2011) (presented in detail in chapter 3) 5 2.4 Characteristics of the process innovation generation enterprises in Vietnamese power 2.4.1 The working principles of power plants a) The working principles of thermal power plant In thermal power plants, thermal energy is used to convert water into steam at high temperatures and pressures The heat of the steam is then used to spin turbines and generators to generate electricity (Đào Phạm, 2017) b) The working principles of hydropower plant Hydro-electric plants use natural water as a fuel to produce electricity Hydroelectric power plants convert the energy of water into electricity c) The role of thermal power and hydropower plants in the national electricity Murovec and Prodan (2009), Vieites and Calvo (2011), Hilman and Kaliappen (2014), Phan (2015), The overview results are summarized in Table 2.2 Therefore, through the literature review on process innovation, the research often focuses only on the factors that influence process innovation Factors that attract the attention of researchers are knowledge, leadership, R&D investment, cost leadership, innovative investment strategies, absorption capacity, financial resources, However, these studies not or not really care about the theoretical basis when considering factors and relationships with the process innovation, regardless of the three important theories, such as Upper Echelons Theory (Hambrick and Mason, 1984; Ireland et al., 2003), a Knowledge-based Theory of the Firm (Grant, 1996; Nahapiet and Ghoshal, 1998; Subramaniam and Youndt, 2005; Nguyen et al., 2016; Nguyen and Vu, 2013); and Organizational Learning Theory (Zahra and George, 2002; Cohen and Levinthal, 1990; March 1991) system 2.6 Research gap Due to the power consumption varies by year, by season, by month, by day, even by hour To balance power and load, the role of thermal and hydro-electric plants in the national electricity system varies by seasons 2.4.2 Characteristics of the process innovation in the power generation enterprises The process innovation characteristic in power generation enterprises is that the large process does not change over the life of the plant, but small processes may change a) Characteristics of the process innovation in the thermal power plants Process innovation in plants is based on streamlining the steps in production processes, changing treatment methods, reducing intermediaries, mixing domestic and imported coal, b) Characteristics of the process innovation in the hydropower plants Over the years, process innovation in hydro-electric plants such as turbine improvement, replacement of all equipment under control, signaling, relay protection, automatic measurement and interlocking of power generation units from, changing analog to digital system, upgrade and improve the system of machinery and equipment to increase efficiency, 2.5 Literature review Although it retains a central position in the main theories of innovation, there are few studies that examine the factors that provide inducements for process innovation at the firm level (Reichstein Salter, 2006; Becheikh cộng sự, 2006) Based on the literature review, there are a number of research on process innovation, including: Rouvinen (2002), Baldwin et al (2002), Reichstein and Salter (2006), Li et al (2007), Based on the review of previous studies, the author found that most studies are still unclear which theory has been applied when considering the factors and the relationship with process innovation Only some studies, such as Li et al (2007), Hilman and Kaliappen (2014) and Phan (2015), based on the theoretical basis Theories applied in process innovation research are Resource- based view (specified as human and financial resources), theory based on behavior (specified as customer-focused behavior; the support of the leader, ) and theory based on strategic management (specified as leadership strategy, innovation investment strategy, ) Therefore, previous studies not or not really care about the theoretical basis when considering factors and relationships with the process innovation, regardless of the three important theories, such as Upper Echelons Theory (specified as Entrepreneurial leadership style), a Knowledge-based Theory of the Firm (specified as intellectual capital); and Organizational Learning Theory (specified as absorbtive capacity) Although it retains a central position in the main theories of innovation, there are few studies that examine the factors that provide inducements for process innovation at the firm level (Reichstein Salter, 2006; Becheikh cộng sự, 2006) In Vietnam, according to the author's understanding, only Phan (2015) has studied the process innovation at a software enterprise so it is difficult to generalize for all situations Conducting empirical studies in other businesses, in other contexts Through documentary research and in-depth interviews, in the past few years, the results of power generation enterprises in the process innovation were modest because they did not focus on the important factors affecting to process innovation and firm performance In this context, enterprises need a reliable guiding model that helps them focus their innovation efforts on a small number controlled to have a high efficiency of important factors, well- Therefore, the main objective of this research is to develop the theoretical model based on the Upper echelons theory (specified as Entrepreneurial leadership style), a Knowledge-based Theory of the Firm (specified as intellectual capital); and Organizational Learning Theory (specified as absorbtive capacity), affecting the process innovation and firm performance of power generation enterprises 2.7 Theoretical frameworks 2.7.1 Upper echelons theory Upper echelons theory believes that the results of a firm depend on the characteristics and behavior of top management teams Senior leaders have a significant influence on process innovation and firm performance through the allocation of resources, creating a system of policies and mechanisms in the enterprises Since the beginning of the 21st century, leadership research has focused on a new leadership style, namely entrepreneurial leadership style (Mishra and Misra, 2017) Entrepreneurial leadership style is expressed through the willingness to take risks and have a long-term vision instead of focusing on short-term results, so they are willing to invest resources in the process innovation activities, their passion for work always help them to lead in discovering and recognizing the value of new information, exploiting market opportunities before competitors Therefore, Entrepreneurial leadership styles are creative and able to innovate (Ranjan, 2018) Research by Zmud (1984), Phan (2015) shows that positive attitude, the support of senior leaders is very important for successful process innovation 2.7.2 Knowledge-based Theory of the Firm A knowledge-based theory of the firm said that organizational knowledge is the most important strategic resource of an enterprise and its process innovation potential depends on its knowledge resources Knowledge is also increasingly playing a particularly important role in process innovation (Grant, 1996; Subramaniam and Youndt, 2005) Many studies show that knowledge is the key to innovation (Nonaka and Takeuchi, 1995; Jensen et al., 2007) Intellectual capital is the sum of the intellectual assets of a firm and the most important contribution to improving the competitive position of this firm through creating value for entities (Marr and Schiuma, 2001; Subramaniam and Youndt, 2005) Intellectual capital is often divided into human capital, structural capital and social capital based on the knowledge contained therein (Edvinsson and Malone, 1997; Meritum, 2002) In this study, the thesis will estimate the impact of human capital and social capital to innovation process and firm performance 2.7.3 Organizational learning theory Organizational learning theory argues that the process innovation capabilities of a firm depends on the way it receives and processes information Today, process innovation is becoming more complex, leading just one technology field is no longer enough Research on process innovation based on the theory of organization in recent years shows that "Absorptive capacity" is one of the important factors affecting the process innovation (Murovec and Prodan, 2009; Tsai , 2001b) Absorbing capacity helps the firm absorb and apply effectively knowledge from the outside Absorbing capacity demonstrates the link between the organization's internal capacity and external information and opportunities to implement process innovation Based on the work of Cohen and Levinthal (1989, 1990), researchers have shown that Absorption affects innovation (Tsai, 2001b), business performance, knowledge transfer within the organization (Gupta and Govindarajan, 2000; Szulanski, 1996) 2.8 Research models and hypotheses 2.8.1 Proposed research models 10 H6: Human capital has a positive impact on firm performance Absorbtive Capacity Firm’s Size Type of ownwership Firm’s Age Sector Acquisition Assimilation Transformation H7a: Social capital has a positive impact on process innovation H7b: Social capital has a positive impact on firm performance H8: Process innovation has a positive impact on firm performance Control variables : Firm’s Size, Type of ownwership,, Firm’s Age, Sector Exploitation H2(+) H5(+) Entrepreneurial Leadership CHAPTER 3: RESEARCH METHOD Process innovation H1a (+) 3.1 Research process Step 1: Identify research issues and research gaps Step 2: Theoretical framework and the initial scales H8(+) H6a(+) H7a(+) H3(+) H6b(+) H4(+) Step 3: Preliminary quantitative research Step 4: Official Quantitative research Firm Performance Human Capital Step 5: Complete the report 3.2 The process of building the questionnaire and the scales H7b(+) Social Capital 3.2.1 The process of building the questionnaire 3.2.2 Scales 3.2.2.1 Scale of independent variables H1b (+) Figue 2.3 Research models 2.8.2 Hypotheses H1a: Entrepreneurial leadership style has a positive impact on process innovation H1b: Entrepreneurial leadership style has a positive impact on Firm Performance H2: Entrepreneurial leadership style has a positive impact on Absorbtive Capacity H3: Entrepreneurial leadership style has a positive impact on human capital H4: Entrepreneurial leadership style has a positive impact on social capital H5: Absorbtive Capacity has a positive impact on process innovation H6a: Human capital has a positive impact on process innovation (i) Entrepreneurial Leadership: The scale of Entrepreneurial Leadership is built on the research of Renko et al (2013) (ii) Human Capital: The scale of Human Capital is built on the research of Subramaniam and Youndt (2005) (iii) Social Capital: The scale of Social Capital is built on the research of Subramaniam and Youndt (2005) (iv) Absorbtive Capacity: The scale of Absorbtive Capacity is built on the research of Flatten et al (2011) 3.2.2.2 Scale of intermediate variable The scale of process innovation is built on the research of Wang and Ahmed (2004) and Gurhan Gunday et al (2011) 3.2.2.3 Scale of dependent variable The scale of firm performance is built on the research Lopez-Nicolas and MeronoCerdan (2011) Control variables: 11 - Firm’s size: Firm’s size is divided into 02 groups, less than 30MW (small capacity) and 30MW or more (medium and large capacity) - Type of ownwership: Type of ownwership is divided into 02 groups, the state holds less than 50% of charter capital and the state holds 50% or more of charter capital 12 3.5 Quantitative research 3.5.1 Preliminary quantitative research 3.5.1.1 Objectives and methods of preliminary quantitative research - Firm’s age: Firm’s age is divided into 02 groups, less than years and years or more - Objectives of preliminary quantitative research: Preliminary quantitative research aimed at assessing the reliability of the scales and eliminating inappropriate observable variables - Sector: Sector is divided into 02 groups, thermal power enterprise and hydropower enterprise - Methods of preliminary quantitative research: Survey of 100 enterprises producing electricity by convenient sampling method 3.3 Research sample 3.1 Overall research sample: Vietnamese enterprises operating in the field of the power generation with 357 enterprises managing 451 power plants 3.2 Select the research sample: Survey all 357 enterprises 3.5.1.2 Result of preliminary quantitative research From the scales that has been adjusted through qualitative research, the author conducted a preliminary survey on a sample of 100 enterprises to assess the reliability of the scales through Cronbach’s Alpha and factor discovery analysis 3.4 Qualitative research 3.5.2 Official Quantitative research 3.4.1 Objectives of the qualitative research: 3.5.2.1 Objectives of the official quantitative research 3.4.2 Method of conducting in-depth interviews 3.4.2.1 In-depth interviews The research interviewed 12 people: 03 people were members of the Board of Directors; 07 people are manager/deputy manager of technical department, manager/deputy manager of power plants and 02 people are experts, having extensive experience in training, teaching and researching in the field of electricity production 3.4.2.2 Data collection and analysis The content of the interviews is rewritten, stored and encrypted in computers Based on the content of the interview, the author analyzed to draw conclusions based on the similarities of the interviewees with similar views The results are compared with the initial theoretical model to determine the formal model for quantitative research 3.4.3 Results of qualitative research: Through in-depth interviews with members of the Board of Directors, the manager/ deputy manager of the technical department, the manager/deputy manager of the power generation plant, the independent variables were screened and tested relationships with process innovation, all factors that consider appropriateness and impact on process innovation 3.4.4 Coding the scales After qualitative research, the author has adjusted the scales compared to the original scales to suit the research context Reassessing the reliability of the scales by Cronbach’s Alpha reliability coefficient, Confirmation factor analysis (CFA), Analysis of linear structure model (SEM) to test research hypotheses and assess the level influence of independent variables, control variables to process innovation 3.5.2.2 Methods of the official quantitative research CHAPTER 4: RESEARCH RESULTS 4.1 Research context 4.2 Evaluation of scales 4.2.1 Quality testing of scales for constituent factors Results of assessing the reliability of scales using Cronbach's Alpha show that all scales of variables in the research model ensure reliability when the Cronbach's Alpha values exceed the common threshold of 0.7 (Appendix 4) and may be used in subsequent analyzes 4.2.2 Evaluation of scales through affirmative factor analysis (CFA) Based on the evaluation results of the scales with the official research sample, it shows that the scales of all factors has reached the required reliability 13 4.3 Descriptive statistical 14 analysis 4.3.1 Test for Normal distribution 4.3.2 Descriptive statistics on research samples Position Table 4.1 Characteristics of research samples Frequency Manager/ deputy manager of the technical department, the manager/deputy manager of the power generation plant Type of ownwership 55 62.7 279 100.0 Percent (%) Total Enterprises with the state holds 50% or more of charter capital 175 19.7 Enterprises with the state holds less than 50% of charter capital 224 80.3 Total 279 100.0 less than 30MW 162 58.1 30MW or more 117 41.9 Total 279 100.0 less than years 59 21.1 years or more 220 78.9 Total 279 100.0 25 9.0 254 91.0 Source: Data analysis of the author 4.3.3 Current situation on the assessment of power generation enterprises on the process innovation and the factors in the model 4.3.3.1 Evaluation of enterprises on process innovation Firm’s Size Firm’s Age Thermal power enterprise Sector Hydropower enterprise Total 279 100.0 Board of Directors 104 37.3 Survey results show that the average evaluation score of "process innovation" of enterprises is higher than the average level of 3,613, with a standard deviation of 0.736 The activities of process innovation have not really taken place strongly, enterprises have not been actively implement process innovation and have not considered process innovation as a strategic activity of their business This is reflected in the low evaluation in terms of improvement to reduce labor costs and reduce raw material consumption, which is related to investment in new machinery, equipment and technology 4.3.3.2 Evaluation of enterprises on entrepreneurial leadership style The survey results show that the average evaluation score of "entrepreneurial leadership" of enterprises is relatively good at 3,913 with a standard deviation of 0.761 Entrepreneurial leadership style in the power generation enterprises is currently highly appreciated, however, is underestimated in terms of long-term vision for business development, resulting in influencing process innovation 4.3.3.3 Evaluation of enterprises on human capital Survey results show that the average evaluation score of "Human capital" of enterprises is quite high, at 4,030 with a standard deviation of 0,757 Therefore, the knowledge, skills and qualifications of human resources in power generation enterprises are currently evaluated very well 4.3.3.4 Evaluation of enterprises on Social capital The survey results show that the average evaluation score of "Social capital" of enterprises is of 3,564, higher than the average level with a standard deviation of 0,878 Therefore, the social capital, especially the relationship with customers, suppliers, and partners, has not been taken seriously by electricity generation enterprises, this will negatively affect the process innovation of enteprises 15 4.3.3.5 Evaluation of enterprises on Absorbtive Capacity 16 For the factor of "Absorbing capacity", it is evaluated at 3,773 which higher than average, with a standard deviation of 0,795 Thus, the capacity to absorb new knowledge has not been taken seriously and actively by the electricity generation enterprises to improve the absorption capacity The aspect of applying new knowledge is not highly evaluated will negatively affect process innovation of enterprises Chi-square/df = 2.172 CFI=.890; TLI=.881; IFI=.891 RMSEA=.065 Absorbtive Capacity Acquisition 4.3.3.6 Evaluation of enterprises on firm performance Assimilation The survey results show that the average score for evaluation of "firm performance" of enterprises is 3.774 on average, with a standard deviation of 0,752 Thus, the firm performance of electricity generation enterprises are currently not highly evaluated, which shows that the process innovation in power generation enterprises is not really effective Transformation Exploitation 96 679 Process innovation Entrepreneurial Leadership 4.4 Evaluation of correlation coefficient According to the correlation coefficient test results through the correlation coefficient matrix in Table 4.8, the correlation coefficients between the variables within the allowed range Therefore, we can conclude that these variables are eligible for SEM analysis .365 269 842 4.5 Results of model testing and research hypothesis 497 861 4.5.1 Results of model testing and research hypothesis Human Capital Analysis results using the specific linear structure model are as follows: Chi – square/df = 2.172 < 3, CFI = 0.890 > 0.85, TLI= 0,881> 0.85, IFI =0.891> 0.85, RMSEA = 0.065 < 0.08 (figue 4.1) So that, the model gains compatibility with actual research data .175 Social Capital Notes: Supported Not supported Figue 4.1 SEM analysis results Table 4.8 Regression coefficients of relationships in the model Relationship between variables Beta standardized S.E C.R p-value LD -> HT 960 092 13.616 < 0.001 LD -> QH 861 093 11.188 < 0.001 Organisational Performance 17 HT -> DM 679 066 6.506 < 0.001 QH -> DM 269 071 2.613 0.009 LD -> NL 842 08 10.801 < 0.001 DM -> KQ 365 127 3.76 < 0.001 QH -> KQ 175 09 1.757 0.079 NL -> KQ 497 081 6.477 < 0.001 Source: Data analysis of the author with the support of AMOS software The results of estimating the regression coefficients of the relationships in the model are presented in Table 4.8, this result shows that all relationships are statistically significant (p-value The Standardized coefficient is coefficient S.E not standardized C.R P HT 1.260 959 093 13.572 QH 1.040 868 093 11.189 DM 417 653 068 6.128 DM 204 292 074 LD -> NL 861 836 080 Quymo -> DM 067 060 065 1.037 300 Loaihinh -> DM -.008 -.007 073 -.116 908 Thoigian -> DM 002 002 050 047 962 Linhvuc -> DM 001 000 069 010 992 DM -> KQ 391 311 125 3.128 002 QH -> KQ 247 281 095 2.599 009 NL -> KQ 465 454 078 5.981
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