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THE UNIVERSITY OF DANANG UNIVERSITY OF ECONOMICS SUMMARY OF DOCTORAL THESIS VO HONG TAM RESEARCH ON FACTORS AFFECTING THE PERFORMANCE OF FIRMS IN DANANG CITY, VIETNAM Major: Accounting Code: 62 34 03 01 Supervisors: Assoc Prof Tran Dinh Khoi Nguyen Assoc Prof Hoang Tung Da Nang, 12-2021 INTRODUCTION The necessity of the research Through a synthesis of some domestic and foreign research results, we can see: On measurement of performance: authors often consider financial or non-financial aspects, only a few studies combine both measures simultaneously to get a more multidimensional view of performance In the context of enterprises' operations that need to consider sustainable development, financial indicators not seem to fully demonstrate the achievements of a business performance The question is, is there a combination of ways to measure performance both financially and non-financially; thereby pointing out the factors that affect the enterprise's performance About the influencing factors: Most previous studies focused on a group of factors for performance, such as the influence of the group of factors on human capital, social capital, capital structure, corporate governance or local government policies on performance Studies on the effects of many groups of factors on the performance are of little interest, especially the combination of internal and external factors Regarding the impact of factors on business performance: In general, there is a difference in the impact direction of factors on the performance of enterprises, so the pre-test of it is necessary in the context of businesses in Da Nang City Regarding the research context: The study of factors affecting the business performance of enterprises is carried out in both developed and developing countries, according to different groups and industries with different contexts That is the changes in governance mechanism in joint stock companies after many financial incidents requiring corporate governance to be considered to be results; it is rapid innovation in technology companies, so information resources should be viewed as a competitive advantage; It is the quality of human resources in the context of equal accessibility to tangible assets Therefore, research gaps in performance must be placed in a specific space, in a specific historical period Researches on this field in Vietnam are not only researched by domestic scholars but also by foreign scholars, but mostly focused on enterprises in Ha Noi or Ho Chi Minh City Da Nang is an economic center in the Central region of Vietnam, but so far there have been no studies assessing the influence of internal and external factors on the performance of enterprises In the context that the service industries and high-tech enterprises are attracting investment in Da Nang, the study of factors affecting the performance of firms in Da Nang has practical meaning, contributing to additional theoretical treasure trove of research results Besides, in the context of global economic integration, firms have to compete very hard This poses in corporate governance in Da Nang that managers must see the performance in financial and non-financial aspects Managers need to see which factors have positive and negative impacts on results in order to offer solutions to improve business performance From the mentions about, the author chose the topic: "Research on factors affecting the performance of firm in Da Nang - Vietnam" as the research topic for the doctoral thesis Research objective - Building a system of criteria to measure the performance of enterprises in Da Nang city - Evaluate the influence of factors on the performance of enterprises in Da Nang city - Point out the difference in the influence of factors on the performance of business groups in Da Nang city - Proposing solutions to improve the performance of businesses in Da Nang Research questions - How is the firm performance in Danang city assessed in terms of non-financial and financial aspects? - What factors affect the performance of businesses in Danang city? - Is there a difference in the influence of factors on the performance of groups of enterprises? - What are the recommendations for the City Government, managers, owners, training units and employees to improve firm performance? Research scope and object - Research object: Firm performance is measured in both ways: financial performance and non-financial performance Internal and external factors effect on the performance of businesses - Research scope: The scope of the research in terms of space: The thesis studies enterprises in the area of Danang city, excluding foreign-invested enterprises (FDI) Scope of the study in terms of time: from 2017 to 2019 Research methodology Qualitative method: The author of the thesis uses the document research method: this method is used to synthesize the theoretical basis and the results of domestic and foreign empirical research on the factors affecting the business performance This method is foundation for the research design of the thesis The author has surveyed the opinions of experts who are researchers in the field of governance to include variables in the research model as well as in the evaluation and measurement adjustment of independent and dependent variables Quantitative method: The thesis has used sampling investigation method to collect data on factors affecting firm performance Based on the survey results obtained, the surveyors continue to collect financial data from the Financial Statement system that businesses provide to the Danang Statistical Office The data after collected is the author using tools for data processing: Cronbach's alpha analysis, Exploratory factor analysis, multi-structural regression (SEM), correlation analysis, Anova analysis Contribution Academic contributions: Firstly: The thesis has pointed out the deficiencies in measuring the firm performance of domestic and foreign researchs about factors affecting on business performance Thereby, the thesis builds a scale of business performance combined in both non-financial and financial aspects Therefore, the results of building this performance scale contribute to supplementing the lack of measurement of business performance Second: When considering the impact of factors on the performance of enterprises in Da Nang city, the thesis has considered the simultaneous impact of two groups of factors inside and outside of the firm Research results contribute to enriching the theory of the impact of factors on business performance Practical contributions: This thesis is one of the fairly comprehensive studies on the effects of factors on the performance of businesses in Da Nang City - Vietnam The thesis has combined quantitative and qualitative research to study the effects of human capital factors, social capital, leadership aspects, capital structure, other internal resources, and business supportive policies of Da Nang city as well as the city's infrastructure to achievements These research results help enterprises to have policies to enhance and promote human capital potentials, social capital potentials, other internal resources to improve their performance The research results of the thesis help the city government to review the usefulness of the city's policies to support business development, then take measures to make these policies really meaningful Besides, the research results of the thesis serve as a basis for training units in the city to take measures to change the quality of training to meet the needs of enterprises Structure In addition to the introduction and conclusion, the thesis is organized into chapters Chapter presents the theoretical and practical basis of the influences of factors on business performance Chapter presents the research design to determine the effects of these factors on the performance of businesses in Da Nang city Chapter presents the results of empirical research on the effects of these factors on the performance of enterprises in Da Nang city Discussion and recommendations from research results are presented in the 4th chapter of the thesis CHAPTER 1: THEORETICAL AND PRACTICAL BASIS OF FACTORS EFFECT ON FIRM PERFORMANCE 1.1 Firm performance and firm performance measurement 1.1.1 Firm performance defination Lebas & Euske (2004) provide a set of definitions for firm's performance Whereby: - Firm performance is a set of financial and non-financial indicators that provide information on the achievement of goals and outcomes - Firm performance is dynamic, requiring judgment and interpretation - Firm performance can be illustrated using a causal model describing how present action will affect future results - Firm performance can be understood differently depending on who evaluates the organization's performance - The concept of Firm performance must understand the basic characteristics of each area of responsibility 1.1.2 Measure firm performance 1.1.2.1 Measure performance with an individual approach Table Indicators measuring performance in terms of accounting Indicator Author Indicators measuring business results Sale Chen, Cheng, & Hwang (2005), Magableh, Kharabsheh, & Al-Zubi (2011) Profit Ismail & King (2005), San & Heng (2009), Zakaria (2015) Indicators measuring business efficiency ROA Jantina et al (2013), Bansal & Sharma (2016), Lin & Fu (2017), Addae, Nyarko-Baasi, & Hughes (2013), Tran, Nonneman, & Jorissen ROE (2015) Choe (2004), Filatotchev, Isachenkova, & Mickiewicz (2007), Ebaid ROS (2009) Asset turnover Ang & Ding (2006), Najid & Rahman (2011a) (Source: author's synthesis) Table Indicators measuring performance in terms of market Indicator Author Tobin’ Q Bansal & Sharma (2016), Lin & Fu (2017) M/B Al Farooque, Van Zijl, Dunstan, & Karim (2007), Najid & Rahman (2011), (Source: author's synthesis) Table Indicators measuring performance in terms of non-financial Indicators measuring TT Index Author performance Change of position, Investment in training and development, Salary Employee and bonus policy, Pathway to satisfaction advancement in the organization, Working environment, Customer satisfaction Environmental performance Social contribution Kaplan & Norton (1992), Zaman Mixture of products and services, (2004), Lynch & Cross (1990)… Number of complaints, Percentage of product acquisition, New customer intentions, Number of new products and services, overall customer satisfaction Number of projects to improve the environment, Use of recycled Zaman (2004), Delmas & Blass materials, Level of reuse of waste, (2010) Energy consumption The number of vulnerable workers employed, the number of social and Perrini & Tencati (2006) community projects, (Source: author's synthesis) 1.1.2.2 Measuring performance in an integrated approach through a performance measurement model The Balanced Scorecard The performance Pyramid Performance Prism 1.2 Factors affecting business performance 1.2.1 Internal factors 1.2.2 External factors 1.3 Theoritical base Resources-based view Market-based view Stakeholders theory Other theories 1.4 Literature review 1.4.1 Overview of research in the world 1.4.1.1 Internal factors a Human capital, social capital The effects of the above capital types on performance have been verified by many empirical studies However, there are differences in research results due to their relevance to measurement of performance by financial or non-financial indicators, and the connotation of the concepts of the above types of capital, when measured, is different We can take a look at some of the following typical works: Gary & Birger (1989) in a study in the United States has shown that human resources, environmental factors and organizational structure have a positive impact on performance (ROA) Research by Price & Stoica (2015) at 229 small and medium enterprises in the United States also shows that human capital, social capital, knowledge and startup orientations affect non-financial performance Salina et al (2010) in a study of 833 small enterprises in Malaysia through sampling survey showed that knowledge management (receiving, transferring, applying) and social capital (through creating relationships with the parties) had a positive influence on performance With this same point of view, a study in Laos was conducted by Inmyxai & Takahashi (2012) show intangible and tangible resources have positively influenced the performance of SMEs in Laos in the period 2005-2009 Research by Saha & Banerjee (2015) conducted in small enterprises in West Bengael (Bangladesh) shows a positive impact between social capital and firm performance However, in the opposite direction, research by Lakse Mudiyanselage (2020) shows that social capital, particularly social relations, has a negative impact on firm performance Besides the human capital studies mentioned above, there are quite a few studies on the deeper aspect which is leadership and firm performance Explain the relationship between the factors: Age, education, experience, social backgrounds to strategy, to business performance, the authors use Upper Echelon Theory introduced by Hambrick & Mason (1984) According to this theory, the organization's results - strategic choices and performance levels - are partly predicted by the manager's fundamental characteristics b Other internal resources - Management information system The information system is seen as a resource affecting competitiveness and contributing to increased results - Facilities system Facilities are always very important factors affecting firm performance Although there are quite a lot of studies on the impact of other internal resources on enterprise performance, there is inconsistency in research results c Capital structure The research results show that the impact of capital structure on performance is still inconsistent, partly because of differences in capital structure metrics and performance indicators, and partly because of different economic contexts in each phase In addition, the impact of capital structure has not been considered in harmony with other resources, so it is not clear that the combined effects of many factors on performance d Factors related to firm ownership - Ownership concentration - Ownership structure - The independence between the owner and the manager 1.4.1.2 External factors a Government support policy Government support policy is a very broad issue and always affects the performance of businesses Whether a free market economy model or a regulated market economy model, government supportive policies play an increasingly important role The specific manifestations of the policy support the government through policies on corporate income taxes, and policies related to fees and charges That is the policy of operating the foreign exchange rate (floating or controlling in a defined frame), interest rate policy We cannot deny that if a business receives a lot of government support, its chances of growth will be higher b Industry characteristics c Other factors 1.4.2 Overview of research in Vietnam 1.4.2.1 Internal factors a Human capital, social capital Intangible resources play an important role and influence the performance of businesses in Vietnam However, most of the studies were conducted in two key economic regions of the country, Hanoi and Ho Chi Minh City, with mainly SMEs Human capital is not only considered in terms of employees' resources, but also in-depth studies in terms of leadership aspects However, the studies look at one dimension of human capital in terms of employees or go deep into the aspect of leadership The combination of human resources (employer and employee) has not been considered at the same time, although both of these resources have a positive effect on performance Social capital is particularly interested through relationships with sellers, buyers and banks or through organizations and professional associations However, the influence of factors of social capital is still unclear, and results are not consistent This requires empirical studies to clarify the role of social capital in enterprises b Other internal resources - Management information system Currently, researching the impact of management information systems on business performance in general and the effect of building, using strategic management accounting information on the performance of enterprises particularly in Vietnam has not been paid attention - Tangible fixed assets factor Tangible fixed assets play a very important role in the operations of businesses However, considering the relationship between investment of fixed assets to the performance of enterprises, researchers still give different results c Capital structure Research on the effects of capital structure on the performance of enterprises in Vietnam is concerned by many researchers Research results on the impact of this factor on this achievement tend to be negative affected (Nguyen Thanh Hieu & Nguyen Huu Anh, 2020), ( Vo & Ellis, 2017), (Chang & cộng sự, 2014) differs from the world research results presented in the previous section d Factors related to ownership - Ownership concentration - Owner structure - Duality - Board size 1.4.2.2 External factors The influence of external factors on the performance of enterprises has also been mentioned in a number of studies, but most of it is focused on and supported by the government or local authorities This is considered appropriate in the context of Vietnam implementing the economic reform policy following the socialistoriented market economy However, studies on the impact of government support policies on operational performance are not commensurate 1.5 Research Gaps 1.5.1 Research gaps on performance measurement 1.5.2 Research gap on factors affecting business performance 1) CHAPTER 2: RESEARCH DESIGN 2.1 Research model and hypotheses development 2.1.1 Research model Y = β0 + β1 INTERF + β2 EXTERF + β3 CONTROL + ε Y: Firm performance INTERF: Internal factors, included: HCAP: Human capital REL: Social capital ORS: Other internal resources DEBT: Debt ratio EXTERF: External factors, included: GOVS: Support policy of local government INFR: Infrastructure of the city CONTROL: Control variables SIZE: firm size AGE: firm age 2.1.2 Hypotheses development H1: Human capital has a positive impact on business performance H2: Firm performance will be higher when men lead the business H3a: Manager's education level has a positive impact on the performance of businesses H3b: Manager's management experience has a positive impact on the performance of businesses H3c: Management training activities for managers have a positive impact on the performance of businesses H4: Social capital is positively related to firm performance H5: Other internal resources (investment in information systems, fixed assets for production and business) have a positive impact on the performance of firms H6: Capital structure is positively related to firm performance H7: Supportive policies of local authorities have a positive impact on firm performance H8: The city's infrastructure positively affects business performance 2.2 Measurement of research variables 2.2.1 Measure the dependent variable - Financial aspect ROA = Profit before tax / Average total assets ROE = Profit after tax / Average equity - Non-financial aspect: based on researchs of Fernandes et al (2005); Akintimehin et al (2019) Table Measure performance by non-financial indicators Aspect Content Recruiting many new employees Employee Employee satisfaction Productivity of employees has been improved The number of new customers is increasing Customer Customer satisfaction is increasing The number of customer complaints is decreasing Quality products and services are getting better and better Internal process Product and service supply time is shortened ( Source: Author's synthesis) Besides, the thesis also measures financial performance through the perception of business managers through two observed variables: The revenue and profit of the business have increased over the years 2.2.2 Measure the independent variables 2.2.2.1 Human Capital Variable Measurement Based on researchs of Carmeli & Tishler (2004); N Bontis (1998); Sulait et al (2014) Table Measure human capital variable in terms of labor potential Aspect Content Education is appropriate for completing the job Knowledge The employees are retrained, in accordance with the practical requirements of the work Have the right experience to get the job done Skill Have the high working-skills to complete the job Cooperate well with colleagues to the job Proactively learn from each other to perform better at work Attitude Business owners / managers always organize for employees to learn and share experiences (Source: Author's synthesis) Leadership aspect Table Measure the variables of the business leader characteristics Aspect Content Reference Harymawan cộng (2019); 0: less than years Rodenbach Brettel (2012); Bontis Management experience 1: three years or more cộng (2000)… Gender Management training Education Level Under-graduate Graduate Post-graduate 1: Female Khan Vieito (2013); Jadiyappa 0: Male cộng (2019)… 1: attended 0: have never attended any Bryan (2006) management training course EDU1 EDU2 0 Reference Ujunwa (2012); Darmadi (2013) (Source: Author's synthesis) 2.2.2.2 Social Capital Variable Measurement Based on researchs of Akintimehin et al (2019); Park & Luo (2001) Table Measure social capital No Content Relationship with family Relationship with friends, colleagues Relationship with customers Relationship with suppliers Relationship with credit institutions Relationship with professional associations Relations with the government (Source: Author's synthesis) 2.2.2.3 Measure other Internal Resources variable Table Measure other Internal Resources variable Aspect Content Upgrading, investing in machinery and equipment, accommodation and restaurant Fixed assets Upgrade, invest in store system Upgrade and invest in warehouse system Investing in an online sales system IT Trademark Investment in software system internal management Reference Olatunji et al (2014); Egbuhuzor (2017) Chukwu & Chukwu & Egbuhuzor (2017); Okeyo et al (2014) Konings & Roodhooft (2002); Salwani et al (2009) Olatunji et al (2014); Schief et al (2013) Greenhalgh & Rogers (2012); Agostini et al (2015) (Source: Author's synthesis) branding, image of enterprise 2.2.2.4 Measure capital structure This thesis looks at the effect of capital structure from a general perspective (using the ratio of Liabilities / Total assets), not considering the duration of debt of firms (Majumdar & Chhibber (1999), Khatab et al (2011), Dada & Ghazali (2016) 2.2.2.5 Measure Local Government Support Table Measure Local Government Support No Content Reference Mbugua & Moronge (2016); Nguyen et al (2019); Phan Support for receiving and training for (2011); Decision No 01/2018 / QD-UBND of Da Nang workers City Mbugua & Moronge (2016); Nguyen et al (2019); Phan Support for low-interest loans (2011); Resolution No 149/2018 / NQ-HDND of Da Nang City Phan (2011); Decision No 36/2013 / QD-UBND of Da Support land rental costs Nang City Nguyen et al (2019); Phan (2011); Decision No Trade promotion support 13/2016/QD-UBND of Da Nang City Funding for technology innovation Nguyen et al (2019); Phan (2011); Decision No 36/2016/QD-UBND of Da Nang City (Source: Author's synthesis) 2.2.2.6 Measure local infrastructure variable Table 10 Measure local infrastructure Aspect Content The city's aviation infrastructure is convenient for businesses The city's seaport infrastructure is convenient for the transportation of goods Traffic The City's Railway infrastructure is convenient for transporting goods and tourists The city's road infrastructure is convenient for transporting goods and tourists IT The city's IT infrastructure is convenient for businesses The system of vocational schools, colleges and Education universities in the city provides human resources for business activities of enterprises Electricity and Clean water and electricity supply system is convenient water for business Waste Waste collection and treatment system actively supports treatment businesses The system of supermarkets and traditional markets of Commerce the City is convenient for businesses Reference VCCI (2018); Zamberi Ahmad & Xavier (2012) Kinyua (2014), VCCI (2018); VCCI (2018); Zamberi Ahmad & Xavier (2012) Kinyua (2014), VCCI (2018) Zamberi Ahmad & Xavier (2012) (Source: Author's synthesis) 2.2.3 Measure control variables Control variables are measured based on the studies of Price & Stoica (2015); Sengaloun & Yoshi (2012) Table 11 Measure control variables No Variable name Measure Size Number of labor Age Number of years the enterprise has been operating since its inception (Source: Author's synthesis) 2.3 Sample selection, data collection and processing 2.3.1 Sample selection The thesis used stratified random sampling method Sample size is determined based on researchs of Hair et al (2010), Burns et al (2017) 2.3.2 Data collected Primary data: questionaires was sent to manager to collect information Secondary data: data from the financial statement system of selected companies above was collected 2.3.3 Data processing Step 1: Clean the data to enhance the reliability of the data analysis results in the future Step 2: Analyzing the characteristics of the sample to consider the characteristics of the sample, thereby serving as a basis for making appropriate evaluation comments Step 3: Preliminary test the reliability of the scale through Cronbach's Alpha coefficients to eliminate trash variables Step 4: Exploratory Factor Analysis Step 5: Analyze the SEM 2) CHAPTER 3: RESEARCH RESULTS 3.1 Characteristics of the research sample 3.1.1 Firm performance characteristics ROA: the results can be obtained that the enterprises with the lowest rate of return are -0.22 and the enterprises with the highest rate of return are 0.32, the average rate of return of assets in the surveyed companies is 17.8 % This figure shows that in the 2016-2018 period, businesses in Da Nang city used assets for business purposes very effectively ROE: The survey results obtained the enterprises with the lowest rate of return were -0,089 and the enterprises with the highest rate were 0.25, the average rate of return of equity in the surveyed companies was 9.06% This indicator also shows that businesses have used equity capital relatively effectively Non-financial performance: the survey results show that all the variables have the average value is greater than 3.2, it can be concluded that most of the respondents Management feels the achievements of the business in the period 2017 - 2019 are quite good 3.1.2 Internal resources 3.1.2.1 Human capital The survey results show that the average value of all observations on the variables measuring the performance has a pretty large value 3.68/5.0 As can be seen, the enterprise managers highly appreciate the human capital resources Managerial aspect Survey results show that it is not common for women to lead businesses in Da Nang city In terms of education, management experience; The survey results show that 76.5% of director enterprises have college and university degrees, 8.8% of director enterprises have postgraduate degrees, the rest 14.8% of director enterprises have high school education Most of these directors have experience in management and administration for more than years (447 enterprises, 93.1%) In addition, 69.3% of these business leaders have at least attended business management training Thus, it can be seen that the quality of business leaders is high, this is a great resource to create business performance 3.1.2.2 Social capital Similar to human capital, social capital is also measured on a 5-point scale, the survey results show that this resource is also highly rated by business managers The average value of the obtained observations ranged approximately 3.15/5 to 3.8/5 3.1.2.3 Other internal resources Other internal resources to be considered include investment in intangible and tangible fixed assets for business such as machinery, shops, warehouses, and software The survey results show that the average value of all observations on the variables measuring performance is has quite small value from 3.15/5.0 to 3.39/5.0 This shows that businesses in the city have not paid much attention to investing in these resources Research results show that the performance of enterprises using internal management software is better than those that not use these management software 3.1.3 External resources 3.1.3.1 Support policies of Đa Nang city Descriptive statistics show that most of surveyed enterprises not appreciate the city's support policies for enterprises, the average value of the observed variables ranges from 2.43 to 2.76 3.1.3.2 Infrastructure of Da Nang city The survey results show that the average values of the observed variables in the table below are all greater than 3.5, which means that the majority of business managers believe that the city's infrastructure has a positive impact on the production and business activities of the enterprise 3.2 Test reliability Cronbach's Alpha coefficients of the scales in the study from 0.813 to 0.885 and Total variable correlation coefficients are greater than 0.3 Thus the scale requirements, except for observed variable PER1 The number of observed variables to be removed only one variable is used to measure the performance of the business: PER1 3.3 Explore factor analysis 3.3.1 Firm performance explore factor analysis The results of the 4th EFA analysis created two factors Two newly created factors are named: Product, service quality (QPER) and business results (RPER) 3.3.2 Human capital explore factor analysis The extracted factor was named HCAP 3.3.3 Social capital explore factor analysis Analysis results have created two factors named relations with the business community (MREL) and relations with organizations (OREL) 3.3.4 Other internal resource explore factor analysis The extracted factor is named as other internal resource (ORS) 3.3.5 Support policies of Đa Nang city explore factor analysis The extracted factor is named as the enterprise support policy of the local government (GOVS) 3.3.6 Infrastructure of Da Nang city explore factor analysis Analysis results have created two factors named transport infrastructure (TINFR) and the supporting service infrastructure (SINFR) 3.4 Evaluate the impact of these factors on firm performance in Da Nang city 3.4.1 Influence of factors in research model on firm performance 3.4.1.1 Internal consistency reliability Analysis results show that Cronbach's alpha and Composite reliability indexes ranged from 0.76 to 0.9, so the measurement model meets the standard of internal consistent reliability 3.4.1.2 Convergent validity Analysis results show that most of the observed variables have outer loading value greater than or equal to 0.7 and all factors have AVE index greater than 0.5, so the measurement model used in the thesis meets the convergence requirements 3.4.1.3 Discriminant validity The analyzed data shows that the HTMT indicators are less than 0.85 Beside, the results of testing the confidence interval for HTMT by Bootstrapping column 2.50% and 97.50% are not content valuables Thus, the measurement model meets the standard of discrimination 3.4.1.4 Evaluate the collinearity of the model Analytical data shows that all VIF coefficients are less than 5, so there is no collinearity problem in the formative measurement model 3.4.1.5 Anslysis results a Model with the depenvariable is the perceived performance Model fit The research results show that the SRMR of the model is 0.064, so the research model conclusions are consistent with the experimental data obtained Impact of factors on perceived performance The results presented above show us the independent variables explain 39.8% of the variation for the QPER and 24.1% of the variation for the RPER with 5% statistical significance Thus, the independent variables that can explain 63.9% for the dependent variable of the study are perceived performance This result is considered quite good Considering the effect of factors on the quality of products and services, the above data shows that other internal resources in the enterprise are the most influencing factor, the path coefficient is 0.227, the coefficient f2 is 0.050, followed by relations with organizations (0.197; 0.040), third is human capital (0.157; 0.026) Similar to considering the effect of factors on perceived business results, the above data also show that the factor that relates to the business market is the most influential factor with a path coefficient of 0.273 and coefficient f2 is 0.054, the second most influential factor is the other Internal Resources (0.168; 0.022) Bootstrapping test results are as follows: For the dependent variable quality of products and services: impacts of human capital variables, relations with business community, relationships with other organizations, internal resources, and transport infrastructure is was statistically significant at the 5% significance level (p
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