Purpose

This paper aims to examine the effect of financial bootstrapping strategies (FBS) and strategic improvisation (SI) on business performance (BP). The study enriches our understanding of the contributions of bootstrapping and improvisation strategies toward resource-constrained small businesses during real economic downturns and crises. The potential moderating effect of SI on the relationship between FBS and its dimensions and performance were also examined.

Design/methodology/approach

Using the convenience snowball sampling technique, data were collected from entrepreneurs in Tripoli, Libya. Structural equation modeling by means of partial least square bootstrapping resampling was used for the hypotheses testing of the 147 useable responses.

Findings

Statistically significant positive relationships were found in the direct relationships between bootstrapping and improvisation with performance. However, there was no significant association found between the delaying payment related bootstrapping and the owner-related bootstrapping with performance. The moderating effect of improvisation had a significant relationship between bootstrapping as an aggregate construct and its dimensions and performance.

Research limitations/implications

Due to the cross-sectional nature of this study which used a small sample that was randomly selected, generalization to the entire population of business ventures should be made with caution.

Practical implications

The negative moderation effect of improvisation on FBS-BP association suggests that entrepreneurs need to be careful in balancing the two strategies so that efforts are no wasted.

Originality/value

While business performance has been studied in various organizations, its examination with financial bootstrapping strategies as a predictor and strategic improvisation as a moderator contribute nascent theoretical insights.

中文翻译：

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即兴创作和财务引导策略对业务绩效的影响

目的

本文旨在研究财务引导策略 (FBS) 和战略即兴 (SI) 对业务绩效 (BP) 的影响。该研究丰富了我们对在实际经济衰退和危机期间自举和即兴战略对资源受限的小型企业的贡献的理解。还检查了 SI 对 FBS 与其尺寸和性能之间关系的潜在调节作用。

设计/方法/方法

使用便利的滚雪球抽样技术，从利比亚的黎波里的企业家那里收集了数据。通过偏最小二乘自举重采样的结构方程建模被用于 147 个可用响应的假设检验。

发现

在自举和即兴表演与表演之间的直接关系中发现了统计学上显着的正相关关系。然而，在延迟付款相关引导和所有者相关引导与绩效之间没有发现显着关联。即兴发挥的调节作用在作为聚合结构的自举与其维度和表现之间具有显着关系。

研究限制/影响

由于本研究的横断面性质使用随机选择的小样本，因此应谨慎对整个企业群体进行推广。

实际影响

即兴创作对 FBS-BP 协会的负面调节作用表明，企业家需要谨慎平衡这两种策略，以免浪费努力。

原创性/价值

虽然已经在各种组织中研究了业务绩效，但将财务引导策略作为预测因素和战略即兴发挥作为调节因素进行了研究，从而提供了新生的理论见解。