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A TRUST APPROACH TO THE FINANCIAL PERFORMANCE OF INFORMATION

AND COMMUNICATIONS TECHNOLOGY ENTERPRISES

Article in Polish Journal of Management Studies · December 2019

DOI: 10.17512/pjms.2019.20.1.29

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 POLISH JOURNAL OF MANAGEMENT STUDIES
2019
Oláh J., Yusmar A.H., Máté D., Novotny Á., Popp J., Lakner Z.,
Vol.20 No.1
Kovács S.

A TRUST APPROACH TO THE FINANCIAL PERFORMANCE

OF INFORMATION AND COMMUNICATIONS TECHNOLOGY
ENTERPRISES
Oláh J., Yusmar A.H., Máté D., Novotny Á., Popp J., Lakner Z., Kovács S.*
Abstract: SMEs in emerging economies face intense competition when they try to attain
and maintain proper returns on their efforts and resources, especially in the highly
competitive Information Communications Technology (ICT) sector. At the same time, it is
increasingly important for them to build long-term, trustworthy partnerships and profitable
business networks. Two-block Partial Least Squares analysis based on financial statements
and an online survey of 149 ICT service providers revealed negative relationships between
trust in public and business stakeholders and profitability ratios. Only trust in large firms
shows a positive association with profitability. By better understanding the role of trust in
the public and business environment, entrepreneurial ventures are more likely to achieve
and sustain competitive advantage.
Key words: trust, SMEs, public institutions, financial performance, ICT companies
DOI: 10.17512/pjms.2019.20.1.29
Article history:
Received July 24, 2019; Revised September 5, 2019; Accepted September 28, 2019

Introduction
Globalizing economic markets make it vital for small- and medium-sized
enterprises (SMEs) to understand the nature of their relationship and its
consequences with their external environment. Better knowledge of why and how
SMEs interact with public and private stakeholders would enhance our knowledge
on how to develop these firms. The role of trust between organizations has
increased in importance, particularly in emerging countries, following the financial
and economic crisis in 2008 (Abidin and Singaravelloo, 2017).
In this study, trust is considered the essential binding agent in the link between
Information Communications Technology (ICT) firms and their institutional and
business environment. Inter-organizational trust is the extent to which members of

*
Dr. habil. Oláh Judit, PhD, University of Debrecen, Faculty of Economics, Yusmar
Ardhi Hidayat, University of Debrecen, Ihrig Károly Doctoral School, Dr. habil. Máté
Domicián, PhD, University of Debrecen, Faculty of Engineering, Dr. Novotny Ádám,
PhD, Eszterházy Károly University, Department of Business Economics, Prof. Dr. Popp
József, DSc, Szent István University, Faculty of Economics and Social Sciences, Prof. Dr.
Lakner Zoltán, DSc, Szent István University, Faculty of Food Science, Dr. habil. Kovács
Sándor, PhD, University of Debrecen, Faculty of Economics
 corresponding author: [email protected]
 [email protected]; [email protected]; novotny.adam@uni-
eszterhazy.hu; [email protected]; [email protected];
[email protected]

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one organization have a collective trust orientation toward another (Zaheer et al.,
1998). In this context, companies have to monitor the progress of actors’ promises
to control them. Furthermore, cooperation between enterprises and their
stakeholders can boost firm performance by minimizing the costs of monitoring
and supervision (Latifi and Shooshtarian, 2014).
The literature has related the economic success of regions with the existence of
networks among SMEs established through the mediation of coordinating
economic and political institutions (Pyke et al., 1992). Companies that are
competitors enter into cooperative arrangements and share their resources, while
these firms rely on trust and long-term coexistence within the region to switch from
being competitors to collaborators. Institutional trust generalizes beyond a given
transaction and specific sets of exchange partners (Zucker, 1986).
However, the relevance of trust is still elusive as some findings are debatable
regarding the direct influence of institutional and other types of trust on firm
performance. Goergen et al. (2013), for example, found that both country trust and
firm-level trust have a positive influence on performance, and are substitutes for
each other. On the other hand, Zaheer et al. (1998) argued that interpersonal trust in
enterprises has no direct effect on financial performance, but inter-organizational
trust does affect it. Besides, Johnston et al. (2004) show that the higher levels of
inter-organizational cooperative behaviours are strongly linked to trust in suppliers,
although not all types of trust have a significant effect on performance. Meanwhile,
others have highlighted the role of collaboration and technology diffusion on
productivity (Al-Hakim and Lu, 2017) and the leadership contribution to firm-level
performance. Nevertheless, little attention has been paid on the link between trust
and the financial performance of enterprises. Trust in the environment might
influence corporate strategy, the willingness to invest, and financial decision-
making, and – indirectly – the economic and sectoral performance of a given
country (Rus and Iglič, 2005).
This study aims to determine how the financial performance of entrepreneurial
ventures is related to the trust they have in the institutional and business
environment. We collected primary performance indicators (profitability, liquidity,
efficiency, and leverage) from financial statements and trust measures using an
online survey to examine the relationship between them. The research question
focuses on how to trust in the business environment, as well as public institutions
(government, the legal system, politicians, etc.), is related to the financial
performance of ICT firms.
The structure of the paper is as follows: first, we briefly review the literature and
present our hypotheses concerning the role of trust in firm performance. We then
present our method, i.e. Two-Block Partial Least-Squares (PLS) based on cross-
sectional datasets. Following the results section, conclusions and implications are
drawn in order to assist policymakers and entrepreneurs/managers in supporting the
performance and growth of ICT firms (and the digital economy), highlighting the
importance of tacit factors in firm performance.

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Literature Review and Hypotheses

The performance of SMEs is accessible through integrated and harmonious
aspects, such as the environment and business partners (Mura, 2019; Meyer and
Meyer, 2016; Meyer et al., 2016; Oláh et al., 2017). A company can create
potential benefits and implement competitive strategies to secure a better position,
i.e. barriers to entry, rivalry, demand, suppliers’ power, and threats of substitutes
(Mura et al., 2018; Ramón et al., 2018). Also, firms should concentrate on
controlling their potential resources to achieve competitive advantages and
cooperate with others (Barney, 2001; Valaskova et al., 2018a).
Trust is also considered an essential element in the relationship among business
actors and a critical factor in firms' (and industries) competitiveness (Sako, 1998).
Trust is broadly acknowledged as a trigger to create a business network for
enterprises (LaPorta et al., 1997; Oláh et al. 2017; Oláh et al., 2018). In this
context, trust represents an attitude of organizational cooperation among business
partners (Valaskova et al., 2018b).
In this paper, the following types of trust examined concerning SMEs’ financial
performance: (a) trust in (public) institutions, and (b) trust in business
actors/stakeholders. The institutional trust perspective, i.e. trust in public
institutions, might affect performance through internal coordination and
responsiveness in the company (Bijlsma-Frankema and Woolthuis, 2005).
Institutions can generalize trust among business partners to the extent to which they
embody the values of impartiality, justice and truth, and unethical behaviour (Offe,
1999). Generalization of trust is also evident in achieving cooperation on the larger
scale of social and corporate ties (Yamagishi, 2001), and the lack of cooperation is
limited to stable networks of relatively close ties based on familiarity (Fukuyama,
1995).
Hypothesis 1: Trust in public institutions is positively related to the financial
performance of ICT providers.
Although the way trust in the business environment might influence economic
performance has extensively theorized, less empirical evidence has produced in its
favour (Bijlsma-Frankema and Woolthuis, 2005; Kliestik et al., 2018). Trust is also
assumed to enhance the economic performance of individual transactions (Arrow,
1975), organizations (Gulati, 1995), industrial districts (Schmitz and Musyck,
1994), and network organizations (Sroka, 2011; Sroka et al., 2014) but some
researchers are sceptical that trust creates only economic advantages (Sako, 1998;
Anghel et al., 2018; Vuta et al., 2019). Frequently cited positive effects of trust
among business partners/actors are the reduction in transaction costs, more
efficient cooperation among actors, and broader networks (Rus and Iglič, 2005), all
of which tend to be reflected by various financial performance measures.
Hypothesis 2: Trust in business stakeholders is positively related to the financial
performance of ICT providers.

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Kovács S.

Variables and Method

To collect financial variables, a representative dataset of emerging markets
contributed by EMIS was used. The database contains the latest entries of financial
statements (balance sheets, P&L statements, reports and calculated financial ratios)
of all ICT providers (968) registered in Hungary.

Table 1: Descriptive Statistics of the Examined Financial Variables

Type Abbreviation Description Min Max Mean SD
ROA Return on Assets (%) -222.6 95.9 11.0 31.2
ROE Return on Equity (%) -589.5 127.1 17.1 66.2
ROS Return on Sales (%) 1 145 73.7 41.9
Profitability Return on Capital
ROCE -265.1 114.8 23.8 44.1
Employed (%)
Operating Profit Margin
OPM -119.8 264.5 11.1 30.9
(%)
CUR Current Ratio 0.04 247.4 5.7 22.0
Liquidity QRATIO Quick ratio 0.04 247.4 5.6 22.0
DOOM Doom's Day Ratio 0 214.6 3.7 19.3
Non-current Asset
NCATRA 0 295.0 23.0 47.0
Turnover
Efficiency
ASSTRO Asset Turnover 0 247.2 3.5 20.5
CATRO Current Asset Turnover 0 247.2 4.4 20.5
DTOA Debt to Total Assets (%) 0 34.4 1.1 14.9
DTOE Debt to Equity (%) 0 108.6 3.1 5.4
Leverage
Long Term Debt to Capital
LTDTCE 0 42.3 0.5 3.7
Employed (%)
(Authors’ compilation, based on (EMIS, 2019))

Table 2: Descriptive Statistics of the Examined Trust Measures

Type Abbreviation Description Mean SD
How much do you trust state
TR_P1 government, ministries, government 2.68 1.09
agencies?
How much do you trust the
Trust in
TR_P2 judiciary (Constitutional Court, 2.86 0.99
public institutions
judiciary and prosecutor's office)?
(Cronbach's alpha:
TR_P3 How much do you trust politicians? 2.05 1.01
0.895)
How much do you trust the local
TR_P4 2.66 1.04
government?
How much do you trust the
TR_P5 2.68 1.03
chambers of commerce?
Trust in TR_B1 How much do you trust banks? 3.29 0.80
business actors TR_B2 How much do you trust large firms? 3.48 0.85
(Cronbach's alpha: How much do you trust small
TR_B3 3.38 0.68
0.746) firms?

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TR_B4 How much do you trust customers? 3.6 0.67

How much do you trust your
TR_B5 4.15 0.70
current business partners?
Note: All trust variables are measured on a (1–5) Likert scale, where 1 means ‘not at all’ and 5
means ‘absolutely’.

Trust variables collected via an online survey of Hungarian ICT providers in

January 2019. A questionnaire was developed after a brief literature review,
exploring a wide range of issues relating to the relationship between different types
of trust and financial performance. It was sent to firm founders and/or managers,
who are critical informants (Kumar and Rabinovitch, 2013) and valuable sources
for evaluating trust-related variables (Table 2). We received 164 responses
(response rate: 16.9%); after omitting some outliers, i.e. firms that did not
correspond to the definition of SMEs (number of employees is less than 250) the
final sample contains 149 firms. Relying on different data sources to test the
relationship between trust and firm performance that prevents the occurrence of
common method bias (Podsakoff et al., 2003).
We used Two-Block Partial Least-Squares (PLS), a similar procedure to factor
analysis but with two sets of variables. The method finds factors to maximize the
covariance between the two sets of variables which obtain the maximum
correlations between the corresponding factors from both sets (called block 1 and
2). The complete algorithm is described in Rohlf and Corti (2000) and
implemented in R 3.4.4. by the Morpho package. The mathematical algorithm
starts with the partition of the correlation matrix according to the two blocks, as
follows:

(1)

and proceeds with a singular value decomposition only on the cross-correlation

matrix (R12) of the two blocks, according to the following formula: R12 = F1DF2t,
where F1 and F2 contains the loadings (weights) of all axes for blocks 1 and 2, and
D contains the singular values which can be used for the calculation of the
explained variance between the two sets of variables. A data set consisting of two
blocks can be separated into two dimensions, with two axes depicting relationships.
The results of PLS can be visualized on a coordinate map. Axes (dimensions) are
latent variables, and the coordinates of the plotted variables in the coordinate
system are the same as their correlation with the latent variables. So, if a variable is
close to one axis, its correlation with the other axis is low. If the vector from the
origin to the point representing the variable is short, then its correlation with both
axes is low, so the variable has no significant role. In our case, such variables are
typically the ones related to liquidity and efficiency, i.e. CUR, QRATIO, DOOM,
ASSTRO, CATRO, as well as DTOA. If the vector from the origin to the point
representing the variable is long (e.g. ROE, NCATRA, and the majority of trust

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variables), then it is strongly influencing the latent variables. Ellipses indicate

a close connection among groups of variables in Figure 1.
Results of the analysis
Table 3 shows the two blocks (performance and trust) and two dimensions of the
data and their correlation. Figure 1 depicts the studied variables in a coordinate
system, where the axes (dimensions) represent latent variables.

Table 3: Results of the PLS Analysis

Dimensions
Matrix Variable
1 2
ROA -0.55 0.53
ROE -0.84 -0.68
ROS -0.35 0.62
Block1 ROCE -0.70 -0.13
OPM -0.35 0.66
NCATRA -0.52 0.78
DTOE 0.44 0.20
TR_P1 0.68 -0.17
TR_P2 0.42 0.14
TR_P3 0.56 -0.69
TR_P4 0.57 0.24
TR_P5 0.49 0.50
Block2 TR_P6 0.35 0.80
TR_B1 0.59 -0.35
TR_B2 -0.44 -0.52
TR_B3 0.65 -0.48
TR_B4 0.56 0.24
TR_B5 0.44 0.62
Correlation 0.292 0.161
Variance explained 73.86 13.73
Note: CUR, QRATIO, DOOM, ASSTRO, CATRO, DTOA are omitted from the tables because of their
low weight on the axes

The horizontal axis of the coordinate plane explains about 74 per cent of the total
variance. It reveals that higher trust levels are typically associated with lower
financial performance regarding profitability and liquidity ratios. Only trust in
large companies has a positive correlation with profitability, especially with ROE
and ROCE. Dimension 1 also suggests that profitability and liquidity ratios are
distinct from leverage and (partly from) efficiency ratios: the former measures are
on the negative X axis, while the latter ones are on positive X. The bulk of
liquidity, leverage and efficiency ratios are relatively close to the origin. Hence
their role in formulating the latent variables is weak.

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The overall 0.29 correlation between the two blocks is the result of the positive link
between the majority of the trust measures (apart from trust in large companies)
and financial performance ratios related to leverage and efficiency.

Figure 1: Correlation map between Block1 (Institutional Trust) and

Block2 (Financial Indicators)

The second axis explains about 14 per cent of the total variance. Regarding
financial performance, it separates ROA, ROS, OPM and NCATRA (positive Y)
from ROCE, ROS, and LTDTCE (negative Y). Concerning trust variables, trust in
the chamber of commerce, local government, and current business partners are
separated from trust in the national government, judiciary system, banks, small
firms, and large firms. The former group has a strong positive correlation with
ROA, ROS, and OPM, while the latter is negatively correlated with them, but
positively with ROE and ROCE. The correlation between the two blocks
(performance and trust) is 0.161 in the second dimension.
Discussion and Conclusions
This article examines the influence of trust on public institutions and business
actors on the financial performance of enterprises. We assumed that both types of
trust positively influenced firms’ financial performance. However, we found that
regarding trust in business actors, only trust in large firms couples with stronger
financial performance, especially with superior ROE and ROCE. We found weak

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support for hypothesis 1. On the other hand, all institutional trust variables are on
positive X and inversely correlated with profitability ratios. Hence, hypothesis 2 is
rejected.
Perhaps, stronger trust in public institutions and business actors makes it possible
for many firms to afford higher company benefits, such as higher wages and other
incentives for employees. Higher general and administrative (G&A) expenses,
more accelerated depreciation and amortization costs, etc. might reduce the income
and hence the profitability of SMEs. Besides, increases in trust in business actors
and public institutions may initially improve firms’ performance when both are still
low, but as they become higher, their costs exceed their benefits (Kliestikova and
Janoskova, 2017). Trust in larger firms is positively related to profitability, which
suggests that ICT firms having close ties with incumbent companies achieve more
extensive and reliable streams of revenues. These findings are supported by
LaPorta et al. (1997), as inter-organizational trust promotes cooperation.
Another critical finding is that researchers should be aware of what financial
performance indicators they use and why. Absolute measures such as sales and
profit do not reflect the resources used to produce the output. We used relative
performance measures, i.e. common method financial ratios, to account for
differences in firm size. Still, different types of ratios and even single measures
within them may show performance from different angles. In our case, profitability
ratios and NCATRA seem to be more advantageous for further comparisons of
firm performance and trust. On the other hand, trust does not seem to matter in the
short-run, e.g. the liquidity of enterprises. Although there is a relatively strong
positive correlation between profitability and NCATRA, the increasing proportion
of liabilities might also increase the risk of bankruptcies (Oláh et al., 2019).
Regarding trust measures, we initially differentiated between two main dimensions:
trust in public institutions and business actors. However, the analysis of their
relationship in conjunction with firm performance showed that only trust in large
firms is distinct in both dimensions, which highlights the importance of alliances
between entrepreneurial and large firms in creating economic value (Alvarez and
Barney, 2001).
Limitations and Implications
These findings only demonstrate the relationship of a few aspects of trust with firm
performance; hence, further studies should investigate, for example, the role of
inter-personal trust. Moreover, more sophisticated methods, such as regression
analysis can clarify the relationship between types of trust and firm performance
and make it possible to control for various firm characteristics. For example,
examining the relationship of trust and performance in firms with different
managerial teams, strategies, ownership structure, resources, customers, etc. would
be a fruitful avenue for further research. Furthermore, this research is limited to
firms in Hungary, making it difficult to generalize the findings to more developed
countries.

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From the results, we can imply that the future of ICT providers does not only lie in
breaking down the barriers between companies and their stakeholders. Firm
founders and managers are likely to develop competitive advantage and achieve
higher returns on their resources by better understanding the role of trust in both
internal and external environments.
Acknowledgements
This article was supported by the János Bolyai Research Scholarship of the Hungarian
Academy of Sciences. This research was funded by the National Research, Development,
and Innovation Fund of Hungary. Project no. 130377 has been implemented with the
support provided by the National Research, Development and Innovation Fund of Hungary,
financed under the KH_18 funding scheme.

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WIARYGODNE PODEJŚCIE DO WYNIKÓW FINANSOWYCH

PRZEDSIĘBIORSTW TECHNOLOGICZNYCH I INFORMACJI
Streszczenie: MŚP w gospodarkach wschodzących stoją w obliczu silnej konkurencji, gdy
starają się osiągnąć i utrzymać odpowiedni zwrot z wysiłków i zasobów, zwłaszcza
w wysoce konkurencyjnym sektorze technologii komunikacyjnych (ICT). Jednocześnie
coraz ważniejsze jest dla nich budowanie długoterminowych, godnych zaufania partnerstw
i rentownych sieci biznesowych. Analiza dwóch bloków częściowych najmniejszych
kwadratów oparta na sprawozdaniach finansowych oraz ankiecie internetowej 149
dostawców usług ICT ujawniła negatywne relacje między zaufaniem do interesariuszy
publicznych i biznesowych a wskaźnikami rentowności. Tylko zaufanie do dużych firm
wykazuje pozytywny związek z rentownością. Dzięki lepszemu zrozumieniu roli zaufania
w środowisku publicznym i biznesowym przedsiębiorcy mają większe szanse na
osiągnięcie i utrzymanie przewagi konkurencyjnej.
Słowa kluczowe: zaufanie, MŚP, instytucje publiczne, wyniki finansowe, firmy ICT

342
 POLISH JOURNAL OF MANAGEMENT STUDIES
2019
Oláh J., Yusmar A.H., Máté D., Novotny Á., Popp J., Lakner Z.,
Vol.20 No.1
Kovács S.

信息通信技术企业财务绩效的信任方法
摘要：新兴经济体的中小企业在努力获得并维持其努力和资源的适当回报时，尤其是
在竞争激烈的信息通信技术（ICT）部门中，面临着激烈的竞争。同时，对于他们而言，
建立长期，可信赖的合作伙伴关系和有利可图的业务网络越来越重要。基于财务报表
的两部分偏最小二乘分析和对149个ICT服务提供商的在线调查显示，公众和企业利益
相关者的信任与获利率之间存在负相关关系。只有对大公司的信任才显示出与利润的
正相关。通过更好地了解信任在公共和商业环境中的作用，创业企业更有可能获得并
维持竞争优势。
关键词：信任，中小企业，公共机构，财务绩效，ICT公司

343

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