Role of Entrepreneurship in Future Economic Development of Taiwan
Author(s)
Mahendar Kumar
ABSTRACT
Historically, entrepreneurship played a central role in the economic development of Taiwan. Therefore, small and medium sized enterprises are considered a backbone of the Taiwanese economy. The purpose of this study is to elaborate the role of small and medium sized enterprises (SMEs) in terms of non-technical innovation of SMEs, human resource productivity of SMEs and government policies regarding SMEs in the future economic development of Taiwan and to analyze the SMEs role in terms of its social and economic impact and finally to produce conclusive statements based on the final observations. This research is based on transaction cost theory and it was conducted in Bangkok, Thailand. The research is qualitative with an inductive approach in nature. Final findings were based on five observations; the first three observations showed that there was a definite relationship between non-technical innovation, human resource productivity and government policies regarding SMEs with the future economic development of Taiwan and the remaining mentioned that the annual sales share of SMEs in Taiwan was only 30% in 2012 and export sales share was only 17.74%; but on the social front, SMEs accommodated more than 79% of workforce in Taiwan. These observations are combined to produce final statement of this research.
Historically, entrepreneurship played a central role in the economic development of Taiwan. Therefore, small and medium sized enterprises are considered a backbone of the Taiwanese economy. The purpose of this study is to elaborate the role of small and medium sized enterprises (SMEs) in terms of non-technical innovation of SMEs, human resource productivity of SMEs and government policies regarding SMEs in the future economic development of Taiwan and to analyze the SMEs role in terms of its social and economic impact and finally to produce conclusive statements based on the final observations. This research is based on transaction cost theory and it was conducted in Bangkok, Thailand. The research is qualitative with an inductive approach in nature. Final findings were based on five observations; the first three observations showed that there was a definite relationship between non-technical innovation, human resource productivity and government policies regarding SMEs with the future economic development of Taiwan and the remaining mentioned that the annual sales share of SMEs in Taiwan was only 30% in 2012 and export sales share was only 17.74%; but on the social front, SMEs accommodated more than 79% of workforce in Taiwan. These observations are combined to produce final statement of this research.
KEYWORDS
Entrepreneurship, Economic Development, Non-Technical Innovation, Human Resource Productivity
Entrepreneurship, Economic Development, Non-Technical Innovation, Human Resource Productivity
Cite this paper
Kumar, M. (2015) Role of Entrepreneurship in Future Economic Development of Taiwan. Open Journal of Business and Management, 3, 389-402. doi: 10.4236/ojbm.2015.34038.
Kumar, M. (2015) Role of Entrepreneurship in Future Economic Development of Taiwan. Open Journal of Business and Management, 3, 389-402. doi: 10.4236/ojbm.2015.34038.
References
[1] Asia Productivity Organization Report (2015) Innovation and SME Financing in Selected Asian Economies, Tokyo. [2] Veselka, M. (2005) Taiwan’s Economic Development: The Role of Small and Medium-Sized Enterprises beyond the Statistics. Paper Presented at the Second Conference of the European Association of Taiwan Studies, Ruhr University Bochum, Germany, 1-2 April.
http://dx.doi.org/10.2139/ssrn.872387 [3] Lima, J.M.D.C. (2008) Patterns of Internationalization for Developing Country Enterprises (Alliances and Joint Ventures). Prepared for UNIDO (United Nations Industrial Development Organization), Wien, 2008. [4] Global Competitiveness Report (2013) Issued by World Economic Forum, Geneva. [5] Sanyang, S.E. and Huang, W.C. (2008) Small and Medium Enterprise for Women Entrepreneurs in Taiwan. World Journal of Agricultural Sciences, 4, 884-890. [6] Goldsmith, P. (2000) What Is Entrepreneurship? University of Illinois Extension. [7] Ahmad, N. and Seymour, R.G. (2008) Defining Entrepreneurial Activity: Definitions Supporting Frameworks for Data Collection OECD Statistics Working Paper, 5-6. [8] Kenney, M., Han, K. and Tanaka, S. (2002) The Globalization of Venture Capital: The Cases of Taiwan and Japan. [9] Wu, R.I. and Huang, C.C. (2003) Entrepreneurship in Taiwan: Turning Point to Restart: 1, 5-6 Mansfield Foundation. [10] Solow, R.M. (1956) A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics, 70, 65-94.
http://dx.doi.org/10.2307/1884513 [11] Rautakivi, T. (2012) Impact of Foreign Direct Investment (FDI) on Economic Growth in Asia’s Newly Industrialized Countries. Burapha University, Bangsaen. [12] Coleman, D. and Nixon, F. (1985) Economics of Change in Less Developing Countries. Philip Allen, Oxford. [13] OECD (2008) OECD Insights Sustainable Development Linking Economy, Society, Environment. OECD Rights and Translation Unit (PAC) 2 rue André-Pascal, 75116 Paris, France. [14] Strange, T. and Bayley, A. (2008) OECD Insights Sustainable Development Linking Economy, Society, Environment. OECD Report, Geneva. [15] Huntington, S.P. (1968) Political Order in Changing Societies. Yale University Press, New Haven. [16] Todaro, M.P. and Smith, S.C. (2004) Economic Development. 8th Edition, Longman Publication, New York, 110. [17] Rigger, S. (2011) Why Taiwan Matters—Small Island, Global Powerhouse. Rowman & Littlefield Publishers, New York, 59-94. [18] Meltzer, J. (2014) Taiwan’s Economic Opportunities and Challenges and the Importance of the Trans-Pacific Partnership. East Asia Policy Paper Series, Washington DC. [19] Coase, R.H. (1937) The Nature of the Firm. In: Williamson, O. and Winter, S., Eds., The Nature of the Firm: Origins, Evolution and Development, Oxford University Press, New York, 18-33. [20] Ranis, G. (2008) Taiwan’s Success and Vulnerability. Routledge, Abingdon and New York. [21] McCann, L., Colby, B., Easter, K.W., Kasterine, A. and Kuperan, K.V. (2005) Transaction Costs Measurement for Evaluating Environmental Policies. Ecological Economics, 52, 527-542.
http://dx.doi.org/10.1016/j.ecolecon.2004.08.002 [22] Globerman, S. and Schwindt, R. (1986) The Organization of Vertically Related Transaction in the Canadian Forest Products Industries. Journal of Economic Behavior & Organization, 7, 199-212.
http://dx.doi.org/10.1016/0167-2681(86)90005-3 [23] Pittman, R. (1991) Specific Investments, Contracts, and Opportunism: The Evolution of Railroad Sidetracks Agreements. The Journal of Law and Economics, 34, 565-589.
http://dx.doi.org/10.1086/467236 [24] Leffler, K.B. and Rucker, R.R. (1991) Transaction Costs and the Efficient Organization of Production: A Study of Timber-Harvesting Contracts. Journal of Political Economy, 99, 1060-1087.
http://dx.doi.org/10.1086/261789 [25] Lyons, B.R. (1994) Contracts and Specific Investment: An Empirical Test of Transaction Theory. Journal of Economics Management Strategy, 3, 257-278.
http://dx.doi.org/10.1111/j.1430-9134.1994.00257.x [26] Moss, L.E., Barry, P.J., Schnitkey, G.D. and Westgren, R.E. (2001) A Transaction Cost Economics and Property Rights Theory Approach to Farmland Lease Preferences. Proceedings of the AAEA Annual Meeting, Chicago, 5-8 August 2001. [27] Riegl, M.M. (2014) Prospects and Limits of Economic Development of Unrecognized States: Between Organized Hypocrisy and Private Interests. Department of Political Science, Institute of Political Studies, Faculty of Social Sciences, Charles University in Prague, Prague. [28] Pegg, J. (1998) De Facto States in the International System Institute of International Relations. University of British Columbia Working Paper, No. 21, February 1998. [29] Ministry of Economic Affairs, MOEA (2014) Small and Medium Enterprise Administration.
http://www.moeasmea.gov.tw/ct.asp?xItem=72&CtNode=263&mp=2 [30] Trochim, W.M.K. (2002) The Research Methods Knowledge Base. 2nd Edition, Cornell University, New York. [31] Kothari, C.R. (1985) Research Methodology—Methods and Techniques. Wiley Eastern Limited, New Delhi. [32] Kirzner, I.M. (1973) Competition and Entrepreneurship. University of Chicago Press, Chicago. [33] Porter, M.E. (1990) The Competitive Advantage of Nations. Competitive Intelligence Review, 1, 14.
http://dx.doi.org/10.1002/cir.3880010112 [34] Lin, H.F. (2007) Knowledge Sharing and Firm Innovation Capability: An Empirical Study. International Journal of Manpower, 28, 315-332.
http://dx.doi.org/10.1108/01437720710755272 [35] Wu, Y.L. (2009) The Analysis of Innovation Efficiency and Non-Technological Factors of Manufactory Companies in the Pearl River Delta of China. The Center for Applied Statistics, Renmin University of China, Beijing. [36] Baranano, A.M. (2003) The Non-Technological Side of Technological Innovation: State of the Art and Guidelines for Further Empirical Research. International Journal of Entrepreneurship and Innovation Management, 3, 107-125.
http://dx.doi.org/10.1504/IJEIM.2003.002223 [37] Boer, H. and During, W.E. (2001) Innovation, What Innovation? A Comparison between Product, Process and Organizational Innovation. International Journal of Technology Management, 22, 83-107.
http://dx.doi.org/10.1504/IJTM.2001.002956 [38] OECD (2005) Oslo Manual. Guidelines for Collecting and Interpreting Innovation Data. 3rd Edition, Geneva, 172-182. [39] Afuah, A. (1998) Innovation Management: Strategies, Implementation and Profits. Oxford University Press, New York. [40] Acs, Z.J. and Audretsch, D.B. (1990) Innovation and Small Firms. The MIT Press, Cambridge. [41] Dodgson, M. (1993) Technological Collaboration in Industry: Strategy, Policy and Internationalization in Innovation. Routledge Publication, London. [42] Becker, G.S. (1964) Human Capital. University of Chicago Press, Chicago. [43] Silva, S.D. (1997) Human Resource Development for Competitiveness: A Priority for Employers. International Labour Office, Geneva. [44] Mann, D., Lee, E., Ng, J., Henderson, C. and Devesh, D. (2014) Asia Productivity Report. FICC Research Standard Chartered Bank, Singapore. [45] Ministry of Education (2011) Ministry of Education Report: Technological and Vocational Education in Taiwan. Ministry of Education, Taipei City. [46] World Bank (1994) World Bank Report: Infrastructure for Development. Geneva. [47] World Bank (2002) World Bank Report: Building Institutions for Markets. Geneva. [48] World Bank (2004) World Bank Report: World Bank Report Making Services Work for Poor People. Geneva. [49] YES SME Publication (2012) Role of the Government in SME Financing, India. [50] Pereira, C. and Romero, F. (2013) Non-Technological Innovation Current Issues and Perspectives. Production and Systems Department, School of Engineering University of Minho, Portugal. [51] International Labor Organization (2008) Skills for Improved Productivity, Employment Growth and Development. ILO, Geneva. [52] Chen, H.C. (2003) Cross Cultural Construct Validation of the Learning Transfer System Inventory in Taiwan. The School of Human Resource Education and Workforce Development, Louisiana State University, Baton Rouge. [53] Fields, G.S. (1992) Living Standards, Labor Markets and Human Resources in Taiwan. Cornell University, New York. [54] Ministry of Foreign Affairs (MOFA) of Japan (2014) Policies to Support Small and Medium Sized Enterprises (SMEs) for Economic Development.
http://www.mofa.go.jp/region/latin/fealac/sme.html [55] Stevenson, L. and Lundstrom, A. (2001) Patterns and Trends in Entrepreneurship/SME Policy and Practice in Ten Economies. Volume 3 of the Entrepreneurship Policy for the Future Series, Swedish Foundation for Small Business Research and Supported by the Swedish Ministry of Industry, Employment and Communications, NUTEK, and Orebro University in Sweden. [56] White Paper on SMEs (2012) Small and Medium Enterprise Administration. Small and Medium Enterprise Administration, Ministry of Economic Affairs, Taipei, 106. [57] Szirmai, A., Naude, W. and Goedhuys, M. (2011) Entrepreneurship, Innovation, and Economic Development. Oxford University Press, New York.
http://dx.doi.org/10.1093/acprof:oso/9780199596515.001.0001 [58] Maitland, E., Nicholas, S. and Boyce, G. (2009) The Economics of Governance: Transaction Cost Economics and New Institutional Economics. Australian School of Business, UNSW, Faculty of Business and Law University of Newcastle, Australia. [59] Englander, S. and Gurney, A. (1994) OECD Productivity Growth: Medium-Term Trends. OECD Economics Studies, 22, 111-129. [60] Schultz, T.W. (1961) Investment in Human Capital. American Economic Review, 51, 1-17. [61] Welch, F. (1975) Education in Production. Journal of Political Economy, 78, 35-59. [62] Benhabib, J. and Spiegel, M.M. (1992) The Role of Human Capital in Economic Development: Evidence from Aggregate Cross-Country and Regional US. Department of Economics, New York University, New York. [63] Lucas, R. (1988) On the Mechanics of Economic Development. Journal of Monetary Economics, 22, 3-42. [64] Mutambi, J., Byaruhanga, J.K., Trojer, L. and Buhwezi, K.B. (2010) Research on the State of Business Incubation Systems in Different Countries: Lessons for Uganda. African Journal of Science, Technology, Innovation & Development, 2, 190-214. [65] Storey, D.J. (1994) Understanding the Small Business Sector. Routledge, London. Technological and Vocational Education in Taiwan (2011) Issued by Ministry of Education, August 2011, Taiwan. [66] Levitsky, J. (1996) Support Systems for SMEs in Developing Countries: A Review. Paper Commissioned by the Small and Medium Industries Branch, United Nations Industrial Development Organization. [67] Hallberg, K. (2000) A Market-Oriented Strategy for Small and Medium-Scale Enterprises. Discussion Paper No. 40, International Finance Corporation, the World Bank, Geneva.
[1] Asia Productivity Organization Report (2015) Innovation and SME Financing in Selected Asian Economies, Tokyo. [2] Veselka, M. (2005) Taiwan’s Economic Development: The Role of Small and Medium-Sized Enterprises beyond the Statistics. Paper Presented at the Second Conference of the European Association of Taiwan Studies, Ruhr University Bochum, Germany, 1-2 April.
http://dx.doi.org/10.2139/ssrn.872387 [3] Lima, J.M.D.C. (2008) Patterns of Internationalization for Developing Country Enterprises (Alliances and Joint Ventures). Prepared for UNIDO (United Nations Industrial Development Organization), Wien, 2008. [4] Global Competitiveness Report (2013) Issued by World Economic Forum, Geneva. [5] Sanyang, S.E. and Huang, W.C. (2008) Small and Medium Enterprise for Women Entrepreneurs in Taiwan. World Journal of Agricultural Sciences, 4, 884-890. [6] Goldsmith, P. (2000) What Is Entrepreneurship? University of Illinois Extension. [7] Ahmad, N. and Seymour, R.G. (2008) Defining Entrepreneurial Activity: Definitions Supporting Frameworks for Data Collection OECD Statistics Working Paper, 5-6. [8] Kenney, M., Han, K. and Tanaka, S. (2002) The Globalization of Venture Capital: The Cases of Taiwan and Japan. [9] Wu, R.I. and Huang, C.C. (2003) Entrepreneurship in Taiwan: Turning Point to Restart: 1, 5-6 Mansfield Foundation. [10] Solow, R.M. (1956) A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics, 70, 65-94.
http://dx.doi.org/10.2307/1884513 [11] Rautakivi, T. (2012) Impact of Foreign Direct Investment (FDI) on Economic Growth in Asia’s Newly Industrialized Countries. Burapha University, Bangsaen. [12] Coleman, D. and Nixon, F. (1985) Economics of Change in Less Developing Countries. Philip Allen, Oxford. [13] OECD (2008) OECD Insights Sustainable Development Linking Economy, Society, Environment. OECD Rights and Translation Unit (PAC) 2 rue André-Pascal, 75116 Paris, France. [14] Strange, T. and Bayley, A. (2008) OECD Insights Sustainable Development Linking Economy, Society, Environment. OECD Report, Geneva. [15] Huntington, S.P. (1968) Political Order in Changing Societies. Yale University Press, New Haven. [16] Todaro, M.P. and Smith, S.C. (2004) Economic Development. 8th Edition, Longman Publication, New York, 110. [17] Rigger, S. (2011) Why Taiwan Matters—Small Island, Global Powerhouse. Rowman & Littlefield Publishers, New York, 59-94. [18] Meltzer, J. (2014) Taiwan’s Economic Opportunities and Challenges and the Importance of the Trans-Pacific Partnership. East Asia Policy Paper Series, Washington DC. [19] Coase, R.H. (1937) The Nature of the Firm. In: Williamson, O. and Winter, S., Eds., The Nature of the Firm: Origins, Evolution and Development, Oxford University Press, New York, 18-33. [20] Ranis, G. (2008) Taiwan’s Success and Vulnerability. Routledge, Abingdon and New York. [21] McCann, L., Colby, B., Easter, K.W., Kasterine, A. and Kuperan, K.V. (2005) Transaction Costs Measurement for Evaluating Environmental Policies. Ecological Economics, 52, 527-542.
http://dx.doi.org/10.1016/j.ecolecon.2004.08.002 [22] Globerman, S. and Schwindt, R. (1986) The Organization of Vertically Related Transaction in the Canadian Forest Products Industries. Journal of Economic Behavior & Organization, 7, 199-212.
http://dx.doi.org/10.1016/0167-2681(86)90005-3 [23] Pittman, R. (1991) Specific Investments, Contracts, and Opportunism: The Evolution of Railroad Sidetracks Agreements. The Journal of Law and Economics, 34, 565-589.
http://dx.doi.org/10.1086/467236 [24] Leffler, K.B. and Rucker, R.R. (1991) Transaction Costs and the Efficient Organization of Production: A Study of Timber-Harvesting Contracts. Journal of Political Economy, 99, 1060-1087.
http://dx.doi.org/10.1086/261789 [25] Lyons, B.R. (1994) Contracts and Specific Investment: An Empirical Test of Transaction Theory. Journal of Economics Management Strategy, 3, 257-278.
http://dx.doi.org/10.1111/j.1430-9134.1994.00257.x [26] Moss, L.E., Barry, P.J., Schnitkey, G.D. and Westgren, R.E. (2001) A Transaction Cost Economics and Property Rights Theory Approach to Farmland Lease Preferences. Proceedings of the AAEA Annual Meeting, Chicago, 5-8 August 2001. [27] Riegl, M.M. (2014) Prospects and Limits of Economic Development of Unrecognized States: Between Organized Hypocrisy and Private Interests. Department of Political Science, Institute of Political Studies, Faculty of Social Sciences, Charles University in Prague, Prague. [28] Pegg, J. (1998) De Facto States in the International System Institute of International Relations. University of British Columbia Working Paper, No. 21, February 1998. [29] Ministry of Economic Affairs, MOEA (2014) Small and Medium Enterprise Administration.
http://www.moeasmea.gov.tw/ct.asp?xItem=72&CtNode=263&mp=2 [30] Trochim, W.M.K. (2002) The Research Methods Knowledge Base. 2nd Edition, Cornell University, New York. [31] Kothari, C.R. (1985) Research Methodology—Methods and Techniques. Wiley Eastern Limited, New Delhi. [32] Kirzner, I.M. (1973) Competition and Entrepreneurship. University of Chicago Press, Chicago. [33] Porter, M.E. (1990) The Competitive Advantage of Nations. Competitive Intelligence Review, 1, 14.
http://dx.doi.org/10.1002/cir.3880010112 [34] Lin, H.F. (2007) Knowledge Sharing and Firm Innovation Capability: An Empirical Study. International Journal of Manpower, 28, 315-332.
http://dx.doi.org/10.1108/01437720710755272 [35] Wu, Y.L. (2009) The Analysis of Innovation Efficiency and Non-Technological Factors of Manufactory Companies in the Pearl River Delta of China. The Center for Applied Statistics, Renmin University of China, Beijing. [36] Baranano, A.M. (2003) The Non-Technological Side of Technological Innovation: State of the Art and Guidelines for Further Empirical Research. International Journal of Entrepreneurship and Innovation Management, 3, 107-125.
http://dx.doi.org/10.1504/IJEIM.2003.002223 [37] Boer, H. and During, W.E. (2001) Innovation, What Innovation? A Comparison between Product, Process and Organizational Innovation. International Journal of Technology Management, 22, 83-107.
http://dx.doi.org/10.1504/IJTM.2001.002956 [38] OECD (2005) Oslo Manual. Guidelines for Collecting and Interpreting Innovation Data. 3rd Edition, Geneva, 172-182. [39] Afuah, A. (1998) Innovation Management: Strategies, Implementation and Profits. Oxford University Press, New York. [40] Acs, Z.J. and Audretsch, D.B. (1990) Innovation and Small Firms. The MIT Press, Cambridge. [41] Dodgson, M. (1993) Technological Collaboration in Industry: Strategy, Policy and Internationalization in Innovation. Routledge Publication, London. [42] Becker, G.S. (1964) Human Capital. University of Chicago Press, Chicago. [43] Silva, S.D. (1997) Human Resource Development for Competitiveness: A Priority for Employers. International Labour Office, Geneva. [44] Mann, D., Lee, E., Ng, J., Henderson, C. and Devesh, D. (2014) Asia Productivity Report. FICC Research Standard Chartered Bank, Singapore. [45] Ministry of Education (2011) Ministry of Education Report: Technological and Vocational Education in Taiwan. Ministry of Education, Taipei City. [46] World Bank (1994) World Bank Report: Infrastructure for Development. Geneva. [47] World Bank (2002) World Bank Report: Building Institutions for Markets. Geneva. [48] World Bank (2004) World Bank Report: World Bank Report Making Services Work for Poor People. Geneva. [49] YES SME Publication (2012) Role of the Government in SME Financing, India. [50] Pereira, C. and Romero, F. (2013) Non-Technological Innovation Current Issues and Perspectives. Production and Systems Department, School of Engineering University of Minho, Portugal. [51] International Labor Organization (2008) Skills for Improved Productivity, Employment Growth and Development. ILO, Geneva. [52] Chen, H.C. (2003) Cross Cultural Construct Validation of the Learning Transfer System Inventory in Taiwan. The School of Human Resource Education and Workforce Development, Louisiana State University, Baton Rouge. [53] Fields, G.S. (1992) Living Standards, Labor Markets and Human Resources in Taiwan. Cornell University, New York. [54] Ministry of Foreign Affairs (MOFA) of Japan (2014) Policies to Support Small and Medium Sized Enterprises (SMEs) for Economic Development.
http://www.mofa.go.jp/region/latin/fealac/sme.html [55] Stevenson, L. and Lundstrom, A. (2001) Patterns and Trends in Entrepreneurship/SME Policy and Practice in Ten Economies. Volume 3 of the Entrepreneurship Policy for the Future Series, Swedish Foundation for Small Business Research and Supported by the Swedish Ministry of Industry, Employment and Communications, NUTEK, and Orebro University in Sweden. [56] White Paper on SMEs (2012) Small and Medium Enterprise Administration. Small and Medium Enterprise Administration, Ministry of Economic Affairs, Taipei, 106. [57] Szirmai, A., Naude, W. and Goedhuys, M. (2011) Entrepreneurship, Innovation, and Economic Development. Oxford University Press, New York.
http://dx.doi.org/10.1093/acprof:oso/9780199596515.001.0001 [58] Maitland, E., Nicholas, S. and Boyce, G. (2009) The Economics of Governance: Transaction Cost Economics and New Institutional Economics. Australian School of Business, UNSW, Faculty of Business and Law University of Newcastle, Australia. [59] Englander, S. and Gurney, A. (1994) OECD Productivity Growth: Medium-Term Trends. OECD Economics Studies, 22, 111-129. [60] Schultz, T.W. (1961) Investment in Human Capital. American Economic Review, 51, 1-17. [61] Welch, F. (1975) Education in Production. Journal of Political Economy, 78, 35-59. [62] Benhabib, J. and Spiegel, M.M. (1992) The Role of Human Capital in Economic Development: Evidence from Aggregate Cross-Country and Regional US. Department of Economics, New York University, New York. [63] Lucas, R. (1988) On the Mechanics of Economic Development. Journal of Monetary Economics, 22, 3-42. [64] Mutambi, J., Byaruhanga, J.K., Trojer, L. and Buhwezi, K.B. (2010) Research on the State of Business Incubation Systems in Different Countries: Lessons for Uganda. African Journal of Science, Technology, Innovation & Development, 2, 190-214. [65] Storey, D.J. (1994) Understanding the Small Business Sector. Routledge, London. Technological and Vocational Education in Taiwan (2011) Issued by Ministry of Education, August 2011, Taiwan. [66] Levitsky, J. (1996) Support Systems for SMEs in Developing Countries: A Review. Paper Commissioned by the Small and Medium Industries Branch, United Nations Industrial Development Organization. [67] Hallberg, K. (2000) A Market-Oriented Strategy for Small and Medium-Scale Enterprises. Discussion Paper No. 40, International Finance Corporation, the World Bank, Geneva.