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2025/2026  KAN-CGMAI3008U  Internationalization of Small and Medium-sized Enterprises

English Title
Internationalization of Small and Medium-sized Enterprises

Course information
Language English
Course ECTS 7.5 ECTS
Type Elective
Level Full Degree Master
Duration Summer
Start time of the course Summer
Timetable Course schedule will be posted at calendar.cbs.dk
Min. participants 30
Max. participants 60
Study board
Study Board for Governance, Law, Accounting & Management Analytics
Programme Master of Science (MSc) in Economics and Business Administration - General Management and Analytics (GMA)
Course coordinator
  • Anne Sluhan - Department of International Economics, Goverment and Business (EGB)
  • Bersant Hobdari - Department of International Economics, Goverment and Business (EGB)
For academic questions related to the course, please contact instructor Anne Sluhan at as.egb@cbs.dk
Main academic disciplines
  • CSR and sustainability
  • Globalisation and international business
  • Strategy
Teaching methods
  • Face-to-face teaching
Last updated on 03/11/2025

Relevant links
Learning objectives
By the end of the course, students should be able to:
  • Define and critically analyze the characteristics of SMEs, including different types, and explain their significance in international business and sustainable development.
  • Evaluate governance and ownership structures influencing SME internationalization, sustainability orientation, and ethical decision-making.
  • Critically discuss the main theories of SME internationalization and sustainability
  • Analyze the internal and external environments SMEs face in international markets, including business environment pressures, opportunities, and risks (with particular focus on sustainability challenges).
  • Assess and apply sources of competitive advantage for SMEs, including resilience, flexibility, marketing strategies, and integration of sustainable practices (e.g., circular economy, SDG-related opportunities).
  • Gather, evaluate, and interpret firm-level data to draw conclusions about SME strategies, international operations, and sustainable practices.
  • Demonstrate leadership and strategic competences for SME internationalization, including socially responsible business practices, stakeholder engagement, and the ability to operationalize sustainable strategies in foreign markets.
Course prerequisites
Completed Social Science Bachelor degree. Knowledge of relevant concepts from management, strategy, finance, and organization.
Examination
Internationalization of Small and Medium-sized Enterprises:
Exam ECTS 7.5
Examination form Home assignment - written product
Individual or group exam Individual exam
Size of written product Max. 10 pages
Assignment type Project
Release of assignment Subject chosen by students themselves, see guidelines if any
Duration Written product to be submitted on specified date and time.
Grading scale 7-point grading scale
Examiner(s) One internal examiner
Exam period Summer, Ordinary exam: Please note that exam will start on the first teaching day and will run in parallel with the course.
Make-up exam/re-exam
Same examination form as the ordinary exam
Retake exam: 72-hour home project assignment, max. 10 pages, new exam question.
If the number of registered candidates for the make-up examination/re-take examination warrants that it may most appropriately be held as an oral examination, the programme office will inform the students that the make-up examination/re-take examination will be held as an oral examination instead.
Description of the exam procedure

Home assignment written in parallel with the course.
Course content, structure and pedagogical approach

As business becomes increasingly international due to deepening global interconnectedness—driven by technology, trade, and the movement of people, capital, and ideas—firms of all sizes are navigating both exciting opportunities and complex challenges.

 

Small and medium-sized enterprises (SMEs) are no exception. Representing the backbone of most economies worldwide, SMEs have seen a surge in international activity, enabled by the accelerating pace of globalization, digital transformation, and the rise of global value chains. Today, more SMEs are leveraging digital tools, international partnerships, and niche market opportunities to expand beyond domestic borders, often in ways that are agile, innovative, and sustainability-oriented.

 

SMEs are no longer viewed merely as scaled-down versions of large firms. Rather, they are increasingly recognized as distinct organizational actors with unique resource constraints, innovation capabilities, governance structures, and strategic behaviors. In particular, SMEs are at the forefront of responsible leadership, sustainable business practices, and human-centric innovation—especially in sectors where flexibility and rapid adaptation are key competitive advantages.

 

While globalization introduces intense competitive pressures, it also opens access to new markets, talent, technologies, and finance models. Competing internationally now requires SMEs to adopt global mindsets, build cross-border networks, and integrate entrepreneurial agility with strategic foresight. Success often depends on their ability to navigate shifting geopolitical landscapes, trade regulations, and sustainability standards, while simultaneously addressing local community and stakeholder needs.

 

This course aims to equip students with a deep understanding of how international dynamics shape the strategies and operations of SMEs in today’s complex business environment.

 

We begin by exploring the defining characteristics of SMEs, highlighting their prevalence, economic significance, and evolving role in global markets. We then examine the advantages and challenges SMEs face in their internationalization journeys. The course includes an analysis of various types of SMEs—such as micro-enterprises, high-growth startups, social enterprises, and family-owned businesses—and their distinctive internationalization paths.

 

We then turn to how SMEs develop, implement, and adapt international strategies in response to a changing global landscape. Drawing on key theories from international business, strategic management, and sustainability, students investigate how SMEs internationalize, why they do so, and how they can design resilient, responsible, and future-oriented strategies. Furthermore, the course focuses on how SMEs balance growth ambitions with sustainability, manage uncertainty, and build competitive advantage across borders. 

 

Special attention is given to how the institutional environment (e.g. trade policies, digital regulations, innovation systems, and sustainability standards), digital platforms, and international networks shape strategic decision-making and SME competitiveness in an increasingly interconnected world.

 

 

Session 1: Contextualizing SMEs: Definition, significance & role in sustainable development (+Case method introduction)

 

Session 2: Ownership & governance: How owner/board heterogeneity shapes internationalization and sustainability orientation

 

Session 3: Strategic management of SMEs: Balancing growth, resilience, and sustainability challenges

 

Session 4: Theoretical foundations: Evolution of SME internationalization models and integration of sustainability frameworks (stakeholder theory, ESG, circular economy)

 

Session 5: Competitive advantages of SMEs: Resilience, flexibility & determinants of internationalization in the sustainability era

 

Feedback: Project topic proposal due beginning of Week 3 → feedback returned by end of week

 

Session 6: Internationalization processes: Regional contexts, institutional differences, and sustainability pressures

 

Session 7: Drivers of sustainable international growth: Human/social capital, board influence, and digital competencies

 

Session 8: Internationalization strategies: Born Globals, digital natives, and circular business models

 

Session 9: 21st-century sustainable leadership: Competences for ESG integration, inclusive growth & innovation in SMEs

 

Session 10: Competitive advantages of international SMEs: Integrating strategy, sustainability, and leadership

 
Research-based teaching
CBS’ programmes and teaching are research-based. The following types of research-based knowledge and research-like activities are included in this course:
Research-based knowledge
  • Classic and basic theory
  • Teacher’s own research
  • Methodology
Research-like activities
  • Development of research questions
  • Data collection
  • Analysis
  • Discussion, critical reflection, modelling
  • Students conduct independent research-like activities under supervision
Description of the teaching methods
This course is a mix of classroom meetings and some content delivered online.

Due to the interactive nature of the case-based method, the majority of the course will occur as face-to-face (classroom) interactions.

Some online content will be delivered on demand to frame and supplement class discussions.
Feedback during the teaching period
Feedback during the teaching period
Students who submit a problem formulation (maximum one page) by the published deadline will receive personalized feedback to support further development of their research questions. Initial approval of the project topic usually requires additional refinement and iteration of the research question, which can take place during ad hoc supervision sessions with the instructor. Feedback at this stage will focus on the clarity, relevance, and potential of the problem formulation to lead to a strong final report.

Home Project Assignments / Mini-Projects
These assignments are based on a research question (problem formulation) developed individually by each student. The deadline for submitting problem formulations will be published in CANVAS.
Student workload
Precourse activity 20 hours
Classroom attendance 30 hours
Preparation 129 hours
Feedback activity 7 hours
Examination 20 hours
Further Information

A precourse activity is uploaded to Canvas at the end of May. This assignment is designed to help students engage early with the course material and build a strong foundation for the rest of the course. Active participation is expected, since the assignment forms the basis for the final exam. While not graded independently, completing this assignment is important for course preparedness while also contributing to students’ overall success in the course.

 

 

 

 
Expected literature

Indicative course readings:

Amaeshi, K., Adegbite, E., Ogbechie, C., Idemudia, U., Kan, K. A. S., Issa, M. & Anakwue, O. I. J. (2016). Corporate Social Responsibility in SMEs: A Shift from Philanthropy to Institutional Works? Journal of Business Ethics, 138(2), 385–400. https:/​​/​​doi.org/​​10.1007/​​s10551-015-2633-1

 

Andersson, S. (2025). Innovations and long-term international growth in born globals. Industrial Marketing Management, 124, 150-161.

 

Appiah, E. K., Gabrielsson, P., & Criado, A. R. (2025). The role of digitalization in early internationalization Research: A systematic literature review and future research directions. Journal of Business Research, 186, 115043.

 

Bai, W., Johanson, M., Oliveira, L., & Ratajczak-Mrozek, M. (2021). The role of business and social networks in the effectual internationalization: Insights from emerging market SMEs. Journal of Business Research, 129, 96-109.

 

Bartlett, C. A., Nanda, A. (1990). Ingvar Kamprad and Ikea. Case nr. 390-132. Harvard Business School.

 

Bell, J. & Loane, S. (2010). ‘New-wave’ global firms: Web 2.0 and SME internationalisation. Journal of Marketing Management, 26(3–4), 213–229. https:/​​/​​doi.org/​​10.1080/​​02672571003594648

 

Berisha, G., Lajçi, R., Kallmuenzer, A., & Krasniqi, B. (2025). Born to go far: analyzing how emerging economy born globals make strategic changes toward internationalization. Journal of organizational change management, 38(1), 182-203.

 

Bika, Z., & Kalantaridis, C. (2019). Organizational‐social‐capital, time and international family SMEs: an empirical study from the East of England. European Management Review, 16(3), 525-541.

 

Blomqvist, K., Hurmelinna-Laukkanen, P., Nummela, N., & Saarenketo, S. (2008). The role of trust and contracts in the internationalization of technology-intensive Born Globals. Journal of Engineering and Technology Management, 25(1-2), 123-135.

 

Bowen, H. (1953). Social Responsibility of the Businessman. In New York: Harper and Row. 

 

Buckley, P. J., & Liesch, P. W. (2023). Externalities in global value chains: Firm solutions for regulation challenges. Global Strategy Journal, 13(2), 420-439.

 

Cambra-Fierro, J., Hart, S. & Polo-Redondo, Y. (2008). Environmental respect: Ethics or simply business? A study in the Small and Medium Enterprise (SME) context. Journal of Business Ethics, 82(3), 645–656. https:/​​/​​doi.org/​​10.1007/​​s10551-007- 9583-1 

 

Carroll, A. B. & Brown, J. A. (2018). Corporate Social Responsibility: A Review of Current Concepts, Research, and Issues. In J. . Weber & D. Wasleleski (Eds.), Corporate Social Responsibility (Issue August, pp. 39–69). Emerald Publishing Limited.   https:/​​/​​doi.org/​​10.1108/​​S2514-175920180000002002
 
Cerrato, D., Crosato, L., & Depperu, D. (2016). Archetypes of SME internationalization: A configurational approach. International Business Review, 25(1), 286-295.

 

Chen, H. L., Hsu, W. T., & Chang, C. Y. (2014). Family ownership, institutional ownership, and internationalization of SMEs. Journal of Small Business Management, 52(4), 771-789

 

Chen, V., Hobdari, B., Kellermanns, F., Sluhan, A. (2021). For Love or Money? Family Versus Financial Blockholders in International Acquisitions. Corporate Governance: An International Review, 30(2), 140-160. https:/​/​doi.org/​10.1111/​corg.12392

 

Colovic, A. (2022). Leadership and business model innovation in late internationalizing SMEs. Long Range Planning, 55(1), 102083.

 

Content, J., Bosma, N., Jordaan, J. and Sanders, M. (2019) ‘Entrepreneurial ecosystems, entrepreneurial activity and economic growth: new evidence from European regions’, Regional Studies, pp.1–13.

 

Ciszewska-Mlinarič, M., Wójcik, P. and Obłój, K. (2020) ‘Learning dynamics of rapidly internationalizing venture: Beyond the early stage of international growth in a CEE context’, Journal of Business Research, Vol. 108, pp.450–465.

 

Cresanti, R. (2019). What Small Businesses Know About Corporate Responsibility. Harvard Business Review, Social Resposibility. 
 
Daszkiewicz, N. & Wach, K. (2012) Internationalization of SMEs: Context, Models, and Implementation. Gdansk University of Technology Publishers.
 
D’Angelo, A., Majocchi, A., & Buck, T. (2016). External managers, family ownership and the scope of SME internationalization. Journal of World Business, 51(4), 534-547.
 
D'Angelo, A., Majocchi, A., Zucchella, A., & Buck, T. (2013). Geographical pathways for SME internationalization: insights from an Italian sample. International Marketing Review, 30(2), 80-105.

 

Debellis, F., Pinelli, M., Hülsbeck, M. et al. (2023). Ownership, governance, and internationalization in family firms: a replication and extension. Small Business Economics, 61, 1437–1459.  https:/​/​doi.org/​10.1007/​s11187-023-00736-8

 

Debellis, F., Torchia, M., Quarato, F., & Calabrò, A. (2023). Board openness and family firm internationalization: A social capital perspective. Small Business Economics, 60(4), 1431-1448.

 

Denicolai, S., Zucchella, A., & Magnani, G. (2021). Internationalization, digitalization, and sustainability: Are SMEs ready? A survey on synergies and substituting effects among growth paths. Technological Forecasting and Social Change, 166, 120650.

 

Durst, S., & Gerstlberger, W. (2020). Financing responsible small-and medium-sized enterprises: An international overview of policies and support programmes. Journal of Risk and Financial Management, 14(1), 10.

 

European Commission. (2021). Corporate social responsibility & Responsible business conduct | Internal Market, Industry, Entrepreneurship and SMEs. European Commission.Com.  https:/​​/​​ec.europa.eu/​​growth/​​industry/​​sustainability/​​corporate-social-responsibility

 

European Commission (2025). Study of the European Union SME Internationalisation Strategy. Final report

 

Fernandes, C., Veiga, P. M., & Gerschewski, S. (2023). SME internationalisation: past, present and future trends. Journal of Organizational Change Management, 36(1), 144-161.


Gordon, Ian. (2016). Two roads diverged in a wood; Strategic decision making in SMEs. Case number 816-0008-1.  Lancaster, UK: Lancaster University Management School.

 

Guidi, M., Vitali, S., Giuliani, M., & Chiucchi, M. S. (2025). Understanding the interplay between sustainability strategy and the approach to sustainability reporting in SMEs. Journal of Management & Organization, 31(3), 1137-1156.

 

Hammann, E.-M., Habisch, A. & Pechlaner, H. (2009). Values that create value: socially responsible business practices in SMEs - empirical evidence from German companies. Business Ethics: A European Review, 18(1), 37–51.   https:/​​/​​doi.org/​​10.1111/​​j.1467-8608.2009.01547.x

 

Harel, R., Schwartz, D., & Kaufmann, D. (2020). Funding access and innovation in small businesses. Journal of Risk and Financial Management, 13(9), 209.


Hennart, J. F., Majocchi, A., & Forlani, E. (2019). The myth of the stay-at-home family firm: How family-managed SMEs can overcome their internationalization limitations. Journal of International Business Studies, 50(5), 758-782.

 

Herrera Madueño, J., Larrán Jorge, M., Martínez Conesa, I. & Martínez-Martínez, D. (2016). Relationship between corporate social responsibility and competitive performance in Spanish SMEs: Empirical evidence from a stakeholders’ perspective. BRQ Business Research Quarterly, 19(1), 55–72. https:/​​/​​doi.org/​​10.1016/​​j.brq.2015.06.002

 

Hoogendoorn, B., Guerra, D. & van der Zwan, P. (2015). What drives environmental practices of SMEs? Small Business Economics, 44(4), 759–781. https:/​​/​​doi.org/​​10.1007/​​s11187-014-9618-9


Hsieh, L., Child, J., Narooz, R., Elbanna, S., Karmowska, J., Marinova, S., ... & Zhang, Y. (2019). A multidimensional perspective of SME internationalization speed: The influence of entrepreneurial characteristics. International Business Review, 28(2), 268-283.
 
Hsu, W. T., Chen, H. L., & Cheng, C. Y. (2013). Internationalization and firm performance of SMEs: The moderating effects of CEO attributes. Journal of World Business, 48(1), 1-12.
 
Håkanson, L. & Kappen, P. (2017). The ‘Casino Model’ of internationalization: An alternative Uppsala paradigm. Journal of International Business Studies.
 

Jenkins, H. (2004). A Critique of Conventional CSR Theory: An SME Perspective. Journal of General Management, 29(4), 37–57. https:/​​/​​doi.org/​​10.1177/​​030630700402900403

 

Jenkins, H. (2006). Small business champions for corporate social responsibility. Journal of Business Ethics, 67(3), 241–256. https:/​​/​​doi.org/​​10.1007/​​s10551-006-9182-6

 

Jenkins, H. (2009). A ‘business opportunity’ model of corporate social responsibility for small- and medium-sized enterprises. Business Ethics: A European Review, 18(1), 21–36.   https:/​​/​​doi.org/​​10.1111/​​j.1467-8608.2009.01546.x


Johanson, J., & Vahlne, J. E. (2009). The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership. Journal of International Business Studies, 40(9), 1411-1431.
 
Kamal-Chaoui, L. (2017). Unlocking the potential of SMEs for the SDGs | Development Matters. OECD Global Forum on Development. https:/​​/​​oecd-development-   matters.org/​​2017/​​04/​​03/​​unlocking-the-potential-of-smes-for-the-sdgs/

 

Katsinis, A., Lagüera González, J., Schulze Brock, P. and Di Bella, L, Monitoring SMEs’ performance in Europe, Publications Office of the European Union, Luxembourg, 2025, https:/​/​data.europa.eu/​doi/​10.2760/​9209224, JRC142098.

 

Knight, G. A., & Liesch, P. W. (2016). Internationalization: From incremental to born global. Journal of World Business, 51(1), 93-102.

 

Kumari, S., Shirodkar, V., & McGuire, S. (2025). The impact of home institutions on the internationalization of emerging market SMEs: a systematic review. Multinational Business Review, 33(1), 68-96.
 
Li, L., Li, D., & Dalgic, T. (2004). Internationalization process of small and medium-sized enterprises: Toward a hybrid model of experiential learning and planning. MIR: Management International Review, 93-116.
 
Lu, J. W., & Beamish, P. W. (2001). The internationalization and performance of SMEs. Strategic Management Journal, 22(6‐7), 565-586.

 

Löfgren, A. (2014). International network management for the purpose of host market expansion: The mediating effect of co-innovation in the networks of SMEs. Journal of International Entrepreneurship, 12(2), 162–182. https:/​​/​​doi.org/​​10.1007/​​s10843- 014-0129-1 

 

López-Pérez, M. E., Melero, I. & Javier Sese, F. (2017). Management for Sustainable Development and Its Impact on Firm Value in the SME Context: Does Size Matter? Business Strategy and the Environment, 26(7), 985–999. https:/​​/​​doi.org/​​10.1002/​​bse.1961

 

López González, J. & Sorescu, S. (2019). Helping SMEs internationalise through trade facilitation. In OECD Trade Policy Papers (Issue 229). https:/​​/​​doi.org/​​10.1787/​​2050e6b0-en

 

Maldonado-Erazo, C. P., Álvarez-García, J., del Río-Rama, M. de la C. & Correa- Quezada, R. (2020). Corporate Social Responsibility and Performance in SMEs: Scientific Coverage. Sustainability, 12(6), 2332. https:/​​/​​doi.org/​​10.3390/​​su12062332

 

Manesh, S. M. Z. E. & Rialp-Criado, A. (2019). International ecopreneurs: The case of eco-entrepreneurial new ventures in the renewable energy industry. Journal of International Entrepreneurship, 17(1), 103–126. https:/​​/​​doi.org/​​10.1007/​​s10843- 017-0222-3 

 

Manolopoulos, D., Chatzopoulou, E. & Kottaridi, C. (2018). Resources, home institutional context and SMEs’ exporting: Direct relationships and contingency effects. International Business Review, August 2016.   https:/​​/​​doi.org/​​10.1016/​​j.ibusrev.2018.02.011

 

Manolova, T. S., Manev, I. M. & Gyoshev, B. S. (2010). In good company: The role of personal and inter-firm networks for new-venture internationalization in a transition economy. Journal of World Business, 45(3), 257–265. https:/​​/​​doi.org/​​10.1016/​​j.jwb.2009.09.004

 

Martín-Tapia, I., Aragón-Correa, J. A. & Rueda-Manzanares, A. (2010). Environmental strategy and exports in medium, small and micro-enterprises. Journal of World Business, 45(3), 266–275. https:/​​/​​doi.org/​​10.1016/​​j.jwb.2009.09.009

 

Menzies, J., Orr, S., & Paul, J. (2020). SME internationalisation: The relationship between social capital and entry mode. Management International Review, 60(4), 623-650.

 

Moore, G. & Spence, L. J. (2006). Editorial: Responsibility and Small Business. Journal of Business Ethics, 67(3), 219–226. https:/​​/​​doi.org/​​10.1007/​​s10551-006-9180-8

 

Morais, F., & Ferreira, J. J. (2020). SME internationalisation process: Key issues and contributions, existing gaps and the future research agenda. European Management Journal, 38(1), 62-77.

 

Morsing, M. & Spence, L. J. (2019). Corporate social responsibility (CSR) communication and small and medium sized enterprises: The governmentality dilemma of explicit and implicit CSR communication. Human Relations, 001872671880430.   https:/​​/​​doi.org/​​10.1177/​​0018726718804306
 
Nordman, E. R., & Tolstoy, D. (2014). Does relationship psychic distance matter for the learning processes of internationalizing SMEs?. International Business Review, 23(1), 30-37.
 
Oehme, M., & Bort, S. (2015). SME internationalization modes in the German biotechnology industry: The influence of imitation, network position, and international experience. Journal of International Business Studies, 46(6), 629-655.

 

Ong, X., Freeman, S., Goxe, F., Guercini, S., & Cooper, B. (2022). Outsidership, network positions and cooperation among internationalizing SMEs: An industry evolutionary perspective. International Business Review, 31(3), 101970.
 
Onkelinx, J., Manolova, T. S., & Edelman, L. F. (2016). Human capital and SME internationalization: Empirical evidence from Belgium. International Small Business Journal, 34(6), 818-837.

 

Oviatt, B. M. & McDougall, P. P. (2005). Defining International Entrepreneurship and Modeling the Speed of Internationalization. Entrepreneurship Theory and Practice, 29(5), 537–553.   https:/​​/​​doi.org/​​10.1111/​​j.1540-6520.2005.00097.x
 
Pellegrino, J. M., & McNaughton, R. B. (2017). Beyond learning by experience: The use of alternative learning processes by incrementally and rapidly internationalizing SMEs. International Business Review, 26(4), 614-627.

 

Perrini, F., Russo, A. & Tencati, A. (2007). CSR Strategies of SMEs and Large Firms. Evidence from Italy. Journal of Business Ethics, 74(3), 285–300. https:/​​/​​doi.org/​​10.1007/​​s10551-006-9235-x

 

Pongelli, C., Majocchi, A., Bauweraerts, J., Sciascia, S., Caroli, M., & Verbeke, A. (2023). The impact of board of directors’ characteristics on the internationalization of family SMEs. Journal of World Business, 58(2), 101412.

 

Porter, M. & Kramer, M. (2006). Strategy and Society: The Link Between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review, December, 1–378. https:/​​/​​doi.org/​​10.1007/​​3-540-33247-2

 

Rumyantseva, M., & Welch, C. (2023). The born global and international new venture revisited: An alternative explanation for early and rapid internationalization. Journal of International Business Studies, 54(7), 1193-1221.

 

Russo, A. & Perrini, F. (2010). Investigating stakeholder theory and social capital: CSR in large firms and SMEs. Journal of Business Ethics, 91(2), 207–221. https:/​​/​​doi.org/​​10.1007/​​s10551-009-0079-z

 

Ryan, A., O’Malley, L. & O’Dwyer, M. (2010). Responsible business practice: re- framing CSR for effective SME engagement. European J. of International Management, 4(3), 290. https:/​​/​​doi.org/​​10.1504/​​EJIM.2010.033005

 

Sadeghi, A., Aliasghar, O., & Bouguerra, A. (2023). Unpacking the relationship between post-entry speed of internationalization and export performance of SMEs: A capability-building perspective. Journal of International Management, 29(1), 100982.
 
Safari, A., & Chetty, S. (2019). Multilevel psychic distance and its impact on SME internationalization. International Business Review, 28(4), 754-765.

 

Schulze, B.P., Katsinis, A. Lagüera, G.J., Di, B.L., Odenthal, L., Hell, M. and Secades, C.B. (2025). Annual Report on European SMEs 2024/2025, SME performance review. 

 

Sousa, C., & Mmadubuko, M. (2025). Understanding Small and Medium Enterprises Internationalization From the Dynamic Capabilities' Perspective: A Systematic Review. Strategic Change.

 

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Torugsa, N. A., O’Donohue, W. & Hecker, R. (2012). Capabilities, Proactive CSR and Financial Performance in SMEs: Empirical Evidence from an Australian Manufacturing Industry Sector. Journal of Business Ethics, 109(4), 483–500. https:/​​/​​doi.org/​​10.1007/​​s10551-011-1141-1

 

Treviño, L. J. & Doh, J. P. (2020). Internationalization of the firm: A discourse-based view. Journal of International Business Studies, 1–19. https:/​​/​​doi.org/​​10.1057/​​s41267-020-00344-8

 

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Last updated on 03/11/2025