IDEAS home Printed from https://ideas.repec.org/a/gam/jjrfmx/v15y2022i8p361-d888360.html
   My bibliography  Save this article

Risk Management in the Internationalization of Small and Medium-Sized Spanish Companies

Author

Listed:
  • Ana Cruz González Calzadilla

    (Department of Financial Economics and Accounting, University Pablo of Olavide of Seville, Ctra. Utrera, Km. 1, 41013 Sevilla, Spain)

  • María Segovia Villarreal

    (Department of Financial Economics and Accounting, University Pablo of Olavide of Seville, Ctra. Utrera, Km. 1, 41013 Sevilla, Spain)

  • Juan Manuel Ramón Jerónimo

    (Department of Financial Economics and Accounting, University Pablo of Olavide of Seville, Ctra. Utrera, Km. 1, 41013 Sevilla, Spain)

  • Raquel Flórez López

    (Department of Financial Economics and Accounting, University Pablo of Olavide of Seville, Ctra. Utrera, Km. 1, 41013 Sevilla, Spain)

Abstract

The aim of this study is to analyze how Spanish small and medium-sized enterprises (hereinafter SMEs) manage risks derived from internationalization to improve performance. For this purpose, a case study was elaborated to understand the different risk management strategies used by Spanish SMEs in order to improve performance. Data were collected through sixteen semi-structured interviews. Findings suggest that although the internationalization process involves risk, SMEs, despite their size, can develop a proper risk management which leads to improve performance. Additionally, it is suggested that internationalization risks are not an impediment for SMEs to become involved in international activity, but that it is the way they manage them which makes SMEs improve their performance. Furthermore, the internationalization strategy becomes more efficient when a differentiation and innovation strategy are followed simultaneously.

Suggested Citation

  • Ana Cruz González Calzadilla & María Segovia Villarreal & Juan Manuel Ramón Jerónimo & Raquel Flórez López, 2022. "Risk Management in the Internationalization of Small and Medium-Sized Spanish Companies," JRFM, MDPI, vol. 15(8), pages 1-21, August.
    • Handle: RePEc:gam:jjrfmx:v:15:y:2022:i:8:p:361-:d:888360
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1911-8074/15/8/361/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1911-8074/15/8/361/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Oparaocha, Gospel Onyema, 2015. "SMEs and international entrepreneurship: An institutional network perspective," International Business Review, Elsevier, vol. 24(5), pages 861-873.
    2. S Tamer Cavusgil & Gary Knight, 2015. "The born global firm: An entrepreneurial and capabilities perspective on early and rapid internationalization," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 46(1), pages 3-16, January.
    3. Karl E. Weick & Kathleen M. Sutcliffe, 2006. "Mindfulness and the Quality of Organizational Attention," Organization Science, INFORMS, vol. 17(4), pages 514-524, August.
    4. Bullough, Amanda & Renko, Maija, 2013. "Entrepreneurial resilience during challenging times," Business Horizons, Elsevier, vol. 56(3), pages 343-350.
    5. Laufs, Katharina & Schwens, Christian, 2014. "Foreign market entry mode choice of small and medium-sized enterprises: A systematic review and future research agenda," International Business Review, Elsevier, vol. 23(6), pages 1109-1126.
    6. Knight, Gary A. & Liesch, Peter W., 2016. "Internationalization: From incremental to born global," Journal of World Business, Elsevier, vol. 51(1), pages 93-102.
    7. Atanu Sengupta & Sanjoy De, 2020. "Review of Literature," India Studies in Business and Economics, in: Assessing Performance of Banks in India Fifty Years After Nationalization, chapter 0, pages 15-30, Springer.
    8. Mikes, Anette, 2011. "From counting risk to making risk count: Boundary-work in risk management," Accounting, Organizations and Society, Elsevier, vol. 36(4), pages 226-245.
    9. Gerring, John, 2004. "What Is a Case Study and What Is It Good for?," American Political Science Review, Cambridge University Press, vol. 98(2), pages 341-354, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Valentin Nikolaenko & Anatoly Sidorov, 2023. "Assessing the Maturity Level of Risk Management in IT Projects," Sustainability, MDPI, vol. 15(17), pages 1-19, August.
    2. Mehmet Civelek & Michal Erben & Michal Kuděj & Zuzana Vincúrová & Wan Mohd Hirwani Wan Hussain, 2024. "Exploring the influence of risk management capabilities on SMEs’ export intentions: a cross-country analysis," International Entrepreneurship and Management Journal, Springer, vol. 20(3), pages 2369-2396, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Goxe, François & Mayrhofer, Ulrike & Kuivalainen, Olli, 2022. "Argonauts and Icaruses: Social networks and dynamics of nascent international entrepreneurs," International Business Review, Elsevier, vol. 31(1).
    2. Shayegheh Ashourizadeh & Mehrzad Saeedikiya, 2022. "Immigrant and native export benefiting from business collaborations: a global study," Papers 2205.13171, arXiv.org.
    3. Dzikowski, Piotr, 2018. "A bibliometric analysis of born global firms," Journal of Business Research, Elsevier, vol. 85(C), pages 281-294.
    4. Azlina Mohamad & Adriana Mohd Rizal & Suzilawati Kamarudin & Musli Sahimi, 2022. "Exploring the Co-Creation of Small and Medium Enterprises, and Service Providers Enabled by Digital Interactive Platforms for Internationalization: A Case Study in Malaysia," Sustainability, MDPI, vol. 14(23), pages 1-24, December.
    5. Deaza, José Armando & Díaz, Néstor Fabián & Castiblanco, Suelen Emilia & María Inés Barbosa, Universidad de La Salle, 2020. "International market selection models: a literature review," Revista Tendencias, Universidad de Narino, vol. 21(2), pages 191-217, July.
    6. Laura H. Middermann & Lubna Rashid, 2019. "Cross-Country Differences in Entrepreneurial Internationalization Tendencies: Evidence from Germany and Pakistan," Administrative Sciences, MDPI, vol. 9(3), pages 1-17, July.
    7. Blesa, Andreu & Ripollés, María, 2021. "Critical capabilities for widening international new ventures’ geographical scope," European Management Journal, Elsevier, vol. 39(2), pages 201-213.
    8. Shaheer, Noman Ahmed & Li, Sali, 2020. "The CAGE around cyberspace? How digital innovations internationalize in a virtual world," Journal of Business Venturing, Elsevier, vol. 35(1).
    9. Quan Anh Nguyen & Gillian Sullivan Mort, 0. "Conceptualising organisational-level and microfoundational capabilities: an integrated view of born-globals’ internationalisation," International Entrepreneurship and Management Journal, Springer, vol. 0, pages 1-23.
    10. Maria Rumyantseva & Catherine Welch, 2023. "The born global and international new venture revisited: An alternative explanation for early and rapid internationalization," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 54(7), pages 1193-1221, September.
    11. Taheri, Mozhdeh & van Geenhuizen, Marina, 2019. "Knowledge relationships of university spin-off firms: Contrasting dynamics in global reach," Technological Forecasting and Social Change, Elsevier, vol. 144(C), pages 193-204.
    12. Maria Ripollés & Andreu Blesa, 2020. "And yet, non-equity cooperative entries do improve international performance: uncovering the role of networks’ social capital," Small Business Economics, Springer, vol. 55(3), pages 761-776, October.
    13. Laura Helen Middermann, 2020. "Do Immigrant Entrepreneurs Have Natural Cognitive Advantages for International Entrepreneurial Activity?," Sustainability, MDPI, vol. 12(7), pages 1-13, April.
    14. René Bohnsack & Francesca Ciulli & Ans Kolk, 2021. "The role of business models in firm internationalization: An exploration of European electricity firms in the context of the energy transition," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(5), pages 824-852, July.
    15. Øyna, Stine & Almor, Tamar & Elango, B. & Tarba, Shlomo Y., 2018. "Maturing born globals and their acquisitive behaviour," International Business Review, Elsevier, vol. 27(3), pages 714-725.
    16. Angela Rocha & Vítor Corado Simões & Renato Cotta Mello & Jorge Carneiro, 2017. "From global start-ups to the borderless firm: Why and how to build a worldwide value system," Journal of International Entrepreneurship, Springer, vol. 15(2), pages 121-144, June.
    17. Dominguez, Noémie & Mayrhofer, Ulrike, 2017. "Internationalization stages of traditional SMEs: Increasing, decreasing and re-increasing commitment to foreign markets," International Business Review, Elsevier, vol. 26(6), pages 1051-1063.
    18. Figueiredo, Marco & Ferreira, João J. & Vrontis, Demetris, 2024. "Perspectives on dynamic capabilities and ambidexterity in born-global companies: Theoretical framing, review and research agenda," Journal of International Management, Elsevier, vol. 30(1).
    19. Solano Acosta, Alexandra & Herrero Crespo, Ángel & Collado Agudo, Jesús, 2018. "Effect of market orientation, network capability and entrepreneurial orientation on international performance of small and medium enterprises (SMEs)," International Business Review, Elsevier, vol. 27(6), pages 1128-1140.
    20. Nave, Edgar & Ferreira, João J. & Carneiro, Jorge, 2024. "International entrepreneurial orientation and early internationalisation of SMEs: Does international networking orientation with competitors and non-competitors make a difference?," Journal of International Management, Elsevier, vol. 30(4).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jjrfmx:v:15:y:2022:i:8:p:361-:d:888360. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.