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Global Challenges and Survival Strategies of the SMEs in the Era of Economic Globalization: A Systematic Review

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  • Naradda Gamage, Sisira Kumara
  • Ekanayake, EMS
  • Abeyrathne, GAKNJ
  • Prasanna, RPIR
  • Jayasundara, JMSB
  • Rajapakshe, PSK

Abstract

Globalization has presented new challenges for SMEs due to the increased competition, and as a result, the mortality rate of SMEs after a shorter period of commencement is relatively high. Accordingly, SMEs necessity to adopt survival strategies and strategic decisions to succeed in the business environment facing global challenges. This study attempted to critically review the existing literature on the global challenge for SMEs to identify the survival and succeeding strategies of SMEs in the current competitive business environment. Published reports in the field by the recognized multilateral organizations and seventy-five excellent research papers published by four recognized journal publishing companies: Emerald, Elsevier, Tayler & Francis, and MDPI were selected for inclusion in this review. Based on this review, it has been found that leading global challenges for SMEs in economic globalization include: global market competition, global financial and economic crisis, information communication technology, rise of Multinational Corporations, Transnational Corporations, changing profile of consumers and their preferences, trade dumping, international terrorism and religious conflicts, and trade wars. Further research could take on survival Strategies of SMEs in the industrial level to identify the sustainability-oriented specific policies. As well as a need for a stronger theoretical examination on survival strategies of SMEs in the global challenges.

Suggested Citation

  • Naradda Gamage, Sisira Kumara & Ekanayake, EMS & Abeyrathne, GAKNJ & Prasanna, RPIR & Jayasundara, JMSB & Rajapakshe, PSK, 2019. "Global Challenges and Survival Strategies of the SMEs in the Era of Economic Globalization: A Systematic Review," MPRA Paper 98419, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:98419
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    Cited by:

    1. Bandara, KBTUK & Jayasundara, JMSB & Naradda Gamage, Sisira Kumara & Ekanayake, EMS & Rajapackshe, PSK & Abeyrathne, GAKNJ & Prasanna, RPIR, 2020. "Entrepreneurial Marketing & Performance of Small & Medium Enterprises in Developed and Developing Economies: A Conceptual Exploration," MPRA Paper 104341, University Library of Munich, Germany.
    2. Enikő Korcsmáros & Bence Csinger, 2022. "Sustainable Competitiveness in the Case of SMEs—Opportunities Provided by Social Media in an International Comparison," Sustainability, MDPI, vol. 14(19), pages 1-18, September.
    3. Sisira Kumara Naradda Gamage & EMS Ekanayake & GAKNJ Abeyrathne & RPIR Prasanna & JMSB Jayasundara & PSK Rajapakshe, 2020. "A Review of Global Challenges and Survival Strategies of Small and Medium Enterprises (SMEs)," Economies, MDPI, vol. 8(4), pages 1-24, October.
    4. Amin, Hindu Jibril, 2021. "Effect of Entrepreneurial Marketing Dimensions on Small and Medium Enterprises Performance in Nasarawa State," OSF Preprints n483y, Center for Open Science.
    5. Rajapakshe, PSK & Gamage, SKN & Prasanna, RPIR & Jayasundara, JMSB & Ekanayake, EMS & Upulwehera, JMHM & Wijerathna, WAID & Abeyrathne, GAKNJ, 2020. "Social Capital, Performance of SMEs, and COVID-19 Pandemic," MPRA Paper 109530, University Library of Munich, Germany, revised 30 Aug 2020.
    6. Naz Abdulkareem Arif & Moha Asri Bin Abdullah, 2020. "Problems and Global Challenges of Small and Medium Enterprises (SMEs) in Iran," International Journal of Science and Business, IJSAB International, vol. 4(12), pages 80-92.
    7. Rajapakshe, PSK & Jayasundara, JMSB & Prasanna, RPIR & Ekanayake, EMS & Naradda Gamage, Sisira Kumara & Abeyrathne, GAKNJ & Aravinda, MAKN & Bandara, KBTUK & Senarath, BTDN, 2020. "Investigation of Institutional and Legislative Barriers and Drivers for Sustainable Transition Development of SMEs in Sri Lanka: A Literature Review," MPRA Paper 105052, University Library of Munich, Germany, revised 30 Dec 2020.

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    More about this item

    Keywords

    Globalization; Global Challenges; Survival Strategies; Competitiveness; Small and Medium Enterprises;
    All these keywords.

    JEL classification:

    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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