Open Access Open Access  Restricted Access Subscription Access

Emerging markets and cross-cultural distance: an revisiting of drivers of sme internationalization process

Francesco Scalamonti


Small and medium-sized enterprises (SMEs), often find certain difficulties in starting internationalization processes, especially if the target markets are distinguishable by a liability of foreignness, which makes them, the most difficult markets to have to approach, but which may also represent important opportunities for the future development of the business, as are the emerging ones. The present discussant paper aims to place itself within this line of studies to try to offer a direct theoretical framework to interpretation of internationalization strategies of SMEs in emerging markets, thus highlighting the drivers that can influence the variety of strategic behaviours.
The implications that lie ahead are twofold. In the first place, bringing to attention of managers and entrepreneurs a series of possible strategic approaches that can be pursued in the current phase of globalization to penetrate emerging markets, characterized then by an intercultural distance. Secondly, it wants to be an updated theoretical tool supporting analysts and researchers, which they can also use for subsequent empirical analyzes.


internationalization, emerging markets, cross-cultural distance

Full Text:

PDF (Italiano)


Abdul-Mutalib, A.F., Sapri, M., & Sipan, I. (2018). An assessment model of FM organisational performance. Facilities, 36(3/4), 212–26. doi:10.1108/f-06-2016-0072

Abecrombie, N., Hill, S., & Turner, B. (2006). Globalizations. In The Penguin Dictionary of Sociology (5th ed.). London, England: Penguin.

Adusei, M. (2014). Does stock market development promote economic growth in Ghana?. International Journal of Economics and Finance, 6(6), 119-26. doi:10.5539/ijef.v6n6p119

Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2010). Does foreign direct investment promote growth? Exploring the role of financial markets on linkages. Journal of Development Economics, 91(2), 242–56. doi:10.1016/j.jdeveco.2009.09.004

Altman, M., Van der Heijden, T., Mayer, M., & Lewis, G. (2005). Employment oriented industry studies: A review of trade in services. Paper presented at Human Sciences Research Council, Employment Growth and Development Initiative, Pretoria, April (pp. 1-39). South Africa.

Ambrosini, M. (2001). The role of immigrants in the Italian labour market. International Migration, 39(3), 61-83. doi:10.1111/1468-2435.00156

Andersen, P.H., Christensen, P.R. & Blenker, P. (1997). Generic routes to subcontractors’ internationalisation. In I. Björkman & M. Forsgren (Eds.), The nature of the international firm (pp. 231-55), Copenhagen, Denmark: Copenhagen Business School Press.

Anderson, E., & Gatignon, H. (1986). Modes of foreign entry: A transaction cost analysis and propositions. Journal of international business studies, 17(3), 1-26. doi: 10.1057/palgrave.jibs.8490432

Antonelli, G. & Vigano, E. (2012). Il ruolo dei marchi di qualità dell’Unione Europea nelle strategie competitive delle piccole e medie imprese agroalimentari italiane. Piccola Impresa / Small Business, 3, 31-47. doi:10.14596/pisb.31

Barkema, H., & Vermeulen, F. (1998). International expansion through start-up or acquisition: a learning perspective. Academy of Management Journal, 41(1), 7-26. doi:10.2307/256894

Barnard, H. (2010). Overcoming the liability of foreignness without strong firm capabilities: the value of market-based resources. Journal of International Management, 16(2), 165–76. doi:10.1016/j.intman.2010.03.007

Barney, J.B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99-120. doi:10.1177/014920639101700108

Bartlett, C.A., & Ghoshal, S. (1990). Management globale: la soluzione transnazionale per la direzione d’impresa. Milano: Etas.

Bell, J., McNaughton, R., Young, S. & Crick D. (2003). Towards an integrative model of small firm internationalization. Journal of International Entrepreneurship, 1(4), 339–62. doi:10.1023/a:1025629424041

Bellini, N. (2000). Il marketing territoriale: sfide per l’Italia nella nuova economia. Milano: Angeli.

Bende-Nabende, A. (2002). Globalisation, FDI, regional integration and sustainable development, Ashgate: Aldershot.

Benito, G.R., & Gripsrud, G. (1992). The expansion of foreign direct investments: Discrete rational location choices or a cultural learning process?. Journal of International Business Studies, 23(3), 461-76. doi:10.1057/palgrave.jibs.8490275

Bertoli, G., & Bertuzzi, P. (2002). I consorzi export nei processi di internazionalizzazione delle imprese minori. In C. Guerini (Ed.), Export Marketing. Milano: Egea.

Bertoli, G., & Pittella, S. (2009). Passaggio in India per le imprese italiane: l’esperienza di Ferrero. In Micro & Macro Marketing, 1, 159-92. doi:10.1431/29373

Bloodgood, J.M., Sapienza, H.J., & Almeida, J.G. (1996). The internationalization of new high potential U.S. ventures: antecedents and outcomes. Entrepreneurship Theory and Practice, 20(4), 61–76. doi:10.1177/104225879602000405

Bonaccorsi, A. (1992). On the relationship between firm size and export intensity. Journal of International Business Studies, 23(4), 605–35. doi:10.1057/palgrave.jibs.8490280

Bortoluzzi, G., & Balboni, B. (2011). Risorse, competenze e internazionalizzazione nelle PMI di subfornitura: un’analisi esplorativa nel comparto plasto-meccanico. Piccola Impresa / Small Business, 1, 11-38. doi:10.14596/pisb.49

Brouthers, K.D., & Nakos, G. (2004). SME entry mode choice and performance: A transaction cost perspective. Entrepreneurship Theory and Practice, 28(3), 229-47. doi:10.1111/j.1540-6520.2004.00041.x

Buckley, P.J., & Casson, M. (1976). The future of multinational enterprise. London: Holmes&Meier.

Calza, F., Aliane, N., & Cannavale, C. (2010). Cross-cultural differences and Italian firms’ internationalization in Algeria: exploring assertiveness and performance orientation. European Business Review, 22, 246–72. doi:10.1108/09555341011023551

Cammett, M. (2007) Globalization and business politics in north Africa: a comparative perspective, Cambridge, England: Cambridge University Press.

Caroli, M.G. & Lipparini A. (2002). Le piccole e medie imprese italiane e i percorsi di crescita internazionale: il quadro di riferimento. In Caroli M.G., Lipparini A. (a cura di), Piccole imprese oltre confine. Competenze e processi di internazionalizzazione (Cap. 1), Roma: Carocci.

Castellani, D. & Zanfei, A. (2004). Choosing international linkage strategies in electronics industry: The role of multinational experience, Journal of Economic Behaviour and Organisation, 53(4), 447-75. doi:10.1016/s0167-2681(03)00086-6

Castellani, D., Jimenez, A., & Zanfei, A. (2013). How remote are R&D labs? Distance factors and international innovative activities. Journal of International Business Studies, 44(7), pp. 649-675. doi:10.1057/jibs.2013.30

Castellani, D., Zanfei, A. (2007). Internationalisation, Innovation and productivity: how do firms differ in Italy?. The World Economy, 30(1), 156-76. doi:10.1111/j.1467-9701.2007.00875.x

Cavusgil, S.T., & Godiwalla, Y.M. (1982). Decision making for International Marketing: A Comparative Review. Management Decision, 20(4), 47-54. doi:10.1108/eb001299

Cedrola, E., & Battaglia, L. (2011). Piccole e medie imprese e internazionalità: strategie di business, relazioni, innovazione. Sinergie, 85, 71-92.

Cerrato, D., & Depperu, D. (2010). Internazionalizzazione e competitività delle imprese produttrici di macchine utensili: alcune evidenze empiriche. Piccola Impresa / Small Business, 3, 11-37. doi:10.14596/pisb.55

Chetty, S., & Blackenburg-Holm, D. (2000). Internationalisation of small to medium-sized firms: a network approach. International Business Review, 9(1), 77–93. doi:10.1016/s0969-5931(99)00030-x

Chironga, M., Leke, A., Lund, S., & Van-Wamelen, A. (2011). Cracking the next growth market: Africa. Harvard Business Review, 89(5), 117-22.

Choong, C.K. (2012). Does domestic financial development enhance the linkages between foreign direct investment and economic growth?. Empirical Economics, 42(3), 819-34. doi:10.1007/s00181-011-0455-2

Ciambotti, M., & Palazzi, F. (2015). Medie imprese italiane: un’indagine sui valori d’impresa. Piccola Impresa / Small Business, 1, 10-30. doi:10.14596/pisb.174

Ciaramella, A., & Dettwiler, P. (2011). A relocation model of European manufacturing firms: cases from Italy and Sweden. Journal of Corporate Real Estate, 13(4), 233–46. doi:10.1108/14630011111214437

Coda, V. (1985). Valori imprenditoriali e successo dell’impresa. Finanza, Marketing e Produzione, 2, 23–56.

Coda, V. (1988). L’orientamento strategico di fondo. Torino: UTET.

Cohen, W., & Levinthal, D. (1990). Absorptive capacity: a new perspective on learning and innovation. Administrative Science Quarterly, 35, 128-52. doi:10.2307/2393553

Colli, A. (2003). Il quarto capitalismo: un profilo italiano. Venezia: Marsilio.

Coltorti, F. (2004). Le medie imprese industriali italiane: nuovi aspetti economici e finanziari. Economia e politica industriale, 121, 5-25.

Corbetta, G. (2001). Le medie imprese: alla ricerca della loro identità. Milano: Egea.

Corò, G., & Grandinetti, R. (1999). Strategie di delocalizzazione e processi evolutivi nei distretti industriali italiani. L’industria, 20(4), 897-924. doi:10.1430/2264

Coviello, N., & Munro H., (1995). Growing the entrepreneurial firm: Networking for international market development. European Journal of Marketing, 29(7), 49–61. doi:10.1108/03090569510095008

Coviello, N.E. (2006). The network dynamics of international new ventures. Journal of International Business Studies, 37(5), 713-31. doi:10.1057/palgrave.jibs.8400219

Crick, D. (2009). The internationalisation of born global and international new venture SMEs. International Marketing Review, 26(4/5), 453-76. doi:10.1108/02651330910971986

Cuervo-Cazurra, A., & Genc, M. (2010). Obligating, pressuring and supporting dimensions of the environment and the non-market advantages of developing-country multinational companies. Journal of Management Studies, 48(2), 441–55. doi:10.1111/j.1467-6486.2010.00964.x

Cuervo-Cazurra, A., Maloney, M.M., & Manrakhan, S. (2007). Causes of the difficulties in internationalization. Journal of International Business Studies, 38(5), 709–25. doi:10.1057/palgrave.jibs.8400295.

Dagnino, G.B., & Rocco, E. (2009). Coopetition Strategy Theory, experiments and cases. London, England: Routledge.

De Chiara, A., & Minguzzi, A. (2002). Success factors in SMEs internationalization process: an Italian investigation. Journal of Small Business Management, 40(2), 144–53. doi:10.1111/1540-627x.00046

De Mooij, M. (2010). Global Marketing and Advertising. Los Angeles, CA: Sage.

Depperu, D., Antoldi, F., & Cerrato, D. (2009). The strategic management of export consortia: An analysis of the experience of UNIDO in Morocco, Peru, Tunisia and Uruguay. UNIDO report of Industrial Policy and Private Sector Development Branch - Programme Development and Technical Cooperation Division (pp. 1-139).

Dettwiler, P. (2008). Modelling the relationship between business cycles and office location. Facilities, 26(3/4), 157–72. doi:10.1108/02632770810849490

Dhanaraj, C., Beamish, P.W. (2003). A resource-based approach to the study of export performance. Journal of Small Business Management, 41(3), 242-61. doi:10.1111/1540-627x.00080

Di Maggio, P.J., & Powell, W.W. (1983). The iron cage revisited: Institutional Isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147-60. doi:10.2307/2095101.

Doner, R.F., & Schneider, B.R. (2000). Business associations and economic development: why some associations contribute more than others. Business and Politics, 2(3), 261–88. doi:10.2202/1469-3569.1011

Draper, P., & Scholvin, S. (2012). The economic gateway to Africa? Geography, strategy and South Africa’s regional economic relations. Occcasional paper 121 presented at South African Institute for International Affairs, Economic Diplomacy Programme, Johannesburg, September (pp. 1-46).

Dukor, M. (2010). Theistic humanism of African philosophy: The great debate and substance of philosophy. Saarbrucken: Academic Publishing.

Dunning, J., Fujita, M., & Yakova, N. (2007). Some macro data on the regionalisation/globalisation debate, Journal of International Business Studies, 38(1), 177–99. doi:10.1057/palgrave.jibs.8400241

Dunning, J.H. (1988). The eclectic paradigm of international production: A restatement and some possible extensions. Journal of International Business Studies, 19(1), 1-31. doi:10.1057/palgrave.jibs.8490372

Dutta, N., & Roy, S. (2011). Foreign direct investment, financial development and political risks. The Journal of Developing Areas, 44(2), 303–27. doi:10.1353/jda.0.0106

Eden, L., & Miller, S. (2004). Distance matters: Liability of foreignness institutional distance and ownership strategy. In M. Hitt & J. Cheng (Eds.), Theories of the multinational enterprise: diversity complexity and relevance (pp. 187-221), Bingley, England: Emerald Group.

Elango, B. (2009). Minimizing effects of liability of foreignness: Response strategies of foreign firms in the United States. Journal of World Business, 44(1), 1–62. doi:10.1016/j.jwb.2008.03.012.

Elango, B., & Pattnaik, C. (2007). Building capabilities for international operations through networks: a study of Indian firms. Journal of International Business Studies, 38(4), 541-55. doi:10.1057/palgrave.jibs.8400280

Eriksson, K, Johanson, J., Majkgärd, A., & Sharma, D.D. (2000). Effect of variation on knowledge accumulation in the internationalization process. International Studies of Management and Organization, 30(1), 26-44. doi:10.1080/00208825.2000.11656781

Eriksson, K., & Chetty, S. (2003). The effect of experience and absorptive capacity on foreign market knowledge. International Business Review, 12(6), 673-95. doi:10.1016/j.ibusrev.2003.07.001

Erramilli, M.K. (1991). The experience factor in foreign market entry behavior of service firms. Journal of International Business Studies, 22(3), 479-501. doi: 10.1057/palgrave.jibs.8490312

Evers, N., & Knight, J. (2008). Role of international trade shows in small firm internationalization: a network perspective. International Marketing Review, 25(5), 544-62. doi:10.1108/02651330810904080

Feenstra, R. (1998). Integration of trade and disintegration of production in the global economy. Journal of Economic Perspectives, 12(4), 31–50. doi:10.1257/jep.12.4.31

Ferrero, G., Fortezza, F., & Savelli, S. (2012). Necessità di un nuovo approccio al mercato delle PI. Il contributo della letteratura di marketing. Piccola Impresa / Small Business, 1, 7-19. doi:10.14596/pisb.191

Ferrucci, L. (2000). Strategie competitive e processi di crescita della impresa, Milano: Angeli.

Ferrucci, L., & Guercini, S. (2013). Le medie imprese tra continuità strategica e cambiamento nella crisi economica mondiale. Mercati e Competitività, 3(11), 24. doi:10.3280/mc2013-003002

Ferrucci, L., & Paciullo, G. (a cura di) (2015). Internazionalizzazione in Africa tra imprese, istituzioni pubbliche e organizzazioni no-profit. Milano: Angeli.

Ferrucci, L., & Picciotti, A. (2017), I distretti industriali italiani tra offshoring e strategie di back-reshoring, Piccola Impresa / Small Business, 1, 86-109. doi:10.14596/pisb.246

Ferrucci, L., Gigliotti, M., & Runfola, A. (2018). Italian firms in emerging markets: relationships and networks for internationalization in Africa. Journal of Small Business and Entrepreneurship, 30(5), 375–95. doi:10.1080/08276331.2017.1412611

Florida, R. (2005). Cities and the creative class. London, England: Routledge.

Ford, D., Hakansson, H., Gadde, L.E., Snehota, I. (2003). Managing business relationships. Chichester, England: Wiley.

Forsgren, M., & Johanson, J. (Eds.) (1992). Management networks in international business. Philadelphia, PA: Gordon and Breach.

Francioni, B. (2016). Il ruolo dell’imprenditore e delle relazioni nello sviluppo internazionale dei birrifici artigianali. Piccola Impresa / Small Business, 1, 139-58. doi:10.14596/pisb.245

Francioni, B., Musso, F. & Cioppi, M. (2015). Decision-maker characteristics and international decisions for SMEs. Management Decision, 53(10), 2226-49. doi:10.1108/MD03-2015-0094

Francioni, B., Musso, F., & Pagano, A. (2012). Il ruolo dei consorzi per la valorizzazione del Made in Italy nel mercato indiano. Piccola Impresa / Small Business, 3, 99-123. doi:10.14596/pisb.34

Frimousse, S., Swalhi, A., & Wahidi, M. (2012). The hybridization and internationalization of HRM in the Maghreb. Cross Cultural Management: An International Journal, 19(2), 257-70. doi:10.1108/13527601211219928

Gabrielsson, M., & Manek Kirpalani V.H. (2004). Born globals: How to reach new business space rapidly. International Business Review, 13(5), 555-71. doi:10.1016/j.ibusrev.2004.03.005

Gereffi, G., Fernandez-Stark, K., & Psilos, P. (2011). Skills for upgrading: workforce development and global value chains in developing countries. Durham, NC: Duke Center on Globalization Governance and Competitiveness.

Gereffi, G., Humphrey, J., & Sturgeon, T.J. (2005). The governance of global value chains. Review of International Political Economy, 12(1), 78–104. doi:10.1080/09692290500049805

Ghauri, P., Lutz, C., & Tesfom, G. (2003). Using business networks to solve export marketing problems of small and medium sized manufacturing firms from developing countries. European Journal of Marketing, 37(5/6), 728-52. doi:10.1108/03090560310465125

Gilmore, A., Carson, D., & Rocks, S. (2006). Networking in SMEs: Evaluating its contribution to marketing activity. International Business Review, 15(3), 278-93. doi:10.1016/j.ibusrev.2006.02.003

Goerzen, A., Asmussen, C.G., & Nielsen, B.B. (2014). Global cities and multinational enterprise location strategy. Journal of International Business Studies, 44(5), 427-450. doi:10.1057/jibs.2013.11

Gohou, G., & Soumaré, I. (2013). Does foreign direct investment reduce poverty in africa and are there regional differences?. World Development, 40(1), 75–95. doi:10.1016/j.worlddev.2011.05.014

Grossman G.M., Rossi-Hansberg E. (2008), Trading tasks: a simple theory of offshoring. American Economic Review, 98(5), 1978-97. doi:10.1257/aer.98.5.1978

Guercini, S. (2012). Processi euristici e marketing imprenditoriale. Piccola Impresa / Small Business, 3, 9-29. doi:10.14596/pisb.30

Guercini, S. & Runfola, A. (2016). How western marketers respond to the new middle class in emerging market cities: The case of Italian fashion marketers. International Business Review, 25 (3), 691–702. doi:10.1016/j.ibusrev.2015.10.003

Guercini, S. & Woodside, A.G. (2012). A strategic supply chain approach: consortium marketing in the Italian leatherwear industry. Marketing Intelligence & Planning, 30(7), 700-16. doi:10.1108/02634501211273814

Guercini, S. (2005). Marketing imprenditoriale, marketing manageriale e conoscenza di mercato del vertice d’impresa. Mercati e Competitività, 1, 143-64.

Hailu, Z.A. (2010). Impact of foreign direct investment on trade of African countries. International Journal of Economics and Finance, 2(3), 122–34. doi:10.5539/ijef.v2n3p122

Hakansson, H., Ford, D., Gadde, L.E., Snehota, I., & Waluszewski, A. (2009). Business in networks. Chichester, England: Wiley.

Hakim, I.H., & Omri, M.A. (2012). Quality of the external auditor and value relevance of accounting information: case of the listed Tunisian companies. International Journal of Technology Policy and Management, 12(1), 79. doi:10.1504/ijtpm.2012.044970

Hall, R.E., & Jones, C.I. (1999). Why do some countries produce so much more output per worker than others?. The Quarterly Journal of Economics, 114(1), 83–116. doi:10.1162/003355399555954

Hamel, G., & Prahalad, C.K. (1990). The core competence of the corporation. Harvard Business Review, 68(3), 79-91.

Hitt, M.A., Ahlstrom, D., Dacin, M.T., Levitas, E. & Svobodina, L. (2004). The institutional effects on strategic alliance partner selection in transition economies: China vs. Russia.Organization Science, 15 (2), 173-85. doi: 10.1287/orsc.1030.0045

Hölscher, J., Marelli, E. & Signorelli, M. (2010). China and India in the global economy. Economic Systems, 34(3), 212–17. doi:101016/jecosys201002002

Humphrey, J., & Schmitz, H. (2002). How does insertion in global value chains affect upgrading in industrial clusters?. Regional Studies, 36(9), 1017–27. doi:10.1080/0034340022000022198

Ikeke, M.O. (2013). Dukor’s theistic humanism: Panacea to globalization. Open Journal of Philosophy, 3(1), 101-04. doi:104236/ojpp201331a016

Jansson, H., & Sandberg, S. (2008). Internationalization of small and medium sized enterprises in the Baltic sea region. Journal of International Management, 14(1), 65–77. doi:10.1016/j.intman.2007.02.005

Johanson, J., & Mattson, L.G. (1988). Internationalization in industrial systems: a network approach. In Hood N. and Vahlne J.E. (Eds.), Strategies in global competition, London, England: Croom-Helm.

Johanson, J., & Vahlne, J.E. (1977). The internationalization process of the firm: a model of knowledge development and increasing foreign market commitments. Journal of International Business Studies, 8(1), 23-32. doi:10.1057/palgrave.jibs.8490676

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), 1411–31. doi:10.1057/jibs.2009.24

Johanson, J., & Wiedersheim-Paul, F. (1975). The internationalization of the firm: four Swedish case studies. Journal of Management Studies, 12(3), 305–22. doi:10.1111/j.1467-6486.1975.tb00514.x

Kafouros, M., Buckley, P.J., Sharp, J.A., & Wang, C. (2008). The role of internationalization in explaining innovation performance, Technovation, 28(1-2), 63–74. doi:10.1016/j.technovation.2007.07.009

Kaplinsky, R., & Morris, M. (2001). A handbook for value chain research. Institute of Development Studies. Available at:

Kinoshita, Y. (2011). Sectoral composition of foreign direct investment and external vulnerability in eastern Europe. IMF Working Papers, 11(123), 1-29. doi:10.5089/9781455263400.001

Knight, G.A. (2000). Entrepreneurship and marketing strategy: The SME under globalization. Journal of International Marketing, 8(2), 12-32. doi:10.1509/jimk.

Kohli, A. (2004). State-directed development, Cambridge, England: Cambridge University Press.

Kostova, T., & Zaheer, S. (1999). Organizational legitimacy under conditions of complexity: The case of the multinational enterprise. The Academy of Management Review, 24(1), 64-81. doi:10.2307/259037.

Kraay, A. & Kaufmann, D., (2002). Growth without governance. Policy Research, 2928, 1-50. doi:10.1596/1813-9450-2928

Krammer, M.S. (2016). Partnering in international technological alliances: The role of institutional distance, colonial and economic ties. Academy of Management Proceedings, 1, 1113. doi:10.5465/ambpp.2016.11131abstract

Krugman, P.R. (1998). What’s new about the new economic geography?. Oxford Review of Economic Policy, 14(2), 7–17. doi:10.1093/oxrep/14.2.7

Kuivalainen, O., Sundqvist, S., Saarenketo, S., & McNaughton, R. (2012). Internationalization patterns of small and medium-sized enterprises. International Marketing Review, 29(5), 448-65. doi:10.1108/02651331211260331

Kwarbai, J.D., Ajibade, A.T, & Olajumoke, J., (et al.) (2016), Accounting standards and foreign direct investment inflows in selected African countries (1980–2015), International Journal of Advanced Academic Research, Social and Management Sciences, 2(10), 17-28.

Kylaheiko, K., Jantunen, A., Puumalainen, K., Saarenketo, S. & Tuppura, A. (2011). Innovation and internationalization as growth strategies: the role of technological capabilities and appropriability. International of Business Review, 20(5), 508–20. doi:10.1016/j.ibusrev.2010.09.004

Lall, S. (2002). Linking FDI and technology development for capacity building and strategic competitiveness. Transnational Corporations, 11(3), 39–88.

Lamb, P., Sandberg, J., & Liesch, P.W. (2011). Small firm internationalisation unveiled through phenomenograph. Journal of International Business Studies, 42, 672-93. doi:10.1057/ jibs.2011.8

Larkeche, S.S. (1999). Reappraising the problem of investment risk in an international context: the example of Algeria. International Social Science Journal, 51(159), 123–29. doi:10.1111/1468-2451.00181

Laufs, K., & Schwens, C. (2014). Foreign market entry mode choice of small and mediumsized enterprises: A systematic review and future research agenda. International Business Review, 23(6), 1109-26. doi:10.1016/j.ibusrev.2014.03.006

Leamer, E.E. & Storper, M. (2001). The economic geography of the internet age. Journal of International Business Studies, 32(4), 641–65. doi:10.1057/palgrave.jibs.84909988

Levy, F. & Murnane, R. (2004). The new division of labor: How computers are creating the next job market, Princeton, NY: Princeton University Press.

Li, J.J., Tian, L., & Wan, G. (2015). Contextual distance and the international strategic alliance performance: A conceptual framework and a partial meta-analytic test. Management and Organization Review, 11(2), 289-313. doi: 10.1017/mor.2015.15

Lindblom, C.E. (1959). The science of muddling through. Public Administration Review, 19(1), 79-88. doi:10.2307/973677

Lipparini, A. (2002). Imprese, reti, distretti. Competenze e relazioni per l’internazionalizzazione. In M.G. Caroli & A. Lipparini (a cura di), Piccole imprese oltre confine: competenze e processi di internazionalizzazione, Roma: Carocci.

Los, B., Timmer, M., & De Vries, G. (2015). Global value chains: ‘Factory world’ is emerging. In J. Amador & F. Di Mauro (Eds.), The age of global value chains: Maps and policy issues, London, England: CEPR Press.

Lu, J.W., & Beamish, P.W. (2006). SME internationalization and performance: Growth vs. profitability. Journal of International Entrepreneurship, 4(1), 27-48. doi:10.1007/s10843-006-8000-7

Luiz, J.M., & Stephan, H. (2012). The multinationalisation of South African telecommunications firms into Africa. Telecommunications Policy, 36(8), 621–35. doi:10.1016/j.telpol.2012.04.010

Lysonski, S., & Durvasula, S. (2013). Nigeria in transition: Acculturation to global consumer culture. Journal of Consumer Marketing, 30(6), 493–508. doi:101108/jcm-07-2013-0626

Manolova, T., Brush, C., Edelman, L, & Greene, P. (2002). Internationalization of small firms: Personal factors revisited. International Small Business Journal, 20(1), 9-31. doi:10.1177/0266242602201003

Marelli, E., & Signorelli, M. (2011). China and India: Openness, trade and effects on economic growth. European Journal of Comparative Economics, 8(1), 129-54.

Mariotti, S., & Mutinelli, M. (2009). L’evoluzione delle imprese multinazionali italiane e il ruolo del quarto capitalismo. Economia e Politica Industriale, 1, 123-34. doi:10.3280/POLI2009-001008

Markusen, A. (1996). Sticky places in slippery space: a typology of industrial districts. Economic Geography, 72(3), 293–313. doi:10.2307/144402

Masurel, E. (2001). Export behaviour of service sector. International Small Business Journal, 19(2), 80-84. doi:10.1177/0266242601192005

McCormick, D., & Pedersen, P.O. (Eds.) (1996). Small enterprise: Flexibility and networking in African context. Nairobi, Kenya: Longman.

McDougall, P., Shane, S., & Oviatt, B.M. (1994). Explaining the formation of international new ventures: the limits of theories from international business research. Journal of Business Venturing, 9(6), 469–87. doi:10.1016/0883-9026(94)90017-5

Milgrom, P., & Roberts, J. (2005). Economia organizzazione e management. Volume 2. Bologna: Il Mulino.

Moeller, M., Harvey, M., Griffith, D., & Richey, G. (2013). The impact of country-of-origin on the acceptance of foreign subsidiaries in host countries: An examination of the liability-of-foreignness. International Business Review, 22(1), 89–99. doi:10.1016/j.ibusrev.2012.02.006.

Mpinganjira, M. (2011). Retaining Africa’s talent: the role of Africa’s higher education. International Journal of Emerging Markets, 6(2), 168–79. doi:10.1108/17468801111119515

Mtigwe, B. (2005). The entrepreneurial firm internationalization process in the Southern African context: A comparative approach. International Journal of Entrepreneurial Behaviour and Research, 11(5), 358–77. doi:10.1108/13552550510615006

Musso, F. (2013). Strategie e competitività internazionale delle piccole e medie imprese: un’analisi sul settore della meccanica. Padova: Cedam.

Ndako, U. (2017). Financial development investment and economic growth: evidence from Nigeria. Journal of Reviews on Global Economics, 6, 33–41. doi:10.6000/1929-7092.2017.06.03

Niccolini, F. (2008). Responsabilità sociale e competenze organizzative distintive. Pisa: ETS.

Noble, G. (1998). Collective action in east Asia: How ruling parties shape industrial policy, Cornell, NY: Cornell University Press.

North, D.C. (1990). Institutions, institutional change, and economic performance. Cambridge, England: Cambridge University Press.

Nunnenkamp, P., & Spatz, J. (2003). Foreign direct investment and economic growth in developing countries: How relevant are host-country and industry characteristics?. Transnational Corporations, 13(3), 53-86. doi:10.2139/ssrn.425260

Nyasha, S., & Odhiambo, N.M. (2015). Banks, stock market development and economic growth in South Africa: a multivariate causal linkage. Applied Economics Letters, 22(18), 1480–85. doi:10.1080/13504851.2015.1042132

O’Cass, A., & Weerawardeba, J. (2009). Examining the role of international entrepreneurship, innovation and international market performance in SME internationalization. European Journal of Marketing, 43(11/12), 1325-48. doi:10.1108/03090560910989911

Okafor, G. (2014). Locational determinants of US outward FDI into sub-Saharan Africa. The Journal of Developing Areas, 49(1), 187-205. doi:10.1353/jda.2015.0000

Omri, W., & Becuwe, A. (2014). Managerial characteristics and entrepreneurial internationalization: a study of Tunisian SMEs. Journal International Entrepreneurship, 12(1), 8–42. doi:10.1007/s10843-013-0119-8

Owhoso, V., Gleason, K.C., Mathur, I., & Malgwi, C. (2002). Entering the last frontier: Expansion by US multinationals to Africa, International Business Review, 11(4), 407–30. doi:10.1016/s0969-5931(02)00017-3

Paoli, M. (1999). Marketing d’area per l’attrazione di investimenti esogeni, Milano: Guerini.

Paoli, M. (2009). La dinamica della conoscenza nei sistemi sociali, Milano: Angeli.

Parker, S.C., Storey, D.J., & Witteloostuijn, A. (2010). What happen to gazelles? The importance of dynamic management strategy. Small Business Economy, 35(2), 203–26. doi:10.1007/s11187-009-9250-2

Pedersen, P.O., Sverisson, A. & Van Dijk, M.P. (1994). Flexible specialization: the dynamics of small-scale industry in the south, Warwickshire, England: Intermediate Technology Publications.

Pedrini, M., & Dal Bianco, A. (2007). Internazionalizzazione, risorse umane e fabbisogno formativo nelle PMI lombarde. Piccola Impresa / Small Business, 1, 109-31. doi:10.14596/pisb.123

Perez, C. (1983). Structural change and the assimilation of new technologies in the economic and social systems. Futures, 15(5), 357–75. doi:10.1016/0016-3287(83)90050-2

Perez-Aleman, P. (2000). Learning, adjustment and economic development: transforming firms, the state and associations in Chile. World Development, 28(1), 41–55. doi:10.1016/s0305-750x(99)00113-8

Perri, A., Andersson, U., Nell, P.C., & Santangelo, G.D. (2013). Balancing the trade-off between learning prospects and spillover risks: MNC subsidiaries’ vertical linkage patterns in developed countries. Journal of World Business, 48(4), 503-14. doi:10.1016/j.jwb.2012.09.006

Petersen, B., & Welch, L.S. (2002). Foreign operation mode combinations and internationalization. Journal of Business Research, 55(2), 157–62. doi:10.1016/s0148-2963(00)00151-x

Pitoni, L. (2015). L’internazionalizzazione della piccola e media impresa nel contesto globalizzato: il caso del nucleo industriale di Rieti. Roma: Aracne.

Porter, M. (2003). The economic performance of regions. Regional Studies, 37(6-7), 549–78. doi:10.1080/0034340032000108688

Prashantham, S. (2008). New venture internationalization as strategic renewal, European Management Journal, 26(6), 378–87. doi:10.1016/j.emj.2008.09.005

Prefontaine, L., & Bourgault, M. (2002). Strategic analysis e export behaviour of SMEs: a comparison between the United States e Canada. International Small Business Journal, 20(2), 123–38. doi:10.1177/0266242602202001

Presutti, M., Onetti, A., & Odorici, V. (2008). Serial entrepreneurship e born-global new ventures: A case study. International Journal of Entrepreneurship Education, 6, 255–78.

Preti, P., Puricelli, M., & Taggiasco, G. (2005). Il capitale umano nelle imprese familiari in crescita. In G. Corbetta (a cura di), Capaci di crescere: l’impresa italiana e la sfida della dimensione, Milano: Egea.

Raja, M.B. (2018). Correlation of FDI with GDP Sensex and Nifty. International Journal of Recent Advances in Multidisciplinary Research, 5(5), 3841-48. Available at:

Rennie, M.W. (1993). Global competitiveness: Born global. McKinsey Quarterly, 4, 45–52.

Robertson, T., & Gatignon, H. (1998). Technology development mode: a transaction cost conceptualization. Strategic Management Journal, 19(6), 515-31. doi:10.1002/(sici)1097-0266(199806)19:6<515::aid-smj960>;2-f

Rutashobya, L., & Jaensson, J.E. (2004). Small firms’ internationalization for development in Tanzania: Exploring the network phenomenon. International Journal of Social Economics, 31(1/2), 159–72. doi:10.1108/03068290410515484

Ruzzier, M., Hisrich, R.D., & Antoncic, B. (2006). SME internationalization research: past, present, and future. Journal of Small Business and Enterprise Development, 13(4), 476-97. doi:10.1108/14626000610705705

Sadler-Smith, E., Spicer, D.P., & Chaston, I. (2001). Learning orientations in smaller firms. Long Range Planning, 34(2), 139–58. doi:10.1016/s0024-6301(01)00020-6

Santangelo, G.D. (2018). Multinational enterprises and global cities: A contribution to set the research agenda. Competitiveness Review, 28(3), 230-35. doi:10.1108/CR-03-2018-0024

Sapienza, H.J., Autio, E., George, G., & Zahra, S.A. (2006). A capabilities perspective on the effects of early internationalization on firm survival and growth. Academy of Management Journal, 31(4), 914–33. doi:10.5465/amr.2006.22527465

Saxenian, A. (2006). The new argonauts: Regional advantage in a global economy. Cambridge, England: Cambridge University Press.

Sethi, D., & Guisinger, S. (2002). Liability of foreignness to competitive advantage. Journal of International Management, 8(3), 223–40. doi:10.1016/s1075-4253(02)00067-4

Sethi, D., & Judge, W. (2009). Reappraising liabilities of foreignness within an integrated perspective of the costs and benefits of doing business abroad. International Business Review, 18(4), 404–16. doi:10.1016/j.ibusrev.2009.02.006

Sridhar, L.S., Sumathy, M., Sudha, N., & Charles-Ambrose, A. (2016). Macroeconomic variables firm characteristics and influence on foreign direct investment: Evidence from India. Journal of Economics and Finance, 7(2), 81-7. doi:10.9790/5933-0702038187

Sundstrom, E., (1986). Work places. The psychology of the physical environment in offices and factories. Cambridge, England: Cambridge University Press.

Tang, C., Yip, C., & Ozturk, I. (2014). The determinants of foreign direct investment in Malaysia: A Case for electrical and electronic industry. Economic Modelling, 43, 287-92. doi:10.1016/j.econmod.2014.08.017

Tassinari, M., Angelino, A., & Barbieri, E. (2018), Industria emergente, opportunità imprenditoriali e scelte di politica industriale in Africa: un’analisi sul caso Etiopia, L’industria, 39(1), 125-56. doi:10.1430/90441

Teece, D., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–33. doi:10.1002/(sici)1097-0266(199708)18:7<509::aid-smj882>;2-z

Tunisini, A., & Bocconcelli, R. (2013). Medie imprese in sviluppo: gli assetti relazionali nei processi di integrazione post-acquisitiva. Piccola Impresa / Small Business, 1, 9-32. doi:10.14596/pisb.130

Ugwu, J.I., & Okoye, E.I. (2018). Accounting for the effect of foreign direct investment on economic growth post IFRS adoption in selected sub-Saharan African countries (1999-2015). International Journal of Academic Research in Business and Social Sciences, 8(6). doi:10.6007/ijarbss/v8-i6/4184

Umo, J. (2007). Economics: An African perspective. Lagos, Nigeria: Millennium Text.

UNCTAD (2017). World investment report: investment and the digital economy. New York and Geneva: United Nations.

UNCTAD (2019). World investment report: special economic zones. New York and Geneva: United Nations.

Vaccà, S., & Varaldo, R. (2000). Globalizzazione e radicamento: gli investimenti esteri in Cina. Milano: Angeli.

Vahlne, J.E., & Nordstrom, K.A. (1994). Is the globe shrinking: Psychic distance e the establishment of Swedish sales subsidiaries during the last 100 years. In M. Landeck (Ed.), International trade: regional and global issues (pp. 41-56), New York, NY: St Martin’s Press.

Valdani, E., & Bertoli, G. (2006). Mercati internazionali e marketing. Milano: Egea.

Varaldo, R., Dalli, D., Resciniti, R., & Tunisini, A. (a cura di) (2010). Un tesoro emergente: le medie imprese italiane dell’era globale, Milano: Angeli.

Vernon, R. (1966). International investment and international trade in the product cycle. The Quarterly Journal of Economics, 80(2), 190-207. doi:10.2307/1880689

Vernon, R. (1983). Organizational and institutional responses to international risk. In R.J. Herring (Ed.), Managing interniationial risk, Cambridge, England: Cambridge University Press.

Vignola, M., & Marchi, G. (2012). La formazione del fabbisogno di servizi reali all’internazionalizzazione: un modello knowledge-based. Piccola Impresa / Small Business, 1, 65-94. doi:10.14596/pisb.20

Vu T.B., & Noy I. (2009), Sectoral analysis of foreign direct investment and growth in the developed countries, Journal of International Financial Markets, Institutions and Money, 19(2), 402-13. doi:10.1016/j.intfin.2008.04.002

Vuorinen, T., & Kurki, T. (2012). Network management: governance mechanisms, opportunities and contradictions. Piccola Impresa / Small Business, 2, 81-92. doi:10.14596/pisb.28

Weerasinghe, R.P., & Sandanayake, Y.G. (2017). Collaborative facilities management model: Sri Lankan perspective. Built Environment Project and Asset Management, 7(3), 284–99. doi:10.1108/bepam-02-2016-0004

Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171-80. doi:10.1002/smj.4250050207

Westhead, P., Wright, M., & Ucbasaran, D. (2001). The internationalization of new e small firms: a resource-based view. Journal of Business Venturing, 16(4), 333–58. doi:10.1016/s0883-9026(99)00063-4

Yildiz, H.E., & Fey, C.F. (2012). The liability of foreignness reconsidered: New insights from the alternative research context of transforming economies. International Business Review, 21(2), 269–80. doi:10.1016/j.ibusrev.2011.03.002

Yu, J., & Walsh, J.P. (2010). Determinants of foreign direct investment: A sectoral and institutional approach. IMF Working Papers, 10(187), 1-27. doi:10.5089/9781455202218.001

Zafar, A. (2007). The Growing Relationship Between China and sub-Saharan Africa: Macroeconomic Trade Investment and Aid Links. World Bank Research Observer, 22(1), 103–30. doi:10.1093/wbro/lkm001

Zaheer, S. (1995). Overcoming the liability of foreignness. Academy of Management Journal, 38, 341–363. doi:10.2307/256683

Zaheer, S. (2002). The liability of foreignness, redux: A commentary. Journal of International Management, 8(3), 351–58. doi:10.1016/s1075-4253(02)00070-4

Zahra, S.A. (2003). International expansion of U.S. manufacturing family businesses: The effect of ownership and involvement. Journal of Business Venturing, 18(4), 495-512. doi:10.1016/s0883-9026(03)00057-0

Zeng, D. (2015). Global experiences with Special Economic Zones: Focus on China and Africa. Policy Research, 7240(1), 1-26. doi:10.1596/1813-9450-7240

Zucchella, A., & Scabini, P. (2007). International entrepreneurship: theoretical foundations and practices, London, England: Palgrave.

Zucchella, A., & Servais, P. (2012). The internationalisation process of small and medium sized firms and the liability of complexity. International Journal of Entrepreneurship and Small Business, 15(2), 191-212. doi:10.1504/ijesb.2012.045204



  • There are currently no refbacks.