Identifying the proper mix of growth-seeking strategies for Spanish SMEs:an analysis during times of economic boom and crisis

Bibliographic References

• Abatecola, G., Belussi, F., Breslin, D., & Filatotchev, I. (2016). Darwinism, organizational evolution and survival: key challenges for future research. Journal of Management & Governance, 20(1), 1–17. https://doi.org/10.1007/s10997-015-9310-8
• Almeida, H., Kim, C., & Kim, H. B. (2015). Internal Capital Markets in Business Groups: Evidence from the Asian Financial Crisis. The Journal of Finance, 70(6), 2539–2586. https://doi.org/10.1111/jofi.12309
• Ansoff, H. I. (1965). Corporate strategy: An analytic approach to business policy for growth and expansion. McGraw-Hill
• Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277–297
• Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304-4076(94)01642-D
• Arte, P., & Larimo, J. (2022). Moderating influence of product diversification on the international diversification-performance relationship: A meta-analysis. Journal of Business Research, 139, 1408–1423. https://doi.org/10.1016/j.jbusres.2021.10.037
• Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
• Barney, J. B. (1986). Strategic Factor Markets: Expectations, Luck, and Business Strategy. Management Science, 32(10), 1231–1241. https://doi.org/10.1287/mnsc.32.10.1231
• Beliaeva, T., Shirokova, G., Wales, W., & Gafforova, E. (2020). Benefiting from economic crisis? Strategic orientation effects, trade-offs, and configurations with resource availability on SME performance. International Entrepreneurship and Management Journal, 16(1), 165–194. https://doi.org/10.1007/s11365-018-0499-2
• Benito-Osorio, D., Colino, A., Guerras-Martín, L. Á., & Zúñiga-Vicente, J. Á. (2016). The international diversification-performance link in Spain: Does firm size really matter? International Business Review, 25(2), 548–558. https://doi.org/10.1016/j.ibusrev.2015.09.004
• Benito-Osorio, D., Colino, A., Guerras-Martín, L. Á., & Zúñiga-Vicente, J. Á. (2020). The combined effects of product and geographical diversification on performance: Evidence in manufacturing SMEs. BRQ Business Research Quarterly, 23(2), 91–106. https://doi.org/10.1177/2340944420916332
• Benito‐Osorio, D., Colino, A., & Zúñiga‐Vicente, J. Á. (2015). The link between product diversification and performance among Spanish manufacturing firms: Analyzing the role of firm size. Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l'Administration, 32(1), 58–72. https://doi.org/10.1002/cjas.1303
• Berry, A., Rodriguez, E., & Sandee, H. (2001). Small and medium enterprise dynamics in Indonesia. Bulletin of Indonesian Economic Studies, 37(3), 363–384. https://doi.org/10.1080/00074910152669181
• Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
• Boehe, D., & Jiménez, A. (2018). Does the sequencing of related and unrelated export diversification matter? Evidence from Colombian exporters. International Business Review, 27(6), 1141–1149. https://doi.org/10.1016/j.ibusrev.2018.04.005
• Bowen, H. P., & Sleuwaegen, L. (2017). Are International and Product Diversification Substitutes or Complements? Theoretical and Empirical Perspectives. Global Strategy Journal, 7(3), 241–256. https://doi.org/10.1002/gsj.1163
• Bowen, R. (2019). Motives to SME internationalisation: A comparative study of export propensity among food and drink SMEs in Wales and Brittany. Cross Cultural & Strategic Management, 27(1), 51–74. https://doi.org/10.1108/CCSM-08-2018-0125
• Chan Kim, W., Hwang, P., & Burgers, W. P. (1989). Global diversification strategy and corporate profit performance. Strategic Management Journal, 10(1), 45–57. https://doi.org/10.1002/smj.4250100105
• Chang, S., & Wang, C. (2007). The effect of product diversification strategies on the relationship between international diversification and firm performance. Journal of World Business, 42(1), 61–79. https://doi.org/10.1016/j.jwb.2006.11.002
• Cho, J., & Lee, J. (2018). Internationalization and performance of Korean SMEs: the moderating role of competitive strategy. Asian Business & Management, 17(2), 140–166. https://doi.org/10.1057/s41291-018-0036-8
• Chowdhury, S. R. (2011). Impact of Global Crisis on Small and Medium Enterprises. Global Business Review, 12(3), 377–399. https://doi.org/10.1177/097215091101200303
• Eggers, F. (2020). Masters of disasters? Challenges and opportunities for SMEs in times of crisis. Journal of Business Research, 116, 199–208. https://doi.org/10.1016/j.jbusres.2020.05.025
• European Commision (2015). Internationalization of European SMEs. Brussels: Directorate-General for Enterprise and Industry
• Fier, S. G., McCullough, K. A., & Carson, J. M. (2013). Internal capital markets and the partial adjustment of leverage. Journal of Banking & Finance, 37(3), 1029–1039. https://doi.org/10.1016/j.jbankfin.2012.11.003
• Fisch, J. H. (2012). Information Costs and Internationalization Performance. Global Strategy Journal, 2(4), 296–312. https://doi.org/10.1111/j.2042-5805.2012.01043.x
• Freixanet, J., & Renart, G. (2020). A capabilities perspective on the joint effects of internationalization time, speed, geographic scope and managers' competencies on SME survival. Journal of World Business, 55(6), 101110. https://doi.org/10.1016/j.jwb.2020.101110
• García-Carbonell, N., Martín-Alcázar, F., & Sánchez-Gardey, G. (2021). Facing crisis periods: a proposal for an integrative model of environmental scanning and strategic issue diagnosis. Review of Managerial Science, 15(8), 2351–2376. https://doi.org/10.1007/s11846-020-00431-y
• Garrido-Prada, P., Delgado-Rodriguez, M. J., & Romero-Jordán, D. (2019). Effect of product and geographic diversification on company performance: Evidence during an economic crisis. European Management Journal, 37(3), 269–286. https://doi.org/10.1016/j.emj.2018.06.004
• Geringer, J. M., Tallman, S., & Olsen, D. M. (2000). Product and international diversification among Japanese multinational firms. Strategic Management Journal, 21(1), 51–80. https://doi.org/10.1002/(SICI)1097-0266(200001)21:1<51::AID-SMJ77>3.0.CO;2-K
• Goerzen, A., & Beamish, P. W. (2003). Geographic scope and multinational enterprise performance. Strategic Management Journal, 24(13), 1289–1306. https://doi.org/10.1002/smj.357
• Golovko, E., & Valentini, G. (2011). Exploring the complementarity between innovation and export for SMEs' growth. Journal of International Business Studies, 42(3), 362–380. https://doi.org/10.1057/jibs.2011.2
• Grant, R. M. (1991). The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation. California Management Review, 33(3), 114–135. https://doi.org/10.2307/41166664
• Guerras-Martín, L. Á., Ronda-Pupo, G. A., Zúñiga-Vicente, J. Á., & Benito-Osorio, D. (2020). Half a century of research on corporate diversification: A new comprehensive framework. Journal of Business Research, 114, 124–141. https://doi.org/10.1016/j.jbusres.2020.03.037
• Hashai, N. (2011). Sequencing the expansion of geographic scope and foreign operations by “born global” firms. Journal of International Business Studies, 42(8), 995–1015. https://doi.org/10.1057/jibs.2011.31
• Hautz, J., Mayer, M., & Stadler, C. (2014). Macro-Competitive Context and Diversification: The Impact of Macroeconomic Growth and Foreign Competition. Long Range Planning, 47(6), 337–352. https://doi.org/10.1016/j.lrp.2013.07.003
• Helfat, C. E., Finkelstein, S., Mitchell, W., Peteraf, M., Singh, H., & Teece, D. (2007). Dynamic capabilities: Understanding strategic change in organizations. Blackwell Publishing Ltd
• Hessels, J., & Parker, S. C. (2013). Constraints, internationalization and growth: A cross-country analysis of European SMEs. Journal of World Business, 48(1), 137–148. https://doi.org/10.1016/j.jwb.2012.06.014
• Hill, C. W. L., & Jones, G. R. (1998). Strategic management: An integrated approach. Houghton Mifflin Company
• Hitt, M. A., Hoskisson, R. E., & Kim, H. (1997). International diversification: effects on innovation and firm performance in product-diversified firms. Academy of Management Journal, 40(4), 767–798. https://doi.org/10.2307/256948
• Hitt, M. A., Hoskisson, R. E., & Ireland, R. D. (1994). A Mid-Range Theory of the Interactive Effects of International and Product Diversification on Innovation and Performance. Journal of Management, 20(2), 297–326. https://doi.org/10.1177/014920639402000203
• Jones, G. R., & Hill, C. W. L. (1988). Transaction cost analysis of strategy‐structure choice. Strategic Management Journal, 9(2), 159–172. https://doi.org/10.1002/smj.4250090206
• Kumar, M. V. S. (2013). The Costs of Related Diversification: The Impact of the Core Business on the Productivity of Related Segments. Organization Science, 24(6), 1827–1846. https://doi.org/10.1287/orsc.1120.0812
• Kumar, M. V. S. (2009). The relationship between product and international diversification: the effects of short‐run constraints and endogeneity. Strategic Management Journal, 30(1), 99–116. https://doi.org/10.1002/smj.724
• Li, L., Qian, G., & Qian, Z. (2012). The performance of small and medium-sized technology-based enterprises: Do product diversity and international diversity matter? International Business Review, 21(5), 941–956. https://doi.org/10.1016/j.ibusrev.2011.11.003
• Lim, D. S., Morse, E. A., & Yu, N. (2020). The impact of the global crisis on the growth of SMEs: A resource system perspective. International Small Business Journal: Researching Entrepreneurship, 38(6), 492–503. https://doi.org/10.1177/0266242620950159
• Lim, E. N., Das, S. S., & Das, A. (2009). Diversification strategy, capital structure, and the Asian financial crisis (1997–1998): evidence from Singapore firms. Strategic Management Journal, 30(6), 577–594. https://doi.org/10.1002/smj.752
• Lu, J. W., & Beamish, P. W. (2004). International Diversification and Firm Performance: The S-curve Hypothesis. Academy of Management Journal, 47(4), 598–609. https://doi.org/10.5465/20159604
• Mammen, J., Alessandri, T. M., & Weiss, M. (2021). The risk implications of diversification: Integrating the effects of product and geographic diversification. Long Range Planning, 54(1), 101942. https://doi.org/10.1016/j.lrp.2019.101942
• Markides, C. C., & Williamson, P. J. (1996). Corporate diversification and organizational structure: A resource-based view. Academy of Management Journal, 39(2), 340–367. https://doi.org/10.2307/256783
• Markides, C. C. (1992). Consequences Of Corporate Refocusing: Ex Ante Evidence. Academy of Management Journal, 35(2), 398–412. https://doi.org/10.5465/256379
• Mayr, S., Mitter, C., & Aichmayr, A. (2017). Corporate Crisis and Sustainable Reorganization: Evidence from Bankrupt Austrian SMEs. Journal of Small Business Management, 55(1), 108–127. https://doi.org/10.1111/jsbm.12248
• Nugent, J. B., & Yhee, S. J. (2002). Small and medium enterprises in Korea: Achievements, constraints and policy issues. Small Business Economics, 18(1), 85–119
• OECD (2017). Enhancing the contributions of SMEs in a global and digitalised economy. Meeting of the OECD Council at Ministerial Level, Paris, 7-8 June
• OECD (2022). 2022 updated G20/OECD high-level principles on SME financing. G20 Indonesia, July
• Patel, P. C., Criaco, G., & Naldi, L. (2018). Geographic Diversification and the Survival of Born-Globals. Journal of Management, 44(5), 2008–2036. https://doi.org/10.1177/0149206316635251
• Pearson, C. M., & Clair, J. A. (1998). Reframing Crisis Management. Academy of Management Review, 23(1), 59–76. https://doi.org/10.5465/amr.1998.192960
• Peteraf, M. A. (1993). The cornerstones of competitive advantage: A resource‐based view. Strategic Management Journal, 14(3), 179–191. https://doi.org/10.1002/smj.4250140303
• Prahalad, C. K., & Bettis, R. A. (1986). The dominant logic: A new linkage between diversity and performance. Strategic Management Journal, 7(6), 485–501. https://doi.org/10.1002/smj.4250070602
• Prescott, J. E. (1986). Environments as Moderators of the Relationship Between Strategy and Performance. Academy of Management Journal, 29(2), 329–346. https://doi.org/10.5465/256191
• Qian, G. (1997). Assessing product-market diversification of US firms. MIR: Management International Review, 37(2), 127–149
• Qian, G. (2002). Multinationality, product diversification, and profitability of emerging US small- and medium-sized enterprises. Journal of Business Venturing, 17(6), 611–633. https://doi.org/10.1016/S0883-9026(01)00080-5
• Qian, G., Li, L., & Rugman, A. M. (2013). Liability of country foreignness and liability of regional foreignness: Their effects on geographic diversification and firm performance. Journal of International Business Studies, 44(6), 635–647. https://doi.org/10.1057/jibs.2013.21
• Reeb, D. M., Kwok, C. C. Y., & Baek, H. Y. (1998). Systematic Risk of the Multinational Corporation. Journal of International Business Studies, 29(2), 263–279. https://doi.org/10.1057/palgrave.jibs.8490036
• Robins, J., & Wiersema, M. F. (1995). A resource‐based approach to the multibusiness firm: Empirical analysis of portfolio interrelationships and corporate financial performance. Strategic Management Journal, 16(4), 277–299. https://doi.org/10.1002/smj.4250160403
• Roodman, D. (2009). How to do Xtabond2: An Introduction to Difference and System GMM in Stata. The Stata Journal, 9(1), 86–136. https://doi.org/10.1177/1536867X0900900106
• Roodman, D. (2009). A Note on the Theme of Too Many Instruments *. Oxford Bulletin of Economics and Statistics, 71(1), 135–158. https://doi.org/10.1111/j.1468-0084.2008.00542.x
• Ruigrok, W., & Wagner, H. (2003). Internationalization and performance: An organizational learning perspective. Management International Review, 43(1), 63–83
• Santangelo, G. D., & Stucchi, T. (2018). Internationalization through exaptation: The role of domestic geographical dispersion in the internationalization process. Journal of International Business Studies, 49(6), 753–760. https://doi.org/10.1057/s41267-018-0151-y
• Serena, N., & Perron, P. (2001). LAG Length Selection and the Construction of Unit Root Tests with Good Size and Power. Econometrica, 69(6), 1519–1554. https://doi.org/10.1111/1468-0262.00256
• Serrasqueiro, Z., Leitão, J., & Smallbone, D. (2021). Small- and medium-sized enterprises (SME) growth and financing sources: Before and after the financial crisis. Journal of Management & Organization, 27(1), 6–21. https://doi.org/10.1017/jmo.2018.14
• Shen, N., Au, K., & Yi, L. (2018). Diversification Strategy, Ownership Structure, and Financial Crisis: Performance of Chinese Private Firms. Asia-Pacific Journal of Financial Studies, 47(1), 54–80. https://doi.org/10.1111/ajfs.12203
• Shin, J., Mendoza, X., & Choi, C. (2022). Do internationalizing business group affiliates perform better after promarket reforms? Evidence from Korean SMEs. Asia Pacific Journal of Management, 39(2), 805–841. https://doi.org/10.1007/s10490-021-09751-3
• Stadler, C., Mayer, M. C. J., Hautz, J., & Matzler, K. (2018). International and product diversification: Which strategy suits family managers? Global Strategy Journal, 8(1), 184–207. https://doi.org/10.1002/gsj.1190
• Staglianò, R., La Rocca, M., & La Rocca, T. (2014). Agency costs of free cash flow, internal capital markets and unrelated diversification. Review of Managerial Science, 8(2), 145–174. https://doi.org/10.1007/s11846-013-0098-0
• Tan, H. H., & See, H. H. (2004). Strategic Reorientation and Responses to the Asian Financial Crisis: The Case of the Manufacturing Industry in Singapore. Asia Pacific Journal of Management, 21(1/2), 189–211. https://doi.org/10.1023/B:APJM.0000024083.66366.b1
• Teece, D. J. (2014). A dynamic capabilities-based entrepreneurial theory of the multinational enterprise. Journal of International Business Studies, 45(1), 8–37. https://doi.org/10.1057/jibs.2013.54
• The World Bank (2018). GDP growth (annual %)
• Tongli, L., Ping, E. J., & Chiu, W. K. C. (2005). International Diversification and Performance: Evidence from Singapore. Asia Pacific Journal of Management, 22(1), 65–88. https://doi.org/10.1007/s10490-005-6418-4
• Vaaler, P. M., & McNamara, G. (2004). Crisis and Competition in Expert Organizational Decision Making: Credit-Rating Agencies and Their Response to Turbulence in Emerging Economies. Organization Science, 15(6), 687–703. https://doi.org/10.1287/orsc.1040.0089
• Vicente‐Lorente, J. D., & Zúñiga‐Vicente, J. (2006). Testing the Time‐Variancy of Explanatory Factors of Strategic Change. British Journal of Management, 17(2), 93–114. https://doi.org/10.1111/j.1467-8551.2005.00483.x
• Wengel, J., & Rodriguez, E. (2006). SME Export Performance in Indonesia After the Crisis. Small Business Economics, 26(1), 25–37. https://doi.org/10.1007/s11187-004-6491-y
• Wenzel, M., Stanske, S., & Lieberman, M. B. (2021). Strategic responses to crisis. Strategic Management Journal, 42(2). https://doi.org/10.1002/smj.3161
• Wernerfelt, B. (1984). A resource‐based view of the firm. Strategic Management Journal,, 5(2), 171–180
• Zhang, F., Jiang, G., & Cantwell, J. A. (2019). Geographically Dispersed Technological Capability Building and MNC Innovative Performance: The Role of Intra-firm Flows of Newly Absorbed Knowledge. Journal of International Management, 25(3), 100669. https://doi.org/10.1016/j.intman.2019.04.002
• Zúñiga-Vicente, J. Á., Benito-Osorio, D., Guerras-Martín, L. Á., & Colino, A. (2019). The effects of international diversification on the link between product diversification and performance in a boom and bust cycle: Evidence from Spanish firms (1994–2014). Journal of International Management, 25(4), 100687. https://doi.org/10.1016/j.intman.2019.100687