Export Performance of SMEs: A Review of Firm-Level ...country and shipped/transported to another...

Parikalpana - KIIT Journal of Management112

Export Performance of SMEs: A Review of Firm-LevelControllable Determinants

Omar FarukSAO & Lecturer (PT), Daffodil International University, Dhaka, Bangladesh, and

Research Scholar, School of Management, KIIT University, Bhubaneswaromar.vcoff [email protected]

R. N. SubudhiProfessor, School of Management, KIIT University, Bhubaneswar

[email protected]

DoI: 10.23862/kiit-parikalpana/2019/v15/i1-2/190177

AbstractIn the f ield of international marketing, Export performance has been extensivelystudied but still it is one of the most least understood and most contentious areasof research. (Katsikeas, Leonidou, & Morgan, 2000). During the last few decades,the major progress made in the export performance literature are (i) thedevelopment of more comprehensive and perceptive view from increasing use ofmultiple theoretical foundations, (ii) introduction of new factors as exportperformance determinates and (iii) use of advanced statistical methods whichallows for the study of the sophisticated relationships between determinants andexport performance. (Chen, Sousa, & He, 2016). For small and medium enterprises(SMEs), export plays a major role to create greater value, and thus, SMEs need toknow the way to improve export performance and this will eventually enhance theperformance of the most of the companies (Maurel, 2009). Identif ication ofdeterminants, more specif ically, identif ication of the f irm level controllabledeterminants of better export performance of SMEs has become crucial. This studycategorizes the f irm-level controllable determinants of export performance whichhas been identif ied and checked in the previous studies. Nazar, Mujtaba, & Saleem(2009) have proposed a model about SMEs export performance determinants andthis study will make further addeemed to the proposed model by a comprehensiveand systematic literature study. The f irm-level controllable determinants of exportperformance are classif ied into Firm Characteristics, Resources & Capabilities;Export Marketing Strategy; and Management Characteristics.

Keywords: Export Performance, SMEs, Firm Characteristics, Resources &Capabilities, Export Marketing Strategy, Management Characteristics

Introduction

Over the last few decades internationalbusiness has experienced a rapid growth

all over the world and exporting hasbecome the important part of thesurvival and growth of many

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organizations including SMEs.Exporting helps the f irms withimprovements in organizationalcapabilities which brings betterperformance by producing additionalresources (Chen et al., 2016).

To increase the performance of SMEs,companies need to know the way toimprove their activities in export marketas exporting plays a key role to creategreater values for them. Through a betterperformance in export market,companies eventually enhance theirperformance as a whole. Working on toachieve a better performance in exportmarket, SMEs bring added outcomes aswell as resources which are very crucialfor their development (Maurel, 2009).

In the f ield of international marketing,over the last few decades, Exportperformance has been broadly studiedbut still it is one of the most leastunderstood and most contentious areasof research. (Katsikeas et al., 2000).Thus, for researchers in internationalmarketing, the need for a better andextensive understanding of exportperformance indicators has gainedmuch importance. This has become verycrucial and the f irm level controllableindicators of export performance needto be investigated for a robustunderstanding by the managers, policymakers and other players in internationalmarketing field. (Leonidou, Katsikeas,Palihawadana, & Spyropoulou, 2007;Sousa, Ruzo, & Losada, 2010).

During the last few decades, throughvigorous efforts of the researchers, themajor progress made in the exportperformance literature are (i) the

development of more comprehensiveand perceptive view from increasing useof multiple theoretical foundations, (ii)introduction of new factors as exportperformance determinates and (iii) useof advanced statistical methods whichallows for the study of the sophisticatedrelationships between determinants andexport performance. (Chen et al., 2016).For small and medium enterprises(SMEs), export plays a major role tocreate greater value, and thus, SMEsneed to know the way to improve exportperformance and this will eventuallyenhance the performance of the mostof the companies (Maurel, 2009).Identif ication of determinants, morespecif ically, identif ication of the f irmlevel controllable determinants of betterexport performance of SMEs has becomecrucial.

Few publications have extensivelyreviewed the export performanceliterature where they have identif ied theachievements as well as the challengesof the area while identifying the keyfactors behind the success of the f irm’sperformance in the export market.(Aaby & Slater, 1989; Carneiro, Farias, daRocha, & Ferreira da Silva, 2016; Chenet al., 2016; Chetty & Hamilton, 1993;Chugan & Singh, 2014; Francioni,Pagano, & Castellani, 2016; Hind ElMakrini, 2015; Katsikeas et al., 2000;Malhotra & Kumari, 2015; Nazar et al.,2009; C. Sousa, 2004; C. M. P. Sousa,Martínez-López, & Coelho, 2008; Zou& Stan, 1998). This study categorizes thef irm-level controllable determinants ofexport performance which has beenidentif ied and checked in the previousstudies.

Export Performance of SMEs: A Review of Firm-Level Controllable Determinants


Small & Medium Enterprises(SMEs)

In a World Bank Enterprise Surveys whatwas done on the sample f irms from 99developing and emerging countries, itwas found that about two-thirds of thenon-agricultural formal privateemployment is contributed by SMEs.The results are almost similar for thedeveloped countries but this may not becomparable strictly (World TradeOrganization, 2016).

Small and medium size enterprisesplay the key role to drive any economyof the world and for sustainableeconomic growth and job creation inboth developed and emergingeconomies, the expansion of SMEs isvery important (Biswas, 2017).According to The Organization forEconomic Co-operation andDevelopment (OECD) (2007), about95-99% of f irms of any economy areSMEs and they create around 60-70%jobs. SMEs are crucial fordevelopment, especially economicdevelopment, of the developingcountries the number of SMEs are veryhigh in the market of these economies.They play the most vital role ofemployment creator, poverty alleviatorand innovator (Biswas, 2017).

SME has been def ined differently bydifferent countries and institutions.Besides country specif ic def initions,regional and f inancial bodies/institutions like World TradeOrganization (WTO), European Union(EU) have their own def inition andparameters to def ine and identify SME.

Definition of SMEs by World TradeOrganization (WTO)

World Trade Organization (WTO)has def ined Small and medium-sizedenterprises (SMEs) as f irms employingbetween 10 and 250 people (World TradeOrganization, 2016)

Definition of SMEs by EuropeanUnion (EU)

According to the EU, a company with 50employees and turnover around €10million is considered as small sizeenterprise, while employee numbersbelow 250 and with a turnover at least€50m are known as the medium sizeenterprise (Biswas, Khan, & Biswas,2017).

Export

Goods and services are produced in onecountry and shipped/transported toanother country for selling or for futuretrade is termed as Export. A country addsmore values to its economy throughexporting as it produces more goods forthe consumers from outside itsgeographic boarder thus totaling morevalues to its gross output. Exporting isone of the oldest from of internationalbusiness and the countries have fewerrestrictions like tariffs, subsidies andothers are tend to have more exportoperations (SEGAL, 2019).

According to Albaum, Duerr, & Josiassen(2016), the simplest and easiest way tomeet the needs of foreign markets is byexporting. This approach generally hasminimal effect on the ordinary operationsof the f irm, and the risks involved areless than other alternatives of

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internationalization. The Managementof a company may choose one approachof exporting from two following typesof exporting –

a) Indirect Exportb) Direct Export

Export Performance

Export performance does not have anunanimously acknowledged def inition.Whereas on def inition of exportperformance refers to the total of threeindicators- which are: export sales of acompany, its export prof itability andf inally its export growth. (Shoham,1998). It highlights the multi-dimensionality of the construct butremains quite broad. It represents thevariables which will indicate whether theexport activity is more or less successful.Literature reviews regarding exportperformance determinants already existbut are not specif ic to SMEs. (Maurel,2009). To measure the exportperformance of a company, researchershave been studying the structural andmanagerial antecedents of exportperformance to identify the relativeimportance of these indicators/antecedents. There have been manyfruitful results but still the uniformityof the results is yet to be established.There is a need for more research toproviding an operational as well asconceptual def inition of the construct“export performance”(Shoham, 1998).

Determinants of Export Performance

Export performance determinants arebasically of two types: external factorsand internal factors where internalfactors are comprised of supply side

conditions and external factors arecomprised of demand side conditions.A lot of previous studies have been doneexploring numerous internal andexternal factors of export performance(Malhotra & Kumari, 2015; Haddoud,Nowinski, Jones, & Newbery, 2019)

Doing an extensive literature reviewSousa, Martínez-López, & Coelho (2008)summarizes the export performancedeterminates classif ied as internal andexternal determinants. Internaldeterminants includes Exportmarketing strategy (Product strategy,Price strategy, Promotion strategy,Distribution strategy, Proactiveness/reactiveness, Market research, Marketexpansion, Service strategy, Generalexport strategy, Innovation, Risk taking,Export planning, Distribution channelrelationship, Co-operative strategy) Firmcharacteristics (Firm size, Internationalexperience, Market orientation, Firmcapabilities/competencies, Degree ofinternationalization, Firm age, Industrialsector/product type, Organizationalculture, Ownership structure,Production management,Connectedness, Conf lict, Firmperformance) and Managementcharacteristics (Export commitmentand support, Education, Internationalexperience, Age, Innovative. ExternDeterminants includes Foreign marketcharacteristics (Legal and political,Environmental turbulence, Culturalsimilarity, Market competitiveness,Environmental hostility, Economicsimilarity, Channel accessibility,Customer exposure) and Domesticmarket characteristics (Exportassistance & Environmental hostility).



Many other research initiatives studiedthese determinants, fully or partly(Carneiro, da Rocha, & da Silva, 2011;Carneiro et al., 2016; Cavusgil & Zou,1994; Chugan & Singh, 2014; Dess &Robinson, 1984; Fuchs & Köstner, 2016;Haddoud et al., 2019; Katsikeas, Piercy,& Ioannidis, 1996; Lin, Huang, & Peng,2014; Morgan, Kaleka, & Katsikeas, 2003;Nazar et al., 2009; Oliveira, Cadogan, &Souchon, 2012; Santos & Brito, 2012;Shoham, 1998; Singh & Mahmood, 2008;Solberg & Olsson, 2010; C. M. P. Sousaet al., 2008; Zou, Taylor, & Osland, 1998).The determinants those arecontrollable/manageable by the f irm’sown initiatives are identif ied in thisreview article to prepare a modeldepicting the use of the indicators forthe export performance measure.

Methodology

This study targeted the articles in thef ield of international marketing whereexport performance is examined as thedependent variable. To be included inthe review process, the criteria wechecked in each article are: (1) the articleexamines the companies that areengaged in exporting (2) focused onexport performance and it’s a keyvariable. We covered the articlespublished from the starting of thisstream till present time. To prepare theproposed model, we have taken themodel proposed by Nazar, Mujtaba, &Saleem (2009) as reference.

Firm Level Determinants of ExportPerformance

The firm level determinates includes theinternal factors of the export

performance and are classif ied intothree broad categories, namely (i) FirmCharacteristics, Resources andCapabilities, (ii) ManagementCharacteristics and (iii) ExportMarketing Strategy (Brouthers, Nakos,Hadjimarcou, & Brouthers, 2009; Chetty& Hamilton, 1993; Chugan & Singh,2014; Haddoud et al., 2019; Nazar et al.,2009; Viet, Tan, Thanh, & Kim, 2018).Each broad area is amplif ied in thefollowing section through a literaturesurvey.

Firm Characteristics, Resources andCapabilities

Firm Characteristics, Resources andCapabilities are comprised of numerousfactors where through the literaturesearch, we have also found many of themstatistically signif icant.

Ownership type

Ownership type has been taken as a firmlevel controllable determinates of exportperformance in few studies (Cieœlik,Micha³ek, & Nasadiuk, 2015; Haddoudet al., 2019) where Cieœlik et al., 2015found the ownership type is statisticallysignif icant as a determinates to measureexport performance and Haddoud et al.,2019 considered it as control variablewhile mentioning that it has impact onfirm’s export performance.

Firm Age

The number of yours a f irm is operatingits business has impact on itsperformance as the f irm use itsexperiences and learnings from itsprevious operations. Researcherschecked its impact on the performance

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where (Grandinetti & Mason, 2012)proved that f irm age has positive impacton export performance.

Firm Size

The size of the f irm has beendetermined differently by differentstudies (C. Sousa, 2004; C. M. P. Sousaet al., 2008). The number of employeesa f irm has is one indicator of its size aswell as the amount of f ixed assets isanother indicator. Total amount of salesof a company is also a measure of f irmsize. It is one of the most commonantecedents/factors of exportperformance measure and has beenused widely used by many researchersand has been found signif icant as adeterminates of export performance(Adu-Gyamf i & Korneliussen, 2013;Altýntaþ, Tokol, & Harcar, 2007; Baldauf,Cravens, & Wagner, 2000; Bonaccorsi,1992; Casey & Hamilton, 2014; Cieœlik,Micha³ek, Micha³ek, & Mycielski, 2015;Dhanaraj & Beamish, 2003; El Makrini,2017; Grandinetti & Mason, 2012; Jeong,2003; Larimo, 2013; Kaynak & Kang-yenKuan, 1993; Reid, 1982; C. Sousa, 2004;C. M. P. Sousa et al., 2008).

Large f irms marked higher exportperformance in few studies (Baldauf etal., 2000; Kaynak & Kang-yen Kuan,1993; Reid, 1982). ) The reason behindthis is that the larger f irms enjoys thebetter positions regarding managerialand f inancial resources and also theirlarger production capacity gives themscale economy benef it (Baldauf,Cravens, & Wagner, 2000; Jeong, 2003)SME f irms face some diff icultiesregarding the lack of marketinformation, proper designs and also

fulf illing the minimum quantityrequirements is very challenging forthem (Altýntaþ et al., 2007).

Export Experience

The number of the years a f irm isengaged to exporting represents itsexport experience (Grandinetti &Mason, 2012) which has been studiedpreviously as a key determinants ofexport performance (Baldauf et al.,2000; Casey & Hamilton, 2014;Grandinetti & Mason, 2012; Larimo,2013; Madsen, 1989; Rock & Ahmed,2014). Companies those have longerinternational experience are tend todisplay higher export intensity (Baldaufet al., 2000).

Export intensity

Export intensity represents the foreignsales as a percentage of total sales (Mac& Evangelista, 2016). Export intensity isused a determinant of exportperformance by many researchers(Brouthers et al., 2009; Dhanaraj &Beamish, 2003; El Makrini, 2017;Grandinetti & Mason, 2012; Haddoud etal., 2019; Mac & Evangelista, 2016;Majlesara, Afshari, Ghadimi,Mohammadi, & Asadi, 2014; Rock &Ahmed, 2014; Tinashe Kahiya & L. Dean,2014) but the previous studies resultedin inconsistent f indings. Small f irm inthe sector of primary resources showshigh export intensity and they possess astrong commitment to export activities(Rock & Ahmed, 2014). Export intensityshows a negative relationship withexport performance (Mac & Evangelista,2016). The domestic sales as well as theexport sales of a f irm is affected by



different controllable anduncontrollable factors which sometimesmakes the results ambiguous (ElMakrini, 2017).

Export Diversity

Diversif ication is a part ofinternationalization which has beenused in the research of internationaltrade. The easy way to comprehend theexport diversity is to see the totalnumber of the countries that a f irm isexporting to. (Mac & Evangelista, 2016).Export diversity has a negativerelationship with export performancebut if a company use export agent in itsoperations then the effects becomepositive (Mac & Evangelista, 2016). ForSMEs, diversity is positively related toexport performance, as they achievebetter performance when they operateto more than few countries. Findings ofthe previous study suggests that benefitsgained from more geographic marketsis larger than the cost disadvantages(Mac & Evangelista, 2016).

Export Mode

A firm produces its products in domesticmarket and sells its products to foreignmarket directly or indirectly to theconsumers. Export mode is studied as adeterminants of export performance(Amal & Filho, 2010; Woodcock,Beamish, & Makino, 1994)

Firm Resource & Firm Capabilities

The resources and capabilities addvalues to the operations of a f irm andbetter resources and capabilities enablesa company to do better in internationalmarket. Enough resource availability

and capabilities are positively correlatedto export performance (Adu-Gyamfi &Korneliussen, 2013; Dhanaraj & Beamish,2003; Mac & Evangelista, 2016; Morganet al., 2003; Rock & Ahmed, 2014).

Management Characteristics

As f irm level controllable determinantsof export performance, managementcharacteristics of a company is crucial.Company’s management takes theirpolicy decisions where its attitudetowards different factors are importantto ensure a better performance of thecompany in the international market.

Technology Orientation

It is the tendency of the management toincorporate and use technological toolsin the activities of a f irm. Somecompanies emphasize technology-basedresources and programs and are tend tobe more open to the advanced tools andtechniques. Technological orientation ofthe management of f irm has a bringsmixed results on export performance(Zou & Stan, 1998). Whereas, (Aaby &Slater, 1989) have showed vague effectsof technological orientation on exportperformance. Another study showedpositive relation between technologicalorientation and export performance (Dhanaraj & Beamish, 2003)

Customer Orientation

In a high level of customer orientation,the management of the company andthe export managers gives priority to thefulf illment of the customers’ needs. Fora company, the manager’s, specif icallythe export manager’s customerorientation is positively linked with the

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export performance the high level of thecustomer orientation of the exportmanager results in a good performancein export operation (Katsikea &Skarmeas, 2003).

Export Commitment

Management commitment to betterexport performance is a key determinantof measuring the performance ininternational market. Its one of the keyfactors (Aaby & Slater, 1989; Zou & Stan,1998) where they have showed that highmanagement commitment results inbetter export performance which hasbeen checked and conformed byChugan & Singh, (2014).

Export Marketing Strategy

Export marketing strategy is very crucialfor the export performance has beenchecked by many researchers asdeterminates of export performance(Zou et al., 1998; Leonidou, Katsikeas,& Samiee, 2002; Chen et al., 2016; Vietet al., 2018). Cavusgil & Zou, (1994);Chugan & Singh, (2014); Leonidou et al.,(2002); C. M. P. Sousa et al., (2008); Zou& Stan, (1998) identif ies ProductStrategy, Price Strategy, PromotionStrategy and Distribution Strategy as thekey factors for measuring exportperformance under the exportmarketing strategy area.

Product Strategy

Product strategy as a determinants ofexport performance has been examinedin several research study where theimportance of the presence of goodproduct strategy is prioritized (Ayan &Percin, 2005; Cavusgil & Zou, 1994;

Chugan & Singh, 2014; Larimo, 2013;Leonidou et al., 2002; C. M. P. Sousa etal., 2008; Zou & Stan, 1998). A company’sability to maintain good productstrategy is important for its betterperformance in international market.The various product dimension, whatincludes actual as well as augmentedfactors, has been seen as importantdeterminants. This marketing mixcomponent is positively related to theexport performance measures which canbe used to create product differentiation,branding and so on (Leonidou et al.,2002).

Price Strategy

Pricing strategy as has been def inedmainly to see the ability to set lowerprices where exporters aim to enter in alarge market by attracting customersfrom outside country. This approachresults in the benefits of scale economiesif can be used effectively. (Leonidou etal., 2002). A good number of previousresearch has studies the price strategyas a key determinants of exportperformance (Ayan & Percin, 2005;Cavusgil & Zou, 1994; Larimo, 2013;Leonidou et al., 2002; C. M. P. Sousa etal., 2008; Zou & Stan, 1998) and hasfound it signif icant.

Promotion Strategy

Various promotion strategies i.e.advertising, personal selling, salespromotion, trade fairs, promotionadaptation and personal visits has givenmixed results regarding their associationwith export performance (Leonidou etal., 2002). The use of proportion strategyas a determinants for measuring export



performance has been established byseveral researchers (Ayan & Percin,2005; Cavusgil & Zou, 1994; Chugan &Singh, 2014; Larimo, 2013; Leonidou etal., 2002; C. M. P. Sousa et al., 2008; Zou& Stan, 1998)

Distribution Strategy

Firm’s distribution strategy has beenstudied as a determinants of measuringexport performance (Ayan & Percin,2005; Brouthers et al., 2009; Casey &Hamilton, 2014; Chugan & Singh, 2014;

Leonidou et al., 2002; C. M. P. Sousa etal., 2008) and the results showed mixedoutcomes when the relations betweenexport performance and distributionchannel were studied (Leonidou et al.,2002). The use of foreign distributionoff ice/distributors/agents showedweak relation where the strongassociation found between exportperformance and host countryenvironmental factors, i.e. economicsituation, distribution structure, andcompetitive practices.

Table 1: Summary of the Literature Search ofFirm Level Determinants of Export Performance

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Findings & Conclusion

A lot of research has been done ondetermining the factors of exportperformance but development of acomplete model which includes andsummarizes all aspects of controllableinternal determinants of exportperformance of a f irm are yet to beestablished.

Most of the studies in the f ield ofinternational marketing has producedinconsistence results and the literatureof export marketing has failed toproduce a widely accepted model tomeasure export performance (C. M. P.

Sousa et al., 2008; Leonidou et al.,2002).

This article has tried to f ill this gap byproposing a model thorough a literaturereview 63 related journal articles. At theend of the literature review, “Figure 1”proposes a model which summarizes theimportant determinates of exportperformance of firms. This model wouldprovide a comprehensive groundworkfor studying the firm level determinatesof export performance. Using this modelresearchers can study/examine the firmlevel determinates of exportperformance where factors are classifiedinto categories and sub categories.



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