A literatura especializada em aglomerados de pequenas e médias empresas (PMEs) aponta que a realização de ações conjuntas entre empresas pode gerar vantagens competitivas, auxiliar na obtenção de especialistas em competências específicas, além de outros benefícios. Nesse sentido, estudos nessa área têm identificado aspectos importantes envolvendo temas como tipologia, governança, estágios evolutivos, eficiência coletiva, economias externas, cooperação, competição. Esses estudos, no entanto, não realizam uma análise comparativa a respeito da interferência de determinados fatores em um desempenho de sucesso de empresas de aglomerados de PMEs de base tecnológica. Com o objetivo de identificar os principais que podem interferir significativamente no desempenho desse tipo de aglomerado foi realizado um estudo de casos múltiplos envolvendo empresas de três aglomerados de PMEs de base tecnológica brasileiros do interior do Estado de São Paulo, situados em importantes pólos tecnológicos localizados nas cidades de Campinas, São Carlos e São José dos Campos. Inicialmente foi realizado um levantamento bibliográfico sobre os fatores que influenciam um desempenho de PMEs em aglomerados de empresas de um modo geral. Com base nesses dados foi elaborado um roteiro de pesquisa para ser aplicado nas entrevistas realizadas nas empresas. Os dados coletados em campo foram analisados com o auxílio do software Qualitative Solutions and Research que possibilita a inserção e análise de dados qualitativos. Com base nos resultados obtidos, identificou-se um grupo de 5 fatores principais que interferem no desempenho das empresas dos aglomerados estudados. Foi analisada também a incidência de cada um desses fatores em cada um desses aglomerados, destacando-se: o perfil, a gestão e o ambiente das empresas dos aglomerados. / The literature specialized in clusters of small and medium-sized enterprises (SMEs) shows that, when companies take joint actions, they may gain competitive advantages, besides other benefits. Studies in clusters have identified important aspects involving themes such as typology, governance, evolutionary stages, collective efficiency, external economies, cooperation, and competition. These studies, however, do not carry out a comparative analysis regarding the interference of certain factors in the success of technology-based clusters, considered to be a particular type of companies\' agglomeration. With the objective of identifying the main success factors that can interfere significantly in the development of this kind of cluster, a study of multiple cases was carried out, involving three clusters in the interior of the State of São Paulo, situated in important technology parks located in the cities of Campinas, São Carlos and São José dos Campos. Initially, a bibliographical review on the important success factors of clusters in general was carried out. Based on this data, a research framework was established in order to be applied in the interviews conducted in the companies. The data collected were analyzed with the aid of the software Qualitative Solutions and Research, which enables the insertion and analysis of qualitative data. Based on the results obtained, a group of 5 success factors was identified; the incidence of each of these factors was also analyzed in each of the clusters studied, showing that the factors company profile and management were the most important.

Corporate Social Responsibility (CSR) is a global concern and has been adopted by many largemultinational corporations. Although small and medium-sized enterprises (SMEs) are the mostcommon type of business in the EU including Sweden, yet most research on CSR has beenfocused on large corporations. As SMEs run in various settings and there have been littleempirical studies on CSR in SMEs, the purpose of this study is to fill a part of the researchgap and provide an in-depth look at CSR in SME to investigate specific barriers and/oropportunities to addressing CSR. This study reviews the relevant literature of CSR in SMEs.Through semi-constructed interviews with two small-sized organic product companies inSweden, this study analyzed CSR from an SME perspective in a Swedish context by CSRtheory and Resource-Based View (RBV). According to the findings, the main barrier for CSRfor the case companies is financial recourse constraints, while the main opportunity is theircapability for communication. This study contributes and motivates CSR in SMEs bydemonstrating how they understand CSR, how they communicate with both internal andexternal stakeholders of their best practices, and providing examples to share the experiencesfor SMEs.

Small and Medium-sized Enterprises (SMEs) are an underutilised sector to disseminating sustainability within communities. Entrepreneurs are action-oriented individuals who enjoy challenges and act upon environmental feedback, making them ideal change agents. However, there is a lack of tools specifically targeted towards SMEs to help them act strategically towards sustainability. In order to support entrepreneurs and motivate them into becoming catalysts for change towards sustainability the research team identified the need to provide them with a customized tool. The tool will be focused towards entrepreneurs interested in starting up new businesses with a core strategy of sustainable development. If the entrepreneur is able to apply sustainability at the beginning of their business venture, it reduces the need for later corrections. The research examines what is needed in a tool to support entrepreneurs and how to encourage them through the conception of adopting sustainable strategies. / <p>Renee Simard #1066 Amphion St., Victoria, BC V8S 4G3 Rachelle McElroy 637 Cowper St. Victoria, BC V9A 2E8 Itzel Orozco 1138 E 22nd Ave Eugene OR 97403 United States</p>

Abstract The purpose of the present study is to examine theoretically and empirically how entrepreneurs act in pursuit of accelerated internationalisation. The study will facilitate a better understanding of the accelerated internationalisation process in the case of small and medium sized enterprises in high tech context. The theoretical background is based on international entrepreneurship literature and internationalisation process research. The research setting is small high tech firms at the start of the internationalisation process. The firms represent two distinct types of internationalising firms, an international late starter and international new venture. The empirical study is a qualitative longitudinal comparative multiple case study of two case firms. The main data gathering method was interviews and observations supported by secondary data. In this study, the four theory-based determinants of internationalisation were identified; 1) processuality 2) knowledge, 3) networks and 4) opportunity development. These determinants were used as the key elements for exploring accelerated internationalisation as an outcome of interlinked entrepreneurial actions. The active networking and learning undertaken in pursuit of international opportunity development are the intertwined entrepreneurial actions which are likely to create an accelerated internationalisation process. The study provides potentially interesting findings for entrepreneurs and external facilitators. First, the accelerated internationalisation process may be either periodic or cyclical in nature depending on the entrepreneur’s access to the relevant knowledge and networks. However, the relevance of the existing and pursued networks and knowledge is dependent on business context and changes in that business context may change the value of networks and knowledge as they are not inherently stable. Secondly, the networking and learning components mediate international opportunity development which may occur either as a network driven international opportunity development or as a knowledge driven international opportunity development. Thirdly, it is important to be aware of the differences between the temporary and voluntary networks which drive the international opportunity development process. Those network actors with temporary collaborative contracts and in possession of expert knowledge have a mainly instrumental role in knowledge and resource sharing; whereas the voluntarily developed networks not only provide knowledge and resources, but relevant contacts and particularly, facilitate in international business opportunity development. / Tiivistelmä Tämän tutkimuksen tarkoituksena on tarkastella sekä teoreettisesti että empiirisesti, kuinka yrittäjät toimivat pyrkiessään nopeutettuun kansainvälistymiseen. Tutkimus auttaa ymmärtämään syvällisemmin pienten korkean teknologian yritysten nopeutettua kansainvälistymistä. Tutkimuksen teoriatausta on rakennettu kansainvälistä yrittäjyyttä ja kansainvälistymisprosessia käsittelevän kirjallisuuden perusteella. Tutkimuskohteena ovat pienet korkean teknologian yritykset, jotka ovat kansainvälistymisprosessinsa alussa. Tapausyritykset edustavat kahta erityyppistä kansainvälistyvää yritystä: vakaan kansallisen liiketoiminnan jälkeen kansainvälistyvää yritystä ja välittömästi yritystoiminnan aloittamisen jälkeen kansainvälistyvää yritystä. Empiirinen tutkimus on toteutettu laadullisena pitkittäistutkimuksena, jossa vertaillaan kahta yritystä monitapaustutkimuksena. Ensisijaisina aineistonkeruumenetelminä ovat haastattelut ja havainnointi, joita tuetaan tarkentavalla kirjallisella aineistolla. Tutkimuksen lähtökohtana ovat teoriataustan perusteella tunnistetut neljä kansainvälistymisen perustekijää: 1) prosessuaalisuus, 2) tieto, 3) verkostot ja 4) liiketoimintamahdollisuuden luominen, joita hyödynnetään lähtökohtana tarkasteltaessa nopeutettua kansainvälistymistä. Yrittäjän aktiivinen verkostoituminen ja oppiminen kansainvälisen liiketoimintamahdollisuuden luomiseksi nähdään toisiinsa kietoutuneina toimintoina, jotka yhdessä saavat aikaan nopeutetun kansainvälistymisprosessin. Näin ollen nopeutetun kansainvälistymisen nähdään olevan seurausta useista toisiinsa liittyvistä toimista, joita yrittäjä tekee kehittäessään yrityksen kansainvälistä liiketoimintaa. Tutkimus tarjoaa mielenkiintoisia löydöksiä yrittäjille sekä tukitoimintoja tarjoaville organisaatioille: Yrittäjän pääsy merkitykselliseen tietoon ja verkostoihin vaikuttaa nopeutettuun kansainvälistymiseen, joka voi olla tyypiltään joko vaiheittainen tai syklinen prosessi. Huomionarvoista on, että muutokset liiketoimintaympäristössä voivat muuttaa olemassa olevien sekä tavoiteltavien verkostojen ja tiedon arvoa yrittäjän kansainvälistymisprosessissa. Näin ollen tieto ja verkostot tulisi nähdä muuttuvina elementteinä, jotka vaikuttavat kansainvälisen liiketoimintamahdollisuuden luomiseen. Lisäksi kansainvälisen liiketoimintamahdollisuuden luominen voi olla joko verkostolähtöinen tai tietoon perustuva prosessi, jossa tulee huomioida erilaisten verkostotoimijoiden rooli. Tutkimuksessa havaittiin, että väliaikaiset sopimusperustaiset toimijat ovat tyypillisesti asiantuntijoita, joiden rooli on lähinnä tiedon ja resurssien tarjoaminen, kun taas vapaaehtoisuuteen perustuvat verkostosuhteet tarjoavat tiedon ja resurssien lisäksi hyödyllisiä kontakteja sekä erityisesti auttavat kansainvälisten liiketoimintamahdollisuuksien luomisessa.

Micro, Small and Medium sized enterprises (MSMEs) represent 99.9% of businesses in the UK and they face significant challenges with regards to start-up, survival and growth. Their ability to deal with these challenges is assisted, in some cases, by the provision of business support funded by the public sector. Unfortunately, despite the volume of such businesses, there remains a significant lack of qualitative data into the MSME sector, and their use of university led business support. This thesis examined the business support agenda, the support needs of MSMEs, the role of universities in the provision of business support, and the needs of public funding bodies, with regards to economic sustainability and growth in the West Midlands. The choice to focus on the West Midlands region was largely pragmatic; the researcher has existing relationships with the small business community and University networks within the region allowing for a comparable study of stakeholders with similar environmental, political and economical challenges. Whilst the findings are therefore in relation to the West Midlands region, they have been compared to secondary data and theoretical frameworks in order to propose a contribution, which is applicable to a wider audience. The thesis adopted an exploratory, interpretivist methodology with an emphasis on the practical importance of the research results. Through an explanatory sequential mixed methods approach, surveys were used to collect data from MSME business owners, followed by in-depth interviews with university staff in order to produce institutional case studies. The surveys with MSME owners identified a need for support that was free, local, face-to-face and delivered by an organisation with a good reputation for delivering business support. The survey data also indicated confusion amongst MSME owners about the availability of support from universities, as well as questions around the quality of support provided by universities and its impact. The interviews, and case studies, revealed a significant level of interest, and a feeling of responsibility, from universities towards supporting the MSME community. However there were consistent challenges around funding, sustainability, resources, flexibility of delivery, and the longevity of any enterprise strategy. The research makes a useful contribution to knowledge through the development of multiple case studies and the development of a conceptual framework for a sustainable system of university led, MSME business support. The model, and analysis, considers the detailed experiences, challenges and opportunities from the stakeholders and proposed a sustainable support system. This contribution to literature provides a unique perspective for both practical application and for the research community to utilise further.

This paper empirically investigates the key firm- and industry-specific restrictions to the performance of small and medium-sized enterprises (SMEs) in services trade. For this purpose, we use firm-level data from firms in France operating in different services sectors over the time period 1998 to 2007 and formulate two-part models consisting of (i) (dy namic) export equations and (ii) (dynamic) export share equations. Our results confirm the view that a relatively low share of SMEs engage in services trade. In line with the new-new trade theory, our results also corroborate that more productive SMEs have a higher export probability. The key finding of this paper is that the export decisions of SMEs in services sectors are estimated to be extremely persistent, implying that trade pol icy efforts, including the allocation of scarce trade promotion budgets, should be directed at addressing the barriers faced in establishing the first export operation. Finally, our sub-sectoral estimates reveal considerable heterogeneity across different types of services.

Furniture production in Sweden still exists on a comparably small scale. The majority, or more than 99 percent, of all furniture producers in Sweden are small and medium sized enterprises (SMEs) with less than 250 employees. Despite their size, these firms are, to a large extent, involved in export. This is fully in line with the accelerating trend of internationalization found among firms of all sizes. However, research focused on internationalization has been primarily concentrated on larger firms, which is unfortunate considering that the vast majority of all firms within the European Union can be described as SMEs. The purpose of this research is, therefore, to extend our understanding of internationalization and performance among small and medium sized firms by explaining export involvement and performance among small and medium sized furniture producers in Sweden. This research is completed within the theoretical framework of the modified PSE model, which consists of four components: perception of export barriers, strategy competence, export involvement, and performance. A quantitative survey was conducted among 324 firms, yielding a response rate of 56 percent. The empirical data was analyzed using the methods of multiple linear regression, logistic regression, and ordinal regression. The result suggests that strategy competence, measured in terms of relatedness and market knowledge, explains the main export mode and performance among exporting SMEs. In addition, main export mode seems to explain performance. The main findings of this research are visualized through a new model, SCEMPER. Another finding is that barriers originating with the owner/key decision-maker of a firm seem to prevent firms from becoming involved in export. In addition, attitude towards export and the age of the firm appear to be important determinants of export involvement and performance among SMEs.

The thesis deals with the issue of support for small and medium-sized businesses in the Czech Republic focusing on one of the market-based forms of such support in terms of networking. Specifically, the work is aimed at reference networking, and describes it in detail using an example of its representative in the Czech market. Within its theoretical part, the work defines the concept of small and medium-sized business. Further it explains the concept of promoting entrepreneurship in terms of public and market support. In the framework of this distinction, examples of some of the forms of such support have been listed. On the example of Switzerland, local representative forms of public support of entrepreneurship have been presented and compared to those in the Czech Republic. Further, networking concept has been introduced, and some principles of its operation have been defined. Different kinds of networking have been described. In the practical part, functioning of reference networking in particular, has been described more in detail on the example of the company Business for Breakfast Česká republika s.r.o. Using a questionnaire survey among the members of this concept, its benefits for both the members of the concept, as well as for the state budget have been investigated. The analysed benefits are examined in terms of both budget revenues, as well as in terms of cost savings. Fields of business, for which reference networking seems to be most beneficial, have been mentioned. In the end, benefits of representative public forms of business support with reference marketing have been compared. The study has confirmed that reference networking is an effective form of market-based support for small and medium-sized businesses, and has a positive impact on both the state budget, as well as on creating a favourable business environment in the Czech Republic. Despite public forms of business, these benefits are demonstrable and measurable.

The Master´s thesis deals with the social responsibility of organization with focus on small and medium-sized enterprises. The aim of this thesis is to analyze the level and attitude of corporate social responsibility in these enterprises. The theoretical part is to introduce concept of tripple-bottom-line, history, current trends and advantages and disadvantages of CSR. This part of thesis also includes implementation and measurement of CSR activities with subsequent reporting and information support. The practical part deals with the research of the social responsibility in small and medium-sized enterprises in Czech Republic. In the conclusion of the practical part are summarized recommendations and proposals for SME.

This thesis examines asset pricing and capital structure of small- and medium-sized enterprises (SMEs) in three essays. Firm finance and asset pricing are areas of voluminous research in the literature. Most of this research observes firms trading on public stock exchanges. In my thesis, I examine privately-owned SMEs where relatively little research has been done. I use a proprietary database of over 16,000 SMEs that sold from 1990 to 2010, reporting market valuations and accounting information. My findings contribute to the literature on asset pricing and capital structure of private firms that benefits researchers, entrepreneurs, investors, and analysts. The first essay examines whether the size effect in returns found in traded stocks is present in SMEs. The size-effect literature generally observes listed firms and finds that smaller firms tend to have higher returns. Using the SME database, I document the size effect in private firms using market valuations. I also find the size premium is concentrated in smaller SMEs. In firms smaller than $2.5 million in market value, the size effect is nearly 13 times stronger compared to larger firms. The second essay explores the effects of investor sentiment and marketwide liquidity in SME returns. Prior studies find these factors have effects in returns of listed firms. I find that SME returns are negatively related to sentiment and liquidity. As sentiment or liquidity rise, SME returns tend to fall. This study also finds that the effects of sentiment and liquidity are concentrated in smaller firms and weaken or disappear in larger SMEs. Apparently investors in smaller SMEs are more influenced by sentiment and liquidity. I also find that sentiment and liquidity have conditional effects on the magnitude of the size premium. The third and final essay examines SME capital structure. Firm capital structure has been one of the most contentious issues in finance theory for over 50 years. Relatively little research examines private firm finance and no previous studies to my knowledge have examined SME capital structure using market-based leverage ratios. I examine relations between leverage and capital structure determinants suggested by theory using market-based and book-value leverage ratios. I find support for both the trade-off and pecking-order theories. This study also finds that SMEs tend to use short-term debt much more than long-term debt and firms appear to practice maturity matching where managers tend to match borrowing terms with asset life. Evidence also suggests that capital structure determinants suggested by theory have greater explanatory power for market-based leverage ratios than for ratios based on book values.