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

Diana Benito-Osorio (), Alberto Colino-Fernández (), Luis Ángel Guerras-Martín () and José Ángel Zúñiga-Vicente ()
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Diana Benito-Osorio: Universidad Rey Juan Carlos - Madrid, https://orcid.org/0000-0003-0870-286X
Alberto Colino-Fernández: Universidad Complutense de Madrid, https://orcid.org/0000-0001-8199-0242
Luis Ángel Guerras-Martín: Universidad Rey Juan Carlos - Madrid, https://orcid.org/0000-0002-3187-5948
José Ángel Zúñiga-Vicente: Universidad Rey Juan Carlos - Madrid, https://orcid.org/0000-0002-6783-8348

Small Business International Review, 2023, vol. 7, issue 2, e605

Abstract: This study explores the potential effects of different combinations of growth-seeking strategies on performance in SMEs during long times of economic boom and crisis. Our hypotheses are tested on a representative sample of Spanish SMEs between 1994 and 2014. During these years Spain suffered one of the periods of greatest economic stability/growth in recent years (1994-2008), followed immediately by a period of severe crisis (2009-2014). Using dynamic panel data models, our findings reveal that four combinations exhibit a positive and statistically significant effect on performance in times of economic boom: a related product strategy combined with low, moderate, or high levels of internationalization, and an unrelated one combined with a moderate level of internationalization. Meanwhile, we find only two combinations with a positive impact on SME performance in times of crisis: a related product strategy combined with low and moderate levels of internationalization, respectively

Keywords: SMEs; growth-seeking strategies; product and geographic diversification; economic growth; crisis (search for similar items in EconPapers)
JEL-codes: F23 L25 L60 M16 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aaz:sbir01:v:7:y:2023:i:2:p:e605

DOI: 10.26784/sbir.v7i2.605

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