Internationalization of SMEs: Do Board Characteristics Matter?

Abstract

All around the globe, SMEs constitute the backbones of the countries' economies, with their contribution to a very high level of employment and enterprises, as well as GDP creation. Despite their significance in their economies, SMEs' engagement in export activities is limited, which could be enhanced with better corporate governance initiatives. The purpose of this study is to examine the association between one of the main components of corporate governance, i.e., board of directors (BOD), and SME internationalization. We apply stratified sampling by city, size, and sector to fairly reflect the SME population in Turkey, collecting data from 469 SMEs. To quantify the board characteristics, we construct a board index, composed of seven board-related variables. Then, we estimate cross-sectional regressions including firm-specific control variables and legal and industry dummies. Our findings show that the board index is strongly and positively associated with SME internationalization, implying SMEs can reach higher internationalization levels by fostering a more attentive approach toward the composition and functioning of their BODs. By focusing on the individual board characteristics, SMEs are likely to enhance their BODs’ monitoring and controlling functions in addition to their resource-acquiring functions, ultimately leading to higher internationalization levels.

Keywords

• SME
• Internationalization
• Board of directors

KOBİ’lerin Uluslararasılaşmaları: Yönetim Kurulunun Etkileri

Abstract

Dünyanın her yerinde, KOBİ’ler, yarattıkları yüksek istihdam, işletme sayısı ve GSYIH ile bulundukları ülkelerin ekonomisinin omurgasını oluştururlar. Ülke ekonomilerindeki önemlerine rağmen, KOBİ’lerin ihracat faaliyetlerine katılımları sınırlı kalmakta, bu durumun ise daha iyi uygulanmış kurumsal yönetim girişimleri ile artırılabileceği düşünülmektedir. Bu çalışmanın amacı en önemli kurumsal yönetim bileşenlerinden biri olan yönetim kurulu ile uluslararasılaşmaları arasındaki ilişkinin incelenmesidir. Bu çerçevede, analizde kullanılacak olan örneklemdeki dağılımın Türkiye genelindeki KOBİ’leri adil bir şekilde yansıtabilmesi için; şehir, büyüklük ve sektör bazında tabakalı örneklem yöntemi ile toplam 469 KOBİ’den veri toplanmıştır. Öte yandan, yönetim kurulu özelliklerini ölçmek için yönetim kurulu ile ilgili yedi değişkenden oluşan bir yönetim kurulu endeksi oluşturulmuştur. Analizler ise firma özelindeki kontrol değişkenleri, yasal durum ve sektör kukla değişkenlerinin da dahil edilmesi ile birlikte yatay kesit regresyonları şeklinde yapılmaktadır. Bulgularımız yönetim kurulu endeksinin KOBİ’lerin uluslararasılaşmasıyla güçlü ve pozitif bir ilişki içinde olduğunu göstermektedir. Buna göre KOBİ’lerin yönetim kurulu özellikleri ve işleyişine yönelik olarak daha dikkatli bir yaklaşım teşvik edilerek daha yüksek uluslararasılaşma seviyelerine ulaşmanın mümkün olabileceği gösterilmektedir. Yönetim kurulu özelliklerine odaklanarak, KOBİ’ler yönetim kurullarının kaynak bulma görevlerinin yanı sıra izleme ve kontrol etme işlevlerini de geliştirerek, daha yüksek uluslararasılaşma seviyelerini yakalayabileceklerdir.

Keywords

• KOBİ
• Uluslararasılaşma
• Yönetim kurulu

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