KOBİ’lerin Uluslararasılaşmaları: Yönetim Kurulunun Etkileri

Year 2023, , 597 - 621, 30.12.2023

Seda Bilyay-erdoğan , Merve Gizem Cevheroglu Acar İrem Özkan Birgören

https://doi.org/10.30784/epfad.1353980

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

Supporting Institution

The Scientific and Technological Research Council of Turkiye (TUBITAK) Grant Number 121K018.

Project Number

121K018

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

Project Number

121K018

References

• Aksoy, M., Yilmaz, M.K., Canci, M. and Ay, A. (2023). Board diversity and export intensity: The moderating role of firm size. EuroMed Journal of Business, Advance online publication. https://doi.org/10.1108/EMJB-10-2022-0184
• Al‐Najjar, B. (2015). The effect of governance mechanisms on small and medium‐sized enterprise cash holdings: Evidence from the United Kingdom. Journal of Small Business Management, 53(2), 303-320. https://doi.org/10.1111/jsbm.12062
• Andersson, S., Gabrielsson, J. and Wictor, I. (2004). International activities in small firms: Examining factors influencing the internationalization and export growth of small firms. Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l'Administration, 21(1), 22-34. https://doi.org/10.1111/j.1936-4490.2004.tb00320.x
• Arregle, J.L., Duran, P., Hitt, M.A. and Van Essen, M. (2017). Why is family firms’ internationalization unique? A meta–analysis. Entrepreneurship Theory and Practice, 41(5), 801-831. https://doi.org/10.1111/etap.12246
• Arregle, J.L., Naldi, L., Nordqvist, M. and Hitt, M.A. (2012). Internationalization of family–controlled firms: A study of the effects of external involvement in governance. Entrepreneurship Theory and Practice, 36(6), 1115-1143. https://doi.org/10.1111/j.1540-6520.2012.00541.x
• Banalieva, E.R. and Eddleston, K.A. (2011). Home-region focus and performance of family firms: The role of family vs non-family leaders. Journal of International Business Studies, 42, 1060-1072. https://doi.org/10.1057/jibs.2011.28
• Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. http://dx.doi.org/10.1177/014920639101700108
• Barroso, C., Villegas, M.M. and Pérez‐Calero, L. (2011). Board influence on a firm's internationalization. Corporate Governance: An International Review, 19(4), 351-367. https://doi.org/10.1111/j.1467-8683.2011.00859.x
• Bauweraerts, J., Sciascia, S., Naldi, L. and Mazzola, P. (2019). Family CEO and board service: Turning the tide for export scope in family SMEs. International Business Review, 28(5), 101583. https://doi.org/10.1016/j.ibusrev.2019.05.003
• Bello, D.C. and Gilliland, D.I. (1997). The effect of output controls, process controls, and flexibility on export channel performance. Journal of marketing, 61(1), 22-38. http://dx.doi.org/10.1177/002224299706100103
• Bloodgood, J.M., Sapienza, H.J. and Almeida, J.G. (1996). The internationalization of new high-potential US ventures: Antecedents and outcomes. Entrepreneurship Theory and Practice, 20(4), 61-76. https://doi.org/10.1177/104225879602000405
• Brouthers, L.E. and Nakos, G. (2005). The role of systematic international market selection on small firms’ export performance. Journal of Small Business Management, 43(4), 363-381. https://doi.org/10.1111/j.1540-627X.2005.00142.x
• Bužavaitė, M. and Korsakienė, R. (2022). Does board usage of knowledge and skills affect internationalization performance of SMEs? A case of Lithuania. Journal of Business Economics and Management, 23(1), 145-161. https://doi.org/10.3846/jbem.2021.15921
• Calabrò, A. and Mussolino, D. (2013). How do boards of directors contribute to family SME export intensity? The role of formal and informal governance mechanisms. Journal of Management & Governance, 17, 363-403. https://doi.org/10.1007/s10997-011-9180-7
• Calabrò, A., Brogi, M. and Torchia, M. (2016). What does really matter in the internationalization of small and medium‐sized family businesses? Journal of Small Business Management, 54(2), 679-696. 10.1111/jsbm.12165
• Calabrò, A., Mussolino, D. and Huse, M. (2009). The role of board of directors in the internationalisation process of small and medium sized family businesses. International Journal of Globalisation and Small Business, 3(4), 393-411. https://doi.org/10.1504/IJGSB.2009.032259
• Calabrò, A., Torchia, M., Pukall, T. and Mussolino, D. (2013). The influence of ownership structure and board strategic involvement on international sales: The moderating effect of family involvement. International Business Review, 22(3), 509-523. https://doi.org/10.1016/j.ibusrev.2012.07.002
• Carpenter, M.A. and Westphal, J.D. (2001). The strategic context of external network ties: Examining the impact of director appointments on board involvement in strategic decision making. Academy of Management Journal, 44(4), 639-660. https://doi.org/10.5465/3069408
• Chandra, A., Paul, J. and Chavan, M. (2020). Internationalization barriers of SMEs from developing countries: A review and research agenda. International Journal of Entrepreneurial Behavior & Research, 26(6), 1281-1310. https://doi.org/10.1108/IJEBR-03-2020-0167
• Dabić, M., Maley, J., Dana, L.P., Novak, I., Pellegrini, M.M. and Caputo, A. (2020). Pathways of SME internationalization: A bibliometric and systematic review. Small Business Economics, 55, 705-725. https://doi.org/10.1007/s11187-019-00181-6
• D'Angelo, A., Majocchi, A., Zucchella, A. and Buck, T. (2013). Geographical pathways for SME internationalization: Insights from an Italian sample. International Marketing Review, 30(2), 80-105. https://doi.org/10.1108/02651331311314538
• Datta, D.K., Musteen, M. and Herrmann, P. (2009). Board characteristics, managerial incentives, and the choice between foreign acquisitions and international joint ventures. Journal of Management, 35(4), 928-953. https://doi.org/10.1177/0149206308329967
• Debellis, F., Pinelli, M., Hülsbeck, M. and Heider, A. (2023). Ownership, governance, and internationalization in family firms: A replication and extension. Small Business Economics, Advance online publication. https://doi.org/10.1007/s11187-023-00736-8
• Dehaene, A., De Vuyst, V. and Ooghe, H. (2001). Corporate performance and board structure in Belgian companies. Long Range Planning, 34(3), 383-398. https://doi.org/10.1016/S0024-6301(01)00045- 0
• Del Bosco, B. and Bettinelli, C. (2020). How do family SMEs control their investments abroad? The role of distance and family control. Management International Review, 60(1), 1-35. https://doi.org/10.1007/s11575-019-00406-6
• Dhanaraj, C. and Beamish, P.W. (2003). A resource‐based approach to the study of export performance. Journal of Small Business Management, 41(3), 242-261. https://doi.org/10.1111/1540-627X.00080
• Ensari, M.Ş. and Karabay, M.E. (2014). What helps to make SMEs successful in global markets? Procedia-Social and Behavioral Sciences, 150, 192-201. https://doi.org/10.1016/j.sbspro.2014.09.030
• Fernández, Z. and Nieto, M.J. (2005). Internationalization strategy of small and medium-sized family businesses: Some influential factors. Family Business Review, 18(1), 77-89. https://doi.org/10.1111/j.1741-6248.2005.00031.x
• Francioni, B., Pagano, A. and Castellani, D. (2016). Drivers of SMEs’ exporting activity: A review and a research agenda. Multinational Business Review, 24(3), 194-215. https://doi.org/10.1108/MBR-06- 2016-0023
• Gnan, L., Montemerlo, D. and Huse, M. (2015). Governance systems in family SMEs: The substitution effects between family councils and corporate governance mechanisms. Journal of Small Business Management, 53(2), 355-381. 10.1111/jsbm.12070
• Hair, J., Black, W., Anderson, R. and Babin, B. (2018). Multivariate data analysis (8 Ed.). USA: Cengage Learning EMEA.
• Herrera-Echeverri, H., Geleilate, J.G., Gaitan-Riaño, S., Haar, J. and Soto-Echeverry, N. (2016). Export behavior and board independence in Colombian family firms: The reverse causality relationship. Journal of Business Research, 69(6), 2018-2029. https://doi.org/10.1016/j.jbusres.2015.10.147
• Hillman, A.J. and Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3), 383-396. https://doi.org/10.5465/amr.2003.10196729
• Hoskisson, R.E., Hitt, M. A., Johnson, R.A. and Grossman, W. (2002). Conflicting voices: The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies. Academy of Management journal, 45(4), 697-716. https://doi.org/10.5465/3069305
• Hsu, W.T., Chen, H.L. and Cheng, C.Y. (2013). Internationalization and firm performance of SMEs: The moderating effects of CEO attributes. Journal of World Business, 48(1), 1-12. https://doi.org/10.1016/j.jwb.2012.06.001
• Ilhan Nas, T. and Kalaycioglu, O. (2016). The effects of the board composition, board size and CEO duality on export performance: Evidence from Turkey. Management Research Review, 39(11), 1374-1409. https://doi.org/10.1108/MRR-01-2015-0014
• John, K. and Senbet, L.W. (1998). Corporate governance and board effectiveness. Journal of Banking & Finance, 22(4), 371-403. https://doi.org/10.1016/S0378-4266(98)00005-3
• Korsakienė, R. and Tvaronavičienė, M. (2012). The internationalization of SMEs: An integrative approach. Journal of Business Economics and Management, 13(2), 294-307. https://doi.org/10.3846/16111699.2011.620138
• Lien, Y.C., Piesse, J., Strange, R. and Filatotchev, I. (2005). The role of corporate governance in FDI decisions: Evidence from Taiwan. International Business Review, 14(6), 739-763. https://doi.org/10.1016/j.ibusrev.2005.08.002
• Liñán, F., Paul, J. and Fayolle, A. (2020). SMEs and entrepreneurship in the era of globalization: Advances and theoretical approaches. Small Business Economics, 55, 695-703. https://doi.org/10.1007/s11187-019-00180-7
• Lu, J.W. and Beamish, P.W. (2001). The internationalization and performance of SMEs. Strategic Management Journal, 22(6‐7), 565-586. https://doi.org/10.1002/smj.184
• Lu, J.W. and Beamish, P.W. (2006). SME internationalization and performance: Growth vs. profitability. Journal of International Entrepreneurship, 4, 27-48. https://doi.org/10.1007/s10843-006-8000-7
• Lu, J., Xu, B. and Liu, X. (2009). The effects of corporate governance and institutional environments on export behaviour in emerging economies: Evidence from China. Management International Review, 49, 455-478. https://doi.org/10.1007/s11575-009-0004-9
• Lukason, O. and Vissak, T. (2020). Export behavior and corporate governance. Review of International Business and Strategy, 30(1), 43-76. https://doi.org/10.1108/RIBS-07-2019-0097
• Majocchi, A., Bacchiocchi, E. and Mayrhofer, U. (2005). Firm size, business experience and export intensity in SMEs: A longitudinal approach to complex relationships. International Business Review, 14(6), 719-738. https://doi.org/10.1016/j.ibusrev.2005.07.004
• Manolova, T.S., Manev, I.M., and Gyoshev, B.S. (2010). In good company: The role of personal and inter-firm networks for new-venture internationalization in a transition economy. Journal of World Business, 45(3), 257-265. https://doi.org/10.1016/j.jwb.2009.09.004
• Merino, F., Monreal‐Pérez, J., and Sánchez‐Marín, G. (2015). Family SMEs' internationalization Disentangling the influence of families on Spanish firms' export activity. Journal of Small Business Management, 53(4), 1164-1184. 10.1111/jsbm.12111
• Miesenbock, K.J. (1988). Small businesses and exporting: a literature review. International Small Business Journal, 6(2), 42-61. https://doi.org/10.1177/026624268800600204
• Mitter, C., Duller, C., Feldbauer-Durstmüller, B., and Kraus, S. (2014). Internationalization of family firms: the effect of ownership and governance. Review of Managerial Science, 8, 1-28. https://doi.org/10.1007/s11846-012-0093-x
• Nam, J., Liu, X., Lioliou, E., and Jeong, M. (2018). Do board directors affect the export propensity and export performance of Korean firms? A resource dependence perspective. International Business Review, 27(1), 269-280. https://doi.org/10.1016/j.ibusrev.2017.08.001
• Nisuls, J., Söderqvist, A., and Kock, S. (2010). The Board’s influence on the internationalization process in SMEs. In N. Nummela (Ed.), International growth of small and medium enterprises (Vol. 49) (pp. 29-47). London: Routledge.
• OECD. (2019). OECD SME and entrepreneurship outlook 2019. Retrieved from https://read.oecd-ilibrary.org/industry-and-services/oecd-sme-and-entrepreneurship-outlook-2019_34907e9c-en#page1
• Penrose, E. (1995). The theory of the growth of the firm (3rd Ed.) UK: Oxford University Press.
• Pfeffer, J. and Salancik, G. (1978). The external control of organizations: A resource dependence perspective. New York: Harper and Row.
• Pongelli, C., Majocchi, A., Bauweraerts, J., Sciascia, S., Caroli, M. and Verbeke, A. (2023). The impact of board of directors’ characteristics on the internationalization of family SMEs. Journal of World Business, 58(2), 101412. https://doi.org/10.1016/j.jwb.2022.101412
• Pukall, T.J. and Calabrò, A. (2014). The internationalization of family firms: A critical review and integrative model. Family Business Review, 27(2), 103-125. https://doi.org/10.1177/0894486513491423
• Purkayastha, A., Karna, A., Sharma, S. and Bhadra, D. (2021). Board’s human capital resource and internationalization of emerging market firms: Toward an integrated agency–resource dependence perspective. Journal of Business Research, 135, 391-407. https://doi.org/10.1016/j.jbusres.2021.06.064
• Rivas, J.L. (2012). Co-opting the environment: An empirical test of resource-dependence theory. The International Journal of Human Resource Management, 23(2), 294-311. http://dx.doi.org/10.1080/09585192.2011.610952
• Ruzzier, M., Hisrich, R.D. and Antoncic, B. (2006). SME internationalization research: Past, present, and future. Journal of Small Business and Enterprise Development, 13(4), 476-497. https://doi.org/10.1108/14626000610705705
• Ruzzier, M. and Ruzzier, M.K. (2015). On the relationship between firm size, resources, age at entry and internationalization: The case of Slovenian SMEs. Journal of Business Economics and Management, 16(1), 52-73. https://doi.org/10.3846/16111699.2012.745812
• Salomon, R. and Jin, B. (2008). Does knowledge spill to leaders or laggards? Exploring industry heterogeneity in learning by exporting. Journal of International Business Studies, 39, 132-150. http://dx.doi.org/10.1057/palgrave.jibs.8400320
• Sanders, W.G. and Carpenter, M.A. (1998). Internationalization and firm governance: The roles of CEO compensation, top team composition, and board structure. Academy of Management journal, 41(2), 158-178. https://doi.org/10.5465/257100
• Sciascia, S., Mazzola, P., Astrachan, J.H. and Pieper, T.M. (2013). Family involvement in the board of directors: Effects on sales internationalization. Journal of Small Business Management, 51(1), 83-99. 10.1111/j.1540-627X.2012.00373.x
• Singh, D.A. and Gaur, A.S. (2013). Governance structure, innovation and internationalization: Evidence from India. Journal of International Management, 19(3), 300-309. https://doi.org/10.1016/j.intman.2013.03.006
• Sirmon, D.G., Hitt, M.A., Ireland, R.D. and Gilbert, B.A. (2011). Resource orchestration to create competitive advantage: Breadth, depth, and life cycle effects. Journal of Management, 37(5), 1390-1412. https://doi.org/10.1177/0149206310385695
• Spadafora, E., Addo, K.A., Kostova, T., Kumodzie-Dussey, M.K., Leo, E., Marano, V. and van Essen, M. (2022). Board independence and firm internationalization: A meta-analysis. Multinational Business Review, 30(4), 499-525. https://doi.org/10.1108/MBR-04-2021-0055
• Uzzi, B. (1996). The sources and consequences of embeddedness for economic performance of organizations: The network effect. American Sociological Review, 61, 674–698. https://doi.org/10.2307/2096399
• Uzzi, B. (1997). Social structure and competition in interfirm networks: The paradox of embeddedness. Administrative Science Quarterly, 42, 35–67. http://dx.doi.org/10.2307/2393808
• Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of Financial Economics, 53(1), 113-142. https://doi.org/10.1016/S0304-405X(99)00018-5
• Verwaal, E. and Donkers, B. (2002). Firm size and export intensity: Solving an empirical puzzle. Journal of International Business Studies, 33, 603-613. https://doi.org/10.1057/palgrave.jibs.8491035
• Yang, X., Li, J., Stanley, L.J., Kellermanns, F.W. and Li, X. (2020). How family firm characteristics affect internationalization of Chinese family SMEs. Asia Pacific Journal of Management, 37, 417-448. https://doi.org/10.1007/s10490-018-9579-7
• Zattoni, A., Gnan, L. and Huse, M. (2015). Does family involvement influence firm performance? Exploring the mediating effects of board processes and tasks. Journal of Management, 41(4), 1214–1243. https://doi.org/10.1177/0149206312463936