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Article

Risk Management in the Internationalization of Small and Medium-Sized Spanish Companies

by
Ana Cruz González Calzadilla
,
María Segovia Villarreal
,
Juan Manuel Ramón Jerónimo
* and
Raquel Flórez López
Department of Financial Economics and Accounting, University Pablo of Olavide of Seville, Ctra. Utrera, Km. 1, 41013 Sevilla, Spain
*
Author to whom correspondence should be addressed.
J. Risk Financial Manag. 2022, 15(8), 361; https://doi.org/10.3390/jrfm15080361
Submission received: 20 June 2022 / Revised: 9 August 2022 / Accepted: 10 August 2022 / Published: 15 August 2022
(This article belongs to the Special Issue Advances in International Management Research)
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Abstract

The aim of this study is to analyze how Spanish small and medium-sized enterprises (hereinafter SMEs) manage risks derived from internationalization to improve performance. For this purpose, a case study was elaborated to understand the different risk management strategies used by Spanish SMEs in order to improve performance. Data were collected through sixteen semi-structured interviews. Findings suggest that although the internationalization process involves risk, SMEs, despite their size, can develop a proper risk management which leads to improve performance. Additionally, it is suggested that internationalization risks are not an impediment for SMEs to become involved in international activity, but that it is the way they manage them which makes SMEs improve their performance. Furthermore, the internationalization strategy becomes more efficient when a differentiation and innovation strategy are followed simultaneously.
Keywords: SMEs; internationalization; risks; risk management; differentiation SMEs; internationalization; risks; risk management; differentiation

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MDPI and ACS Style

González Calzadilla, A.C.; Segovia Villarreal, M.; Ramón Jerónimo, J.M.; Flórez López, R. Risk Management in the Internationalization of Small and Medium-Sized Spanish Companies. J. Risk Financial Manag. 2022, 15, 361. https://doi.org/10.3390/jrfm15080361

AMA Style

González Calzadilla AC, Segovia Villarreal M, Ramón Jerónimo JM, Flórez López R. Risk Management in the Internationalization of Small and Medium-Sized Spanish Companies. Journal of Risk and Financial Management. 2022; 15(8):361. https://doi.org/10.3390/jrfm15080361

Chicago/Turabian Style

González Calzadilla, Ana Cruz, María Segovia Villarreal, Juan Manuel Ramón Jerónimo, and Raquel Flórez López. 2022. "Risk Management in the Internationalization of Small and Medium-Sized Spanish Companies" Journal of Risk and Financial Management 15, no. 8: 361. https://doi.org/10.3390/jrfm15080361

APA Style

González Calzadilla, A. C., Segovia Villarreal, M., Ramón Jerónimo, J. M., & Flórez López, R. (2022). Risk Management in the Internationalization of Small and Medium-Sized Spanish Companies. Journal of Risk and Financial Management, 15(8), 361. https://doi.org/10.3390/jrfm15080361

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