Institutional Determinants and Emerging Trends in Foreign Market Entry Strategies by Small and Medium Enterprises: A Systematic Literature Review

Управленец. 2026. Vol. 17. No. 1. P. 65–83.

Sikachev A., Veselova A.

As small and medium-sized enterprises (SMEs) strive for expansion beyond their domestic borders, the appeal of international markets is undoubtedly attractive. However, there are often numerous obstacles to this journey, which can be complex for companies without experience in international expansion. This article aims to fill the existing gap in the literature by thoroughly analyzing the institutional factors influencing SME internationalization and identifying emerging trends that shape strategic decision-making in foreign markets.  The research combines institutional theory and resource-based view, acknowledging regulatory structures and cultural norms in SMEs' global expansion. To address the research problem, bibliometric and co-citation analyses were performed, accompanied by topic modeling, to classify key topics and identify areas for further research. The research indicates that SMEs adapt market entry strategies to institutional influences while leveraging resources and structures. The current trends in digital transformation and the impact of social capital are being highlighted as essential factors that play a crucial role in the internationalization of small and medium-sized enterprises. The proposed conceptual framework aims to integrate institutional determinants with the internal capabilities and strategic decisions of SMEs, providing a comprehensive understanding of their operations in foreign markets.

Keywords: интернационализация, internationalization, topic modeling, SME, библиометрический анализ, МСП, тематическое моделирование, bibliometric analysis, co-citation analysis, Institutional determinant, Market entry strategy, институциональный фактор, стратегия выхода на рынок