Handbook of Research on European Business and Entrepreneurship Towards a Theory of Internationalization
Towards a Theory of Internationalization
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Edited by Léo-Paul Dana, Isabell M. Welpe, Mary Han and Vanessa Ratten
Chapter 3: Internationalization of Small and Medium-sized Firms (SMEs) in a Western European Service Economy: The Case of Andorra
3 Internationalization of small and medium-sized ﬁrms (SMEs) in a Western European service economy: the case of Andorra Sanford L. Moskowitz Small and medium-sized ﬁrms (SMEs) are gaining increasing attention from both the academic and the business community. The general expansion in globalization has meant a growing role of small and medium-sized ﬁrms (SMEs) in international markets (Oviatt and McDougall, 1994, 1999). An increasing number of investigations examine the rise within, and internationalization of SMEs from, a growing range of countries. As the EU has expanded and become more integrated, European SMEs ﬁnd themselves with greater access to international markets. The rise of entrepreneurial SMEs globally and their ability to operate in the global arena is seen as crucial to the eventual success of both European and, increasingly, non-European countries. This study examines the internationalization of SMEs with respect to the Southeastern European country of Andorra. In so doing, this study explores the issue of the internationalization of SMEs from the perspective of one of the smallest of the Western European economies. Andorra’s internationalization eﬀorts appear to closely shadow the expansion and integration of the European Union, especially as it has opened up the economies of Andorra’s European neighbours, and in particular Spain and France. Until recently, the internationalization of Andorra’s SMEs was of a ‘passive’ nature; that is, it depended on the inﬂux of currency, investments and tourists from the Western EU members. In this sense, internationalization came to Andorra, in large measure, because of favourable taxation...
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