Towards a Theory of Internationalization
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Edited by Léo-Paul Dana, Isabell M. Welpe, Mary Han and Vanessa Ratten
Chapter 9: Internationalization of SMEs in Croatia
9 Internationalization of SMEs in Croatia Tihomir Vranes evic, Branko Bogunovic and ˇ ´ ´ Miroslav Mandic ´ 1 Introduction Croatia is one of the European transitional economies where SMEs, as in many other former socialist countries, are relatively recent phenomena and most SMEs have been established during the 1990s (Dana, 2005). The process of internationalization of enterprises that started in many former transition countries has taken place in basically larger companies. In fact, a relatively small number of medium and small enterprises have been embraced by internationalization. The case of Croatia is not much diﬀerent from most East European countries. This chapter attempts to study the process. 2 Deﬁning the concept and data sources For an investigation of the internationalization process of an enterprise, one needs to deﬁne the meaning of the term ‘internationalization’ and agree on its measure. The process of internationalization of companies can be deﬁned in various manners. To our mind the best way to judge the degree of internationalization of companies is to measure the degree of foreign ownership, import–export exposure to foreign markets and inﬂow/outﬂow of investments. One of the important dimensions of this problem lies in the overall division, structured as small, medium and large-size companies. A number of sources deﬁne internationalization. Westhead et al. (2002) and Calof and Beamish (1995) approach internationalization from a quantitative point of view, proposing FDI and level of exports as its measures. Chetty and Campbell-Hunt (2003), look at some ‘soft’ indicators such as...
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