Authors:

A.O. Sikachev, A.S. Veselova

Graduate School of Business, HSE University, Moscow, Russia

Abstract:

International markets offer significant appeal for small and medium-sized enterprises (SMEs) seeking to scale their businesses. However, there are often numerous obstacles to this journey, especially complex for companies lacking the experience of international expansion. The purpose of the article is to fill the existing gap in the literature by thoroughly analysing 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 modelling to classify key topics and pinpoint areas for further research. The empirical evidence base of the study was compiled using the Scopus database. The initial search query yielded 1,272 publications, which were then sequentially screened against predefined criteria. After applying Scopus Metrics source filters (Top-10 journals) and a final keyword refinement, the final sample comprised 188 peer-reviewed journal articles. The findings indicate 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 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: market entry strategy; small and medium-sized enterprises (SMEs); internationalization; institutional determinant; bibliometric analysis; topic modelling.

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For citation: Sikachev A.O., Veselova A.S. (2026). Institutional determinants and emerging trends in foreign market entry strategies by small and medium-sized enterprises: A systematic literature review. Upravlenets / The Manager, vol. 17, no. 1, pp. 65–83. DOI: 10.29141/2218-5003-2026-17-1-5. EDN: THMCWY.