A Review of Theoretical Frameworks for the Determinants of Growth of SMEs

Abstract

Small- and medium-sized enterprises (SMEs) are undeniably the backbone of a country's manufacturing sector, with an inherent desire for export orientation, leading to the exponential growth of emerging economies. Digital technologies have been heralded as a solution for SMEs, to increase their productivity and competitiveness. The paper tries to collate various important theories that advocate digital innovations and promote internationalisation in SMEs. The research aims to examine how researchers use existing or a combination of theories to investigate various aspects that augment the growth of SMEs. This paper reviews how multiple theories complement one another by adding rigour and usefulness to the emerging research in the field of entrepreneurship. As some of the relevant theories are collated and analysed in one place, they provide academicians with a platform for analysing various determinants in the growth of entrepreneurial activities in SMEs.