Abstract
Export success is one of the key aspect of economic growth of a country because it is the principle means of specialising, developing economies of scale, accessing new technologies and attracting foreign investment. For this reason, the significance of this topic has encouraged scientists to investigate the main factors that play a part in the development and application of successful export strategies. This article analyses the export success of Colombian businesses from the behaviour of variables at the business and sectoral levels. The research aims to characterise the relevant conditions affecting the entry of small and medium-sized enterprises (SMEs) into the foreign market, which can be useful for business owners who are in the process of internationalisation; they can also be considered as an instrument for developing policies promoting exports from Colombia. A multilevel model is estimated for a sample of Colombian businesses. We examined international experience, export commitment and export strategy as business factors that positively influence export success, as well as export assistance programmes, networks, tariff legislation, sector size and innovation as sectoral factors. It was concluded that the export destination, the country’s conditions and regulations should be examined before the beginning of the export process. However, Colombian exporters usually choose international destinations without such an analysis. In addition, government support through programmes and tariff legislation leads to greater business dynamism, favours entry into new markets and helps compensate negative results of international destinations.
Highlights
Export businesses in developing countries experience certain difficulties competing in the international market, especially due to the lack of resources that hinders the development of competitive advantages necessary for beginning to compete in an international setting [1]
The study aimed to empirically explain how export firms achieve superior export success based on various business factors and the three sectorial variables
Through the chosen theoretical model and the quantitative method, we contribute to the research on the phenomenon of export firms in a developing country
Summary
Export businesses in developing countries experience certain difficulties competing in the international market, especially due to the lack of resources that hinders the development of competitive advantages necessary for beginning to compete in an international setting [1]. Export success is one of the keys for the economic growth of a country because it is the principle means of specialising, developing economies of scale, accessing new technologies and attracting foreign investment [1]. For this reason, the significance of this topic has motivated academics to investigate the key factors that play a part in the development and application of successful export strategies [1, 2]. This finding demonstrates the importance of internationalisation as a determining element in export success [1, 3]
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