Small And Medium-sized Enterprises In Industry Research Articles

Determinants of SMEs' strategic entrepreneurial innovative digitalization: examining the mediation role of human capital

PurposeThis study was inspired by research of strategists on strategic innovation (SI), aiming to provide a unique model to enhance the digitization of small and medium-sized enterprises (SMEs) in Bangladesh to fill the gap toward a digital economy.Design/methodology/approachA survey was used to collect data from 180 SMEs in the manufacturing industry for this research. The results indicate that strategic innovativeness (SI), human capital (HC), infrastructure and technology and resistance to change significantly influence the digitalization in Bangladesh SMEs.FindingsThe link between SI and SMEs' digitalization in Bangladesh is mediated by HC. The results show that HC plays a big role in the connection between SI and the digitalization of SMEs. This study may be valuable for SMEs managers, researchers and policymakers in Bangladesh and other developing nations, who want to learn more about SI in adopting digitalization.Originality/valueThe specialized knowledge and abilities of strategists allow them to establish parallels between the past and present, enabling them to make a sustained forecast about the digital economy. This study encourages small and medium-sized businesses to develop their SI and advance their HC, which could further deject resistance to change toward enhancing and adopting digitalization in SMEs sectors.

The role of flexibility, digitalization, and crisis response strategy for SMEs: Case of COVID-19

ABSTRACT We explore the impact of COVID-19 on small- and medium-sized enterprises (SMEs) and examine how crisis management strategies, particularly related to flexibility and digitalization, have influenced their responses during and after the pandemic. In this regard, we investigate the relationships between strategic flexibility, digitalization, digital technology adoption, COVID-19 perception, and firm strategy after the pandemic by specifically incorporating the mediating role of the crisis response strategy. Based on a survey of 206 Turkish SMEs in manufacturing and service industries, our research employs structural equation modeling using Smart PLS. Our findings indicate that crisis response strategies play a significant role in shaping the firm strategy after COVID-19, mediating the impact of strategic flexibility, digitalization, digital technology adoption, and COVID-19 perception. The findings highlight the importance of crisis response strategies—including optimizing business models, developing marketing channels, investing in technological innovation, diversifying into new business areas, and integrating the supply chain—during the COVID-19 period. These strategies are crucial influencers in shaping the firm strategies of SMEs beyond the pandemic. In particular, SMEs demonstrate adaptation by reassessing and restructuring their product portfolios, expanding their presence in regional markets, and establishing strategic collaborations to thrive in the evolving business landscape.

Institutional Quality and Internationalization: Empirical Evidence from Manufacturing SMEs in Vietnam

This paper assesses how the local institutional environment affects the internationalization of manufacturing small- and medium-sized enterprises (SMEs) in Vietnam, exploiting a multi-dimensional institutional index and large-scale enterprise data. The authors find that the internationalization of manufacturing SMEs was influenced by several institutional aspects, such as the transparency of local authorities, access to land, informal charges, and local labor policies. Improvements in these institutional aspects can substantially enhance participation in international trade and its magnitude. This pattern diverges from their large and foreign counterparts, whose trade participation is primarily affected by land access and the transparency of local authorities. Additionally, the authors find heterogeneous effects of the institutional environment on SMEs in different manufacturing industries. Heavy industries rely more on the costs of entry and time costs, while land access is crucial for SMEs in manufacturing industries that require large-sized factories. Our findings suggest that the government should provide a supportive institutional environment to SMEs, which will lead to higher international participation and boost domestic economic growth.

Challenges for the development of sustainable SMEs in the cement industry: a SWARA–WASPAS approach

Purpose This study aims to examine the obstacles and approaches to achieving sustainable development in India’s cement solid and hollow brick production business, with a specific emphasis on incorporating the triple bottom line (TBL) concept into strategies for small and medium-sized enterprises (SMEs). Design/methodology/approach Using the step-wise weight assessment ratio analysis (SWARA)–weighted aggregated sum product assessment (WASPAS) approach, the study prioritized 11 economic, 9 environmental and 14 social sustainability indicators based on information collected from literature and expert opinions. Findings The study provides valuable insights into the difficulties encountered by SMEs while implementing strategies that focus on the TBL. By putting emphasis on the sustainability criteria, the key areas that require attention to promote sustainability get identified and addressed. Research limitations/implications The study’s focus on SMEs in this industry limits its generalizability. To have a more complete picture, future studies may include many areas. Practical implications The identified and prioritised sustainability characteristics help small and medium-sized firms (SMEs) design strategies to address sustainable development concerns. The research findings could also inform policymakers and regulatory bodies about the challenges faced by SMEs in the cement and brick production sector regarding sustainability. It could highlight the need for supportive policies and regulations to promote sustainable practices and incentivize SMEs to adopt the TBL approach. The paper can offer practical insights for SME owners and managers on integrating sustainability principles into their business strategies. Actionable recommendations and best practices for enhancing environmental performance, social impact and economic viability within the context of cement and brick production are outlined. Social implications TBL policies improve the sustainability and profitability of small and medium-sized firms (SMEs) and promote environmentally and socially responsible practices that benefit the industry and society. The research paper may facilitate greater engagement and collaboration among various stakeholders involved in the cement and brick production industry, including SMEs, larger corporations, government agencies, non-governmental organizations (NGOs) and local communities. This cooperative approach can encourage open communication, the establishment of trust and coordinated actions to tackle sustainability challenges, ultimately improving social cohesion and collaboration. Originality/value This study provides new and valuable insights by investigating the development of TBL strategies in SMEs in the cement solid and hollow brick manufacturing sector in India. The utilization of the SWARA–WASPAS technique brings novelty to research on sustainable development in this field.

Management innovation, digital capacity and enterprise innovation performance

Purpose Small- and medium-sized enterprises (SMEs) are key players in economic activities. Yet little research focuses on their management innovation’s effect on innovation performance, this paper explores the impact of three sub-dimensions of management innovation (new organizational structure, new processes and new practices) on innovation performance (innovation outcome performance and innovation process performance) of SMEs in the manufacturing industry. It elucidates the mediating role of external knowledge search (search depth and search breadth) and identifies the moderating effect of digital capability.Design/methodology/approach By collecting primary data through a questionnaire survey, this paper employs Mplus and SPSS to analyze data.FindingsThis paper finds that management innovation positively affects innovation performance, with a greater impact on innovation outcome performance. Search breadth partially mediates the relationship between new organizational structure and innovation performance. Digital capability positively moderates the positive relationship between management innovation and external knowledge search.Originality/value The theoretical contribution of this study is to supplement the research on the consequences of management innovation and to improve the theoretical relationship between management innovation and external knowledge search based on firm behavior theory.

Eco-sustainable practices through strategic HRM: A review and framework for SMEs in the creative industries

In recent years, there has been a growing recognition of the importance of eco-sustainable practices in the business world, particularly within the context of small and medium-sized enterprises (SMEs) operating in the creative industries. This review presents a comprehensive review and framework for integrating eco-sustainability into the strategic human resource management (HRM) practices of SMEs in the creative industries. The creative industries, encompassing sectors such as design, advertising, fashion, and media, play a significant role in shaping cultural trends and consumer behavior. However, these industries also have a substantial environmental footprint, stemming from resource-intensive production processes, waste generation, and high energy consumption. Recognizing these challenges, there is a growing imperative for SMEs in the creative industries to adopt eco-sustainable practices. Strategic HRM offers a promising approach for integrating eco-sustainability into the core operations of SMEs. By aligning HRM practices with the organization's sustainability goals, SMEs can foster a culture of environmental responsibility and innovation among employees. This review presents a framework that outlines the key dimensions of eco-sustainable HRM, including recruitment and selection, training and development, performance management, and employee engagement. Effective recruitment and selection processes are crucial for attracting individuals who align with the organization's sustainability values. Training and development initiatives can equip employees with the knowledge and skills needed to implement eco-friendly practices in their roles. Performance management systems should include sustainability metrics to evaluate employee contributions to eco-sustainable goals. Additionally, fostering employee engagement through communication, participation, and recognition can enhance commitment to eco-sustainability initiatives. Through the integration of eco-sustainable practices into strategic HRM, SMEs in the creative industries can not only reduce their environmental impact but also gain a competitive edge by appealing to environmentally conscious consumers and investors. This review provides a roadmap for SMEs seeking to navigate the intersection of sustainability and human resource management, ultimately contributing to a more environmentally sustainable future for the creative industries.

Enhancing Industrial Digitalisation through an Adaptable Component for Bridging Semantic Interoperability Gaps

Digital transformation has a great effect on industries but also in the perception of their products with high consequences on society as a whole, as driver for innovation. However, there are still many barriers to the adoption of digital technologies, especially in small and medium-sized enterprises (SMEs). In the present study we propose a new software component that facilitates the adoption of industrial reference architectures (RAs) based on the semantic interoperability concept. Among these RAs, FIWARE has become a key enabler for flexible and resource effective digitalisation of shop floor processes. The proposed software component aims to enable full interoperability between these more widely used technologies and industrial standards and protocols such as OPC UA. As a result, a flexible, open, and adaptable implementation assists the automatic translation of messages from different standards enabling semantic interoperability of shop floor processes. The component aims to enable industrial SMEs to bring current barriers to digitalisation towards a more human-centred, resilient, and sustainable industry and society.

Knowledge network reconstruction for manufacturing SMEs: from the inter-, internal- and network-level perspective

ABSTRACT Knowledge network reconstruction matters the innovation capability and developing orientation of small and medium-sized enterprises (SMEs). We explore the paths of knowledge network reconstruction for SMEs in the manufacturing industry and the impact of multilevel factors on these paths. This research adopts the method of fuzzy-set qualitative comparative analysis (fsQCA) on a sample of 287 manufacturing SMEs in China. The results show two types of paths – Capability & Information driven and Resource driven, which illustrate the importance of resource acquisition capability, and fsQCA enables the examination of configurational effects of different antecedents. This research integrates the views and factors from different levels of knowledge network reconstruction and discusses the conflicting arguments about factors in the existing literature. Furthermore, drawing on a configurational approach provides a more fitting path according to the situations of different enterprises, instead of a thorough investment.

Visualizing the Future of Knowledge Sharing in SMEs in the Construction Industry: A VOSviewer Analysis of Emerging Trends and Best Practices

This review paper systematically synthesizes existing literature on knowledge sharing (KS) and knowledge transfer (KT) in the context of small and medium-sized enterprises (SMEs) in the construction industry, updating previous research and making predictions about emerging issues. The comprehensive literature review employs three different bibliometric techniques: (1) textual analysis of keywords and abstracts to identify relevant research areas, (2) cocitation analysis of references to analyze the evolution of KS and KT in SMEs, and (3) bibliographic linkage analysis of documents to summarize the background and results. The resulting conceptual map outlines the historical development of KS and KT at individual, group, and organizational levels in the construction industry. The study emphasizes the critical significance of KS and KT for SMEs in this industry. It highlights the role of innovation and open innovation in facilitating the successful implementation of KS and KT. The analysis also reveals the need for enhanced knowledge management in SMEs through better data management, implementation of digital systems for internal management, identification of inefficiencies in KT in collaborative networks, and adjustment of knowledge management approaches to suit different cultural and geographic contexts. Finally, the paper suggests future trends in KS and KT, emphasizing the importance of collaboration, continuous learning, technological capabilities, and developing a suitable organizational culture and structure for open innovation in the construction industry. This article offers an innovative approach to KS and KT in SMEs and practical recommendations for improving knowledge management and innovation capacity in construction-related businesses. Its systematic approach and focus on SMEs in the construction industry make it highly relevant for research and business practice.

Analysis of Strategic Marketing in Small and Medium-sized Enterprises: Case of the Bakery Industry in Colombia

Small and medium-sized enterprises (SMEs) are in a competitive system. The objective of the research was to analyze strategic marketing in SMEs in the bakery industry in the city of Barranquilla, for which a hypothesis is presented on the positive relationship between consumer behavior in relation to marketing strategies. Due to this, a categorical regression model was performed to test the hypotheses. The results showed that the industry analysis is more relevant for those companies that adopt a mature market strategy. The analysis of consumer buying behavior and the analysis of market demand dynamics prevail in the new markets strategy. Although product differentiation to achieve positioning is an important driver for companies that use growth market strategies, it is concluded that the consumer buying behavior hypothesis is valid because the analysis allows implementing differentiation actions that are included in strategic control, which is a complex thought process developed by top management.

Assessing the Contribution of Smes Towards the Industrial Development of Ogun State

This study delves into the vital role played by Small and Medium-sized Enterprises (SMEs) in advancing the industrial development of Ogun State, Nigeria. SMEs are the backbone of the state's economic landscape, contributing significantly to employment, innovation, and economic growth. Through a comprehensive analysis of SMEs in various industries, this research evaluates their impact on industrial development. The assessment encompasses factors such as job creation, local value addition, and technology transfer, shedding light on the multifaceted contributions of SMEs. Additionally, the study explores the challenges faced by these enterprises and the potential for policy interventions to further enhance their role in industrial development. The findings of this research are invaluable for policymakers, business owners, and stakeholders aiming to bolster the industrial sector of Ogun State. By understanding the diverse ways in which SMEs contribute to industrial development, strategic decisions and policies can be formulated to foster sustainable growth and economic prosperity in the state.

Environmental practice adoption in SMEs: The effects of firm proactive orientation and regulatory pressure

ABSTRACT Even with proven benefits of engaging in sustainability, and stakeholder and regulatory pressure to do so, small- and medium-sized enterprises (SMEs) seldom adopt environmental practices beyond those required. To investigate why some SMEs adopt environmental practices while others do not, we studied the proactive orientation–environmental practices link and the moderation of regulatory pressure on this relationship. Based on a survey of 286 SMEs in the wine industry in Italy, France, Denmark, and the United States, we tested our model using regression analysis. We found support for our hypotheses on the positive proactive orientation-environmental practices link and the enhancing role of regulatory pressure. We conducted further supplementary exploratory analyses to examine these relationships among different types of environmental practices. The findings from our study offer new research directions regarding the nuanced roles of proactive orientation and regulatory pressure in motivating SMEs to adopt more environmental practices.

Navigating supply chain disruptions: a purchasing portfolio matrix analysis of Chinese manufacturing SMEs in the context of COVID-19

PurposeThe purpose of this paper is to provide small and medium-sized enterprises (SMEs) in emerging markets with an updated Purchasing Portfolio Matrix (PPM) specifically for international sourcing. This data-driven PPM matrix is designed to provide a dynamic and process perspective that can help SMEs survive the disruptions caused by emergency situations such as the global COVID-19 pandemic.Design/methodology/approachThis research reports on qualitative interviews with experienced informants from 15 SMEs in the manufacturing industry. The authors follow process-based research using a combination of retrospective and real-time case study approaches to gradually unveil the dynamics in segmentation and sourcing strategies in the international sourcing context during the COVID-19 pandemic.FindingsThe findings reveal the dynamics of segmentation and international sourcing strategies during global disruptions and unpack the underlying logic behind the dynamics that is specific to SMEs in emerging economies.Originality/valueExisting literature on PPM predominantly focuses on static and normal sourcing circumstances. This paper addresses this gap by adopting a dynamic approach to study how sourcing strategies of SMEs from emerging economies evolve in a highly volatile environment from an international sourcing perspective.

A Review from the Malaysian Perspective on Factors Influencing Sustainable Entrepreneurship in Small and Medium-Sized Enterprises ((SMEs)

This investigation looked to set up the social and natural factors that impact Sustainable Entrepreneurship in Small and Medium-Sized Enterprises (SMEs). It likewise endeavored to distinguish whether the segment foundation of the business person impacts the Sustainable Entrepreneurship in SMEs of the Malaysian nourishment industry. This paper tries to investigate the writing on long haul and manageable development for SMEs and the upgraded information on this territory will be a direction to the approach producers, supporting offices, consultants, business visionaries and academicians to genuinely build up a widely inclusive model for feasible development of SMEs. This paper proposes an incorporated reasonable development model for SMEs with five components of the Sustainable Entrepreneurship variables that are leadership, network, employee management, customer orientation and marketing strategy. A blended technique approach, utilizing the utilization of surveys and meetings from an example size of around 120 members and 10 proprietor supervisors of SMEs in the nourishment industry, was utilized to gather information. Moreover, out of the five recognized elements, as indicated by the members' recognition, the most significant components towards supportable execution of SMEs in the nourishment industry are social variables, including customer direction. This exploration paper reasons that thinking about the social and natural parts of supportability and utilizing experienced staff would significantly add to the quest for Sustainable Entrepreneurship in SMEs of the nourishment industry.

How do patent subsidies drive SMEs to patent? Evidence from China

ABSTRACT It is agreed that the patent explosion in China results from diverse forms of government funding and subsidies, especially patent subsidies. This study explores how patent subsidies have promoted the patenting propensities of small and medium-sized enterprises (SMEs) in China. Patent subsidy policies provided limited financial support but sent signals to create prospects of obtaining policy surpluses by filing patent applications. This study provides empirical evidence of the signalling effect by showing that innovation-inactive SMEs and SMEs in patent-free industries filed inframarginal patent applications. Ex-ante subsidy policies offered stronger signals than ex-post subsidy policies. However, after a pro-patent culture was cultivated, SMEs were impervious to a decrease in patent subsidies and did not effectively perceive messages of strengthening patent quality from further policy changes. The signalling effect suggests effective policies for promoting patent applications in a weak patent regime that does not reward patents through the market. By contrast, it also accompanied distortion effects, indicating the policy’s failure to reduce the transaction costs associated with SME adapting to the patent regime.

Current directions of inclusive development of small and medium-sized enterprises of Ukraine in the agricultural industry

The article is devoted to studying the critical role played by small and medium-sized enterprises (SMEs) in forming the system of inclusive development of the agro-food industry in Ukraine. The urgency of this issue becomes evident in the conditions of a full-scale war and the need for post-war reconstruction. To achieve this goal, the work uses various research methods, including survey-analytical, abstract-logical generalization, graphic method, system analysis, and synthesis. In this work, the institutional prerequisites of the concept of inclusive development were determined, strategies in this direction were outlined, and scientific approaches to interpreting the term "inclusive development" were generalized. We offer a conceptual model of the inclusive development of SMEs in Ukraine and have identified the role of SMEs in forming an inclusive environment of the agro-food sector. The development of SMEs in the agri-food industry should be based on inclusiveness, which involves including different groups of society, ensuring equal opportunities, and supporting participation in entrepreneurship. The agri-food sector requires the ability of SMEs to develop sustainably and innovate. Inclusive development should focus on creating conditions for innovative growth, which will contribute to the competitiveness of enterprises. It is essential to emphasize the role of SMEs in fulfilling the social mission, mainly promoting the preservation and development of regional communities, and ensuring quality products and employment. Effective inclusive development involves establishing partnerships between SMEs, the public sector, and government institutions and ensuring access to financial, technological, and educational resources. The inclusive development of SMEs in the agri-food sector must consider gender aspects, promoting equal access of women and men to entrepreneurial activities. The article also analyzes the existing and prospective state support mechanisms for SMEs in wartime. We consider how SMEs can influence the country's post-war reconstruction in the context of the agri-food industry. Our further research will be aimed at substantiating the main directions of SME development in the conditions of an inclusive economy, improving the toolkit for assessing the inclusive development of SMEs and substantiating the model of inclusive development of SMEs in the agri-food industry. Keywords: small and medium-sized enterprises, inclusive development, inclusion, concept of inclusive development, model of inclusive development, agri-food industry, agri-food enterprises

Semi-Structured Interview of Industry 4.0 for SMEs in the Malaysian Construction Industry

Industry 4.0 (IR 4.0) is becoming a trend in various sectors despite being originated from the manufacturing industry. This concept has even grasped the attention of the construction sector due to its various benefits such as increased in product quality, productivity, and cost savings. In order to adopt this concept for the construction industry, focuses should be placed upon the small and medium-sized enterprises (SMEs) since they play a major part in influencing the economy. This paper aims to examine the challenges, enablers of IR 4.0, investigate the readiness and identify the ways to improve the implementation of IR 4.0 for the SMEs in the Malaysian construction industry. This study employed a semi-structured interview amongst twenty (20) industrial construction players around the Klang Valley. The collected data was then analysed and the results showed that they agreed that the main challenges in adopting IR 4.0 concept for the construction SMEs were lack of financial resources, ineffective process change strategy and low experiences in utilizing skilled applications and technologies. The interviewees believed that the important enablers for IR 4.0 in the construction industry were Building Information Modelling (BIM), cloud technology, and Industrialised Building System (IBS). BIM is also becoming a growing trend in the construction industry. The interviewees mentioned that the current readiness of the IR 4.0 concept for the construction SMEs is still below par yet there is still potential to be improved especially in terms of the organisations management, awareness, and implementation level. Government and its agencies need to play the biggest roles as the driving force in ensuring advanced technologies are successfully implemented in the construction industry. The results from this research will be used to produce a robust framework to hasten the adoption of IR 4.0 for the construction industry SMEs.

Influence of technological innovation characteristics on the survival period of SMEs in the service industry: Evidence from Korea

This study analyzes the effects of innovation and innovation characteristics on the survival of Small and Medium-sized Enterprises (SMEs) in the service industry. After analyzing around 22,300 innovative SMEs in Korea's service industry using Kaplan-Meier analysis, it is confirmed that the better the overall technological prowess (T-grade), the longer the survival period until delinquency (overdue payments for more than three months) and default. The technological innovation characteristics that significantly affect the survival period are derived using a time-dependent Cox model. Owner capability, productization capability, and profit prospects are found to positively affect the survival period of excellent SMEs, while R&D capability, technology superiority, and market status are found to have a negative effect. From an optimization perspective, if R&D capability is above an appropriate level, it can hinder the survival period of SMEs. Thus, it is interpreted that the more positive the market status, the more negative the survival period, because it accelerates the inflow of new competitors. Considering that owner capability, productization capability, and profit prospects are appraisal items based on business feasibility along with the technological prowess of SMEs, it is concluded that technology with business feasibility has a significantly positive effect on the survival period of innovative SMEs in the service industry.

Enhancing Cyber Security Governance and Policy for SMEs in Industry 5.0: A Comparative Study between Saudi Arabia and the United Kingdom

The emergence of Industry 5.0 has revolutionized technology by integrating physical systems with digital networks. These advancements have also led to an increase in cyber threats, posing significant risks, particularly for small and medium-sized enterprises (SMEs). This research investigates the resistance of SMEs in Saudi Arabia and the United Kingdom (UK) to cyber security measures within the context of Industry 5.0, with a specific focus on governance and policy. It explores the cultural and economic factors contributing to this resistance, such as limited awareness of cyber security risks, financial constraints, and competing business priorities. Additionally, the study examines the role of government policies and regulations in promoting cyber security practices among SMEs and compares the approaches adopted by Saudi Arabia and the UK. By employing a mixed methods analysis, including interviews with SME owners and experts, the research highlights challenges and opportunities for improving cyber security governance and policy in both countries. The findings emphasize the need for tailored solutions due to the differing cultural and economic contexts between Saudi Arabia and the UK. Specifically, the study delves into the awareness and implementation of cyber security measures, focusing on SMEs in Saudi Arabia and their adherence to the Essential Cyber Security Controls (ECC-1:2018) guidelines. Furthermore, it examines the existing cyber security awareness practices and compliance in the UK, while also comparing official guidance documents aimed at supporting SMEs in achieving better cyber security practices. Based on the analysis, greater engagement with these documents is recommended in both countries to foster awareness, confidence, and compliance among SMEs, ultimately enhancing their cyber security posture. This paper offers a comparative research study on governance and policy between Saudi Arabia and the UK, presenting a set of recommendations to strengthen cyber security awareness and education, fortify regulatory frameworks, and foster public–private partnerships to combat cyber security threats in the Industry 5.0 landscape.

Financial Analysis and Survival Research of the Visegrad Countries’ Health Industries

Our study examined the financial situation of small and medium-sized enterprises (SMEs) in the health industry of the Visegrad Four (V4: Czech Republic, Poland, Slovakia, Hungary) in the period 2008–2021. The basis of the analysis was the reports available in the Crefoport database. During the analysis, we took into account four key financial indicators (liquidity, profitability (ROA), efficiency, capital structure) and used the Kaplan–Meier survival estimator to examine the viability of enterprises. In our study, we draw attention to the national economic importance of healthcare SMEs in the CEE region, and within that, in the V4 countries during the period of Industry 4.0 and the COVID-19 pandemic. Our research goal is to examine the life expectancy of healthcare enterprises operating in Hungary at the time of their establishment, in relation to the SMEs of the other three countries. The health industry SMEs of the V4 countries showed positive growth (+18%) in the period under review compared to the average of the 3 years before the COVID-19 pandemic, in the average of the first 3 years of the COVID-19 pandemic. The study paid particular attention to the life expectancy of businesses at the time of establishment. According to our results, the life expectancy of healthcare enterprises operating in Hungary at the time of establishment is high, but it does not differ significantly from that of the other examined countries. Our study highlights that the health industry SMEs of the examined countries do not need financial support; they are standing on a stable footing, which provides them with an excellent opportunity to either expand abroad or introduce innovations.