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SMEs internationalization in Thailand: An empirical exploration of the determining factors
(2026-01-01)
Patthirasinsiri, Natphasuth
Small and medium enterprises (SMEs) internationalization have emerged as a prominent and dynamic phenomenon within the global business landscape. In Thailand, SMEs comprise the largest proportions of business entities, providing economic support, employment, and innovation support. Expanding to the global business sphere is therefore a concern, as a means of promoting their growth. This research explored the factors that influence SMEs internationalization process in Thailand. The study borrowed from International Entrepreneurship Theory and the Schumpeter Theory of Innovation theory as the basis of theoretical development. Primary data was collected from 482 respondents, who comprised people operating SMEs in Thailand. The data was collected using a structured questionnaire. The model evaluation was conducted using confirmatory factor analysis (CFA) while the data analysis was conducted using structural equation modelling (SEM). The results indicated that technological capabilities, employee’s human capital, and business environment has a significant and positive influence on SME internationalization, both international market entry and growth & profitability. Entrepreneurial orientation was found to have significant influence on international market entry, financial availability affects international market entry, while management capabilities influence growth and profitability. The research concludes that SMEs international expansion would require proper investment in financial assets, employees and management capacity, and critical evaluation of the targeted business environment.

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