Introduction

Small- and medium-sized enterprises (SMEs) are key players in national economies and are increasingly integrated into global value chains (International Trade Centre, 2017). They contribute actively to economic growth, the creation of jobs and innovation in both mature and emerging economies. For example, in Organisation for Economic Co-operation and Development (OECD) countries, SMEs account for approximately 99% of firms, provide the main source of employment (70% of jobs) and generate between 50% and 60% of the annual gross domestic product (GDP). In emerging markets, SMEs contribute to about 45% of total employment and 33% of GDP (OECD, 2017).

It seems important to note that SMEs are not defined in the same way across countries. In North America, an SME is defined as a company with less than 500 employees (Industry Canada, 2017; U.S. Small Business Administration, 2016). In China, the definition varies across industries but it is commonly admitted that a Chinese SME has less than 1,000 employees and makes less than 400 million renminbi (i.e. 510 million euros) annual turnover (OECD, 2016). In Europe, experts often refer to the definition provided by the European Commission who considers that SMEs are independent companies with less than 250 employees and with less than 50 million euros annual turnover. They can be divided into three categories: (1) micro-enterprises (1–9 staff, less than 2 million euros turnover), (2) small enterprises (10–49 staff, 2–10 million euros turnover) and (3) medium-sized enterprises (50–249 staff, 10–50 million euros turnover). The lack of a common definition of SMEs highlights their heterogeneity and attests to the importance of getting a better understanding of the main peculiarities of these companies across the world.