Table 4

Main topic, key references and key institutional factors for every cluster

Main topicKey referencesKey institutional factors
Red cluster – institutional theory and innovation in SMEs
Impact of institutional environment on technology adoption by SMEsRamdani et al. (2023), Barron et al. (2024), Zhu et al. (2012) 
  • Role of Legal and Regulatory Frameworks

  • Government Initiatives and Public Policies

The institutional environment is shaped by emerging technologies in SMEsDickson et al. (2006), Eggers (2020), Mol-Gómez-Vázquez et al. (2020) 
  • Global Access to Information

  • Transition Economies and Technology

Institutional theory from a cultural lens: cultural values may hinder the implementation of technology in SMEsBenassi et al. (2022), Keizer et al. (2001) 
  • Culture and Technology Acceptance

  • Cultural Impediments

Green cluster – institutional theory and sustainability in SMEs
The role of formal and informal institutions in shaping SMEs' sustainable behaviorMadrid-Guijarro and Duréndez (2024), O'Reilly et al. (2023), Bag et al. (2022) 
  • Impact of Local Government Policies

  • Environmental concerns

Driving forces behind SMEs’ actions to enhance their CSR.Jamali and Neville (2011), Shibin et al. (2020) 
  • Legitimacy and Community Bonding

The development of CSR strategies by SMEs to gain legitimacy in the institutional contextBocquet et al. (2019), Ko and Liu (2017) 
  • Contextual institutional analysis

  • Model of Environmental Consciousness

Blue cluster–institutional theory and SME internationalization
The social net between the institutional environment and SMEs internationalizationRanjan (2024), Dung Ngo et al. (2024), Hessels and Terjesen (2010) 
  • Information, Resources, and Capabilities

  • Social and Networking Characteristics

How the institutional environment of the host country affects the SMEs' internationalizationHessels and Terjesen (2010), Torkkeli et al. (2019) 
  • External Forces and Legitimacy

  • Political Stability

The positive and negative effects of the institutional environment on SME internationalizationChen et al. (2014), Schwens et al. (2011), Shin et al. (2022) 
  • Dual Impact of Institutional Setting

Yellow cluster–institutional theory and SME strategies in emerging markets
The institutional voids of SMEs in emerging marketsShi et al. (2024), Hansen-Addy et al. (2024), Harrison et al. (2018) 
  • Deficiencies in the Institutional System

  • Impediments to Economic Growth

SME relationships with formal and informal institutions to overcome the challenges of institutional gapsDanis et al. (2010), Oriaifo et al. (2020), Kafouros et al. (2022) 
  • Government as an Intermediary

  • Formal and Informal Institutions

Institutional mechanisms enabling SMEs to undertake international strategiesDeng and Zhang (2018), Wu and Deng (2020) 
  • Role of Informal Institutions

  • Institutional Compensatory Mechanisms

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