Table 3

Key findings on research on emotions in SMEs internationalisation

Authors (Year)Article's focusKey theoriesDiscrete emotions/Emotional constructsInternationalisation processMethodKey findings related to emotions
Mammadov and Wald (2025a) Examines how SME owner-managers’ individual capabilities shape foreign market entry mode choiceUpper echelons theoryEmotional IntelligencegeneralQuantitative
  • Emotional intelligence strengthens the link between owner-managers’ leadership self-efficacy and choosing equity (higher-commitment) entry modes (i.e., when emotional intelligence is higher, self-efficacy is more strongly associated with selecting equity-based entry)

Mammadov and Wald (2025b) Examines whether SME owner-managers’ cultural intelligence and emotional intelligence help explain how internationalised their SMEs are, and whether global mindset is a mechanism linking these manager capabilities to the firm's degree of internationalisationUpper echelons theoryEmotional intelligenceGeneralQuantitative
  • SME owner-managers’ emotional intelligence is positively associated with their firms' degree of internationalisation (more international sales and wider geographic spread)

  • Emotional intelligence is linked to a stronger global mindset, and global mindset partly explains why higher emotional intelligent owner-managers lead more internationalised SMEs

Kampouri and Hajidimitriou (2025) Explores decision modes (bounded rationality vs real options reasoning) in post-entry foreign partner decisions, and how these relate to SEW differencesSEWEmotional attachmentInitial and post-entryQualitative
  • In highly family-involved SMEs, SEW-linked belongingness/attachment can bias firms towards partner engagement/maintenance under bounded rationality, potentially slowing internationalisation growth; in lower-involvement types, such SEW tendencies may be absent, enabling more switching partners

Emotional endowment
Efrat and Asseraf (2024) Examines how “born global” firms evolve as they mature, and which strategic choices are associated with performance at different maturity levelsOrientation-strategy-performance frameworkEmotional brandingPost-entryQuantitative
  • Among mature born globals, an emphasis on emotional brand meaning is associated with stronger performance outcomes (e.g. sales volume and profitability) than a predominantly functional/technological brand emphasis

Alayo et al. (2023) Examines how family members' identification with the firm influences the degree of internationalisation in family firms, and under what governance conditions this influence changesSEW and Uppsala internationalisation modelIdentification of family members with the firmgeneralQuantitative
  • Stronger identification is associated with a lower degree of internationalisation. Yet this pattern shifts in more supportive governance contexts; it becomes more favourable when family involvement on the board is higher and when CEO tenure is longer

González-Márquez et al. (2023) Explores which factors drive foreign market (country) selection and how the decision process unfolds in the early internationalisation stages of SMEsInternational market selection/internationalisation processIntuitionPre-entry/initial entryQualitative
  • Early country selection in SME restaurant franchises is often shaped by subjective/intuition-based motives (e.g. personal attraction or partner-driven enthusiasm) when expansion is opportunistic rather than planned

de Groote et al. (2023) Explores how family firms' top management teams make internationalisation decisions, emphasising how collaboration between family owner-managers and nonfamily managers shapes choices such as foreign expansion, configuration, and post-entry adjustmentsUpper-echelons logicEmotional attachmentGeneralQualitative
  • Aligned emotional attachment within the family firm top management team (e.g. pride in international success and ties to foreign partners) can enable internationalisation decisions and commitment

  • Misaligned attachment to legacy routines or past choices creates collaboration frictions that can constrain, or distort decisions such as entry mode and location choices, as well as post-entry commitment changes (including withdrawal/closure)

Cirillo et al. (2022) Examines how family firms' employee downsizing decisions relate to their sales internationalisation strategySocioemotional wealth perspectiveEmotional endowmentGeneralQuantitative
  • Family firms place high value on non-financial, relationship- and identity-related considerations, which helps explain why they are generally less likely to downsize employees than non-family firms. This tendency becomes less pronounced when firms pursue a more internationally advanced sales approach – higher export intensity, broader geographic reach beyond the home region and direct exporting – suggesting that stronger international engagement shifts the trade-offs family firms make

Emotional-related goals
Dong (2022) Focuses on how a specific emotion (i.e., fear of failure) can shape internationalisation decisionsUppsala/Internationalisation process modelFear of failurePre-entry/initial entryConceptual
  • Internationalisation choices are influenced not only by reasoning and information, but also by fear of failure, which can be triggered when managers face high uncertainty and the possibility of negative consequences

  • Proposes that this fear can shape commitment decisions – for example, making firms more likely to delay, scale back or even reverse international involvement after setbacks – thereby linking an individual emotional response to firm-level internationalisation patterns within the Uppsala/process framework

Schweizer and Vahlne (2022) Explain how the Uppsala internationalisation process model can accommodate non-linear/discontinuous internationalisation outcomesUppsala modelGeneral affectGeneralConceptual
  • Managers' emotions and mood can shape how they judge uncertainty and risk, which then influences commitment decisions (whether to add, maintain, reduce or redirect resources in foreign markets)

  • Because judgments are emotion-influenced, internationalisation often proceeds through small commitment steps, yet these can still accumulate into patterns that look “non-linear” over time

  • More sudden changes in internationalisation are portrayed as more likely when a high-pressure shock shifts decision-making towards fast, intuitive reactions – where emotions can carry more weight – or when new decision-makers with different emotional/cognitive tendencies take over

Emotions and mood
Barron and Boutary (2021) Examines how small European firms respond strategically to Brexit-related uncertainty in their UK business activitiesStage model of internationalisation and behavioural strategy and cognitive perspectiveConfidence is treated as the “emotion of assured expectation”Post-entryQualitative
  • Managerial confidence is a key emotion shaping post-entry internationalisation decisions under Brexit uncertainty: it influences how managers interpret the shock and whether they maintain/increase or scale back commitment to the market

Benevolo et al. (2021) To propose an integrated decision-making framework for entrepreneurial firms pursuing global strategies, explicitly combining “head” (cognitive/analytical aspects) and “heart” (emotions) in how entrepreneurs evaluate contexts, choose strategic levers, and implement global strategiesEntrepreneurial decision-making perspectivesDiscrete emotions: fear, joy, anger and entrepreneurial passionGeneralConceptual paper
  • Emotions shape how entrepreneurs interpret information, evaluate opportunities and commit to action, working alongside cognitive reasoning

  • Different emotions push decision-making in different directions (some discouraging risk-taking, others encouraging persistence)

  • Entrepreneurial passion and emotional intelligence as resources that can support sustained effort and effective interaction in international contexts

Emotional intelligence
Castiglioni et al. (2021) Examines how socio-emotional wealth influences the speed of export development, comparing family vs non-family firmsSEW perspectiveSEWGeneralQuantitative
  • Family firms expand their exports more slowly than non-family firms, consistent with a more cautious, step-by-step approach linked to preserving SEW

Leonidou et al. (2021) Investigates whether export managers' emotional intelligence helps them build higher-quality relationships with foreign buyers and whether this, in turn, supports a more future-oriented/continuing relationship posture. It also examines whether the strength of these links varies across different foreign cultural contextsEmotion regulation theoryEmotional intelligenceGeneralQuantitative
  • Higher emotional intelligence is associated with better international relationship quality with foreign buyers (stronger trust, commitment, cooperation and satisfaction), and these relationship-quality improvements are linked to a stronger long-term orientation towards continuing the cross-border relationship

Mariotti et al. (2021) Examines how family-firm heterogeneity – specifically the generation in control and the presence of non-family board directors – shapes the choice between greenfield vs cross-border acquisition when entering foreign marketsSEW perspectiveSEW emotional attachment identification with the firmGeneralQuantitative
  • Founder-led family firms are more likely to choose greenfields over acquisitions when entering foreign markets. The presence of non-family directors generally shifts firms towards acquisitions, and this influence is strongest in second-generation firms but weakens in later generations, which is linked to stronger SEW preservation tendencies among long-surviving family firms

Cabral et al. (2020) Examines whether top managers' psychological characteristics – especially emotional intelligence and cultural intelligence – help explain differences in SMEs' international exposureUpper echelons theory and resource-based viewEmotional intelligenceGeneralQuantitative
  • Emotional intelligence does not significantly differentiate SMEs with low vs medium vs high degree of internationalisation, even though managers report relatively high emotional intelligence across groups

  • Emotional intelligence is positively related to external networking behaviour, but this networking does not translate into (or mediate) higher internationalisation levels in their results

Kurt et al. (2020) Examines how religion vs spirituality shape tie strength and commitment in Islamic business associations, and how this affects SMEs' access to tangible/intangible network resources and, ultimately, their internationalisation performanceNetwork theory (homophily and tie strength)SpiritualityGeneralMixed
  • SMEs whose owners/managers show higher applied spirituality tend to feel more committed to their business network, especially in more conservative regions. This stronger commitment is linked to gaining more useful non-material support from the network (e.g. knowledge and information), which is then associated with better internationalisation performance

Quintillán and Peña-Legazkue (2020) Examines whether entrepreneurs' emotional intelligence competences help explain who internationalises (exports) during/after an economic recessionHuman capital theory and theory of international entrepreneurshipEmotional intelligencePre-entry/initial entryQuantitative survey
  • Entrepreneurs with higher personal and social emotional intelligence are more likely to internationalise via exporting during recession conditions

Basly and Saunier (2020) Examines how familiness shapes family SMEs' socio-emotional goals and how those goals, in turn, relate to the firm's export intensitySEW and familinessSEWGeneralQuantitative
  • Family SMEs' internationalisation intensity is linked to socio-emotional goals rather than purely economic considerations: some goals appear to constrain exporting while others support stronger export engagement

  • Identification with the firm is associated with lower export intensity, whereas the goal of renewing family bonds across generations is associated with higher export intensity, highlighting that different SEW dimensions can push internationalisation in opposite directions

Efrat and Asseraf (2019) Examines whether emotional branding (vs functional branding) improves born globals' international performance, and how market intelligence and innovativeness relate to these branding approachesBrand image theoryEmotional branding imagePost-entryMixed
  • Born globals with a stronger emotional branding orientation tend to report better international performance

  • In contrast, a more functional branding emphasis does not show a comparable performance benefit in their results

Leonidou et al. (2019) Focuses on whether exporters' emotional intelligence helps them build and manage relationships with foreign customersEmotion regulation theoryEmotional intelligenceGeneralQuantitative
  • Higher emotional intelligence is associated with a more constructive relationship climate with foreign customers – stronger communication and social bonding and lower conflict (and generally lower relational distance) – which in turn relates to better relationship performance

  • Emotional intelligence's benefits can be weaker when the foreign customer behaves more opportunistically or when the exporter–buyer pair is more incompatible

Santulli et al. (2019) Examines how family ownership concentration relates to internationalisation (export intensity)Agency theory perspective and SEW perspectiveSEWGeneralQuantitative
  • Family pride influences how ownership structure relates to exporting. Export intensity is lowest when family ownership is more evenly split, but this drop is much smaller when SEW is high – high-SEW families with shared ownership tend to export more than low-SEW families with shared ownership

Xu et al. (2019) To provide an understanding of immigrant entrepreneurs' cross-cultural capabilities and how these capabilities enable them to adapt to new cultural environments and achieve success in international businessAcculturation theorydiscrete emotions: frustration, loneliness, anger, stress; and related states like feeling “sad and down”, gratitudepost-entryQualitative
  • Internationally active immigrant entrepreneurs often face stressful cross-cultural incidents that trigger negative feelings (e.g. frustration, loneliness, anger, stress), and that their ability to manage/regulate these emotions is a key capability for staying effective in cross-border business

  • A positive mindset supports the emotion-management capacity and helps entrepreneurs handle setbacks and interactions more constructively, which supports ongoing international activity and relationship building

Hassett et al. (2018) Explores which emotions acquired top managers/key persons experience during post mergers and acquisitions integration, what triggers those emotions over time, and what consequences/behavioural outcomes followCognitive appraisal theory and affective events theoryDiscrete/basic emotions (positive and negative) such as happiness/contentment/pride/affection and anger/fear/sadnessPost-entryQualitative
  • During a cross-border acquisition's integration phase, top managers and key people experience a shifting mix of positive and negative emotions, with negative feelings – especially anger – tending to become more prominent as integration unfolds. These emotions are triggered by both personal concerns (e.g. loss of ownership/control, career uncertainty) and firm-level developments (e.g. cultural/managerial differences, unmet expectations, uncertainty about the future) and the same event can be interpreted differently by different individuals

  • Even when emotions run high, managers' behaviour may be constrained (for example by contractual arrangements), which can limit how emotions translate into visible action

Stieg et al. (2018) Focuses on what combinations of knowledge resources and collaboration intensity lead to high international performance, and whether these “success patterns” differ between family and non-family firmsRevised Uppsala model and SEW perspectiveSEWGeneralQuantitative
  • Family firms' pathways to high international performance are shaped by SEW preservation motives (e.g. protecting family control/identity and avoiding situations that could threaten SEW). This is used to explain why family firms more often achieve high performance through simpler, control-preserving paths (relying strongly on one key lever) rather than needing multiple conditions at once

Cesinger et al. (2016) Explain how collaboration intensity and network trust shape international market knowledge and, ultimately, family firms' multinationalityInternationalisation model of Johanson and Vahlne and SEW theorySEWGeneralQuantitative
  • Family firms' international expansion depends on whether they can access and use international market knowledge without threatening socio-emotional priorities

  • Collaboration intensity supports multinationality mainly through building international market knowledge, and this indirect effect is stronger when network trust is high; suggesting that trust helps family firms translate partner ties into international growth

Ngoma (2016) Focuses on how foreign entrepreneurs running SMEs in Shanghai build close guanxi relationships with key local partnersNetwork perspectives and trust theoryEmotional connection/emotional bond (in relationship-building)GeneralMixed
  • Foreign entrepreneurs running SMEs in Shanghai strengthen guanxi by moving beyond initial contact to a deeper relationship stage where they invest more in an emotional bond and develop affect-based trust

  • Stronger ties are characterised less by purely instrumental assessments and more by relationship-building behaviours that support emotion-laden trust, which helps entrepreneurs access local support and resources

Affect-based trust (vs cognitive trust)
Scholes et al. (2016) Explores how small family firms internationalise and how family-driven socioemotional wealth priorities – especially trust and family harmony – shape that processUppsala model and SEWSEWGeneralQualitative
  • In small family firms, SEW-related priorities – especially family trust and harmony – can support initial internationalisation by enabling early exporting through trusted family ties and familiar contacts. However, the same priorities can later constrain post-entry expansion: protecting harmony and avoiding “outsider” risk tends to limit broader networking and capability building, making it harder to move beyond exporting into more committed modes or more distant markets

Sinkovics et al. (2011) Explores how emotions shape what happens during cross-border mergers and acquisitions, especially during the post–deal integration periodCognitive appraisal theory and affective events theoryAffective statesPost-entryQualitative
  • Across four cross-border mergers and acquisitions, employees' emotional reactions are strongly shaped by managerial communication and behaviour under uncertainty. These emotions then act as an intermediary mechanism, influencing employee attitudes and behaviours (often discussed as “merger syndrome” dynamics) that can ultimately affect integration progress and perceived mergers and acquisitions outcomes

Meyer and Gelbuda (2006) Focuses on process perspectives in international business research in Central and Eastern Europe. It discusses how international business scholars can better study internationalisation as a dynamic process in transition contexts, and it highlights ways to extend process models (e.g. Uppsala/IP) to include mechanisms such as learning, opportunity development and emotions within evolving internationalisation pathsUppsala/Internationalisation process modelEmotional attachmentGeneralConceptual
  • Emotions should be treated as a real part of how internationalisation happens; as firms gain experience and commit resources abroad, decision-makers can develop emotional attachment (or negative feelings), and these emotions can then influence what they learn and how willing they are to increase, maintain or reduce their international commitments later on

Van de Laar and De Neubourg (2006) Examines how emotions influence foreign direct investment (FDI) decisions; it develops a model that explicitly adds the decision-maker's emotional utility to the firm's economic evaluation, and then tests whether emotion-linked personal motivations help explain which firms proceed with FDIMicroeconomic utilityGeneral positive emotionsPost-entryQuantitative
  • Emotions can matter in pre-entry foreign direct investment decisions: when decision-makers have positive, personally rooted motivations towards a target country (captured through factors like personal experience, nationality links or personal contacts), firms are more likely to proceed with foreign direct investment

Source(s): The authors

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