Independent and dependent variables
| Determinants | Operationalisation |
|---|---|
| SMEs characteristics variable as dependent variables | |
| Firm age | The natural logarithm of firm age (lnfage) is used in the models. Firm age is the number of years from the time the SME is established |
| Ethnicity: ethnicity-wise dummy variables | Six dummies for SMEs based on ethnicity are considered. They include East Asian, Europe, India, New Zealand, South America and South-East Asia |
| Sector-wise dummy variables | Four sector-wise dummies are considered. They include: services, logistics, hospitality and manufacturing |
| Owner age | The natural logarithm of owner age (lnownage) is used in the models. Owner age is the number of years from the time the SME is established |
| Gender | The proportion of male to female entrepreneurs of the SMEs. (DV = 1 if male entrepreneur and 0 otherwise) |
| Employees | Employee is the natural logarithm of employees in the SMEs |
| Variables derived from the perceptions of respondents | |
| Retained earnings | RE is 1 if major source of financing is internal and 0 if it is debt |
| Borrowing access | DV = 1 if prime lending is from banks and 0 for venture capitalists/angel investors |
| Growth options in financing | DV = 1 if it is internal financing and dv is zero if otherwise |
| Competition | DV is 1 if competition is local and 0 if it is foreign |
| Innovation | Dv is 1 if innovation is objective to tackle risk and challenges and 0 if customer-oriented pricing strategies |
| Risk | Dv is 1 if risk is the reason for internationalising and otherwise 0 |
| Expectation on government | Dv is 1 if expectations exist and 0 for no expectations |
| Compliance | DV is 1 if compliance is an issue and 0 for otherwise |
| Choice | DV is 1 if they want to remain as domestic otherwise 0 |
| Experience | DV 1 if specific interest (experience/passion/independent) 0 if others |
| Lack of adaptability | DV 1 in case of lack of adaptability and 0 if macro reasons |
| Business life cycle variables | |
| Survival phase | Dv is 1 if firm age is less than two years and 0 otherwise |
| Rapid phase | Dv is 1 if the firm age is between two and five years and 0 otherwise |
| Maturity phase | DV is 1 if firm age is four–five years and 0 otherwise |
| Established phase | Dv is 1 if firm age is above five years and 0 otherwise |
| Determinants | Operationalisation |
|---|---|
| Firm age | The natural logarithm of firm age (ln |
| Ethnicity: ethnicity-wise dummy variables | Six dummies for SMEs based on ethnicity are considered. They include East Asian, Europe, India, New Zealand, South America and South-East Asia |
| Sector-wise dummy variables | Four sector-wise dummies are considered. They include: services, logistics, hospitality and manufacturing |
| Owner age | The natural logarithm of owner age (ln |
| Gender | The proportion of male to female entrepreneurs of the SMEs. (DV = 1 if male entrepreneur and 0 otherwise) |
| Employees | Employee is the natural logarithm of employees in the SMEs |
| Retained earnings | RE is 1 if major source of financing is internal and 0 if it is debt |
| Borrowing access | DV = 1 if prime lending is from banks and 0 for venture capitalists/angel investors |
| Growth options in financing | DV = 1 if it is internal financing and dv is zero if otherwise |
| Competition | DV is 1 if competition is local and 0 if it is foreign |
| Innovation | Dv is 1 if innovation is objective to tackle risk and challenges and 0 if customer-oriented pricing strategies |
| Risk | Dv is 1 if risk is the reason for internationalising and otherwise 0 |
| Expectation on government | Dv is 1 if expectations exist and 0 for no expectations |
| Compliance | DV is 1 if compliance is an issue and 0 for otherwise |
| Choice | DV is 1 if they want to remain as domestic otherwise 0 |
| Experience | DV 1 if specific interest (experience/passion/independent) 0 if others |
| Lack of adaptability | DV 1 in case of lack of adaptability and 0 if macro reasons |
| Survival phase | Dv is 1 if firm age is less than two years and 0 otherwise |
| Rapid phase | Dv is 1 if the firm age is between two and five years and 0 otherwise |
| Maturity phase | DV is 1 if firm age is four–five years and 0 otherwise |
| Established phase | Dv is 1 if firm age is above five years and 0 otherwise |
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