Winners and Losers in SMEs: A Conceptual Comparative Analysis Across Regions

Abstract

SMEs are central to employment and productivity, yet they exhibit highly uneven performance trajectories. This paper proposes a comparative conceptual framework, grounded in a configurational perspective, that interprets success and lagging performance as coherent (or misaligned) combinations of internal factors—leadership, adaptation, innovation, learning, and financial sustainability—and external factors—institutions, financing, competition, technological environment, and macroeconomic conditions—based on academic and institutional evidence. The comparison across developed economies, Latin America, and emerging Asia reveals distinct regional configurations and supports a four-archetype typology: systemic champions, resilient strugglers, local comfort, and chronic laggards.