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Much of the literature on strategic trade policy deals with industries and sectors characterized by international rivalry for market shares, and the struggle to capture “rents” over and above normal factor rewards. The present paper explores the validity and implications of strategic trade policy for small “states” and small firms that are not major players in international markets. The smallness of the firms may, in fact, be an advantage rather than a hindrance. The implications of smallness for strategic behavior are examined in the framework of a simple game-theoretic framework. These insights become sharper when extended to intra-industry trade in differentiated products. The desirable policy interventions for small countries and firms are quite different from those for large firms.

Many studies have dealt with internationalization of business firms in the past years, few, however, have explored the pattern and process of internationalization in small, commodity based economies. In this study, the situation in New Zealand is considered, in part because it is a small, export and commodity based economy, unlike most countries previously studied. Five different clusters of New Zealand companies were found as related to the stages of internationalization. These include “Worried Beginners”, “Half‐hearted Domestics”, “Maturing Adapters”, “Conservative Exporters”, and “Experienced Succeeders”. Variables which appear to reflect stages of internationalization are also explored and presented in this study.

The purpose of this paper is to investigate the impact of information and communication technology (ICT) development and terrestrial and marine protection on the economic and environmental sustainability of small-island tourism countries. The current study expands the smart specialisation literature in the context of small-island tourism nations. It also proposes sustainable future growth strategies for these countries.

This paper adopted structural equation modelling using the data of 14 island nations between 1995 and 2014. The selection of countries was based on a set of criteria borrowed from literature.

The results indicate that the development of ICT infrastructure was not only associated with a higher inflow of tourists and a higher GDP per capita but also with a higher carbon dioxide (CO₂) emission. Results also suggest that higher protection of terrestrial and marine areas has no impact on tourist inflows in tourism countries. Also, higher protection decreases the dependence of the total output on the tourism sector.

A limitation of this study is the lack of available macro data on some other relevant variables for the countries studied.

Following the findings of this study, the governments of these countries should make stringent environmental regulations and relax the telecom regulations for sustainable smart specialisation.

This study presents a novel insight into the sustainability challenge of island nations through the lens of smart specialisation. It also contributes to the literature on ICT and development.

This study aims to investigate growth differentials among small islands and the impact of tourism specialization on the growth and the economic performance of small islands.

The study is based on trade theory and uses data from a panel of small islands for 1995-2007. It applies panel regression and standard time series methods combined with a qualitative approach.

Small islands experienced stronger basic patterns of growth than many developed countries, especially where economies of scale are not an issue. The findings further suggest that tourism specialization is not harmful to growth, and, in lieu of technological gaps and resource limitations, tourism specialization is a sound option. Size, a lack of complete sovereignty or independence and export orientation do not seem to affect the variance in the real per capita GDP at a greater degree. Finally, small islands may leverage returns to scale in global markets.

While tourism specialization is assumed to enhance growth, in the case of small island destinations, the study did not formally test whether increased terms-of-trade may be perpetually improved.

The study prompted four policy suggestions: small island economies should engage in tourism specialization; small island economies should allocate more resources to the tourism industry than other economic sectors; the success of tourism specialization does not depend exclusively on comparative advantage; and institutional realities and path dependence may play a role in economic performance.

The originality of this study lies in the detection of a paradox in mainstream economics that indicates that small islands may not enjoy sustained economic growth. The detection led to a surprising discovery that tourism specialization may propel growth. The value of the study is twofold: theoretical value is added by suggesting a reconceptualization of the construct capital; and, practical value is strengthened in the sense that tourism specialization may only work under a condition where upon tourism offerings command higher prices than other commodities.

The chapter discusses the characteristics of audiovisual (AV) media sectors in the Baltic Sea region. Therein it focuses on the specifics of media industries in small countries in the region as they are challenged in ways notably different from large countries with large domestic markets for media content. It discusses the differences between the AV media industries in the Nordic and Baltic countries and suggests that while in the first case long-term welfare society policies and conscious policy-driven system building have conditioned growth and international success then also in the second case innovation policy rationales have facilitated recent growth and dynamics. It then discusses the specific challenges, especially platformisation to small media industries in contemporary globalising media markets, and suggests that opportunities to resist these challenges may be in local inter-sectoral cooperation, that is, in building cross-innovation systems.

This study aims to analyze the effect of female top management and female dominant owner on whether firms experience obstacles to obtaining external finance in 136 medium- and low-income countries during 2006–2019. The analysis controls for the role of corporate governance and other firm-specific characteristics, as well as for the impact of national institutions.

The analysis elucidates the economic and non-economic factors driving female corporate leadership. Further, in order to capture the causal effect, the analysis uses univariate tests, multivariate regression analysis, disaggregation testing, sensitivity and endogeneity analysis to confirm the quality of the estimates. The analysis controls for various additional country-level factors.

The results show that female top management and female ownership are broadly significant determinants of firms' access to external finance, especially in relatively larger and more developed countries. The role of controlling shareholders is significant and mediates the gender effect. The latter appears more pronounced in smaller and medium-size firms, operating in the manufacturing and services sectors as well as in the countries with higher levels of development. This also varies with the countries' macroeconomic conditions and institutions governing gender development and equality as well as institutional governance effectiveness.

The results suggest that firms wishing to improve the firms' access to external finance should consider the role of gender in both top management and corporate ownership coupled with the effect of the specific characteristics of firms and the conditioning role of national institutions.

The study examines the gender effects of top management and dominant ownership for the external financing decisions of firms in low- and middle-income countries, which are underresearched. These gender effects are mitigated in various ways by the specific characteristics of firms and especially on national institutions.

The Greehouse Gas (GHG) in the shipping industry has attracted increasing attention. One potential method to reduce the GHG mitigation cost is the Clean Development Mechanism (CDM). The purpose of this paper is to identify factors that may increase or hinder the CDM in the shipping industry and provide policy implications.

The paper is an extension and application of the methodology first published by Wang and Firestone in Energy for Sustainable Development. The gravity model in international trade theory is used. The econometric model is employed for the analysis.

Larger project endowment, higher government efficiency, high‐quality expertise and infrastructure may play roles in increasing CDM in the shipping industry. The promotion of small‐scale projects, upgrade of the infrastructure, assistance of technologies and knowledge overseas can help the shipping industry and small countries to attract more CDM.

The paper is among the first work to describe and analyze potential barriers for the international shipping industry to use the CDM. It also suggests a set of measures to address the policy options to promote CDM in the shipping industry and small developing countries.

Whilst earlier studies of market entry success factors have mostly focused on large emerging markets such as China or India, limited attention has been given to smaller emerging markets. The purpose of this paper is to identify the effects of firm-level (i.e. entry mode and firm size), country-level (i.e. market potential, country risk and openness) and cultural distance on successful market entry strategies of multinational enterprises (MNEs) in a smaller emerging country (Thailand).

Using archival data from 1996-2008 and a survey of 139 firms, the results reveal significant influence of both market potential and cultural distance on successful market entry.

Overall, the findings demonstrate a cautionary approach when generalizing the results of studies focusing on large emerging markets to smaller emerging markets. Smaller emerging markets such as Thailand offer very different market-space than large emerging markets and therefore the overall determinants of success may differ substantially.

Market potential appears to be the most significant variable in entering the Thai market. The findings also suggest a negative and significant relationship between cultural distance and market success in Thailand. This reveals that foreign firms that enter small emerging markets which are culturally close to their home countries can enjoy a greater possibility of success.

This study is a first step towards sensitizing corporations and policy makers in understanding the differences in market entry success factors between larger and smaller emerging markets and strategizing accordingly.