Chief Editor
  • Prof. Christina Nikolova, PhD
Editorial Board
  • Prof. Christina Nikolova, PhD - UNWE
  • Prof. Elka Todorova, DSc. - UNWE
  • Prof. Maya Lambovska, DSc. - UNWE
  • Assoc. Prof. Todor Nedev, PhD - UNWE
  • Assoc. Prof. Dorina Kabakchieva, PhD - UNWE
  • Assoc. Prof. Paskal Zhelev, PhD - UNWE
Scientific Secretary
  • Assoc. Prof. Aleksandar Valkov, PhD - UNWE
  • Assist. Prof. Veselina Lyubomirova, PhD - UNWE
International Editorial Board
  • Damian Stantchev, PhD
    Edinburgh NAPIER University, UK

  • Ivaylo Vassilev, PhD
    University of Southampton,UK

  • Prof. Irina Kuzmina-Merlino, PhD
    Transport and Telecommunication Institute, Riga

  • Milan Zdravkovic
    University of Niš, Serbia

  • Prof. Niculae Mihaita, PhD
    Bucharest Academy of Economic Studies, Romania

  • Prof. Ricardo Jardim-Gonçalves, PhD
    UNINOVA institute, New University of Lisbon, Portugal

  • Prof. Ing. Jaroslav Belás, PhD
    Tomas Bata University in Zlín, Czech Republic

  • Prof. John Rijsman, PhD
    Tilburg University

  • Prof. Ing. Zdenek Dvorák, PhD
    University of Zilina, Slovak Republic

  • Prof. Zoran Cekerevac, PhD
    “Union – Nikola Tesla” University in Belgrade, Serbia

Entrepreneurs’ Characteristics as Determinants of the Internationalization of Bulgarian Small and Medium-Sized Enterprises
year 2020
Issue 2

Entrepreneurs’ Characteristics as Determinants of the Internationalization of Bulgarian Small and Medium-Sized Enterprises


The internationalization of Bulgarian Small and Medium-sized Enterprises (SMEs) is mostly seen as predetermined by external factors, such as the country’s participation in economic unions, lowering barriers to international trade, technology development, etc. Less attention is paid by researchers to the entrepreneurs’ characteristics as a deter­minant of internationalization. One of the study’s objectives presented here is to analyze the impact of these characteristics on SMEs’ internationalization success. To achieve this objective, applied methods involve review and analysis of available research and information sources, an empirical survey of 468 Bulgarian SMEs, statistical processing, analysis, and synthesis of results. The empirical results prove the importance of entrepre­neurs’ characteristics for the internationalization and competitive performance of Bul­garian SMEs. The findings show that the length of overall professional experience gained by entrepreneurs is a significant determinant of SMEs’ internationalization while mana­gerial knowledge and skills acquired by entrepreneurs could not be considered as such. The surveyed sample excludes micro-enterprises due to the low share of internationalized companies and their strong dependence on factors beyond the control of the entrepre­neur-manager. The originality of the study lies in revealing the potential of an adequate managerial training of entrepreneurs for the internationalization of Bulgarian SMEs - mostly small and family and thereby with restricted use of professional managers.

JEL: D22, M16, L25, L26


determinants, internationalization, Bulgarian SMEs, entrepreneurs, competitive performance, owner-manager
Download Yearbook_2020-2_No01_Ivanova, Georgieva, Kolarov, Shindarova.pdf

ISSN (print): 1312-5486
ISSN (online): 2534-8949