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Abstract

As developing economies have weak institutional environments, and these are highly distant from SMEs’ home conditions in developed economies, those firms entering into developing economies should acquire new knowledge resources for a successful entry. In this paper, we analyze the type of knowledge required by SMEs to enter a foreign market, the alternative sources for acquiring that knowledge, and the specific challenges associated with the case of SMEs from developed economies in their first entry in developing economies. In our empirical work, we examined the specific case of Spanish SMEs entering Senegal as a first incursion in developing economies. This work shows evidence of usefulness to contribute to literature. Specifically, we found that the key knowledge is that which is specific to the target market, rather than the general knowledge about internationalization. In addition, we provide a matrix that summarizes the most appropriate sources to acquire each type of knowledge in the light of the main challenges identified: myopic managerial thinking, inflexible managers, absence of a culture of cooperation, and relevant knowledge embedded in local networks of the host market.

Conclusions

The effect of the tax rate on the realization of capital gains has generated great interest in the United States (see among others: Auerbach & Siegel, 2000; Auten & Clotfelter, 1982; Bogart & Gentry, 1995; Burman & Randolph, 1994) and more recently in Europe, in the case of Sweden (Daunfeldt et al., 2010) and in the case of Germany (Jacob, 2013). The main objective of this paper is to analyze the lock-in effect that the tax rate could cause on the probability of realization or not of capital gains and its amount if it occurs, declared in income tax return, after the reform carried out on this tax in 2007, at which time a model of dual income tax was first introduced in Spain. This 14 In the case of the Sex variable, the result differs from that obtained in another work which analyzes the influence of this variable (Daunfeldt et al., 2010). 15 The main difference between both studies with respect to age can be explained by the different tax designs imposed by differentiated legislative treatment between USA, Sweden and Spain. tax design structure taxes independently almost all capital gains at a fixed rate of 18%, unlike the previous model that taxed differentiating the period of time in which they were generated, more than one year at a fixed rate of 15%, less than one year at a progressive rate (15–45%). The database used in the work corresponds to the annual samples of taxpayers’ PIT, which collects taxpayers’ tax for the pre and post reform years 2006 and 2007. The existence and the possible use of tax data enables to obtain very reliable results, collecting the set of total respondents and the possibility to analyze how this tax will affect their behaviour both on the realization or not of capital gains and the amount. The results of the work suggest that a high taxation level of capital gains is associated with a lower amount in the realization of capital gains, once individuals have decided to realize them, as stated by the theory. Specifically, the elasticities obtained after the reform show how the effect of taxation on capital gains increased compared with the previous year, in which the marginal rate influenced more prominently in the amount of realized capital gains. In addition to the changes that have taken place on marginal rates, changes in reductive and amortization coefficients are considered relevant changes as a possible explanation for the results. The results also confirm previous studies in both the United States and Europe and suggest that high taxes on capital gains generated a greater Lock-in effect on capital gains, both in their realization and amount.