Development of Internationalization Process Model of Thai Small and Medium Enterprises (SMEs) in Emerging Markets: A Study of Brazil, Russia, India, China, and South Africa (BRICS)

According to modern organizational theory, the growth of companies in developing nations is due to the coming together of public and private sector interorganizational networks and globalization. Within an open system and a very dynamic environment, a corporation cannot work autonomously. Here are the objectives of the study: The goals of this research are threefold: first, to learn how Thai SMEs expanded into BRICS countries; second, to find out what kinds of inter-organizational networks Thai SMEs relied on when going global; and third, to give some advice to Thai SMEs that want to expand internationally in BRICS and to the Thai government on how to set up management networks that help with investment and internationalization. Documentary analysis of the database from the office of small and medium enterprise promotion and in-depth interviews were among the qualitative approaches employed in this study. This study examined 76 individuals from Thailand who were considered significant informants due to their extensive understanding of developing markets, namely those in the BRICS countries. A total of 63 executives responsible for overseeing their businesses' activities in the BRICS nations, together with 10 operational officers and 3 government officials, were chosen as key informants. In order to get trustworthy information for this study, the researcher used the triangulation method. Executives and government officials with operational responsibilities inside government agencies were interviewed in-depth, and their data was cross-referenced with that from pertinent papers. Thai SMEs were affected by the BRICS countries' political, legal, and socio-cultural frameworks, according to the study. Companies in the BRICS countries went global for three main reasons: to tap into untapped markets, to boost operational efficiency, and to secure access to critical resources. For Thai SMEs looking to grow their business in BRICS nations, the following factors were crucial to their success: 1) The network between different organizations; 2) the capacity to adjust to political and legal changes in BRICS countries; 3) non-formal ties; 4) the capability of local employees; 5) the appropriateness of the entrance method approach; and 6) knowledge gained from past mistakes.