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Navigating Global Markets: Unveiling the Role of Human

Capital, Market Orientation, and SME Internationalization

Dr. NADEEM AHMED AWAN

Faculty of Management Sciences, FUSST, Islamabad.
Email: dr.nadeem.ahmed@fui.edu.pk

Dr. ABDUL LATIF

Department of Business Administration, University of Poonch Rawalakot.
Email: abdullatif@upr.edu.pk

Dr. JAMILA KHURSHID

Department of Business Administration, University of Poonch Rawalakot.

Abstract
The internationalization of small and medium-sized enterprises is widely recognized as a key driver of
economic growth and competitiveness. This research aims to investigate the mediating role of market
orientation in the relationship between human capital and SME internationalization. Drawing upon the
resource-based view and market orientation literature, a conceptual model is proposed to examine the
association between human capital and SME internationalization and the mediating effect of market
orientation. A quantitative research approach, this study employs a structured questionnaire administered
to a diverse sample of SMEs operating across various industries. The collected data is subjected to
rigorous statistical analyses, including regression analysis and mediation analysis. This is based on the
empirical investigation of a sample of 150 small- and medium-sized enterprises in Pakistan. The results
reveal a positive relationship between human capital and SME internationalization. Human capital
significantly affects SME’s Internationalization with β value as 0.29. The human capital effect on Market
orientation shows β value as 0.82. Market orientation significantly affects SMEs Internationalization with β
value as 0.53. Further, Market orientation mediates the relationship between human capital and SME
Internationalization with an effect of 0.44 at t= 3.02 and LLCI=0.22 and ULCI=0.64. The results
underscore the critical mediating role played by market orientation. The implications of these findings are
highly significant for both SME practitioners and policymakers. The study highlights the importance of
investing in human capital development to enhance SME internationalization. Moreover, it emphasizes the
strategic significance of market orientation in facilitating the effective utilization of human capital for
successful internationalization outcomes.

Keywords: SME Internationalization, Human Capital, Market Orientation, Resource-based View,

Policymakers.

Introduction
Small and medium-sized businesses are essential for promoting innovation and economic growth (Chandler
& Hanks, 1994; Porter, 1990). SMEs confront both possibilities and pressure to grow their activities abroad
as markets continue to become more globalized(Autio et al., 2000; McDougall et al., 1994). SME
internationalization is the process of small and medium-sized enterprises expanding their commercial
operations outside of their home market to reach overseas markets. It comprises actions like exporting

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products or services, setting up international subsidiaries or offices, and participating in global alliances or
joint ventures.

In the sphere of international entrepreneurship, SMEs' internationalization has drawn attention, particularly
in emerging economies. The impact of a company's internal attributes on the level of internationalization is
the primary focus of international entrepreneurship(Zhang et al., 2016). According to Buckley and Smith
(1994), "the foreign market servicing strategy of a firm" is known as internationalization. To obtain a
competitive edge and to get away from unfavorable home institutional settings, businesses from emerging
economies seek out overseas markets (Ramón-Llorens et al., 2017). For developing SMEs,
internationalization has emerged as the most crucial strategic option(Adomako et al., 2022). It offers
several benefits, including growth opportunities, new expertise, access to new resources, and long-term
profitability growth(Bany-Ariffin et al., 2016; Zhang et al., 2016). Yet, it has been noted that the majority
of SMEs struggle to break into overseas markets because they lack the necessary capital, management
expertise, and experience(Onkelinx et al., 2016b). Academics and scholars have demonstrated a strong
interest in the subject and have extensively explored the role of a variety of factors towards
internationalization, such as social capital and networking(Chen et al., 2016), firm resources (Brush et al.,
2002), firm characteristics(Baum et al., 2015), and top management's exposure, qualifications, and
skills(Dauth et al., 2017; Li et al., 2018). However one of the key elements influencing SMEs'
internationalization is human capital. This element is now acknowledged as one of the primary drivers of
SME internationalization.

Entrepreneurial prospects and economic progress depend heavily on human capital. In internationalization,
human capital is considered an important value for the organization (Fletcher, 2004). In strategic
management literature, human capital is also highlighted as a strategic organizational resources that play a
pivotal role in organizations' success in an era of stiff competition (Hitt et al., 1997). The resource-based
perspective states that firm-specific resources result in resources that are valuable, rare, distinctive, and
non-replaceable, creating a long-lasting competitive advantage (Barney, 1991).

The three general capital resource categories of organization, human, and physical resources are all
included in resources. Physical technology, property, plant, equipment, and raw material availability are all
considered forms of physical capital resources. The "training, experience, judgment, intelligence,
relationships, and insight of individual managers and workers in a firm" are among the human capital
resources (Barney, 1991). The reporting structure of the company, planning procedures, control and
coordination mechanisms, and information exchanges between employees within the company, across
companies, and in the business community are all considered organizational capital resources. Human
capital theory states that businesses that hire employees with higher education and life experience do better
than those that don't (Barney, 1991). One significant source of competitive advantage is human
capital(Coleman, 2005). Industry-specific experience appears to be a strong predictor of small business
performance(Loscocco et al., 1991). According to Bosma et al. (2004), past industry expertise significantly
increased the success, growth, and survival of SMEs in the Netherlands. Brush and Chaganti (1999)
discovered that business performance was influenced by industry experience and education. Academics
confirm that education and global experience positively influence a company's
internationalization(Athanassiou & Nigh, 2002; Herrmann & Datta, 2005). Additionally, export research
demonstrates that export managers' past foreign experience influences their firm's participation in
international export activities, which in turn drives SME internationalization(Ibeh & Young, 2001). Human
resources are likely to be more crucial, and a number of studies—mostly from Western economies—
empirically support the notion that human capital helps SMEs expand internationally(Cicic et al., 1999;
Ruzzier et al., 2007). The effect of human capital on the internationalization of SMEs in developing nations
like Pakistan, however, has received little attention in study. Scholars have argued recently that an
organization's market orientation may have an impact on the relationship between human capital and SME
internationalization. According to Narver et al. (1998), market orientation pertains to an organization's
capacity to acquire and apply market knowledge to generate higher value for its clientele. According to

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Kohli and Jaworski (1990), it consists of three essential elements: inter-functional cooperation, competitor
orientation, and customer orientation. Market-oriented businesses may recognize international prospects
and successfully modify their goods and services for overseas markets because they are more sensitive to
shifts in the market and consumer demands(Jaworski & Kohli, 1993). The literature has begun to pay more
and more attention to the mediation function of market orientation between human capital and SME
internationalization. According to earlier research(Cavusgil & Cavusgil, 2012; Filatotchev et al., 2017),
market orientation may operate as a mechanism via which human capital favorably influences
internationalization outcomes. To validate and investigate this mediating link further, an empirical study is
necessary.

As a result, research on the variables influencing SMEs' general internationalization is necessary, without a
particular emphasis on businesses that have always had an international focus. The degree to which a
company generates disseminates, and responds to market intelligence regarding present and future
customer needs and wants, competitor strategies and actions, and the overall business environment is
known as MO, and it is one significant firm-level resource and capability(Morgan et al., 2009; Zhou et al.,
2008). A company that is focused on the market gathers and assesses market data on consumers, rivals, the
government, technology, and other external factors proactively and methodically.

Literature Review
Impact of Human Capital on SME Internationalization

A key component of SMEs' internationalization process is human resources. Higher human capital levels,
according to academics, give SMEs a stronger advantage when navigating the opportunities and constraints
of global markets. The beneficial effects of human capital on SME internationalization have been the
subject of numerous researches.

Barney (1991), for example, highlights the role that business resources—including human capital—have in
maintaining competitive advantage over time. Human capital gives SMEs the abilities, know-how, and
resources needed to spot and take advantage of global market possibilities. Grant (1996) provides more
evidence in favor of this theory by emphasizing the beneficial correlation between human capital and
business performance.

Furthermore, Autio et al. (2000) discovered that SMEs' worldwide expansion is positively influenced by
their knowledge intensity. SMEs that hire highly educated and competent workers have an advantage when
it comes to knowing overseas markets, customizing goods and services to satisfy demand abroad, and
forming global alliances.

Human capital is the knowledge, skills, and talents that people pick up from their education, training, and
professional experience. It is seen as a vital resource for small and medium-sized enterprises since it might
boost their competitiveness and encourage internationalization. Many studies have examined the
connection between human capital and SME internationalization.

The importance of appropriately aligning human capital investments with the chosen internationalization
strategy was brought to light in a study conducted (Onkelinx et al., 2016a). This research focused heavily
on the human capital of the entire organization, in contrast to previous studies that mostly focused on the
function of the entrepreneur. The findings highlighted the importance of business investments in human
capital for globalization and labor productivity.

H1: Human capital is positively associated with SME internationalization.

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Human Capital's Impact on Market Orientation

The market orientation of an organization is influenced by human capital, and this has an impact on the
internationalization of SMEs. For businesses to comprehend client needs, keep an eye on rivals, and match
internal procedures with market requirements, market orientation is crucial.

Market-oriented businesses are more successful in global marketplaces because they are customer-focused,
constantly monitor their surroundings, and have the flexibility to adjust to shifting market conditions, claim
Jaworski and Kohli (1993). A major factor in creating and putting into practice market-oriented strategies is
human capital.

According to Filatotchev et al. (2008), a company's capacity to decipher consumer preferences and obtain
market intelligence is influenced by its human capital. Employees with skill and knowledge are better able
to comprehend client needs and turn them into creative products or services, which promotes an
organization's market-oriented culture.

Furthermore, Cavusgil and Zou (1994) discovered that there is typically a stronger correlation between
marketing strategy and performance in companies with higher levels of human capital. Human capital
drives market orientation by improving the organization's capacity to gather market data, pinpoint target
markets, and create winning marketing plans.

H2: Human capital is positively related to Market orientation.

Market Orientation and SME Internationalization

According to Narver et al. (1998), MO explains how a company's goals and culture are centered on adding
value for customers. As a result, this value-creation gets institutionalized. MOs comprehend and meet the
requirements and expectations of their clients while arousing emotions and stirring sensations in them
(Micheels & Gow, 2012). Therefore, it is possible that the MO concept originated from a protracted
discussion on the most effective ways to put the marketing idea into practice (Kohli & Jaworski, 1990).
Terms like "client orientation" (Berthon et al., 2004) and "marketing orientation" (Gummesson, 1991;
Payne et al., 1988) are found in the literature on business and management. According to Shapiro (1988),
there is so much overlap between these three ideas that it is impossible to tell them apart. The acquisition of
customer and competitor information, its internal distribution within the company, and its optimal
utilization to meet market demands can be summed up as the MO construct(Narver et al., 1998; Ruokonen
et al., 2008). Thus, MO guarantees a consistent and proactive stance in terms of satisfying customer wants
while concurrently highlighting the growing utilization and application of knowledge within the
organization, fostering innovation and new product performance(Olavarrieta & Friedmann, 2008). The MO
idea has been attempted to be applied to SMEs on multiple occasions(Blankson & Ming‐Sung Cheng,
2005). A particular vein in the literature has examined MO with internationalization processes (Cadogan et
al., 2002) and the difficulties businesses encounter in the context of these activities. Additionally, there is
evidence from certain empirical studies on SMEs that successful internationalization procedures are
correlated with the use of knowledge about foreign markets(Julien & Ramangalahy, 2003).

In an international setting, MO is especially crucial. Global markets are much more complex than national
ones. Diverse domains, such as social, political, cultural, economic, and technological ones, may exhibit
differences. The need for development, dissemination, and market intelligence capabilities is increased by
this complexity(Genc et al., 2019; Hagen et al., 2019). Businesses with MO are more able to understand the
needs and preferences of their international customers, the strategies and assets of competitors, and external
influences, and are better prepared to respond appropriately than those without MO. respond quickly to the
demands of a dynamic environment and so gain a competitive edge (Soto-Acosta et al., 2018).
Accordingly, MO can produce a sustained competitive advantage and is a valued, uncommon, imperfectly

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imitable, and non-replaceable capability(Papadas et al., 2019; Tho, 2019). Businesses with MO can
leverage these resources and capabilities to choose and bridge cultural gaps in areas that are culturally
distant in exchange for more market opportunities and better financial results(Mu et al., 2017; Soto-Acosta
et al., 2018).

It has been acknowledged that a key factor in SME internationalization is market orientation. Numerous
studies demonstrate how market orientation improves SMEs' capacity to locate, enter, and thrive in
international markets. Market-oriented businesses, according to Narver et al. (1998), are more likely to
recognize global prospects and modify their products to suit the needs of various clientele groups. Strong
market orientation empowers SMEs to better comprehend global market dynamics and customize their
goods and services for particular foreign markets(Cavusgil & Cavusgil, 2012). Furthermore, market
orientation enhances SMEs' capacity to react to rivals' actions(Kohli & Jaworski, 1990). SMEs must keep
an eye on rivals in the global marketplace and modify their tactics as necessary. SMEs with a focus on the
market exhibit greater initiative in obtaining competitive intelligence and utilizing it to augment their
global competitiveness. Research has additionally demonstrated that SMEs' capacity to establish strategic
networks and partnerships in overseas markets is aided by market orientation(Cavusgil et al., 2012).
Market-oriented SMEs are more equipped to build and sustain successful partnerships with foreign
partners, which supports their internationalization endeavors because they have the requisite client
understanding and responsiveness.

H3: Market orientation is positively related to SME internationalization

H4: Market orientations mediate the relationship between human capital and SME’s Internationalization

Data and Methodology

This study employs a quantitative methodology to investigate the mediating function of market orientation
in the relationship between human capital and the internationalization of SMEs. The study included SMEs
from a variety of industries as a sample. Utilizing a standardized questionnaire, data were gathered.
Advanced statistical techniques are applied to the collected data to evaluate the correlations between the
variables. SMEs from various industries were surveyed using a convenience sample method to guarantee
representativeness and variety. The sample is made up of SMEs that work in a variety of industries,
including manufacturing, services, and technology. SMEs having at least five years of operational
experience and an emphasis on foreign markets were among the requirements for selection.

Measurement of Instrument

Validated scales and items measuring the constructs of human capital, market orientation, and SME
internationalization were included in the questionnaire. The products were modified from a variety of
sources. The foundation for measuring human capital is a 10-item Becker (1985) scale. The scale consists
of elements evaluating the employees' experience, talents, and educational background. The 10-item scale
created by Kohli and Jaworski (1990) is used to measure the market orientation concept. Cavusgil et al.
(2012) created an eight-item multidimensional scale to quantify SME internationalization.

Data Analysis

Utilizing methods and instruments from statistics, the gathered data were examined. Regression and
mediation tests were run after the normalcy tests were evaluated. Regression analysis was used to evaluate
the direct correlation between the internationalization of SMEs and human capital. Using methods like
bootstrapping, a mediation analysis was carried out to look at the mediating function of market orientation
(Hayes, 2013). This investigation was carried out to determine whether market orientation mediates the
relationship between human capital and SME internationalization, offering insights into the underlying
mechanisms.

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Results
Table 1: Normality Test
Statistics MO SMEI HC
Skewness 1.193 .365 .268
Skewness Std. Error .198 .199 .198
Kurtosis 1.666 -.059 .588
Std. Error of Kurtosis .394 .395 .394

As values of skewness and kurtosis represented in Table 1 are in between +/-2 which are acceptable data
that were considered as normally distributed.

Table 2: Reliability Statistics

Variable Cronbach's Alpha No. of Items
MO .765 10
HC .815 10
SMEI .865 8

The Cronbach alpha values for MO, HC & SMEI are 0.77, 0.82, and .87 respectively, which are all above
0.70 (the acceptable limit).

Table 3: Correlation Coefficients

Variables Mean SD 1 2 3 4 5 6
1 Industry 1.86 0.46 1
Type
2 Firm Size 1.85 0.47 -.037 1
3 International 1.61 0.64 -.118 .131 1
Experience
4 MO 3.11 1.95 -.004 -.060 -.063 1
5 SMEI 3.71 2.10 .005 -.050 -.040 .702** 1
6 HC 3.54 1.91 .054 -.058 -.112 .807** .658** 1

Table 3 indicates that the correlation among the variables is significant. The positive sign shows the positive
association among variables. The correlation between SME and MO is 0.702; HC and MO are 0.807, and
between HC & SME is 0.658.

Table 4: Mediation Analysis

Direct and total effects B SE t LL95% CI UL 95% CI
HC SMEI (total effect) 0.73 0.07 10.63 0.59 0.86
HC MO 0.82 0.05 16.63 0.73 0.92
MO SMEI 0.53 0.13 5.03 0.32 0.73
HC SMEI(direct effect) 0.29 0.11 2.71 0.08 0.50
HC MO SMEI (Indirect effect using bootstrap) 0.44 0.11 0.22 0.64

Note: Unstandardized coefficients are reported; Bootstrap sample size = 5000; LLCI = lower limit
confidence interval; UL= Upper limit; S.E. = standard error.

The R-square value of the overall model is .65, which means that there is an overall 65% change in the
dependent variable due to the independent and the explanatory variables. The rest of the 35% can be
associated with other factors.

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Discussion
A thorough examination of the research findings and their consequences for market orientation, human
capital, and SME internationalization is given in the discussion section. The idea that human capital
significantly enhances SME internationalization is bolstered by the research findings. SMEs that possess
greater human capital—that is, knowledge, abilities, and skills—are better suited to handle the challenges
presented by global marketplaces. These results are consistent with earlier studies that highlight the value
of human capital in creating a long-term competitive advantage and enhancing business performance.
SMEs can successfully identify global market opportunities, modify their goods or services to satisfy global
demand, and form profitable relationships in overseas markets by utilizing their human resources.

The study also shows that inside SMEs, there is a substantial correlation between market orientation and
human capital. By obtaining market intelligence, comprehending customer preferences, and converting
them into creative products or services, experienced and skilled staff members are essential in developing a
culture that is focused on the market. Human capital improves SMEs' capacity to take a customer-focused
approach, keep an eye on the market, and adjust to shifting conditions. These results emphasize how
important it is to fund the development of human capital in SMEs to foster market-oriented behavior.

To gain a better understanding of the relationship between human capital and the internationalization of
small and medium-sized enterprises, this study examined the mediating role of market orientation. The
study's findings shed light on the complex relationships between these factors, which advances our
understanding of international business and cross-cultural management. The study discovered a connection
between SME internationalization and human capital. It has been determined that one of the main
predictors of SME internationalization is human capital, which encompasses people's abilities,
competencies, and knowledge inside an organization. This outcome is in line with past research that
demonstrated the critical role that human capital plays in advancing globalization. To successfully navigate
international markets, adapt to cultural differences, and take advantage of global opportunities, SMEs
require highly skilled and knowledgeable workers.

The results of the study attest to the beneficial effects of market orientation on SME internationalization.
SMEs with a focus on the market have enhanced capacity to recognize global prospects, customize their
products for particular foreign markets, and react efficiently to rivals' moves. Through market orientation,
SMEs can better understand their customers' needs, keep an eye on the dynamics of the competition, and
match internal procedures to market demands. Additionally, market orientation makes it easier for SMEs to
establish networks and strategic alliances in overseas markets, which strengthens their internationalization
efforts.

Conclusion
To sum up, this study offers insightful information about the connections between market orientation,
human capital, and SME internationalization. The findings highlight the value of investing in employees'
knowledge, skills, and competencies and confirm the beneficial effect of human capital on SME
internationalization. Human capital also has a big impact on how SMEs approach the market, helping them
become more customer-focused and flexible in response to shifting conditions. The beneficial effects of
market orientation on SME internationalization are also highlighted by the study. Market-oriented SMEs
are in a better position to spot global prospects, tailor their products to suit a range of client demands, and
react skillfully to rivals' moves. Additionally, market orientation makes it easier to form strategic networks
and alliances, which help SMEs, advance their internationalization initiatives. The study also examined the
role that market orientation plays as a mediator in the relationship between SMEs' globalization and human
capital. The results broaden our understanding by providing verifiable evidence of the relationships among
market orientation, human capital, and SME internationalization.

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The study's conclusions have important applications for managers of SMEs engaged in global trade. The
results underscore the significance of drawing in and retaining elite employees while fostering their
development within the framework of a market-driven approach. Projects that support human capital and
market orientation for SMEs' internationalization, such as cross-cultural training programs, assessments of
market competency, and hiring practices, should have precedence among SMEs. Policymakers and SMEs
should take note of these findings. To effectively respond to fluctuating market conditions, SMEs should
embrace a market-oriented approach and acknowledge the importance of human capital development in
spearheading their internationalization ambitions. To encourage the development of human capital within
SMEs, policymakers ought to offer assistance and resources. SMEs can strengthen their capacity for
successful international expansion by investing in human resources and encouraging a market-oriented
mindset. Future studies could look at more variables that affect SME internationalization as well as the
dynamics of the connections between market orientation, human capital, and SME internationalization. A
more thorough comprehension of these connections will give SMEs all the information they need to create
internationalization plans that work.

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