Zdenko Metzker

Department of Economics and Public Administration, 

Ambis University, Czechia

zdenko.metzker@ambis.cz

ORCID 0000-0002-6962-2428

Beyond borders, beyond results? Examining the financial effects of internationalization on Czech SMEs

Slavka Silberg

Faculty of Arts, Department of Psychology,

Palacký University Olomouc, Czechia

slavka.silberg@upol.cz 

ORCID 0000-0001-6710-9463

Zuzana Virglerova

Faculty of Management & Economics, 

Tomas Bata University in Zlín,

Czechia

virglerova@utb.cz 

ORCID 0000-0002-7957-9216

Ludmila Kozubikova

Independent researcher,

Czechia

L.Kozubikova@oazlin.cz

ORCID 0000-0003-2017-0384

Abstract. Internationalization may create opportunities for SME growth, but its financial implications remain heterogeneous and context dependent. This study examines the relationships between foreign-market tenure, perceived sales development, capital-structure changes, and perceptions of financial sustainability among Czech SMEs. Data were collected through a computer-assisted web interview in January 2024 from 420 SME owners and managerial decision-makers, of whom 223 represented firms active in foreign markets. Among internationalized SMEs, foreign-market tenure was not significantly associated with perceived sales development but was weakly associated with the type of capital-structure adjustment. Sales development showed a weak relationship with perceived financial sustainability, whereas a shift in capital structure toward equity did not. Furthermore, perceptions of financial conditions did not differ significantly according to the duration of firms’ foreign-market activity. An exploratory comparison indicated that internationally active firms expressed stronger agreement than non-internationalized firms that foreign-market entry contributes positively to financial sustainability. Overall, the findings do not support a simple linear relationship between longer international experience and improved financial outcomes and highlight the heterogeneous financial implications of SME internationalization.

Received: October, 2025

1st Revision: August, 2026

Accepted: September, 2026

DOI: 10.14254/2071-8330.2026/19-3/8

JEL Classification: F23, G32, L25

Keywords: internationalization, SMEs, capital structure, financial performance, financial sustainability