Thinking fast and global: The role of heuristics in international SME decision-making

This systematic review investigates the use of heuristics in the internationalization process of SMEs. By asking this open-ended question: "How do SMEs use heuristics during the internationalization process?" This study seeks to understand how these firms employ heuristics, the areas in which heuristics are applied, and how decision-makers handle uncertainty in the context of internationalization. This review analyzes eleven relevant works, drawn from scientific databases (Scopus, Web of science) and the snowball sampling. Thematic and descriptive analyses are conducted to identify trends, difficulties, and outcomes related to the use of heuristics in SME internationalization. While highlighting the scarcity of interdisciplinary research, the review emphasizes the potential of heuristics for mitigating uncertainty. Interestingly, the research suggests a clear distinction between heuristics and judgment-based decisions. This initial exploration identifies a critical gap: limited research on different types of heuristics and their impact on SME decision-making in the international context. Additionally, the need to compare heuristics used in international business with those identified in psychology is stressed to avoid redundant terminology. Claiming to be the first of its kind, this review clarifies our understanding of heuristics in SME internationalization and opens doors for future investigations into this under-explored but potentially valuable area.