Studi ini mencoba memahami bagaimana logika dominan dinamis dirangsang dan mempengaruhi kinerja perusahaan dengan mengupayakan kesesuaian strategis dinamis. Beberapa ahli percaya bahwa internasionalisasi dapat meningkatkan daya saing dan prospek kelangsungan hidup Usaha Kecil Menengah (UKM) (Zhou dan Wu 2014; Lee et al. 2012) . Sarjana lain telah mengidentifikasi tiga (3) faktor kunci yang mempengaruhi internasionalisasi UKM, yaitu (a) konteks institusional (Li, 2013), (b) kapabilitas dinamis spesifik pemilik (Chittoor, et al., 2017), dan (3) kapabilitas dinamis organisasi (Mudalige et al, 2018). Namun, penelitian yang mengkaji interaksi dinamis antara ketiga faktor tersebut terhadap kinerja internasionalisasi UKM masih terbatas, terutama dalam konteks negara berkembang seperti Indonesia. Kajian ini dimaksudkan untuk mengisi gap penelitian tersebut dengan mengukur pengaruh konteks institusional, kapabilitas dinamis spesifik pemilik, dan kapabilitas dinamis organisasi terhadap kinerja ekspor UKM Indonesia. Hasil empiris dari 88 usaha kecil pengekspor di Indonesia menunjukkan bahwa kapabilitas dinamis organisasi sangat dipengaruhi oleh konteks kelembagaan, terutama regulasi pemerintah dan dukungan budaya. Sementara itu, kapabilitas dinamis spesifik pemilik secara empiris terbukti tidak dipengaruhi oleh konteks kelembagaan dan perlu dimediasi oleh kapabilitas dinamis organisasi untuk mempengaruhi kinerja. Terakhir, kinerja UKM pengekspor terbukti secara langsung dipengaruhi secara signifikan oleh konteks kelembagaan dan kapabilitas dinamis organisasi.

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This study attempts to understand the impact of institutional context and dynamic capabilities to the performance of Indonesia SMES International Business. Some scholars believed that internationalization could enhance Small Medium Enterprises (SME) competitiveness and survival prospects (Zhou and Wu 2014; Lee et al. 2012). Other scholars have identified three (3) key factors affecting internationalization of SMEs, which are (a) institutional context (Li, 2013), (b) the owner specific dynamic capabilities (Chittoor, et al., 2017), and (3) the organization dynamic capabilities (Mudalige et al, 2018). However, there are limited research that study the dynamic interaction between these three factors to SME internationalization performance, especially with the context of emerging economies like Indonesia. This study intended to fill the research gap by measuring the interaction of institutional context, owner specific dynamic capabilities, and organization dynamic capabilities to the export performance of Indonesian SMEs. Empirical results from 88 exporting small business in Indonesia showed that organization dynamic capabilities are significantly influenced by institutional context, mainly government regulations and cultural support. Meanwhile, owner specific dynamic capabilities are empirically proven not influenced by institutional context and needs to be mediated by organization dynamic capabilities to influence performance. Finally, the performance of the exporting SMEs is proven to be significantly influenced directly by institutional context and organization dynamic capabilities.