“…In other words, despite internationalization being considered a form of risk diversification for late-movers in international markets (Carneiro & Brenes, 2014), SMEs that decide to engage in internationalization must be aware of the additional risks inherent in new, uncertain, and distinct markets, that are different from their usual domestic competition (Sapienza, Autio, George, & Zahra, 2006;Zahra, Korri, & Yu, 2005). Thus, the managerial perception, propensity, or aversion to risk is a relevant matter of interest to international business and international entrepreneurship scholars (Acedo & Florin, 2006;Claver, Rienda, & Quer, 2008;Figueira-de-Lemos, Johanson, & Vahlne, 2011).…”