In many low- and middle-income countries most micro and small enterprises (MSEs) struggle to upgrade into medium-sized and large enterprises. An extensive literature offers manifold explanations for the phenomenon but no conclusive answer on what the most important factors for MSE upgrading are:...

In 2012, after years of heated debates, the government of India finally approved the liberalisation of foreign direct investment in retail. The landmark policy allows for 51 per cent foreign ownership in multi-brand retailing and aims to inject new businesses into the country's massive...