Business growth is considered as one of the main topics of entrepreneurship research. Due to the increased interest on entrepreneurship, new theoretical perspectives have emerged to explain entrepreneurial behavior. One of these emergent theories is effectuation. It is widely known that entrepreneurs and owner-managers count on different decision-making logics during the internationalization of their ventures, including causal and effectual reasoning. Despite that the use of effectual reasoning has been generally linked to the early stages of the creation of a venture; it has recently been introduced to on the internationalization of SMEs research. Introduced by Sarasvathy (2001), effectuation logic is stated to grow in an unstable operating context where it is complicated to predict and in contrast, it is likely to unexpectedly respond to changes in the environment. Furthermore, it represents a typical shift in approaching entrepreneurship. In this theoretical paper, we first aim to highlight the evolution of the concept and the development of the effectuation theory within the literature. Furthermore, we explain the similarities and differences existing between causation and effectuation reasoning. Finally, we use the lens of effectuation to come up with an understanding of the internationalization of SMEs.

There has been an important increase in the international and inter-continental operations of African SMEs over the last decade, because of the emergence of regional "champions", able to compete with foreign multinationals, present in the continent since many decades, but also because of the emergence of innovative and creative SMEs, capable to meet the market needs of various consumers of Africa. Understanding the particular international business landscape in Africa draws attention to several ignored research questions and research aspects, requiring further research and exploration, to contextualize the SMEs' internationalization of African firms. This paper highlights relevant areas/aspects needed while studying the internationalization of SMEs, by bringing back the historical context of the continent. Next, this paper contributes to the understanding of the internationalization of African SMEs by analyzing the trends and opportunities of the research in this field. Finally, the challenges and the risks of the internationalization of African firms will be analyzed, in order to set the limits of the nature of internationalization of the continent's SMEs.

The SMEs (Small and Medium-sized enterprises) are an essential component of the world' s economy. They represent more than 95% of the global existing companies and they largely contribute to the jobs creation inside many countries. In Morocco for example, the SMEs represent the large majority of active companies in the market (95%) and contribute to 40% of private investments and to 30% of exportations. The aim of this paper is to perform a systematic and recent literature review to determine the different theories of the internationalization of SMEs. The selected theories are treated from three major perspectives (traditional perspective, network perspective and emergent perspective). In addition, this paper discusses the Moroccan recent politic of integration in Africa and the eventual adhesion of the country to the Economic Community of West African States (ECOWAS). This adhesion will offer more opportunities to the Moroccan SMEs in West Africa.

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