Key Factors in the Sustainable Growth of MSMEs in Ibero-America: An Empirical Study Based on Machine Learning

Micro, small and medium-sized enterprises (MSMEs) play a fundamental role in the socio-economic development of Ibero-America. However, they face structural and contextual challenges that constrain their sustainable growth. This study analyses the key determinants of MSMEs’ growth in the region using a quantitative approach based on a Random Forest model applied to a dataset of 1796 observations collected by a team of researchers from different universities affiliated with the Foundation for Strategic Analysis and Development of Small and Medium-Sized Enterprises (FAEDPYME). The results reveal that sound corporate governance, effective human talent management supported by strong organisational communication, the development of skills to reduce the digital divide, innovation, and environmental perception constitute hierarchically significant factors for business development and sustainability. Relevant patterns that enable business sustainability are discussed, and a basis for the formulation of public policies aimed at strengthening the productive fabric is provided. This study offers empirical evidence that contributes to the ongoing discussion on innovation and sustainability among MSMEs in Ibero-America.