Key Factors for 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 limit their sustainable growth. This study analyses the determining factors for the growth of MSMEs in the region, using a quantitative approach based on the Random Forest model applied to a database of 1,796 observations obtained by a team of researchers from different universities belonging to the Foundation for Strategic Analysis and Development of Small and Medium-sized Enterprises (FAEDPYME). The results show that adequate corporate governance, human talent management with strong organisational communication, the development of skills that reduce the digital divide, innovation and perception of the environment are hierarchically decisive factors for their development and sustainability. Relevant patterns that enable business sustainability are discussed and a basis is provided for the formulation of public policies aimed at strengthening the productive fabric. The study provides scientific evidence that enriches the discussion on innovation and sustainability in Ibero-American MSMEs.