Financial management practices and SME performance (2001–2023): a systematic mapping through bibliometric analysis

Abstract

Research on financial management practices and performance of small and medium enterprises has experienced significant growth, with an annual publication increase of 14.61% over the past two decades. This study presents a comprehensive bibliometric analysis of 247 peer reviewed publications indexed in the Web of Science database, spanning the period from 2001 to 2023. The objective is to map publication trends, identify influential research constituents, examine collaboration networks, and highlight future research opportunities in the domains of financial management practices and small and medium enterprise performance. Through co-occurrence and co-citation analyses, the study identifies major research clusters centred on performance measurement, financial reporting, innovation, and sustainability. Notably, there is an increasing integration of non-financial dimensions such as corporate social responsibility and environmental sustainability into traditional financial performance metrics. Spain, Malaysia, and China emerge as key contributors to scholarly output and collaboration. Future research directions include the development of industry specific financial management practices frameworks, a deeper exploration of financial technology applications, and bridging the gap between academic theory and the practice of small and medium enterprises. This review contributes to a clearer understanding of the evolving intellectual landscape and provides a valuable reference point for scholars, policymakers, and practitioners supporting small and medium enterprises.

Download

PDF

Keywords

Financial management
,
SME performance
,
Bibliometric analysis

References

  1. Ali, A. Y. S., & Isak, A. O. (2019). Financial Management Practices and Financial Performance of Service Companies in Somalia. Research Journal of Finance and Accounting, 10(4), 59-68. https://doi.org/10.7176/rjfa/10-4-07
  2. Aria, M., & Cuccurullo, C. (2017). bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4), 959–975. https://doi.org/10.1016/j.joi.2017.08.007
  3. Arsawan, I. W. E., Koval, V., Rajiani, I., Rustiarini, N. W., Supartha, W. G., & Suryantini, N. P. S. (2022). Leveraging knowledge sharing and innovation culture into SMEs sustainable competitive advantage. International Journal of Productivity and Performance Management, 71(2), 405–428. https://doi.org/10.1108/IJPPM-04-2020-0192
  4. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
  5. Butt, B.Z., Hunjra, A.I. & Rehman, K.U. (2010). Financial Management Practices and Their Impact on Organizational Performance. World Applied Sciences Journal, 9(9), 997-1002.
  6. Chenhall, R. H. (2003). Management control systems design within its organizational context: Findings from contingency-based research and directions for the future. Accounting, Organizations and Society, 28(2–3), 127–168. https://doi.org/10.1016/S0361-3682(01)00027-7
  7. Chisiri, T., & Manzini, S. (2021). Impact of financial management practices on sustainable growth of SMEs: a case of catering organizations in Bulawayo metropolitan province. International Journal of Entrepreneurial Research, 4(3), 48–53.
  8. Davila, T. (2005). An exploratory study on the emergence of management control systems: formalizing human resources in small growing firms. Accounting, Organizations and Society, 30(3), 223–248. https://doi.org/https://doi.org/10.1016/j.aos.2004.05.006
  9. Dey, P. K., Malesios, C., De, D., Budhwar, P., Chowdhury, S., & Cheffi, W. (2020). Circular economy to enhance sustainability of small and medium-sized enterprises. Business Strategy and the Environment, 29(6), 2145–2169. https://doi.org/10.1002/bse.2492
  10. Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Marc, W. (2021). How to conduct a bibliometric analysis : An overview and guidelines. Journal of Business Research, 133, 285–296. https://doi.org/10.1016/j.jbusres.2021.04.070
  11. Fang, Y., Yin, J., & Wu, B. (2018). Climate change and tourism: a scientometric analysis using CiteSpace. Journal of Sustainable Tourism, 26(1), 108–126. https://doi.org/10.1080/09669582.2017.1329310
  12. Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39–50. https://doi.org/10.2307/3151312
  13. Gadenne, D., Kennedy, J., & McKeiver, C. (2009). An empirical study of environmental awareness and practices in SMEs. Journal of Business Ethics, 84, 45–63. https://doi.org/10.1007/s10551-008-9672-9
  14. Garengo, P., & Bititci, U. (2007). Towards a contingency approach to performance measurement: An empirical study in Scottish SMEs. International Journal of Operations and Production Management, 27(8), 802–825. https://doi.org/10.1108/01443570710763787
  15. Govaerts, B., Negra, C., Villa, T. C. C., Suarez, X. C., Espinosa, A. D., Fonteyne, S., Gardeazabal, A., Gonzalez, G., Singh, R. G., Kommerell, V., Kropff, W., Saavedra, V. L., Lopez, G. M., Odjo, S., Rojas, N. P., Ramirez-Villegas, J., Loon, J. Van, Vega, D., Verhulst, N., … Kropff, M. (2021). One CGIAR and the Integrated Agri-food Systems Initiative: From short-termism to transformation of the world’s food systems. PLOS ONE, 16(6), e0252832. https://doi.org/10.1371/JOURNAL.PONE.0252832
  16. Hair, J. F., Hult, G. T. M., Ringle, C., & Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (2nd ed.). Sage Publications.
  17. Hair, J.F, Risher J.J, Sarstedt, M., & Ringle, C.M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24, doi: https://doi.org/10.1108/EBR-11-2018-0203
  18. Henseler, J., Hubona, G., & Ray, P. A. (2016). Using PLS path modeling in new technology research: updated guidelines. Industrial Management & Data Systems, 116(1), 2–20. https://doi.org/10.1108/IMDS-09-2015-0382
  19. Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8
  20. Henseler, J., Ringle, C. M., & Sinkovics, R. R. (2009). The use of partial least squares path modeling in international marketing. In Advances in International Marketing (Vol. 20, pp. 277–319). Emerald Group Publishing. https://doi.org/10.1108/S1474-7979(2009)0000020014
  21. Hernández-Linares, R., Kellermanns, F. W., & López-Fernández, M. C. (2021). Dynamic capabilities and SME performance: The moderating effect of market orientation. Journal of Small Business Management, 59(1), 162–195. https://doi.org/10.1111/jsbm.12474
  22. Huang, C., Yang, C., Wang, S., Wu, W., Su, J., & Liang, C. (2020). Evolution of topics in education research: a systematic review using bibliometric analysis. Educational Review, 72(3), 281–297. https://doi.org/10.1080/00131911.2019.1566212
  23. Jordão, R. V. D., & Novas, J. C. (2017). Knowledge management and intellectual capital in networks of small- and medium-sized enterprises. Journal of Intellectual Capital, 18(3), 667–692. https://doi.org/10.1108/JIC-11-2016-0120
  24. Jorge, M. L., Madueño, J. H., Martínez-Martínez, D., & Sancho, M. P. L. (2015). Competitiveness and environmental performance in Spanish small and medium enterprises: is there a direct link?. Journal of Cleaner Production, 101, 26–37. https://doi.org/10.1016/j.jclepro.2015.04.016
  25. Kiyabo, K., & Isaga, N. (2019). Strategic entrepreneurship, competitive advantage, and SMEs’ performance in the welding industry in Tanzania. Journal of Global Entrepreneurship Research, 9(1), 62. https://doi.org/10.1186/s40497-019-0188-9
  26. Leguina, A. (2015). A primer on partial least squares structural equation modeling (PLS-SEM). International Journal of Research & Method in Education, 38(2), 220–221. https://doi.org/10.1080/1743727x.2015.1005806
  27. Lema, L. B. V., & Ndyetabula, D. W. (2018). Understanding the Role of Business Development Services in Developing Agribusiness SMEs in Tanzania. In Marketing Management in Africa (pp. 243-289). Routledge.
  28. López, O.L, & Hiebl, M. R. W. (2015). Management Accounting in Small and Medium-Sized Enterprises: Current Knowledge and Avenues for Further Research. Journal of Management Accounting Research, 27(1), 81–119. https://doi.org/10.2308/jmar-50915
  29. Lubawa, G., Shirima, A., & Nandonde, F. A. (2018). Financing Preference for MSMEs in Rural Tanzania. International Journal of Research & Methodology in Social Science, 4, 18–35.
  30. Madueño, J. H., Jorge, M. L., Conesa, I. M., & Martínez-Martínez, D. (2016). Relationship between corporate social responsibility and competitive performance in Spanish SMEs: Empirical evidence from a stakeholders’ perspective. BRQ Business Research Quarterly, 19(1), 55–72. https://doi.org/10.1016/j.brq.2015.06.002
  31. Mang’ana, K. M., Hokororo, S. J., & Ndyetabula, D. W. (2024a). Agri-SME managers’ perception of financial management practices in Tanzania. Scientific African, 26, e02405. https://doi.org/10.1016/j.sciaf.2024.e02405
  32. Mang’ana, K. M., Hokororo, S. J., & Ndyetabula, D. W. (2024b). An Investigation of the Extent of Implementation of the Financial Management Practices of Agri-SMEs in developing countries: Evidence from Tanzania. Sustainable Technology and Entrepreneurship, 3(1), 100049. https://doi.org/10.1016/j.stae.2023.100049
  33. Mang’ana, K. M., Ndyetabula, D. W., & Hokororo, S. J. (2023). Financial management practices and performance of agricultural small and medium enterprises in Tanzania. Social Sciences and Humanities Open, 7(1), 100494. https://doi.org/10.1016/j.ssaho.2023.100494
  34. Manzoor, F., Wei, L., & Sahito, N. (2021). The role of SMEs in rural development: Access of SMEs to finance as a mediator. PLoS ONE, 16(3), e0247598. https://doi.org/10.1371/journal.pone.0247598
  35. Marriott, N., & Marriott, P. (2000). Professional accountants and the development of a management accounting service for the small firm: Barriers and possibilities. Management Accounting Research, 11(4), 475–492. https://doi.org/10.1006/mare.2000.0142
  36. Martinez-Conesa, I., Soto-Acosta, P., & Carayannis, E. G. (2017). On the path towards open innovation: assessing the role of knowledge management capability and environmental dynamism in SMEs. Journal of Knowledge Management, 21(3), 553–570. https://doi.org/10.1108/JKM-09-2016-0403
  37. Musah, A., Gakpetor, E. D., & Portia, P. (2018). Financial Management Practices, Firm Growth and Profitability of Small and Medium Scale Enterprises (SMEs). Information Management and Business Review, 10(506), 25–37. https://ojs.amhinternational.com/index.php/imbr/article/view/2461/1696
  38. OECD. (2024). OECD SME and Entrepreneurship Outlook. OECD Publishing.
  39. Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403–441. https://doi.org/10.1177/017084060302400391
  40. Otoo, F. N. K. (2024). Assessing the influence of financial management practices on organizational performance of small- and medium-scale enterprises. Vilakshan - XIMB Journal of Management, 21(2), 162–188. https://doi.org/10.1108/xjm-09-2023-0192
  41. Perrini, F., Russo, A., & Tencati, A. (2007). CSR strategies of SMEs and large firms: Evidence from Italy. Journal of Business Ethics, 74(3), 285–300. https://doi.org/10.1007/s10551-006-9235-x
  42. Popa, S., Soto-Acosta, P., & Martinez-Conesa, I. (2017). Antecedents, moderators, and outcomes of innovation climate and open innovation: An empirical study in SMEs. Technological Forecasting and Social Change, 118, 134–142. https://doi.org/10.1016/j.techfore.2017.02.014
  43. Reverte, C., Gómez-Melero, E., & Cegarra-Navarro, J. G. (2016). The influence of corporate social responsibility practices on organizational performance: Evidence from Eco-Responsible Spanish firms. Journal of Cleaner Production, 112, 2870–2884. https://doi.org/10.1016/j.jclepro.2015.09.128
  44. Sensini, L. (2020). Working capital management and performance: Evidence from Italian SME’s. International Journal of Business Management and Economic Research, 11(2), 1749–1755.
  45. Tharmini, T., & Lakshan, A. M. I. (2021). Impact of Financial Management Practices on Performance of Small and Medium Enterprises – Legitimacy Theory Perspectives. Kelaniya Journal of Management, 10(1), 43. https://doi.org/10.4038/kjm.v10i1.7666
  46. Turker, D. (2009). Measuring corporate social responsibility: A scale development study. Journal of Business Ethics, 85(4), 411–427. https://doi.org/10.1007/s10551-008-9780-6
  47. Waweru, C. & K. N. (2014). Influence of Financial Management Practices on the Performance of Micro and Small Enterprises in Kenya. European Journal of Business Management, 1(11), 141–161.
  48. Wolmarans, H., & Meintjes, Q. (2015). Financial Management Practices in Successful Small and. The Southern African Journal of Entrepreneurship and Small Business Management, 7(1), 88–116.
  49. Zada, M., Yukun, C., & Zada, S. (2021). Effect of financial management practices on the development of small-to-medium size forest enterprises: insight from Pakistan. GeoJournal, 86, 1073–1088. https://doi.org/10.1007/s10708-019-10111-4
DOI: https://doi.org/10.58548/2025abmj32.0118
Submitted:
Published: November 12, 2025