RISK MANAGEMENT AND FINANCIAL RESILIENCE OF MSMEs : A BIBLIOMETRIC ANALYSIS OF GLOBAL RESEARCH TRENDS
Keywords:
Risk Management, Financial Resilience, MSMEs, Bibliometrics, Business Resilience
Abstract
This study aims to map the development of literature on risk management and financial resilience of micro, small, and medium-sized enterprises (MSMEs) using a bibliometric approach. The dataset consists of 71 publications published between 2018 and 2026 and collected from Google Scholar. The analysis was conducted using VOSviewer through keyword co-occurrence, co-citation, and bibliographic coupling techniques. The results indicate a significant increase in publications, particularly after the COVID-19 pandemic. Five major research themes were identified: resilience and entrepreneurial resilience, organizational resilience, risk management and supply chain resilience, crisis and COVID-19, and determinants of MSME resilience. Overlay visualization reveals a shift in research focus from basic risk and resilience concepts toward the integration of risk management, organizational resilience, digital transformation, artificial intelligence, and business sustainability. These findings suggest that MSME resilience is increasingly recognized as a strategic capability for adaptation and long-term business sustainability. This study provides a comprehensive overview of the field and highlights future research opportunities.
References
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Abu Hatab, A., Lagerkvist, C., & Esmat, A. (2021). Risk perception and determinants in small‐ and medium‐sized agri‐food enterprises amidst the COVID‐19 pandemic: Evidence from Egypt. Agribusiness, 37(1), 187–212. https://doi.org/10.1002/agr.21676
Achumie, G. O., Bakare, O. A., & Okeke, N. I. (2024). Post-project financial auditing as a continuous improvement tool for SMEs. Open Access Research Journal of Multidisciplinary Studies, 8(1), 115–125. https://doi.org/10.53022/oarjms.2024.8.1.0053
Agostini, L., & Nosella, A. (2023). Intellectual capital and resilience: evidence from two cases of SMEs. Knowledge Management Research & Practice, 21(5), 929–942. https://doi.org/10.1080/14778238.2022.2103047
Alshebami, A. S., & Murad, M. (2022). The moderation effect of entrepreneurial resilience on the relationship between financial literacy and sustainable performance. In Frontiers in Psychology. frontiersin.org. https://doi.org/10.3389/fpsyg.2022.954841
Anton, C. E., Baba, C. M., & Bucșoiu, O.-A. (2025). Perspectives on Integrating Risk Management and Sustainability for Financial Performance: A Systematic Literature Review. Sustainability, 17(8), 3456.
Awad, J., & Martín‐Rojas, R. (2024). Enhancing social responsibility and resilience through entrepreneurship and digital environment. Corporate Social Responsibility and Environmental Management, 31(3), 1688–1704. https://doi.org/10.1002/csr.2655
Ciocoiu, C. N., Radu, C., Colesca, S. E., & Prioteasa, A. (2025). Exploring the link between risk management and performance of MSMEs: A bibliometric review. Journal of Economic Surveys, 39(4), 1523–1552. https://doi.org/10.1111/joes.12664
Dey, P. K., Chowdhury, S., Abadie, A., Vann Yaroson, E., & Sarkar, S. (2024). Artificial intelligence-driven supply chain resilience in Vietnamese manufacturing small- and medium-sized enterprises. International Journal of Production Research, 62(15), 5417–5456. https://doi.org/10.1080/00207543.2023.2179859
Eichholz, J., Hoffmann, N., & Schwering, A. (2024). The role of risk management orientation and the planning function of budgeting in enhancing organizational resilience and its effect on competitive advantages during times of crises. Journal of Management Control, 35(1), 17–58. https://doi.org/10.1007/s00187-024-00371-8
Glowka, G., Hule, R., & Zehrer, A. (2024). Risk perception of SMEs: strategic risks, family-related risks, external risks. Risk Management, 26(4), 17. https://doi.org/10.1057/s41283-024-00148-2
Han, N., & Um, J. (2024). Risk management strategy for supply chain sustainability and resilience capability. Risk Management, 26(2), 6. https://doi.org/10.1057/s41283-023-00138-w
Herbane, B. (2019). Rethinking organizational resilience and strategic renewal in SMEs. Entrepreneurship & Regional Development, 31(5–6), 476–495. https://doi.org/10.1080/08985626.2018.1541594
Is, R., Kv, S., & Hungund, S. (2025). MSME/SME financial literacy: A systematic literature review and bibliometric analysis. Journal of the Knowledge Economy, 16(4), 14378–14405.
Koporcic, N., Kukkamalla, P. K., Markovic, S., & Maran, T. (2026). Resilience of small and medium-sized enterprises in times of crisis: an umbrella review. Review of Managerial Science, 20(1), 301–329. https://doi.org/10.1007/s11846-025-00883-0
Kumar, S., & Anbanandam, R. (2020). Impact of risk management culture on supply chain resilience: An empirical study from Indian manufacturing industry. Proceedings of the Institution of Mechanical Engineers, Part O: Journal of Risk and Reliability, 234(2), 246–259. https://doi.org/10.1177/1748006X19886718
Lestari, E. D., Abd Hamid, N., Shamsuddin, R., Kurniasari, F., & Yaacob, Z. (2024). Investigating the factors of SMEs’ business resilience in the post-pandemic crisis of COVID-19 with technology adoption as a quasi-moderator: a multigroup analysis of Indonesian and Malaysian SMEs. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2023.2301135
Matteis, J. De, Elia, G., & ... (2023). Business continuity management and organizational resilience: A small and medium enterprises (SMEs) perspective. Journal of Contingencies €¦. https://doi.org/10.1111/1468-5973.12470
Mehta, M., Pancholi, G., & Saxena, A. (2024). Organizational resilience and sustainability: a bibliometric analysis. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2023.2294513
Miklian, J., & Hoelscher, K. (2022). SMEs and exogenous shocks: A conceptual literature review and forward research agenda. International Small Business Journal: Researching Entrepreneurship, 40(2), 178–204. https://doi.org/10.1177/02662426211050796
Nautiyal, S., & Pathak, P. (2024). A resilient path to prosperity: understanding the impact of entrepreneurial resilience on SMEs. Journal of Global Entrepreneurship Research, 14(1), 8. https://doi.org/10.1007/s40497-024-00379-3
Ngoc, M. N., Thanh, C. N., & Van, N. N. (2025). The impact of financial decisions and manager characteristics to firm’s financial performance in SMEs: Bibliometric and systematic analysis. Social Sciences & Humanities Open, 12, 101899.
Nongnuch, P., Thananusak, T., & Hallinger, P. (2026). SME resilience in response to business disruptions: A bibliometric review. Sustainable Futures, 11, 101864.
Olarewaju, O., & Msomi, T. (2021). Factors Affecting Small and Medium Enterprises’ Financial Sustainability in South Africa. African Journal of Inter/Multidisciplinary Studies, 3(1), 103–117. https://doi.org/10.51415/ajims.v3i1.893
Ooi, S. K., & Memon, K. R. (2025). Addressing Resource Scarcity: The Role of Responsible Innovation and Resilience in SMEs’ Competitive Advantage and Sustainability Performance. Corporate Social Responsibility and Environmental Management, 32(5), 5734–5746. https://doi.org/10.1002/csr.70005
Reniati, R., Susantyo, B., Irmayani, N. R., Sabri, F., & Widiastuti, W. (2024). The Influence of Leadership Strategies and Social Capital on the Business Performance and Resilience of Indonesian MSMEs. Journal of the Knowledge Economy, 16(2), 9932–9971. https://doi.org/10.1007/s13132-024-02254-8
Rezaei-Moghaddam, K., Badzaban, F., & Fatemi, M. (2023). Entrepreneurial resilience of small and medium-sized businesses among rural women in Iran. The Journal of Agricultural Education and Extension, 29(1), 75–98. https://doi.org/10.1080/1389224X.2021.1985539
Sabahi, S., & Parast, M. M. (2020). Firm innovation and supply chain resilience: a dynamic capability perspective. International Journal of Logistics Research €¦. https://doi.org/10.1080/13675567.2019.1683522
Safari, A., Balicevac Al Ismail, V., Parast, M., Gölgeci, I., & Pokharel, S. (2024). Supply chain risk and resilience in startups, SMEs, and large enterprises: a systematic review and directions for research. The International Journal of Logistics Management, 35(2), 680–709. https://doi.org/10.1108/IJLM-10-2022-0422
Sánchez-García, J. Y., Núñez-Ríos, J. E., López-Hernández, C., & Rodríguez-Magaña, A. (2023). Modeling Organizational Resilience in SMEs: A System Dynamics Approach. Global Journal of Flexible Systems Management, 24(1), 29–50. https://doi.org/10.1007/s40171-022-00322-z
Suciati, R. (2025). The Role of Financial Stability in Mitigating Climate Risk: A Bibliometric and Literature Analysis. Journal of Risk and Financial Management, 18(8), 428.
Testorelli, R., Ferreira de Araújo Lima, P., & Verbano, C. (2022). Fostering project risk management in SMEs: an emergent framework from a literature review. Production Planning & Control, 33(13), 1304–1318. https://doi.org/10.1080/09537287.2020.1859633
Torres, A. P., Marshall, M. I., & Sydnor, S. (2019). Does social capital pay off? The case of small business resilience after Hurricane Katrina. Journal of Contingencies and Crisis Management, 27(2), 168–181. https://doi.org/10.1111/1468-5973.12248
Wong, L.-W., Tan, G. W.-H., Ooi, K.-B., Lin, B., & Dwivedi, Y. K. (2024). Artificial intelligence-driven risk management for enhancing supply chain agility: A deep-learning-based dual-stage PLS-SEM-ANN analysis. International Journal of Production Research, 62(15), 5535–5555. https://doi.org/10.1080/00207543.2022.2063089
Zakaria, N., Sehgal, R., Watson, A., & Kamarudin, K. A. (2023). Staying afloat? Using a reflective cycle approach to examine the effects of crisis on the business resilience of SMEs during COVID-19. Journal of General Management, 48(3), 267–281. https://doi.org/10.1177/03063070221088371
Zhang, P., & Wang, Y. (2024). Digital transformation: A systematic review and bibliometric analysis from the corporate finance perspective. ArXiv Preprint ArXiv:2412.19817.
Zighan, S., Abualqumboz, M., Dwaikat, N., & Alkalha, Z. (2022). The role of entrepreneurial orientation in developing SMEs resilience capabilities throughout COVID-19. The International Journal of Entrepreneurship and Innovation, 23(4), 227–239. https://doi.org/10.1177/14657503211046849
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Pengembangan Supply Chain Management Dalam Pengelolaan Distribusi Logistik Pemilu Yang Lebih Tepat Jenis, Tepat Jumlah Dan Tepat Waktu Berbasis Human Resources Competency Development Di KPU Jawa Barat. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.
Abu Hatab, A., Lagerkvist, C., & Esmat, A. (2021). Risk perception and determinants in small‐ and medium‐sized agri‐food enterprises amidst the COVID‐19 pandemic: Evidence from Egypt. Agribusiness, 37(1), 187–212. https://doi.org/10.1002/agr.21676
Achumie, G. O., Bakare, O. A., & Okeke, N. I. (2024). Post-project financial auditing as a continuous improvement tool for SMEs. Open Access Research Journal of Multidisciplinary Studies, 8(1), 115–125. https://doi.org/10.53022/oarjms.2024.8.1.0053
Agostini, L., & Nosella, A. (2023). Intellectual capital and resilience: evidence from two cases of SMEs. Knowledge Management Research & Practice, 21(5), 929–942. https://doi.org/10.1080/14778238.2022.2103047
Alshebami, A. S., & Murad, M. (2022). The moderation effect of entrepreneurial resilience on the relationship between financial literacy and sustainable performance. In Frontiers in Psychology. frontiersin.org. https://doi.org/10.3389/fpsyg.2022.954841
Anton, C. E., Baba, C. M., & Bucșoiu, O.-A. (2025). Perspectives on Integrating Risk Management and Sustainability for Financial Performance: A Systematic Literature Review. Sustainability, 17(8), 3456.
Awad, J., & Martín‐Rojas, R. (2024). Enhancing social responsibility and resilience through entrepreneurship and digital environment. Corporate Social Responsibility and Environmental Management, 31(3), 1688–1704. https://doi.org/10.1002/csr.2655
Ciocoiu, C. N., Radu, C., Colesca, S. E., & Prioteasa, A. (2025). Exploring the link between risk management and performance of MSMEs: A bibliometric review. Journal of Economic Surveys, 39(4), 1523–1552. https://doi.org/10.1111/joes.12664
Dey, P. K., Chowdhury, S., Abadie, A., Vann Yaroson, E., & Sarkar, S. (2024). Artificial intelligence-driven supply chain resilience in Vietnamese manufacturing small- and medium-sized enterprises. International Journal of Production Research, 62(15), 5417–5456. https://doi.org/10.1080/00207543.2023.2179859
Eichholz, J., Hoffmann, N., & Schwering, A. (2024). The role of risk management orientation and the planning function of budgeting in enhancing organizational resilience and its effect on competitive advantages during times of crises. Journal of Management Control, 35(1), 17–58. https://doi.org/10.1007/s00187-024-00371-8
Glowka, G., Hule, R., & Zehrer, A. (2024). Risk perception of SMEs: strategic risks, family-related risks, external risks. Risk Management, 26(4), 17. https://doi.org/10.1057/s41283-024-00148-2
Han, N., & Um, J. (2024). Risk management strategy for supply chain sustainability and resilience capability. Risk Management, 26(2), 6. https://doi.org/10.1057/s41283-023-00138-w
Herbane, B. (2019). Rethinking organizational resilience and strategic renewal in SMEs. Entrepreneurship & Regional Development, 31(5–6), 476–495. https://doi.org/10.1080/08985626.2018.1541594
Is, R., Kv, S., & Hungund, S. (2025). MSME/SME financial literacy: A systematic literature review and bibliometric analysis. Journal of the Knowledge Economy, 16(4), 14378–14405.
Koporcic, N., Kukkamalla, P. K., Markovic, S., & Maran, T. (2026). Resilience of small and medium-sized enterprises in times of crisis: an umbrella review. Review of Managerial Science, 20(1), 301–329. https://doi.org/10.1007/s11846-025-00883-0
Kumar, S., & Anbanandam, R. (2020). Impact of risk management culture on supply chain resilience: An empirical study from Indian manufacturing industry. Proceedings of the Institution of Mechanical Engineers, Part O: Journal of Risk and Reliability, 234(2), 246–259. https://doi.org/10.1177/1748006X19886718
Lestari, E. D., Abd Hamid, N., Shamsuddin, R., Kurniasari, F., & Yaacob, Z. (2024). Investigating the factors of SMEs’ business resilience in the post-pandemic crisis of COVID-19 with technology adoption as a quasi-moderator: a multigroup analysis of Indonesian and Malaysian SMEs. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2023.2301135
Matteis, J. De, Elia, G., & ... (2023). Business continuity management and organizational resilience: A small and medium enterprises (SMEs) perspective. Journal of Contingencies €¦. https://doi.org/10.1111/1468-5973.12470
Mehta, M., Pancholi, G., & Saxena, A. (2024). Organizational resilience and sustainability: a bibliometric analysis. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2023.2294513
Miklian, J., & Hoelscher, K. (2022). SMEs and exogenous shocks: A conceptual literature review and forward research agenda. International Small Business Journal: Researching Entrepreneurship, 40(2), 178–204. https://doi.org/10.1177/02662426211050796
Nautiyal, S., & Pathak, P. (2024). A resilient path to prosperity: understanding the impact of entrepreneurial resilience on SMEs. Journal of Global Entrepreneurship Research, 14(1), 8. https://doi.org/10.1007/s40497-024-00379-3
Ngoc, M. N., Thanh, C. N., & Van, N. N. (2025). The impact of financial decisions and manager characteristics to firm’s financial performance in SMEs: Bibliometric and systematic analysis. Social Sciences & Humanities Open, 12, 101899.
Nongnuch, P., Thananusak, T., & Hallinger, P. (2026). SME resilience in response to business disruptions: A bibliometric review. Sustainable Futures, 11, 101864.
Olarewaju, O., & Msomi, T. (2021). Factors Affecting Small and Medium Enterprises’ Financial Sustainability in South Africa. African Journal of Inter/Multidisciplinary Studies, 3(1), 103–117. https://doi.org/10.51415/ajims.v3i1.893
Ooi, S. K., & Memon, K. R. (2025). Addressing Resource Scarcity: The Role of Responsible Innovation and Resilience in SMEs’ Competitive Advantage and Sustainability Performance. Corporate Social Responsibility and Environmental Management, 32(5), 5734–5746. https://doi.org/10.1002/csr.70005
Reniati, R., Susantyo, B., Irmayani, N. R., Sabri, F., & Widiastuti, W. (2024). The Influence of Leadership Strategies and Social Capital on the Business Performance and Resilience of Indonesian MSMEs. Journal of the Knowledge Economy, 16(2), 9932–9971. https://doi.org/10.1007/s13132-024-02254-8
Rezaei-Moghaddam, K., Badzaban, F., & Fatemi, M. (2023). Entrepreneurial resilience of small and medium-sized businesses among rural women in Iran. The Journal of Agricultural Education and Extension, 29(1), 75–98. https://doi.org/10.1080/1389224X.2021.1985539
Sabahi, S., & Parast, M. M. (2020). Firm innovation and supply chain resilience: a dynamic capability perspective. International Journal of Logistics Research €¦. https://doi.org/10.1080/13675567.2019.1683522
Safari, A., Balicevac Al Ismail, V., Parast, M., Gölgeci, I., & Pokharel, S. (2024). Supply chain risk and resilience in startups, SMEs, and large enterprises: a systematic review and directions for research. The International Journal of Logistics Management, 35(2), 680–709. https://doi.org/10.1108/IJLM-10-2022-0422
Sánchez-García, J. Y., Núñez-Ríos, J. E., López-Hernández, C., & Rodríguez-Magaña, A. (2023). Modeling Organizational Resilience in SMEs: A System Dynamics Approach. Global Journal of Flexible Systems Management, 24(1), 29–50. https://doi.org/10.1007/s40171-022-00322-z
Suciati, R. (2025). The Role of Financial Stability in Mitigating Climate Risk: A Bibliometric and Literature Analysis. Journal of Risk and Financial Management, 18(8), 428.
Testorelli, R., Ferreira de Araújo Lima, P., & Verbano, C. (2022). Fostering project risk management in SMEs: an emergent framework from a literature review. Production Planning & Control, 33(13), 1304–1318. https://doi.org/10.1080/09537287.2020.1859633
Torres, A. P., Marshall, M. I., & Sydnor, S. (2019). Does social capital pay off? The case of small business resilience after Hurricane Katrina. Journal of Contingencies and Crisis Management, 27(2), 168–181. https://doi.org/10.1111/1468-5973.12248
Wong, L.-W., Tan, G. W.-H., Ooi, K.-B., Lin, B., & Dwivedi, Y. K. (2024). Artificial intelligence-driven risk management for enhancing supply chain agility: A deep-learning-based dual-stage PLS-SEM-ANN analysis. International Journal of Production Research, 62(15), 5535–5555. https://doi.org/10.1080/00207543.2022.2063089
Zakaria, N., Sehgal, R., Watson, A., & Kamarudin, K. A. (2023). Staying afloat? Using a reflective cycle approach to examine the effects of crisis on the business resilience of SMEs during COVID-19. Journal of General Management, 48(3), 267–281. https://doi.org/10.1177/03063070221088371
Zhang, P., & Wang, Y. (2024). Digital transformation: A systematic review and bibliometric analysis from the corporate finance perspective. ArXiv Preprint ArXiv:2412.19817.
Zighan, S., Abualqumboz, M., Dwaikat, N., & Alkalha, Z. (2022). The role of entrepreneurial orientation in developing SMEs resilience capabilities throughout COVID-19. The International Journal of Entrepreneurship and Innovation, 23(4), 227–239. https://doi.org/10.1177/14657503211046849
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Pengembangan Supply Chain Management Dalam Pengelolaan Distribusi Logistik Pemilu Yang Lebih Tepat Jenis, Tepat Jumlah Dan Tepat Waktu Berbasis Human Resources Competency Development Di KPU Jawa Barat. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.
Published
2026-07-22
How to Cite
Yudhotomo, I., Kurniawan, G., Melandari, D., & Arifin, S. (2026). RISK MANAGEMENT AND FINANCIAL RESILIENCE OF MSMEs : A BIBLIOMETRIC ANALYSIS OF GLOBAL RESEARCH TRENDS. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 10(2), 1303-1328. https://doi.org/10.31955/mea.v10i2.7679
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