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Abstract <p>This study systematically reviews the literature on entrepreneurship and its impact on the financial performance of micro, small, and medium enterprises (MSMEs), identifying thematic patterns, conceptual gaps, and opportunities for future research. Using the SPAR-4 systematic review methodology, 771 articles published between 1987 and 2023 were analyzed from Scopus and Web of Science databases. The investigation used tools such as R, Biblioshiny, VOSviewer, and Excel for bibliometric and content analysis. Findings reveal a significant increase in research post-2008, driven by global economic challenges, with key contributors including small business economics and leading authors Zahra and Covin. The USA leads in research output and international collaborations. Financial performance is primarily measured through sales, profit, and return on investment (ROI), with manufacturing being the most studied sector. Core thematic clusters include entrepreneurial orientation (EO), resource-based view (RBV), knowledge-based view (KBV), and digital technology adoption, alongside supporting themes such as sustainability, human capital, and rural development. This review integrates co-citation, co-word, inductive, and social network analyses to build a conceptual framework and offer strategic directions for future MSME research. This research advances bibliometric investigation on entrepreneurship and MSMEs, providing a robust framework for future studies and actionable insights for stakeholders.</p>

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Entrepreneurship and MSMEs’ financial performance: A bibliometric analysis and future research avenues

  • 期刊论文

  • 发表日期：

    2025年11月4日

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  • Deependra Pal,
  • Rashmi Singh,
  • Niladri Das

摘要

Abstract

This study systematically reviews the literature on entrepreneurship and its impact on the financial performance of micro, small, and medium enterprises (MSMEs), identifying thematic patterns, conceptual gaps, and opportunities for future research. Using the SPAR-4 systematic review methodology, 771 articles published between 1987 and 2023 were analyzed from Scopus and Web of Science databases. The investigation used tools such as R, Biblioshiny, VOSviewer, and Excel for bibliometric and content analysis. Findings reveal a significant increase in research post-2008, driven by global economic challenges, with key contributors including small business economics and leading authors Zahra and Covin. The USA leads in research output and international collaborations. Financial performance is primarily measured through sales, profit, and return on investment (ROI), with manufacturing being the most studied sector. Core thematic clusters include entrepreneurial orientation (EO), resource-based view (RBV), knowledge-based view (KBV), and digital technology adoption, alongside supporting themes such as sustainability, human capital, and rural development. This review integrates co-citation, co-word, inductive, and social network analyses to build a conceptual framework and offer strategic directions for future MSME research. This research advances bibliometric investigation on entrepreneurship and MSMEs, providing a robust framework for future studies and actionable insights for stakeholders.