Frontiers in microfinance research for small and medium enterprises (SMEs) and microfinance institutions (MFIs): a bibliometric analysis

Springer Science and Business Media LLC - Tập 9 - Trang 1-18 - 2023
Francis Lwesya1, Adam Beni Swebe Mwakalobo2
1Department of Business Administration and Management, The University of Dodoma, Dodoma, Tanzania
2Department of Economics and Statistics, The University of Dodoma, Dodoma, Tanzania

Tóm tắt

This article aims to present current research trends in microfinance for small and medium enterprises (SMEs) and microfinance institutions (MFIs), as microfinance plays an increasingly role in entrepreneurship development and poverty alleviation. The study uses a bibliometric analysis, in this work, we performed citation, bibliographic coupling, and keyword evolution analyses. The results show that research in microfinance for SMEs and microfinance institutions continue to grow. The authors found that recent research in microfinance for SMEs and microfinance institutions has evolved around eight thematic clusters, covering (1) access to and constraints on microcredit for SMEs (2) microfinance and economic empowerment, (3) sustainability of MFIs, (4) creditworthiness, microfinance technology infrastructure and financing patterns, (5) Islamic financial inclusion, (6) credit assessment models for microcredit, (7) microfinance and innovative business models, and (8) gender and equity crowdfunding. Research gaps in each of the thematic clusters are identified. Topics related to COVID-19, Islamic social finance, microfinance institutions, credit scoring models, crowdfunding, and entrepreneurial finance are likely to feature in the domain of microfinance and sustainability of MFIs in future.

Tài liệu tham khảo

Barney JB (2001) Resource-based theories of competitive advantage: a ten-year retrospective on the resource-based view. J Manag 27:643–650 Lwesya F (2021) SMEs’ competitiveness and international trade in the era of Global Value Chains (GVCs) in Tanzania: an assessment and future challenges. Small Bus Int Rev 5(1):e325. https://doi.org/10.26784/sbir.v5i1.325 Mkenda BK, Rand J (2020) Examining the ability of Tanzanian small and medium enterprises (SMEs) to increase their penetration into export markets. Bus Manag Rev 23(1):9–102 Pasape L (2018) Internationalization of small and medium enterprises from Arusha Tanzania: market information, financial resources and product quality setbacks. Bus Manag Stud 4(2):77. https://doi.org/10.11114/bms.v4i2.3268 Kuada J (2022) Financial inclusion and small enterprise growth in Africa: emerging perspectives and research agenda. Afr J Econ Manag Stud 13(3):402–417. https://doi.org/10.1108/AJEMS-05-2021-0230 Atiase VY, Mahmood S, Wang Y, Botchie D (2017) Developing entrepreneurship in Africa: investigating critical resource challenges. J Small Bus Enterp Dev 25(4):644–666 Meyer RL, Nagarajan G (2006) Microfinance in developing countries: accomplishments, debates, and future directions. Agric Finance Rev 66(2):167–193 Abor J, Quartey P (2010) Issues in SME development in Ghana and South Africa. Int Res J Finance Econ 39:218–228 Banerjee SB, Jackson L (2017) Microfinance and the business of poverty reduction: critical perspectives from rural Bangladesh. Hum Relat 70(1):63–91 Bruton GD, Ahlstrom D, Si S (2015) Entrepreneurship, poverty, and Asia: moving beyond subsistence entrepreneurship. Asia Pac J Manag 32(1):1–22 Webb JW, Bruton GD, Tihanyi L, Ireland RD (2013) Research on entrepreneurship in the informal economy: framing a research agenda. J Bus Ventur 28(5):598–614. https://doi.org/10.1016/j.jbusvent.2012.05.003 Bika O, Subalova M, Locke C (2022) Microfinance and small business development in a transitional economy: insights from borrowers’ relations with microfinance organisations in Kazakhstan. J Dev Stud 58(1):183–203 Si S, Ahlstrom D, Wei J, Cullen J (2020) Business, entrepreneurship and innovation toward poverty reduction. Entrep Reg Dev 32(1–2):1–20 Sutter C, Bruton GD, Chen J (2019) Entrepreneurship as a solution to extreme poverty: a review and future research directions. J Bus Ventur 34(1):197–214 Kaushal N, Sanjoli S, Raj JM, Suman J (2021) Microfinance institutions and women empowerment trends and future research directions: a bibliometric analysis. Libr Philos Pract (e-journal) 5534:1–23 Nisa CC, Viverita V, Chalid DA (2022) Impact of competition on microfinance institutions: bibliometric analysis and systematic literature review. Heliyon 8(10):e10749 Ribeiro JP, Duarte F, Gama APM (2022) Does micro-finance foster the development of its clients? A bibliometric analysis and systematic literature review. Financ Innov 8:34 Cisneros L, Ibanescu M, Keen C, Lobato-Calleros O, Niebla-Zatarain J (2018) Bibliometric study of family business succession between 1939 and 2017: mapping and analyzing authors’ networks. Scientometrics 117(2):919–951. https://doi.org/10.1007/s11192-018-2889 Vogel R, Güttel W (2013) The dynamic capability view in strategic management: a bibliometric review. Int J Manag Rev 15:426–446 Glänzel W, Schubert A (2004) Analyzing scientific networks through co-authorship. In: Glänzel W, Schmoch U (eds) Handbook of quantitative science and technology research. Springer, Dordrecht, pp 257–276. https://doi.org/10.1007/1-4020-2755-9_12 Newman MEJ (2004) Co-authorship networks and patterns of scientific collaboration. Proc Natl Acad Sci 101:5200–5205. https://doi.org/10.1073/pnas.0307545100 Zou X, Long W, Le H (2018) Visualization and analysis of mapping knowledge domain of road safety studies. Accid Anal Prev 118(September):131–145. https://doi.org/10.1016/j.aap.2018.06.010 Sarkis J, Davarzani H, Fahimnia B (2015) Green supply chain management: a review and bibliometric analysis. Int J Prod Econ 162:101–114. https://doi.org/10.1016/j.ijpe.2015.01.003 Elango B (2019) A bibliometric analysis of franchising research (1988–2017). J Entrepreneurship 28(2):223–249. https://doi.org/10.1177/0971355719851897 Zupic I, Čater T (2015) Bibliometric methods in management and organization. Organ Res Methods 18(3):429–472. https://doi.org/10.1177/1094428114562629 Chandio AA, Jiang Y, Rehman A, Twumasi MA, Pathan AG, Mohsin M (2021) Determinants of demand for credit by smallholder farmers’: a farm level analysis based on survey in Sindh, Pakistan. J Asian Bus Econ Stud 28(3):225–240. https://doi.org/10.1108/JABES-01-2020-0004 Nguyen T, Su J, Sharma P (2019) SME credit constraints in Asia’s rising economic star: fresh empirical evidence from Vietnam. Appl Econ 51(29):3170–3183. https://doi.org/10.1080/00036846.2019.1569196 Tran VT, Trung-Thanh N, Nguyet TM (2019) Gender difference in access to local finance and firm performance: evidence from a panel survey in Vietnam. Econ Anal Policy 63(C):150–164 Silong AKF, Gadanakis Y (2020) Credit sources, access and factors influencing credit demand among rural livestock farmers in Nigeria. Agric Finance Rev 80(1):68–90. https://doi.org/10.1108/AFR-10-2018-0090 Afari-Sefa V, Bidogeza JC, Djoumessi Y, Kamdem C (2018) Determinants of smallholder vegetable farmers credit access and demand in southwest region, Cameroon. Econ Bull AccessEcon 38(2):1231–1240 Archer L, Sharma P, Su J-J (2020) SME credit constraints and access to informal credit markets in Vietnam. Int J Soc Econ 47(6):787–807. https://doi.org/10.1108/IJSE-11-2017-0543 Abimbola OA, Egbide B-C, Adekunle EA, Damilola FE, Adebanjo JF, Abiodun SA (2020) Rotating and Savings Credit Association (ROSCAs): a veritable tool for enhancing the performance of micro and small enterprises in Nigeria. Asian Econ Financ Rev 10(2):189–199. https://doi.org/10.18488/journal.aefr.2020.102.189.199 Diaz-Serrano L, Sackey F (2018) Microfinance and credit rationing: does the microfinance type matter? J Sustain Finance Invest 8(2):114–131. https://doi.org/10.1080/20430795.2017.1403181 Ding Z, Abdulai A (2018) Smallholder preferences and willingness-to-pay measures for microcredit: evidence from Sichuan province in China. China Agric Econ Rev 10(3):462–481. https://doi.org/10.1108/CAER-02-2017-0022 Bairagya I, Bhattacharya T, Bhattacharjee M (2020) Impact of credit accessibility on the earnings of self-employed businesses in India. J Asian Econ 69:101202 Weng C, Wang H, Heerink N, van den Berg M (2022) Credit constraints and rural households’ entrepreneurial performance in China. Emerg Mark Finance Trade 58(2):570–583. https://doi.org/10.1080/1540496X.2020.1788538 Shuaibu M, Nchake M (2021) Impact of credit market conditions on agriculture productivity in Sub-Saharan Africa. Agric Finance Rev 81(4):520–534. https://doi.org/10.1108/AFR-05-2020-0063 Drori I, Ronny M, Estefania S, Amir S (2020) How does the global microfinance industry determine its targeting strategy across cultures with differing gender values? J World Bus 55(5):100985 Mia MA, Lee H, Chandran V, Rasiah R, Rahman M (2019) History of microfinance in Bangladesh: a life cycle theory approach. Bus Hist 61(4):703–733. https://doi.org/10.1080/00076791.2017.1413096 Bel hadj Miled K, Rejeb JB (2018) Can microfinance help to reduce poverty? A review of evidence for developing countries. J Knowl Econ 9(2):613–635 Samineni S, Ramesh K (2020) Measuring the impact of microfinance on economic enhancement of women: analysis with special reference to India. Glob Bus Rev. https://doi.org/10.1177/0972150920923108 Shoma C (2019) Financing female entrepreneurs in cottage, micro, small, and medium enterprises: evidence from the financial sector in Bangladesh 2010–2018. Asia Pac Policy Stud 6(3):397–416 Patel R, Patel N (2021) Does microfinance empower women from economic, social, and political perspectives?: Empirical evidence from rural Gujarat. Prabandhan Indian J Manag. 14(3):32–48 Aslam M, Kumar S, Ismail T, Sorooshian S (2020) Impact of microfinance on poverty: qualitative analysis for Grameen Bank borrowers. Int J Financ Res 11(1):49–59 Khan ST, Bhat MA, Sangmi M-U-D (2020) Impact of microfinance on economic, social, political and psychological empowerment: evidence from women’s self-help groups in Kashmir Valley, India. FIIB Bus Rev. https://doi.org/10.1177/2319714520972905 Nilakantan R, Iyengar D, Datta SK et al (2021) On ethical violations in microfinance backed small businesses: family and household welfare. J Bus Ethics 172:785–802. https://doi.org/10.1007/s10551-020-04499-0 Okunlola FA, Babajide AA, Isibor AA (2020) Empowering women through micro finance empirical evidence from Ibadan, Oyo State, Nigeria. Acad Entrep J 26:1–12 Patel R, Patel N (2020) Impact of microfinance on women empowerment: a study from the decision—making perspective. Indian J Finance 14(9):52–68 Gul FA, Podder J, Shahriar AM (2017) Performance of microfinance institutions: does government ideology matter? World Dev 100(C):1–15 Awaworyi CS (2020) Microfinance financial sustainability and outreach: is there a trade-off? Empir Econ 59:1329–1350. https://doi.org/10.1007/s00181-019-01709-1 Cervelló-Royo R, Guijarro F, Martinez-Gomez V (2019) Social Performance considered within the global performance of microfinance institutions: a new approach. Oper Res Int J 19:737–755. https://doi.org/10.1007/s12351-017-0360-3 Li LY, Hermes N, Meesters A (2019) Convergence of the performance of microfinance institutions: a decomposition analysis. Econ Model 81(C):308–324 Sinha RP, Pandey P (2019) Efficiency of microfinance institutions in India: a two-stage DEA approach. Int J Rural Manag 15(1):49–77. https://doi.org/10.1177/0973005219832494 Leite RO, Mendes LS (2019) To profit or not to profit? Assessing financial sustainability outcomes of microfinance institutions. J Finance Econ 24(3):1287–1299 Abrar A, Hasan I, Kabir R (2021) Finance-growth nexus and banking efficiency: the impact of microfinance institutions. J Econ Bus 114(C):105975 Al-Azzam M (2019) Financing microfinance institutions: subsidies or deposit mobilisation. Appl Econ 51(15):1621–1633. https://doi.org/10.1080/00036846.2018.1527467 Chikalipah S (2018) Do microsavings stimulate financial performance of microfinance institutions in Sub-Saharan Africa? J Econ Stud 45(5):1072–1087. https://doi.org/10.1108/JES-05-2017-0131 Banto JM, Monsia AF (2021) Microfinance institutions, banking, growth and transmission channel: a GMM panel data analysis from developing countries. Q Rev Econ Finance 79(C):126–150 Adusei M, Sarpong-Danquah B (2021) Institutional quality and the capital structure of microfinance institutions: the moderating role of board gender diversity. J Inst Econ 17(4):641–661. https://doi.org/10.1017/S1744137421000023 Tchuigoua HT, Soumaré I, Hessou HT (2020) Lending and business cycle: evidence from microfinance institutions. J Bus Res 119(C):1–12 Bharti N, Malik S (2022) Financial inclusion and the performance of microfinance institutions: does social performance affect the efficiency of microfinance institutions? Soc Responsib J 18(4):858–874. https://doi.org/10.1108/SRJ-03-2020-0100 Memon A, Akram W, Abbas G, Chandio AA, Adeel S, Yasmin I (2022) Financial sustainability of microfinance institutions and macroeconomic factors: a case of South Asia. South Asian J Macroecon Public Finance 11(1):116–142. https://doi.org/10.1177/22779787211007970 Mia MA, Banna H, Noman A, Alam MR, Rana S (2021) Factors affecting borrowers’ turnover in microfinance institutions: a panel evidence. Ann Public Coop Econ. https://doi.org/10.1111/apce.12325 Bernards N (2019) The poverty of Fintech? Psychometrics, credit infrastructures, and the limits of financialization. Rev Int Polit Econ 26(5):815–838. https://doi.org/10.1080/09692290.2019.1597753 Tanima FA, Brown J, Dillard J (2020) Surfacing the political: women’s empowerment, microfinance, critical dialogic accounting and accountability. Acc Organ Soc 85(C):101141 Langevin M (2019) Big data for (not so) small loans: technological infrastructures and the massification of fringe finance. Rev Int Polit Econ 26(5):790–814. https://doi.org/10.1080/09692290.2019.1616597 Masiak C, Block JH, Moritz A, Lang F, Kraemer-Eis H (2019) How do micro firms differ in their financing patterns from larger SMEs? Venture Cap 21(4):301–325. https://doi.org/10.1080/13691066.2019.1569333 Wasiuzzaman S, Nurdin N, Abdullah AH, Vinayan G (2020) Creditworthiness and access to finance of SMEs in Malaysia: do linkages with large firms matter? J Small Bus Enterp Dev 27(2):197–217. https://doi.org/10.1108/JSBED-03-2019-0075 Bongomin GOC, Woldie A, Wakibi A (2020) Microfinance accessibility, social cohesion and survival of women MSMEs in post-war communities in sub-Saharan Africa: Lessons from Northern Uganda. J Small Bus Enterp Dev 27(5):749–774. https://doi.org/10.1108/JSBED-12-2018-0383 Shahriar AZ, Unda L, Alam Q (2019) Gender differences in the repayment of microcredit: the mediating role of trustworthiness. J Bank Finance 110:105685. https://doi.org/10.1016/j.jbankfin.2019.105685 Koh L, Solarin S, Yuen Y, Ramasamy S, Goh G (2021) The impact of microfinance services on socio-economic welfare of urban vulnerable households in Malaysia. Int J Bus Soc 22:696–712. https://doi.org/10.33736/ijbs.3752.2021 Mittal V, Raman TV (2022) Financing woes: estimating the impact of MSME financing gap on financial structure practices of firm owners. South Asian J Bus Stud 11(3):316–340. https://doi.org/10.1108/SAJBS-07-2020-0228 Pomeroy R, Arango C, Lomboy C, Box S (2020) Financial inclusion to build economic resilience in small-scale fisheries. Mar Policy 118(2):103982. https://doi.org/10.1016/j.marpol.2020.103982 Ali MM, Devi A, Furqani H, Hamzah H (2020) Islamic financial inclusion determinants in Indonesia: an ANP approach. Int J Islam Middle East Finance Manag 13(4):727–747. https://doi.org/10.1108/IMEFM-01-2019-0007 Zauro NA, Zauro NA, Saad RAJ, Sawandi N (2020) Enhancing socio-economic justice and financial inclusion in Nigeria: the role of zakat, Sadaqah and Qardhul Hassan. J Islam Acc Bus Res 11(3):555–572. https://doi.org/10.1108/JIABR-11-2016-0134 Raza MS, Tang J, Rubab S, Wen X (2019) Determining the nexus between financial inclusion and economic development in Pakistan. J Money Laund Control 22(2):195–209. https://doi.org/10.1108/JMLC-12-2017-0068 Baber H (2020) Financial inclusion and FinTech: a comparative study of countries following Islamic finance and conventional finance. Qual Res Financ Mark 12(1):24–42. https://doi.org/10.1108/QRFM-12-2018-0131 Khmous DF, Besim M (2020) Impact of Islamic banking share on financial inclusion: evidence from MENA. Int J Islam Middle East Finance Manag 13(4):655–673. https://doi.org/10.1108/IMEFM-07-2019-0279 Shaikh SA (2021) Using Fintech in scaling up Islamic microfinance. J Islam Acc Bus Res 12(2):186–203. https://doi.org/10.1108/JIABR-10-2019-0198 Bolarinwa ST, Olaoye OO, Ullah W, Agbi B (2022) Does financial development really matter for poverty reduction in Africa? Forum Soc Econ 51(4):415–432. https://doi.org/10.1080/07360932.2021.1896564 Shi B, Chi G, Li W (2019) Exploring the mismatch between credit ratings and loss-given-default: a credit risk approach. Econ Model. https://doi.org/10.1016/j.econmod.2019.11.032 Liang K, He J (2020) Analyzing credit risk among Chinese P2P-lending businesses by integrating text-related soft information. Electron Commer Res Appl. https://doi.org/10.1016/j.elerap.2020.100947 Enimu S, Eyo EO, Ajah EA (2017) Determinants of loan repayment among agricultural microcredit finance group members in Delta state, Nigeria. Financ Innov 3:21. https://doi.org/10.1186/s40854-017-0072-y Medina-Olivares V, Calabrese R, Dong Y, Shi B (2022) Spatial dependence in microfinance credit default. Int J Forecast 38(3):1071–1085 Zhang Z, Yan S, Li J, Tian X, Yoshida T (2022) Credit risk prediction of SMEs in supply chain finance by fusing demographic and behavioral data. Transp Res Part E Logist Transp Rev 158:102611 Mota J, Moreira AC, Brandão C (2018) Determinants of microcredit repayment in Portugal: analysis of borrowers, loans and business projects. Port Econ J 17:141–171. https://doi.org/10.1007/s10258-018-0148-2 Ala’raj M, Abbod M, Radi M (2018) The applicability of credit scoring models in emerging economies: an evidence from Jordan. Int J Islam Middle East Finance Manag 11(4):608–630. https://doi.org/10.1108/IMEFM-02-2017-0048 de Paula PD, Artes R, Ayres F, Minardi A (2019) Estimating credit and profit scoring of a Brazilian credit union with logistic regression and machine-learning techniques. RAUSP Manag J. 54(3):321–336. https://doi.org/10.1108/RAUSP-03-2018-0003 Fuming Y, Huang W, Xiaojing L (2019) Micro- and small-sized enterprises’ willingness to borrow via internet financial services during coronavirus disease 2019. Int Entrep Manag J 18:191–216. https://doi.org/10.1007/s11365-021-00763-5 Mou J, Christopher Westland J, Phan TQ et al (2020) Microlending on mobile social credit platforms: an exploratory study using Philippine loan contracts. Electron Commer Res 20:173–196. https://doi.org/10.1007/s10660-019-09391-2 Wang Y, Drabek Z, Wang Z (2021) The role of social and psychological related soft information in credit analysis: evidence from a Fintech Company. J Behav Exp Econ 96:101806. https://doi.org/10.1016/j.socec.2021.101806 Zhang W, Daim T, Zhang Q (2019) Exploring the multi-phase driven process for disruptive business model innovation of E-business microcredit: a multiple case study from China. J Knowl Econ 10:590–617. https://doi.org/10.1007/s13132-017-0483-z Kimmitt J, Dimov D (2021) The recursive interplay of capabilities and constraints amongst microfinance entrepreneurs. Int J Entrep Behav Res 27(3):600–628. https://doi.org/10.1108/IJEBR-10-2018-0642 Souza LLF, Bassi F, Ferreira de Freitas AA (2019) Multilevel latent class modeling to segment the microfinance market. Int J Bank Mark 37(5):1103–1118. https://doi.org/10.1108/IJBM-05-2018-0132 Kumra R, Khalek SA, Samanta T (2021) Factors affecting BoP producer intention to use P2P lending platforms in India. J Glob Mark 34(4):328–352. https://doi.org/10.1080/08911762.2021.1915440 Singh J, Dutt P (2019) Microfinance and entrepreneurship at the base of the pyramid. Acad Manag Proc 16(1):3–31. https://doi.org/10.5465/AMBPP.2019.64 Geiger M, Oranburg SC (2018) Female entrepreneurs and equity crowdfunding in the US: receiving less when asking for more. J Bus Ventur Insights 10:e00099 Figueroa-Armijos M, Berns JP (2022) Vulnerable populations and individual social responsibility in prosocial crowdfunding: does the framing matter for female and rural entrepreneurs? J Bus Ethics 177:377–394. https://doi.org/10.1007/s10551-020-04712-0 Zhao Y, Xie X, Yang L (2021) Female entrepreneurs and equity crowdfunding: the consequential roles of lead investors and venture stages. Int Entrep Manag J 17:1183–1211. https://doi.org/10.1007/s11365-020-00659-w Cicchiello AF, Kazemikhasragh A, Monferra S (2021) In women, we trust! Exploring the sea change in investors’ perceptions in equity crowdfunding. Gend Manag 36(8):930–951. https://doi.org/10.1108/GM-10-2020-0309 Tisdell C, Ahmad S, Agha N, Steen J, Verreynne M (2020) Microfinance for wives: fresh insights obtained from a study of poor rural women in Pakistan. J Res Gender Stud 10(1):9–37. https://doi.org/10.22381/JRGS10120201 Callon M, Courtial JP, Laville F (1991) Co-word analysis as a tool for describing the network of interactions between basic and technological research: the case of polymer chemistry. Scientometrics 1991(22):155–205 Cobo MJJ, López-Herrera AGG, Herrera-Viedma E, Herrera F (2012) SciMAT: a new science mapping analysis software tool. J Am Soc Inf Sci Technol 2012(63):1609–1630