Exploring the link between risk management and performance of MSMEs: A bibliometric review

Abstract

Micro, small, and medium-sized enterprises (MSMEs), one the pillars of any economy, comprise the majority of enterprises, while their performance remains modest comparatively with large companies. The dynamic nature of the business landscape, coupled with insufficient resources, increases the vulnerability to risks and threatens the long-term sustainability of MSMEs. A large body of literature emphasizes the positive impacts on business performance from implementing a comprehensive risk management framework. However, in the case of MSMEs, the relationship is still unclear due to the substantial investments required and the lack of skills and knowledge these companies encounter. This study analyses the bibliometric data of 531 articles indexed in Scopus and Web of Science databases to identify the literature trends concerning the connection between risk management and performance in MSMEs. Results show a growing interest in the subject starting from 2010, but the different ways of understanding the performance lead to a disparity of conclusions.