Financial And Marketing Performance Of Smes In Indonesia: A Systematic Literatur Review
DOI:
https://doi.org/10.71154/g4w3ah40Abstract
This study systematically reviews the relationship between financial performance and marketing performance in Small and Medium Enterprises (SMEs) in Indonesia with the aim of identifying empirical evidence patterns, metrics used, mechanisms of influence, and research gaps that need to be addressed. Using a systematic literature review approach structured according to the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) guidelines, this study examines empirical studies that discuss financial and marketing indicators. The synthesis results show that financial and marketing performance are multidimensionally interrelated. Marketing capabilities including marketing implementation, marketing communication, channel management, and product innovation consistently contribute to improved marketing performance and customer performance, while the direct effect on financial performance is often mediated by managerial capabilities and external support such as financial assistance programs. The findings also confirm the role of digital transformation as an enabler that strengthens both areas of performance through operational efficiency, broader market access, and real-time analytical capabilities. Based on these findings, further research is recommended to apply a longitudinal design and test the mediating and moderating roles of managerial capabilities using techniques such as Structural Equation Modeling (SEM). The practical implications emphasize the need for integrated performance measurement, improved financial literacy and managerial capabilities, and a priority on measurable digitization to support the sustainability and competitiveness of SMEs in Indonesia
Downloads
References
Ali, H., Hao, Y., & Aijuan, C. (2020). Innovation Capabilities and Small and Medium Enterprises’ Performance: An Exploratory Study. Journal of Asian Finance, Economics and Business, 7(10), 959–968. https://doi.org/10.13106/jafeb.2020.vol7.no10.959
Almansour, B., Almansour, Y., & Almansour, A. (2019). Small and medium size enterprise: Access the financial and non-financial factors. Management Science Letters, 9(5), 687–694. https://doi.org/10.5267/j.msl.2019.2.003
Altuntaş, S., & Yılmaz, M. K. (2016). Fuzzy Dematel Method to Evaluate the Dimensions of Marketing Resources: An Application in SMEs. Journal of Business Economics and Management, 17(3), 347–364. https://doi.org/10.3846/16111699.2015.1068220
Bakhtiari, S., Breunig, R., Magnani, L., & Zhang, J. (2020). Financial Constraints and Small and Medium Enterprises: A Review*. Economic Record, 96(315), 506–523. https://doi.org/10.1111/1475-4932.12560
Chan, S., & Asni, K. (2022). The impact of widespread covid-19 on small business venture in Aceh province: a recuperation strategy from entrepreneurs’ point of view. E3S Web of Conferences, 340, 05003. https://doi.org/10.1051/e3sconf/202234005003
Financial education for micro, small and medium-sized enterprises in Asia. (2017). OECD. https://doi.org/10.1787/ae220397-en
Gunanto, A., & Preda, L. E. (2023). Financial Harmony in Diversity: Exploring the Dynamics of SMEs’ Finance through the Lens of Business Size, Debt-to-Equity Ratio, and Revenue Growth toward the Perfection of Net Profit Margin. SAR Journal - Science and Research, 230–235. https://doi.org/10.18421/SAR64-02
Haddaway, N. R., Page, M. J., Pritchard, C. C., & McGuinness, L. A. (2022). PRISMA2020: An R package and Shiny app for producing PRISMA 2020‐compliant flow diagrams, with interactivity for optimised digital transparency and Open Synthesis. Campbell Systematic Reviews, 18(2). https://doi.org/10.1002/cl2.1230
Hadi, D. P., Adi, P. H., Arintoko, & Ahmad, A. A. (2023). The Impact of the Omnibus Low Cipta Kerja on the Sustainability of MSMEs and Economic Growth by Applying the Canvas Model Business Method and the Use of Financial Technology, Especially Crowdfunding and Microfinance. International Journal of Sustainable Development and Planning, 18(2), 505–513. https://doi.org/10.18280/ijsdp.180219
Harisandi, P., Sari, M., & Yulandri, E. (2023). MARKET MICROSTRUCTURE AND FINANCING EFFICIENCY IN MSMES IN INDONESIA: COMPARISON OF SHARIA AND CONVENTIONAL SECTORS. Finansha: Journal of Sharia Financial Management, 4(2), 160–175. https://doi.org/10.15575/fjsfm.v4i2.30801
Hussain, J., Salia, S., & Karim, A. (2018). Is knowledge that powerful? Financial literacy and access to finance. Journal of Small Business and Enterprise Development, 25(6), 985–1003. https://doi.org/10.1108/JSBED-01-2018-0021
Iqbal, A., & Subhan, M. (2022). The Role of Bank Syariah Indonesia Microfinance in Financing Small-Scale Businesses. Hanifiya: Jurnal Studi Agama-Agama, 5(2). https://doi.org/10.15575/hanifiya.v5i2.21433
Karadag, H. (2017). The impact of industry, firm age and education level on financial management performance in small and medium-sized enterprises (SMEs). Journal of Entrepreneurship in Emerging Economies, 9(3), 300–314. https://doi.org/10.1108/JEEE-09-2016-0037
Kottika, E., Özsomer, A., Rydén, P., Theodorakis, I. G., Kaminakis, K., Kottikas, K. G., & Stathakopoulos, V. (2020). We survived this! What managers could learn from SMEs who successfully navigated the Greek economic crisis. Industrial Marketing Management, 88, 352–365. https://doi.org/10.1016/j.indmarman.2020.05.021
Linawati, N., Moeljadi, M., Djumahir, D., & Aisjah, S. (2020a). The Role of Peer to Peer Lending in Increasing Funding for Micro, Small, and Medium Enterprises. SHS Web of Conferences, 76, 01031. https://doi.org/10.1051/shsconf/20207601031
Linawati, N., Moeljadi, M., Djumahir, D., & Aisjah, S. (2020b). The Role of Peer to Peer Lending in Increasing Funding for Micro, Small, and Medium Enterprises. SHS Web of Conferences, 76, 01031. https://doi.org/10.1051/shsconf/20207601031
Martínez, C. I. P., & Poveda, A. C. (2022). Strategies to improve sustainability: an analysis of 120 microenterprises in an emerging economy. Global Sustainability, 5, e3. https://doi.org/10.1017/sus.2022.3
Martínez-Alonso, R., Martínez-Romero, M. J., & Rojo-Ramírez, A. A. (2022). Heterogeneous collaborative networks and firm performance: Do the contingent effects of family management and intellectual property rights matter? Baltic Journal of Management, 17(3), 356–374. https://doi.org/10.1108/BJM-09-2021-0354
Masrizal, Sukmana, R., & Trianto, B. (2025). The effect of Islamic financial literacy on business performance with emphasis on the role of Islamic financial inclusion: case study in Indonesia. Journal of Islamic Marketing, 16(1), 166–192. https://doi.org/10.1108/JIMA-07-2022-0197
Mastintianto, D., Meutia, E., Wijaya, L., Ng, K. C., & Phungpumkaew, H. (2025). Crafting Digital Pathways. International Journal of Asian Business and Information Management, 16(1), 1–18. https://doi.org/10.4018/IJABIM.371421
Meilariza, R., Mirah Delima, Z., & . Z. (2024). Digitalization of Micro, Small, and Medium Enterprises (MSMEs) in Indonesia. KnE Social Sciences. https://doi.org/10.18502/kss.v9i17.16334
Oduro, S., & Mensah-Williams, E. (2023). Marketing Capabilities and Competitive Performance in the SMEs Context: A Bi-Theoretical Perspective. Journal of Small Business Strategy, 33(2), 17 – 35. https://doi.org/10.53703/001c.77458
Shoimah, S., Muhajir, A., & Rosyid, M. (2024). The Influence of Entrepreneurial Spirituality and Social Media Adoption on the Sustainability of MSME Performance Mediated by Innovation Capability (Survey on MSMEs in the Tourism Area Sunan Drajat Lamongan). KnE Social Sciences. https://doi.org/10.18502/kss.v9i11.15792
Siswoyo, E. (2021). Analysis of The Impact of Covid 19 Pandemic on Halal Industry in Micro, Small and Medium Enterprises (MSMEs) and Economic Growth in Indonesia. Annual International Conference on Islamic Economics and Business (AICIEB), 1, 410–417. https://doi.org/10.18326/aicieb.v1i0.30
Supriyadi, H., Swastika Nugroho, A., & Suhartanto, H. (2023a). Microinsurance in Effort To Enhance Indonesia’s Economic Resilience. Business Review and Case Studies, 4(2), 157. https://doi.org/10.17358/brcs.4.2.157
Supriyadi, H., Swastika Nugroho, A., & Suhartanto, H. (2023b). Microinsurance in Effort To Enhance Indonesia’s Economic Resilience. Business Review and Case Studies, 4(2), 157. https://doi.org/10.17358/brcs.4.2.157
Ummah, H. R., Sonjaya, A., & Jamaludin, J. (2024). Sharia fintech: Crowdfunding as MSMEs financing. Al-Muamalat: Jurnal Ekonomi Syariah, 11(1), 115–136. https://doi.org/10.15575/am.v11i1.28808
Venter, E., & Hayidakis, H. (2021). Determinants of innovation and its impact on financial performance in South African family and non-family small and medium-sized enterprises. Southern African Journal of Entrepreneurship and Small Business Management, 13(1), 1–14. https://doi.org/10.4102/sajesbm.v13i1.414
Wang, X., Chen, A., Wang, H., & Li, S. (2017). Effect of export promotion programs on export performance: evidence from manufacturing SMEs. Journal of Business Economics and Management, 18(1), 131–145. https://doi.org/10.3846/16111699.2016.1278031
Yacob, S., Sulistiyo, U., Marzal, J., Siregar, A. P., & Mukminin, A. (2023). An Investigation of Entrepreneurial Orientation, Social Media Adoption and E-commerce on MSME Business Performance: An Empirical Study in Indonesia. Revista Galega de Economía, 1–24. https://doi.org/10.15304/rge.32.3.9001
Yao, Z., & Liu, Y. (2023). How Covid-19 impacts the financing in SMEs: Evidence from private firms. Economic Analysis and Policy, 79, 1046–1056. https://doi.org/10.1016/j.eap.2023.06.036
Yuwono, T., Suroso, A., & Novandari, W. (2024). Information and communication technology in SMEs : a systematic literature review. Journal of Innovation and Entrepreneurship, 13(31). https://doi.org/10.1186/s13731-024-00392-6
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Jurnal Bisnis dan Kewirausahaan
This work is licensed under a Creative Commons Attribution 4.0 International License.
Ciptaan disebarluaskan di bawah 