The Capital Structure of Small and Medium Enterprises: A Bibliometric Analysis

Abstract

It is theoretically acknowledged that decisions on capital structure remain an important goal to maximise returns. By exploring scientific data on the capital structure of small and medium-sized enterprises, this study aims to provide accounting and finance scholars with a useful single-source resource. This study aimed to: (i) assess the development of research on 'SMEs capital structure', (ii) highlight key areas in SMEs capital structure research, and (iii) identify the major players in the research. 406 works pertaining to the capital structure of SMEs were described and the data was analysed using a bibliometric approach in the study. In October 2022, the data was extracted from the Scopus database. Software from VOSviewer and Harzing Publish or Perish were utilised in the study to visualise and integrate the data, respectively. The study also used Microsoft Excel in analysing the data. Findings indicated that studies on capital structure began as early as 1984. Early progress was extremely slow, attracting only the attention of Western academics, particularly those from the U.S. and the U.K. In 2008, the number of publications began to increase. Data show that "Small Business Economics" published the most articles about SMEs' capital structure. However, the top 10 papers that have been cited the most show that there are currently few investigations in this area. Since the study is limited to publications that are indexed in the Scopus database, thus the study is regarded as moderately representative. This bibliometric study can serve as a first step in doing systematic literature reviews and meta-analyses.

Bibliometric Analysis and Visualisation of Research on Financial Readiness

“…The Scopus scientific database served as the source for the study's data collection since it is the most comprehensive research tool available in the social sciences (Nawi et al, 2022).…”