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Financial literacy in SMEs: A systematic literature review and a framework for further inquiry

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  • Roberto Graña-Alvarez
  • Ernesto Lopez-Valeiras
  • Miguel Gonzalez-Loureiro
  • Freddy Coronado

Abstract

It has been suggested that financial literacy plays a crucial role in the understanding of the overall performance of small and medium-sized enterprises (SMEs). Nonetheless, its impact remains underexplored, and the few existing findings are fragmented. This study conducts a systematic literature review focused on the antecedents and consequences of financial literacy in SMEs. The findings show that some educational, cultural, and specific contextual factors are antecedents of financial literacy; in turn, financial literacy influences the financial attitudes, financial behaviors, organizational capabilities, and performance of SMEs. Further research should analyze the uncovered lines of study suggested in our research agenda to consolidate the conceptualization of financial literacy in the context of SMEs, overcome the limitations of the current methodology, extend the current evidence about the antecedents and consequences of financial literacy in SMEs and analyze these relationships from behavioral economics and decision-making perspectives.

Suggested Citation

  • Roberto Graña-Alvarez & Ernesto Lopez-Valeiras & Miguel Gonzalez-Loureiro & Freddy Coronado, 2024. "Financial literacy in SMEs: A systematic literature review and a framework for further inquiry," Journal of Small Business Management, Taylor & Francis Journals, vol. 62(1), pages 331-380, January.
    • Handle: RePEc:taf:ujbmxx:v:62:y:2024:i:1:p:331-380
    DOI: 10.1080/00472778.2022.2051176
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