Entrepreneurial Decision Capability in SMEs: A Systematic and Bibliometric Review of Financial Literacy, FinTech Adoption and Governance Mechanisms

This study examines how financial literacy, FinTech adoption and governance mechanisms jointly shape strategic decision processes in small and medium-sized enterprises (SMEs). Although these constructs have attracted growing attention in entrepreneurship and strategic management research, prior studies have largely examined them separately. This paper bridges these streams by explaining how financial knowledge and digital financial technologies translate into enhanced strategic decision quality within entrepreneurial firms. A systematic literature review, complemented by bibliometric analysis, was conducted using Scopus and Web of Science databases. From an initial pool of 1,460 publications, a transparent and reproducible screening process yielded 79 articles published between 2015 and 2026. VOSviewer analysis of keyword co- occurrence and co-citation patterns mapped the intellectual structure of this research domain. The findings reveal a fragmented literature organized around two complementary configurations: a cognitive–strategic stream focused on financial literacy and entrepreneurial decision processes, and a technological–institutional stream centred on FinTech adoption and governance structures. Building on these results, the study proposes a capability-based framework where entrepreneurial decision capability serves as the core mechanism linking financial literacy and FinTech adoption to strategic decision quality, moderated by governance mechanisms. The study advances innovation and entrepreneurship research by offering an integrative explanation of how SMEs transform financial knowledge and digital financial technologies into disciplined strategic decision processes.