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Risk management in SMEs: a systematic review of available evidence

Author

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  • Eva Maria Falkner
  • Martin R.W. Hiebl

Abstract

Purpose - – The purpose of this paper is to provide a systematic literature review of available research evidence on risk management in small and medium-sized enterprises (SMEs). The authors aim to reveal ambiguities, gaps and contradictions in the literature, and to sketch avenues for further research. Design/methodology/approach - – The authors follow the tenets of Tranfieldet al.(2003) for conducting a systematic literature review. Following a key word search and an assessment of fit for this review, 27 papers were analyzed with respect to bibliographical information, research design and findings. Findings - – The review identified various types of risks that may occur in SMEs. In addition, the publication analysis demonstrates the importance of a risk management process in SMEs and that the characteristics of SME owners have a significant impact on their business strategies. Research limitations/implications - – Additional empirical research on risk identification, risk analysis, strategy implementation and control in the SME risk management process is needed. Originality/value - – This paper is the first comprehensive review of the body of literature on risk management in SMEs.

Suggested Citation

  • Eva Maria Falkner & Martin R.W. Hiebl, 2015. "Risk management in SMEs: a systematic review of available evidence," Journal of Risk Finance, Emerald Group Publishing Limited, vol. 16(2), pages 122-144, March.
    • Handle: RePEc:eme:jrfpps:jrf-06-2014-0079
    DOI: 10.1108/JRF-06-2014-0079
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    Citations

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    Cited by:

    1. Mirza, Nawazish & Afzal, Ayesha & Umar, Muhammad & Skare, Marinko, 2023. "The impact of green lending on banking performance: Evidence from SME credit portfolios in the BRIC," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 843-850.
    2. Zhu, Delong & Li, Zhe & Mishra, Arunodaya Raj, 2023. "Evaluation of the critical success factors of dynamic enterprise risk management in manufacturing SMEs using an integrated fuzzy decision-making model," Technological Forecasting and Social Change, Elsevier, vol. 186(PA).
    3. Dr Jason Mwanza & Nothando Tshuma, 2023. "Mitigating Business Risk in Manufacturing SMEs: A nexus between informal and formal business risk management: A case of Bulawayo, Zimbabwe," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(1), pages 1107-1138, January.
    4. Jalal El Fadil & Josée St-Pierre, 2023. "Identifying and Managing Risks Inherent to Cultural Differences in the Case of Production Internationalization," Business & Entrepreneurship Journal, SCIENPRESS Ltd, vol. 12(2), pages 1-1.
    5. Radityo Putro Handrito & Hendrik Slabbinck & Johanna Vanderstraeten, 2023. "Stuck in short-term, daily operations, or not?: Unraveling SME’s long-term orientation," Small Business Economics, Springer, vol. 61(4), pages 1723-1745, December.
    6. Chris Brooks & Louis Williams, 2024. "People are people: A comparative analysis of risk attitudes across Europe," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(3), pages 3545-3566, July.
    7. Gundula Glowka & Richard Hule & Anita Zehrer, 2024. "Risk perception of SMEs: strategic risks, family-related risks, external risks," Risk Management, Palgrave Macmillan, vol. 26(4), pages 1-27, December.
    8. Julia Riepl & Christine Mitter & Michael Kuttner, 2024. "Risk management during the COVID-19 crisis: insights from an exploratory case study of medium-sized family businesses," Journal of Management Control: Zeitschrift für Planung und Unternehmenssteuerung, Springer, vol. 35(1), pages 109-135, March.
    9. Mojca Marc & Marika Arena & Darja Peljhan, 2023. "The role of interactive style of use in improving risk management effectiveness," Risk Management, Palgrave Macmillan, vol. 25(2), pages 1-21, June.
    10. Vivien Lefebvre, 2023. "Turning 30 and myopic? Temporal orientation and the firm lifecycle," Post-Print hal-04563638, HAL.
    11. Luis Javier Garcia-Martinez & Sascha Kraus & Matthias Breier & Andreas Kallmuenzer, 2023. "Untangling the relationship between small and medium-sized enterprises and growth: a review of extant literature," International Entrepreneurship and Management Journal, Springer, vol. 19(2), pages 455-479, June.

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