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Impact of SMEs on Economic Development: A Systematic Review of Literature

Article in International Journal of Green Management and Business Studies · June 2022
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 Impact of SMEs on Economic Development ………….………………Mohammed Alaghbari Pp20-28

Impact of SMEs on Economic Development: A Systematic Review of

Literature
Dr. Mohammed Abdulrazzaq Alaghbari
College of Adminisstritive Sceinces, Applied Science University, Kingdom of Bahrain
mohammed.alaghbari@asu.edu.bh

Article info.

Received: 15 April 2022 Revised: 25 April 2022 Accepted: 20 May 2022 Published: 1 June 2022
Correspondent Author: mohammed.alaghbari@asu.edu.bh

Abstract
SMEs are considered the driving force of the country's economic growth via the entrepreneurship
process. SMEs also impact economic development based on various aspects such as competitive
market orientation, employment generation, capacity building and technology innovation.
Therefore, using a systematic review approach, the current study will investigate the SME's impact
on developing economies. The systematic review will adopt database searches based on keywords,
authorship, citations, titles, journal lists, and topmost enterprises in the context of Bahrain. The
review will be analyzed using various database tools such as EDS, Scopus and Web of Science to
collect sample of n=8 peer reviewed journals published between 2018 to 2022. The findings shows
that SME’s plays an essential role in economic development through capacity development,
technological innovation, employment creation and competitive orientation.

Keywords: Economic Development, SMEs, Capacity building, Technology innovation.

Introduction
Enterprises development is a significant part of the business economic development via the
entrepreneurship process (Guerrero et al., 2021). Entrepreneurship has been a driving force of
economic restructuring, decentralization and movement towards a market economy (Varga et al.,
2021). Besides, Small and Medium Enterprises (SMEs) are considered a significant factor in
developing the country's economy (Muthuraman et al., 2020). The majority of the SMEs are small
and subsistence firms; however, there are very few small businesses that can reach medium-sized
enterprises, which further few of them have the potential to develop into large-sized enterprises
based on the entrepreneurs and establisher of these enterprises.
SMEs, are essential important element of the economy, also significantly impact the country's
economic development (Surya et al., 2021). The impulsion of economic growth is the development
of SMEs because these small and medium enterprises are deliberated as more flexible than large-
sized enterprises in a competitive environment. Recent studies found that an important share in
production infrastructure related to works, goods and services of market economies has been
employed mainly by SMEs, as demonstrated by gross domestic product size (Petrunenko et al.,
2021). The countries with economies in change are presently developing SMEs in the framework
of providing support in financing activities, implementation of significant laws and regulations
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and ensuring the involvement in developmental programs by leading global
organizations. The business development concept is to make an individual with the required
information and knowledge, which is vital for constructing the enterprise and developing
entrepreneurial skills.
SMEs represent the central part of business companies in the country's economic development and
enhance the market economies' competitiveness. However, the revolution in the global business,
such as the open innovation model, internationalization, fiscal policies, networking and mass
customization, impact all other countries. Therefore, SMEs confront a competitive environment
because of globalization and innovative technologies, including the developing role of CSR in the
processes and inter-firm collaboration (Sroka & Szántó, 2018). Moreover, SMEs face various
problems and challenges compared to large enterprises (Iqbal et al., 2018). There are various
factors of SMEs that greatly influence the economic development (Surya et al., 2021); such as
competitive market orientation, capacity building, and employment generation (Muthuraman et
al., 2020) and innovative technological performance (Tehseen et al., 2019). Considering the aims,
the objectives of the current research is to investigate the role of SME’s in economic development
and what an antecedents of economic development which are influenced through SME’s creation.

Literature Review

According to (Portes & Böröcz, 1988), the structuralist theory argues that private enterprises should
be considered a significant part of global economic development that assists in minimizing labour
costs and input, indirectly enhancing the competitive market of large enterprises. Another labour
supply theory proposed by (Pedersen, 1998) argues that SMEs growth is recognized in response
to the high unemployment rate and performs as employees' solution who cannot be engaged in the
economic concepts have presented that when employments increase in SMEs, economic
development is probable to rationalize as SMEs drive to search employments in the private
enterprises (Matsongoni & Mutambara, 2018).
Define the SMEs concept; there is no proper definition for Small and Medium Enterprises (SMEs)
because there are no constant criteria for the number of employees, capital amount, fixed capital
investment, revenues, technology and market share. The differences among SMEs are mainly
investigated from industry to industry and country to country based on studies (Gherghina et al.,
2020).
Considering the concerns related to economic growth, (Muthuraman et al., 2020) claimed that
SMEs play a significant role in this process of economic development because these organizations
produce the foundation of economic development for global countries. (Šebestová’ & Sroka, 2020)
argued that SMEs are considered the driving force of the country's economic growth and also one
of the implements to accomplish SDGs. On the other hand, (Hernita et al., 2021) proposed that
SMEs mainly contribute to the modernization and diversification of the global economy because
it influences the reserve turnover growth and the formation of the customer market in
circumstances of limited assets and economic decline.
SMEs are competent to rapidly implement changes in customer demand, thus ensuring the required
balance in the customer market, reported (Lu, 2018). Another finding of (Tambunan, 2019) found
that private entrepreneurship and small businesses play a significant role in addressing the
unemployment issues by providing new job opportunities. There are various benefits that the
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 Impact of SMEs on Economic Development ………….………………Mohammed Alaghbari Pp20-28

SMEs to develop the economy, such as economic contribution to productivities of goods and
services and the formation of employment at comparatively low-cost assets. For instance, (Oláh et
al., 2019) claimed that Small and Medium Enterprises (SMEs) are a tool for minimizing the income
disparities and enhancing the association among the country's economy's social, economic and
geographic sectors and providing employment by 68.1% in Poland. In other words, SMEs are
considered a major socioeconomic and economic development vehicle, as reported by (Šebestová’
& Sroka, 2020).
Abu-Aisheh (2018) studied the impact of small enterprises on economic growth and revealed
positive influences on entrepreneurship and economic development. The study's findings showed
that the share of small enterprises positively influences the output of the businesses and is
responsible for better performance. In addition, (Melwani, 2018) investigated the significance of
separate enterprises for economic growth. The findings revealed that changes in the business
market encourage private and small enterprises and are a tool to increase economic development.
The findings of Sigala (2018) on the developing economies of countries proposed that
entrepreneurship has evolved as a vital factor in economic organizations. Contrary to this,
(Dvouletý et al., 2018) studied the role of entrepreneurship in economic development. The study's
findings revealed that entrepreneurship levels, such as SMEs, positively influence economic
development.
Other findings of (Tirmizi, 2022) highlighted the fact that enterprises assist in producing new
employments for the nationals and therefore facilitate economic growth. Additionally, (Bonito et
al., 2017) found the interconnectivity between enterprises and economic development. (Surya et
al., 2021) studied economic growth and the impact of government policies and strategies on the
developing productivity of Small and Medium Enterprises (SMEs). The study's findings revealed
that business asset support, government policies and HR capacity positively influence SMEs
development by 97.6% of the determination coefficient.
Various scholars and investigators have recently made major efforts to reduce the challenges of
measurement concerns by constructing capacity-building measures. In light of the capacity-
building definition by (Park et al., 2022), the study has focused more on the ability of enterprises
to build, integrate and reconfigure the internal proficiencies. Nevertheless, there is limited
literature on the internal competencies to integrate and develop the external proficiencies. The
strategic management theory demonstrates that the organizations practice alliances to obtain
technology innovation, build capacity, and develop core business undertakings, as reported by
(Khurana et al., 2021).
(Ikupolati et al., 2017) investigated SMEs as a major source of capacity building by accessing
SMEs' human resources, innovativeness and technology and found that SMEs' operatives are
mainly vital to capacity building. Another finding of the same study demonstrated that most
respondents (91.9%) approved that SMEs are mainly the source of capacity building. The study
also recommended that employees and entrepreneurs be trained in innovative technology that can
increase the productive capacity building of SMEs, leading to employment generation.
According to (Yaskun, 2021), entrepreneurship recognizes the market opportunities and the market
positioning are demonstrated as consumer-led practice. The findings of (Hai et al., 2021) found
that the market positioning needs the organizations to observe instantly altering consumer demands
and requirements, recognize the influence of these alterations on the customer satisfaction, and
increase the innovation achievement and competitive advantages of the enterprises. (Movrianda et
al., 2022) claimed that to understand the current and future customers' needs is critical for the
enterprises to incentive the innovation culture in the firms; therefore, it must be required to

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constantly enhance and develop the products and services that need consumer needs
and requirements.
Contrary to this, the competitive market includes operative monitoring of inclusive current and
potential competitors in the business market and accumulates competitive intelligence to identify
competitors' approaches, as reported by (Ksa, 2021). According to (Rincon et al., 2022), the main
purpose of market-oriented enterprises is to remain intent on the activities of competitors and
reflect this as a concept source for innovative product development. The better consideration of
competitive market orientation may often minimize the decline of innovative products.
The study by (Muthuraman et al., 2020) revealed that the potential of SMEs is to produce
employment and, therefore, minimize the joblessness in the country's economy. The contribution
of employment within small businesses has mainly focused on the policy regulators at all economic
levels. (Quaye & Mensah, 2018) analyzed the database of 99 countries and revealed that small
enterprises having less than 100 workforces and more than ten years older organizations have the
broad total employment share and employment generation capability along with the initial small
enterprises participating in employment generation.
The study's empirical findings revealed that Small and Medium Enterprises (SMEs) play a
significant role in employment generation, reduction of unemployment and economic
development. The huge benefit of SMEs is employment potential with low-cost resources. The
SMEs having intense work greatly influence their employment. SMEs with extreme workload
intensity produce more employment with low asset costs compared to large enterprises. According
to (Sarmah et al., 2021), it is significant for the developing economies with a high rate of
unemployment to generate employment in SMEs.:
Innovation is "any idea, practise or object perceived to be new by an individual or other unit of
adoption" (Rogers, 1995). Consequently, the innovation can be inside-oriented under being used
by the operations internal to businesses or externally focused on the consumers external to the
organization, stated by (Gherghina et al., 2020). According to (Zeb et al., 2021), there are four
categories of innovations in businesses: process, product, organizational, and marketing.
Innovation can be referred to as radical innovation associated with innovativeness, while
incremental innovation is linked to the development of current advances (Aljanabi, 2017). The
main aim of driving an organization is to revolutionize and enhance its competitiveness in target
markets to get enhanced business performance (Gherghina et al., 2020). Hence, the organizational
innovation must be evaluated by the impact on the market position, that is, its innovative
performance through technology, as reported by (Tehseen et al., 2019). According to (Aljanabi,
2017), technological innovation is often demonstrated by the patents' number attained by the
enterprises. Most SMEs are not determined the patentable innovations because most technological
innovations are incremental; therefore, they face various challenges in terms of innovation.
(Surya et al., 2021) studied open innovation, economic growth and the impact of government
policies and strategies on developing the productivity of Small and Medium Enterprises (SMEs).
The study's findings revealed that economic development associated with technological
innovations enhances the economic enterprises' productivity and increases social welfare. Te
business asset support, government policies, and HR capacity positively influence SME
development by 97.6% of the determination coefficient.

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 Impact of SMEs on Economic Development ………….………………Mohammed Alaghbari Pp20-28

Research Methodology

The current study uses a deductive approach to review previous literature related to SMEs and
economic development. The current study is based on a narrative approach to literature review
proposed by (Denyer & Tranfield, 2009). A narrative review of the previous literature has been used
to analyze the current knowledge comprehensively, and critically and come up with an objective
analysis of the current knowledge (Ramdani et al., 2021).
The narrative review aims to define the capacity building, competitive market orientation,
employment generation, and technology innovation in the Small and Medium Enterprises (SMEs)
research and evaluate the research prospects to improve the current knowledge. A narrative review
of literature provides critical evaluation for the development of a theoretical model by gathering,
critiquing and summarizing existing literature published in journals.
The current study will use search keywords based on the terms SMEs, technological innovation,
competitive market orientation, employment generation and capacity building using Google
Scholar which publications are filtered using articles from 2018 and onwards. Moreover, journal
lists have been evaluated based on ranking and the number of articles for each journal as findings
are proposed using a sample of n=8 articles published in various journals.

The Finding

(Malesios et al., 2018) conducted a study to investigate the impact of social, environmental and
operational practices of SMEs on financial Performance where primary data was gathered using
quantitative research methods from the dataset derived from 119 British, French and Indian firms.
Data gathered was analyzed using regression analysis. Findings show that social, environmental
and operational practices reported highly significant covariates. (Abisuga-Oyekunlea et al., 2021)
conducted a study to investigate the role of SMEs in poverty reduction and sustainable
employment using a systematic review of studies conducted in Sub Sahara in Africa. Findings
show that SMEs play an essential role in employing the majority of the citizens contributing to
sustainable employment. (Rota et al., 2019) conducted a study to investigate the impact of SMEs
on employment in the EU-28 region. Using quantitative research methods, the proposed study used
panel data from the 2005 to 2016 period. The findings of the study show no significant relationship
between SMEs and employment in Eu-28 countries. (Gherghina et al., 2020) conducted a study to
investigate the impact of SME investments and innovation on the territorial economic growth of
Romania. Using quantitative research methods, panel data was analyzed from the period 2009 to
2017 and data was analyzed using log–log-linear regressions. Findings show that SMEs have no
significant statistical impact on turnover but have a significant statistical impact on territorial
economic growth. (Al-Haddad et al., 2019) conducted a study to investigate the impact of SMEs
on unemployment in an emerging country. Primary data was gathered using questionnaires from
SMEs comprised of Marble manufacturers and analyzed using SPSS. Findings show that there is
a positive relationship between SMEs and unemployment reduction. (Chege & Wang, 2020)
conducted a study to investigate the role of technology innovation in job creation through small
businesses in developing countries. Findings were proposed based upon the narrative literature
review on technology innovation by SMEs and its role. Findings of the study suggest that
Technological innovation aided by SMEs has a significant impact on employment creation which
positively affects economic development. (Abdelhamid & Sposato, 2020) conducted a study to

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investigate the role of SMEs' organizational learning policies and their implications
on workforce agility using qualitative research where semi-structural interviews of various HR
managers in SMEs in Dubai were conducted. Findings show that organizational learning practices
in SMEs promote workforce agility through capacity development of the workforce. (Rashidirad &
Salimian, 2020) conducted a study to investigate the relationship between different dynamic
capabilities, competitive strategies and SMEs' value sources. Using quantitative research methods,
primary data was gathered using a survey which was distributed amongst 441 UK-based SMEs.
Research findings suggest that sensing, learning, integrating and coordinating capabilities play a
significant role in SMEs' value creation, and competitive strategy mediates the impact of dynamic
capabilities on value creation.

Discussion and Conclusion

In a nutshell, evidence from the narrative review of literature (Abisuga-Oyekunlea et al., 2021);
(Rota et al., 2019); (Gherghina et al., 2020); (Al-Haddad et al., 2019); (Chege & Wang, 2020);
(Abdelhamid & Sposato, 2020); (Rashidirad & Salimian, 2020) suggests significant impact of SME’s in
promoting economic development in various spheres of development indicator whether its
building innovative capability amongst the workforce, providing employment opportunities for
local population, increase in productivity and improve competitive orientation of economy. All
these factors have subsequently contributed in improving the standard of living in terms of social
and economic realm. SME’s plays a vital role in decreasing income inequalities impeding from
concentration of wealth through widespread equal distribution of income and wealth. Regardless
of the level of economic growth, SMEs are vital for social and economic order in terms of
numerical and job creation capacity.

In summary, SMEs are considered an important element of the economy and significantly impact
the country's economic development. The proposed study aimed to investigate the antecedents of
SME’s influencing economic development using narrative approach to literature. Evidence from
the findings suggests SMEs plays an essential role in economic development through competitive
market orientation, capacity building, employment and innovative technology in SMEs
significantly impact economic growth. In a nutshell, SME development authority must provide
inductive environment to promote ease of doing business to promote diversification in economic
activities through various financing options.

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