MENGUNGKAP FAKTOR-FAKTOR PEMBENTUK FINANCIAL SUSTAINABILITY PADA UMKM: ANALISIS BIBLIOMETRIK TERHADAP PERKEMBANGAN LITERATUR GLOBAL

Abstract

Financial sustainability is a critical factor determining the ability of Small and Medium-Sized Enterprises (SMEs) to maintain operations, enhance competitiveness, and achieve long-term business growth. Although studies on SME financial sustainability have increased substantially, research that comprehensively maps the factors shaping this concept remains limited. Therefore, this study aims to identify and analyze the determinants of financial sustainability in SMEs through a bibliometric approach. Data were collected from the Scopus database using the keywords financial sustainability and SMEs. The screening process applied the criteria of publication years 2020–2025, subject area of Business, Management and Accounting, article document type, final publication stage, and open-access availability, resulting in a final dataset of 77 articles. Data were analyzed using VOSviewer through co-occurrence keyword analysis, co-authorship analysis, and citation analysis,. The findings reveal a significant increase in publications related to SME financial sustainability during the study period, particularly in 2024–2025. The bibliometric analysis identified five major thematic clusters: financial capability and access to finance, sustainability and digital transformation, financial management and sustainability practices, strategic resources and sustainable development, and financial inclusion. These findings indicate that financial sustainability in SMEs is a multidimensional construct formed through the interaction of financial, technological, organizational, and sustainability-related factors that support long-term business resilience and growth

Keywords: Financial Sustainability, Bibliometric Analysis; Financial Inclusion; Digital Transformation; Sustainable Development.