SMEs’ Resilience and its Contributing Factors: a Systematic Literature Review

Abstract

This paper aims to review the literature on resilience and small and medium-sized enterprises (SMEs). Grounded in a thorough review process, a systematic analysis of 109 papers – included in the Web of Science and Business Source Premier databases – in the fields of business, management, economics, and related areas is conducted and presented. The research identifies four distinct strands of discussion, each drawing on a specific conceptualisation of resilience in the context of SMEs. These four conversations set the stage for refining the understanding of SMEs’ resilience and identifying shortcomings in the literature and avenues for future research. Drawing on broad perspectives, we categorised SMEs’ resilience as an inherent attribute of business, then delved into the phenomenon in the face of crises, both during and after a disturbance. Diverse influencing factors/enablers have been outlined and summarized. Generally, the present research highlights that the contributing factors are industry-specific and region-specific. In recent research, sustainability has received particular attention alongside other influencing factors. Additionally, we uncovered theoretical and conceptual frameworks to underpin research on SMEs’ resilience. The dynamic capabilities view, the resource-based view, social and human capital theories, sustainability theory, and crisis/risk management frameworks are among the most prominent approaches in research on organisational resilience. Thus, by offering a timely review of the literature (2010 – the first quarter of 2025), we characterise the current state of knowledge and integrate diverse strands of scholarship on SMEs' resilience and its factors, aiming to provide a systematic overview.