The Architecture of Endurance: A Systematic Review of SME Financial Sustainability in Emerging Markets

Authors

DOI:

https://doi.org/10.14414/tiar.v16i2.5677

Keywords:

adaptive resilience, digital transformation,, financial sustainability, green finance,, SMEs

Abstract

The financial sustainability of small and medium-sized enterprises (SMEs) has become increasingly important in the context of economic volatility, technological disruption, and growing sustainability demands. However, existing studies remain fragmented and often examine financial, organizational, technological, and environmental factors in isolation. This study systematically reviews 49 articles indexed in the Scopus and Web of Science databases published between 2014 and 2026 to identify the dominant determinants, thematic patterns, and conceptual structure of financial sustainability in SMEs. Using the PRISMA protocol and NVivo-based bibliometric and thematic analyses, this study examines publication trends, geographic distribution, lexical structures, and thematic relationships across the literature. The results show that research is concentrated primarily in Asia and Europe, reflecting increasing scholarly attention to financial literacy, governance quality, resilience, digital transformation, FinTech adoption, ESG practices, and green finance. Thematic synthesis reveals three interconnected pillars—Internal Capability, Adaptive Resilience, and Digital–Green Transformation—which collectively form an architecture of endurance framework that explains how SMEs maintain financial viability under conditions of uncertainty and change. This framework advances prior reviews by integrating organizational capability, resilience-building mechanisms, and sustainability-oriented transformation into a unified model of financial sustainability for SMEs. Practically, the findings highlight the importance of strengthening financial literacy, governance quality, risk management capability, digital adoption, and sustainability-oriented financing, while emphasizing the role of policy support and financial inclusion in fostering SME resilience. Future research should further explore the implications of generative artificial intelligence, blockchain-based finance, and decentralized finance (DeFi) on SME financial sustainability.

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Author Biographies

  • Amir Hamzah, Universitas Kuningan, Kuningan, Indonesia

    Amir Hamzah is a lecturer in the Accounting Study Program at Universitas Kuningan, Indonesia. He is currently a Doctoral Candidate at the Faculty of Business and Economics, Universitas Islam Indonesia. His research interests include financial accounting, MSME accounting, financial resilience, and sustainability. His academic work primarily focuses on the financial sustainability of Micro, Small, and Medium Enterprises (MSMEs) in emerging markets, emphasizing topics such as financial literacy, governance quality, digital transformation, fintech adoption, and green finance. Through various scientific publications and research activities, he contributes to the development of conceptual and practical frameworks that support MSME resilience and long-term financial sustainability. He is also actively involved in community engagement and mentoring programs aimed at improving accounting capability and financial management practices among local MSME actors. With an applied and contextual research approach, he seeks to bridge accounting knowledge, sustainability, and regional economic development, particularly within the context of Kuningan Regency and surrounding areas.

    Author’s contact detail: Accounting Study Program, Faculty of Economics and Business, Universitas Kuningan; Jl. Tjut Nyak Dhien No. 36A, Cijoho, Kabupaten Kuningan, West Java, Indonesia; +62 812-9117-7788; [amir.hamzah@uniku.ac.id]; ORCID ID: 0009-0006-9637-0058

  • Arief Rahman, Universitas Islam Indonesia, Yogyakarta, Indonesia

    Arief Rahman is a senior lecturer and researcher in the Accounting Department, Faculty of Business and Economics, Universitas Islam Indonesia, Indonesia. He earned his Ph.D. in Accounting from Curtin University, Australia, after completing a Master of Commerce in Accounting at the University of New South Wales, Australia. His academic and research interests focus on public sector accounting, information systems, digital transformation, technology adoption, management information systems, public sector governance, and e-government implementation in developing countries. Through his research and publications, he has contributed extensively to studies on the digital divide, e-commerce acceptance, social commerce, and information systems adoption, particularly within emerging economy contexts. In addition to his academic contributions, he has held several strategic leadership positions at Universitas Islam Indonesia, including Head of the Master Program in Accounting and former Director of Academic Affairs. His work integrates accounting, governance, and digital innovation to support organizational effectiveness and sustainable institutional development.

    Author’s contact detail: Department of Accounting, Faculty of Business and Economics, Universitas Islam Indonesia; Gedung Ace Partadiredja, Jl. Pawirokuat, Ring Road Utara, Condongcatur, Depok, Sleman, Special Region of Yogyakarta, Indonesia; [08122698983]; [arief.rahman@uii.ac.id]; ORCID ID: 0000-0003-2600-7932.

  • Hadri Kusuma, Universitas Islam Indonesia, Yogyakarta, Indonesia

    Prof. Drs. Hadri Kusuma, MBA., DBA., is a Professor of Accounting at the Department of Accounting, Faculty of Business and Economics, Universitas Islam Indonesia, Indonesia. He obtained his Doctor of Business Administration (DBA) degree from Victoria University of Technology, Australia, after completing his Master of Business Administration (MBA) at Murray State University, United States. His expertise encompasses financial accounting, management accounting, sharia accounting and finance, and information systems adoption. His research interests focus on financial sustainability, corporate governance, financial performance, technology adoption, and sustainability reporting. Through numerous scientific publications and academic contributions, he has actively contributed to the advancement of accounting and financial management knowledge, particularly in the areas of SME sustainability, governance quality, and digital transformation. He has also held several strategic leadership positions at Universitas Islam Indonesia, including Dean of the Faculty of Business and Economics and Chair of the University Senate. In addition to his academic and institutional roles, Prof. Hadri Kusuma is actively involved in scholarly publication activities as a member of editorial boards and research collaborations in accounting and finance. His work integrates accounting, governance, technology, and sustainability perspectives to support organizational resilience and long-term institutional development.

    Author’s contact detail: Department of Accounting, Faculty of Business and Economics, Universitas Islam Indonesia; Gedung Ace Partadiredja, Jl. Pawirokuat, Ring Road Utara, Condongcatur, Depok, Sleman, Special Region of Yogyakarta, Indonesia; [081222210350]; [hadri.kusuma@uii.ac.id]; ORCID ID: 0000-0002-0224-686X.

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Published

2026-06-23

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Vol. 16 No. 2 (2026): Volume 16 No 2 2026

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Hamzah, A., Rahman, A., & Kusuma, H. (2026). The Architecture of Endurance: A Systematic Review of SME Financial Sustainability in Emerging Markets. The Indonesian Accounting Review, 16(2), 188-208. https://doi.org/10.14414/tiar.v16i2.5677