PRISMA checklist for financing innovation in SMEs: a systematic review of financing channels
| PRISMA checklist | |||
|---|---|---|---|
| Section/topic | Item no. | Checklist item | Location of the item in the publication |
| Problem question | What measurement models have been studied to analyze the intensity of innovation in SMEs according to the financing channels to which they have access? | ||
| Qualification | Financing innovation in SMEs: a systemic review of financing channels | Article title | |
| Summary | |||
| Summary | 2 | Purpose: The purpose of this article is to present a systematic review of the literature on financing channels for innovation in SMEs. The review aims to provide a comprehensive understanding of these channels, examining their characteristics, relationships and, most importantly, identifying which channels effectively drive innovation and which may not be as relevant. By doing so, the study seeks to highlight the key factors that contribute to the successful financing of innovation in SMEs and to identify potential gaps and opportunities for future research. 17 Design/methodology//approach: A systematic literature review was conducted following PRISMA guidelines, analyzing studies published up to August 2024 in both English and Spanish. This approach ensures a thorough examination of both traditional and emerging financing channels, their interplay and their influence on innovation within SMEs Findings: the review uncovers the diverse roles that different financing channels play in supporting innovation in SMEs. While traditional channels like bank credits are critical, their effectiveness is influenced by factors such as technological capacity and market competition. Emerging channels, including crowdfunding and technology bonds, show potential but require further research to understand their full impact. In addition, the study reveals significant geographic and sectoral disparities, with certain regions and sectors being underrepresented in the existing literature Research limitations/implications: The review is limited to articles published until August 2024 and primarily focuses on sources in English and Spanish. Future research should explore more diverse linguistic and regional contexts, particularly in underexplored regions such as Latin America and Africa, to gain a fuller understanding of global financing practices Practical implications:to maximize innovation, SMEs should strategically manage a mix of financing channels based on their specific characteristics and needs. Policymakers and financial institutions are encouraged to develop tailored financial products that cater to the unique requirements of SMEs, considering both traditional and emerging financing options Originality/value: This review contributes to the literature by not only mapping out the various financing channels for SMEs but also critically assessing their effectiveness in driving innovation. It highlights which channels are most beneficial and under what circumstances, offering actionable insights for SMEs, policymakers, and financial institutions Keywords: Systematic Review, financing of innovation, financing channels, innovation, SMEs, crowdfunding, bank credits, public resources, technology bonds, geographic disparities.45 Paper type: Literature review | Article summary |
| Introduction | |||
| Justification | 3 | The analysis of the relationships between innovation financing and available solutions in SMEs can have a substantial impact on bolstering innovation within various innovation systems, ultimately increasing the intensity of innovations First, this analysis can help address the critical barriers faced by companies, particularly innovative SMEs. These barriers include underdeveloped financial systems, challenges in accessing bank credit, limited public financing and a low level of engagement with emerging financing channels. Many SMEs experience significant uncertainty regarding the returns on their innovation investments, resulting in only a small fraction achieving substantial growth. By understanding these barriers and identifying effective financing solutions, SMEs can be better positioned to overcome these challenges and fully realize their innovation potential Second, the analysis of SME innovation financing directly contributes to several sustainable development goals (SDGs), including decent work and economic growth, industry, innovation and infrastructure, sustainable cities and communities, responsible production and consumption and partnerships to achieve the goals. By facilitating more effective financing strategies, this analysis can drive progress towards these global objectives, creating a more sustainable and inclusive innovation landscape Finally, exploring the relationships between R&D investment, innovation outcomes and financing channels can offer valuable insights for the formulation and implementation of public policies within different innovation systems. These insights can guide policymakers in designing targeted interventions that support the innovation ecosystem, ensuring that SMEs have access to the resources they need to drive innovation and contribute to broader economic and social development goals | Section 1 – Introduction |
| Goals | 4 | This study aims to address the following research questions: Question 1: Which innovation financing channels have had the most significant impact on the intensity of innovation in SMEs? Question 2: How have measurement models evolved to assess the impact of financing agreements on innovation within SMEs? Question 3: What are the future research directions in the field of innovation financing for SMEs? | |
| Methods | |||
| Eligibility criteria | 5 | Accessibility criterion: Articles available in the Scopus and WOS databases Document type criterion: Scientific and review articles Time period criterion: All publication years to analyze the evolution over time Thematic inclusion criterion: Articles focused on financing channels, innovation, R&D and models Thematic exclusion criterion: Excluded topics include fintech, digital finance, financial innovation, eco-innovation, circular economy, financial performance of innovation and financial education Subarea criterion: Articles from the areas of business, management and accounting, economics, econometrics and finance and social sciences Language criterion: Spanish and English, according to the authors’ language proficiency Methodological criterion 1: Articles specifically studying financing channels for innovation in SMEs Methodological criterion 2: Articles with clear and coherent methodologies and models • inclusion criteria: 1. Citations identified in the documents 2. Citations identified in the search of different databases 3. Records or citations from organization websites | Section 2.1 Data Search |
| Information sources | 6 | SCOPUS and WOS database | |
| Search strategy | 7 | Search equation for SCOPUS | |
| With the word innovation: | |||
| TITLE-ABS-KEY (“corporate finance” or “Governmental financial support” OR “Finance” OR “Financing” OR “Financial constraints” OR “Financial Performance” OR “Firm financial performance” OR “Access to finance” OR “External finance” OR “Financing cost” OR “Financing gap” OR “Formal finance” OR “Financial instruments” OR “Financial frictions” OR “Sources Of financing” OR “External sources Of financing” OR “Financial leverage”) AND TITLE-ABS -KEY (“Innovation” OR “Innovation performance” OR “Innovation financing” OR “Innovation activity” OR “Firm innovation” OR “Innovation expenditure” OR “Innovation policy” OR “Sources of innovation expenditure”) AND TITLE-ABS-KEY (“SME” OR “SMEs” OR “Small and medium-sized enterprises” OR “SMEs financing” OR “SMEs finance”)) AND TITLE-ABS-KEY (model) AND NOT TITLE-ABS-KEY (fintech) AND NOT TITLE-ABS-KEY-AUTH (“Digital financ+”) AND NOT TITLE-ABS-KEY (“financial literacy”) AND (LIMIT-TO (DOCTYPE, “ar”) OR LIMIT-TO (DOCTYPE, “re”)) AND (LIMIT-TO (SUBJAREA, “BUSI”) OR LIMIT-TO (SUBJAREA, “ECON”)) AND (LIMIT-TO (LANGUAGE, “English”) OR LIMIT-TO (LANGUAGE, “Spanish”)) | |||
| With the word R&D: | |||
| TITLE-ABS-KEY (“corporate finance” or “Governmental financial support” OR “Finance” OR “Financing” OR “Financial constraints” OR “Financial Performance” OR “Firm financial performance” OR “Access to finance” OR “External finance” OR “Financing cost” OR “Financing gap” OR “Formal finance” OR “Financial instruments” OR “Financial frictions” OR “Sources Of financing” OR “R&D subsidies” OR “Financial leverage”) AND TITLE-ABS-KEY (“R&D” OR “R&D subsidies” OR “Firm-financing r&d”) AND TITLE-ABS-KEY (“SME” OR “SMEs” OR “Small and medium-sized enterprises” OR “SMEs financing” OR “SMEs finance”)) AND TITLE-ABS-KEY (model) AND NOT TITLE-ABS-KEY (fintech) AND NOT TITLE-ABS-KEY-AUTH (“Digital financ+”) AND NOT TITLE-ABS-KEY (“financial literacy”) AND (LIMIT-TO (DOCTYPE, “ar”) OR LIMIT-TO (DOCTYPE, “re”)) AND (LIMIT-TO (SUBJAREA, “BUSI”) OR LIMIT-TO (SUBJAREA, “ECON”)) AND (LIMIT -TO (LANGUAGE, “English”) OR LIMIT-TO (LANGUAGE, “Spanish”)) | |||
| Search equation for WOS | |||
| With the word innovation: | |||
| (TS=(“corporate finance” or “governmental financial support” OR finance OR financing OR “financial constraints” OR “financial performance” OR “firm financial performance” OR “access to finance” OR “external finance” OR “financing cost” OR “financing gap” OR “formal finance” OR “financial instruments” OR “financial frictions” OR “sources of financing” OR “external sources of financing” OR “financial leverage”)) AND (TS=(innovation OR “innovation performance “ OR “innovation financing” OR “innovation activity” OR “firm innovation” OR “innovation expenditure” OR “innovation policy” OR “sources of innovation expenditure”)) AND (TS=(sme OR smes OR “small and medium-sized enterprises” OR “smes financing” OR “smes finance”)) NOT TS=(COVID OR ecoinnovation OR digital financ* OR financial literacy OR Corporate Social Responsibility OR FINTECH OR barriers OR export* or green) | |||
| With the word R&D: | |||
| (TS=(“corporate finance” or “governmental financial support” OR finance OR financing OR “financial constraints” OR “financial performance” OR “firm financial performance” OR “access to finance” OR “external finance” OR “financing cost” OR “financing gap” OR “formal finance” OR “financial instruments” OR “financial frictions” OR “sources of financing” OR “external sources of financing” OR “financial leverage”)) AND (TS=(“r&d” OR “ r&d subsidies” OR “firm-financed r&d”)) AND (TS=(sme OR smes OR “small and medium-sized enterprises” OR “smes financing” OR “smes finance”)) NOT TS=(COVID OR ecoinnovation OR digital financ* OR financial literacy OR Corporate Social Responsibility OR FINTECH OR barriers OR export* or green) | |||
| Study selection process | 8 | 1. Item verification team | |
| The verification team will consist of the three authors, each assigned an equitable share of the article search and screening process | |||
| search process | 9 | 2. Search Process | |
| 2.1 Conduct searches in the Scopus and WOS databases using predefined search equations 2.2 Screen the results based on inclusion criteria directly on the database web pages | |||
| Data extraction process | 10 | 3. Data extraction process | |
| 3.1 Download the list of articles returned from the databases in XLSX format to facilitate quantification 3.2 Consolidate the data into a single matrix and use Excel’s “Remove Duplicates” function to identify and eliminate duplicate articles 3.3 Quantify the number of articles excluded based on duplication | |||
| Data list | 11 | 4.1 From the consolidated data, each author will verify compliance with eligibility criteria G and H using a digital checklist format 4.2 Quantify the number of articles excluded due to non-compliance with the specified criteria | |
| Assessment of risk of bias of individual studies | 12 | 5.1 Assess bias by conducting a precise evaluation of the methodological quality of the studies 5.2 Address potential screening errors from the database algorithms against the eligibility criteria | |
| Effect measures | 13 | 6.1 To manage Bias 1 (methodological quality), studies will be reviewed by each author in pairs (Control Team) 6.2 For Bias 2 (screening errors), a detailed review protocol, as outlined in section 2.1.3, will be implemented | |
| Synthesis methods | 14 | 7.1 Apply deductive analysis to the selected articles after thorough reading and assessment | |
| Assessment of publication bias | 15 | 8.1 Steps to evaluate publication bias: 8.1.1 Divide into two work teams: Review Team (3 authors) and Control Team (2 pairs) 8.1.2 Teams will handle the following tasks:
| |
| Assessment of the certainty of the evidence | 16 | 9.1 Involve at least two evaluators familiar with the methods 9.2 Ensure the evaluators include content experts and methodologists 9.3 Conduct a pilot evaluation on 3–6 studies to check consistency 9.4 Define in advance the process for resolving disagreements 9.5 Search for any missing information in the publication, including the study protocol, and contact the authors if necessary | |
| Results | 48 items | ||
| PRISMA checklist | |||
|---|---|---|---|
| Section/topic | Item no. | Checklist item | Location of the item in the publication |
| Problem question | What measurement models have been studied to analyze the intensity of innovation in SMEs according to the financing channels to which they have access? | ||
| Qualification | Financing innovation in SMEs: a systemic review of financing channels | Article title | |
| Summary | 2 | Purpose: The purpose of this article is to present a systematic review of the literature on financing channels for innovation in SMEs. The review aims to provide a comprehensive understanding of these channels, examining their characteristics, relationships and, most importantly, identifying which channels effectively drive innovation and which may not be as relevant. By doing so, the study seeks to highlight the key factors that contribute to the successful financing of innovation in SMEs and to identify potential gaps and opportunities for future research. 17 | Article summary |
| Justification | 3 | The analysis of the relationships between innovation financing and available solutions in SMEs can have a substantial impact on bolstering innovation within various innovation systems, ultimately increasing the intensity of innovations | Section 1 – Introduction |
| 4 | This study aims to address the following research questions: | ||
| Eligibility criteria | 5 | Accessibility criterion: Articles available in the Scopus and WOS databases | Section 2.1 Data Search |
| 6 | SCOPUS and WOS database | ||
| 7 | Search equation for SCOPUS | ||
| With the word innovation: | |||
| TITLE-ABS-KEY (“corporate finance” or “Governmental financial support” OR “Finance” OR “Financing” OR “Financial constraints” OR “Financial Performance” OR “Firm financial performance” OR “Access to finance” OR “External finance” OR “Financing cost” OR “Financing gap” OR “Formal finance” OR “Financial instruments” OR “Financial frictions” OR “Sources Of financing” OR “External sources Of financing” OR “Financial leverage”) AND TITLE-ABS -KEY (“Innovation” OR “Innovation performance” OR “Innovation financing” OR “Innovation activity” OR “Firm innovation” OR “Innovation expenditure” OR “Innovation policy” OR “Sources of innovation expenditure”) AND TITLE-ABS-KEY (“SME” OR “SMEs” OR “Small and medium-sized enterprises” OR “SMEs financing” OR “SMEs finance”)) AND TITLE-ABS-KEY (model) AND NOT TITLE-ABS-KEY (fintech) AND NOT TITLE-ABS-KEY-AUTH (“Digital financ+”) AND NOT TITLE-ABS-KEY (“financial literacy”) AND (LIMIT-TO (DOCTYPE, “ar”) OR LIMIT-TO (DOCTYPE, “re”)) AND (LIMIT-TO (SUBJAREA, “BUSI”) OR LIMIT-TO (SUBJAREA, “ECON”)) AND (LIMIT-TO (LANGUAGE, “English”) OR LIMIT-TO (LANGUAGE, “Spanish”)) | |||
| With the word R&D: | |||
| TITLE-ABS-KEY (“corporate finance” or “Governmental financial support” OR “Finance” OR “Financing” OR “Financial constraints” OR “Financial Performance” OR “Firm financial performance” OR “Access to finance” OR “External finance” OR “Financing cost” OR “Financing gap” OR “Formal finance” OR “Financial instruments” OR “Financial frictions” OR “Sources Of financing” OR “R&D subsidies” OR “Financial leverage”) AND TITLE-ABS-KEY (“R&D” OR “R&D subsidies” OR “Firm-financing r&d”) AND TITLE-ABS-KEY (“SME” OR “SMEs” OR “Small and medium-sized enterprises” OR “SMEs financing” OR “SMEs finance”)) AND TITLE-ABS-KEY (model) AND NOT TITLE-ABS-KEY (fintech) AND NOT TITLE-ABS-KEY-AUTH (“Digital financ+”) AND NOT TITLE-ABS-KEY (“financial literacy”) AND (LIMIT-TO (DOCTYPE, “ar”) OR LIMIT-TO (DOCTYPE, “re”)) AND (LIMIT-TO (SUBJAREA, “BUSI”) OR LIMIT-TO (SUBJAREA, “ECON”)) AND (LIMIT -TO (LANGUAGE, “English”) OR LIMIT-TO (LANGUAGE, “Spanish”)) | |||
| Search equation for WOS | |||
| With the word innovation: | |||
| (TS=(“corporate finance” or “governmental financial support” OR finance OR financing OR “financial constraints” OR “financial performance” OR “firm financial performance” OR “access to finance” OR “external finance” OR “financing cost” OR “financing gap” OR “formal finance” OR “financial instruments” OR “financial frictions” OR “sources of financing” OR “external sources of financing” OR “financial leverage”)) AND (TS=(innovation OR “innovation performance “ OR “innovation financing” OR “innovation activity” OR “firm innovation” OR “innovation expenditure” OR “innovation policy” OR “sources of innovation expenditure”)) AND (TS=(sme OR smes OR “small and medium-sized enterprises” OR “smes financing” OR “smes finance”)) NOT TS=(COVID OR ecoinnovation OR digital financ* OR financial literacy OR Corporate Social Responsibility OR FINTECH OR barriers OR export* or green) | |||
| With the word R&D: | |||
| (TS=(“corporate finance” or “governmental financial support” OR finance OR financing OR “financial constraints” OR “financial performance” OR “firm financial performance” OR “access to finance” OR “external finance” OR “financing cost” OR “financing gap” OR “formal finance” OR “financial instruments” OR “financial frictions” OR “sources of financing” OR “external sources of financing” OR “financial leverage”)) AND (TS=(“r&d” OR “ r&d subsidies” OR “firm-financed r&d”)) AND (TS=(sme OR smes OR “small and medium-sized enterprises” OR “smes financing” OR “smes finance”)) NOT TS=(COVID OR ecoinnovation OR digital financ* OR financial literacy OR Corporate Social Responsibility OR FINTECH OR barriers OR export* or green) | |||
| 8 | 1. Item verification team | ||
| The verification team will consist of the three authors, each assigned an equitable share of the article search and screening process | |||
| | 9 | 2. Search Process | |
| 2.1 Conduct searches in the Scopus and WOS databases using predefined search equations | |||
| 10 | |||
| 3.1 Download the list of articles returned from the databases in XLSX format to facilitate quantification | |||
| 11 | 4.1 From the consolidated data, each author will verify compliance with eligibility criteria G and H using a digital checklist format | ||
| 12 | 5.1 Assess bias by conducting a precise evaluation of the methodological quality of the studies | ||
| 13 | 6.1 To manage Bias 1 (methodological quality), studies will be reviewed by each author in pairs (Control Team) | ||
| 14 | 7.1 Apply deductive analysis to the selected articles after thorough reading and assessment | ||
| 15 | 8.1 Steps to evaluate publication bias: Selection: Conducted in sequence Blinding: Ensure blinding of participants and assessors Detection: Assessors are blinded to the study details Attrition: Handle incomplete outcome data Notification: Ensure proper notification of results | ||
| 16 | 9.1 Involve at least two evaluators familiar with the methods | ||
| Results | 48 items | ||
Note(s):
This table presents the PRISMA checklist used to structure the systematic review on financing innovation in SMEs. It details the key sections, checklist items, and their respective locations within the publication. The checklist ensures methodological rigor by covering problem formulation, study eligibility criteria, data search and selection processes, risk of bias assessment, synthesis methods, and measures to ensure the reliability of findings
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