THE 10th ISLAMIC BANKING, ACCOUNTING AND FINANCE INTERNATIONAL CONFERENCE 2022
(iBAF 2022)
Conceptualization of SMEs' Business Resilience: A Systematic Review Anita Ismail
Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM), Bandar Baru Nilai, 71800 Nilai, Negeri Sembilan, Malaysia
Tel: +606 798 6446 E-mail: [email protected]
Sharbani Harun
Faculty of Management, Multimedia University (MMU), Cyberjaya, Selangor, Malaysia E-mail: [email protected]
Farah Laili Muda @ Ismail
Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM), Bandar Baru Nilai, 71800 Nilai, Negeri Sembilan, Malaysia
Tel: +606 798 8635 E-mail: [email protected]
Umi Hamidaton Mohd Suffian Lee
Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM), Bandar Baru Nilai, 71800 Nilai, Negeri Sembilan, Malaysia
E-mail: [email protected]
Abstract
Business resilience research is highly desirable because there is an urgent need to explore the precarious environments in which small and medium-sized enterprises (SMEs) activities. Despite fragmented literature on definitions, measures, and variables impacting the notion, the academic community's interest in business resilience research has expanded significantly.
This research aims to understand SME businesses' resilience from a business and management viewpoint. This study uses a systematic review of articles utilising Transfield's five stages, divided into three academic dialogues, to establish the basis for a critical debate on each study area. The techniques used a systematic review of papers published between 2000 and 2022.
This research analyses terminology about the business resilience of SMEs and offers a novel conceptual framework. Based on the review results, identify the differentiating characteristics of resilience and suggest extending the theoretical foundations of future resilience research. This study contributes to the theoretical discourse on resilience by addressing resilience concepts, measures in SMEs, and factors impacting the resilience of businesses. In general, the current research has highlighted an extensive and productive topic covered in the existing literature about the business resilience of SMEs.
Keywords: Resilience; business; business resilience; SMEs
1. Introduction
Business resilience research is highly desirable as it responds to the urgent need to investigate vulnerable situations in which small and medium-sized enterprises (SMEs) carry out their activities (Ates & Bititci, 2011;
Burnard Bhamra, 2011; and Kantur & Say, 2015). However, there is currently no agreed definition of resilience in business or management (Williams & Vorley, 2017). Several authors have stressed the need to systematise research in this field to advance in the general field of business, particularly in the field of SMEs (Tognazzo et al., 2016; N. Williams et al., 2013; and Saad, Hagelaar, Velde, & Omta, 2021). In addition, over the past several years (Alberti, 2018), resilience and small and medium-sized enterprises (SMEs) and their combination, SME resilience, have been at the forefront of academic and policy-making agendas (Linnenluecke, 2017; Williams & Vorley, 2017). Thus, there is sufficient scientific and policy interest to encourage a relevant extension of the body of knowledge. However, studying SMEs' resilience was difficult due to inconclusive evidence (Dahlberg & Guay, 2015; Tognazzo et al., 2016). Business resilience is an organisation's ability to adapt to its environment and new circumstances after a major incident to overcome its effects. Therefore, existing literature on business resilience
requires extensive collaboration and understanding (Hadi et al., 2019). In business, resilience is synonymous with crisis management, business continuity and a response to the various risks organisations may face. Thus, this includes cyber threats, natural disasters, and many other things. (www.itgovernance.co.uk, 2020).
Over the last few decades (2000-2022), the number of published articles on business resilience has increased, but the concept and definition of the term remain fragmented (Hadi, 2020). For example, according to a study by Baggio et al. (2015), which identifies resilience in various research areas, the definition of resilience in management and commercial literature remains unclear. In addition, the majority of research has focused on system resilience (Hosseini et al., 2016), supply chain (Ambulkar et al., 2015), and destination (Williams et al., 2020), as well as the study by Conz & Magnani (2019), who conducted a review only through 2017. This means that those intending to research business resilience will likely have questions that have not been answered recently.
As such, it contributes to the continuing confusion on the issue. As such, a systematic review of the resilience of SMEs is needed, and the year 2022 is an ideal time to revitalise the concept and define the resilience of businesses by focusing solely on SMEs.
This research looks for August 2022 e-resources and academic articles with the keywords "Resilience and SMEs," which have gained popularity since 2000 and are anticipated to remain. This research refers to the past phenomenon of the resiliency of SMEs and contributes to the case for resiliency in business, management and organisational justice (Hadi, Tjahjono, & Palupi, 2019 Linnenluecke, 2017). In addition, it addresses research gaps in the definition and conceptualisation of business and management resilience. As a result, a systematic literature review of business resilience articles published between 2000 and 2022 was conducted. The authors analysed the definitions of the selected articles and presented the conceptual framework for the resilience of SMEs.
2. Literature Review
The word resilience comes from the Latin word "resiliere", which means bounce back (Sabatino, 2016). It is a function of ecology, the ability of a system to regain stability after a disturbance (Holling 1973). Resilience is the ability of an organisation to stand up to external turbulence and be spared (Kurtz & Varvakis, G, 2016).
Păunescu & Mátyus (2020) have defined business resilience as an organisation's ability to sustain its resources by streamlining and self-sustaining its activities during a disruptive event. Resilience has been applied in many domains, including emergency management, engineering, psychology, sociology, and business administration (Korber & McNaughton, 2017). A resilient organisation can always take calculated risks and benefit from anything (Aldianto et al., 2021).
Resilience depends on personality characteristics and a dynamic developmental process (Walker et al., 2003).
According to Walker (2020), resilience is the maintenance of a system's functionality in the event of disruption or retention of items necessary to update or rearrange a system's function after an interruption. A resilient organisation will always find opportunities to take risks and benefit from them. Donnellan (2009) found that resilience involves anticipating and avoiding unexpected threats. It is also essential to display sensitivity, change perceptions and manage a flexible decision-making process. For example, economic volatility and business discontinuity require organisational flexibility and resilience. According to Linnenluecke and Griffiths (2010), resilience is an ability to take up adversity and recover from it. Similarly, Kurtz and Varvakis (2016) define resilience as a system's ability to resist interference from external phenomena while remaining unchanged.
According to Lengnick-Hall and Beck (2003), "organisational resilience is a complex combination of behaviours, views and interactions that can be developed, measured and managed." Resilience is demonstrated as a result of an event or crisis Wildavsky (1998). Business resiliency allows organisations to adapt quickly to disruptions while maintaining sustainable business activities and protecting people, assets and brand equity (Simeone, 2015). Hence, business resilience is "the capacity of businesses to survive, adapt and grow in the face of disruptive change" (Filsel, 2006; Hamel & Valikangas, 2003). Dahles and Susilowati (2015) argue that addressing rapid change and shocks is essential for economic growth. Business resilience can recover from disruptions and adapt, significantly changing its business model (Fiksel, 2006). Small businesses respond to external shocks because they are more flexible, innovative and adaptable than large companies. Innovative and adaptive skills are crucial to recovering from a crisis (Engle, 2011).
There are three separate perspectives on resilience based on Dahles and Susilowati (2015). First, according to Scott and Laws (2006), resilience returns to the previous state, considered "normal." The second approach describes resilience as the ability to recover from a crisis by re-establishing damaged infrastructure and markets (Scott & Laws. 2006). Finally, the third approach to resiliency foresees a crisis that leads to fundamentally different conditions. As a result, the business concept is changing dramatically and in unpredictable ways, resulting in new operating methods, business partners, network relations, markets, products, Crisis Management sources and managers.
COVID-19 is a unique and rapidly expanding challenge for organisations worldwide. As a result, businesses, particularly start-ups, need to understand the necessary precautions and prepare the organisation to be as resilient as possible to protect employees and sustain operations. This includes understanding the organisation's position
on business continuity and crisis management, especially concerning people, suppliers, supply chains, operations and I.T. infrastructure. In addition, business resilience is responsible for identifying and understanding key organisational and operational risks associated with providing products and services along with the sustainability of operations in emergencies, including products and services, management and personnel, operations and facilities, customers and suppliers, and the entire value chain (Simeone, 2015).
Systematic empirical studies have shown little attention to resilience (Sutcliffe & Vogus, 2003). Instead, the resilience literature has followed more theoretical approaches, focusing on conceptual development and related areas. There are three categories of resilience literature: preparedness and readiness, response and adaptation, and recovery or adaptation. Previous research has identified several areas where resilience research is advancing, such as the relationship between human and organisational resilience and understanding the interface between resilience and organisational infrastructure.
3. Methodology
This research is a systematic literature review highlighting SMEs' challenges in business resilience. A literature review is key in the hierarchy of scientific evidence-based knowledge generation. Tranfield et al. (2003) recommended five sequential stages as relevant to conducting a well-structured and evidence-informed literature review:
1. Planning the review
2. Identifying and evaluating studies 3. Extracting and synthesising data 4. Reporting descriptive findings
5. Utilising the findings to inform research and practice Stage 1: Planning the review
The primary objective of this review is to ascertain the nature and scope of the research conducted on SMEs' business resilience.
Stage 2: Identifying and evaluating studies
This research aims to address the past phenomenon of the resiliency of SMEs and contributes to the case for resiliency in business, management and organisational justice.
3.1 Inclusion and exclusion criteria
Table 1 shows this research paper's inclusion and exclusion criteria for our analysis.
Table 1. Inclusion and Exclusion Criteria
Criterion Inclusion Exclusion
Literature Type Indexed Journal (Research Articles) Non-Indexed Journals, Systematic Review Journals, Chapter in Book, Conference Proceeding
Language English Non/English
Index Social Science Citation Index Science Citation Indexed Expanded
3.2 Search strategy
This systematic review uses relevant articles that are appropriate to the topic of this study and conducts article searching using big digital data from e-resources. This paper uses a digital library with data on management and business, including Emerald, Scopus, and Science Direct. No consensus states how many digital libraries can be used, and the last years of the data should be used in the systematic review study (Hadi, Tjahjono, El Qadri, et al., 2020). The search period covers from 2000 to August 2022. The data used in 2000 as the starting point is justified since the concept of resilience (especially SMEs resilience) was not discussed much before 2000.
Emerald Publishing is one of the world's largest digital publishers and, on top of that, orders organise and presents research that has the potential to make a meaningful difference. Therefore, Emerald is pleased to announce that they have achieved their highest impact factor. Scopus is an excellent journal because the Scopus database only indexed journals that had been subjected to peer review. Research journals of significance are indexed in the database. As a result, it can now be seen as valuable to researchers worldwide. In addition, with high-quality books and reference content and journals, the ScienceDirect platform uniquely supports an uninterrupted workflow, so researchers move seamlessly between books and journals and across topics and disciplines.
The process of searching in the systematic review applies operator Boolean logic of "Or", "And", and "Not' as the combination of the keywords determined that "resilience" and "business resilience" and the keywords related
to SMEs, including: "SME", "SMEs", and "Small and medium-sized enterprises". The keyword searching in the digital library is done several times to increase the reliability of this research (Hadi et al., 2019). Each digital library is unique in the process of searching, such as Emerald (Title, Publication Date 2000-2022), Scopus (Title, Publication Date 2000-2022), Science Direct (Publication Date 2012-2022, and Source Types Research articles), Finally, this paper identified 21753 potentially relevant articles, and then they were filtered according to the inclusion and exclusion protocol of systematic
Stage 3: Extracting and synthesising data
Papers were collected from three major databases: Emerald, Scopus and ScienceDirect.
4. Results Stage 4 and 5:
Stages 4 and 5 of Tranfield are combined and presented in this section. The results of recapitulation of inclusions and exclusions articles in this systematic review can be seen in Figure 1, summarising and describing the flow of systematic reviews using Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) developed by Moher, Liberati, Tetzlaff, Altman, and The PRISMA Group (Moher et al., 2009).
Figure.1. Information PRISMA Flow of Systematic Review – screenshot figure
The search strategy summary is presented in Table 2. The ScienceDirect databases recorded the highest number of resilience papers. When the search was executed with many keywords combined, Emerald, Scopus and ScienceDirect showed three related papers each of online databases. However, it found only nine papers when the search for the final combination of resilience and "business resilience" and SME and SMEs and "small and medium enterprise" was executed.
Table 2 shows the results based on all the sources and groups of keywords mentioned above. When "resilience"
was used, 21753 articles were discovered. This figure dropped to 3259 when using "resilience and business
resilience". When it used the keywords "resilience and business resilience and SME", resilience and business resilience and SME and SMEs"; 168 and 167 articles were produced accordingly. Following the careful selection based on the inclusion and exclusion criteria described in the following section, nine (9) papers about resilience and "business resilience" and SME and SMEs and "small and medium enterprise" were identified.
Table 2. Search Strategy.
Database
Online Keyword Combination Used
Resilience Resilience Resilience Resilience Resilience
And And And And
Business Resilience Business Resilience Business Resilience Business Resilience
And And And
SME SME SME
And And
SMEs SMEs
And Small Medium
Enterprises
Emerald 1628 234 5 4 3
Scopus 4702 66 8 8 3
ScienceDirect 15423 2959 155 155 3
TOTAL 21753 3259 168 167 9
The fraction of papers is shown in Table 3. This research further analysed the eight papers to gain some insights. Unfortunately, one of the papers was found to be unrelated papers. Hence, only eight (8) papers were included in this analysis, as shown in Table 4.
Table 3. Fraction of Papers by a Combination of Keywords.
Keywords Paper Count Percentage
Resilience 21753 100.000%
Resilience and Business Resilience 3259 14.982%
Resilience and Business Resilience and SME 168 0.772%
Resilience and Business Resilience and SME and SMEs 167 0.768%
Resilience Business Resilience and SME and SMEs and Small Medium Enterprises 9 0.041%
Table 4. Synthesis of Literature on Resilience.
No. Authors (Year) Titles of Articles Findings/Themes
1 Jabeen, F., Faisal, M. N., Al Matroushi, H., & Farouk, S.
(2019).
Determinants of innovation decisions among Emirati female-owned small and medium enterprises
Prioritise government policies, R&D, innovation strategy, and skill development when making innovation decisions. Business owners put skill development at the top of their list because these skills could help them increase innovation and success in their ventures.
2 Wedawatta, G., & Ingirige, B.
(2012).
Resilience and adaptation of small and medium-sized enterprises to flood risk
SMEs have implemented various asset safeguards and business continuity/risk management measures according to their needs.
3
Fath, B., Fiedler, A., Sinkovics, N., Sinkovics, R.
R., & Sullivan-Taylor, B.
(2021).
International relationships and the resilience of New Zealand SME exporters during COVID-19
SME network partners were chosen based on pre- pandemic relationships and market impact. Create new opportunities. SME relationships strengthen resilience as network partners accelerate the transformation of the business model.
4 Hu, M. K., & Kee, D. M. H.
(2021)
Fostering sustainability: reinventing SME strategy in the new normal
SMEs need to be dynamic, forward-thinking, and transformative to seize opportunities. SMEs need to sharpen their internal skills and realign their business strategy to seize international opportunities.
5 Sitinjak, I., Malau, A. R., &
Silalahi, A. D. K. (2022, May).
Organisational Ambidexterity and Public Policy Support as Determinants of Business Resilience Among SMEs in Medan, Indonesia: Findings From Regression and fsQCA
SMEs must take internal factors more serious, such as organisational ambidexterity. Ambidexterity is the capacity to achieve many goals (excellent daily operations).
6 Blackwell, P., Shehab, E. M.,
& Kay, J. M. (2006)
An effective decision-support framework for implementing enterprise information systems within SMEs
SMEs businesses that lack financial resources and resilience need to integrate data. Integrated systems projects save time, reduce risk and support decision- making.
7 Nassereddine, A., & Wehbe, A. (2018). C
Competition and resilience: Lean manufacturing in
the plastic industry in Lebanon
Increased competition in this sector has led many companies to adopt better, more cost-effective manufacturing systems. However, according to the findings, many companies use lean manufacturing without knowing it.
8 Davila, A., & Foster, G.
(2009).
The Adoption and Evolution of Management Control Systems in Entrepreneurial Companies: Evidence and a Promising Future
Management control systems have traditionally been considered harmful to start-ups. However, recent data indicate that these management control systems are required for these companies to grow.
An increase in the number of articles needs to be accompanied by a systematic review to see the gap between various articles on a particular topic, and it can be used as a basis for further theoretical and empirical development in the field. Such as, the topic of SME's business resilience still loses the conceptualisation of the term. Thus, many studies often use the definition of resilience from contextual and different levels of analysis; as a result, overlapping concepts of SME business resilience occur.
5. Conclusion
Based on this systematic review of 21753 journal articles, the study suggests that SMEs need to adopt the following elements to be resilient in the challenge of disasters.
1. SMEs must establish management control systems for their businesses.
2. Adopt more efficient, cost-effective, and less costly manufacturing systems.
3. Adopt a business continuity plan, including measures to manage risks.
4. SMEs need to strengthen relations with network partners to be resilient.
5. Enhancing skills development can increase innovation and success in their businesses.
6. SMEs need to be dynamic, forward-thinking, and transformative to seize opportunities and sharpen their internal skills.
7. SMEs need to integrate data to support decision-making.
This research answered the studies into the resilience of SMEs by structuring the diverging views in the literature and laying the foundations for future study in the field. Using a well-defined methodological approach, the studied existing literature on the business resilience of SMEs was published in a widespread set of articles from 2000 to 2022. This study contributes to the theoretical debate on exploring resilience definitions, measures in SMEs and factors influencing business resilience. The present research has highlighted several wide-ranging fertile issues discussed in the existing literature related to SMEs' business resilience.
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