Systematic Analysis of the Intersection between Sustainability and Financial Performance in Small and Medium Enterprises: A Review Study
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Abstract
In the current economic context, the relationship between sustainability and financial performance in small and medium-sized enterprises (SMEs) has become a research topic of great importance. In recent years, there has been a growing interest in understanding how the incorporation of sustainable practices can influence the financial performance of these businesses, which is not only vital for the business sector, but also for the economic and environmental development of society at large. The primary purpose of this study is to systematically analyze the comparison between sustainability and financial performance in SMEs. A systematic literature review was implemented using Google Scholar as a search tool, with a temporal focus between 2018 and 2023. The inclusion and exclusion criteria guarantee the collection of relevant and rigorous academic studies. A double review process was employed. Descriptive and meta-analysis, whenever data allowed, revealed that SMEs that adopt sustainable practices tend to have better long-term financial performance. However, there are significant variations, depending on the sector, geography, and sustainability implementation strategy. The conclusions suggest that sustainability can be a competitive advantage for SMEs and highlight the need for a deeper commitment to sustainability. The lack of longitudinal studies and the heterogeneity in the definition of "sustainability" indicate the need for further research.
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Christian Oliver Noboa-Neira, Universidad Estatal de Milagro - Ecuador
Commercial Engineer, graduated from the Milagro State University, working experience in socio-economic sector of SMEs and sales activities in cooperation with some academic projects.
Eduardo Javier Espinoza-Solís, Universidad Estatal de Milagro - Ecuador
PhD in Management, Master's in Business Administration, Commercial Engineer, Certified Public Accountant, Milagro State University, Ecuador
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