Digital Maturity and SME Economic Sustainability: A PRISMA-Based Systematic Review of the Role of Government Support

Authors

  • Bisri Bisri Universitas Bina Sarana Informatika, Jakarta, Indonesia

DOI:

https://doi.org/10.38035/dijms.v7i6.7088

Keywords:

Digital Maturity SME Sustainability, Government Support, Fintech Adoption, Systematic Literature Review

Abstract

The digitalization of SMEs is a key driver of economic resilience and sustainability in the era of Industry 4.0. However, empirical insights into how digital maturity influences SME performance in developing economies remain fragmented. This systematic literature review, guided by the PRISMA framework, explores the relationship between digital maturity and economic sustainability, with government support as a moderating factor. The findings show that digital maturity enhances innovation, efficiency, financial access, and strategic agility, though these outcomes are shaped by internal capacities, policy environments, and digital literacy. Government support plays a critical role in amplifying digital transformation outcomes through regulatory incentives, infrastructure development, and capacity-building programs. The theoretical synthesis highlights a shift from traditional frameworks like RBV and TOE to integrative approaches such as dynamic capabilities theory and digital ecosystem perspectives. This review proposes a multi-level conceptual framework, identifies key research gaps, and offers actionable policy recommendations to support inclusive and adaptive SME digitalization.

References

Abu Afifa, M., & Nguyen, N. M. (2024). Corporate performance modeling through disclosure quality at the level of developing countries in Southeast Asia. Economic Research-Ekonomska Istrazivanja , 37(1). https://doi.org/10.1080/1331677X.2024.2341215

Adel, N. (2024). The Impact of Digital Literacy and Technology Adoption on Financial Inclusion: Evidence from Emerging Economies in Africa, Asia, and Latin America. Heliyon, 10(24), e40951. https://doi.org/10.1016/j.heliyon.2024.e40951

Affandi, Y., Ridhwan, M. M., Trinugroho, I., & Hermawan Adiwibowo, D. (2024). Digital adoption, business performance, and financial literacy in ultra-micro, micro, and small enterprises in Indonesia. Research in International Business and Finance, 70(PB), 102376. https://doi.org/10.1016/j.ribaf.2024.102376

Akhtar, M., Salman, A., Abdul Ghafoor, K., & Kamran, M. (2024). Artificial intelligence, financial services knowledge, government support, and user innovativeness: Exploring the moderated-mediated path to fintech adoption. Heliyon, 10(21), e39521. https://doi.org/10.1016/j.heliyon.2024.e39521

AlSuwaidi, R. A., & Mertzanis, C. (2024). Financial literacy and FinTech market growth around the world. International Review of Financial Analysis, 95(PB), 103481. https://doi.org/10.1016/j.irfa.2024.103481

Amnas, M. B., Selvam, M., & Parayitam, S. (2024). FinTech and Financial Inclusion: Exploring the Mediating Role of Digital Financial Literacy and the Moderating Influence of Perceived Regulatory Support. Journal of Risk and Financial Management, 17(3). https://doi.org/10.3390/jrfm17030108

Anatan, L., & Nur. (2023). Micro, Small, and Medium Enterprises’ Readiness for Digital Transformation in Indonesia. Economies, 11(6). https://doi.org/10.3390/economies11060156

Aziz, F. A., Utami, H. T., Wanojaleni, K., & Edy, S. C. (2024). Towards economic stability: Analysis of Msme business sustainability in central Java province post the COVID-19 pandemic. Edelweiss Applied Science and Technology, 8(5), 1854–1879. https://doi.org/10.55214/25768484.v8i5.1919

Basnayake, D., Naranpanawa, A., Selvanathan, S., & Bandara, J. S. (2024). Financial inclusion through digitalization and economic growth in Asia-Pacific countries. International Review of Financial Analysis, 96(PA), 103596. https://doi.org/10.1016/j.irfa.2024.103596

Bühler, M. M., Calzada, I., Cane, I., Jelinek, T., Kapoor, A., Mannan, M., Mehta, S., Mookerje, V., Nübel, K., Pentland, A., Scholz, T., Siddarth, D., Tait, J., Vaitla, B., & Zhu, J. (2023). Unlocking the Power of Digital Commons: Data Cooperatives as a Pathway for Data Sovereign, Innovative and Equitable Digital Communities. Digital, 3(3), 146–171. https://doi.org/10.3390/digital3030011

Burinskienė, A., & Seržantė, M. (2022). Digitalisation as the Indicator of the Evidence of Sustainability in the European Union. Sustainability (Switzerland), 14(14). https://doi.org/10.3390/su14148371

Cai, H., Wang, Z., Ji, Y., & Xu, L. (2024). Digitalization and innovation: How does the digital economy drive technology transfer in China? Economic Modelling, 136(October 2023). https://doi.org/10.1016/j.econmod.2024.106758

Chen, L., Tu, R., Huang, B. X., Zhou, H., & Wu, Y. (2024). Digital transformation’s impact on innovation in private enterprises: Evidence from China. Journal of Innovation and Knowledge, 9(2), 100491. https://doi.org/10.1016/j.jik.2024.100491

Choi, Y., Han, S., & Lee, C. (2024). Exploring drivers of fintech adoption among elderly consumers. Technology in Society, 78(December 2023), 102669. https://doi.org/10.1016/j.techsoc.2024.102669

Cristobal-Fransi, E., Montegut-Salla, Y., & ... (2020). Rural cooperatives in the digital age: An analysis of the Internet presence and degree of maturity of agri-food cooperatives’e-commerce. Journal of Rural …. https://www.sciencedirect.com/science/article/pii/S0743016719305716

Dinh, T. Le, & Vu, M. (2025). Artificial Intelligence in SMEs : Enhancing Business Functions Through Technologies and Applications. Information, 1–22.

Dirse, M. T., & Japee, G. P. (2025). Funding sources and their implications for the long-term financial sustainability of saving and credit cooperatives in Ethiopia. Journal of Co-Operative Organization and Management, 13(1), 100258. https://doi.org/10.1016/j.jcom.2024.100258

Dorfleitner, G., Forcella, D., & Nguyen, Q. A. (2022). The digital transformation of microfinance institutions: an empirical analysis. Journal of Applied Accounting Research, 23(2), 454–479. https://doi.org/10.1108/JAAR-02-2021-0041

Ebhota, O. S., Hongxing, Y., & Sampene, A. K. (2024). Investigating the influence of digital transformation, budgeting and budgetary control on the financial performance of SMEs. Scientific African, 26, e02429. https://doi.org/10.1016/j.sciaf.2024.e02429

Firmansyah, D., & Imani, L. (2024). Development and Sustainability in Economics and Finance Sustainability in small and medium sized enterprises ( SME ) financing. Development and Sustainability in Economics and Finance, 2–4(September), 100031. https://doi.org/10.1016/j.dsef.2024.100031

Ganlin, P., Qamruzzaman, M. D., Mehta, A. M., Naqvi, F. N., & Karim, S. (2021). Innovative finance, technological adaptation and smes sustainability: The mediating role of government support during covid-19 pandemic. Sustainability (Switzerland), 13(16). https://doi.org/10.3390/su13169218

Gosal, G. G., & Nainggolan, R. (2023). The Influence of Digital Financial Literacy on Indonesian SMEs’ Financial Behavior and Financial Well-Being. International Journal of Professional Business Review, 8(12), e04164. https://doi.org/10.26668/businessreview/2023.v8i12.4164

Hafeez, S., Shahzad, K., & De Silva, M. (2025). Enhancing digital transformation in SMEs: The dynamic capabilities of innovation intermediaries within ecosystems. Long Range Planning, 58(3), 102525. https://doi.org/10.1016/j.lrp.2025.102525

Hoque, M. M., Kummer, T.-F., & Yigitbasioglu, O. (2024). How can blockchain-based lending platforms support microcredit activities in developing countries? An empirical validation of its opportunities and challenges. Technological Forecasting and Social Change, 203, 123400. https://doi.org/https://doi.org/10.1016/j.techfore.2024.123400

Hussain, M., & Papastathopoulos, A. (2022). Organizational readiness for digital financial innovation and financial resilience. International Journal of Production Economics, 243(February 2021), 108326. https://doi.org/10.1016/j.ijpe.2021.108326

Jiang, M., Li, J., & Mi, Y. (2024). Farmers’ cooperatives and smallholder farmers’ access to credit: Evidence from China. Journal of Asian Economics, 92(April), 101746. https://doi.org/10.1016/j.asieco.2024.101746

Jorge-Vázquez, J., Chivite-Cebolla, M. P., & Salinas-Ramos, F. (2021). The digitalization of the european agri-food cooperative sector. Determining factors to embrace information and communication technologies. Agriculture (Switzerland), 11(6). https://doi.org/10.3390/agriculture11060514

Kalender, Z. T., & Žilka, M. (2024). A Comparative Analysis of Digital Maturity Models to Determine Future Steps in the Way of Digital Transformation. Procedia Computer Science, 232, 903–912. https://doi.org/10.1016/j.procs.2024.01.090

Khan, H. H., Khan, S., & Ghafoor, A. (2023). Fintech adoption, the regulatory environment and bank stability: An empirical investigation from GCC economies. Borsa Istanbul Review, 23(6), 1263–1281. https://doi.org/10.1016/j.bir.2023.10.010

Kurniasari, F., Abd Hamid, N., & Lestari, E. D. (2025). Unraveling the impact of financial literacy, financial technology adoption, and access to finance on small medium enterprises business performance and sustainability: a serial mediation model. Cogent Business and Management, 12(1). https://doi.org/10.1080/23311975.2025.2487837

Li, N., Yao, Q., Tang, H., & Lu, Y. (2025). Is digitalization necessary? Configuration of supply chain capabilities for improving enterprise competitive performance. Journal of Business Research, 186. https://doi.org/10.1016/j.jbusres.2024.114972

Li, Q., Zhong, Z., & Ge, Q. (2025). Digital finance and sustainable development of commercial banks; insights from listed commercial banks. International Review of Financial Analysis, 104(PA), 104209. https://doi.org/10.1016/j.irfa.2025.104209

Lu, Z., Li, H., & Wu, J. (2024). Exploring the impact of financial literacy on predicting credit default among farmers: An analysis using a hybrid machine learning model. Borsa Istanbul Review, 24(2), 352–362. https://doi.org/10.1016/j.bir.2024.01.006

Lyons, A. C., Kass-Hanna, J., & Fava, A. (2022). Fintech development and savings, borrowing, and remittances: A comparative study of emerging economies. Emerging Markets Review, 51(PA), 100842. https://doi.org/10.1016/j.ememar.2021.100842

Martos-Pedrero, A., Cortés-García, F. J., Abad-Segura, E., & Belmonte-Ureña, L. J. (2025). Internationalization, innovation, and resilience: Financial performance of agricultural cooperatives in southeastern Spain’s rural economy. Journal of Rural Studies, 117(January). https://doi.org/10.1016/j.jrurstud.2025.103682

Mihu, C., Pitic, A. G., & Bayraktar, D. (2023). Drivers of Digital Transformation and their Impact on Organizational Management. Studies in Business and Economics, 18(1), 149–170. https://doi.org/10.2478/sbe-2023-0009

Mollah, M. A., Ibrahim, Masud, A. Al, & Chowdhury, M. S. (2024). How does digital leadership boost competitive performance? The role of digital culture, affective commitment, and strategic agility. Heliyon, 10(23), e40839. https://doi.org/10.1016/j.heliyon.2024.e40839

Nugraha, D. P., Setiawan, B., Nathan, R. J., & Fekete-Farkas, M. (2022). Fintech Adoption Drivers for Innovation for SMEs in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 8(4), 208. https://doi.org/10.3390/joitmc8040208

Ojah, K., & Kodongo, O. (2022). Effective financial inclusion and the need to put the horse before the cart: Saving! International Review of Financial Analysis, 96(PB), 103737. https://doi.org/10.1016/j.irfa.2024.103737

Pampurini, F., Pezzola, A., & Quaranta, A. G. (2024). Lending business models and FinTechs efficiency. Finance Research Letters, 65(May), 105519. https://doi.org/10.1016/j.frl.2024.105519

Purba, M. H. Y., Sirait, N. N., Siregar, M., & Harianto, D. (2025). Unequal regulation in partnerships between MSMEs and large enterprises in Indonesia. Problems and Perspectives in Management, 23(1), 424–436. https://doi.org/10.21511/ppm.23(1).2025.32

Quaye, W., Akon-Yamga, G., Akuffobea-Essilfie, M., & Onumah, J. A. (2024). Technology adoption, competitiveness and new market access among SMEs in Ghana: What are the limiting factors? African Journal of Science, Technology, Innovation and Development, 1338. https://doi.org/10.1080/20421338.2024.2414949

Ranjan, P. (2024). Unraveling the mystery of the link between digital orientation and innovation performance: The interplay of digital business capability and environmental dynamism. Technovation, 131(January), 102966. https://doi.org/10.1016/j.technovation.2024.102966

Ratnawati, K., Koval, V., Arsawan, I. W. E., Kazancoglu, Y., Lomachynska, I., & Skyba, H. (2024). Leveraging Financial Literacy Into Sustainable Business Performance: a Mediated-Moderated Model. Business, Management and Economics Engineering, 22(2), 333–356. https://doi.org/10.3846/bmee.2024.21449

Robertsone, G., & Lapina, I. (2022). Digital Transformation in Higher Education: Drivers, Success Factors, Benefits and Challenges. December 2022, 152–168. https://doi.org/10.22364/htqe.2022.11

Santos, F. J., Guzmán, C., & Ahumada, P. (2024). Assessing the digital transformation in agri-food cooperatives and its determinants. Journal of Rural Studies, 105(November 2023). https://doi.org/10.1016/j.jrurstud.2023.103168

Sharma, A., Mohan, A., Johri, A., & Asif, M. (2025). Determinants of financial technology (FinTech) adoption by the farmers in agrarian economy. Social Sciences and Humanities Open, 11(January), 101370. https://doi.org/10.1016/j.ssaho.2025.101370

Shirwa, A. M., Hassan, A. M., Hassan, A. Q., & Kilinc, M. (2025). A cooperative governance framework for sustainable digital transformation in construction: The role of digital enablement and digital strategy. Results in Engineering, 25(January), 104139. https://doi.org/10.1016/j.rineng.2025.104139

Siddik, A. B., Rahman, M. N., & Yong, L. (2023). Do fintech adoption and financial literacy improve corporate sustainability performance? The mediating role of access to finance. Journal of Cleaner Production, 421(March 2022), 137658. https://doi.org/10.1016/j.jclepro.2023.137658

Singh, N., Munjal, S., Kundu, S., & Rangarajan, K. (2023). Platform-Based Internationalization of Smaller Firms: The Role of Government Policy. Management International Review, 63(1), 91–115. https://doi.org/10.1007/s11575-022-00492-z

Skare, M., Obesso, M. M. de, & ... (2023). Digital transformation and European small and medium enterprises (SMEs): A comparative study using digital economy and society index data. International Journal of …. https://www.sciencedirect.com/science/article/pii/S0268401222001281

Sun, J., & Zhang, J. (2024). Digital Financial Inclusion and Innovation of MSMEs. Sustainability (Switzerland), 16(4). https://doi.org/10.3390/su16041404

Tanapaisankit, R., Sirisunhirun, S., Amornsiriphong, S., Rugchatjaroen, K., & Ploywan, P. (2024). How Could Digital Transformation Help Medium-Sized Enterprises Access Thailand’s New Capital Market Financing (LiVEx) to Support Sustainable Growth in the Digital Economy Era? Sustainability (Switzerland) , 16(8). https://doi.org/10.3390/su16083470

Tang, X. (2022). New Schemes for Investment in of Small and Medium-Sized Enterprises of China: Role of Access to Finance, Innovation, and Sustainability. Frontiers in Psychology, 13(April), 1–16. https://doi.org/10.3389/fpsyg.2022.857193

Tshikovhi, N., More, K., & Cele, Z. (2023). Driving Sustainable Growth for Small and Medium Enterprises in Emerging Urban–Rural Economies. Sustainability (Switzerland), 15(21), 1–11. https://doi.org/10.3390/su152115337

Tutak, M., & Brodny, J. (2022). Business Digital Maturity in Europe and Its Implication for Open Innovation. Journal of Open Innovation: Technology, Market, and Complexity, 8(1), 27. https://doi.org/10.3390/joitmc8010027

Ullah, S., & Begum, M. (2025). FinTech and financial sustainability: A mediating role of financial inclusion. Technological Forecasting and Social Change, 217(April), 124129. https://doi.org/10.1016/j.techfore.2025.124129

Wahyono, & Hutahayan, B. (2021). The relationships between market orientation, learning orientation, financial literacy, on the knowledge competence, innovation, and performance of small and medium textile industries in Java and Bali. Asia Pacific Management Review, 26(1), 39–46. https://doi.org/10.1016/j.apmrv.2020.07.001

Wang, S., & Zhang, H. (2024). Inter-organizational cooperation in digital green supply chains: A catalyst for eco-innovations and sustainable business practices. Journal of Cleaner Production, 472(August). https://doi.org/10.1016/j.jclepro.2024.143383

Xiao, D., Zhang, C., & Huang, Y. (2024). Digital economy policy and enterprise digital transformation: Evidence from innovation and structural effect. Managerial and Decision Economics, 45(4), 2348–2359. https://doi.org/https://doi.org/10.1002/mde.4144

Xie, X., Zhang, H., & Blanco, C. (2023). How organizational readiness for digital innovation shapes digital business model innovation in family businesses. International Journal of Entrepreneurial …. https://doi.org/10.1108/IJEBR-03-2022-0243

Yang, Y., Shen, L., Sang, M., & Ding, X. (2025). The impact of digitalization on urban sustainable development – An economic perspective. Technological Forecasting and Social Change, 212(January), 124005. https://doi.org/10.1016/j.techfore.2025.124005

Zhang, Q., Guo, L., Chen, D., & Lei, S. (2025). Does mobile access to the internet increase household financial literacy? International Review of Financial Analysis, 98(December 2024), 103894. https://doi.org/10.1016/j.irfa.2024.103894

Zhao, J., Li, A., Roh, T., & Su, M. (2025). Escaping regulation or embracing innovation? Substantive green Innovation’s role in moderating environmental policy and outward foreign direct investment. Energy, 316(October 2024). https://doi.org/10.1016/j.energy.2025.134547

Downloads

Published

2026-07-23

How to Cite

Bisri, B. (2026). Digital Maturity and SME Economic Sustainability: A PRISMA-Based Systematic Review of the Role of Government Support. Dinasti International Journal of Management Science, 7(6), 1377–1391. https://doi.org/10.38035/dijms.v7i6.7088

Issue

Vol. 7 No. 6 (2026): Dinasti International Journal of Management Science (July - August 2026)

Section

Articles

License

Copyright (c) 2026 Bisri Bisri

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Authors who publish their manuscripts in this journal agree to the following conditions:

  1. The copyright on each article belongs to the author(s).
  2. The author acknowledges that the Dinasti International Journal of Management Science (DIJMS) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
  3. Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Dinasti International Journal of Management Science (DIJMS).