Trends and Transformations in Financial Behavior of SMEs in Southeast Asia: A Bibliometric Review

Abstract

The COVID-19 pandemic has accelerated digital transformation and reshaped financial behaviors among Small and Medium Enterprises (SMEs) in Southeast Asia. Despite their critical role in economic resilience, many SMEs face persistent barriers in financial literacy, capital access, and digital finance adaptation. This study uses a bibliometric analysis to explore the evolving trends and thematic directions of SME financial behavior in the post-pandemic era. 187 Scopus-indexed articles published between 2020 and 2025 were systematically reviewed through the PRISMA method and analyzed using VOS viewer. The findings reveal a strong research emphasis on digitalization, financial literacy, sustainability, and green innovation. Furthermore, Indonesia, Malaysia, and Vietnam dominate the regional discourse, reflecting their strategic importance in digital SME transformation. However, key gaps remain in areas such as digital trust, corporate social responsibility (CSR), and applying the Technology-Organization-Environment (TOE) framework. This study contributes to the literature by mapping the intellectual structure of SME digital finance and proposing future research pathways aligned with the Sustainable Development Goals.