Title: SMEs' loan guarantee schemes: a systematic literature review

Authors: Georgios L. Thanasas; Andreas G. Koutoupis; Nektarios A. Karapanagiotis; Fragiskos K. Gonidakis; Leonidas G. Davidopoulos

Addresses: Department of Management Science and Technology, University of Patras, Rio, 26504, Greece ' Department of Accounting and Finance, University of Thessaly, Larisa, 41500, Greece ' Department of Management Science and Technology, University of Patras, Rio, 26504, Greece ' Department of Business Administration, University of West Attica, Thivwn 250, 12244, Athens, Greece ' Department of Accounting and Finance, University of Thessaly, Larisa, 41500, Greece

Abstract: This study aims to systematically review the literature on loan guarantee schemes and examines three research questions: "What are the key features of the literature on loan guarantee schemes?", "What are the tools, theory and themes emerged in loan guarantee schemes literature?" and "What are the avenues of future research on loan guarantee schemes?". We employ eight criteria to answer the above research questions. Avenues of future research emerge from the analysis of the research questions above as well as the proposals of the reviewed papers. We conclude that most studies analyse one country (developed countries) with the use of qualitative tools. Also, neoclassical theory is mostly used by researchers and policy makers to explain empirical observations and form policies. Further, there is rather inconclusive evidence on the relative value of loan guarantee schemes regarding firms' performance. Future research could re-examine theoretical lens and methods.

Keywords: SME; small and medium enterprise; loan guarantee schemes; credit rationing; entrepreneurship; financial risk.

DOI: 10.1504/IJGSB.2024.142331

International Journal of Globalisation and Small Business, 2024 Vol.14 No.2, pp.107 - 137

Received: 11 Nov 2023
Accepted: 21 May 2024
Published online: 22 Oct 2024 *

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