Details

Autor(en) / Beteiligte

• Crovini, Chiara
• Ossola, Giovanni
• Britzelmaier, Bernd

Titel

How to reconsider risk management in SMEs? An Advanced, Reasoned and Organised Literature Review

Ist Teil von

• European management journal, 2021-02, Vol.39 (1), p.118-134

Ort / Verlag

Oxford: Elsevier Ltd

Erscheinungsjahr

2021

Link zum Volltext

Quelle

Elsevier ScienceDirect Journals Complete

Beschreibungen/Notizen

• The purpose of this paper is two-fold: to reconsider the fundamental role of risk management (RM) in small and medium enterprises (SMEs) by identifying and critically analysing the most important international works; and to define opportunities for further studies by suggesting a different approach to study the topic. This research is based on a new hybrid method developed by the authors, called Advanced, Reasoned and Organised (ARO) literature review, which improves the quality of literature reviews by integrating the systematic review for quantitative papers, the meta-synthesis for qualitative research and the critical interpretative analysis. Forty-eight articles were included in the literature review. Bibliometric and cluster analyses were carried out. Two hypotheses were applied as filters in the interpretative synthesis of the content and guided the analysis to answer two research questions. The findings underline that RM in SMEs is still a ‘spot’ subject as they put little effort into the risk identification, assessment and monitoring. The lack of procedures and strategies is due to the lack of risk mindfulness and knowledge, and it is related to the managers’ and owners’ risk attitudes. It is fundamental to understand why risk procedures are not implemented and to find a way to raise awareness of the potential benefits of risk and control measures. The topic is current, and the multidisciplinary perspective and mixed-method approach enhance both theoretical and practical contributions for academics and SME owners. •Risk management in SMEs is still a ‘spot’ subject.•SMEs put little effort into the risk identification, assessment and monitoring.•Risk management is always linked to decision making.•It is necessary to enhance risk mindfulness before formalising procedures.•SMEs should consider how risk counts in their business.