Unveiling Financial Barriers for SMEs in Iran: A Fuzzy Delphi Approach to Enhancing Production Financing
محورهای موضوعی : Fuzzy Optimization and Modeling Journal
Mansour Nouri
1
,
Mehrdad Hosseini Shakib
2
,
Abbas Khamseh
3
1 - Department of Industrial Management, Karaj Branch, Islamic Azad University, Karaj, Iran
2 - Department of Industrial Management, Karaj Branch, Islamic Azad University, Karaj, Iran
3 - Department of Industrial Management, Karaj Branch, Islamic Azad University, Karaj, Iran
کلید واژه: Small and Medium Enterprises, Financing, Fuzzy Delphi Method, Financing Barriers,
چکیده مقاله :
SMEs are pivotal to Iran's economic growth. However, they face numerous financial challenges that could affect their expansion and stability. This study aims to identify and analyze the barriers to production financing for Iranian SMEs using the Fuzzy Delphi Method (FDM). A preliminary framework was initially established through a literature review and thematic analysis, identifying 10 dimensions and 57 indicators. The thematic analysis followed Braun and Clarke's six-step model, reviewing 282 research works from reputable databases within the 2014-2023 timeframe. After quality assessment using the Critical Skills Evaluation Framework, 23 articles were selected for final thematic analysis. Subsequently, experts' opinions were gathered and analyzed using the FDM. A panel of 15 experts was selected through purposive sampling. The FDM was implemented in three rounds, using triangular fuzzy numbers to quantify expert opinions. The findings confirmed that 10 principal dimensions and 71 indicators are significant barriers to production financing in Iranian SMEs. These include financial infrastructure and access, legal environment and political consequences, information asymmetry and transparency, collateral requirements and asset-based financing, loan terms and conditions, credit evaluation and risk perception, market dynamics and competition, technological advancements and digitalization, social and economic factors, regional disparities, and alternative financing mechanisms and innovations. This study can aid policymakers, managers, and decision-makers in enhancing financial access for SMEs by formulating and implementing effective supportive policies, thus promoting their growth and sustainable development.
SMEs are pivotal to Iran's economic growth. However, they face numerous financial challenges that could affect their expansion and stability. This study aims to identify and analyze the barriers to production financing for Iranian SMEs using the Fuzzy Delphi Method (FDM). A preliminary framework was initially established through a literature review and thematic analysis, identifying 10 dimensions and 57 indicators. The thematic analysis followed Braun and Clarke's six-step model, reviewing 282 research works from reputable databases within the 2014-2023 timeframe. After quality assessment using the Critical Skills Evaluation Framework, 23 articles were selected for final thematic analysis. Subsequently, experts' opinions were gathered and analyzed using the FDM. A panel of 15 experts was selected through purposive sampling. The FDM was implemented in three rounds, using triangular fuzzy numbers to quantify expert opinions. The findings confirmed that 10 principal dimensions and 71 indicators are significant barriers to production financing in Iranian SMEs. These include financial infrastructure and access, legal environment and political consequences, information asymmetry and transparency, collateral requirements and asset-based financing, loan terms and conditions, credit evaluation and risk perception, market dynamics and competition, technological advancements and digitalization, social and economic factors, regional disparities, and alternative financing mechanisms and innovations. This study can aid policymakers, managers, and decision-makers in enhancing financial access for SMEs by formulating and implementing effective supportive policies, thus promoting their growth and sustainable development.
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