Improving The Competitiveness Of SMEs through the Capital Market: Literature Review and Discourse Network Analysis

Abstract

This article examines the prevailing conditions of Small, and Medium Enterprises (SMEs) in Indonesia, assessing their potential access to the capital market as an alternative financing for SMEs. It also investigates the required criteria for SMEs to fulfill, the potential benefits of their participation in the capital market, the challenges for them to enter the capital market, and what strategies are available for SMEs to access the capital market. The methodology in this research involves secondary data, specifically a compilation of Scopus indexed journal articles and news sourced from various sources on online platforms. Using specific keywords related to SMEs accessing the capital market during 2010-2024. The data analysis process uses the Systematic Literature Review (SLR) method and Discourse Network Analysis (DNA) software. DNA analysis to produce a visual representation of a discourse network, with a focus on interactions between actors, concepts (such as agreement or disagreement regarding SMEs entering the capital market), and their interconnections. From the results of the analysis, it is known that there are SMEs in Indonesia that have entered the stock exchange, but their numbers are decreasing. By entering the stock exchange, SMEs are expected to increase capital, performance, business scale, competition and public trust. However, there are obstacles and prerequisites for SMEs to enter the stock exchange. Capital market conditions in other countries are similar to conditions in Indonesia. This can be overcome with several strategies and synergy between all stakeholders related to creating and protecting an investment ecosystem that is friendly for SMEs.