Mitigating the Impact of COVID-19 on SMEs Through Government Policy Intervention: A Systematic Literature Review and Bibliometric Analysis

Abstract

This paper aims to investigate government policy intervention for mitigating the impacts of COVID-19 on small and medium enterprises (SMEs). This paper has utilized a methodology comprising of bibliometrics, network, and content analyses on 831 documents extracted from the Scopus database to explore the extant literature on this domain. A systematic literature review has also been performed to propose the government policy intervention during the crisis framework. The analysis and review discerned that government policy interventions yielding the greatest success display a pronounced industry focus, regardless of a country’s economic context. Notably efficacious interventions encompass government support for market access and promotion, regulatory flexibility, wage subsidies, supply chain bolstering, sustainable long-term support, training and development, digitization aid, and industry-specific access to credit and capital. Collaborative efforts between governments and financial institutions also proved instrumental in expediting SME recovery. Furthermore, initiatives like knowledge-sharing, capacity-building, digitalization of SMEs, and crisis management training played pivotal roles in ensuring SME survival during the COVID-19 pandemic. This paper has also provided guidelines for future research direction.