Capital-Market-Based Finance for European SMEs: A Systematic Literature Review and Bibliometric Analysis

This study examines how literature has conceptualized and structured the relationship between capital-market-based finance and SME financing in Europe. The analysis combines systematic literature review with bibliometric mapping, using a dataset extracted from the Web of Science database. Following a structured search and screening process, 328 records were retained for bibliometric analysis, while 59 studies were selected for qualitative synthesis based on their relevance to SME finance, credit access and financing constraints. The results show that the field is interdisciplinary and positioned at the intersection of finance, economics, entrepreneurship, innovation, sustainability and European institutional studies. The qualitative synthesis indicates that capital-market-based finance is not treated as a substitute for bank lending, but as a complementary component of a broader SME financing architecture. Bibliometric results reveal distinct thematic clusters related to SME access to finance, credit-market imperfections, equity finance, venture capital, capital structure and alternative financing instruments. Citation and co-citation networks show that the field is built on several intellectual foundations, including trade credit, internal finance, information asymmetry, financial intermediation, innovation finance and entrepreneurial finance. The country citation network confirms the visible contribution of European research and its connection with bank dependence, market fragmentation and the policy rationale of the Capital Markets Union. A short projection of publication activity suggests that scientific interest in this topic is likely to remain active in the medium term. The findings also contribute to financial analysis by showing that SME access to market-oriented instruments depends on firm transparency, investor readiness, market depth and institutional integration.