The Effect of Hybrid Financing Model on the Internationalization of MSMEs: The Role of Financial Capability Mediation and Digital Literacy Moderation (A Systematic Literature Review)

Ginanjar Indra Kusuma Nugraha; Sudarmiatin Sudarmiatin; Heri Pratikto

doi:10.55927/fjmr.v5i3.26

Authors

Ginanjar Indra Kusuma Nugraha State University of Malang
Sudarmiatin Sudarmiatin State University of Malang
Heri Pratikto State University of Malang

DOI:

https://doi.org/10.55927/fjmr.v5i3.26

Keywords:

Digital Literacy, Financial Capability, Hybrid Financing Model, Mediation Moderation, SME Internationalization

Abstract

This study aims to examine the influence of the hybrid financing model on SME internationalization, incorporating the mediating role of financial capability and the moderating role of digital literacy. A Systematic Literature Review (SLR) methodology guided by the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) protocol was employed, systematically selecting 30 Scopus-indexed articles from Q1 to Q3 quartiles published between 2021 and 2025 as the analytical basis. Analysis was conducted through a narrative synthesis approach applied to empirical findings drawn from diverse geographical contexts, including Southeast Asia, Africa, the Middle East, and Europe. The findings reveal that the hybrid financing model positively influences SME internationalization, financial capability mediates the relationship between the financing model and internationalization outcomes, and digital literacy significantly moderates the effectiveness of the hybrid financing model in building SME financial capability. These findings carry strategic implications for SME practitioners, policymakers, and financial institutions in designing more adaptive financing ecosystems oriented toward global market expansion. Future research is encouraged to empirically test this integrated model through primary data collection from more representative SME populations across diverse regional contexts.

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