Vol. 11 No. 4 (2025)
December

Articles

Sustainable business models in small and medium-sized enterprises: State of the art and future research directions

Published 2025-12-29

  • Binayak Malla
    • ,
  • Michał Zdziarski

Binayak Malla
Kathmandu University School of Management

Michał Zdziarski
University of Warsaw

Abstract

Objective: This research aims to reveal a conceptual structure of current literature related to sustainable business models (SBMs) with reference to small and medium-sized enterprises (SMEs).

Research Design & Methods: We applied methods of bibliometric literature review to identify the most important topics and trends on sustainable business model (SBM) related to SMEs and discuss potential future research directions. Our dataset is built on bibliographic records from two important academic databases: Scopus and the Web of Science. We applied methods of social network analysis using the ‘biblioshiny’ package in the R environment.

Findings: Our review shows that the recent literature on SMEs has a more direct linkage with the circular economy and its related constructs such as circular business model and innovation. The thematic evolution of business models in an entrepreneurial context shows an increasing interest in researchers of sustainable business models and circular economy.

Implications & Recommendations: The findings of this research provide valuable guidance and a way forward for future researchers to pursue research on topics related to SBM for SMEs. An extensive literature review conducted using scientific bibliometric methods can serve as a reference to developing a better understanding of how the field of SBM and SME literature has evolved in recent times.

Contribution & Value Added: This article is the first of its kind to use bibliometric data analysis tools and techniques to generate pictorial output that highlights the current situation in SBM and SME literature. The study revealed that most of the literature on the given topic is grounded in the European context, with a relatively small body of research conducted thus far in South-East Asian, African, Chinese, and American contexts.

Keywords

sustainable business models, circular economy, small and medium-sized enterprises, entrepreneurship, bibliometric review

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Author Biography

Binayak Malla

Assistant Professor at the School of Management, Kathmandu University (KUSOM), Nepal and PhD candidate at the University of Warsaw. He has diverse research interests and believes in conducting transformative research. His recent publication as a co-author is based on a topic titled ‘Lessons learned from top global companies on UN SDGs.’ He also co-authored two other articles related to understanding the ‘impact of street harassment in the marketplace’ and ‘Nepalese migrant workers in the Middle East.’ As an international business practitioner, he established a company called Vu Devi Services Pvt. Ltd. that provides services related to business process outsourcing to overseas clients. He has also taken the initiative of establishing multiple businesses related to coffee- farming (Jewel Himalayan Coffee Beans), coffee trading (Jewel Himalayan Products), and café businesses (Inaya Café) that help in promoting Nepali coffee in the international market.

Michał Zdziarski

Associate Professor at the University of Warsaw, the Faculty of Management. He is also a lecturer of Sustainable Business Strategy at the University Centre for Environmental Studies and Sustainable Development and a member of the Management Committee of the COST Network ‘Efficient Justice for All: Improving Court Efficiency through EU Benchmarking.’ He was a Senior Visiting Scholar to Corpnet, University of Amsterdam, and the Institute for Manufacturing, University of Cambridge, and a Senior Researcher at The Conference Board Europe. His current research interest focuses on top management teams, strategy, corporate governance, sustainability, and organizational networks.

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