Table 6 Research gap and future directions based on clusters
Cluster | Gap | Research direction |
|---|---|---|
Cluster 1: Access and constraints on microcredit for SMEs | Limited research on informal sources of credit and their impact on SMEs development | Explore the sustainability of informal sources of credit and their impact on SMEs performance and growth |
Inadequate research on measures or indicators of credit market conditions | Examine alternative measures of credit market conditions | |
Limited research on the supply side constraints of credit | Study the link between credit constraints and business growth | |
Research on the supply side constraints of credit for SMEs | ||
Examine the links between formal and informal sources of credit | ||
Cluster 2: Microfinance and economic empowerment | Inadequate studies on regulatory and policy frameworks for access to microfinance for the poor | Research on the regulatory and policy frameworks for financial access to the poor |
Cluster 3: Sustainability of Microfinance institutions | Limited studies on the association between MFIs outreach breadth and outreach depth in financial sustainability | Investigate whether there is a trade-off between outreach breadth and outreach depth when it comes to financial sustainability |
Insufficient research on the innovation and digital platforms implemented by MFIs | Explore the optimal level of outreach and financial sustainability where MFI is most efficient | |
Explore digital platforms implemented by MFIs | ||
Cluster 4: Creditworthiness, microfinance technology infrastructure and microfinance | Limited research on financing behavior and patterns of microfinance institutions | Research on funding models and patterns used by MFIs |
Cluster 5: Islamic Financial inclusion | Inadequate research on Zakat, Sadaqah, and Qardhul Hassan model of Islamic financing | Explore the role of Zakat, Sadaqah, and Qardhul Hassan in closing the financial gap |
Insufficient research on comparative analysis between Islamic finance and conventional finance for financial inclusion | Conduct a comparative analysis between Islamic finance and conventional finance | |
Cluster 6: Credit assessment models for microcredit | Much research has been done on microcredit schemes in developing countries, where MFIs have adopted the group lending method for SMEs whose activities fall within the agricultural sector | Explore more research on MFI lending approaches and practices used for SMEs in other sectors such as manufacturing and service |
The studies focused on microcredit models based on past behavior, finance, and lifestyle, limited to corporate and bank lending | Explore different lending models including online lending platforms | |
Research on various fraud detection methods to counter fictitious content of loan applications | ||
Cluster 7: Microfinance and innovative business models | Limited research on the impact of peer-to-peer (P2P) lending in developing countries | Explore peer-to-peer (P2P) lending in developing countries |
Explore more business model innovation of e-business microcredit firms | ||
Cluster 8: Female entrepreneurs and equity crowdfunding | Studies on crowdfunding are concentrated in developed countries | Explore entrepreneurship and crowdfunding in developing countries |
Less research on why campaigns with female primary signatories receives less funding | ||
The research has focused on equity crowdfunding | Explore other types of crowdfunding | |
Explore the role of socioeconomic cultural context in equity crowdfunding |