Hector Onyekachi Ekeocha 1 , * , Folorunsho Mejabi 2 , Israel Orisanwo 1 1 Department of Accounting and Finan c e, Mountain Top Uni versity, Prayer City, Ogun State, National Open University of Nigeria ; kehector@gmail.com ; israelof_god@yahoo.com . 2 Department of Business Administration, Faculty of Management Sciences, National Open University of Nigeria ; funsho.mejabi@gmail.com . Received: 9 January 2025 Ekeocha , H. O., Mejabi , F., & Orisanwo , I.

(2025 ). Revised: 5 March 2025 . Accepted: 17 May 2025 Management analytics and social insights , 2 ( 3 ), 123 - 171 .

This study explored the empirical review on the effect of foreign fi nance on the performance of Small and Medium Enterprises (SMEs) in Nigeria, bu i l d ing on previous works of literature. The review uncovered the methodologies and theories used and the findings of various studies. The researcher observed from empi rical reviews of literature that the conclusions of the subject matter remain inconclusive. There were conflicting findings in the various studies carried out by different researchers. Beyond finance, other factors contribute to SMEs '

, which should be controlled. Such factors include firm age, size , and the experience of the manager. Many of the literature reviewed have no control variable. Few studies introduced some control variables but dis covered the presence of heterogeneous effects concerning the firm size, firm age, region, industry, and intensity of public support, thus requiring more studies that would address the long - term effects of foreign finance on SMEs. Future studies should intr oduce a control variable , namely , firm size. Control variables help in achieving consistent and unbiased result s .

M uch of the reviewed literature concentrated only on Foreign Direct Investment (FDI) . The researcher has added other forms of foreign f inance , including grants, foreign loans, funds from foreign Development Finance Institutions (DFI) , and Venture Capital ( VC ) . In Nigeria , there are few studies on VC s as the concept is still evolving. Th e VCs reinforced the theoretical gap that future s tudies should fill. Researches backed by theories enjoy an added layer of credibility and support. A good number of reviewed studies were not backed by any theory; as a result, future studies should consider the pecking order theory and the theory of perfo rmance .

Empirical, Small and medium enterprises , Foreign finance , Small and medium enterprises .

Small and Medium Enterprises (SMEs) are considered the cutting edge of economic issues; it is worth noting that Nigerian SMEs have been studied by several scholars using varied methodologies and data. As in the Corresponding Author: kehector@gmail.com https://doi.org/10.22105/masi.v2i3.72 Licensee System Analytics. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0).

124 case of elsewhere in the world , especially in Europe and America, SMEs in Nigeria a ccount for 96.7 % of businesses , 87.9% of employment, and 49.7% of national GDP [1] . 60('$1·V [1] reports of formal and registered SMEs constitute the enterprises into an unbalanced set of three categories namely, n ano and micro - enterprises (0 ² 9 employees) account for 56% of all SMEs, whereas small enterprises (10 ² 49 employees) and medium sized enterprises (50 ² 199 employees) account for 49 .7% and only 4.3% respectively [2] .

The initial source of finance for SMEs in Nigeria is personal savings and loans from family and friends , followed by tra de credits. Bank loans account for about 5%. Recently , a lot of SMEs have been attracting foreign funds in the areas of grants, equity , and loans. Many Nigerian SMEs lack adequate record - keeping and necessary operational documentation . With the recent amendment to the Companies and Allied Matters A ct , making audit no longer mandatory for SMEs, this will negatively affect progress on keeping accurate and adequate business records [3] .

Foreign finance represents financing sources that do not origina te from the domestic economy. Such funding can come from foreign individuals, companies, institutions , and governments. Such funds can come in the form of foreign equity investments, various forms of foreign loans, including convertible loans, grants from foreign companies and governments , and specific private sector support from foreign Development Finance Institutions (DFI). Personal savings and loans from family and friends can only help SMEs to start up. Bank loans are usually difficult for many SMEs to access, and government initiatives and support are not usually adequate; hence, the persistent financing problems experienced by SMEs in Nigeria. Exploring these foreign sources of funds , therefore , becomes inevitable as an alternative support even as SME s grow in size and capacity.

Foreign Investments refer to short - and long - term investments in the domestic economy and the subsequent reinvestment of earnings derived from initial investment into th e domestic economy [4] . Foreign equity investment comes in the form of FDI DQG PD\ KDYH D GLUHFW VLJQLILFDQW LPSDFW RQ 60(V· SHUIRUPDQFH Foreign loans can originate from individuals, companie s , and DFIs. Foreign grants and indeed all grants are usually specific and targeted to some sectors with varying conditions. SMEs that meet those conditions and RSHUDWHLQVXFKWDUJHWHGVHFWRUVSDUWDNHLQVXFK´IUHHµPRQLHV([DPSOHVRIVXFK situa tions could be the employment of more women and supporting any of the Sustainable Development Goals (SDGs). DFIs support the private sector through equity, loans, grants , and guarantees.

There are so many ways foreign finance can come into SMEs an d , by extension , into an economy. In this study, we will be looking at FDI s, foreign Venture Capital ( VC) , foreign loan s, and foreign grants. There are also special equity investments and loans from foreign DFI s . This study relies on a review of existin g literature to provide empirical facts [5] .

FDI is defined as an investment made to acquire a lasting interest in a firm operating in an economy other than that of the investor. FDI is considered a cross - border investment made by direct investors that have significa nt control o ver the management, with the goal of establishing a sustainable enterprise [4] , [6] . To determine if a relationship of direct investment exists, the ownership criterion is used for this purpose.

Accord ing to the said criterion, the ownership in the enterprise should be at least 10% or more of the voting stock [4] . Generally, it invol ves participating in joint ventures, management, expertise , and technology transfer. Besides that, FDI is also known as a growth - enhancing factor in developing countries as it has the potential to create employment, enhance skills , transfer technology, improve productivity , and improve long - term socio - economic development [7] .

Thus, the most developed and least developed countries are equally involved in FDI activities to accelerate economic growth in their respective countries. In developing countries, FDI has been considered a potential source of development for small domestic firms [8] . FDI manifests in various forms , i.e. , leading to a change in management, transfer of technol ogy, increase in production , etc. [9] .

125 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 In the modern global world, FDI play s a commanding role in the economic progress of any country. It may open up new markets and selling channels for organizations, financing, access to contemporary technology, and skills. It provides capital, managerial skills, and technologies to the host country and leads to a boost in economic development [10] . To put it another way, FDI is an investment that involves a long - term connection and reflects a long - term interest and control of a resident entity in one economy in a business that LVORFDWHGLQDQRWKHUHFRQRP\WKDQWKHIRUHLJQGLUHFWLQYHVWRU·V [11] .

FDI has its pros and cons both to the foreign country a nd the host country. Knowledge of these can drive policies and actions by both parties and countries involved in foreign investments i n SMEs cannot be overemphasized.

VC has dominated debates on the global financial marke ts in the last two decades , mainly due to its perceived significant influence on the performance of SMEs. A considerabl e body of empirical literature from developed countries identifies VC as a suitable financing model, with the capability of ameliorating the lack of access to finance for SMEs ' growth [12] . It is well documented that most global companies , such as YouTube, Yahoo, Apple, Microsoft , and Compaq , have their roots in VC financing. In Nigeria , SMEs that have raised VC funds include Okra, Edukoya, Bankly , and Shuttlers.

A group of Nigerians based in the US, Canada, the Caribbean, Europe , and South Africa is taking steps towards the establishment of a N100 billio n VC Fund and also a specialised bank targeted at the SME sector in Nigeria. One primary source of start - up funding is VC [13] , [14] . This fund targets ma in ly small, young, and innovative companies and provid es them with the financial capital th ey need to grow internation ally in exchange for shares [15] , [16] . Scholars usually see VC as an active and temporary (5 to 10 years) partner in the ventures in which it invests and is usu ally a minority shareholder. Consequently, their returns come mainly from capital gain through an exit rather than through dividen d income.

When a VC firm invests in a venture located in a different country, the investing firm is called a foreign VC investor. In recent years, foreign VC investments have come to represent a significant proportion of the venture financing market a round the world [17] . For instance, Rakuten, a Japanese internet company , invested $300m in Lyf W·V VHULHV ( LQYHVWPHQW LQ , and SoftBank, a Japan - based VC firm , inv ested $4.4bn in WeW ork in 2017 [18] .

One way of bridgin g the access to finance for SMEs is through credits and loans. While loans can come from individuals, a significant portion is expected to come from banks. Other sources of finance to SMEs , like VC s, crowdfunding, and foreign equity , have grown in prominen ce and are attracting attention due to the difficulties SMEs face in accessing loans. SMEs in Nigeria , in particular , lack adequate structures, collateral , and proper records to access loans easily . Due to this situation , several governments have instituted one quasi - loan scheme or an other to provide SMEs the needed funds despite their unattractive states. In Nigeria, among the programs and institutions established in the past for the growth of SMEs a r e the Small - Scale Industries Credit Scheme (SSIC)

and Industrial Development Centers (IDCs ) . Despite these schemes, successful loan to SMEs still requires due diligence by the participating banks. Consequently, SMEs on their own have been exploiting othe r forms of loans , including foreign loans , which may have better terms. Foreign loans are cross - border borrowings by SMEs from individuals and private companies. These foreign loans usually come with a lower interest rate than domestic loans , but are heavily affected by exchange rate movements. Sometime s , they come in longer tenors to the SMEs. Because foreign loans usually come with a lower rate and longer tenure, their benefits to SME operations can be enormous.

Haras h e t al. [19] in their studies found that companies that had some foreign debt financing performed better than their counterparts. The authors also found that more companies depend on debt than equity for fund ing , making long - term debt a significant component of total de bt. Furthermore, while some companies rely heavily on long - term debt as a financing scheme, companies in some economies , on the other hand , use more short - 126 term debt to finance their operations. However, it is noteworthy that foreign debt amplifies the n egative effect of total leverage on company performance [19] .

A g rant is usually a financial award given by an individual, company, or foundation to a company to facilitate a goal or incentivize performance. Grants are essentially gifts that usually do not h ave to be paid back. A grant scheme for small businesses is designed to be offered at no interest , such that the beneficiary firms can leverage the advantages to be productive and grow their businesses , thus participating in the mainstream of the economy [2 0] . It becomes a foreign grant when the sources are beyond the shores of a country. Grants for small and medium businesses are usually targeted to a variety of purposes , including starting a business, helping run the business efficiently , and suppor ting its expansion.

Grants are not simply free money , as they have conditions attached to them that need to be met. While some grant - giving entities seek out qualified SMEs, many SMEs in turn look out for these donors to attract them by complying wi th certain conditions. Business development grants provide smaller grant amounts and can therefore get to a larger number of smaller beneficiaries, support acquisition of machinery, tools , and equipment , and a ILUP·VOHDUQLQJDFWLYLWLHV , and are targeted towards loosening capital constraints of smaller firms [21] .

Grants are a popular choice since, in contrast to loans, they offer financial aid that is not repaid. Knowing the different kinds of grants that are avail able can change the game for business owners, allowing them to grow, develop, and prosper in cutthroat marketplaces. By this understanding, business owners can better position themselves to secure the funding they need. Grants can come from various sources , including government agencies, nonprofit organizations, and private corporations. Each type of grant has its own set of eligibility criteria, application processes, and funding amounts. Grants can come in many ways , including d evelopment grant s , start - up grant s , export program s , Research and Development (R&D)

grants, development of knowledge and skills , and technology investment progr am s for industrial enterprises.

Treatment of performance in research is perhaps a problematic iss ue that confronts researchers, academics , and practitioners because of its various definitions and the appropriate meaning. Several scholars have described performance in certain ways , though there is always an area of convergence [22] . Hanson et al. [23] define performance as a measure of how well a company can utilise its assets from its primary business activities to generate revenues. On the other hand, other scholars relying on modern literature define performance as the results of the activities of a company or investment over a given period.

Performance can also be defined as the accomplishment of specified business objectives measured against known standards, completeness , and cost [19] , [22] . Adeniran and Awe [24] , Sefiani [25] observed that performance is the indicator used to measure set goals and objectives. Gibcus an d Kemp posited that the general performance of an organization is largely a function of the right management style , which involve s three levels of management , namely operational, tactical , and strategic. Aluko [20] and Kusa et al.

[26] see as a subset of organizational effectiveness that covers operational efficiency, growth of business , and financial outcomes. Business performance is described as a construct such as effectiveness, efficiency, g rowth, improvement, and success [20] , [27] . Acco rding to Fairlie et al. [28] , business performance is the abi lity of a company to contribute to job and wealth creation either through a start - up business, an existing business, growth , or survival.

Early reviews indicate that defining the performance of SMEs is a challen ge across the world. T he performance of SMEs has led to the definition of SME performance in many ways in the literature. Related parties always want to see good performance in their business [19] . The debate on these divergent views on 127 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 DILUP·VSHUIRUPDQFHLVVWLOORQJRLQJ3H rformance can take on a diverse meaning based on the context in which it is being used.

However, the general understanding of small enterprise studies is that it is a multifaceted phenomenon which includes unit cost, operation, revenue, and customer satis faction [2 0] , [29] . The performance of the SME has numerous orientations in the literature , including entrepreneurial exits, survi val, growth, product diversification, strategic alliance, legitimacy , and status. However, the most corroborated performance of a firm transcending across contexts is revenues and various returns: Return - on - investment, return - on - assets, return - on - r evenues, and return - on - e mployees [30] , [31] .

This study explored the empirical review on foreign financing and SMEs ' The review will cover methodologies used, theories, and findings.

Pacheco [32] H[DPLQHGWKHUHODWLRQVKLSEHWZHHQWKHILUPV·RZQHUVKLSDQGFRQWUROVWUXFWXUHLQSDUWLFXODUWKH presence of foreign capital, and their profitability. The study focused on the determinants of the financial performance of firm s, evaluating w hether that performance is influenced by the presence and degree of foreign capital. The authors used a balanced panel data of 5.722 firms for the period 2010 ² 2017.

The paper analysed a sample of SMEs from the manufacturing sectors ( Codes 10 to 32, from th e European classification of economic activities ² NACE ² Rev. obtained from Sistema de Análise de BalançosIbéricos (SABI), a financial database powered . The result of the study shows no significant relationship between the degree of for eign ownership and profitability , GHVSLWHIRUHLJQILUPV·KLJKHUOHYHOVRISURILWDELOLW\1RQHWKHOHVVWKHUHDSSHDUVWR be a nonlinear relationship between the development level of the nation of origin of the share capital and profitability, with the r esults indicating that enterprises with share capital originat ing in more advanced countries perform better financially.

Srhoj et al. [21] investigated the new micro - econometric evidence on the impac t of business development grant schemes on output and input additionality of SMEs in Croatia. The authors employed an ex post facto research design , making use of a data set from the Ministry of Entrepreneurship and Crafts of the Republic of Croatia an d the Annual Financial Statements Registry of the Republic of Croatia database.

Data was analysed using a two - way fixed effects regression. The results from the study show that, on average , strong positive effects of business development grants on capital stock, bank loans, intermediate inputs, value added , as well as employment for firms with over 20 employees, but no empirical evidence of any significant and positive effect on productivity, sales, average wage , and inventories. However, the significant p ositive findings are more prevalent in firms of smaller size.

Bacovic [33] examined the impact of both domestic and FDI on economic growth and productivity in ten Southeast Europe an countries. Th i s study aimed to investigate the effect of FDI on output and productivity growth in relation to the impa cts of domestic investments. Using the panel OLS fixed effect method, the author found a positive and substantial relationship between domestic investment and FDI on GDP growth , with domestic investment having a greater positive influence than FDI inflows.

The author , however , recommended that this result should not discourage the promotion of FDI, but should encourage stronger reliance on domestic savings and their import ance. Bruno and Cipollina [34] summarised and explained recent findings from firm - level empirical literature focusing on the indirect impact of FDI on economic performance, measured as productivity, in the e nlarged Europe. The authors adopted recent meta - regression analysis methods ² Funnel Asymmetry and Precision Estimate Tests (FAT - PET) and Precision - Effect Estimate with Standard Errors (PEESE)

² to explain the country - VSHFLILFLPSDFWRI)',RQILUPV·SHUIRUPDQFH7KHUHVHDUFKHUV·ILQGLQJVVKRZWKDW , on average , FDI has a positive indirect effe ct on productivity. The impact varies in the selected European countries , indicating a sign of better absorptive capacities in those countries. The study concentrated only on the indirect effe c t of 128 FDI on the firms , with no proxies for the independent variable of FDI. No theory was espoused to support this study .

*ZL]GDâD [35] investigated the effi ciency and effectiveness of the usage of the European Union (EU) structural funds in Poland , directed to financing of SME sector enterprises in the years 2014 ² 2020. The support came in the form of aid /grants and other instruments targeted at some EU progr ams for Poland. The author employed secondary data reviewing and assessing Poland and international documentary and research papers concerning the financing of SME sector enterprises with EU structural funds. Findings from the study indicated that the EU ·V assistance has not only a positive impact on the SME sector itself but also on its environment.

The author assessed that funds from the EU are of great importance to SMEs and recommended that they should be favourably assessed as financing , as it h as resulted in the development of small and medium - sized Polish enterprises. Sufyan et al. [36] studied the link between FDI and the expansion of SME s in the Visegrad (V4) countries of the Czech Republic, Hungary, Poland , and Slovakia. The research focused on finding out if FDI typically increase s the development activities of SMEs in Visegrad countries , as well as identify ing the variables accounting for the disparities in estimates between research findin gs. Secondary yearly time series datasets collected from 2005 to 2021 were gathered using Eurostat and the World Bank database and analysed using the regression coefficients through E - views software.

The result revealed that FDI boosted Visegrad countries' SMEs to varying degrees. SMEs were shown to be positively connected with FDI in Hungary and Poland , but adversely correlated with FDI in the Czech Republic and Slovakia at an insignificant level. The authors concluded that FDI c an attract business opportunities and be favourable for SMEs ' development in some host countries. The study attest s to the fact that the impact of FDIs on SMEs still require s further research. However, the authors did not specify the proxies for measuring SME development , which would have helped narrow down areas of concern or draw more attention.

Vanino et al. [37] carried out a comprehensive assessment of UK Research Councils (UKRC s) grants on the performance of participating UK firms. The authors exploited the data available in the gateway to research database on all projects funded by UKRCs over the 2004 ² 2016 period and applied a Propensity Score Matching (PSM) approach. The study found a positive effect on the employment and turnover growth of participating firms, both in the short and in the medium term. Exploring impacts across different types of firms, the writers found stronger performance impacts for firms in R&D intensive in dustries and for smaller and less productive firms. Also, part of the findings was that benefits from publicly - funded R&D projects are more significant when combined with domestic and industrially related partners, regardless of the number or size of proje cts.

Alraja et al. [38] carried out a study to identify the influence of FDI o n thriving the sub - sectors of Information and Communication Technology (ICT ) ( Service exports, ICT goods imports, high - technology exports , and ICT goods exports), as one of the drivers to develop the economy. The secondary data used was the statistical data on direct foreign investment , exports , and imports of ICT about the Sultanate of Oman in the period 2000 - 2014 , published by the World Bank. Descriptive statistics and a simple regression model were used to analyse the collected data and test the hypotheses of the study. The results show that FDI does not affect the ICT goods exports and imports. On the other hand , the study finds a positive and significant effect of FDI on ICT service s . The study concluded that the planning for FDI is ad hoc ; therefore , planning on how to exploit FDI in the economy is crucial.

Data limits the study , as there w ere no official statistics available according to the classifications of the World Bank , and the only source of statistics is the World Bank. Leitão and Baptista [39] investigated whether inward FDI and investment in ICTs advance the development of entrepreneurial activity in Finland and Portugal - the host economies. The study focused on the role played by FDI spillovers in ICTs . The study set out to unravel the proposal that the combination of inward FDI with inv estment in ICT jointly drive s entrepreneurship. The authors employed secondary data obtained from the United Nations Conference on Trade and Development (UNCTAD) and the International Telecommunication Union using a co - integrated vector autoregressive appr RDFKWRH[DPLQHWKH¶SXOO·HIIHFW 129 Ekeocha e t al.

| Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 RI,&7DQGWKH¶SXVK·HIIHFWRI)', The study found a positive effect of FDI on investment in ICTs, in the case of a low - tech producer (Portugal) , and a negative impact of FDI on investment in ICTs in the case of the hig h - tech producer (Finland). The result also showed a negative impact on unemployment from FDI. The author used aggregate data , which will not allow assessment of the direct impact on SMEs. Also, no theory was promoted to support the study.

In another study , Corsi and Prencipe [40] examined the role of and type of foreign ownership in improving the performance of independent SMEs , especially as it relates to innovation in the EU , noting that in the EU, SMEs account for over 99% of all European companies and 85% of the total employment growth. Using a firm - level large dyn amic panel data model on a representative sample of 23,962 firms from 24 EU countries selected during 2006 ² 2015, the result s indicate that foreign ownership has a positive role in improving the innovation performance of independent SMEs only when it takes the form of VC and Private Equity (PE)

. The study confirms that the poor impact of other forms of foreign ownership could be attributable to different investment objectives and greater information asymmetry. Kato [41] analysed the impact of VC ILQDQFLQJRQ60(V·SHUIRUPDQFHLQ8JDQGD VC financing is the first empirical study that relate s and br ings together the understanding of business entrepre neurs with th at of VC ists. The study adopted a mixed - method and used survey questionnaires administered to 90 SMEs and complemented with data from semi - structured interviews. The authors used multiple regression analysis and the correlation coefficie nt for data analysis generated from the statistical package for the social s ciences . The study evidenced that VC ILQDQFLQJHQKDQFHV60(V·SHUIRUPDQFHDQGDOVRFRQWULEXWH s to the development in Uganda through revenue growth, profitability , and retur n on assets. This study recommended to policy - makers and the business fraternity to develop policy frameworks tailored to the enhancement of the VC landscape growth.

Gyimah and Agyeman [42] looked at how DFI support s S MEs , w ith a focus on the International Finance C orpora tion. The study employed a case study approach with the IFC in focus. The study revealed that DFIs contribute significantly to SMEs ' growth in various economies through the provision of funds, advisory services , and raising of capital on international markets , even though they are confronted with systemic and non - systemic challenges in doing so. The authors recommended that training programs be intensified to help develop be tter SME managers and operators while tailoring global products to suit local needs as much as possible.

Dvouletý et al. [43] , employing a systematic review of empiri cal evidence as their research design , carried out a study on public SME grants and firm performance in the EU . The study focused only on the EU 28 member countries (EU 28) and grants supporting SMEs . The result of the study shows mostly the positive outco mes of the grants on firm - survival, employment, tangible/fixed assets, sales/ turnover, with varied findings for labour productivity and Total Factor Productivity (TFP)

. Wiik and Torvund [44] investigated the relationship between firm performance and government grants on Norwegian firms. In particular, the authors ' DQVZHUWR´ZKDWLVWKHLPSDFWRIJRYHUQPHQWJUDQWVRQILUP a s meas ured by return on assets, return on sales, total debt to asset ratio , and total labour SURGXFWLYLW\7KHUHVHDUFKHUV·HPSLULFDODQDO\VLVZDVEDVHGRQILQDQFLDODFFRXQWLQJGDWDRIFRPSDQLHV from 2016 to 2020. The results indicate no significant relati onship between grants and performance. The result in relation to the performance variables indicated no significant impact of government grants on debt and labour productivity , with a positive impact on sales and assets, although it is not statistically si gnificant.

Nyikos et al. [45] examined micro - level effects of grants and Financial Instruments (FIs) on SMEs ' access to finance in Hungary. A panel data set with firm - years as the units of analysis , sourced from EU subsidies and yearly aggregated infor mation on credits received by the firms , w as used. The analyses are done using PSM . Findings show that the use of subsidies has a positive impact on employment, sales , and , in certain settings , on productivity. The result also shows that grants seem to be used effectively , while FI holds more direct relevance to advanced productivity.

130 Woo [46] examined foreign VC firms and the internationalization of ventures , and ex plor ed the influence of foreign VC firms on the internationalization of investee ventures and their performance. The study employed secondary data sourced from a sample derived from the Thompson One VentureXpert database, which is most widely used in research on VC investment. Sample s were constructed from companies that recently ZHQWSXEOLF'HVFULSWLYHDQGLQIHUHQWLDOVWDWLVWLFVZHUHXVHGWRDQDO\VHWKHGDWD7KHDXWKRUV·ILQGLQJVVKRZ that foreign VC firms not only encourage their investee ventures to internationalize but also help the internationalization to achieve higher operating performance. The authors could not get information on geographic segment sales on a large number of young private VC - backed firms , which is crucial for the study.

Carne iro et al. [47] investigated whether VCs influence the internationalization of small firms and whether such impact differs between foreign an d domestic VCs. Employing a mixed method of literature and in - depth interviews with top decision - makers from two VCs and four portfolio ventures, the study findings indicated contrasts between the perceptions of VCs and portfolio firms, so that the former claim to have a higher impact than what is perceived by the latter. Findings also show that the differential impacts of foreign versus domestic VCs counter the literature position of a more substantial effe ct of foreign VCs on small firms . The study revealed that the breadth of the industry ( Global versus local industries) and a ILUP·VYRFDWLRQ Born global firm versus local leader) are two main factor s that seem to affect the impact of the VC and its nationality on the internationaliza tion of investee firms. While the study made some contribution to the body of knowledge, the sample size is too small to make generalization s .

Bremus and Neugebauer [48] investigated how the reduction in cross - border bank lending affected the access to finance for SMEs in the e uro area. The authors found that the decli ne in cross - border lending led to a deterioration in the borrowing conditions of small firms. In countries with more pronounced reductions in cross - ERUGHUFUHGLWLQIORZVWKHOLNHOLKRRGRIDULVHLQILUPV·H[WHUQDOILQDQFLQJFRVWVLQFUHDVHG7KHDXWKRUV em ployed a linked micro - macro dataset for 11 euro countries over the period 2010 ² 2014 , using regression to analyse the data. Findings showed that reductions in cross - border bank lending made loan rate increases for SMEs more likely. For firms in countries w ith significant reductions in international credit, the probability of facing higher loan rates is 15 percentage points higher than for firms in countries with the most favourable evolution of international credit. Overall, the results showed that cross - bo rder lending does indeed affect the access to finance for SMEs, though mostly indirectly through the interbank channel.

Takahashi and Hashimoto [49] examined the effects of a small grants subsidy on S MEs ' productivity in Japan. The study utilized secondary data ( From 2009 to 2016) and emplo yed regression to analyse the data using PSM and Difference - In - Differences (DID) design . This study showed that receiving a small subsidy does not KDYHVLJQLILFDQWRXWFRPHVEXWDSSO\LQJIRURQHFDQLQFUHDVH60(V·VDOHVDQGSURGXFWLYLW\7KHVHSRVLWLYH res ults are heterogeneous on firm age and industry and are most pronounced in firms operating for 6 - 10 years in the service industry.

-RORYLýDQG/RäRQF [50] examined the impact of FDI and VC investment on SMEs and entrepreneurs in the Republic of Serbia. Using secondary data and regression analysis, the study concluded that financing Serbian entrepreneurship with FDI influences the empowerment of entrepreneurial businesses due to the involvement of new players in the management structure of these entitie s. The study also revealed that financing Serbian entrepreneurship with VC investments influences the development of ideas and innovations and encourages the technological development of entrepreneurial entities.

Gereben et al. [51] assessed the impact of funding by the European Investment Bank (EIB) on the performance of 5,223 SMEs in eight countries of Central and Eastern Europe (CEE) during 2 008 - 2014. The authors obtained relevant secondary data employing regression ( PSM and DID estimation exercises) to analyse the data. Results indicated that EIB lending has a positive effect on employment, revenues , and profitability of SMEs , especially duri ng a period characterized by financial and economic turmoil.

Liu et al. [52] investigated the impact of VC RQ&KLQHVH60(V·VXVWDLQDEOHGH velopment , focusing on early - stage and professional characteristics. The study concentrated on Chinese listed companies supported by VC from 2002 to 2022. The study employed both semiparametric and nonparametric methods to explore the 131 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 long - term impact of V C on the sustainable development of Chinese enterprises. Findings revealed that the early stage of VC companies has a significant promoting effect on the sustainable development of the enterprises. Professionalism , i n contrast , has no significant im pact on the sustainable development of enterprises in the short term. The results also showed that VC is supportive of HQWHUSULVHV·VWDQGDUGL]DWLRQ and long - term development because it provides funds, oversight, and other non - capital value - added service s, such as networking abilities, management experience, and market information.

Du and Cai [53] investigate the influence mechanism of VC on the development of SMEs in the agri - food industry in China. Based on the enterprise growth theory, this study used data from 40 agricultural SMEs from th e SME and ChiNext boards in China and employed multivariate regression for data analysis. The constructed evaluation model consists of technological innovation, profitability, development capability, and solvency. The results showed that the VC can signifi cantly improve the technology innovation, profitability, and growth ability of SMEs. For the solvency of SMEs, the promoting role of VC is not obvious.

Bigos and Michalik [54] examined the role of foreign VC DQGIRUHLJQEXVLQHVVDQJHOVLQFRPSDQLHV·HDUO\ internationalization based on the example of Polish start - ups , young firms , and micro and small enterprises operating in the ICT sector. The study is based on primary data obtained using the Computer - Aided Web Interview (CAWI) technique . The authors employed a logistic regression model to test the hypothese s. Based on the study, a positive relationship exists between the involvement of foreign VC funds in start - ups and SMEs and their early internationalization. The study recommended that Start - ups should cooperate with foreign institutions, such as VC funds, as their knowledge and experience can be a source of start - XSV·HDUO\ internationalization.

Ayub [55] examined the influence of business grant s , micro saving s , and financial knowledge on Bumiputera SME business performance in Sabah. The paper analysed the Bumiputera SME performance by examining three determinants, namely business gran t assistance, micro saving s, and financial knowledge. The study adopted a survey design using a questionnaire to collect primary data from those who have been assisted and supported by TERAJU programs. The data collected were analysed using the Statisti cal Package for Social Science (SPSS 26 )

and SmartPLS 3.0. The study confirmed that there are significant positive relationships between micro saving s towards Bumiputera SME performance in Sabah. However, the study also found that there are no significant relationships between financing knowledge and business grant assistance towards Bumiputera SME business performance in Sabah, Malaysia .

Ofori and Asongu [56] examined the combined effects of ICT diffusion ( Comprisin g access, usage , and skills) and FDI on inclusive growth in Sub - 6DKDUDQ$IULFD 66$ 'UDZLQJRQGDWDIURPWKH:RUOG%DQN·V world development Indicators, and the Global Consumption and Income Project for the period 1980 - 2019 and employing Ordinary Leas t Square (OLS) and dynamic system GMM estimation techniques, the study concludes that the inclusive growth - inducing effect of FDI is rather remarkable in the presence of greater ICT diffusion and that overall FDI modulates ICT dynamics to engender positive constructive interaction effects on inclusive growth. The authors posit that in a region where there are unmet gaps for infrastructure development, and the population is youthful and innovative, ICTs and FDI can be targeted to foster shared prosperity.

R awoof et al. [57] scrutinised the impact of FDI inflows and energy consumption on ICTs in selected economies of South Asia. This research is based on secondary panel data from 1999 to 2021 an d employed Augmented Mean Group (AMG), Mean Group (MG), and Common Correlated Effects Mean Group (CCEMG) as assessors. The study discovered a substantial and favourable influence of FDI services and energy consumption on ICTs. The results indicated that e conomies of the selected region must embrace investment reform measures in order to draw FDI into the services sector, increase exports of services, and progress towards economic stability.

132 Ur Rahman et al. [58] explored existing theoretical and empirical literature on FDI toward the manufacturing industry in the context of developing economies and particularly in Pakistan. In his method, the author employed the principles of systematic literature review to analyse several key points of the previous studies for the period November 2017 to April 2018. The stu dy revealed both negative and positive effects of FDI in the manufacturing sector , noting that the findings separately fill the gap in the literature. Consequently, the impa ct of FDI on manufacturing growth is still under discussion , and va rious studies have been conducted to check the effe ct of foreign investment on the overall economy. However, the one - year period of the study seems insufficient for a researcher. Also, the theories on which the study was anchored were not mentioned.

Most of the findings are based on country - level impact rather than firm - level impact . The current research will focus on the effe ct of FDI on the level of firms . In another study, Belloumi and Touati [59] analysed the dynamic links between FDI inflows, information and communication technologies, an d economic growth in a sample of 15 Arab nations throughout 1995 - 2019. The research technique employed is secondary data review involving constructing a heterogeneous dynamic panel model utilising annual data on real GDP per capita, FDI , and information and communication technologies for a sample and using a panel ARDL technique to analyse the data. The findings show that ICT and FDI have positive and significant long - term effects on economic growth, and that ICT indicators have a positive long - term impact on FDI inflows in the Arab nations studied.

Saurav and Kuo [60] conducted a survey of the literature and explored the heterogeneous effect of FDI on three types of domestic firms: foreign - owned local firms that are affiliates of Multinational Corporations (MNCs), local firms that are suppliers to or customers of MNC affiliates, and local firms that compete with MNC affiliates. The authors employed a review and meta - analyses of existing li terature on developing countries. Findings of the study revealed consistent evidence that foreign ownership increases the productivity of MNC affiliates in developing countries. For firms engaged in supplies to MNCs, evidence suggests significant productiv ity benefits, whereas the evidence is mixed for buyers and distributors of MNCs '

products. On the other hand, competitors of MNCs generally experience insignificant and sometimes negative spillovers. Fowowe [61] undertoo k an empirical investigation of the effects of access to finance on firm growth in African countries. The study uses a firm - level data set provided by the World Bank and its partners across the world from its enterprise surveys. The study used both subject ive and objective measures of access to finance IURPWKH:RUOG%DQN·V(QWHUSULVH6XUYH\VRIDVDPSOHRIILUPVIURP$IULFDQFRXQWULHVGXULQJWKH period 2006 ² 2012. The subjective measure indicates that the access to finance constraint has a signifi cant negative impact on company growth. Furthermore, the results using the objective measure reveal that enterprises that are not credit - constrained have faster growth than firms that are credit - constrained. Though there were other performanc e measures in the original survey , like sales growth, the author employed HPSOR\PHQWJURZWKDVWKHRQO\PHDVXUHPHQWRIILUPV·SHUIRUPDQFHLQKLVDQDO\VLV Charoenrat and Harvie [62] examined the technical efficiency of Thai manufacturing SMEs and their firm - specific determinants using firm - level data. The study focused on factors that determine the technical performance of Thai SMEs. The authors employed a St ochastic Frontier Analysis (SFA) model to measure the technical efficiency of the firms. The performance variables adopted include output growth, employment generation, exporting , and firm growth. One of the key explanatory variables emphasised in this stu dy for the sample of Thai SMEs is foreign investments. Others include firm size, firm age, skilled labour, location, type of firm ownership, government assistance , and export activity. Findings from the study show a correlation between foreign investment ( Ownership ) and SME technical efficiency , especially i n medium - sized firms. The study suggests that foreign investment and ownership ha ve the potential to improve SME technical efficiency as they can promote technological upgrading, manage rial skills and knowledge, promote good corporate governance , and enable access to foreign markets. The authors recommended that, for effective foreign investments i n SMEs, a targeted approach, by means of incentives, should be adopted, with a focus on medium - sized SMEs.

133 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 Tülüce and 'RøDQ [63] investigated t he impact of FDI VRQ60(V·GHYHORSPHQW7KHDXWKRUVDGRSWHGDQ extensive literature review to analy ze both the aggregate productivity effects a nd the spillover effects of FDI on SMEs. The study found limited evidence of a positive relati onship between foreign presence through FDI and productivity, since the empirical literature indicates mixed results. According to the authors, while many show significant positive spillover effects from FDI on SMEs, others find no or statistically insigni ficant result s from technology spillover. The authors concluded that many of the empirical estimates of productivity spillover from FDI to domestic firms in economies are biased.

Radas et al. [64] investigated the effects of direct grants and tax incentives on recipient SMEs in Croatia. The authors made use of secondary data and adopted the Conditional Independence Assumption (CIA) as estimation methods. Findings from the study revealed limited empirical evidence on the effectiveness o f SMEs ' R&D from direct grants, though direct subsidies used alone or with tax incentives strengthen the R&D orientation of the SME as well as some aspects of innovation output. Also, not much difference is found when users of direct grants are compared to those who used both the grants and the tax incentives. This result indicates the existence of limitations in the use of tax incentives by SMEs, and thus suggests that subsidies and grants may be the primary instrument s for SMEs. The study would have been more beneficial if it had been extended to cover the impact of grant - induced R&D on SMEs '

Sass et al. [65] examined the impact of vertical and horizontal FDI on export and employment in four service industries ( Financial services, business services, telecommunications , and Computer activities) in the four Visegrad countries (Slovakia, Poland, Hungary , and the C z ech Republic. Export and employment were selected as indicators of the host country 's impact of FDI due to data availability considerations. Secondary data were sourced from various international organisations. Classical linear regression analysis and a panel regression model were used to analyse the data . The authors found that the impact on the host economy varies among the four service industries , namely a positive and significant influence on exports of vertical business services and horizontal telecommunications services, as well as employment in busi ness services and, to a lesser extent, financial services.

On the other hand, Chodisetty and Babu [66] in their study aimed at knowing the Effect of FDI in the Indian Economy with reference to the Telecommunications sector. The study focused on the relationship, impact , and future movement of the FDI on the Indian Economy. The study employed secondary data from 2011 to 2021 using E - views software to analyse the data and appl ied statistical tools of VECM, OLS , and VAR.

Finding s from the study showed a positive r elationship between the FDI and the telecommunications sector. It also found a negative relationship between FDI and GDP , but with a future positive impact of GDP from FDI. Warsame [67] assessed how ICT modulates the effect of FDI on economic growth dynamics in 25 countries in SSA for the period 1980 - 2014. The study focused o n evaluat ing the nexus between FDI and economic growth by employing ICT as a moderating policy variable in the underlying relationship. The employed economic growth dynamics are Gross Domestic Product (GDP) growth, real GDP , and GDP per capi ta , while ICT is measured by mobile phone penetration and internet penetration. The empirical evidence is based on the generalised method of moments . The study finds that both internet penetration and mobile phone penetration overwhelmingly modulate FDI to induce overall positive net effects on all three economic growth dynamics. Moreover, the positive net effects are consistently more apparent in internet - centric regressions FRPSDUHGWR´PRELOHSKRQHµ - oriented specifications.

Kato [41] conducted a comprehensive literature review from six emerging economies in Africa (South Africa, Nigeria, Kenya, Ghana, Egypt , and Uganda) to support the empirical studies underpinn ing the impact of VC financing on SMEs ' growth in emerging economies and offers a ground for a future research agenda. The paper used a systematic literature review strategy by exploring 50 recently published articles on VC performance from 2010 to 2019. R esult s from the study disclosed that VC financing positively influences the growth of VC - backed firms in terms of sales growth, job creation , and an increase in returns on investment.

134 The paper recommends that policymakers and practitioners design appropriate policies in support of easy access to VC financing for SME growth. Sinha et al. [68] attempted to determine the cause - and - effect relationship between IT sector growth and FDI in India. To strengthen the study, the cause - and - effect relationship has been analysed by a simple linear regression model. Reliable Secondary sources have been used to colle ct data , such as websites of the World Bank statistics, the D epartment of Telecommunications , and the M inistry of C ommunications & I nformation T echnology . The study revealed a significant i mpact of FDI on the IT sector , which motivates other Foreign Institutional Investors to invest their money in the Indian market , specifically in the IT sector. The authors noted that the study will be helpful to policy makers to emphasize the overa ll development and sectoral growth in India.

Piza [69] investigated the impact of business support services for SMEs on firm performance in Low ? and Middle ? Income Countries (LMIC). These support programmes include tax simplification, exports and access to external markets; support for innovation policies; support to local production systems; training and technical assistance, and SME financing and credit guarantee programmes , while performance variables employed included higher profits, employment generation, and productivity. Overall, findings indicated that: %XVLQHVVVXSSRUWWR60(VLPSURYHVILUPV·SHUIRUPDQFHKHOSVFUHDWHMREVKDVDSRVLWLYHH ffect on labour productivity, on exports , DQGRQILUPV·LQYHVWPHQW(YLGHQFHRQWKHLU impact on innovation by SMEs is less clear.

Matching grants also continue to show a positive effe ct RQILUPV·SHUIRUPDQFH Selebaj and Bule [70] studied the effects of grants from EU fund s on the business performance of non - financial corporations in Croatia. The methods adopted are secondary dat a extracted from three data bases , including the Croatia n Ministry of Finance , with some econometric analysis. The research showed that the use of EU funds has a strong and positive effect on employment, operating income, labour productivity , TFP , and capital intensity. At the same time, the level of impact significantly depends on the relative size of the grant received from EU funds.

Alu ko and Bayai [20] LQYHVWLJDWHGWKHHIIHFWRIJRYHUQPHQWILQDQFLDOVXSSRUWRQEHQHILFLDU\ILUPV·UHYHQXH growth post - disbursement of a grant scheme in South Africa based on the scheme 's activity between 2012 and 2018. Based on the research objective, the study aims to test whether the grant amount approved influences the revenue growth performance of beneficiary firms positively. The authors employed secondary data extracted from the Cooperative Incentive Scheme (CIS) database and us ed Pooled OLS linear regress ion PRGHOVLQDVVHVVLQJWKHHIIHFWLYHQHVVRIWKHJUDQWSURJUDPLQWHUPVRIWKHLQIOXHQFHLWKDGRQILUPV·UHYHQXH generation. The findings showed that the government financial support grant scheme for small firms in South Africa had a statistically signifi cant and positive effect on the revenue growth of grant beneficiary firms.

Pasali and Chaudhary [71] assessed the impact of foreign ownership on firm performance by size in developed and developing countries using sales growth, employment , and labour productivity as performance indicators. Data was sourced from the enterprise surveys collected by the World Bank across the developed and developing world between 2010 and 2019 , with a sample of about 80,000 formal enterprises in 144 countries , including 47 African countries. While the preliminary results show foreign o wnership overall does give firms an edge on performance, there is no consistent evidence that this is so by firm size. However, across all developing regions, the study consistently finds that foreign ownership has a positive impact on the sales and produc tivity growth of micro - size d firms.

Bradley et al. [72] studied the i mportant role cross - border VC investments play in the scaling up of high - growth companies. The paper found that policymakers worry that foreign VC investments transfer the majority of economic activity to the investor country. According to the authors , although startups welcome the foreign capital, expertise, and networks that accompany cross - border investments, cross - border investments predominantly benefit foreign economies and fail to develop the local entrepreneurial ecosystem.

This paper describes a framework for how policymakers can develop a set of policies toward cross - border VC investments , focusing on Europe, Israel, and Canada. The analysis shows that in addition to policies that 135 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 aim to attract foreign investors, there should a lso be important policies for the development of the domestic VC market .

Aluko et al. [20] focused on government programmes providing financial and non - financial resources to support Small, Micro and Medium - Sized Enterprises (SMMEs) through grants and subsidies. Em ploying OLWHUDWXUHUHYLHZGXULQJSHULRGWRRQSXEOLFDWLRQVWKDWIRFXVHGRQWKHWHUPV´HIIHFWLYHQHVVRIJUDQW VXSSRUW IRU 600(µ ´JRYHUQPHQW LQWHUYHQWLRQ SURJUDPPH IRU 600(µ DQG ´VXEVLGLHV SURJUDPPH IRU VPDOOEXVLQHVV´UHVXOWVLQGLFDWHGWKDWJRYH rnment intervention programmes have had an overall favourable impact on business employment creation, sales/turnover and productivity, while there are conflicting results for business labour productivity and business survival.

Njubi [73] examined factors that influence VC LVW·V decision in fundin g SMEs in Kenya (Doctoral dissertation, Strathmore University). This study was a descriptive survey design employing Self - completed Questionnaires on CEOs of VC firms registered with the East Africa VC Associa tion to collect primary data. The study findings were that three key variables , namely market factors, product factors , and financial factors , were the key factors considered by VCs in their consideration to fund SMEs. The study also established that each of the key variables had specific items of interest to the VCs in their evaluation of SMEs for funding.

Wanjere et al. [74] investigated the effect of FDI on the performance of manufacturing firms in Kenya. The population of the study comprised 100 companies registered with the Kenya A ssociation of M anufacturing as at the time of data collec ti on in 2019 , and that had over 10% foreign ownership. The study used a structured questionnaire to collect primary data from the CEOs of the organization. Descriptive and inferential statistics were both used to analyse the data. The study developed a hyp othesis , which was tested using simple linear regression to establish the effect of FDI on the performance of manufacturing firms. The results revealed that there was a statistically significant relationship between FDI and firm performance.

Faridi [75] studied the impact of FDI on SMEs in Pakistan. This study is based on sec ondary data from 1982 to 2019 , sourced from World Development I ndicators and the Pakistan Economic S urvey. Descriptive and inferential statistics were used to analyse the data. The correlation analysis found that SME growth rat e is positively correlated with FDI and exports , while negatively correlated with gross savings and GDP growth rate.

Christian [76] investigated the impact of VC ILQDQFLQJRQ60(V·JURZWKDQGGHYHORSPHQWLQ*KDQD7KH study also examined the factors that drive VC investment activity in Ghana. The study applied both PSM and DID estimation techniques to determine the effects of VC ILQDQFLQJRQ60(V·JURZWKDQGGHYHORSPHQWLQ Ghana. The result shows a positive and significant correlation between VC financing and SM (V·JURZWKLQ the context of employment and sales in Ghana. The results also suggest that GDP growth rate, labour market rigidities, capital gains taxes , and institutional quality are the key drivers of the VC industry in Ghana.

Mirza and Sabah [77] examined the role of VC as a source of finance for SMEs and its impact on small business development in Afghanistan. Other objectives of the study were to review the types of VC f inancing in Afghanistan and identify the factors that drive the VC financing. The study adopted a quantitative methodology in order to investigate the subject. Questionnaires were administered to respondents to obtain relevant data. The study concluded that VC financing played an important role in the areas of employment creation, investment, export growth , as well as innovation and creativity. The study established that the government was the main financ i er of VC financing in Afghanistan , noting that a stable economic environment, investor protection , corporate governance , and well - developed capital markets were found to be the main determinants of VC financing. The authors confirmed that the VC concept is not fully developed and well understood in A fghanistan and recommended further research o n identif ying and understanding the role of VC s.

Bozsik et al. [78] explored the effect s of FDI on the performance of SMEs in Vietnam. The study compared the impact of FDI on the performance of SMEs in Vietnam to that of a group of ASEAN nations with comparable economic structures , including Indonesia, Malaysia, and Thailand. The secondary data from 2000 136 to 2020 , obtained from the World B ank and the General S tatistics Office of Vietnam , was analysed using the OLS method. The empirical evidence indicated that FDI has a negative effect on the per formance of SMEs in the group of four ASEAN member countries , while having a positive influence on Vietnamese SMEs. This result necessitates further studies on the subject matter.

Elloumi [79] studied the financial performance of companies financed by VC . The study used a questionnaire to gather primary data and employed regression to analy ze the data. The study revealed that access to VC finance is an additional financial resource for companie s when financial constraints are inadequate. The study concluded an increase in the VC firms ' performance through value - added services , especially in the early years of the business life cycle.

Asuamah [80] conducted a systematic literature review to examine the importance, role, and challenges of VC and PE in driving entrepreneurial activities in developing nations. The review highlighted important results about the influence of VC and PE on economic development and entrepreneurial growth by synthesizing the body of available literature. It looked at the legal and regulatory obstacles to accessing VC and PE, as well as the institutional and cultural elements that influence the VC and PE environment in emerging countries. The review also provided policy recommendations and highlighted areas for furt her research, emphasizing the potential impact of VC and PE in driving entrepreneurial activities and fostering sustainable economic development in developing nations.

Olubunmi [81] researched the role played by the flow of FDI into the Telecommunications sector of Nigeria on the growth of the economy. Samples of data between 2008 and 2018 w ere taken from the World Bank development indi cator database and the Central Bank of Nigeria (CBN) statistical bulletin. The method of analysis used is the Error Correction Mechanism (ECM) with E - views 7 as the medium of estimation. The results of the empirical study showed that FDI has contr ibuted significantly to the performance of the Telecommunications Sector in terms of its contribution to the GDP of Nigeria. The authors recommended that the government should initiate policies that will promote the long - run growth of the Telecommunicati ons sector and the economy at large.

Akinwale [82] investigated the impact of FDI on agricultural productivity in Nigeria. The st udy employed Augmented Dickey - Fuller (ADF), Johansen test , and error correction mode l on secondary data to examine the effect of FDI and agricultural development. The result of the study indicated that both FDI and bank credit to the agricultural sector had a significant impa ct on agricultural productivity. The authors concluded that , for the Nigerian economy to benefit from the considerabl e potential of the agricultural industry , the sector must be willing to explore more benefits offered by foreign investors. They , however , recommended that the government should put in place adequate infrastructure through a massive rural - urban infrastructure investment scheme in order to attract foreign investment to the agricultural sector.

Okegbe et al. [83] assessed the contribution of FDI to Nigeria's GDP between 2000 and 2017. The study, conducted using OLS, indicated that FDI has a positive and significant effect on Nigeria's financial sector GDP. It also re vealed that FDI in the oil sector has a positive and considerable impact on Nigeria's GDP. Based on the findings, the research proposed, among other things, that policymakers establish methods to encourage FDI in the banking industry and offer incentives for long - term investment.

Edeh et al. [84] conducted a study on the impact of FDI on the agricultural sector in Nigeria. The research adopts the ex ? post fa cto research design using quarterly time series data for the period 1981 ² 2017 obtained from the CBN Statistical Bulletin. The Authors used the Autoregressive Distributed Lagged (ARDL) model, Fully Modified Least Squares (FMOLS) , and Dynamic Ordinary Least Squares (DOLS) to estimate the parameter estimates of the regression model. The framework for the study was based on the eclectic model of FDI by Dunning [85] . Results indicate that FDI has a positive and significant impact on agricultural sector 137 Ekeocha e t al.

| Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 output , especially in the short run. In order to improve long - run gains, the authors recommend that urgent efforts should be put in place by stakeholders in government and the agriculture sector to attract more FDI in order to improve and increase output. Such efforts include an increase in tax holidays ( From the present 3 years to at least 6 years) to prospective foreign direct investors. The study relied only on the CBN statistical bulletin. Direct impact on the companies engaged in agriculture was not explored.

Furthermore, Imoughele [ 86 ] examined the relationship between external financing and the Nigeria n industrial sector output from 1986 to 2018. The study made use of relevant time series data and employed the Auto Regressive Distributed Lag (ARD L) bounds testing approach to analyse the data. The result also shows that in the short run, the external financing has a significant impact on Nigeria 's industrial output , while i n the long run , FDI , remittance , and official development assistance hav e a direct and s ignificant effect on 1LJHULD·V LQGXVWULDORXWSXW The study recommends that short - run deregulation policies should be tailored towards the attraction of foreign finances to augment domestic capital needs for the expansion and improve the Nigerian industrial sector output .

Ekienabor et al. [87] examined the impact of FDI and its effect on the manufacturing sector in Nigeria, for the period 1981 - 2012. Annual time series data sourced fro m the CBN Statistical Bulletin, 2012 , to examine the relationship between the variables. The econometric regression model of OLS was applied in evaluating the relationship between FDI and major economic indicators such as Manufacturing Output (MOUTPUT)

, ex change rate , and interest rate. Findings from the study revealed a positive and significant relationship between FDI and MOUTPUT in Nigeria. The study limited the dependent variable to only MOUTPUT . Other effect s on the manufacturing sector , like profit and employment generation , were not considered. Adegboye and Iweriebor [88] , leveraging on evidence from the World Bank Enterprise Survey dataset , examined the effect of access to finance by SMEs on their innovation capacity and overall productivity in N igeria. The study aimed to show whether different finance sources and the ease of a cc essing them by SMEs affect the pattern of investment in innovation and their productivity. Using the logit estimation/logistic regression technique, the study fi nds that ease of accessing bank credit is the strongest positive force in driving all types of innovation among SMEs in Nigeria. Similarly, the authors indicate that the level of innovation is affected by the sources of finance. While both internal and ext ernal sources improve investment in product, process, and organizational innovation, only external financing has a significant effect on R&D spending and use of foreign licensed technology. The study also shows that increased access to finance may actually lead to a decline among SMEs in Nigeria.

Galadanchi and Abubakar [89] undertook a conceptual review of the effects of financial access on small business performance through the use of the resources - based view and pecking order theory . The study aims to review the FRQFHSWRIDFFHVVWRILQDQFHDQGHVWDEOLVKDOLQNWRILUPV·SHUIRUPDQFH7KHDXWKRUVHPSOR\HG an extensive literature review and recommended that businesses and governments pay special attention to SMEs '

access to finance for them to perform better , create more employment , and contribute to GDP . The authors concluded that there is a link between access to finance and the performance of small businesses. The authors explored no performance variable to arrive at the conclusion. Also, the author ' s inabil ity to dwell on some forms of SME finance could limit the conclusion reached. Gumel [90] investigated how funds from financial institutions played a role in the growth of s mall businesses in Nigeria. Primary data was used for the study. The method adopted was the use of a survey method , and the instrument of the survey wa s the structured questionnaire administered to the managers and owners of the selected small busine sses. The scope of the study was selected as Dutse city , being the hub of business activities of Jigawa State, Nigeria. Fifty small businesses were selected in the areas of retail and wholesale, services, and light manufacturing using a probabilistic rando m sampling technique. Chi - square was used to test and analyse the data collected through a Mega Stat statistical software package. Findings from the study revealed a relationship between financial institutions '

financing and the growth of small busines se s in Nigeria, and knowledge of how to secure the loan by managers is critical in ens uring long - term funding for small 138 business growth. The author failed to mention the sub - variables used to measure firm growth. There was also no theory discussed on which the study is based. Peter et al. [91] explored the impact of financial assistance on the performance of SMEs across three state s in Nigeria. The focus of the study was to a ssess whether various government programs and schemes geared towards making SMEs successful in Nigeria actually achieved the set goal of improved performance.

A m ixed methods approach was adop ted by the authors using the survey and semi - structured interview methods. The study makes use of a stratified and simple random technique to select the respondent s of the questionnaire , while 20 semi - structured interviews were conducted on the owners/mana gers of SMEs. Descriptive statistics and multiple regression were used to facilitate the estimation process. The study found that while financial assistance has a significant impact on the performance of SMEs, these supports are inadequate and characterize d by stringent, unrealistic bureaucratic details.

The study recommended alternative funding sources like VC , crowd

, and other forms of financial institution s to make funds available at an affordable rate to critical sectors such as agriculture and manufacturing. It is worth noting that some of these funding sources have links to foreign finance , which is WKHIRFXVRIWKHZULWHU·VVWXG\7KHDXWKRUVGLGQRWEDVHWKHVWXG\RQDQ\WKHRU\$OVRWKHVWXG\GLGQRW provide evidence of proxies use d for the measurement of the dependent variable (SMEs '

Walter et al. [92] assessed the impact of VC financing - a new source of alternative funding - on the growth of 40 VC - b acked SMEs from the Cross River State in Nigeria. The exploratory research design was utilized, employing a purposive sampling technique and the Yamane formula to determine a sample of forty (40) SMEs from among the SMEs in Calabar metropolis. The Result of the study showed that VC financing contributes significan tly to the growth of SMEs in Calabar in terms of an increase in sales revenue, volume of business , and net assets. Accordingly, the study recommended that aw areness be created among SMEs on the existence and operations of VC , as this could be one of the potent ways of boosting the sustainable growth and stability of SMEs.

In their study , Saidi et al. [93] examined the connection be tween bank loan ( Measured by access to loan and debt financing) and SME Measured by business expansion and output) in Lagos, Nigeria. The study adopted the survey research design. The Yamane sample size determination formula was employed, whic h gave a sample size of 372 from a population of 11,663. The findings revealed that access to loan s is positively associated with the business expansion of SMEs in Nigeria , while debt financing is positively DVVRFLDWHGZLWK60(V·RXWSXWLQ1LJHULD7KHVWX dy recommended the SME Credit Guarantee Scheme to LPSURYHFUHGLWSURYLGHUV·H[SRVXUHWR longer - term debt issued to SMEs Subair and Salihu [94] investigated the extent to which FDI influences the development of small and medium - scale businesses in different sect ors of the Nigerian economy. Secondary data obtained from the CBN S tatistical Bulletin were used and analysed using the OLS method. Finding s revealed that FDI on its own has contributed negatively to the development of SMEs in Nigeria throu gh the MNCs.

Adeniken et al. [95] examined the impact of development bank finance on the growth and developmen t of MSMEs in Nigeria from 2010 to 2017. However, the specific objectives of the study revolve around determining the ext ent to which SMEs ' financing depend s on sound accounting practices and whether MSMEs ' funding depend s on collateral. A s urvey design method was employed in the study. The OLS regression technique was used to analyse the data obtained from primary an d secondary sources. The study found that MSMEs in Nigeria have poor accounting practice s , access to finances by MSMEs depend s large ly on sound accounting practice s, and the volume and value of credits to MSMEs rely on the availabil ity of collateral . The impact of development bank finance , as titled in the study , was not explored.

Eze and Apiri [96] empirically examined the Nigerian context of the loanable funds ' impact on the performance of SMEs within a study range of 2001 - 2018. This study used an experimental research design app roach for the data analysis. The study employed time series data sourced from the CBN annual statistical bulletin, 2018. The ECM was used to analyse the data set after determining its individual stationarity with the 139 Ekeocha e t al.

| Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 presence of a long - run cointegrat ing relationship among the variables employed in the study. The study found that credit to the private sector and interest rate ceiling have both linear and non - linear significant impact s on the performance of SMEs in Nigeria. Adebamiwi and Abubaka [97] investigated the impact of foreign loans on Nigeria's economic growth. The study's data w ere obtained from the Statistical Bulletin of the CBN for the peri od 1995 - 2021 and evaluated using a multiple regression model and an Econometric approach. The study showed that while the exchange rate has little impact on the Nigerian economy, foreign loans and inflation rates ha ve a negative impact and play a non - significant role in explaining the country's economic expansion.

The study recommended that the government should decrease the amount of foreign loans obtained from various sources , and foreign loans should be used for the intended purpose for which it w as obtained. Sanjo and Ibrahim [98] examined the effect of international business on SMEs ' growth in Nigeria. The study adopted a longitudinal research design. The secondary data (2005 - 2014) were gathered from the Nigerian Bureau of S tatistics and the CBN ann ual report. This study employed the OLS method of data analys i s . The finding revealed that trade openness as a measure of competitiveness and FDI has no significant effect on SMEs '

growth in Nigeria. It was also revealed that the exchange rate has a significant impa ct on SMEs ' growth in Nigeria. Paul et al. [99] investigated the relationship between VC and SMEs ' growth in Akwa Ibom State. The study identified and used three components of VC , namely seed capital, start - up capi tal , and development capital. A survey research method was used for the study on a sample size of 50 respondents , discretionally select ed from 10 of the 20 identified VC - financed SMES through a structured questionnaire. Regression analysis and ANOVA were used to analy ze the data using the SPSS .

Findings revealed that seed capital and start - up capital have a positive and significant relationship with SMEs ' growth in the State. Likewise, develop ment capital positively impacts SMEs ' growth as it plays a crucial role in experimentation and innovation that leads to technological change and employment growth, exert s more influence on the management of SMEs , and obtain s better returns. However, it is worth noting that 10 SMEs used for the study seem insufficient to make absolute generalization s , and therefore , further studies that will employ a larger sample size or adopt a different methodology will be required .

Atah and Abba [100] examined the role of VC financing on the growth and development of SMEs in Kano State. The study employed a quantitative approach. Primary data was collected through the distribution of 50 questionnaires to the existing VC firms in Kano State. The sim ple random sampling technique was used to select 5 VC ist organizations in Kano State to participate in the study. Data was analysed using descriptive statistics. Findings show that VC financing contributed substantially to SMEs '

growth and development. Th us, entrepreneurs prefer VC financing to traditional banking loans. The authors recommended that a proper policy framework should be developed to increase the number of VC firms in Nigeria. However, it is instructive to note that using just five companie s in a city like Kano , known for large numbers of SMEs after Lagos , is inadequate and can mar the generalization of the study 's result s .

Emerah et al. [101] appraised the effect of VC on the various SMEs that had received assistance from VC firms. Three hundred and seventy - four SMEs were given structured questionnaires to complete in order to gather primary data. The respondents were ch osen using the purposeful sampling approach, and the data w ere analysed using percentages and linear regression. The analysis's findings demonstrated that VC significantly improved the performance of Nigeria's small and medium - sized businesses. It was recommended that VC firms should shift emphasis from profit - making to long - term goals like business size, investor protection , and entrepreneurial experience , which will ensure the survival of SMEs and benefit all stakeholders.

Adeniken et a l. [95] investigated the relationship between VC and the growth of SMEs in Lagos, Nigeria. The study specifically investigated whether there is a significant relationship between VC and Innovation, VC and management practice , and VC and financial management in SMEs. The study , which adopted a correlational 140 research design , showed that VC has a significant positive effect on the growth of SMEs. The findings specifically suggested that there is a significant positive relation ship between VC and innovation as well as financial management in SMEs , while revealing that there is no significant relationship between VC and management practice in SMEs.

Hence, the study recommended that SME owners should embrace the modern system of management , while the VC firms , in collaboration with SME associations , should organize training and retraining programmes for SMEs. Achugbu [102] investigated the impact of VC financing on the growth of innovative start - up companies in Niger ia. An e xploratory research design was employed in the study due to the fact that VC is relatively an unknown area in Nigeria at that time . It was found that VC financing has a positive impact on the growth of innovative start - ups. The use of VC financing increased profitability, spur red employment growth, boosted asset base, and improved the quality of management for VC - backed start - ups. It was concluded from the study that VC - backed start - ups will make more meaningful contributions t o society. Considering the paucity of research around VCs in Nigeria , the study would have made an immense contribution to the subject matter.

Dagogo and Ollor [103] examined the use of VC financing for SME development in Nigeria. The author achieved this by comparing the Economic Value Added (EVA) of VC - backed SMEs a nd those of non - VC - backed SMEs. Equity finance, management support, and technical support were identified as independent variables. Primary data were gathered from 120 sets of questionnaires administered, 60 for each category of SMEs , and regression was us ed to analyse the data. It was found that VC - financed SMEs clearly outperformed non - VC - financed SMEs, and that the distinctive performance is the effect of management support by VC ists in their portfolio SMEs.

Okpala [104] investigated the effect of VC on the emergence and development of entrepreneurship as an aid to employment creation and poverty alleviati on in Lagos State. One hundred nine questionnaires were administered to SMEs to collect data , and were analysed using the P earson product - moment correlation coefficient . Findings revealed that though VC s exist in Lagos State, they were ineffective.

The study concluded that due to the ineffectiveness of VC activity, low entrepreneurship has emerged , coupled with the underdevelopment of the sector, high level s of unemployment , and massiv e poverty in the state. It was recommen ded that the Government should pay attention to promoting VC in its policy framework. The study failed to reveal how t he authors arrived at the ineffectiveness of the VC activities and how this ineffectiveness contributed to the low number of entrep reneurs (See Table 1 ).

Table 1. Summary of empirical findings . S/N Name of Title of Paper Period of Methodology

Author/Date Study 1 Edeh et al. [ 84] Impact of FDI on 1981 - 2017 This research adopts Results indicate that the agricultural the ex ? post facto FDI has a positive and sector in Nigeria research design using significant impact on secondary quarterly agricultural sector time series data . output. 2 Fowowe [61] Access to finance 2006 - 2012 The study used Findings revealed that and firm secondary firm - level inadequate finance has nce: data set sourced from an inhibiting effect on Evidence from the World Bank and its the growth of African African countries partners across the firms. The estimations world from its showed a significant Enterprise S urveys .

negative effect of access to finance constraints on firm growth. 141 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 Table 1. Continued. S/N Name of Title of Paper Period of Methodology

Author/Date Study 3 Gumel [90] Access to financial 2017 The method adopted The study found that institutions as an was the use of survey financial institutions ' instrument for using the structured financing is one of the growing small questionnaire as a long - term sources of businesses in su rvey instrument. The f und ing that grows small Nigeria method of testing the businesses in Nigeria , hypothesis is the and expe rts employed by contingency table owners played a role in analysis using the Chi - securing the loan for Square.

small businesses . 4 Ekienabor et al. FDI and its effect 1981 - 2012 Ex Post facto research Findings from the study [87] on the design using annual revealed a positive and M anufacturing time seri es data sourced significant relationship sector in Nigeria from the CBN between FDI and Statistical Bulletin, MOUTPUT in Nigeria. 2012. The econometric regression OLS model was used . 5 Adegboye and Does acc ess to 2018 Secondary data from Ease of accessing bank Iweriebor [88] finance enhance the World B ank was credit is t he strongest SME innovation employed in the logit positive force in driving and estimation/logistic all types of innovation P roductivity in regression technique .

among SMEs in Nigeria. Nigeria? Evidence external financing has a from the World significant effect on Bank Enterprise R&D spending and use Survey of foreign licensed technology. The study also shows that increased access to finance may actually lea d to a decline among SMEs in Nigeria. 6 Bacovic [33] Domestic vs FDI , 1995 - 2020 The study applied the Findings show a positive Economic Growth panel OLS fixed effect and substan tial and Productivity in method on secondary relationship between Southeast Europe data.

domestic investment and FDI growth and GDP growth, with domestic investment having a greater positive influence than FDI inflows. 7 Galadanchi and A conceptual review 2022 Literature review The study concluded Abubakar [89] of the effects of that there is a link financial between access to access to small finance and the business performance of small businesses. thr ough the use of the resources - based view and pecking order theory 142 Table 1.

Continued . S/N Name of Title of Paper Period of Met hodology

Author/Date Study 8 Bruno and A meta - ana lysis of 2000 - 2015 Literature review. The 7KHUHVHDUFKHUV·ILQGLQJV Cipollina [34] the indirect impact authors adopted recent show that on average of FDI in old and meta - regression FDI has a positive new EU analysis meth ods ² FAT - indirect impact on Member states: PET and PEESE . productivity. The impact Understanding varies in the selected productivity European countries spillovers indicating a sign of better absorptive capacities in those countries.

9 Ur Rah man et al. A review of FDI 2017 - 2018 Systematic literature The study revealed both [58] and the review negative and positive manufacturin g effects of FDI in the sector of Pakistan manufacturing sector , noting that the findings separately fill the gap in the literature . 10 Sauravand Kuo FDI and 2020 Review and meta - Findings of the study [60] P roductivity : A analyses of existing revealed consistent L iterature literature evi dence that foreign R eview on the ownership increases the effects of FDI on productivity of MNC s.

local firm A ffiliates in developing productivity countries. On the other hand, competitors of MNCs generally experience insignificant and sometimes negative spillovers. 11 Charoenrat and The efficiency of 1997 - 2007 The auth ors employed Findings from the study Harvie [62] SMEs in Thai a n SFA model to show that the correlation manufacturing: A measure the technical between foreign SFA efficiency of the firms.

investment (Ownership) and SME technical efficiency is focused on medium - sized firms , while the estimated coefficients for the variable indicate negative signs for small firms. 1 2 Tülüce and The impact of 2014 The authors adopted an The study found limited 'RøDQ [63] FDI VRQ60(V· extensive literature evidence of a positive development review relationship between foreign presence through FDI and productivity 143 Ekeocha e t al.

| Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 Table 1. Continued. S/N Name of Title of Paper Period of Methodology

Author/Date Study 1 3 Srhoj et al. [21] Impact evaluation 2008 - 2012 The authors employed The results from the of busin ess Ex post facto research study show , on development grants and us ed a two - way average , strong RQ60(V· fixed effects regression positive effects of to analyse the business development secondary data. grants on capital stock, bank loans, intermediate inputs, value added , as well as employment for firms with over 20 employees, but none on productivity, sales, average wage , and inventories.

1 4 Peter et al. [91] Government None A m ixed methods The study found that financial support approach was adopted while financial and the financial by the authors using assistance has a performance of the survey and semi - significant impact on SMEs structured interv iew the performance of methods. Descriptive SMEs, these supports statistics and multiple are inadequate and regression were used to characterized by facilitate the estimation stringent, unrealistic process .

bureaucratic details. 1 5 Radas et a l. [64] The effects of None The authors made use Findings from the public support of secondary data and study revealed limited schemes on adopted the CIA as an empirical evidence on SMEs . estim ation method . the effectiveness of SMEs ' R&D from direct grants . 1 6 *ZL]GDâD [35] The financing of 2014 - 2020 The author employed Findings from the SMEs with the EU secondary data review study indicated that structural funds in and assess ed Po land WKH(8·VDVVLVWDQFH Poland and international has not only a positive documentary and impact on the SME research papers .

sector itself but also on its environment. 1 7 Sufyan et al. [36] Analyse the effect 2005 - 2021 Secondary yearly time The result revealed of FDI inflows on series datasets from that FDI boosted the development of Eurostat and the World Visegrad countries' SME s in the Vise Bank database were SMEs to varying graduate group analysed using the degrees. The authors regression coefficients . concluded that FDI can attract business opportunities and be favourable for SMEs '

development in some host countries . 144 Table 1. Continued. S/N Name of Title of Paper Period of Methodology

Author/Date Study 1 8 Vanino et al. [37] Knowledge to 2004 - 2016 The authors used The study found a money: Assessing secondary data positive effect on the the business available in the employment and performance effects Gateway to Research turnover growth of of publicly - funded database on all projects participating firms, R&D grants funded by UKRCs . both in the short and in the medium term. 19 Alraja et al.

[38] Investment in ICT 2000 - 2014 Secondary data The results show that in developing published by the World FDI does not have C ountries: The Bank was used , and a effect on the ICT effect of FDI: simple regression goods exports and Evidence from the model w as used as an imports. On other Sultanate of Oman analytical too l. hand the study finds a positive and significant effect of FDI on ICT service.

20 Leitão and Inward FDI and 1976 - 2002 The authors employed The study found a Baptista [39] ICT: Are they a secondary data and a positive effect of FDI joint technological co - integrated vector on investment in driver of autoregressive ICTs, in the case of a entrepreneurship? approach to examine low - tech producer the data . (Portugal) , and a negative impact of FDI on investment in ICTs in the case of the high - tech producer (Finland).

The result also showed a negative impact on unemployment from FDI . 2 1 Belloumi and Do FDI Inflows 1995 - 2019 Secondary data using a The findings show Touati [59] and ICT affect panel ARDL technique that ICT and FDI economic growth? to analyse the data. have positive and An evidence from significant long - term Arab countries effects on economic growth, and that ICT indicators have a positive long - term impact on FDI inflows in the Arab nations studied .

145 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 Table 1. Continued. S/N Name of Title of Paper Period of Methodology

Author/Date Study 2 2 Sass et al. [65] The impact of FDI 2018 Secondary data were The authors found that on host countries: analysed using classical the impact on the host T he analysis of linear regression economy varies among selected analysis and a panel the four se rvice service industries in regression model. industries , namely a the Visegrad positive and significant countries. influence on exports of vertical business services and horizontal telecommunications services, as well as employment in business services and, to a lesser extent, financial services.

2 3 Ofori and ICT diffusion, 1 980 - 2019 Secondary data from The study found that the Asongu [56] FDI and inclusive the World B ank , and inclusive growth - growth in Sub - using OLS and inducing effect of FDI is Saharan dynamic system GMM rather remarkable in the estimation techniques presence of greater ICT diffusion and that overall FDI mode rates ICT dynamics to engender positive constructive interaction effects on inclusive growth .

2 4 Rawoof et al. [57] The dynamic effects 19 99 - 2021 This research is based The study discovered a of FDI services and on secondary panel substantial and energy consumption data and employed favourable influence of on the ICT sector. AMG, MG , and FDI services and energy CCEMG as assessors. consumption on ICTs. 2 5 Okegbe et al. [83] FDI and Nigerian 2000 - 2017 The study employed The result indicated that economic growth the OLS on secondary FDI has a positive and data.

significant effect o n Nigeria's financial sec tor GDP. It also revealed that FDI in the oil sector has a positive and considerable impact on Nigeria's GDP . 2 6 Akinwale et al. FDI inflow The study employed The result of the study [82] and agricultural Augmented Dickey ² indicated that both FDI sector productivity Fuller (ADF), Johansen and bank credit to the in Nigeria test , and Error agricultural sector had a Correction Mode l on significant effect on secondary data .

agricultural productiv ity . 2 7 Olubunmi et al. Nexus between 2008 - 2018 The study used The results of the [81] Telecommunication secondary data from l analysis s FDI and the World B ank and showed that FDI has Economic Growth: CBN , with the ECM as contributed significantly Evidence from an analytical method . to the performance of Nigeria the Telecommunications Sector . 146 Table 1. Continued.

S/N Name of Title of Paper Period of Methodology

Author/Date Study 2 8 Pacheco [32] The impact of 2010 - 2017 The authors used a The result of the study foreign capital on balanced panel data of shows no significant profitability: the 5.722 firms sourced relationship between the case of Portuguese from SABI degree of foreign manufacturing ownership and SMEs profitability . 29 Chodisetty and Effects of FDI on 2011 - 2021 The study employed Finding s from the study Babu [66] Indian economic secondary data from showed a positive growth with special 2011 to 2021 using E - relationship between the r eference to the views software to FDI and the telecommunication analyse the data and telecommunications sector - an appl ied statistical tools sector. It also found a analysis.

of VECM, OLS , and negative relationship VAR. between FDI and GDP , but with a future positive impact of GDP from FDI . 30 Chodisetty and Effects of FDI on 2011 - 2021 The study employed Finding s from the study Babu [66] Indian Economic secondary data from showed a positive Growth with 2011 to 2021 using E - relationship between the Special R eference to views software to FDI and the the analyse the data and tel ecommunications Telecommunication appl ied statistical tools sector. It also found a Sector - An of VECM, OLS , and negative relationship Empiri cal Analysis.

VAR. between FDI and GDP , but with a future positive impact of GDP from FDI . 3 1 Kato [41] A literature re view 2010 - 2019 Systematic literature Result s from the study of VC financing and review strategy by disclosed that VC the growth of SMEs exploring 50 recently financing positively in emerging published articles in fluences the growth of economies and an VC - backed firms in agenda for future terms of sales growth, research job creation , and an increase in returns on investment.

3 2 Walter et al. [92] VC financing and The exploratory The Result of the study t he growth of SMEs research design was showed that VC in Calabar utilized on primary financing contributes Metropolis, Cross data, employing a significan tly to the River State, Nigeria purposive sampling growth of SMEs in technique and the Calabar in terms of an Yamane formula to increase in sales revenue, determine the sample volume of business , and of forty (40) SMEs net assets.

147 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 Table 1. Continued. S/N Name of Title of Paper Period of Methodology

Author/Date Study 3 3 Gyimah and A study on how 2019 The research design The study revealed that Agyeman [42] DFI support s employed is a case DFIs contribute SMEs: A case study study on IFC significantly to SMEs ' of the International growth in various Finance economies through the Corporation . provision of funds, advisory services , and the raising of capital on international markets , even though they are confronted with systemic and non - systemic challenges in so doing.

3 4 Dvouletý et al. Public SME grants 2010 - 2021 The study employed a The result of the study [43] and firm systematic review of shows mostly the the positive outcomes of the EU: A systematic evidence/literat ure as grants on firm - survival, review of empirical its research design . employment, evidence. tangible/fixed assets, sales/turnover, with varied findings for labour productivity and TFP .

3 5 Wiik and Are we taking 2016 - 2020 The study used The results indicate no Torv und [44] grants for granted? multiple linear significant relationship A n empirical study regression with models between grants and on the impact of for validity and performance. The result government grants robustness , such as in relation to the on firm multicollinearity, performance variables heteroskedasticity , and i ndicated no significant statistical power.

impact of government grants on debt and labour productivity , with a positive impact on sales and assets, although it is not statistically significant. 3 6 Saidi et al. [93] Bank loans and 2019 The study adopted the The findings revealed SMES e survey research design. that access to loan s is in Lagos, Nigeria Employing the Yamane positively associated sample size with the business determination formula expansion of S MEs in to arrive at the sample Nigeria , while debt size.

financing is positively DVVRFLDWHGZLWK60(V· output in Nigeria. 148 Table 1. Continued. S/N Name of Title of Paper Period of Methodology

Author/Date Study 3 7 Piza et al. [69] The impact of 2000 - 2014 Systematic review of Overall, our findings business support literature indicate that: Business services for SMEs support to SMEs on firm LPSURYHVILUPV· performance, helps L MIC create jobs, has a positive effect on labour productivity, on exports , DQGRQILUPV· investment. Evidence on thei r impact on innovation by SMEs is less clear. Matching grants also continue to show a positive effe ct on ILUPV·SHUIRUPDQFH .

3 8 ãHOHEDMDQG%XOH Effects of grants 2012 - 2018 The method s adopted The research showed [70] from EU funds on are secondary dat a that the use of EU funds the business extracted from three has a strong and positive performance of databases , including the effect on employment, non - financial Croatia n Ministry of operating income, labour corporations in Finance . productivity , TFP , and Croatia.

capital in tensity. At the same time, the level of impact significantly depends on the relative size of the grant received from EU funds. 39 Nyikos et al. [45] Do FIs or grants 2020 P anel data with firm - Findings shows that the have a bigger effect years sourced from use of subsidies has a RQ60(V·DFFHVVWR EU subsidies and positive impact on finance? Evidence credits received by the employment, sales and from Hungary firms were used. The in certain settings on analyses are done using productivity. The result PSM .

also sho ws that grants seem to be used effectively while FI holds more direct relevance to advanced productivity. 4 0 Subair and Salihu FDI and 1981 - 2009 Secondary data Finding s revealed that [94] development of obtained from the FDI on its own has SMEs in Nigeria. CBN statistical Bulletin contributed negatively to were used and analysed the development of using t he OLS method . SMEs in Nigeria through the MNCs.

4 1 Aluko and Bayai Grant amount and 2011 - 2018 The regression Findings show the grant - [20] firm revenue estimation procedure approved amount had a was based on the statistically significant Moderating effects Pooled OLS regression and positive effect on of government and the GLS Random the revenue growth of financial support Effects model . grant beneficiary fi rms. scheme. 149 Ekeocha e t al.

| Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 Table 1. Continued. S/N Name of Title of Paper Period of Methodology

Author/Date Study 4 2 Adeyinka et al. Implicat ions of 2010 - 201 7 A s urvey design The study found that [95] development bank method was employed MSMEs in Nigeria have finance on the in the study. The OLS poor accounting growth and regression technique practice s , access to development of w as used to analyse the finances by MSMEs MSMEs in Nigeria data obtained from depend s largely on primary and secondary sound accounting sources .

practice s , and the volume and value of credits to MSMEs depend on the availability of collateral . 4 3 Eze an d Apiri Nexus between 2001 - 2018 The authors used an The study found that [96] loanable funds and experimental rese arch credit to the private of design employing time sector and interest rate SMEs in Nigeria: series data. ECM was ceiling have both linear evidence . used to analyse data and non - linear significant impact s on the performance of SMEs in Nigeria.

4 4 Pasali and Assessing the 2010 - 2019 Secondary data While the preliminary Chau dhary [71] impact of foreign employing the OLS results show foreign ownership on firm estimator ownership overall does performance by give firms an edge on size: Evidence from performance, there is no firms in developed consistent evidence that and developing this is so by firm size. countries However, across all developing regions, the study consistently finds that foreign ownership has a positive impact on the sales and productivity growth of micro - sized firms.

4 5 Njubi [73] Factors that 2018 An exploratory study The study findings were LQIOXHQFH9&LVW·V using a self - that three key variables, decision in fundi ng administered namely market factors, SMEs in Kenya questionnaire to collect product factors, and primary data financial factors, were the key factors considered by VCs in their consideration to fund SMEs. The study also established that each of the key variables had specific items of interest to the VCs in their evaluation of SMEs for funding.

150 Table 1. Continued. S/N Name of Title of Paper Period of Methodology

Author/Date Study 4 6 Pasali and As sessing the 2010 - 2019 Secondary data While the preliminary Chaudhary [71] impact of foreign employing the OLS results show foreign ownership on firm estimator ownership overall does give performance by firms an edge on size: Evidence from performance, there is no firms in developed consistent evidence that this and developing is so by firm size. However, countries across all developing regions, the study consistently finds that foreign ownership has a positive impact on the sales and productivity growth of micro - sized fir ms.

4 7 Njubi [73] F actors that 2018 An exploratory study The study findings were that LQIOXHQFH9&LVW·V using a self - three key variables, namely decision in funding administered market factors, product SMEs in Kenya questionnaire to collect factors, and financ ial primary data factors, were the key factors considered by VCs in their consideration to fund SMEs. The study also established that each of the key variables had specific items of interest to the VCs in their evaluation of SMEs for funding.

4 8 Wanjere et al. )',DQGORFDOILUP·V 2021 Primary data was The results revealed that [74] collected through a there was a statistically structured significant relationship questionnaire. between FDI and firm Descriptive and inferential statistics were both used to analyse the data. 4 9 Adebamiwi and Foreign loans and 1995 - 2021 Ex post facto. Data are The study concluded that Abubaka [97] the growth of evaluated using a while the exchange rate has Nigeria economy multiple regression little impact on the Nigeria n model.

economy, foreign loans and inflation rates have a negative impact and play a non - significant role in explaining the country's economic expansion. The study recommended that the government should decrease the amount of foreign loans obtained from various sources, and foreign loans should be used for the intended purpose for which it was obtained. 151 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 )

123 - 171 Table 1. Continued. S/N Name of Title of Paper Period of Methodology

Author/Date Study 50 Woo [46] Foreign VC firms 2020 Secondary data was 7KHDXWKRUV·ILQGLQJV and analysed using show that foreign VC internationalization descriptive and firms not only encourage of ventures. inferential statistics . their investee ventures to internationalize but also help the internationalization to achieve higher operating performance. The authors could not get information on geographic segment sales on a large number of young private VC - backed firms , which is crucial for the study.

The authors did not indicate the years covered . 5 1 Faridi et al. [75] Impact of FDI on 1982 - 2019 This study is based on The correlation analysis SMEs in Pakistan. secondary data sourced found that SME growth from the World rate is positively Development correlated with FDI and I ndicators and the exports , while negatively Pakistan Economic correlated with gross S urvey and analysed savings and GDP using regressi on.

growth rate. 5 2 Carneiro et al. Influences of 2022 Mixed methods , T he study findings [47] foreign and including literature indicated contrasts domestic VC ists on review and interviews. between the perce ptions the of VCs and portfolio internationalisation firms, so that the former of small firms claim to have a higher impact than what is perceived by the latter. Findings also show that the differential impacts of foreign versus domestic VCs counter the literature position of a stronger effe ct of foreign VCs on small firms.

5 3 Bremus and Reduced cross - 2010 - 2014 Employed secondary Findings show that Neugebaue [48] border lending and data using regression to reductions in cross - financing costs of analyse the data. border bank lending SMEs. made loan rate increases for SMEs more likely. Overall, the res ults show that cross - border lending does indeed affect the access to finance for SMEs, though mostly indirectly through the interbank channel.

152 Table 1. Continued. S/N Name of Title of Paper Period of Methodology

Author/Date Study 5 4 Mirza and Sabah Role of VC as a 2018 The study adopted a The study concluded that VC [77] sour ce of finance quantitative financing played an important for SMEs in methodology and role in the areas of employment Afghanistan. obtained primary creation, in vestment, export data through growth , as well as innovation questionnaire and creativity. The study administration. established that a stable economic environment, investor protection , corporate governance , and well - developed capital markets were found to be the main determinants of VC financing. T he authors confirmed that the VC concept is not fully developed and well understood in Afghanistan and recommended further research o n identif ying and understanding the role of VC s.

The position in Afghanistan requiring further studies is also applicable t o Nigeria. 5 5 Takahashi and Minor grant 2009 - 2016 The study utilized This study showed that Hashimoto [49] subsidy secondary data and receiving a small subsidy does application employed regression not have significant outcomes, effects on to analyse the data but applying for one can productivity using PSM and DID LQFUHDVH60(V·VDOHVDQG improvement: design .

productivity. These positive evidence from results are heterogeneous on Japanese SMEs. firm age and industry and are most pronounced in firms operating for 6 ² 10 years in the service in dustry. 5 6 Sanjo and The effect of 2005 - 2014 The study adopted a The finding revealed that trade Ibrahim [98] international longitudinal research openness as a measure o f business on design. The competitiveness and FDI has SMEs growth in secondary data were no significant effect on SMEs '

Nigeria. analysed using the growth in Nigeria. It was also OLS method. revealed that the exchange rate has a significant impa ct on SMEs ' growth in Nigeria. 5 7 Bozsik et al. [78] The effects of 2000 - 2020 The secondary data The empirical evidence FDI on the obtained from the indicated that FDI has a n performance of World B ank and the advers e effect on the small - medium General Statistics performance of SMEs in the enterprises: The O ffice of Vietnam group of four ASEAN member case of Vietnam.

was analysed using countries , while having a the OLS method . positive influence on Vietnamese SMEs 153 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 Table 1. Continued . S/N Name of Title of Paper Period of Methodology

Author/Date Study 5 8 Elloumi [79] The financial 2022 The study employed a The study revealed that performance of questionnaire to gather access to VC finance is companies financed primary data and an additional financial by VC . employed regre ssion to resource for companies analy ze the data. when financial constraints are inadequate. The study concluded an increase in the VC firms performance through value - added services es pecially in the early years of the business life cycle.

5 9 Jol RYLýDQG The impact of FDI 2009 - 2018 Seconda ry data and The study concluded /RäRQF [50] and VC investment regression analysis, that financing Serbian on entrepreneurship entrepreneurship with in the Republic of FDI s influences the Serbia. empowerment of entrepreneurial businesses due to the involvement of new players in the management structure of these entities. The study also revealed that financing Serbian entrepreneurship with VC investments influences the development of ideas and innovations and encourages the technological development of entrepreneurial entities.

60 Gereben et al. The impact of 2008 - 2014 The authors obtained Results indicated that [51] international relevant secondary data EIB lending has a financial institutions employing regression positive effect on on SMEs : The case ( PSM and DID employment, revenues , of EIB lending in estimation exercises) to and profitability of CEE analyse the data. SMEs , especially during a period characterized by financial and economic turmoil.

154 Table 1. Continued. S/N Name of Title of Paper Period of Methodology

Author/Date Study 6 1 Liu et al. [52] The impact of VC 2002 - 2022 The study employed Findings revealed that RQ&KLQHVH60(V· both semiparametric the early stage of VC sustainable and nonparametric companies has a development: A methods to analyse the significant promoting focus on ea rly - stage secondary data . effect on the sustainabl e and professional development of the characteristics enterprises.

Professionalism on the contrast has no significant impact on the sustainable development of enterprises in the short term. The results also show that VC is supportive of HQWHUSULVHV· standardization and long - term developme nt because it provides funds, oversight, and other non - capital value - added services, such as networking abilities, management experience, and market information. 6 2 Du and Cai [53] The Impact of VC 2020 The s tudy used The results showed that on the Growth of secondary data from 40 the VC can significantly Small ?

and Medium ? agricultural SMEs and improve the technology Sized Enterprises in employed multivariate innovation, profitab ility, Agriculture regression to analyse and growth ability of the data. SMEs. For the solvency of SMEs, the promoting role of VC is not obvious. 6 3 Bigos and The role of foreign 2017 - 2021 The study is based on Based on the study, a Michalik [54] VC and foreign primary data obtai ned positive relationship business angels in using the CAWI exists between the start - XSV·HDUO\ technique. The authors involvement of foreign internationalization: employed a logistic VC funds in start - ups The case of Polish regression model to test and SMEs and their ICT start - ups.

the hypotheses. early internationalization . 6 4 Atah and Abba An appraisal of VC 2020 Primary research was Findings shows that VC [100] financing on the obtained through a financing contributed growth and structured substantially to SMEs development of questionnaire and growth and SMEs in Kumbotso analysed using development. The Local Government descriptive s tatistics . authors recommended A rea of Kano State that proper policy framework should be developed to increase the number of VC firms in Nigeria.

155 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 Table 1. Continued. S/N Name of Title of Paper Period of Methodology

Author/Date Study 6 5 Paul et al . [99] VC and growth of 2022 A survey research Findings revealed that SMEs in Akwa method was used ³ seed capital and start - up Ibom State. d ata obtained through a capital have a positive structured and significant ques tionnaire. relationship with SMEs ' Regression analysis and growth in the state. ANOVA were used to Likewise, development analy ze the data. capital positively impacts SMEs '

growth as it plays a crucial role in experimentation and innovation that leads to technological change and employment growth, exert s more influence on the management of SMEs , and obtain s better returns. However, it is worth noting th at 10 SMEs used for the study seem insufficient to make an absolute generalization. 6 6 Adeniken et al. VC and growth of 2020 The study adopted a Findings showed that [95] SMEs in Lagos, correlational research V C has a significant Nigeria.

design . positive effect on the growth of SMEs. The findings specifically suggested that there is a significant positive relationship between VC and innovation as well as financial management in SMEs , while revealing that there is no significant relationship between VC and management practice in SMEs. 6 7 Emerah et al. VC and 2020 Structur ed The analysis's findings [101] performance of questionnaires were demonstrated that VC SMEs in Nigeria.

used to gather primary significantly improved data , and the data w ere the performance of analysed using Nigeria's small and percentages and linear medium - sized regression . businesses. 156 Table 1. Continued. S/N Name of Title of Paper Period of Methodology

Author/Date Study 6 8 Achugbu VC financing for 2017 An e xploratory It was found that VC financing has [102] innovative start - research design an impact on the growth of up companies in was employed in innovative start - ups. The use of VC Nigeria the study . financing increased profitability, spur red employment growth, boosted asset base, and improved the q uality of management for VC - backed start - ups.

6 9 Dagogo and The effect of VC Primary data It was found that VC - financed Ollor [103] financing on the were gathered SMEs clearly outperformed non - economic value - from 120 sets of VC - financed SMEs, and that the added profile of questionnaires distinctive performance is the effect Nigerian SMEs. administered, 60 of management support by VC ists for each in their portfolio SMEs. category of SMEs , and regression was used to analyse the data.

70 Okpala [104] VC and the 109 Findings revealed that though VC s emergence and questionnaires exist in Lagos State, they were development of were ineffective. The study concluded entrepreneurship : administered to that due to the ineffectiveness of A focus on SMEs t o collect VC activity, low entrepreneurship employment data , which were has emerged , coupled with the generation and analysed using underdevelopment of the sector, a poverty the P earson high level of unemployment , and alleviation in product - huge poverty in the state. It was moment recommended that the Government correlation should pay attention to promoting coefficient VC in its policy framework.

71 Asuamah [80] Catalysing Literature review The review highlighted important Entrepreneuria l results about the influence of VC Growth: and PE on economic development Unleashing the and entrepreneurial growth by potential of VC synthesizing the body of available and PE in lite rature. It looked at the legal and developing regulatory obstacles to accessing VC nations and PE, as well as the institutional and cultural elements that influence the VC and PE environment in emerging countries. The review also provided policy recommendations and highlight ed areas for further research, emphasizing the potential impact of VC and PE in driving entrepreneurial activities and fostering sustainable economic development in developing nations.

157 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 Table 1. Continued. S/N Name of Title of Paper Per iod of Methodology

Author/Date Study 7 2 Ayub et al. [55] The role of business The study adopted a The study confirms that grant assist ance, survey design using a there are significant micro saving , and questionnaire to collect positive relationships financial knowledge primary data . between micro saving s towards Bumiputera towards Bumiputera SME business SME performance in Sabah. However, the Sabah study also found that there are no significant relationships between financing knowledge and business grant assistance towards Bumiputera SME business performance in Sabah, Malaysia .

This paragraph highlights the concerns for additional research and analysis based on the numerous studies evaluated on the effect of foreign finance on the performance of SMEs in Nigeria. A critical examination of existing empirical studies in terms of objectives, variables, methodology, findings, and research gaps identified a slew of flaws that necessitate further investigation. Fowowe [61] focuses on Access to finance and firm performan ce: Evidence from African countries. Although the study applied secondary firm - level data set sourced from the World Bank and its partners across the world from its Enterprise surveys, however, insufficient variable was adopted in the study as only employm ent JURZWKZDVHPSOR\HGDVILUPV·SHUIRUPDQFHPHWULFDQGWKHUHZDVQRPHWULFVWRPHDVXUHWKHHIIHFWRIDFFHVV WRILQDQFHRQILUPV·SHUIRUPDQFHKHQFHWKLVFRQVWLWXWHDLVOLPLWDWLRQVRQYDULDEOHVDGRSWHGLQWKHVWXG\,Q like manner, Ekienabor et al.

[87] studied FDI and its effect on the manufacturing sector in Nigeria. Again, the study limited the dependent variable to only MOUTPUT , and other effect s on the manufacturing sector , like profit and employment generation , wer e not considered. Studies of this nature require sufficient variables to justify the credibility of the result ; hence , there are limitations of the variables adopted in the study.

Adeniken et al. [95] in their study considered the implications of development bank finance on the growth and development of MSMEs in Nigeria, but the impact of development bank finance on the growth of MSMEs as implied in the study was not fully explored, besides no variable was used to measur e SMEs ' growth. Dvouletý [43] conducted studies on Public SME grants and firm performance in the EU : A systematic review of empirical evidence.

The study focu ses on the government ' s allocation of financial resources to support SMEs through public subsidies and grants. However, the study intends to affirm whether these public investments help support firms to increase their performance and growth. The presence of heterogeneous effects concerning the firm size, firm age, region, industry, and intensity of public support may naturally affect the conclusion of the study.

The intensity of public support , therefore, require s more studies that would address the lo ng - term effects of public grants that may reveal the real impact on the efficiency of resources in subsidized firms. Also, the finding s of this study could not be applied to the Nigeria n setting since Nigeria and Europe have different socio - economi c, political , and financial institutions . Kato [41] carried out a literature review of VC financing and growth of SMEs in emerging economies and an agend a for future research. Despite the increasing interest of foreign VC firms in Africa, the VC landscape is comparatively new , and little has been published to underscore VC financing performance in the region.

Furthermore, VC data is not open access; this c reates difficulty in obtaining information for the consumption of researchers and prospective business entrepreneurs. 158 Peter et al. [91] studied government financial support and the financial performance of SMEs. The authors did not base the study on any theory. Also, the study did not provide proxies used for the measurement of the dependent variable (SMEs '

performance). With the inadequacy of government assistance, the effects of foreign assistance RQ 60(V· SHUIRUPDQFH have become a desir ed choice of study. Also, Srhoj et al. [21] conducted research on the impact HYDOXDWLRQ RI EXVLQHVV GHYHORSPHQW JUDQWV RQ 60(V· SHUIRUPDQFH Appropriate hypothes e s required for the stud y were not developed and tested , and the study concentrated on the domestic development grant alone , leaving out foreign grants for further studies.

Saurav and Kuo [60] considered FDI and productivity: A literature review on the effects of FDI on local firm produc tivity. The scope of this study was limited based on a revi ew o f existing literature only. The researchers relied solely on previously published studies and did not conduct new research to contribute to the body of knowledge. Again, no theory was applied to support the findings in the study , and no specific pe riod was covered.

Ur Rahman et al. [58] conducted a FDI and the manufacturing sector of Pakistan. The one - year period of the study seems insufficient ; a lso, the theories on which the various studies reviewed by the author were not revealed. Most of the findings are based on country - leve l impact rather than firm - level one . The review also revealed both positive and negative impact s of FDI, thus giving room for further investigation. Bruno and Cipollina [34] studied a Meta - Analysis of the indirect impact of FDI in Old and N ew EU member states : Understanding productivity spillovers . The study concentrated only on the indirect impact of FDI on the firms , with no proxies for the independent variable of FDI. Again, no theory was espoused to support the findings in this study. Th e variation of the impact on selected countries shows inconsistency and thus indicat es the need for further studies.

Gumel [90] investigated access to financial institutions financing as an instrument of growing small businesses in Nigeria. The study context is limited to Dutse city in Jigawa state of Nigeria , with only 50 questionnaires administered. Th e sample does not sufficiently represent SMEs in Nigeria. T here is a population and sample size gap. Also, no period was submitted for the study (See Table 2 ).

Table 2. Summary of critique of empirical studies . S/N Name of Title of Period of Methodology

Critique Author/Date Paper Study 1 Edeh et al. Impact of 1981 ² 2017 This research Results indicate The study is limited to [84] FDI on the adopts the ex ? post that FDI has a reviewing existing agricultural facto research positive and literature only, sector in design using significant impact particularly the CBN Nigeria secondary quarterly on agricultural statistical bulletin. Direct time seri es data .

sector output. impact on the companies eng aged in agriculture was not explored. There are methodology and evidence gaps. 2 Fowowe [61] Access to 2006 ² 2012 The study used Findings revealed Insufficient variable was secondary firm - level that inadequate adopted in the study , as firm data set sourced finance has an only employment from the World inhibiting effect on growth was employed as Evidence Bank and its the growth of a firm ·V from African partners across the African firms. The metric. No proxies were countries world from its estimations us ed to measure the Enterprise S urveys .

showed a effect of access to fund s significant negative on a ILUP·V effect of ac cess to There is a limitation on finance constraints variables. on firm growth. 159 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 Table 2 . Continued. S/N Name of Title of Period of Methodology

Critique Author/Date Paper Study 3 Ekienabor et FDI and its 1981 - 2012 Ex Post facto Findings from the The study limited the al. [87] effect on the research design study revealed a dependent variable to M a nufacturin using annual time positive and only MOUTPUT . g sector in series data sourced significant Other effect s on the Nigeria from th e CBN r elationship between manufacturing sector , Statistical Bulletin, FDI and like profit and 2012. The MOUTPUT in employment econometric Nigeria.

generation , were not regression OLS considered. There are model was used insufficient variables . 4 Adeg boye and Does access 2018 Secondary data Ease of accessing There seem to be Iweriebor [88] to finance from the World bank credit is the conflicts in the enhance SME B ank was employed strongest positive findings. Accessing innovation in the logit force in driving all finance drives and estimation/log istic types of innovation innovation , while p roductivity regression among SMEs in increased finance may in Nigeria?

technique . Nigeria. external also lead to a decline. evidence from financing has a No period was the World significant effect on covered. Bank R&D spending and enterprise use of foreign survey licensed technology. The stud y also shows that increased access to finance may actually lead to a decline in productivity among SMEs in Nigeria. 5 Galadanchi A conceptual 2022 Literature review The study conclude d There w ere no and Abubakar review of the that there is a link performance variables [89] effects of between access to used in the study. The financial finance and the study did not cover a access to performance of small specific period.

small business businesses. The study is limited based on reviewing on through the existing literatures use of the only. The researchers Resources - relied solely on Based View previously published and Pecking studies and did not Order Theory conduct new experiments. There are methodology and evidence gaps. 6 Bruno and A meta - 2000 - 2015 Literature review . 7KHUHVHDUFKHUV· The study Cipollina [34] analysis of the The authors findings show that concentrated only on indirect adopted recent on average FDI has a the indirect impact of impact of meta - regression positive indirect FDI on the firms , FDI in Old analysis methods ² impact on with no proxies for and new EU FAT - PE T and productivity.

The the independent member states : PEESE . impact varies in the variable of FDI. No Understanding selected European theo ry was espoused productivity countries indicating a to support the spillovers sign of better findings in this study. absorptive capacities in those countries. 160 Table 2. Continued. S/N Name of Title of Period of Methodology

Critique Author/Date Paper Study 7 Ur Rahman A review of 2017 ² 2018 Systematic literature The study revealed The one - year period [58] FDI and the review both negativ e and of the study seems manufacturin positive effects of insufficient ; a lso, the g sector of FDI in the theories on which the Pakistan manufacturing various studies sector , noting that reviewed by the the findings author were n ot separately fill the gap revealed. Most of the in the literature findings are based on country - level impact rather than firm - level impact .

8 Saurav and FDI and 2020 Review and meta - Findings of the study The study is limited Kuo [60] Productivity: analyses of existing revealed consistent based on reviewing on A L iterature literature evidence that foreign existing literatures R eview on ownership increases only. The researchers the effects of the productivity of relied solely on FDI on local MNC affiliates in previously published firm developing countries.

studies and did not prod uctivity On the other hand, conduct new competitors of experiments. There MNCs generally are methodology and e xperience evidence gaps. insignificant and No theory to support sometimes negative the study , leading to a spillovers. Theoretical gap. Also, no specific period was covered. 9 Peter et al. Government 2018 A m ixed methods The study found that The authors did not [91] financial approach was while financial base the study on any support and adopted by the assistance has a theory. Also, the study financial authors using the significant impact on did not provide survey and semi - the performance of proxies used for the of SMEs structured interview SMEs, these measurement of the methods.

supports are dependent variable D escriptive inadequate and (SMEs ' statistics and characterized by Multiple Regression stringent, unrealistic were used to bureaucratic details. facilitate the est imation process . 10 Sufyan et al. Analyse the 2005 ² 2021 Secondary yearly The result revealed The authors did not [36] effect of time series datasets that FDI boosted the specify the proxies for FDI inflows from Eurostat and SMEs of the measuring SME on the the World Bank V isegrad countries to development , which development database were varying d egrees. The would have helped of smes in analysed using the authors concluded narrow down areas of the V ise regression that FDI can attract con cern or focus graduate coefficients .

business more attention. group opportunities and be favourable for SMEs ' development in some host countries 161 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 Table 2. Continued. S/N Name of Title of Period of Methodology

Critique Author/Date Paper Study 11 Rawoof et al. The dynamic 1999 ² 2021 This research is The study discovered The study was [57] effects of based on secondary a substantial an d restricted to impact of FDI services panel data and favourable influence FDI on only export and energy employed AMG , of FDI services and capabilities of ICT consumption MG , and energy consumption firm. This is narrow as on the ICT CCEMG as on ICTs.

FDI can impact other sector. assessors. aspect at the same time. 12 Chodisetty Effects of 2011 ² 2021 The study employed Finding s from the The research is only and Babu [66] FDI on secondary data from study showed a limited t o cellular Indian 2011 to 2021 using positive relationship services in the Indian e conomic E - views software to of the FDI and telecom market. The growth with analyse the data and Telecommunication author mentioned it special appl ied statistical sector. It also found was extremely difficult referen ce to tools of VECM, a negative to obtain separate the CE OLS , and VAR.

relationship between statistics for cellular telecommuni FDI and GDP but services from the cation sector : with a future positive telecom sector from an empirical impact of GDP from the numerous data analysis. FDI . sources which cast a doubt on the conclusion reached. 13 G yimah and A study on 2019 The research design The study revealed The authors Agyema [42] how DFI employed is a case that DF Is contribute mentioned that there support s study on IFC significantly to still lingers a SMEs: A SMEs '

growth in systematic weakness case study of various economies in collecting indicators the through the to gauge whether International provision of funds, projects are achieving Finance advisory services , their stated C orporation. and raising of capital development on international objectives, thus markets , even though casting a doubt on the they are confronted conclusion reached. with systemic and non - systemic challenges in so doing.

14 Saidi et al. Bank loans 2019 The study adopted The findings revealed The study did not [93] and SMEs the survey research t hat access to loan s is introduce any control design. Employing positively associated variable s that may be in Lagos, the Yamane sample with the business germane to Nigeria size determination expansion of SMEs determi ning SMEs ' formula to arrive at in Nigeria , while debt , such as the sample size.

financing is positively age and size of firm. associated with 60(V·RXWSXWLQ Nigeria. 162 Table 2. Continued. S/N Name of Title of Period of Methodology

Critique Author/Date Paper Study 15 Adeniken et Implications 2010 ² 2017 A s urvey design The study found that The impact of al. [95] of method was MSMEs in Nigeria development bank development employed in the have p oor finance , as titled in the Bank finance study. The OLS accounting practice s , study , was not on the regression access to finances by explored. No variable growth and technique was used MSMEs depend s was used to measure development to analyse the data largely on sound SMEs '

growth. of MSMEs obtained from accounting practice s, in Nigeria primary and and the volume and secondary sources . value of credits to MSMEs depend on the availability of collateral . 16 Pasali and Assessing the 2010 ² 2019 Secondary data While the Findings cannot be Chaudhary impact of employing the preliminary results generalized as no [71] foreign OLS estimator show forei gn evidence pointed to ownership ownership overall firm size. This on firm does give firms an research also edge on identified future by size: performance, there is research areas that can Evidence no consistent advance insight into from firms in evidence that this is the effects of FDI and developed so by firm size.

firm performance, and However, across all including the specific developing developing regions, ch annels through countries the study consistently which the former finds that foreign affects the latter . ownership has a positive impact on the sales and pr oductivi ty growth of micro - size firms. 17 Mirza and Role of VC 2018 The study adopted a The study concluded The authors Sabah [77] as a Source quantitat ive that VC financing confirmed that the VC of Finance methodology and played an important concept is not fully for SMEs obtained primary role in the areas of developed an d well in data through employment understood in Afghanistan.

questionnaire creation, investment, Afghanistan and administration. export growth , as recommended further well as innovation research o n and creativity. The identif ying and study e stablished that understanding the role a stable economic of VC s. environment, The sample size of 29 investor protect , and may not be adequate corporate to generalize the governance and well -

, even though developed capital a random sampling markets were found technique was to be main emplo yed . determinants of VC financing. 163 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 Table 2. Continued . S/N Name of Title of Period of Methodology

Critique Author/Date Paper Study 18 Bigos and The role of 2017 ² 2021 The study is based Based on the study, a A s mall period of 4 Michali [54] foreign VC on pri mary data positive relationship years. The primary and foreign obtained using the exists between the data is only based on business CAWI technique. involvement of interviews , which can angels in The authors foreign VC funds in be biased and may not start - XSV· employed created start - ups and SMEs capture all relevant early logistic regression and their ear ly information.

internationali model. To test the internationalization. zation: The hypotheses. case of Polish ICT start - ups. 19 Paul et al. VC and 2022 A su rvey research Findings revealed However, it is worth [99] growth of method was used ³ that seed capital and noting that 10 SMEs SMEs in d ata obtained start - up capital have used for the study Akwa Ibom through a positive and seem insufficient to State. structured significant make an absolute questionnaire.

relationship with generalization. Regression analysis SMEs growth in the and ANOVA were State. Likewise, used to analy ze the Development data. positively impacts SMEs growth as it plays a crucial role in experimentation and innovation that leads to technological change and employment growth, exert more influences on the management of SMEs and obtai n better returns. 20 Woo [46] Foreign VC 2020 Secondary data 7KHDXWKRUV·ILQGLQJV The authors could not firms a nd analysed using show that foreign get information on internationali descriptive and VC firms not only geographic segment zation of inferential statistics encourage their sales on a large ventures.

investee ventures to number of young internationalize but private VC - backed also help the firms , which is crucial internationali zation for the study. The to achieve higher authors did not operating indicate the years covered . 164 Tab le 2. Continued. S/N Name of Title of Period of Methodology

Critique Author/Date Paper Study 21 Okpala [104] VC and the 2012 109 questionnaires Findings revealed The study failed to emergence were administered that though VC s reveal how t he and to SMEs to collect exist in Lagos State, authors arrived at the development data , which were they were ineffective. ineffectiveness of the of analysed using the The study concluded VC activities and how entrepreneur P earson product - that due to the this ineffectiveness ship: A moment correlation ineffectiveness of VC contributed to the low Focus on coefficient activity, low number of employment entrepreneurship has entrepreneurs.

generation emerged , coupled and poverty with the alleviation in und erdevelopment of the sector, a high level of unemployment , and huge poverty in the state. It was recommended that the Government should pay attention to promoting VC in its policy framework.

The researcher observed from empirical reviews of literature that the findings from the subject matter remain inconc lusive. There were conflicting findings in the various studies carried out by different researchers. For in stance, Adegboye and Iweriebor [88] indicated a positive relationship between access to finance and innovation ; the authors also concluded that i ncreased finance may lead to productivity decline. Also, there were mixed results in the study carried out by Charoenrat and Harvie [62] in Thailand , with a positive and significant impact of FDI on medium - sized SMEs but a negative impact on small SMEs. There were also mixed results across regions , indicating the nee d for fu rther research. Alraja et al.

[38] in their study found that FDI does not affect the ICT goods exports and imports. On the other hand , the study finds a positive and significant effect of FDI on ICT service s, thus necessitating further studies. While Ekienabor et al. [87] from their study revealed a positive and significant relationship between FDI and MOUTPUT in Nigeria, Subair and Sal ihu [94] in their s tudy concluded that FDI on its own has contributed negatively to the development of SMEs in Nigeria through the MNCs.

Beyond finance, other factors contribute to SMEs ' , which should be controlled. Such facto rs include firm age, size , and the experience of the manager. Many of the literature reviewed have no control variable. Fowowe [61] only adopted employment growth as a firm ·V performance metric without employing any controlled variable s . Galadanchi and Abubakar [89] did not use a ny performance variable. Sufyan et al.

[36] d id not specify the proxies for measuring SME development , and so there was no control variable. Other authors tha t did not introduce any control variables include [56] , [59] , [65] , [93] . Dvouletý [43] introduced some control variables but discovered the presence of heterogeneous effects concerning the firm size, firm age, region, industry, and intensity of public support, thus requiring more studies that would address the long - term effects of foreign finance on SMEs.

Future studies should introduce a control variable , namely , firm size. Control va riables help in achieving consistent and unbiased result s . 165 Ekeocha e t al. | Manag. Anal. Soc. Insights. 2 ( 3 ) ( 2025 ) 123 - 171 M uch of the reviewed literature concentrated only on FDI . Such researchers included [57] , [59] , [66] , [82] , [84] . The researcher has added other forms of foreign finance , including grants, foreign loans, funds from foreign DFI , and VC s. In Nigeria , there are few studies on VC s as the concept is still evolving. This position was reinforced by Kato [41] and Walter et al.

[92] , who suggested further work on VC s. F o reinforced the theoretical gap that future studies should fill. Researches backed by theories enjoy an added layer of credibility and support. A good number of reviewed studies were not backed by any theory. Such studies include [34] , [39] , [60] , [91] . Future studies should consider the pecking order theory and the theory o f performance.

The authors declare no conflict of interest.

All data are included in the text.

This research received no specific grant from funding agencies in the public, commercial, or not - for - profit sectors.

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