Data for this review were sourced from academic databases such as Scopus, Google Scholar, and Web of Science using keywords ^{25, 26} like women SMEs, strategic determinants, and socio-cultural barriers. A three-stage screening process; title and abstract review, full-text evaluation, and citation tracking, ensured relevance to the research objectives. Thematic coding followed a structured framework: deductive coding organized studies under predefined themes, while inductive coding revealed emerging themes such as digital infrastructure and microfinance. Reflexive practices, including memo writing and peer debriefing, enhanced analytical transparency and reduced bias, ensuring the reliability and coherence of findings aligned with the study’s objectives.

To manage subjectivity in thematic analysis, the researcher combined deductive and inductive coding within a transparent framework. ^{27, 28} Deductive coding applied predefined themes from literature; such as societal attitudes, family dynamics, and strategic factors, ensuring consistency with the conceptual model. Inductive coding identified new themes like digital infrastructure and microfinance. Reflexive tools, including memos and coding journals, supported transparency and self-awareness. Peer debriefing ensured coding validity and reduced bias. Themes were assessed by frequency, evidence strength, and relevance across contexts. This structured approach enhanced reliability, aligning all findings with the research question to reveal how socio-cultural barriers shape strategic outcomes in women-led SMEs.

To ensure rigor, studies published before 2015 were excluded to avoid outdated policy contexts. Articles lacking theoretical grounding or based solely on anecdotal evidence were omitted to maintain credibility. Single-case studies with limited generalizability were not considered, especially those focused on unique business settings. Only English-language publications were included due to translation constraints. Studies on gender and entrepreneurship without directly linking socio-cultural factors to strategic performance in women-led SMEs were also excluded to ensure relevance.

Institutional frameworks, encompassing both formal and informal rules, play a crucial role in shaping the success of women led SMEs by affecting their access to finance, business networks, and essential infrastructure. ⁴¹ In many regions, gender-based lending practices and stringent collateral requirements restrict women’s access to credit, particularly in contexts where land ownership is predominantly male, such as in Kenya. ^{42, 43} Gender roles also constrain business participation, as domestic responsibilities limit women’s involvement in networks and training opportunities, a challenge observed in countries like India. ^{44, 45} Inadequate infrastructure further hinders market access; for instance, in Nigeria, poor road conditions disrupt supply chains for women involved in agricultural enterprises. ^{46, 47} In contrast, digital financial inclusion in Bangladesh has offered an effective means to overcome such limitations, enhancing access to financial services and markets. ⁴⁸ To promote sustainable growth and economic inclusion for women led SMEs, targeted interventions such as inclusive lending practices, reforms in property rights, and the expansion of digital infrastructure are essential. ^{49– 51}

Societal attitudes and religious beliefs significantly shape the market positioning of women led SMEs, often confining them to low growth sectors in traditionally patriarchal cultures. ^{52, 53} Transformative reforms, such as those introduced under Saudi Arabia’s Vision 2030, have begun to challenge these constraints by promoting women’s participation in industries historically dominated by men. ^{54, 55} In countries like Pakistan, religious and cultural norms continue to hinder women’s access to financial resources for business activities. ⁵⁶ Conversely, in Indonesia, Islamic microfinance has emerged as a culturally aligned solution, offering interest free loans and supportive services that empower women entrepreneurs. ^{57, 58} Access to quality education and targeted entrepreneurial training further strengthens women’s digital and business capabilities, enabling broader participation in competitive markets. ^{59– 61} Public and private sector collaborations, including mobile banking initiatives in Bangladesh, have also played a key role in enhancing financial inclusion and improving market access. ^{62– 64} These developments are essential for building a more inclusive and equitable business environment. To expand opportunities for women in a wider range of sectors, targeted measures such as business scholarships, training programs, and financial inclusion reforms remain crucial.

Stopped Risk management is vital for the sustainability of women led SMEs, with family dynamics and institutional frameworks playing a key role in shaping risk related decisions. ¹⁸ In many contexts, traditional gender norms, such as those prevalent in India, tend to confine women to low risk sectors, thereby restricting their access to high growth opportunities. ^{65, 66} Supportive family structures, on the other hand, can promote innovation and encourage women to engage in more ambitious business ventures. ⁶⁷ Institutional deficiencies, including weak legal enforcement in countries like Kenya, further obstruct the ability of women entrepreneurs to scale their businesses. ^{68– 70} In contrast, initiatives such as Rwanda’s Women’s Guarantee Fund have helped mitigate financial risks and stimulate enterprise growth by offering targeted support. ⁷¹ In Nigeria, financial literacy and risk management training in the agribusiness sector have led to improved profitability and business resilience among women. ^{72– 75} Inclusive financial systems in Bangladesh further enable women to take strategic risks by improving access to credit and insurance services. ⁷⁶ Advancing gender balanced legal frameworks is essential to ensure parity in entrepreneurship and promote equitable business environments.

Innovation among women entrepreneurs is strongly influenced by access to both formal and informal education that builds business, technical, and digital skills. ^{77, 78} In areas such as rural Pakistan, limited educational access constrains innovation and compels women to rely on outdated business practices. ^{79, 80} In contrast, countries like Finland promote innovation through well-established educational systems that empower women to adopt digital technologies and expand their enterprises. ⁸¹ Cultural norms and restrictive gender expectations, particularly within India's technology sector, often block access to funding and deter risk taking, limiting innovative potential. ^{82– 87} Successful examples from Canada and Rwanda show that targeted initiatives in sectors such as fintech and healthcare can support women entrepreneurs in driving innovation. ^{88– 90} Strengthening educational opportunities and transforming societal attitudes are essential for promoting inclusive and sustainable innovation among women entrepreneurs.

The review provided a detailed critical discussion of the findings of the literature review on how social cultural barriers moderate the relationship between strategic determinants and performance of women-led SMEs in diverse cultural contexts as shown in Figure 2.

Institutional barriers such as collateral requirements and gender bias in banking systems significantly limit access to finance for women led SMEs, a challenge compounded by low land ownership and uneven policy enforcement in many regions. ^{41, 42, 90} Informal credit sources, particularly microfinance, continue to play a vital role in supporting women entrepreneurs, yet remain underexplored in strategic discourse. Cultural expectations and inadequate infrastructure further constrain women’s ability to engage with networks and access markets, particularly in high growth industries and agribusiness sectors. ^{43, 45, 46, 91, 92} While mobile banking initiatives in Bangladesh have begun to address some of these traditional barriers, the extent of their broader impact requires further investigation. ⁴⁷ These dynamics underscore the need for culturally responsive financial policies and a more nuanced understanding of how socio-cultural influences, education levels, and technological access shape the long-term sustainability of women’s enterprises.

Societal attitudes significantly influence the market positioning of women led SMEs, often restricting them to low growth sectors as a result of traditional gender norms. ^{51, 52} Although national reforms such as Saudi Arabia’s Vision 2030 aim to enhance inclusivity, their long-term effects on women’s participation in male dominated industries remain insufficiently examined, particularly in rural contexts where entrepreneurial perceptions may differ markedly. ⁵³ Religious beliefs also shape women’s mobility, asset ownership, and access to finance, with varying implications across regions. ^{55, 93, 94} Nonetheless, Islamic microfinance has opened new opportunities by offering financial services aligned with cultural values. ^{56, 57} Education is shown to improve digital and business competencies among women, ^{58, 59} yet disparities in access and the influence of religious interpretation continue to limit competitiveness. Developing inclusive market strategies for women led SMEs requires a more integrated understanding of how societal, religious, and educational factors interact with policy frameworks to support sustainable entrepreneurial growth.

Family dynamics and institutional frameworks play a vital role in shaping how women approach and manage entrepreneurial risk. Cultural gender norms frequently channel women into low-risk ventures, limiting their entry into high growth sectors such as technology and finance. ^{18, 64, 65, 95} While supportive family environments can build confidence and increase risk appetite, the evolving influence of generational roles on entrepreneurial decision making remains an area requiring deeper investigation. ⁶⁶ Institutional elements such as legal protections and financial access also shape risk tolerance. In contexts like Kenya, weak enforcement mechanisms discourage investment and hinder business expansion. ^{68, 69} Conversely, Rwanda’s Women’s Guarantee Fund has shown success in reducing financial risk and supporting enterprise growth. ⁷⁰ In Nigeria, financial literacy programs have contributed to improved profitability among women entrepreneurs, although operational and market related risks remain insufficiently explored. ^{71, 72} A comprehensive understanding of these interlinked factors is essential for building resilience and enabling sustained growth in women led enterprises.

Education plays a central role in driving innovation among women entrepreneurs by equipping them with essential technical, managerial, and strategic skills. ⁷⁷ In areas such as rural Pakistan, restricted access to education undermines women’s capacity for innovation and limits their competitiveness in emerging markets. ^{78, 79} In contrast, countries like Finland benefit from well-developed educational systems that support digital innovation and enhance entrepreneurial outcomes for women. ⁸⁰ Societal attitudes toward leadership and risk taking also influence innovation potential. In India, cultural restrictions and limited access to funding continue to inhibit women’s advancement in male dominated sectors such as technology and engineering. ^{82– 84} More inclusive environments, such as those in Canada and Rwanda, demonstrate how incubators, mentorship programs, and policy backed funds can foster innovation and empower women entrepreneurs. ^{87– 89} Despite these positive developments, the long-term effects of anti-bias policies on the sustainability of innovation remain underexplored. There is a pressing need to examine how education systems, societal perceptions, and policy interventions interact to shape inclusive innovation ecosystems for women led enterprises.

Addressing the challenges facing women led SMEs requires the development of tailored support systems that respond to both socio cultural and strategic barriers. Revising lending models to include flexible terms can help overcome discriminatory practices and reduce the burden of collateral requirements that disproportionately affect women. Mentorship provides essential business guidance and opens access to investor networks, while targeted training in financial literacy, digital skills, and leadership builds the capacity for informed decision making and enhanced competitiveness. Structural constraints can be mitigated through digital commerce training and improved access to business resources. Legal reforms that promote equal property rights, streamline business registration, and introduce tax incentives are also crucial in lowering entry barriers. When supported by robust institutional frameworks and technology, these interventions equip women entrepreneurs with the tools to innovate, expand their enterprises, and contribute meaningfully to inclusive and sustainable economic development.

Legal reforms that safeguard equal credit access and property rights play a pivotal role in dismantling structural inequalities that hinder women-led SMEs. In Rwanda and Kenya, such reforms have contributed to increased financial inclusion and improved business ownership for women, setting an example for broader policy adoption. ^{49, 96} Enhancing women's entrepreneurial success also depends on targeted education in financial literacy, digital technologies, and leadership. Programs across the Asia Pacific region have shown how tailored capacity-building initiatives help women gain strategic competencies essential for growth. ⁶¹

Mentorship and partnerships between NGOs and industries further contribute to the sustainability and resilience of women-owned enterprises. Such models offer practical insights, access to networks, and guidance on scaling businesses in competitive markets. ⁹⁷ Institutional collaboration between government and private actors, like those implemented in Egypt, helps align national development goals with private-sector expertise to drive inclusive entrepreneurship. ^{98, 99}

Global initiatives like SheTrades play a transformative role in reshaping societal attitudes by promoting women’s integration into global markets. These platforms support gender-responsive trade, enable market access, and reinforce inclusive economic participation, thereby strengthening the overall positioning of women in business. ¹⁰⁰ Replicating and localizing such approaches could be vital to cultivating an enabling ecosystem for women entrepreneurs globally.

The main limitation of this study lies in its reliance on secondary data, which may not fully capture recent socio-cultural shifts or reflect the nuanced, real-time experiences of women entrepreneurs. This constraint may affect the depth and immediacy of insights, particularly in rapidly changing cultural and institutional environments where lived experiences evolve faster than academic reporting.