Strategic Transformation and Social Impact of Ultra Micro Finance: A Systematic Literature Review of PT Permodalan Nasional Madani (PNM) and Social Entrepreneurship
Abstract
Access to formal financing remains a major obstacle for millions of underbanked micro-entrepreneurs in Indonesia. PT Permodalan Nasional Madani (PNM) plays a strategic role as a state policy instrument in poverty alleviation through ultra-micro empowerment. This literature review aims to synthesize recent findings on the strategic management process at PNM and identify research gaps for future research. The method used is a Systematic Literature Review (SLR) of 89 reputable scientific journals from 2004 to 2026 using a thematic analysis approach. The analysis identified four critical gaps: (1) the absence of an integrative theoretical framework between strategic management and social entrepreneurship in the context of social state-owned enterprises; (2) inconsistent empirical evidence regarding the long-term welfare impacts on clients; (3) limited contextual studies on the impact of digitalization and organizational repositioning; and (4) the predominance of cross-sectional qualitative methods. The implications of this review emphasize the need for a shift in policy from needs-based to rights-based, as well as strengthening managerial support for the self-efficacy of field employees. This research provides an academic foundation for more inclusive and sustainable business model innovation in the Indonesian microfinance sector.
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References
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