Abstract Intellectual capital (IC) plays a crucial role in enhancing innovation and sustainability across various organizational scales, including small and medium-sized enterprises (SMEs). Recognizing the central role of SMEs in driving economic growth within ASEAN countries, this study uses bibliometric analysis to examine the research trends and patterns concerning IC and SMEs development over the period from 2015 to 2024. By examining 481 articles and conference papers from the Web of Science (WoS) that satisfy the inclusion criteria, this study employed descriptive statistics, top local cited authors, and keyword co-occurrence to identify key bibliometric indicators, themes, and trends. The findings reveal a significant rise in IC publications across ASEAN countries, with Malaysia, Indonesia, and Vietnam standing out as key contributors. These efforts have played a vital role in enhancing the productivity, competitiveness, and sustainability of SMEs, thereby contributing to the region’s overall economic development. Influential authors like Valaei N and Ahmad NH have played a key role in shaping the field, while the Journal of Cleaner Production and the Journal of Business Research stand out as the most frequently cited journals in this domain. Core themes like governance, productivity, and investment are essential to IC and SMEs performance, with governance improving decision-making and financial stability through human capital and knowledge management, productivity supporting sustainability through operational efficiency and workforce performance, and the use of IC and technology enhancing competitiveness and long-term growth. Thematic evolution analysis reveals a shift in IC research from foundational concepts to specialized, impact-driven studies, initially focused on human, structural, and relational capital, and later expanding into innovation, digital transformation, and competitive advantage. Recent studies focus on integrating sustainability, policy frameworks, and strategic decision-making with practical applications, while this study offers a comprehensive overview of IC research in ASEAN SMEs. It supports policymakers, business leaders, and researchers in shaping policies, investment strategies, and business models to enhance SME competitiveness, while highlighting IC’s role in driving innovation, sustainability, and long-term success through knowledge management, digital transformation, and governance.
Musman et al. (Wed,) studied this question.