Financial Stratification and Digital Transformation Under Market Disruption: Evidence from Thai SMEs

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Thematic analysis reveals financial constraints impact digital transformation in Thai SMEs, indicating urgent need for targeted policies.

Financial constraints shaped digital transformation trajectories in Thai SMEs during the COVID-19 pandemic, revealing significant disparities.
Asset-light firms faced high-cost personal credit, averaging 18% interest rates, while asset-rich firms secured rapid institutional financing.
Three core financial themes were identified: digital finance adoption patterns, credit access disparities, and policy distortions favoring foreign investors.
Findings challenge assumptions about universal SME financial vulnerability, highlighting the need for targeted financial inclusion policies.

Sartamorn et al. (2025) studied this question.

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