From credit fear to competitive edge: the interplay of entrepreneurship, FinTech and SME performance

Purpose This paper explores how entrepreneurial orientation (EO) and FinTech adoption (FA) interact to shape the performance of Greek small and medium-sized enterprises (SMEs) operating amid economic restructuring and institutional change. It also assesses the mediating influence of credit fear (CF), a behavioural bias towards debt aversion. Design/methodology/approach A mixed-methods strategy integrates variance-based structural equation modelling (SEM) with case-based fuzzy-set qualitative comparative analysis (fsQCA). Survey data from 332 SMEs spanning manufacturing, retail, tourism, technology and professional services provide the empirical base for both analyses. The data were collected between September 2024 and April 2025. Findings EO is the most powerful driver of FA, and FinTech usage enhances performance directly and, via lower credit fear, indirectly. The fsQCA uncovers three high-performance “recipes”: an EO-led path, a technology-centred path and a hybrid path, underscoring equifinality and the need for contextual alignment. Credit fear consistently surfaces as a behavioural hurdle that dampens the financial and competitive benefits of FinTech. Practical implications SME managers should cultivate an entrepreneurial culture that embraces digital finance while simultaneously addressing debt anxiety through training and transparent communication. Policymakers can bolster competitiveness by pairing FinTech infrastructure investments with initiatives that build financial literacy and trust. FinTech providers, in turn, should tailor products to firms’ strategic orientations and psychological profiles. Originality/value The study advances competitiveness research by inserting credit fear, a novel behavioural finance construct, into the EO-performance framework and by demonstrating, through configurational analysis, that multiple strategic behavioural bundles can yield comparable competitive gains under economic uncertainty.