A Multi-Criteria Finance-Driven Scoring Model to Rank Green SMEs and Startups for Investor Decision-Making

Hajer Zarrouk, Teheni El Ghak, Hamda Alnaqbi, Shahlaa Alshehhi, Noof Alothali, Shamma Almansoori, Salama Almheiri, Fatima Alblooki

Environmental, social, and governance (ESG) considerations have become central to corporate sustainability assessment, yet the methodologies used to score and assess green SMEs and startups remain fragmented and insufficiently adapted to their data constraints. This study aims to identify and compare the techniques used in the ESG–financial performance literature and to propose a more suitable evaluation framework for green SMEs and startups. Using Research Rabbit, 395 records were identified through keyword and citationnetwork searches, from which 34 papers published between 2013 and 2025 were selected for in-depth analysis, informed by the PRISMA-ScR framework. The selected studies were classified by firm type, methodology, and financial and ESG variables, revealing 23 methodological approaches. The findings show that large-firm studies rely mainly on quantitative methods and standardized disclosures, while SME-focused research is more limited, diverse, and dependent on surveys, qualitative methods, ESG indices, and hybrid models. Accordingly, this study proposes a Fuzzy DEMATEL + TOPSIS framework to assess and rank green SMEs and startups under data uncertainty.