Financial and Administrative Management Models for Digital Ventures: A Literature Review

Abstract

Financial and administrative management models are crucial to the success of digital ventures, providing practices that optimize resource management and support strategic decision-making in dynamic digital environments. This study presents an original systematic literature review (SLR) following the PRISMA guidelines, analyzing 354 articles extracted from Scopus and Web of Science databases. Bibliometric techniques, including VOSViewer 1.6.19 version and R-Bibliometrix software 4.3.3 version, were used to identify key research themes, emerging trends, and future directions in the field. A notable 114.29% increase in academic output from 2019 to 2024 underscores the growing importance of these management models. The analysis reveals a focus on financial management tools (e.g., Valuation, Discounted Cash Flow models) and administrative models (e.g., RocaSalvatella, INCIPY), while also exploring the challenges and opportunities present in digital environments. The interaction between external variables (resource management, operational efficiency, adaptability, financial planning, technological innovation) and internal variables (market conditions, government regulations, economic trends) is discussed. This study highlights the integration of agile methodologies, such as Lean Startup, and the growing emphasis on digital resilience, organizational agility, and the impact of digital transformation on business models. The theoretical contribution of this study lies in offering a comprehensive framework that synthesizes existing models, highlights key research gaps, and emphasizes the need for future studies on the dynamic interaction between financial planning, technological innovation, and organizational agility. From a practical perspective, the findings provide digital entrepreneurs and managers with valuable insights into implementing financial tools and administrative frameworks that enhance decision-making, while also underscoring the importance of agility, operational efficiency, and market adaptability to navigate digital disruptions.

1. Introduction

The management of financial and administrative resources plays a decisive role in the success and sustainability of digital ventures, which are characterized by the intensive use of digital technologies for the creation, marketing, and distribution of products and services (Franco et al., 2021; Redondo-Rodríguez et al., 2023). These ventures operate in environments marked by uncertainty, rapid technological evolution, and globalization, which present specific challenges related to financial planning, resource control, and strategic decision-making (Alfarizi et al., 2024; Kreiterling, 2023). As digital businesses evolve, they must adapt or reconfigure traditional financial and administrative management structures to address these new challenges. The growing interest in studying digital ventures reflects their significant impact on the viability and growth of digital start-ups (Fonts-Fernández & Stable-Rodriguez, 2024; Townsend & Figueroa, 2022).

Historically, financial and administrative management models in digital ventures were initially grounded in classical theories such as agency theory, the technology acceptance model, and human capital theory to better understand organizational internal and external relationships (Ghi et al., 2022; Ilyas et al., 2023; Muldoon et al., 2024). However, the rise of disruptive digital businesses has necessitated a reassessment of these theories. The unique characteristics of digital ventures—such as scalability, immateriality of products, and the need for agile decision-making—have led to the development of new models (Cueto et al., 2022; Zhai et al., 2023). For example, the integration of emerging technologies like artificial intelligence (AI), big data analytics, and cloud-based financial models is reshaping how financial decisions are made in real-time and optimizing administrative processes (Han et al., 2024; Ladeira et al., 2019).

Despite the growing corpus of literature on financial and administrative management in digital ventures, a significant research gap remains. While a number of financial management models, tools, and administrative practices have been identified, these are often fragmented, lacking a unified theoretical framework for consistent application in the digital venture context (Bertoni et al., 2022; Ji et al., 2024). Furthermore, there is a paucity of consensus on the integration of traditional financial instruments with emerging technologies, which hinders digital entrepreneurs from adapting to an ever-evolving environment (Alkasassbeh, 2023; Franco et al., 2021). This integration gap prevents ventures from fully leveraging technological advancements while maintaining traditional practices that ensure stability. A number of studies have identified the most commonly used financial tools in digital ventures, such as valuation techniques and performance measurement systems (Fonts-Fernández & Stable-Rodriguez, 2024; Jaloliddin, 2023; Niemand et al., 2021), along with emerging technologies like blockchain for payment processing and smart contracts (Block et al., 2021, 2024). However, many of these contributions lack a comprehensive framework that merges traditional and emerging models. As digital ventures evolve, integrating these models to enhance sustainability and competitiveness becomes increasingly crucial (Bican & Brem, 2020; Tkachenko et al., 2021).

The theoretical framework of this study is based on the convergence of the digital economy, which analyses value creation through disruptive technologies and scalable, data-driven business models, and contemporary dynamic capabilities, focused on the agile reconfiguration of resources through AI and automation. The orchestration of innovation networks coordinates decentralized ecosystems (Lokuge et al., 2025), while platform governance addresses regulatory and ethical mechanisms to balance scalability with social responsibility, in accordance with regulations such as the EU Digital Services Act (Decarolis & Li, 2023; Kun, 2024). Furthermore, transformational leadership models are integrated, linking strategic goal setting with organizational adaptation and smart organization principles, where human–AI collaboration optimizes real-time decision making (Foster et al., 2025; Wang & Zhang, 2025). The ethical dilemmas under consideration are based on stakeholder theory, which prioritizes multidimensional value creation (Nguyen et al., 2024). The extant literature demonstrates a paucity of attention to the manner in which the interaction between internal and external variables, such as resource management and market conditions, affects the success of digital firms (Alfarizi et al., 2024; Alkasassbeh, 2023).

This study conducts a systematic literature review (SLR) in accordance with PRISMA guidelines, analyzing 354 scientific articles published between 2019 and 2024. Utilizing bibliometric techniques with VOSViewer and R-Bibliometrix software, it identifies key trends, research trajectories, and emerging themes in financial and administrative management models for digital ventures. The primary contribution of this study is the consolidation of various management models, tools, and variables, offering a unified framework that integrates traditional management practices with emerging technologies to optimize decision-making and efficiency. Furthermore, the study provides practical insights into how digital entrepreneurs can use AI and big data to address challenges and improve competitiveness, resilience, and sustainability in the digital landscape, emphasizing the importance of understanding the interplay between technological and behavioral factors.

The structure of the document is as follows: Section 2 provides a detailed account of the methodological framework employed. Section 3 presents the results and discussions of the study, followed by the conclusion, implications, and future lines of research in Section 4.

2. Materials and Methods

The present study employs an SLR methodology that integrates bibliometric analysis in order to identify emerging trends and gain insight into the intellectual structure of a specific field (Donthu et al., 2021; Mukherjee et al., 2022). A citation and co-occurrence analysis were conducted using the PRISMA methodology of Page et al. (2021) and tools such as VOSviewer and R-Bibliometrix, which facilitate the construction of bibliometric networks and the visualization of connections in the literature (Aria & Cuccurullo, 2017; Van Eck & Waltman, 2010). The process involved the collection and organization of bibliographic data in Excel, with reference to articles such as Echchakoui (2020) and databases including Scopus and Web of Science. This methodological approach facilitated a comprehensive exploration of the knowledge structure and its interconnections, thereby providing a global perspective on the research conducted.

2.1. Question Formulation

The approach of the study is based on defined review questions, which guide the search strategy, the selection of studies, and the type of data extraction. To this end, the following research questions were formulated as shown in

Table 1. Research questions.

N.º	Questions
RQ1	Which articles, countries, and keywords address financial and administrative management models for digital ventures?
RQ2	What theoretical models exist for financial and administrative management in digital environments, and how do they compare with each other?
RQ3	What key variables affect the effectiveness of a financial and administrative management model in digital ventures?
RQ4	How does the SLR observe the adaptation of a traditional financial and administrative management model to the specific needs of digital ventures?
RQ5	What role do technological tools play in optimizing financial and administrative management in digital ventures?
RQ6	What future work do the authors consider should be done regarding financial and administrative management models for digital ventures?

Source: Authors.

.

2.2. Search Equation

Figure 1 shows the design of the search equation, and the search databases used, including Scopus and Web of Science.

2.3. Inclusion and Exclusion Criteria

In the analysis, inclusion and exclusion criteria were defined considering the availability of the full text (

Table 2. Inclusion/exclusion criteria.

Identifier	Criteria
Inclusion
I.1	Studies found using the literature review technique
I.2	Studies corresponding to the investigated subject matter
I.3	Studies corresponding to the selected institutional databases
I.4	Studies that include literature and research review
I.5	Studies published in the area of Business, Management, Economics, and Social Sciences
Exclusion
E.1	Studies with a different approach to the researched subject matter
E.2	Type of studies: conference proceedings, editorials, book chapters, etc.
E.3	Duplicate articles in the different selected databases
E.4	Studies outside the publication range between 2019 and 2024

Source: Authors.

). As previously noted by Moher et al. (2015), the criteria carry a considerable degree of subjectivity in the decision-making process.

The initial search was conducted in Scopus and Web of Science resulting in a total of 594 articles, then a time horizon was established for the study between 2019 and 2024 to capture the most recent and relevant publications on administrative and financial management models in digital ventures given their relevance since 2019. Consequently, articles that did not meet the criteria of availability, domain area, year range and document type were excluded, resulting in a total of 354 articles. Figure 2 illustrates the refinement process that was carried out with the PRISMA method.

The selection process for the study commenced with a total of 594 studies from the previous version of the review. A total of 52 duplicate records were then removed prior to the screening phase, with no records marked as automatically ineligible or removed for other reasons. Subsequently, 594 records were identified in the databases, encompassing both previous and new studies found in this version of the review. Following an initial review of titles and abstracts, 95 records were excluded, leaving 499 for assessment of eligibility. An additional 45 reports were requested; however, 5 could not be retrieved and were therefore not considered. Subsequently, in the evaluation of the 499 reports, 175 were excluded: 60 were discarded during the title and abstract review, 45 during the final review for not meeting quality or relevance criteria, and 70 more were excluded due to quality issues. This process resulted in the final selection of 324 reports deemed eligible for further consideration. Furthermore, 65 new studies were incorporated, resulting in a total of 354 studies finally included in the review. This rigorous selection process ensures that only the most relevant and high-quality studies are included in the final analysis.

2.4. Analysis and Synthesis

In the process of collating and organizing the analysis of the articles, Microsoft Excel was used to compile and systematize the data and bibliographic information in a spreadsheet. The methodology allowed a logical sequence to be established that ensured the coherence, consistency, and validity of the review.

3. Results

This section presents the results of the analysis in relation to the previously defined research questions. The analysis was conducted on the basis of the data extracted from the 354 primary studies selected to answer the six research questions.

RQ1:

Which articles, countries, and keywords address financial and administrative management models for digital ventures?

• Articles

In this study, a citation analysis of the most influential articles in the field was performed, where the ten most influential articles out of 354 were selected based on their number of citations (

Table 3. Most influential articles.

Description Paper	Total Citations (TC)	TC per Year	Normalized TC
Verhoef et al. (2021) explore how DT and digital business innovation have changed consumer expectations and challenged traditional businesses, identifying three key stages: digitization, operational digitization, and DT.	2021	505.25	24.03
Hanelt et al. (2021) propose a multidimensional framework on DT, highlighting flexible organizational design and continuous adaptation driven by digital ecosystems, with four perspectives: technological impact, compartmentalized adaptation, systemic change, and holistic co-evolution.	778	194.50	9.25
Ghezzi and Cavallo (2020) examine how Lean Startup (LS) approaches facilitate innovation in digital startups, suggesting that LS is key for business agility in dynamic environments.	301	60.20	6.68
Bican and Brem (2020) investigate how digitalization contributes to the SDGs, exploring its relationship with sustainable business growth.	222	44.40	4.93
Cavallo et al. (2019) study cross-sectoral learning in Technology Innovation Systems (TIS), highlighting differences between sectors like solar energy and wind turbines.	168	28.00	4.25
Ukko et al. (2019) analyze how sustainability strategy influences the relationship between digital business strategy and financial performance in small and medium enterprises (SMEs).	157	26.17	3.97
Ghezzi (2019) explores how digital startups apply LS to validate business models, offering guidelines for improving implementation.	141	23.50	3.57
Rangaswamy et al. (2020) study the role of marketing in digital business platforms, suggesting it increases user interaction but faces challenges in managing these interactions.	127	25.40	2.82
Proksch et al. (2024) analyze the impact of digital strategies on new firms, emphasizing the importance of technological and cultural capabilities, in addition to digital strategy.	122	122.00	25.26
Satalkina and Steiner (2020) conduct an SLR on digital entrepreneurship, identifying three key dimensions: the entrepreneur, the entrepreneurial process, and the ecosystem, calling for more research on their interrelationships.	115	23.00	2.55

Source: Bibliometrix. Note: Total Citations (TC).

). The articles were then ranked according to the total number of citations they had received, and the top ten were selected for further analysis. This approach was adopted to ensure that the articles with the highest citation rates, reflecting their significant impact within the field, were included in the review. The selection was based exclusively on the number of citations, without consideration of additional criteria such as journal impact factor or age of publication.

The studies incorporated within the review, as demonstrated in Table 3, demonstrate the direct influence of digitization and innovation on the financial and administrative management models of digital ventures. The table highlights the total citations of key papers addressing fundamental topics such as DT, digital innovation in business models, and organizational adaptation. The substantial number of citations directed towards seminal works, including those by Hanelt et al. (2021) and Verhoef et al. (2021), serves as a testament to the profound impact of these research endeavors within the academic discourse. These studies underscore the significance of integrating digital and organizational capabilities within management models, emphasizing that digital ventures necessitate a multifaceted approach encompassing both digital strategies and organizational flexibility and continuous innovation capabilities. Furthermore, the extant literature demonstrates that effective integration of digital technologies and organizational adaptability are essential factors for optimizing performance and ensuring the long-term sustainability of such ventures.

The articles reviewed offer a comprehensive understanding of financial and administrative management models for digital ventures. A recurrent theme in the studies is the interplay between digital business strategies and organizational capabilities. The findings indicate that financial performance, particularly in the context of SMEs, is influenced by the alignment of managerial and operational capabilities with digital strategies. This suggests that effective management in digital ventures requires a balance between strategic decision-making and operational execution. Furthermore, the importance of digital culture and information technology (IT) capabilities is emphasized as crucial factors for the successful implementation of digital product/service strategies, which directly impact a firm’s ability to compete in the digital economy. It is also vital for organizational structures to adapt, moving towards more flexible and dynamic models that support continuous adaptation in response to evolving digital ecosystems. The findings suggest that digital ventures must not only focus on the adoption of digital technologies but also integrate them within a broader administrative framework that emphasizes agility, sustainability, and technological competence. Consequently, the models of financial and administrative management in digital ventures must be multifaceted, incorporating elements of digital strategy, organizational flexibility, and continuous innovation to optimize performance and ensure long-term sustainability.

b.

Countries

The analysis presented indicates the number of documents related to the subject in different countries and territories. In this case, a list of 10 countries and the number of documents related to the research in each of them is presented. China leads with the highest number of articles with 37, followed by Germany with 27, and the United Kingdom with 23; the production of articles is geographically distributed among countries in different continents.

Table 4. The ten most relevant countries in the literature.

Country	Articles	Articles %	Citations	Citation per Articles %	SCP	MCP	MCP %
China	37	10.6	360	9.7	36	1	2.7
Germany	27	7.7	979	36.2	20	7	25.9
United Kingdom	23	6.6	348	15.1	14	9	39.1
USA	19	5.4	260	13.7	18	1	5.3
Italy	17	4.9	871	51.2	10	7	41.2
Sweden	13	3.7	263	20.2	9	4	30.8
Finland	12	3.4	359	29.9	7	5	41.7
Brazil	9	2.6	25	2.7	8	1	11.1
Indonesia	9	2.6	24	2.6	8	1	11.1
Netherlands	7	2	2385	340.7	6	1	14.3

Source: Bibliometrix. Note: SCP (Single Country Collaboration) and MCP (Multi-Country Collaboration).

shows the influential countries in the literature.

There is a high degree of variability in the collaborative approaches to financial and administrative management models employed in digital ventures. The variability is evident in the difference between SCP and MCP. China is the leading country in this field, with 37 articles published to date; its research output focuses on SCP, which accounts for 97.3% (36 articles) of its studies. Countries such as the United Kingdom, Italy, Finland, and Germany show a greater predominance of research devoted to MCP, with Italy standing out with 41.2% of articles in this field; the United Kingdom has a high percentage of MCP (39.1%), indicating a more global approach to management models. In general, countries such as the United States and Germany show a more balanced approach between SCP and MCP, suggesting a dual strategy as SCP is also prioritized, while others seek to expand their links and knowledge through MCP.

c.

Keywords

The cooccurrence analysis of high-frequency keywords allows for understanding of the thematic growth of literature. For this purpose, a minimum occurrence criterion set equal to five was established, as shown in Figure 3 and

Table 5. Theme keywords.

Node	Cluster	Betweenness	Closeness	PageRank
Innovation	1	539.198	0.013	0.094
Entrepreneur	1	95.502	0.011	0.029
Business	1	24.744	0.01	0.024
Management	1	7	0.01	0.022
Sustainability	1	41.649	0.011	0.019
Sustainable Development	1	46.402	0.011	0.016
Big Data	1	57.722	0.011	0.014
Value Creation	1	11.367	0.009	0.016
Competition	1	15.57	0.01	0.02
Digitization	1	0	0.009	0.012
Electronic Commerce	1	18.956	0.009	0.014
Design	1	0.264	0.009	0.012
Information	1	15.361	0.008	0.011
Technology	2	13.175	0.009	0.035
Transformation	2	21.361	0.01	0.033
Entrepreneurship	2	1.552	0.009	0.014
Perspective	2	3.468	0.009	0.021
Model	2	31.046	0.009	0.017
Performance	2	1.747	0.009	0.02
Knowledge	2	1.066	0.009	0.014
Creation	2	2.322	0.009	0.02
Internet	2	0.896	0.009	0.017
Capabilities	2	0.779	0.009	0.013
Information-Systems	2	1.42	0.009	0.015
Impact	2	0.5	0.006	0.008
Digital Business	3	54.217	0.01	0.038
Business Models	3	71.05	0.011	0.025
Digital Transformation	3	0.739	0.008	0.018
Commerce	3	8.132	0.008	0.012
Digital Entrepreneurship	3	78.983	0.01	0.008
Digital Technologies	3	4.822	0.008	0.014
Finance	4	303.075	0.011	0.059
Financial Modeling	4	8.401	0.009	0.025
Financial System	4	1.92	0.009	0.014
Risk Assessment	4	0	0.007	0.009
Decision Making	4	0	0.007	0.007
Neural Networks	4	0.155	0.007	0.011
Economics	5	94.175	0.009	0.026
Financial Management	5	0	0.006	0.016
Organization and Management	5	0	0.006	0.017

Source: Bibliometrix.

. The keywords reflect research topics in a specific field.

Figure 3 highlights the most influential keywords in the research field. The analysis criteria were established so that each trend consisted of a minimum of five occurrences; the number of words selected was 128 out of 2127.

The keywords in financial and administrative management models for digital ventures, as shown in Table 5 and Figure 3, reveal an interconnected structure reflecting the dynamics of innovation, sustainability, and management. Terms like “Innovation” (539.198), “Entrepreneur” (95.502), and “Business models” (71.05) highlight the critical roles of innovation and entrepreneurship in building sustainable digital businesses. “Finance” stands out as the key concept in financial management, underscoring its importance in strategic and operational decisions. The terms “Sustainability” (41.649) and “sustainable development” (46.402) show the growing emphasis on incorporating responsible practices in management models.

Additionally, terms like “Digital business” (54.217) and “Digital entrepreneurship” (79.983) highlight the integration of business evolution with financial management in the digital age. While “Management” and “Financial management” remain relevant, emerging terms such as “Digital transformation” (0.739), “Technology” (13.175), and “Big data” (57.722) reflect the impact of new technologies on business models. “Risk assessment” and “Decision making” also emerge, emphasizing the importance of risk management in a dynamic environment. Together, these keywords indicate that digital ventures are influenced by technological innovation, sustainability, and the need for adaptability in management models.

RQ2:

What theoretical models exist for financial and administrative management in digital environments, and how do they compare with each other?

Table 6. Main theoretical models of financial and administrative management.

Category	Model	Main Approach	Key Pillars	Applicability	References
Financial	Valuation Model	Determination of enterprise value	Valuation	Investments and mergers	(Arefmanesh et al., 2024; Kim-Duc & Nam, 2024)
	DCF (Discounted Cash Flow)	Model valuation based on future cash flows	Cash flows	Enterprise valuation	(Arefmanesh et al., 2024; Kim-Duc & Nam, 2024)
	Asset and Liability Management (ALM)	Financial risk management	Assets and liabilities	Financial institutions	(Bhat, 2020)
	Sensitivity analysis model	Evaluating the competitiveness of companies using a multi-criteria decision-making approach	Organizational performance, Project performance, environment and customer, and innovation and development	Various industries	(Nguyen Ngoc et al., 2024)
	Asset allocation model	Optimization of asset allocation considering credit, interest rate, and liquidity risks under a unified framework	Scenario simulation, risk-return assessment, portfolio optimization, Pareto fronts analysis	Commercial banks	(Júdice et al., 2021)
Administrative	RocaSalvatella Model	Comprehensive DT	Strategic vision, processes	Diverse industries	(Townsend & Figueroa, 2022)
	MIT Center for Digital Business & Capgemini Consulting	Impact on business performance	Customer experience, operational processes	Large enterprises	(Townsend & Figueroa, 2022)
	INCIPY Model	Innovation and digital globalization	Vision and leadership, people and processes	SMEs	(Townsend & Figueroa, 2022)
	TETR4DIG Model	Sectoral adaptation to technological changes	Sectoral adaptability	Telecommunications	(Fonts-Fernández & Stable-Rodriguez, 2024)
	Resource-Based Model (RBV)	Competitive advantage through unique resources	Resources and capabilities	Organizations seeking innovation	(Ahn et al., 2022; Estensoro et al., 2022)
	Rational Goal Model (RGM)	Focus on strategic planning and achievement of organizational goals	Clear definition of goals, planning, performance measurement, efficiency, and productivity	Purposeful organizations that seek to improve performance and meet specific objectives in a systematic manner	(De Clerck et al., 2021; Kassim et al., 2011)
	Human Relations Model (HRM)	Promotion of a positive and collaborative work environment	Trust, open communication, employee participation in decisions, fostering a respectful and motivating environment	Organizations that value the well-being of their employees and seek to improve internal cohesion and team commitment	(De Clerck et al., 2021; Kassim et al., 2011)
	Open System Model (OSM)	Organizational adaptability to internal and external changes	Environment monitoring, innovation, internal flexibility, interaction with the environment and decision making based on market changes	Dynamic environments where the organization must adapt quickly to changes in the market or industry	(De Clerck et al., 2021; Kassim et al., 2011)
	Internal Control Process Model (ICPM)	Structuring and control of internal processes to ensure efficiency and order	Standardization of procedures, constant monitoring, compliance with regulations and risk prevention	Organization seeking to improve internal control, operational efficiency, and security in their processes	(De Clerck et al., 2021; Kassim et al., 2011)
	Technology Management Model (TMM)	Integration of technology in organizational processes to improve efficiency	Adoption of advanced technologies, continuous training, innovation, and optimization of decisions through technological tools	Companies seeking to remain competitive by adopting and using new technologies to improve processes	(De Clerck et al., 2021; Kassim et al., 2011)

Source: Authors.

presents an overview of theoretical models of financial and administrative management in digital environments, which fall into two main categories: financial models and administrative models. Financial models are concerned with evaluating and projecting the economic performance of companies, while administrative models emphasize organizational transformation and adaptation to digital challenges.

Financial models in digital environments are designed with the objective of evaluating and projecting the economic performance of a company under various circumstances. The valuation model is used to determine the value of an investment or business and is fundamental to investment decision making (Arefmanesh et al., 2024; Kim-Duc & Nam, 2024). On the other hand, the DCF model calculates present value from projected future cash flows, making it useful in business or investment valuation (Arefmanesh et al., 2024; Kim-Duc & Nam, 2024).

In ALM management it encompasses long-term risk and solvency and is employed by financial institutions in making decisions that ensure stability in volatile markets (Bhat, 2020). The sensitivity analysis model evaluates organizational competitiveness using key criteria such as performance and innovation and, in turn, improves long-term strategies and performance (Nguyen Ngoc et al., 2024). On the other hand, the asset allocation model optimizes the allocation of resources considering unified risks and allows banks to maximize risk-adjusted profitability (Júdice et al., 2021).

At the administrative level, it facilitates organizational transformation and adaptation to technological change. The RocaSalvatella model employs a holistic approach to DT, incorporating elements such as strategic vision, operational processes and organizational culture (Townsend & Figueroa, 2022). The MIT Center for Digital Business Model & Capgemini Consulting emphasizes the repercussions of digitalization on customer experience, operational processes, and business models, and its contribution to business performance in a digital environment (Townsend & Figueroa, 2022). The INCIPY model, on the other hand, reorients the customer experience through DT (Townsend & Figueroa, 2022). The TETR4DIG model, with its focus on telecommunications, offers a tailored framework that addresses the unique needs of this sector (Fonts-Fernández & Stable-Rodriguez, 2024).The RBV Model posits that organizations can attain a competitive advantage by cultivating distinct resources that enable their adaptation to a perpetually evolving digital environment (Ahn et al., 2022; Estensoro et al., 2022).

In a similar vein, the models proposed by De Clerck et al. (2021) and Kassim et al. (2011) in the context of management in administration offer key approaches to optimizing organizational performance. The RGM emphasizes strategic planning and the establishment of clear objectives, prioritizing the attainment of results. The HRM places significant emphasis on the cultivation of a positive work environment, promoting effective communication and employee participation. The OSM underscores the significance of organizational adaptability in responding to internal and external changes. The ICPM standardizes the control of internal processes to ensure efficiency and compliance, while the TMM encourages the integration of advanced technologies that improve decision-making and productivity. The application of these models enables organizations to enhance their effectiveness and adaptability in a dynamic environment (De Clerck et al., 2021; Kassim et al., 2011).

Theoretical models of financial and administrative management in digital environments have been shown to facilitate the assessment and management of financial risks, improve operational efficiency, and facilitate strategic decision-making. Utilizing simulations and optimization techniques, these models furnish a dynamic evaluation of profitability and sustainability within uncertain environments, thereby enhancing risk management (De Clerck et al., 2021; Fonts-Fernández & Stable-Rodriguez, 2024).

RQ3:

What key variables affect the effectiveness of a financial and administrative management model in digital ventures?

The effectiveness of a financial and administrative management model in digital ventures is influenced by key variables classified into internal and external factors (

Table 7. Key variables of financial and administrative management models.

Factor Type	Factor	Definition	Reference & Application in Previous Research
External	Resource Management	Efficient use of available resources (financial, human, technological) to achieve organizational objectives.	Shalihah et al. (2024) emphasize that proper resource management optimizes costs, improves profitability, and ensures the effective use of available resources, supporting venture performance.
	Operational Efficiency	Optimization of processes to reduce costs and improve productivity.	Elia et al. (2020) demonstrate that the implementation of digital technologies, including accounting software and financial analytics platforms, facilitates process automation, reduces errors, and enhances operational efficiency.
	Adaptability	Ability to adjust internal processes and strategies to respond to changing business conditions.	Hommel and Bican (2020) and Samara and Terzian (2021) highlight that the adoption of technologies optimizes internal processes and strengthens a company’s ability to adapt to the ever-changing digital environment.
	Financial Planning	Managing and forecasting revenues, expenses, and cash flows to ensure financial stability and sustainability.	Bertoni et al. (2022) and Ji et al. (2024) stress that effective financial planning, integrating accounting processes and controls, is essential for managing financial resources and supporting venture performance.
	Technological Innovation	Creation of new technologies and the adoption of existing ones to improve products, services, and operations.	Redondo-Rodríguez et al. (2023) underscore the importance of continuous technological adoption in enhancing financial results and developing innovative products and services.
Internal	Market Conditions	External factors such as supply, demand, and competition that impact business strategies and financial outcomes.	Audretsch et al. (2024) suggest that market fluctuations, such as changes in demand and competition, have a direct impact on profitability and financial strategies, requiring businesses to remain agile in adapting their resource allocation.
	Government Regulations	Legal rules and regulations affecting business operations, including taxation and trade regulations.	Kreiterling (2023) notes that government regulations, such as those related to taxation and trade, impact profitability and sustainability, making it crucial for companies to comply in order to avoid penalties.
	Economic Trends	Macroeconomic factors, such as inflation, exchange rates, and economic growth, influence business decisions.	Alfarizi et al. (2024) and Luo et al. (2021) suggest that economic trends affect access to finance and investment opportunities, which in turn influences financial decision-making and strategic planning.

Source: Authors.

), and fundamental variables to ensure the sustainability and growth of organizations in a competitive digital environment.

The effectiveness of financial and administrative management models in digital ventures is contingent upon the management of internal variables, including financial, human, and technological resources, operational efficiency, and adaptability (Shalihah et al., 2024). Such management optimizes costs, improves profitability, and ensures the proper use of available resources. Bertoni et al. (2022) and Ji et al. (2024) emphasize that proper financial planning should integrate accounting processes and control activities to support efficient resource management, which in turn supports performance in a venture. In a similar vein, the judicious allocation of human and technological resources is instrumental in achieving strategic objectives (Ladeira et al., 2019).

It is imperative that operational efficiency and adaptability are integrated into the internal variables of a successful management model. The implementation of digital technologies, including accounting software, financial analytics platforms, and AI, has been shown to facilitate process automation, reduce errors, and enhance decision-making capabilities (Elia et al., 2020). In addition, Hommel and Bican (2020) and Samara and Terzian (2021) posit that the adoption of technologies optimizes internal processes and strengthens the ability of companies to adapt to an ever-changing digital environment. Technological innovation plays a pivotal role in this context through the continuous adoption of new tools that optimize financial results, innovative products, and services (Redondo-Rodríguez et al., 2023). Consequently, financial planning is imperative for the forecasting of revenues, expenses and cash flows, thereby enabling companies to anticipate potential financial crises (Xiao et al., 2022).

As for external variables, a number of factors are beyond the direct control of the company, as they exert considerable influence on its financial and administrative management. Fluctuations in market conditions, including changes in demand and competition, have a direct impact on the firm’s profitability and financial strategy (Audretsch et al., 2024). As Fauzi et al. (2020) and Ghezzi and Cavallo (2020) note, companies must be agile in reconfiguring their resources and processes to adapt to changes in the market environment. Also, government regulations, such as those related to taxation and trade, have the potential to affect the profitability and sustainability of business initiatives; it is incumbent upon companies to be aware of the regulations that apply to them to avoid penalties or legal problems (Kreiterling, 2023).

On the other hand, local and global economic trends play a significant role, as fluctuations in macroeconomic conditions affect access to finance and investment opportunities (Alfarizi et al., 2024). As suggested by Luo et al. (2021) and Townsend and Figueroa (2022), the implementation of a financial and management plan allows anticipating potential crises and maximizing long-term profitability.

The interaction of internal and external variables is pivotal in optimizing the implementation of financial and administrative management models in digital ventures, thereby enabling organizations to adapt to competitive and volatile environments (de Mattos et al., 2024). The alignment of these variables has been shown to enhance decision-making processes, optimize resource allocation, and refine operational procedures (Hommel & Bican, 2020; Samara & Terzian, 2021). This, in turn, has the potential to increase immediate profitability and long-term competitiveness. Furthermore, it has been demonstrated that this alignment fosters strategic flexibility and the sustainability of management practices (Fauzi et al., 2020; Ghezzi & Cavallo, 2020).

RQ4:

How does the SLR observe the adaptation of a traditional financial and administrative management model to the specific needs of digital ventures?

Adapting a traditional financial and administrative management model to the demands of digital ventures requires a holistic approach that encompasses the internal operations as well as the external interactions of the organization. The SLR reveals a number of theoretical models, including the RocaSalvatella model, which provide a solid framework to guide this transition (Townsend & Figueroa, 2022). This model identifies six fundamental axes for DT, namely strategic vision, processes, customer touch points, organizational culture, service design, and business model; crucial elements for adapting traditional management approaches to the dynamics of digital business (Townsend & Figueroa, 2022).

The strategic vision represents the initial step, as it defines the objectives and goals of the organization in a digital context, facilitating the identification of new opportunities arising from the digital environment and enabling the realignment of organizational leadership with these changing demands (Niemand et al., 2021). Redefining the vision results in organizations moving from a traditional approach to a more dynamic and adaptive perspective (Reuter & Floyd, 2024), optimizing processes involving digitization and automation of administrative tasks (Han et al., 2024).

The integration of technological solutions has been demonstrated to contribute to a reduction in operating expenses, the identification and correction of inefficiencies, and an enhancement in agility. As highlighted by Dana et al. (2024) and Zhai et al. (2023), fundamental changes are imperative to enhance operational efficiency within a digital environment. Consequently, the transformation of customer touchpoints emerges as a pivotal concern, particularly in a digital context where touchpoints proliferate and diversify through channels such as social networks, mobile applications, online service platforms, and others. Consequently, organizations must design strategies that enhance the customer experience through personalization and the incorporation of technologies such as AI (Upadhyay et al., 2022).

Consequently, organizational culture fosters innovation and continuous learning, as companies must adapt effectively to the constantly evolving digital landscape (Bican & Brem, 2020). Consequently, service design in digital business must be reconfigured to align with the demands and opportunities presented by the digital marketplace (Hommel & Bican, 2020; Luo et al., 2021). In this regard, organizations are compelled to rethink their services, ensuring that they are more personalized and better aligned with customer expectations. This necessitates the use of new technologies to offer more targeted solutions. Cueto et al. (2022) and Russo-Spena et al. (2022) identify the use of digital platforms and the implementation of subscription-based digital business as strategies employed by digital businesses.

In this context, Rogers’ (2016) model, which emphasizes continuous adaptation in response to changes in customer preferences, the competitive landscape, and technological advances, serves to reinforce the perspective of the RocaSalvatella model. The integration of these elements ensures that organizations adapt their financial and administrative management in order to ensure their sustainability and competitiveness in the digital environment.

RQ5:

What role do technological tools play in optimizing financial and administrative management in digital ventures?

The role of technological tools in optimizing financial and administrative management in digital ventures is critical, as these tools enable more efficient, real-time management of financial resources and administrative tasks. These technologies empower business leaders to make informed, data-driven decisions, which are crucial in the fast-paced digital landscape (Zhang et al., 2022). The ability to access data in real-time enables companies to respond more swiftly to market dynamics, thereby helping them to maintain competitiveness and flexibility in a constantly evolving business environment (Steininger, 2019).

Specialized financial planning tools, including forecasting software, enhance the precision of financial projections and budgets, thereby empowering businesses to proactively anticipate potential liquidity concerns or resource deficiencies. This proactive approach facilitates the development of strategies aimed at mitigating financial risks and ensuring long-term financial stability (Alkasassbeh, 2023; Leong et al., 2022). A significant benefit of these tools is their capacity to automate processes that have historically been manual, including accounting, invoicing, and expense tracking. This has two main benefits. Firstly, it reduces the time and cost associated with these tasks. Secondly, it reduces the risk of human error, improving the overall efficiency of financial operations (Leong et al., 2022).

Furthermore, technological tools enhance document management by providing secure, cloud-based storage solutions (Leong et al., 2022). These solutions enhance the accessibility of financial documentation, thereby ensuring that businesses can comply with legal requirements while simultaneously improving the effectiveness of audit processes. Furthermore, the integration of interactive dashboards empowers financial managers to monitor the company’s financial health in real-time, facilitating the decision-making process informed by current data (Franco et al., 2021).

However, it is important to note that the implementation of these tools necessitates ongoing staff training, as digital ventures must ensure that their teams are proficient with the new technologies. Continuous training helps personnel to stay up to date with advancements and optimizes their ability to leverage the full potential of the technologies, ultimately improving operational efficiency (Braune & Dana, 2022).

AI-powered tools have had a profound impact on financial and administrative management, leading to the development of models such as predictive management (Abdullah & Almaqtari, 2024; Guerrero-Martin et al., 2024; Hassan et al., 2023; Ostapenko et al., 2024; Sayari et al., 2025). This model utilizes machine learning algorithms and big data to anticipate financial trends and market behavior. This facilitates proactive decision-making by businesses, enhancing their strategic positioning (Kunduru, 2023). Robotic process automation (RPA) is another significant innovation, automating repetitive administrative tasks such as account reconciliation and invoice management, which reduces the burden on human workers and increases operational efficiency (Kunduru, 2023).

Furthermore, the incorporation of business intelligence (BI) models that are augmented with AI has been shown to enhance financial decision-making capabilities by facilitating the analysis of voluminous data sets, thereby offering businesses a more profound understanding of their financial performance (Kunduru, 2023). This information can then be used to optimize strategic planning, allocate resources more effectively, and improve overall decision-making (Di Vaio et al., 2022; Kumar et al., 2024). Furthermore, AI-based financial risk management models help identify, assess, and mitigate potential risks before they materialize, significantly reducing the likelihood of fraud and protecting a company’s assets from potential threats (Estep et al., 2024).

In a variety of sectors, including but not limited to financial technology, e-commerce, healthcare, and logistics, AI has become integral to the optimization of financial and administrative processes. Within the domain of fintech, AI has been instrumental in the automation of payment management, the enhancement of fraud detection mechanisms, and the personalization of services. Within the domain of e-commerce, AI has been instrumental in enhancing user experience by optimizing inventory management and customer interactions (Di Vaio et al., 2022; Singh & Thirumoorthi, 2019). In a similar vein, AI has been instrumental in the field of medical diagnostics, enhancing healthcare technology. Furthermore, AI has been employed to optimize logistics through enhanced delivery route management and demand forecasting (Al-Ababneh et al., 2024; de Mattos et al., 2024; Koebe, 2025; Mauro et al., 2024).

The integration of AI in financial and administrative management brings numerous benefits, such as the automation of processes, the enhancement of decision-making, and the prediction of trends (Aloulou et al., 2024; Barone et al., 2024). These benefits lead to improved operational efficiency, reduced financial costs, and better risk management (de Mattos et al., 2024; Kumar et al., 2024). Consequently, AI is transforming key sectors and enhancing customer experiences, which could result in a more agile, efficient, and competitive business environment (Hassan et al., 2023; Kumar et al., 2024).

RQ6:

What future work do the authors consider should be done regarding financial and administrative management models for digital ventures?

The study presents a relevant boom for academic research and the business world. Based on the literature review, a framework for future research is outlined in

Table 8. Future research directions.

N	Future Research	References
1	Examine how organizations must navigate the stages of DT. Analyze digital resilience in the face of digital competitors. Investigate organizational structures that foster digital agility. Explore the evolution of metrics during DT and their impact on strategic decision making.	(Verhoef et al., 2021)
2	Determine whether the conventional route of digitization followed by DT is the optimal approach. Investigate organizational structures that facilitate digital agility and the most effective growth strategies. Foster interdisciplinary research for a comprehensive understanding of DT in organizations.	(Hanelt et al., 2021)
3	Explore the effective application of LS and Agile methodologies to business model innovation and strategic agility. Examine the integration of these methodologies by digital entrepreneurs at startup inception. Advance theoretical understanding of LS approaches to complement knowledge in agile development.	(Ghezzi & Cavallo, 2020)
4	Extend the study to other Asian and U.S. regions and contexts. Explore variation in employee levels through longitudinal studies. Analyze digital sustainability and examine cases of strategic failure.	(Bican & Brem, 2020)
5	Extend the analysis to other technology sectors and more developed venture capital markets, such as the United States, incorporating additional metrics such as EBIT and cash flows. Deepen the impact of investment selection and value-added effects on the growth of digital startups.	(Cavallo et al., 2019)
6	Explore non-digital or non-funded startups and analyze how they apply LS in other theoretical and practical models in entrepreneurship considering a broader view in other countries.	(Ghezzi, 2019)
7	Investigate the optimization of digital technology to enhance organizational structures and improve business performance. Design innovative platform-based digital strategies to manage risks and foster cooperation. Examine the integrated application of various technologies in business management. Address the regulation of digital technology to protect privacy and ensure ethical use of algorithms.	(Han et al., 2024)
8	Study the potential of new forms of intermediation, such as crowdfunding and distributed registration technologies. To delve into the interrelationships between digital and conventional financial conduits. Examine equitable access to finance through new platforms. Analyze the deployment of AI and machine learning in project selection, especially in relation to operational and ethical biases in investment decisions.	(Bertoni et al., 2022)
9	Expand the application of the PRISMA method in the study of socio-digital transformations. Investigate the vulnerabilities of socio-economic systems derived from digitalization. Conduct empirical research on the impact of digitalization on the sustainability of socio-economic systems in different countries. Develop transdisciplinary and systems science approaches management. Foster competencies in systems thinking to address social transformation processes and challenges related to resilience. To study the interdependencies between economic and non-economic dimensions in social transformations and their impact on business management.	(Satalkina & Steiner, 2020)
10	Determine how the degree of digitization affects the outcomes and performance of startups. Investigate the differences in digital IT capabilities for digital processes and products/services. Delve into the relationship between digital strategy and culture, and how the latter affects the digitization of processes. Expand research on digital culture, especially in relation to strategic issues. Explore how digitization impacts the operational efficiency and rapid scaling of startups. Investigate the applicability of the results in countries with different levels of digitization and digital competitiveness.	(Proksch et al., 2024)

Source: Authors.

.

In the context of AI, several studies have been conducted that emphasize its relevance in strategic decision-making and investment management. Specifically, AI has been demonstrated to enhance project selection, risk analysis and opportunity assessment, facilitated by technologies such as machine learning. Research by Bertoni et al. (2022) and Han et al. (2024) explores the potential of AI to optimize these processes, while also addressing ethical and operational biases. AI is presented as a key enabler of DT, especially in strategic decision making and process optimization in digital enterprises. Furthermore, research on digital agility, integration of innovative technologies (such as AI) and sustainability in digital startups is critical (Bican & Brem, 2020; Ghezzi, 2019; Hanelt et al., 2021; Verhoef et al., 2021).

It is imperative that future research endeavors concentrate on the manner in which organizations traverse the phases of DT and cultivate digital resilience in response to competitive pressures. The investigation of organizational structures in promoting digital agility and the evolution of metrics during DT is of paramount importance for strategic decision-making. Subsequent studies should explore the integration of Lean Startup (LS) and Agile methodologies, their impact on business model innovation, and the application of these approaches in startup contexts. Expanding research to regions with different levels of digitization and exploring the regulation of digital technologies, privacy concerns, and AI’s role in investment decisions will also provide valuable insights. Lastly, interdisciplinary research that addresses the socio-economic impact of DT and its influence on business management will be essential for understanding its long-term effects.

4. Discussions

The results of this study provide a comprehensive view of financial and administrative management models in digital ventures, considering both internal and external variables that impact the operational efficiency and success of these organizations. A pivotal finding is the dynamic interplay between internal variables, such as operational capability and digital strategy, and external variables, such as market conditions, technology, and government regulations. This analysis underscores the pivotal role of effective alignment between these variables, emphasizing organizational agility and technological innovation in shaping the financial stability and competitiveness of digital ventures (Ghezzi, 2019; Ghezzi & Cavallo, 2020; Ukko et al., 2019).

A seminal model identified in the extant literature is financial management based on AI and machine learning. These models have been shown to be instrumental in improving decision-making by predicting financial trends and market behaviors, allowing companies to proactively adapt to changes. For instance, the utilization of machine learning algorithms to forecast cash flow and investment needs has been shown to enhance the financial planning capabilities of digital companies (Estep et al., 2024; Kunduru, 2023). These findings align with the extant literature, which demonstrates that AI applied to financial management optimizes processes and offers competitive advantages by predicting and mitigating risks with greater accuracy (Aloulou et al., 2024; Kumar et al., 2024).

Another model that emerges as relevant in this study is process automation through RPA, which uses AI to automate repetitive administrative tasks such as account reconciliation and invoice management. This approach enables digital organizations to enhance operational efficiency and reduce human intervention, leading to a reduction in costs and errors, thereby promoting organizational agility and risk reduction (Franco et al., 2021; Kunduru, 2023). This finding is further substantiated by prior studies that have demonstrated the efficacy of automation in enhancing efficiency within pivotal sectors such as accounting and payment management (Barone et al., 2024; Leong et al., 2022).

Furthermore, this study underscores the significance of agile methodologies, such as Lean Startup, which have gained recognition as a valuable model for enhancing the flexibility and adaptability of digital ventures in the face of competitive challenges. The capacity of these models to expeditiously recalibrate business strategies and function efficaciously is paramount in a digital milieu, where celerity and adaptability are indispensable for success (Bican & Brem, 2020; Hommel & Bican, 2020). The findings of the study indicate that enterprises that adopt these agile methodologies not only demonstrate responsiveness to market changes but also enhance their innovation and decision-making capabilities (Rangaswamy et al., 2020).

In terms of practical implications, the results indicate that entrepreneurs and managers of digital companies must understand and apply these models to optimize their financial and administrative processes. The integration of AI and automation tools must be accompanied by a continuous focus on staff training, as the successful implementation of these technologies depends on the team’s ability to adapt to new tools and processes (Braune & Dana, 2022). Furthermore, it is recommended that entrepreneurs take into account external variables, such as market conditions and government regulations, in order to design strategies that adequately respond to changes in the environment (Ghezzi & Cavallo, 2020; Steininger, 2019).

In conclusion, this study makes a significant contribution to the extant literature by proposing a conceptual framework for future research on the dynamic interaction between internal and external variables in the financial and administrative management models of digital ventures. The contributions of this study also have important practical implications, as they highlight the need for firms to adopt a holistic approach that combines advanced technology, agile methodologies, and organizational flexibility to ensure their long-term competitiveness and sustainability (Bican & Brem, 2020; Hassan et al., 2023; Kumar et al., 2024).

4.1. Theoretical Implications

The present study has been designed to analyze the current state of financial and administrative management models for digital ventures, with a view to providing valuable insights into the theoretical foundations of these models and their implications for research. Firstly, the study makes a significant contribution to the extant literature by offering a comprehensive review of existing models, based on 354 articles from reputable databases such as Scopus and Web of Science. Employing bibliometric techniques, it identifies key themes and trends in the research, shedding light on the evolution and future trajectory of financial and administrative management in digital ventures. While this study consolidates and synthesizes the extant literature, it also identifies gaps in the current research, particularly concerning the integration of external variables (such as resource management, operational efficiency, adaptability, technological innovation) and internal variables (market conditions, government regulations, and economic trends). By offering a conceptual framework for future research on the dynamic interaction between these variables and their impact on digital entrepreneurs, the study makes a significant contribution to the field. This framework is designed to serve as a guide for researchers, encouraging them to explore new models and test theories that explain the interplay between financial planning, technological innovation, and organizational agility in digital ventures.

4.2. Practical Implications

In addition to theoretical contributions, this study provides practical implications for digital entrepreneurs, managers, and system developers. By underscoring the mounting academic interest in financial and administrative management models, it emphasizes the significance of comprehending and implementing various financial instruments (e.g., valuation and discounted cash flow) and administrative frameworks (e.g., RocaSalvatella and INCIPY) for enhancing decision-making processes in digital contexts. The study also emphasizes the role of external and internal variables in shaping the success of digital ventures, pointing out the need for entrepreneurs to consider factors like operational efficiency, market conditions, and government regulations in their strategies. A review of the extant literature reveals a significant increase in research on agile methodologies, such as Lean Startup, which enhance organizational agility and resilience in the face of digital disruption. System designers and managers can leverage these findings to design more effective systems and strategies that support digital resilience, mitigate the challenges of the digital environment, and capitalize on emerging opportunities. It is imperative to acknowledge these factors to facilitate adaptation to rapid technological advancements and to navigate a volatile market environment.

4.3. Limitations

Whilst the present study provides valuable insights, it is not without its limitations. The selection of articles based on specific criteria may have resulted in the exclusion of significant contributions, such as industry reports, books, and conference papers, which could offer additional perspectives. Furthermore, given that research on financial and administrative management models for digital ventures is still in its early stages of development, many studies remain fragmented, which complicates the consolidation of all relevant findings and the provision of quantitative analysis of their effects. The study posits that future research should address these limitations by conducting replicative studies in diverse contexts and technological applications to refine and expand the current framework. Additionally, more comprehensive analyses integrating both qualitative and quantitative approaches could provide deeper insights into the complexities of managing digital ventures in a rapidly evolving technological landscape.

5. Conclusions

The research employs an SLR using bibliometric techniques to examine the importance of financial and administrative management models in digital entrepreneurship, focusing on articles published in Scopus and Web of Science between 2019 and 2024. The study is divided into two parts: the first part comprises a bibliometric analysis, using tools such as VOSviewer and R-Bibliometrix; and the second part consists of an analysis of the SLR results, carried out using bibliometric methods. The most relevant articles, countries, and most cited keywords were identified, as well as the theoretical models, variables, and associated technological tools.

The bibliometric analysis enabled the measurement of the impact of the literature, with particular attention to the most influential articles, including Verhoef et al. (2021), Hanelt et al. (2021), and Ghezzi and Cavallo (2020), which have been cited 778, 301, and 2021 times, respectively, and have contributed significantly to the literature on administrative and financial management models in digital entrepreneurship in the context of DT in business models. Verhoef et al. identify the key stages of DT and its impact on organizational strategies, while Hanelt et al. propose a framework on organizational change towards more flexible structures driven by digital ecosystems. Ghezzi and Cavallo demonstrate how LS approaches can foster innovation in digital startups through agile and flexible organizational structures.

China (37), Germany (27), and the United Kingdom (23) are the countries with the highest number of documents, followed by a number of Latin American countries with a comparatively low number of documents, including Brazil (9), Colombia (2), Chile (1), Ecuador (1), Mexico (1), and Peru (1).The contributions from these countries serve to broaden the knowledge of the subject and motivate other countries to research it. The keywords ‘Innovation’ (539.198), ‘Entrepreneur’ (95.502), Business models’ (71.05), and ‘Finance’ (303.075) are evidence that the extant literature focuses on understanding how the models applied in digital businesses affect their internal functioning, and their interaction with the external environment, including regulatory compliance, financial and administrative management, business innovation, and economic growth.

In the context of financial management models, it can be concluded that they provide entrepreneurs with key tools to optimize the decision-making process in digital ventures, especially in an environment characterized by high uncertainty and market fluctuations. Consequently, models such as the DCF, the ALM, and sensitivity analysis are fundamental to assess the value and financial viability of companies; in turn, they allow entrepreneurs to anticipate scenarios and manage risks. Asset allocation is also crucial to maximize return on investment, considering the specificities of the digital environment. In general, these models contribute to more accurate financial planning, although their effectiveness depends on the ability of companies to adapt them to their particular needs and conditions.

In the domain of management, the proposed models—RocaSalvatella, INCIPY, and TETR4DIG—offer conceptual frameworks for change management and innovation in digital organizations. These models address the importance of digital strategy, technology integration and adaptation to a dynamic business environment. Models such as the RBV and the RGM also emphasize the need for adequate resources and clear objectives to ensure the success of digital enterprises. Conversely, models such as the HRM, the OSM, and the TMM underscore the significance of organizational culture, flexibility, and a systemic approach in the management of digital enterprises. These management approaches provide a robust foundation for enhancing operational efficiency, adapting to rapid change, and fortifying the sustainability of digital enterprises.

In terms of external variables that have a direct impact on business management, factors such as resource management, operational efficiency, organizational adaptability, financial planning and technological innovation were identified as key determinants of a firm’s competitiveness in a globalized environment. These factors facilitate the management of risks inherent in the external environment and the identification of new growth opportunities. From an internal perspective, factors such as market conditions, government regulations and economic trends play a key role in influencing strategic decision-making processes.

The utilization of advanced technological tools, including data collection and specialized financial planning, has been demonstrated to enhance decision-making processes and optimize resource allocation. The implementation of AI and automation has been demonstrated to enhance operational efficiency, reduce expenditure, and stimulate innovation within the domain of financial management. Furthermore, cloud storage ensures the security and accessibility of data in real time. Financial management models in digital ventures empower entrepreneurs to implement effective strategies, thereby improving resource management and ensuring long-term viability in the digital environment.

The review has resulted in the proposal of ten future research projects, which aim to investigate various topics related to the management models of digital enterprises. Firstly, the impact of financial management models on the digitization of products, services, and processes will be investigated, focusing on scalability and flexibility, as well as the use of AI. Secondly, the impact of digital capabilities and organizational culture on the financial performance of start-ups will be studied. The relationship between the digitization of processes and operational efficiency is also to be analyzed, as well as exploring how external factors, such as regulation, influence financial strategies in different contexts (Asian or US). The interdependence between digital strategy, consumer behavior, and financial decisions will also be examined. Finally, the study will examine how small companies can manage the digital transition with flexible financial strategies, agile methodologies such as LS, and assess the impact of digital culture on financial sustainability.