The Role of Business Sustainability in Enhancing SME Competitiveness Through Working Capital and Digital Technology
Keywords:
Working Capital, Digital Technology, Business Sustainability, Business Competitiveness, Small and Medium-sized Enterprises
Abstract
This study aims to analyze the role of business sustainability as a mediating variable in the relationship between working capital and digital technology on the competitiveness of SMEs in Indonesia. The study is motivated by the growing awareness of the importance of sustainable business practices amidst dynamic market challenges and global environmental pressures. Using a quantitative approach and path cici4d analysis techniques based on Partial Least Squares Structural Equation Modeling (PLS-SEM), data were collected from 200 SMES actors in the halal fashion and food sectors through structured questionnaires. The findings indicate that business sustainability acts as a significant mediator, strengthening the indirect influence of working capital and digital technology on competitiveness. These results affirm that sustainability is not merely a social responsibility, but a strategic resource that enhances the competitive position of SMEs. The adoption of digital technology and efficient working capital management will yield stronger competitive advantages when directed cici4d toward sustainability goals. This research contributes to the SMES literature and offers practical insights for business actors and policymakers in designing sustainable and competitive business strategies.
References
Abbas, J., Balsalobre-Lorente, D., Amjid, M. A., Al-Sulaiti, K., Al-Sulaiti, I., & Aldereai, O. (2024). Financial innovation and digitalization promote business growth: The interplay of green technology innovation, product market competition and firm performance. Innovation and Green Development, 3(1), 100111. https://doi.org/10.1016/j.igd.2023.100111
Ahmad, W. S. H. M. W., Radzi, N. A. M., Samidi, F. S., Ismail, A., Abdullah, F., Jamaludin, M. Z., & Zakaria, M. (2020). 5G technology: Towards dynamic spectrum sharing using cognitive radio networks. IEEE Access, 8, 14460–14488.
Alma Çallı, B., Özşahin, M., Coşkun, E., & Rıfat Arık, A. (2022). Do Generative Leadership and Digital Literacy of Executive Management Help Flourishing Micro and Small Business Digital Maturity? International Journal of Organizational Leadership, 11(3), 307–332. https://doi.org/10.33844/ijol.2022.60332
Andriyani, N., Maulana, H. K., Salam, A. N., Utami, F. M., Kinasih, A. N., Ardiansyah, S., & Iskandar, I. (2023). How does the PEN Program Affect the Sustainability of MSMEs: A Case Study in Bantul. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 18(1), 110–119. https://doi.org/10.24269/ekuilibrium.v18i1.2023.pp110-119
Aruna, H. A. M. (2013). Technology Innovation for SME Growth : A Perception for the Emerging Economies. 4(3), 156–163.
Asif, M., Yang, L., & Hashim, M. (2024). The Role of Digital Transformation, Corporate Culture, and Leadership in Enhancing Corporate Sustainable Performance in the Manufacturing Sector of China. Sustainability (Switzerland) , 16(7). https://doi.org/10.3390/su16072651
Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research, 67(3), 332–338. https://doi.org/10.1016/j.jbusres.2013.01.016
Barak, M., & Sharma, R. K. (2023). Investigating the Impact of Intellectual Capital on the Sustainable Financial Performance of Private Sector Banks in India. Sustainability (Switzerland) , 15(2). https://doi.org/10.3390/su15021451
Bartik, A., Cullen, Z., Bertrand, M., Glaeser, E. L., Luca, M., & Stanton, C. (2020). How Are Small Businesses Adjusting to COVID-19? Early Evidence From a Survey. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3570896
Bernard, A. B., Bradford Jensen, J., Redding, S. J., & Schott, P. K. (2007). Firms in international trade. Journal of Economic Perspectives, 21(3), 105–130. https://doi.org/10.1257/jep.21.3.105
Bharadwaj, A., El Sawy, O. A., Pavlou, P. A., & Venkatraman, N. (2013). Digital business strategy: Toward a next generation of insights. MIS Quarterly: Management Information Systems, 37(2), 471–482. https://doi.org/10.25300/MISQ/2013/37:2.3
Bourletidis, K., & Triantafyllopoulos, Y. (2014). SMEs Survival in Time of Crisis: Strategies, Tactics and Commercial Success Stories. Procedia - Social and Behavioral Sciences, 148, 639–644. https://doi.org/10.1016/j.sbspro.2014.07.092
Bughin, J., & Zeebroeck, N. Van. (2021). The Entrepreneurial Returns to Incumbents’ Digital Transformation. https://dipot.ulb.ac.be/dspace/bitstream/2013/327345/3/WP2021-048-BUGHIN_VANZEEBROECK-the.pdf
Chwiłkowska-Kubala, A., Cyfert, S., Malewska, K., Mierzejewska, K., & Szumowski, W. (2023). The impact of resources on digital transformation in energy sector companies. The role of readiness for digital transformation. Technology in Society, 74(June). https://doi.org/10.1016/j.techsoc.2023.102315
Dabbous, A., Barakat, K. A., & Kraus, S. (2023). The impact of digitalization on entrepreneurial activity and sustainable competitiveness: A panel data analysis. Technology in Society, 73(March), 102224. https://doi.org/10.1016/j.techsoc.2023.102224
Davies, P., Bustinza, O. F., Parry, G., & Jovanovic, M. (2023). Unpacking the relationship between digital capabilities, services capabilities, and firm financial performance: A moderated mediation model. Industrial Marketing Management, 115(September), 1–10. https://doi.org/10.1016/j.indmarman.2023.09.005
Dyllick, T., & Hockerts, K. (2017). Beyond the business case for corporate sustainability. Corporate Environmental Responsibility, 213–224. https://doi.org/10.4324/9781315259277-7
Edy Sutrisno. (2021). Strategi Pemulihan Ekonomi Pasca Pandemi Melalui Sektor Umkm dan Pariwisata. Jurnal Lemhannas RI, 9(1), 167–185. https://doi.org/10.55960/jlri.v9i1.385
Epstein, M. J., & Buhovac, A. R. (2014). Best Practices in Managing and Measuring Corporate Social, Environmental, and Economic Impacts. In Making Sustainability Work Best Practices in Managing and Measuring Corporate Social, Environmental, and Economic Impacts.
Fachrysa Halik, R. A., Rifin, A., & Jahroh, S. (2020). Pengaruh Kemtraan Terhadap Kinerja Usaha Mikro Dan Kecil Tahu Di Indonesia. Jurnal Agribisnis Indonesia, 8(2), 164–174. https://doi.org/10.29244/jai.2020.8.2.164-174
Gao, J. L., Chen, Y., & Zhang, X. Q. (2023). Digital Technology Driving Exploratory Innovation in the Enterprise: A Mediated Model with Moderation. Systems, 11(3). https://doi.org/10.3390/systems11030118
Garg, M., & Kumar, P. (2024). Harnessing digital technologies for triple bottom line sustainability in the banking industry: a bibliometric review. Future Business Journal, 10(1). https://doi.org/10.1186/s43093-024-00336-2
Habib, A. M., & Dalwai, T. (2024). Does the Efficiency of a Firm’s Intellectual Capital and Working Capital Management Affect Its Performance? Journal of the Knowledge Economy, 15(1), 3202–3238. https://doi.org/10.1007/s13132-023-01138-7
Hameed, A., Ahmed, M. Z., Hussain, T., Aziz, I., Ahmad, N., Gul, B., & Nielsen, B. L. (2021). Effects of salinity stress on chloroplast structure and function. Cells, 10(8), 2023.
Hamshari, Y. M., Alqam, M. A., & Ali, H. Y. (2022). The impact of the corona epidemic on working capital management for jordanian companies listed on the amman stock exchange. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2157541
Hasanah, P. N., Prasetyo, A., & others. (2020). EFISIENSI PENGGUNAAN FAKTOR-FAKTOR PRODUKSI PADA USAHATANI CABAI MERAH KERITING (Capsicum annuum L.)(Studi Kasus di Kelompok Tani Prawoto Sari, Desa Munding, Kecamatan Bergas, Kabupaten Semarang). Jurnal Ilmiah Agrineca, 20(2), 77–87.
Hidayat, S. E., Izharivan, Y., & Sari, C. A. (2021). Islamic Finance and Sustainable Economy: A New Model of Islamic Financial Ecosystem. In M. K. Hassan, M. Saraç, & A. Khan (Eds.), Islamic Finance and Sustainable Development : A Sustainable Economic Framework for Muslim and Non-Muslim Countries (pp. 265–284). Springer International Publishing. https://doi.org/10.1007/978-3-030-76016-8_11
Jiao, X., Zhang, P., He, L., & Li, Z. (2023). Business sustainability for competitive advantage: identifying the role of green intellectual capital, environmental management accounting and energy efficiency. Economic Research-Ekonomska Istrazivanja , 36(2). https://doi.org/10.1080/1331677X.2022.2125035
Kosasih, O., Hidayat, K., Hutahayan, B., & Sunarti. (2024). Developing sustainable business-to-business (B2B) strategies in service innovation for enhancing customer loyalty in the petrochemical industry: a systematic review. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2422564
Kuckertz, A., Brändle, L., Gaudig, A., Hinderer, S., Morales Reyes, C. A., Prochotta, A., Steinbrink, K. M., & Berger, E. S. C. (2020). Startups in times of crisis – A rapid response to the COVID-19 pandemic. Journal of Business Venturing Insights, 13(April). https://doi.org/10.1016/j.jbvi.2020.e00169
Lee, B., & Park, S. K. (2022). A Study on the Competitiveness for the Diffusion of Smart Technology of Construction Industry in the Era of 4th Industrial Revolution. Sustainability (Switzerland), 14(14). https://doi.org/10.3390/su14148348
Mang’ana, K. M., Hokororo, S. J., & Ndyetabula, D. W. (2024). An Investigation of the Extent of Implementation of the Financial Management Practices of Agri-SMEs in developing countries: Evidence from Tanzania. Sustainable Technology and Entrepreneurship, 3(1), 100049. https://doi.org/10.1016/j.stae.2023.100049
Mensah, J. K. (2015). A “coalesced framework” of talent management and employee performance: For further research and practice. International Journal of Productivity and Performance Management, 64(4), 544–566. https://doi.org/10.1108/IJPPM-07-2014-0100
Miklian, J., & Hoelscher, K. (2022). SMEs and exogenous shocks: A conceptual literature review and forward research agenda. International Small Business Journal: Researching Entrepreneurship, 40(2), 178–204. https://doi.org/10.1177/02662426211050796
Nuamah-Gyambrah, K., OffeiOtu, M., & Agyeiwaa, F. (2016). Role of Information and Communication Technology (ICT) in the Survival of Small and Medium Scale Enterprises (SME’s) in Ghana: Evidence from selected Small and Medium Scale Enterprises in New Juaben Municipality, Koforidua. International Journal of Managing Public Sector Information and Communication Technologies, 7(1), 1–14. https://doi.org/10.5121/ijmpict.2016.7101
Oliveira Saraiva, G., Ferreira, J. J., & Alves, M. C. (2024). Turnaround, Decline, and Strategic Posture of SME: Empirical Evidence. In Journal of the Knowledge Economy (Issue 0123456789). https://doi.org/10.1007/s13132-024-01734-1
Öngel, V., Günsel, A., Gençer Çelik, G., Altındağ, E., & Tatlı, H. S. (2024). Digital Leadership’s Influence on Individual Creativity and Employee Performance: A View through the Generational Lens. Behavioral Sciences, 14(1). https://doi.org/10.3390/bs14010003
Osei, A., Osei Agyemang, A., Amoah, J., & Sulemana, I. (2023). Empirical study on the impact of working capital management on going concern of manufacturing firms in Ghana. Cogent Business and Management, 10(2). https://doi.org/10.1080/23311975.2023.2218177
Ospina-Patiño, C., González-Ruiz, J. D., & Marín-Rodríguez, N. J. (2023). Sustainable Practices and Financial Performance in Latin America: An Analysis of Environmental Scores. In Revista CEA (Vol. 9, Issue 21). https://doi.org/10.22430/24223182.2792
Parra-López, C., Ben Abdallah, S., Garcia-Garcia, G., Hassoun, A., Sánchez-Zamora, P., Trollman, H., Jagtap, S., & Carmona-Torres, C. (2024). Integrating digital technologies in agriculture for climate change adaptation and mitigation: State of the art and future perspectives. Computers and Electronics in Agriculture, 226(109412), 1–66. https://doi.org/10.1016/j.compag.2024.109412
Pavlicko, M., Durica, M., & Mazanec, J. (2021). Ensemble model of the financial distress prediction in visegrad group countries. Mathematics, 9(16). https://doi.org/10.3390/math9161886
Peretz-Andersson, E., Tabares, S., Mikalef, P., & Parida, V. (2024). Artificial intelligence implementation in manufacturing SMEs: A resource orchestration approach. International Journal of Information Management, 77(March), 102781. https://doi.org/10.1016/j.ijinfomgt.2024.102781
Prudenzi, A., Gill, K., MacArthur, M., Hastings, O., Moukhtarian, T., Jadhakhan, F., Patel, K., Kershaw, C., Norton-Brown, E., Johnston, N., Daly, G., Russell, S., Thomson, L., Munir, F., Blake, H., Meyer, C., & Marwaha, S. (2024). Supporting employers and their employees with mental hEalth conditions to remain eNgaged and producTive at wORk (MENTOR): A feasibility randomised controlled trial. Journal of Contextual Behavioral Science, 31(December 2023), 100720. https://doi.org/10.1016/j.jcbs.2023.100720
Purwanto, A., Purba, J. T., Bernarto, I., & Sijabat, R. (2021). Effect of Management Innovation, Transformational Leadership, and Knowledge Sharing on Market Performance of Indonesian Consumer Goods Company. Jurnal Aplikasi Manajemen, 19(2), 424–434. https://doi.org/10.21776/ub.jam.2021.019.02.18
Pusung, C. S., Narsa, N. P. D. R. H., & Wardhaningrum, O. A. (2023). Innovation, Competitive Strategy and Msme Performance: a Survey Study on Culinary Smes in Indonesia During the Covid-19 Pandemic. Business: Theory and Practice, 24(1), 160–172. https://doi.org/10.3846/btp.2023.16676
Rahmadhani, S., Faisal, F., Joseph, C., & Januarti, I. (2024). Corporate social responsibility and corporate investments: does research and development intensity matter? Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2375618
Raman, R., Pattnaik, D., Achuthan, K., Hughes, L., Al-Busaidi, A. S., Dwivedi, Y. K., Ramesh, M. V., & Nedungadi, P. (2024). Mapping research in the Journal of Innovation & Knowledge to sustainable development goals. Journal of Innovation and Knowledge, 9(3), 100538. https://doi.org/10.1016/j.jik.2024.100538
Ramdani, B., Chevers, D., & Williams, D. A. (2013). SMEs’ adoption of enterprise applications: A technology-organisation-environment model. Journal of Small Business and Enterprise Development, 20(4), 735–753. https://doi.org/10.1108/JSBED-12-2011-0035
Rehman Khan, S. A., Ahmad, Z., Sheikh, A. A., & Yu, Z. (2022). Digital transformation, smart technologies, and eco-innovation are paving the way toward sustainable supply chain performance. Science Progress, 105(4). https://doi.org/10.1177/00368504221145648
Richards, S. (2023). McKinsey & Company: People and Organizational Performance Strategic Analysis.
Ridwansyah, Y. S., & Anggraeni3, 2; Erike. (2023). JIMEA | Jurnal Ilmiah MEA ( Manajemen , Ekonomi , dan Akuntansi ). Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 5(3), 494–512.
Rufaidah, F., Karyani, T., Wulandari, E., & Setiawan, I. (2023). A Review of the Implementation of Financial Technology (Fintech) in the Indonesian Agricultural Sector: Issues, Access, and Challenges. International Journal of Financial Studies, 11(3). https://doi.org/10.3390/ijfs11030108
Schneider, S., & Spieth, P. (2014). Business model innovation and strategic flexibility: Insights from an experimental research design. International Journal of Innovation Management, 18(6), 1–21. https://doi.org/10.1142/S136391961440009X
Tabares, S., Dionisio, M., & Parida, V. (2025). Leveraging corporate social innovation by hybrid organizations: A strategic perspective from B Corps in Latin America. Journal of Business Research, 186(November 2022), 114945. https://doi.org/10.1016/j.jbusres.2024.114945
Tajpour, M., Hosseini, E., & Mohiuddin, M. (2023). Effects of innovative climate, knowledge sharing, and communication on sustainability of digital start-ups: Does social media matter? Journal of Open Innovation: Technology, Market, and Complexity, 9(2), 100053. https://doi.org/10.1016/j.joitmc.2023.100053
Tarighi, H., Zimon, G., Sheikh, M. J., & Sayrani, M. (2024). The Impact of Firm Risk and the COVID-19 Crisis on Working Capital Management Strategies: Evidence from a Market Affected by Economic Uncertainty. Risks, 12(4). https://doi.org/10.3390/risks12040072
Teece, D. J. (2017). Dynamic capabilities and (digital) platform lifecycles. In Entrepreneurship, innovation, and platforms (Vol. 37, pp. 211–225). Emerald Publishing Limited.
Triono, S. P. H., Rahayu, A., Wibowo, L. A., & Alamsyah, A. (2024). The Impact of Entrepreneurial Strategy on the Firm Performance of Indonesian Technology Startups. Jurnal Manajemen Indonesia, 24(1), 84. https://doi.org/10.25124/jmi.v24i1.7303
Wahyuningtyas, R., Disastra, G., & Rismayani, R. (2023). Toward cooperative competitiveness for community development in Economic Society 5.0. Journal of Enterprising Communities, 17(3), 594–620. https://doi.org/10.1108/JEC-10-2021-0149
Wang, W., Huang, Z., Fu, Z., Jia, L., Li, Q., & Song, J. (2024). Impact of digital technology adoption on technological innovation in grain production. Journal of Innovation and Knowledge, 9(3), 100520. https://doi.org/10.1016/j.jik.2024.100520
Wibowo, R. S., Alamsyah, A. R., & Rachmawati, I. K. (2023). The Effect of Fundamental Factors and Systematic Risk on the Return of LQ45 Shares Listed on the Indonesia Stock Exchange. Quantitative Economics and Management Studies, 4(2), 195–210. https://doi.org/10.35877/454ri.qems1467
Ahmad, W. S. H. M. W., Radzi, N. A. M., Samidi, F. S., Ismail, A., Abdullah, F., Jamaludin, M. Z., & Zakaria, M. (2020). 5G technology: Towards dynamic spectrum sharing using cognitive radio networks. IEEE Access, 8, 14460–14488.
Alma Çallı, B., Özşahin, M., Coşkun, E., & Rıfat Arık, A. (2022). Do Generative Leadership and Digital Literacy of Executive Management Help Flourishing Micro and Small Business Digital Maturity? International Journal of Organizational Leadership, 11(3), 307–332. https://doi.org/10.33844/ijol.2022.60332
Andriyani, N., Maulana, H. K., Salam, A. N., Utami, F. M., Kinasih, A. N., Ardiansyah, S., & Iskandar, I. (2023). How does the PEN Program Affect the Sustainability of MSMEs: A Case Study in Bantul. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 18(1), 110–119. https://doi.org/10.24269/ekuilibrium.v18i1.2023.pp110-119
Aruna, H. A. M. (2013). Technology Innovation for SME Growth : A Perception for the Emerging Economies. 4(3), 156–163.
Asif, M., Yang, L., & Hashim, M. (2024). The Role of Digital Transformation, Corporate Culture, and Leadership in Enhancing Corporate Sustainable Performance in the Manufacturing Sector of China. Sustainability (Switzerland) , 16(7). https://doi.org/10.3390/su16072651
Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research, 67(3), 332–338. https://doi.org/10.1016/j.jbusres.2013.01.016
Barak, M., & Sharma, R. K. (2023). Investigating the Impact of Intellectual Capital on the Sustainable Financial Performance of Private Sector Banks in India. Sustainability (Switzerland) , 15(2). https://doi.org/10.3390/su15021451
Bartik, A., Cullen, Z., Bertrand, M., Glaeser, E. L., Luca, M., & Stanton, C. (2020). How Are Small Businesses Adjusting to COVID-19? Early Evidence From a Survey. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3570896
Bernard, A. B., Bradford Jensen, J., Redding, S. J., & Schott, P. K. (2007). Firms in international trade. Journal of Economic Perspectives, 21(3), 105–130. https://doi.org/10.1257/jep.21.3.105
Bharadwaj, A., El Sawy, O. A., Pavlou, P. A., & Venkatraman, N. (2013). Digital business strategy: Toward a next generation of insights. MIS Quarterly: Management Information Systems, 37(2), 471–482. https://doi.org/10.25300/MISQ/2013/37:2.3
Bourletidis, K., & Triantafyllopoulos, Y. (2014). SMEs Survival in Time of Crisis: Strategies, Tactics and Commercial Success Stories. Procedia - Social and Behavioral Sciences, 148, 639–644. https://doi.org/10.1016/j.sbspro.2014.07.092
Bughin, J., & Zeebroeck, N. Van. (2021). The Entrepreneurial Returns to Incumbents’ Digital Transformation. https://dipot.ulb.ac.be/dspace/bitstream/2013/327345/3/WP2021-048-BUGHIN_VANZEEBROECK-the.pdf
Chwiłkowska-Kubala, A., Cyfert, S., Malewska, K., Mierzejewska, K., & Szumowski, W. (2023). The impact of resources on digital transformation in energy sector companies. The role of readiness for digital transformation. Technology in Society, 74(June). https://doi.org/10.1016/j.techsoc.2023.102315
Dabbous, A., Barakat, K. A., & Kraus, S. (2023). The impact of digitalization on entrepreneurial activity and sustainable competitiveness: A panel data analysis. Technology in Society, 73(March), 102224. https://doi.org/10.1016/j.techsoc.2023.102224
Davies, P., Bustinza, O. F., Parry, G., & Jovanovic, M. (2023). Unpacking the relationship between digital capabilities, services capabilities, and firm financial performance: A moderated mediation model. Industrial Marketing Management, 115(September), 1–10. https://doi.org/10.1016/j.indmarman.2023.09.005
Dyllick, T., & Hockerts, K. (2017). Beyond the business case for corporate sustainability. Corporate Environmental Responsibility, 213–224. https://doi.org/10.4324/9781315259277-7
Edy Sutrisno. (2021). Strategi Pemulihan Ekonomi Pasca Pandemi Melalui Sektor Umkm dan Pariwisata. Jurnal Lemhannas RI, 9(1), 167–185. https://doi.org/10.55960/jlri.v9i1.385
Epstein, M. J., & Buhovac, A. R. (2014). Best Practices in Managing and Measuring Corporate Social, Environmental, and Economic Impacts. In Making Sustainability Work Best Practices in Managing and Measuring Corporate Social, Environmental, and Economic Impacts.
Fachrysa Halik, R. A., Rifin, A., & Jahroh, S. (2020). Pengaruh Kemtraan Terhadap Kinerja Usaha Mikro Dan Kecil Tahu Di Indonesia. Jurnal Agribisnis Indonesia, 8(2), 164–174. https://doi.org/10.29244/jai.2020.8.2.164-174
Gao, J. L., Chen, Y., & Zhang, X. Q. (2023). Digital Technology Driving Exploratory Innovation in the Enterprise: A Mediated Model with Moderation. Systems, 11(3). https://doi.org/10.3390/systems11030118
Garg, M., & Kumar, P. (2024). Harnessing digital technologies for triple bottom line sustainability in the banking industry: a bibliometric review. Future Business Journal, 10(1). https://doi.org/10.1186/s43093-024-00336-2
Habib, A. M., & Dalwai, T. (2024). Does the Efficiency of a Firm’s Intellectual Capital and Working Capital Management Affect Its Performance? Journal of the Knowledge Economy, 15(1), 3202–3238. https://doi.org/10.1007/s13132-023-01138-7
Hameed, A., Ahmed, M. Z., Hussain, T., Aziz, I., Ahmad, N., Gul, B., & Nielsen, B. L. (2021). Effects of salinity stress on chloroplast structure and function. Cells, 10(8), 2023.
Hamshari, Y. M., Alqam, M. A., & Ali, H. Y. (2022). The impact of the corona epidemic on working capital management for jordanian companies listed on the amman stock exchange. Cogent Economics and Finance, 10(1). https://doi.org/10.1080/23322039.2022.2157541
Hasanah, P. N., Prasetyo, A., & others. (2020). EFISIENSI PENGGUNAAN FAKTOR-FAKTOR PRODUKSI PADA USAHATANI CABAI MERAH KERITING (Capsicum annuum L.)(Studi Kasus di Kelompok Tani Prawoto Sari, Desa Munding, Kecamatan Bergas, Kabupaten Semarang). Jurnal Ilmiah Agrineca, 20(2), 77–87.
Hidayat, S. E., Izharivan, Y., & Sari, C. A. (2021). Islamic Finance and Sustainable Economy: A New Model of Islamic Financial Ecosystem. In M. K. Hassan, M. Saraç, & A. Khan (Eds.), Islamic Finance and Sustainable Development : A Sustainable Economic Framework for Muslim and Non-Muslim Countries (pp. 265–284). Springer International Publishing. https://doi.org/10.1007/978-3-030-76016-8_11
Jiao, X., Zhang, P., He, L., & Li, Z. (2023). Business sustainability for competitive advantage: identifying the role of green intellectual capital, environmental management accounting and energy efficiency. Economic Research-Ekonomska Istrazivanja , 36(2). https://doi.org/10.1080/1331677X.2022.2125035
Kosasih, O., Hidayat, K., Hutahayan, B., & Sunarti. (2024). Developing sustainable business-to-business (B2B) strategies in service innovation for enhancing customer loyalty in the petrochemical industry: a systematic review. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2422564
Kuckertz, A., Brändle, L., Gaudig, A., Hinderer, S., Morales Reyes, C. A., Prochotta, A., Steinbrink, K. M., & Berger, E. S. C. (2020). Startups in times of crisis – A rapid response to the COVID-19 pandemic. Journal of Business Venturing Insights, 13(April). https://doi.org/10.1016/j.jbvi.2020.e00169
Lee, B., & Park, S. K. (2022). A Study on the Competitiveness for the Diffusion of Smart Technology of Construction Industry in the Era of 4th Industrial Revolution. Sustainability (Switzerland), 14(14). https://doi.org/10.3390/su14148348
Mang’ana, K. M., Hokororo, S. J., & Ndyetabula, D. W. (2024). An Investigation of the Extent of Implementation of the Financial Management Practices of Agri-SMEs in developing countries: Evidence from Tanzania. Sustainable Technology and Entrepreneurship, 3(1), 100049. https://doi.org/10.1016/j.stae.2023.100049
Mensah, J. K. (2015). A “coalesced framework” of talent management and employee performance: For further research and practice. International Journal of Productivity and Performance Management, 64(4), 544–566. https://doi.org/10.1108/IJPPM-07-2014-0100
Miklian, J., & Hoelscher, K. (2022). SMEs and exogenous shocks: A conceptual literature review and forward research agenda. International Small Business Journal: Researching Entrepreneurship, 40(2), 178–204. https://doi.org/10.1177/02662426211050796
Nuamah-Gyambrah, K., OffeiOtu, M., & Agyeiwaa, F. (2016). Role of Information and Communication Technology (ICT) in the Survival of Small and Medium Scale Enterprises (SME’s) in Ghana: Evidence from selected Small and Medium Scale Enterprises in New Juaben Municipality, Koforidua. International Journal of Managing Public Sector Information and Communication Technologies, 7(1), 1–14. https://doi.org/10.5121/ijmpict.2016.7101
Oliveira Saraiva, G., Ferreira, J. J., & Alves, M. C. (2024). Turnaround, Decline, and Strategic Posture of SME: Empirical Evidence. In Journal of the Knowledge Economy (Issue 0123456789). https://doi.org/10.1007/s13132-024-01734-1
Öngel, V., Günsel, A., Gençer Çelik, G., Altındağ, E., & Tatlı, H. S. (2024). Digital Leadership’s Influence on Individual Creativity and Employee Performance: A View through the Generational Lens. Behavioral Sciences, 14(1). https://doi.org/10.3390/bs14010003
Osei, A., Osei Agyemang, A., Amoah, J., & Sulemana, I. (2023). Empirical study on the impact of working capital management on going concern of manufacturing firms in Ghana. Cogent Business and Management, 10(2). https://doi.org/10.1080/23311975.2023.2218177
Ospina-Patiño, C., González-Ruiz, J. D., & Marín-Rodríguez, N. J. (2023). Sustainable Practices and Financial Performance in Latin America: An Analysis of Environmental Scores. In Revista CEA (Vol. 9, Issue 21). https://doi.org/10.22430/24223182.2792
Parra-López, C., Ben Abdallah, S., Garcia-Garcia, G., Hassoun, A., Sánchez-Zamora, P., Trollman, H., Jagtap, S., & Carmona-Torres, C. (2024). Integrating digital technologies in agriculture for climate change adaptation and mitigation: State of the art and future perspectives. Computers and Electronics in Agriculture, 226(109412), 1–66. https://doi.org/10.1016/j.compag.2024.109412
Pavlicko, M., Durica, M., & Mazanec, J. (2021). Ensemble model of the financial distress prediction in visegrad group countries. Mathematics, 9(16). https://doi.org/10.3390/math9161886
Peretz-Andersson, E., Tabares, S., Mikalef, P., & Parida, V. (2024). Artificial intelligence implementation in manufacturing SMEs: A resource orchestration approach. International Journal of Information Management, 77(March), 102781. https://doi.org/10.1016/j.ijinfomgt.2024.102781
Prudenzi, A., Gill, K., MacArthur, M., Hastings, O., Moukhtarian, T., Jadhakhan, F., Patel, K., Kershaw, C., Norton-Brown, E., Johnston, N., Daly, G., Russell, S., Thomson, L., Munir, F., Blake, H., Meyer, C., & Marwaha, S. (2024). Supporting employers and their employees with mental hEalth conditions to remain eNgaged and producTive at wORk (MENTOR): A feasibility randomised controlled trial. Journal of Contextual Behavioral Science, 31(December 2023), 100720. https://doi.org/10.1016/j.jcbs.2023.100720
Purwanto, A., Purba, J. T., Bernarto, I., & Sijabat, R. (2021). Effect of Management Innovation, Transformational Leadership, and Knowledge Sharing on Market Performance of Indonesian Consumer Goods Company. Jurnal Aplikasi Manajemen, 19(2), 424–434. https://doi.org/10.21776/ub.jam.2021.019.02.18
Pusung, C. S., Narsa, N. P. D. R. H., & Wardhaningrum, O. A. (2023). Innovation, Competitive Strategy and Msme Performance: a Survey Study on Culinary Smes in Indonesia During the Covid-19 Pandemic. Business: Theory and Practice, 24(1), 160–172. https://doi.org/10.3846/btp.2023.16676
Rahmadhani, S., Faisal, F., Joseph, C., & Januarti, I. (2024). Corporate social responsibility and corporate investments: does research and development intensity matter? Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2375618
Raman, R., Pattnaik, D., Achuthan, K., Hughes, L., Al-Busaidi, A. S., Dwivedi, Y. K., Ramesh, M. V., & Nedungadi, P. (2024). Mapping research in the Journal of Innovation & Knowledge to sustainable development goals. Journal of Innovation and Knowledge, 9(3), 100538. https://doi.org/10.1016/j.jik.2024.100538
Ramdani, B., Chevers, D., & Williams, D. A. (2013). SMEs’ adoption of enterprise applications: A technology-organisation-environment model. Journal of Small Business and Enterprise Development, 20(4), 735–753. https://doi.org/10.1108/JSBED-12-2011-0035
Rehman Khan, S. A., Ahmad, Z., Sheikh, A. A., & Yu, Z. (2022). Digital transformation, smart technologies, and eco-innovation are paving the way toward sustainable supply chain performance. Science Progress, 105(4). https://doi.org/10.1177/00368504221145648
Richards, S. (2023). McKinsey & Company: People and Organizational Performance Strategic Analysis.
Ridwansyah, Y. S., & Anggraeni3, 2; Erike. (2023). JIMEA | Jurnal Ilmiah MEA ( Manajemen , Ekonomi , dan Akuntansi ). Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 5(3), 494–512.
Rufaidah, F., Karyani, T., Wulandari, E., & Setiawan, I. (2023). A Review of the Implementation of Financial Technology (Fintech) in the Indonesian Agricultural Sector: Issues, Access, and Challenges. International Journal of Financial Studies, 11(3). https://doi.org/10.3390/ijfs11030108
Schneider, S., & Spieth, P. (2014). Business model innovation and strategic flexibility: Insights from an experimental research design. International Journal of Innovation Management, 18(6), 1–21. https://doi.org/10.1142/S136391961440009X
Tabares, S., Dionisio, M., & Parida, V. (2025). Leveraging corporate social innovation by hybrid organizations: A strategic perspective from B Corps in Latin America. Journal of Business Research, 186(November 2022), 114945. https://doi.org/10.1016/j.jbusres.2024.114945
Tajpour, M., Hosseini, E., & Mohiuddin, M. (2023). Effects of innovative climate, knowledge sharing, and communication on sustainability of digital start-ups: Does social media matter? Journal of Open Innovation: Technology, Market, and Complexity, 9(2), 100053. https://doi.org/10.1016/j.joitmc.2023.100053
Tarighi, H., Zimon, G., Sheikh, M. J., & Sayrani, M. (2024). The Impact of Firm Risk and the COVID-19 Crisis on Working Capital Management Strategies: Evidence from a Market Affected by Economic Uncertainty. Risks, 12(4). https://doi.org/10.3390/risks12040072
Teece, D. J. (2017). Dynamic capabilities and (digital) platform lifecycles. In Entrepreneurship, innovation, and platforms (Vol. 37, pp. 211–225). Emerald Publishing Limited.
Triono, S. P. H., Rahayu, A., Wibowo, L. A., & Alamsyah, A. (2024). The Impact of Entrepreneurial Strategy on the Firm Performance of Indonesian Technology Startups. Jurnal Manajemen Indonesia, 24(1), 84. https://doi.org/10.25124/jmi.v24i1.7303
Wahyuningtyas, R., Disastra, G., & Rismayani, R. (2023). Toward cooperative competitiveness for community development in Economic Society 5.0. Journal of Enterprising Communities, 17(3), 594–620. https://doi.org/10.1108/JEC-10-2021-0149
Wang, W., Huang, Z., Fu, Z., Jia, L., Li, Q., & Song, J. (2024). Impact of digital technology adoption on technological innovation in grain production. Journal of Innovation and Knowledge, 9(3), 100520. https://doi.org/10.1016/j.jik.2024.100520
Wibowo, R. S., Alamsyah, A. R., & Rachmawati, I. K. (2023). The Effect of Fundamental Factors and Systematic Risk on the Return of LQ45 Shares Listed on the Indonesia Stock Exchange. Quantitative Economics and Management Studies, 4(2), 195–210. https://doi.org/10.35877/454ri.qems1467
Published
2025-10-31
How to Cite
Rahmah, M., Fatmah, D., Aslikhah, N., Soe, H. P., Rahmah, Y., Rahmah, Z. Z., & Purnama, C. (2025). The Role of Business Sustainability in Enhancing SME Competitiveness Through Working Capital and Digital Technology. Jurnal Manajemen Dan Keuangan, 14(2), 265-287. https://doi.org/10.33059/jmk.v14i2.12569
Section
Articles
Copyright (c) 2025 Jurnal Manajemen dan Keuangan
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Menyataakan bahwa :
- Saya menyatakan bahwa artikel (judul artikel) adalah asli dan tidak pernah dipublikasikan sebelumnya atau akan dipublikasikan di tempat lain.
- Dengan publikasi, saya kirimkan hak cipta kepada Jurnal Manajemen dan Keuangan. Transfer Hak Cipta termasuk dalam hak untuk mereproduksi fotografi untuk artikel sejenis dan terjemahannya. Hal ini juga termasuk dalam hak untuk memasukkan artikel dalam sistem computer untuk disebarluaskan dalam jaringan tersebut.
Declare that :
- I hereby declare that I have submitted to the Jurnal Manajemen dan Keuangan for the above manuscript in origininal no part has been plagiarized and willing to pay a journal management fee.
- I, in consideration of the acceptance of the above work for publication, do hereby assign and transfer to the Jurnal Manajemen dan Keuangan, Management Department Universitas Samudra all of the rights, title, and interest in and to the copyright of the above titled work in its current form, including online supporting material (data supplements) submitted with the work, and in any form subsequently revised for publication and/or electronic dissemination, including translations to another language. I agree to the fact that any attempt to reproduce the text or figures may require their kind permission.
.png)
1.png)
.png)
