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<p>As the world focuses more on sustainable development, businesses are facing increased pressure to integrate digitalization and sustainability into their models. Many firms recognize the importance of sustainability, but the process of embedding it into their core operations remains unclear and challenging, especially for manufacturing companies. This study integrates dynamic capability theory and Technology-Organization-Environment framework to examine the influence of Industry 4.0 technologies, crowdfunding, financial literacy, digital sustainable business model, and market turbulence on the sustainable performance of small- and medium-sized enterprises (SMEs). Data was collected from 414 managers and executive-level employees working in SMEs. Advanced statistical tools such as SmartPLS and artificial neural networking were employed. The findings highlighted that crowdfunding, financial literacy, and Industry 4.0 technologies significantly influence SMEs’ sustainability. Meanwhile, the digital sustainable business model mediates the relationship between crowdfunding, financial literacy, and Industry 4.0 technologies. Additionally, market turbulence significantly strengthens the influence of digital sustainable business model on sustainable performance. This study extends knowledge about sustainable business strategies within enterprises and provides valuable insights for business industrialists, policymakers, and other stockholders enthusiastic to enhance the sustainability efforts of SMEs.</p>

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Innovative Strategies for SMEs’ Sustainability: Crowdfunding, Industry 4.0, and Sustainable Business Models Using SEM-ANN Approach

  • 期刊论文

  • 发表日期：

    2025年5月19日

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  • Fiza Amjad,
  • Yulei Rao,
  • Amin Ur Rahman,
  • Sajjad Ahmad Baig,
  • Muhammad Usman,
  • Muhammad Waleed Younas

摘要

As the world focuses more on sustainable development, businesses are facing increased pressure to integrate digitalization and sustainability into their models. Many firms recognize the importance of sustainability, but the process of embedding it into their core operations remains unclear and challenging, especially for manufacturing companies. This study integrates dynamic capability theory and Technology-Organization-Environment framework to examine the influence of Industry 4.0 technologies, crowdfunding, financial literacy, digital sustainable business model, and market turbulence on the sustainable performance of small- and medium-sized enterprises (SMEs). Data was collected from 414 managers and executive-level employees working in SMEs. Advanced statistical tools such as SmartPLS and artificial neural networking were employed. The findings highlighted that crowdfunding, financial literacy, and Industry 4.0 technologies significantly influence SMEs’ sustainability. Meanwhile, the digital sustainable business model mediates the relationship between crowdfunding, financial literacy, and Industry 4.0 technologies. Additionally, market turbulence significantly strengthens the influence of digital sustainable business model on sustainable performance. This study extends knowledge about sustainable business strategies within enterprises and provides valuable insights for business industrialists, policymakers, and other stockholders enthusiastic to enhance the sustainability efforts of SMEs.