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<p>This study looks at how small and medium-sized businesses (SMEs) in Indonesia interact with research and development (R&amp;D), blockchain adoption, funding availability, and company performance. Data from 404 SME owners and managers in various locations were gathered using a quantitative research approach, and Partial Least Squares Structural Equation Modeling (PLS-SEM) was used for analysis. The results indicate that R&amp;D significantly enhances blockchain acceptance but does not directly improve firm performance. Instead, blockchain acceptance positively influences firm performance and mediates the relationship between R&amp;D and performance, suggesting that innovation capability generates value primarily through digital technology implementation. The findings further reveal a nuanced moderating role of access to financing: financial access weakens the relationship between R&amp;D and blockchain acceptance while strengthening the impact of blockchain acceptance on firm performance. These results highlight a substitution–complementarity dynamic between internal innovation capability and external financial resources in shaping digital transformation outcomes. By integrating innovation capability, technology adoption, and financial accessibility within a single framework, this study advances a more comprehensive understanding of SME performance in emerging economies.</p>

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Innovation capability, blockchain adoption, and firm performance: evidence from Indonesian SMEs

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年6月15日

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  • Mahir Pradana,
  • Hanifah Putri Elisa,
  • Dian Gita Utami,
  • Diki Wahyu Nugraha,
  • Ratna Rintaningrum

摘要

This study looks at how small and medium-sized businesses (SMEs) in Indonesia interact with research and development (R&D), blockchain adoption, funding availability, and company performance. Data from 404 SME owners and managers in various locations were gathered using a quantitative research approach, and Partial Least Squares Structural Equation Modeling (PLS-SEM) was used for analysis. The results indicate that R&D significantly enhances blockchain acceptance but does not directly improve firm performance. Instead, blockchain acceptance positively influences firm performance and mediates the relationship between R&D and performance, suggesting that innovation capability generates value primarily through digital technology implementation. The findings further reveal a nuanced moderating role of access to financing: financial access weakens the relationship between R&D and blockchain acceptance while strengthening the impact of blockchain acceptance on firm performance. These results highlight a substitution–complementarity dynamic between internal innovation capability and external financial resources in shaping digital transformation outcomes. By integrating innovation capability, technology adoption, and financial accessibility within a single framework, this study advances a more comprehensive understanding of SME performance in emerging economies.