sustainability

Article
Adoption of Digital Technologies by SMEs for Sustainability and
Value Creation: Moderating Role of Entrepreneurial Orientation
Demetris Vrontis 1 , Ranjan Chaudhuri 2, * and Sheshadri Chatterjee 3

1 School of Business, University of Nicosia, Nicosia 2417, Cyprus; [email protected]

2 Department of Marketing, Indian Institute of Management Ranchi, Ranchi 834008, Jharkhand, India
3 Department of Computer Science & Engineering, Indian Institute of Technology Kharagpur,
Kharagpur 721302, West Bengal, India; [email protected]
* Correspondence: [email protected]

Abstract: Digital business transformation is considered an effective business strategy that appears to
have gained attention since the enterprises are challenged to continuously improve their business
practices as well as capabilities. The use of digital technologies could reduce the influence of external
crises and could introduce massive changes in business operations by providing better business
models. Moreover, adopting digital technology can influence both economic sustainability and social
value of enterprises and can improve regional socio-economic conditions. There are few recent
studies on how technology can empower enterprises at different phases of growth and sustainability;
furthermore, very few studies are available that determine how adopting different modern digital
technologies can create value for small and medium enterprises (SMEs). Therefore, this study aims to
close this gap and investigate the moderating role of entrepreneurial orientation. With the support
of resource-based view (RBV) and dynamic capability view (DCV) theories, along with a literature
Citation: Vrontis, D.; Chaudhuri, R.; review, a theoretical model has been developed. It was then validated using the PLS-SEM technique
Chatterjee, S. Adoption of Digital considering 319 respondents who are SME employees in India. The findings show that adopting
Technologies by SMEs for
digital technologies has a significant impact on the creation of economic sustainability and social
Sustainability and Value Creation:
value for SMEs. The study also found a significant moderating impact of entrepreneurial orientation
Moderating Role of Entrepreneurial
on the relationship between social and economic value creation and SME performance.
Orientation. Sustainability 2022, 14,
7949. https://doi.org/10.3390/
Keywords: digital technology; entrepreneurship; economic and social sustainability; SME performance;
su14137949
entrepreneurial orientation
Academic Editors: George Saridakis,
Bochra Idris, Yazid Abubakar
Abdullahi and Sandra Sookram

Received: 26 May 2022 1. Introduction

Accepted: 27 June 2022 The accelerated growth of digital technologies and their adoption by enterprises have
Published: 29 June 2022 drastically changed the overall landscape of entrepreneurial activities and have impacted
Publisher’s Note: MDPI stays neutral
regional development. The present research on entrepreneurship, innovation, and the
with regard to jurisdictional claims in emergence of modern technologies, has thrown light on how technology-empowered
published maps and institutional affil- enterprises are trying to reshape their entrepreneurship activities and drive their growth [1].
iations. There are studies on how modern digital technology can help enterprises of different sizes,
especially small- and mid-size enterprises (SMEs), can sustain their growth momentum,
accelerate their business activities, and contribute to regional development [2–4]. Bartik,
Bertrand, and Cullen [5] showed how SMEs could suffer from various constraints, but they
Copyright: © 2022 by the authors. are able to survive and adjust to external shocks. Welter, Baker, and Wirsching [6] observed
Licensee MDPI, Basel, Switzerland. that the abilities of different-sized enterprises to innovate and grow are closely related to
This article is an open access article their specific nature. Such innovation and growth are found to depend on institutional and
distributed under the terms and regional contexts [7].
conditions of the Creative Commons
However, scholars have not been clear about the contributions of digital technologies
Attribution (CC BY) license (https://
such as social media, the Internet of Things (IoT), blockchain, big data analytics, and
creativecommons.org/licenses/by/
artificial intelligence (AI) enabled applications towards the growth of start-up SMEs and
4.0/).

Sustainability 2022, 14, 7949. https://doi.org/10.3390/su14137949 https://www.mdpi.com/journal/sustainability

Sustainability 2022, 14, 7949 2 of 19

related entrepreneurial activities. Scholars and practitioners are also uncertain how, when,
and under what specific conditions the use of digital technologies could help start-up
enterprises sustain their growth continuum [8]. This dilemma among the experts has been
multiplied by the emergence of the COVID-19 pandemic when the start-up enterprises were
unsure about how to restructure their business resilience using digital technology to trace
out ways in which they could successfully retain potential customers in such an apocalyptic
situation. This predicament also affects SMEs who need to change their business operations
with modern digital technologies to create resilient economic and social values [9].
Reaping the benefits from using digital technologies does not support a “one-
size-fits-all” approach, which engages scholars in more in-depth research on start-up
enterprises and changes their notion of entrepreneurial activities [10]. In this context, it
is argued that start-up SMEs suffering from various constraints need to use their existing
resources and opportunities in the best possible way to extract the best outcomes by
appropriately using modern digital means. This concept corroborates the resource-based
view (RBV) theory [11].
It is perceived that start-up SMEs also could embolden their abilities to use digital
technologies appropriately to sense and seize the available opportunities and then recon-
figure their available resources to successfully address the volatile high-velocity business
environments. This concept is in consonance with the dynamic capability view (DCV)
theory [12].
The present study posits that when start-up SMEs appropriately use modern digital
technologies, through effective adoption, they can improve the economic and social values
of their region. By creating social and economic value, start-up SMEs can improve their
performance provided they are equipped with appropriate entrepreneurial orientation.
Studies on how the underserved start-up small business enterprises could benefit by using
digital technologies are found to be limited and at the rudimentary stage [13]. There are
not many studies that focus on the influence of modern digital technologies on creating
economic and social value for a particular region. Thus, there is a research gap. Against
such a background, the aim of this study is to address the following research questions.
• RQ1: How can the adoption of different digital technologies by SMEs influence value
creation (both social and economic value)?
• RQ2: Can creating both social and economic value influence SME performance?
• RQ3: Does entrepreneurial orientation play any moderating role in influencing the
relationship between value creation and SME performance?

2. Literature Review
Junaidah [14] found that SMEs are effective contributors to employment generation,
export activities, and regional development. Start-up SMEs are valued for their impact
on social and economic aspects, as well as for developing a nation’s economic health by
enriching inventions as well as innovations [15,16]. In developing countries, SMEs are
seen as a dynamic, vibrant sector for economic growth [17,18]. Studies have demonstrated
that SMEs may be considered effective drivers in alleviating poverty for a particular
region [4,19].
The use of different digital technologies, such as social media platforms, blockchain,
AI-enabled business applications, the Internet of Things, and big data analytics, can reduce
the exogenous crisis faced by start-up entrepreneurs [20,21]. Digital technology adoption by
start-up SMEs can influence both economic and social value, and it can improve the socio-
economic conditions of that region [7,22]. The use of digital technologies can also impact
the performance of enterprises, but the growth rate of enterprises that use technological
applications has been found to vary [23,24].
Junaidh [14] and Ng et al. [17] have emphasized the detailed study to conceptualize
how the enterprises looking for digital transformation could best integrate these ground-
breaking technologies and could reestablish their models of operations through the usage
of new, more advanced technologies. In this way, SMEs can do business by enhancing their
Sustainability 2022, 14, 7949 3 of 19

preparedness to overcome any crisis and by rethinking the implications of using digital
technologies for their success in the emerging digital economy. Laverne et al. [25] have also
suggested that a comprehensive and academically rigorous study is needed to understand
how the use of digital technologies could facilitate interactions among the economic actors
and create economic and social value. The study has also highlighted that IoT devices have
possessed security and privacy issues in the context of authentication, heterogeneity, and
identification, whereas big data usage also possesses some challenges, including poor data
quality and data silos as well as a dearth of skills of the users, and these challenges could
be addressed by the appropriate recruitment of skilled employees and by imparting proper
training to the existing employees to improve their skillsets [26].
The adoption of modern digital technologies can trigger the digital transformation
of start-up SMEs. Digital transformation refers to helping enterprises radically improve
their performance by improving economic and social value [27]. Digital transformation is
a way to change business activities from traditional means to a digital environment. For
example, digitally transforming the retail industry could take the concept of “bricks and
mortar” and make it a “clicks and bricks” environment [28].
What to speak of the SMEs, even the start-up SMEs are also trying to digitally trans-
form their business practices by introducing massive changes in their business operations,
ensuring better customer services, superior business models, payments with the new
methods with online engagements through proper utilization of AI-enabled business ap-
plications, big data analytics, IoT, social media, blockchain, and other technologies [29].
Such integration of digital technologies is perceived to improve economic and social value,
which impacts the overall performance of SMEs through an advanced way of doing busi-
ness [30,31]. This concept received support from Sebestian et al. [32], who documented
that social media, AI, and other digital technologies are fundamental driving forces for
the digital transformation of enterprises to improve economic and social value, improve
performance, and accelerate regional development.

3. Theoretical Underpinning and Hypothesis Development

3.1. Theoretical Underpinning
In order to elucidate how SMEs that adopt digital technology improve their performance
by enhancing their economic and social value, this study has taken help from the resource-
based view (RBV) theory [11] and dynamic capability view (DCV) theory [12]. To achieve
a better competitive advantage, SMEs need to implement a strategy that cannot be easily
replicated by their competitors [11]. How start-up SMEs can leverage resources to create
and sustain competitive advantage by improving their performance has become the focus
of research scholars as well as practitioners. Moreover, SMEs perform differently from one
another as they have distinct capabilities and resources which are valuable, rare, inimitable, as
well as non-substitutable (VRIN). This concept corroborates with RBV theory [11].
Using applications of social media, as well as other digital technologies, is considered
part of the resource portfolio of start-up enterprises, but it can hardly meet the criteria of
resource-based theory on its own due to the comparatively low barriers for other SMEs
to acquire such applications. Thus, applying different digital technologies cannot really
enhance the value of SMEs, and so it cannot strictly act as a VRIN resource [33]. Thus, in
terms of the RBV theory, when SMEs simultaneously use other technologies such as AI, big
data analytics, IoT, and blockchain, their performance will be superior to their counterparts
in the identical market.
SMEs need to understand that the market environment and customer demands are
changing rapidly. In such a dynamic market environment, SMEs need to sense, seize, and
transform the available opportunities and external resources appropriately so that they can
effectively react and respond to the changing demands of the customers. This could help
the SMEs to outperform their competitors. In this context, the different digital technologies
are deemed to enhance the abilities of the SMEs to effectively integrate, build, as well
as reconfigure internal and external abilities for successfully addressing any challenges
Sustainability 2022, 14, 7949 4 of 19

which may emerge due to the rapidly changing business environment. This is the principal
concept of dynamic capability view (DCV) theory [12].
Start-up SMEs can effectively improve their dynamic capability by effectively using
digital technologies to orchestrate and reconfigure their competencies in the dynamic
market environment. It is important that the SMEs have a proper strategy to compete
with their competitors working in the same market [34]. In this context, entrepreneurial
orientation seems to play a critical role in transforming the operational activities of SMEs
and in improving their performance [35].

3.2. Social Media Application (SMA)

Paris, Lee, and Seery [36] (p. 531) defined social media marketing technology as “a
secured generation of web-development and design, that aims to facilitate communication,
sources, information sharing, interoperability, and collaboration on the World Wide Web”.
It has been ascertained that social media applications are very popular among younger
people who spend a considerable amount of time on them [37]. Social media platforms are
tools to easily create online communication between customers and SMEs [38,39]. Walsh
and Lipinski [40] observed that SMEs used social media platforms to improve their brand-
building activities, and Ware [41] also found that SMEs use them to help develop their
business activities. In a study by Abed, Dwivedi, and Williams [42], it was observed that,
in Saudi Arabia, SMEs used social media platforms for their electronic commerce. Thus,
the use of social media platforms by SMEs is perceived to impact their economic value and
social value. Accordingly, the following hypotheses are formulated.
H1a. Social media application (SMA) positively impacts on the creation of economic value (ECV)
for SMEs.
H1b. Social media application (SMA) positively impacts on the creation of social value (SOV)
for SMEs.

3.3. AI-Enabled Applications (AEA)

Studies have found that SMEs apply AI technologies to help them remodel various
business activities such as supply chain networks, production systems, and operational
management systems [43,44]. SMEs can remodel business applications with the help of
AI technology according to their needs without incurring much cost [45]. AI technology
involves machines that can efficiently perform like human beings [46].
Large enterprises, as well as SMEs, have used AI to develop their business activities.
For example, KPMG is using AI technology to automate their auditing services, while
Bridgewater Associates uses it to improve their business operational activities [47]. SMEs
that specialize in finance, marketing, and telecommunication have long been using AI
technology to enhance their competitive advantage [48].
AI-enabled applications are considered VRIN resources that impact production sys-
tems to make SMEs more competitive. This concept is supplemented by RBV theory [11].
AI is a technology that possesses a human-like intellect to perform complex tasks [49].
AI-enabled applications are thus perceived to influence the creation of an enterprise’s eco-
nomic as well as social value. In terms of the above discussions, the following hypotheses
are formulated.
H2a. AI-enabled applications (AEA) positively impact on the creation of economic value (ECV)
for SMEs.
H2b. AI-enabled applications (AEA) positively impact on the creation of social value (SOV)
for SMEs.

3.4. Big Data Analytics (BDA)

Data analytics has gained huge momentum in recent years, consequently from the
emergence of big data. Big data analytics (BDA) is a “holistic process that involves the
Sustainability 2022, 14, 7949 5 of 19

collection, analysis, use, and interpretation of data for various functional divisions with a
view to gaining actionable insights creating business value and establishing the competitive
advantage” [50] (p. 178). Traditional methods of performing analytics differ from BDA on
four salient dimensions, which are variety, velocity, volume, and accessibility [51]. Owing
to the dynamic characteristics of big data, velocity is referred to as the rate at which data
are generated and analyzed, and it sometimes includes real-time analysis. Accessibility
is construed as the ability of SMEs to collect data from multifarious sources [52]. It is
important to mention here that when data remain in an unprocessed form, they have no
value until they are examined with an appropriate analytical tool for extracting meaningful
information. Thus, the application of BDA is perceived to impact SMEs towards the creation
of economic as well as social value. Accordingly, the following hypotheses are developed.
H3a. Big data analytics (BDA) positively impacts on the creation of economic value (ECV) for SMEs.
H3b. Big data analytics (BDA) positively impacts on the creation of social value (SOV) for SMEs.

3.5. IoT Applications (IOA)

Recently, big data have experienced further growth with the emergence of the Internet
of Things (IoT) technology. IoT includes machine intelligence, network technologies, as well
as smart devices which are interconnected. In such a context, IoT can facilitate the constant,
rapid exchange of data in a real-time scenario [53] and improve the upscaling process. This
functionality leads to the generation of new and better products as well as services [54–56].
IoT is construed as an internet-embedded device [1]. The adoption of IoT technology is
perceived to be essential for tracking indoor assets as well as outdoor assets [57]. SMEs
can benefit from IoT applications to optimize their floor operations, improve sustainability
in production, and update product-logistic operations [33]. Applications of IoT also help
SMEs to sense, seize, and reconfigure external opportunities for their benefit [58,59]. This
concept corroborates the DCV theory [12]. Devices that use IoT technology are associated
with the EPC (electronic product code) network, which can provide a scalable information
system that helps SMEs to exchange information exchange [60]. Such dynamic ability
of IoT applications is perceived to help SMEs to create economic as well as social value.
Accordingly, it is hypothesized as follows.
H4a. IoT applications (IOA) positively impact on the creation of economic value (ECV) for SMEs.
H4b. IoT applications (IOA) positively impact on the creation of social value (SOV) for SMEs.

3.6. Blockchain Applications (BCA)

Blockchain is considered a digital ledger that presents the detailed history of various
transactions that are distributed over several computers, which are called “nodes” and
which are duly operated by different participants [61]. This process allows the partici-
pants to introduce records that are supported by validated as well as immutable crypto-
graphic protection [62]. Blockchain is considered to function like a distributed open service
database [63] that uses advanced cryptography. BCA can never be hacked, and, from that
perspective, it is considered a trusted platform [64]. BCA decentralizes user data, and it is
gaining consensus as public networks of several participants use it to ensure information
accuracy [65]. BCA can be used by SMEs to enhance their information security as well as to
protect the data of their customers [66,67]. Thus, SMEs that apply blockchain technology
are expected to see an impact on the creation of economic and social value. In such a
scenario, the following hypotheses are developed.
H5a. Blockchain applications (BCA) positively impact on the creation of economic value (ECV)
for SMEs.
H5b. Blockchain applications (BCA) positively impact on the creation of social value (SOV)
for SMEs.
Sustainability 2022, 14, 7949 6 of 19

3.7. Economic Value (ECV)

Economic value (ECV) is considered the value that an enterprise always wants to
derive from its available resources. One of the main objectives of SMEs is the creation of
economic value through profit maximization [31]. SMEs have several ECV implications for
SMEs to improve their bottom line [68]. ECV is considered a measure of benefits that are
produced by a good or service for the economic agent [69]. The ECV is normally estimated
with currency units. Purchasing a product brings economic value when it benefits the
seller [70]. Businesses can create economic value by making profits. ECV is the maximum
amount that someone is found willing to pay towards purchasing a good or service.
Different modern business applications could help to achieve better economic value
for SMEs. The economic value changes if the price of the good or the service changes [71].
Modern business applications can help to minimize product costs and thereby can improve
the profitability of SMEs [72]. If the price of a product increases very much, the potential
customer may not purchase the product. In that case, the ECV decreases [73]. Thus, ECV is
perceived to impact SME performance. Accordingly, it is hypothesized as follows.
H6. Economic value (ECV) positively impacts SME performance (SMP).

3.8. Social Value (SOV)

The creation of social values (SOV) by SMEs is considered to be the extent to which
they have performed their work to benefit society. Social value emerges from the concept
of corporate social responsibility (CSR) [74]. Customers may favor those SMEs that spend
more to uplift society [75] by preferring to buy their products or services (Santos, 2011).
Different digital applications can help to improve the social value of SMEs. The concept
of social value is perceived to impact the overall performance of SMEs. Social values are
normally developed by the SME leadership, and then they are accepted and adopted by
the employees [37,74]. Social values are shared values among the employees who perceive
those social values are considerably important, and enterprises also call them core values.
Thus, social value is perceived to impact the performance of SMEs. Accordingly, the
following hypothesis is derived.
H7. Social value (SOV) positively impacts SME performance (SMP).

3.9. Moderating Role of Entrepreneurial Orientation (EO)

Entrepreneurial orientation (EO) is considered an overall strategic posture of the enter-
prise [35]. In the context of enterprise growth, EO is expected to guide SME entrepreneurs
to deploy modern applications early enough to improve business operations as the business
environment changes. The EO is considered to be proactive and helps entrepreneurs to take
the necessary steps toward creating innovative products and services. With the help of EO,
SMEs will be able to enjoy advantages related to availing themselves of high-risk oppor-
tunities [76,77]. Studies demonstrate that EO has a positive impact on business growth in
developing as well as developed countries [78]. Other studies also have highlighted that the
relationship between EO and the growth of SMEs is positive [79]. EO could influence the
relationship between value creation as well as enterprise performance and is thus perceived
to influence SME performance. Accordingly, it is hypothesized as follows.
H8a. Entrepreneurial orientation (EO) moderates the relationship between economic value (ECV)
and SME performance (SMP).
H8b. Entrepreneurial orientation (EO) moderates the relationship between social value (SOV) and
SME performance (SMP).
With all these inputs, a conceptual model is developed, which is shown in Figure 1.
 H8a. Entrepreneurial orientation (EO) moderates the relationship between economic value (ECV)
and SME performance (SMP).

H8b. Entrepreneurial orientation (EO) moderates the relationship between social value (SOV) and
SME performance (SMP).
Sustainability 2022, 14, 7949 7 of 19
With all these inputs, a conceptual model is developed, which is shown in Figure 1.

Figure1.
Figure Theconceptual
1.The conceptualmodel
model(Adopted
(Adoptedfrom
fromRBV
RBV and
and DCV
DCV theories).
theories).

4. Research Methodology
4. Research Methodology
In order to test the hypotheses and validate the conceptual model, the data were
In order
analyzed withto the
test partial
the hypotheses and structural
least square validate the conceptual
equation model,technique
modeling the data were an-
because
alyzed with the partial least square structural equation modeling technique
this approach is simple and can analyze an exploratory study such as this [80]. With this because this
approach
method, itisissimple
easy toand can analyze
analyze the data,anwhich
exploratory
are notstudy such distributed
normally as this [80].[81],
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which
method, it is easy to
covariance-based analyze the
structural data, which
equation are not
modeling normally
technique distributed
cannot [81],
do [82]. which
This co-
process
variance-based structural equation modeling technique cannot do [82].
involved conducting a survey to obtain feedback from respondents. The responses were This process in-
volved conducting a survey to obtain feedback from respondents. The
then quantified on a standard 5-point Likert scale with anchors at Strongly Disagree (SD) responses were
then quantified
as 1 and StronglyonAgree
a standard
(SA) as5-point
5. Likert scale with anchors at Strongly Disagree (SD)
as 1 and Strongly Agree (SA) as 5.
4.1. Research Instruments
4.1. Research Instruments
To prepare the survey questions that would be provided to the respondents, the
authors used the
To prepare the help of extant
survey literature
questions that and adjusted
would the questions
be provided to be appropriate
to the respondents, to
the au-
the context
thors used the of help
the present
of extantstudy. The questions
literature were
and adjusted theprepared
questions into
the
beform of statements.
appropriate to the
Then, aofpretest
context was conducted
the present study. The with a convenience
questions sample
were prepared of 30
in the respondents.
form From
of statements. the
Then,
outcomes of the pretest, the statements were rectified to enhance their understandability.
After the pretest stage, a pilot test was conducted to ascertain content validity of the items
and to enhance the readability of the questions. The pilot test analyzed the feedback
from respondents who were knowledgeable about the area of this study and who did not
participate in the main survey. With the results of the pilot test, the authors were able
to ascertain the content validity of the items and modify the recitals of the questions to
enhance their readability so that the prospective respondents may not have any difficulty
in replying. After the pilot test, some experts with adequate knowledge in the domain of
the present study were consulted for their opinions to enhance the comprehensiveness of
the questionnaire statements. By following these steps, the authors were able to finetune
33 questions. Details of 33 questions are provided in Appendix A with their sources. Be it
mentioned here, the questionnaire provided in the appendix is applicable to the different
types of SMEs, including the start-up SMEs, and can be responded to by the different
hierarchy of the managers such as senior managers, midlevel managers, junior managers,
as well as the non-managerial employees of the SMEs.

4.2. Data Collection Strategy

The present study aimed to investigate the contributions of digital technologies toward
SME performance. Thus, in the survey, data needed to be collected from respondents who
possessed at least a basic concept of digital technologies and their contributions to SMEs.
In such context, purposive sampling was deemed to be the correct method [83]. With
Sustainability 2022, 14, 7949 8 of 19

this process, the researchers depend principally on their own judgment for targeting the
potential respondents. Since most of the authors of this study are based out of India, they
deemed to be convenient to target the respondents from India. Hence, they preferred
convenient sampling [84] along with purposive sampling.
For collection of inputs from the respondents, the authors attended some seminars as
well as conferences held in different cities in India during the period from January 2022 to
March 2022. The topics of discussion in these seminars and conferences covered the pros
and cons of the adoption of digital technologies by SMEs in India for their sustainability
and value creation. At those seminars and conferences, it was possible to contact some
resource people who helped to supply details of prospective respondents who might agree
to participate in the survey. The total number of such potential respondents was 807.
Those potential respondents were provided with the response sheets containing the
33 questions in the form of statements. Each respondent would answer the questions by
putting one tick mark in one of the five options. Along with the response sheet, a guideline
on how to fill in the response sheet was also provided. The respondents were also assured
that their confidentiality and anonymity would be strictly preserved. The respondents
were requested to reply within two months, and within the stipulated time, 331 responses
were received. The response rate was 41.01%. On scrutiny of these 331 responses, it was
found that 12 responses were incomplete and were, therefore, not considered. The statistical
analysis was performed with the inputs of 319 respondents against 33 items, which is within
the allowable range [85]. These 319 respondents consist of male and female managers
holding different ranks in these SMEs, which have either adopted digital technologies or
have been contemplating adopting digital technologies, and these SMEs are based out of
India. The respondents, as such, are deemed to be conversant about how digital technology
adoption could help the SMEs for sustainability and for value creation. Demographic
statistics of these 319 respondents are provided in Table 1.

Table 1. Demographic statistics (n = 319).

Particulars Category Frequency Percentage (%)

Gender Male 252 78.9
Female 67 21.1
Hierarchy Senior manager 29 9.0
Midlevel manager 83 26.0
Junior manager 166 52.0
Non-managerial employees 41 13.0

5. Analysis of Data and Results

In order to ascertain the content validity of the items, the loading factor (LF) of each
item was computed. Then, to examine the validity, reliability, and the internal consistency
of average variance extracted (AVE), composite reliability (CR), and Cronbach’s alpha
(α) has duly been estimated. The values of these constructs were found to be within the
permissible range. The results are provided in Table 2.
It has been observed that the square roots of all the AVEs are greater than the cor-
responding bifactor correlation coefficients, which satisfies the Fornell and Larcker crite-
ria [86]. This confirms the discriminant validity of the constructs. The results are provided
in Table 3.
Sustainability 2022, 14, 7949 9 of 19

Table 2. Measurement properties.

Constructs/Items LF AVE CR α t-Values

SMA 0.78 0.82 0.86
SMA1 0.87 27.11
SMA2 0.85 22.16
SMA3 0.94 26.12
SMA4 0.87 33.01
AEA 0.88 0.92 0.95
AEA1 0.90 32.11
AEA2 0.92 21.26
AEA3 0.97 25.18
AEA4 0.96 28.17
BDA 0.80 0.84 0.88
BDA1 0.93 41.11
BDA2 0.89 27.29
BDA3 0.85 23.91
BDA4 0.96 22.06
IOA 0.92 0.95 0.98
IOA1 0.90 26.11
IOA2 0.96 27.28
IOA3 0.87 32.17
IOA4 0.92 26.19
BCA 0.83 0.87 0.91
BCA1 0.96 27.05
BCA2 0.89 35.31
BCA3 0.93 39.11
BCA4 0.85 33.46
ECV 0.75 0.78 0.82
ECV1 0.90 35.17
ECV2 0.78 30.11
ECV3 0.85 32.48
ECV4 0.87 37.07
ECV5 0.91 36.14
SOV 0.85 0.88 0.92
SOV1 0.85 26.12
SOV2 0.95 23.29
SOV3 0.96 39.83
SOV4 0.90 27.91
SOV5 0.94 32.78
SMP 0.81 0.84 0.89
SMP1 0.80 21.12
SMP2 0.95 26.29
SMP3 0.85 30.57

Table 3. Discriminant validity test (Fornell and Larcker criteria).

Constructs SMA AEA BDA IOA BCA ECV SOV SMP AVE
SMA 0.88 0.78
AEA 0.26 0.94 0.88
BDA 0.19 0.23 0.89 0.80
IOA 0.31 0.32 0.19 0.96 0.92
BCA 0.17 0.36 0.28 0.32 0.91 0.83
ECV 0.38 0.33 0.23 0.39 0.18 0.87 0.75
SOV 0.32 0.19 0.36 0.37 0.37 0.24 0.92 0.85
SMP 0.34 0.17 0.40 0.29 0.29 0.38 0.22 0.90 0.81

5.1. Moderator Analysis (Multigroup Analysis, MGA)

In the present study, the moderating effects of entrepreneur orientation (OE) were
examined on the two linkages ECV→SMP (H6) and SOV→SMP (H7). While examining the
Sustainability 2022, 14, 7949 10 of 19

effects of EO on H6 and H7, the effects were categorized into two groups: Strong EO and
Weak EO. In order to examine these effects, multigroup analysis (MGA) was performed
with the bootstrapping procedure considering 5000 resamples. It is known that if the
p-value difference for the effects of two categories of a moderator on a specific linkage is
either greater than 0.95 or less than 0.05, then the effects of that moderator on that specific
linkage are considered significant [87]. The results are shown in Table 4.

Table 4. Moderator analysis (MGA).

Linkage Moderator Hypothesis p-Value Difference Remarks

(ECV→SMP) × EO EO H8a 0.03 Significant
(SOV→SMP) × EO EO H8b 0.01 Significant

5.2. Hypotheses Testing

With consideration of separation distance 7, cross-validated redundancy for each
dependent construct was assessed by estimating the Q2 value, which came out to be
0.072 (positive) [88]. The result indicates that the model has predictive relevance.
In order to find out if the model is fit, the standardized root mean square residual
(SRMR) was considered as a standard index for model validation. The values of SRMR
emerged as 0.066 and 0.031 for PLS and for PLSc, respectively. These two values are greater
than 0.08 [89]. This confirms that the model is in order. This procedure helped to estimate
the path coefficients of different linkages, p-values, as well as R2 values. The results are
shown in Table 5.
Sustainability 2021, 13, x FOR PEER REVIEW With these inputs, the validated model is shown in Figure112.of 20

Table 5. Structural equation modeling.

Path
Linkages
Linkages Hypotheses
Hypotheses p-Values
Path Coefficients Remarks
p-Values Remarks
Coefficients
SMA→ECV
SMA→ECV H1a H1a 0.17 p < 0.01
0.17 (**) Supported
p < 0.01 (**) Supported
SMA→SOV
SMA→SOV H1b H1b 0.37 p < 0.001
0.37 (***) Supported
p < 0.001 (***) Supported
AEA→ECV
AEA→ECV H2a H2a 0.19 p <0.19
0.05 (*) Supported
p < 0.05 (*) Supported
AEA→SOV H2b 0.36 p < 0.01 (**) Supported
AEA→SOV H2b 0.36 p < 0.01 (**) Supported
BDA→ECV H3a 0.29 p < 0.05 (*) Supported
BDA→ECV H3a 0.29 p < 0.05 (*) Supported
BDA→SOV H3b 0.33 p < 0.01 (**) Supported
BDA→SOV H3b 0.33 p < 0.01 (**) Supported
IOA→ECV H4a 0.30 p < 0.05 (*) Supported
IOA→ECV
IOA→SOV H4b
H4a 0.27
0.30
p < 0.05 (*)
p < 0.05 (*)
Supported
Supported
IOA →
BCA→ECV SOV H5a H4b 0.01 0.27
p > 0.05 (ns) p < 0.05 (*)
Non-Supported Supported
BCA→ECV
BCA→SOV H5b H5a 0.21 p <0.01
0.05 (*) p > 0.05 (ns)
Supported Non-Supported
BCA→SOV
ECV→SMP H6 H5b 0.42 0.21 (***)
p < 0.001 p < 0.05 (*)
Supported Supported
ECV→SMP
SOV→SMP H7 H6 0.44 0.42 (***)
p < 0.001 p < 0.001 (***)
Supported Supported
SOV→×SMP
(ECV→SMP) EO H8a H7 0.16 p <0.44
0.05 (*) p < 0.001 (***)
Supported Supported
(ECV→SMP)
(SOV→SMP) × EO× EO H8b H8a 0.12 p <0.16
0.01 (**) p < 0.05 (*)
Supported Supported
Note:
(SOVp <→
0.05 (*); p <
SMP) ×0.01
EO(**); p < 0.001
H8b(***); p > 0.05 (ns). 0.12 p < 0.01 (**) Supported
Note: p < 0.05 (*); p < 0.01 (**); p < 0.001 (***); p > 0.05 (ns).
With these inputs, the validated model is shown in Figure 2.

Figure 2. Validated model (SEM). [Note: p < 0.05 (*); p < 0.01 (**); p < 0.001 (***); p > 0.05 (ns)].
Figure 2. Validated model (SEM). [Note: p < 0.05 (*); p < 0.01 (**); p < 0.001 (***); p > 0.05 (ns)].
5.3. Results
The present study has formulated 14 hypotheses and validated them through a sta-
tistical process. Out of these 14 hypotheses, two belong to the effects of moderator EO on
H6 and on H7. The results demonstrate that SMA significantly and positively impacts
both ECV and SOV (H1a and H1b) since the concerned path coefficients are 0.17 and 0.37,
Sustainability 2022, 14, 7949 11 of 19

5.3. Results
The present study has formulated 14 hypotheses and validated them through a sta-
tistical process. Out of these 14 hypotheses, two belong to the effects of moderator EO
on H6 and on H7. The results demonstrate that SMA significantly and positively impacts
both ECV and SOV (H1a and H1b) since the concerned path coefficients are 0.17 and 0.37,
and their levels of significance are p < 0.01 (**) and p < 0.001 (***). Furthermore, AEA
significantly and positively impacts both ECV and SOV (H2a and H2b) since the respective
path coefficients are 0.19 and 0.36 with respective levels of significance as p < 0.05 (*) and
p < 0.01 (**). The findings also show that BDA impacts ECV and SOV (H3a and H3b) signif-
icantly and positively since the concerned path coefficients are 0.29 and 0.33 with respective
levels of significance as p < 0.05 (*) and p < 0.01 (**), and IOA impacts ECV and SOV (H4a
and H4b) significantly and positively since the concerned path coefficients are 0.30 and
0.27 with respective levels of significance as p < 0.05 (*) and p < 0.05 (*). It can be observed
that BCA has an insignificant impact on ECV (H5a), as the path coefficient is too low at
0.01 with a non-significance level of p > 0.05(ns). However, BCA impacts SOV significantly
and positively (H5b) since the concerned path coefficient is 0.21 with a level of significance
as p < 0.05 (*). This study also presents that ECV and SOV could separately impact SMP
(H6 and H7) significantly and positively since the path coefficients are 0.42 and 0.44, respec-
tively, with corresponding levels of significance as p < 0.001 (***) and p < 0.001 (***). The
moderator EO impacts the relationship between H6 and H7 significantly and positively
(H8a and H8b) since the concerned path coefficients are 0.16 and 0.12 with respective levels
of significance as p < 0.5 (*) and p < 0.01 (**). Regarding the coefficients of determination
(R2 ), the results indicate that SMA, AEA, BDA, IOA, and BCA could explain both ECV and
SOV as much as 35% (R2 = 0.35) and 38% (R2 = 0.38). The study also revealed that ECV
and SOV could simultaneously explain SMP to the extent of 68% (R2 = 0.68), which is the
predictive power of the proposed theoretical model.

6. Conclusions
The present study has documented how digital transformation, being a strategy of
start-up SMEs, has been gaining attention from scholars and practitioners. SMEs are
continuously challenged to improve their business abilities and processes. This study
has demonstrated that digital transformation in SMEs is able to stimulate new modes of
interactions and functions with potential customers, and it has been able to drive SMEs to
create new business values. The results show that most digital technologies, such as social
media applications, AI, big data analytics, IoT technology, and blockchain applications,
can significantly and positively impact the economic and social values of SMEs, which
eventually affect SME performance. It is noteworthy that the present study has documented
that blockchain technology does not impact ECV (H5a). That is, BCA has an insignificant
effect on the economic growth of SMEs, which contradicts the findings from Akter et al. [90].
This is presumably because the results of the present study are based on the analysis of
inputs from respondents in India, where the wide application of blockchain technology
is not very developed in the SME sector. Digital transformation implementation needs to
emphasize how to integrate these emerging technologies in the context of various business
functions towards hybrid modes, recombination, integration, as well as in convergence. The
present study has put forward that all these digital technologies act as the basic building
block for the enterprises towards their future digital transformation journey. This study has
dealt with the critical question for the enterprises to establish interconnectivity amongst
these emerging technologies for harnessing the eventual benefits. Moreover, the proposed
model is expected to put food for reflection not only on the SMEs but also on the other
types of enterprises intending to be involved in the digitalization journey.

6.1. Discussion
The present study has demonstrated that SMA, AEA, BDA, IOA, and BCA signifi-
cantly and positively impact ECV and SOV (except BCA→ECV), which received support
Sustainability 2022, 14, 7949 12 of 19

from another study by Akter et al. (2020) [90] that discussed how applications of different
digital technologies could transform business styles. The present study has considered
the significant moderating effects of EO on the relationships between SMP and its two
predictors. The moderating impacts of EO on these two linkages (H6 and H7) have been
found significant in terms of MGA, which has also been supported by another study by
Sustainability 2021, 13, x FOR PEERDiabate
REVIEWet al. [91]. However, the moderating effects of Strong EO and Weak EO on the13twoof 20
linkages covered by H6 and H7 are discussed here with graphical presentations, which are
seen in Figure 3.

(a) (b)
Figure
Figure 3. Effects
3. Effects of of
EOEO
onon
H6H6
(a)(a)
andand
H7H7
(b).(b).

In In
both
bothgraphs,
graphs,thethe
continuous
continuous lines and
lines anddotted
dottedlines
linesrepresent
representthethe
effects of of
effects Strong
Strong
EOEO andandthethe
effects of of
effects Weak
Weak EO,EO,respectively.
respectively.AsAsECVECV(for
(forH6)
H6) and
andSOV
SOV (for
(forH7) increase,
H7) increase,
Strong
StrongEOEO causes thethe
causes rates of increase
rates of increasein SMP in both
in SMP cases
in both to betogreater
cases thanthan
be greater compared to
compared
thetoeffects of Weak
the effects EO. This
of Weak EO. is because,
This in both
is because, in graphs, it appears
both graphs, that the
it appears thatgradients of the of
the gradients
dotted lines are
the dotted less
lines than
are lessthe gradients
than of the of
the gradients continuous lines. lines.
the continuous

6.2. Contributions
6.2. Contributions and Implications
and Implications
6.2.1. Theoretical Contributions
6.2.1. Theoretical Contributions
The present study has provided several theoretical contributions to the extant liter-
The present study has provided several theoretical contributions to the extant litera-
ature. For example, the findings of the present study demonstrate that, although SMEs
ture. For example, the findings of the present study demonstrate that, although SMEs
could derive individual benefits from the five kinds of technologies, they could derive
could derive individual benefits from the five kinds of technologies, they could derive
more economical and social values by effectively harnessing their close interconnectivity to
more economical and social values by effectively harnessing their close interconnectivity
accelerate business growth as well as productivity. The present study then demonstrates
to barring
that accelerate business
a single growth
instance as well
(H5a), theseasfive
productivity.
technologies Thehave
present study then
accelerated demon-
the devel-
opment of transformative business models. Using these digital applications, SMEs canthe
strates that barring a single instance (H5a), these five technologies have accelerated
development
automate of transformative
processes, automaticallybusiness
match bothmodels.
demandUsing andthese digital
supply, andapplications,
make accurate SMEs
can automate
real-time decisions. processes, automatically match both demand and supply, and make accu-
rate real-time decisions.
The present study has also extended the concept of RBV theory by arguing that the
The present
performance of SMEs study has also extended
is considered a functionthe concept
of their of RBV
resource theory
mix. It hasby arguing
also that the
been argued
that when SMEs have resources that are heterogeneous, specific, and difficult to replicate,ar-
performance of SMEs is considered a function of their resource mix. It has also been
gued
they canthat whena SMEs
achieve better have resources
competitive that are heterogeneous,
advantage. By using digitalspecific, and difficult
applications, to rep-
enterprises
can also create more value for potential customers compared to their competitors. Theen-
licate, they can achieve a better competitive advantage. By using digital applications,
terprisesincan
difference thealso create more
performance value for potential
of enterprises emergescustomers comparedofto
from the variation their
their competi-
resource
tors. The The
portfolios. difference in the performance
five technological resourcesof enterprises
that have been emerges from the
discussed are variation
valuable,of their
rare,
resource and
inimitable, portfolios. The five technological
non-substitutable resources, as resources
they seem thattohave beenstart-up
provide discussedSMEsarewith
valua-
theble, rare, inimitable,
capacity to implement and strategies
non-substitutable
to enhance resources, as they seem
their effectiveness andto efficiency.
provide start-up
The
SMEs with the capacity to implement strategies to enhance their effectiveness
simultaneous use of these five applications can create synergistic benefits, which no other and effi-
ciency. The simultaneous use of these five applications can
combination that SMEs used could match. Therefore, SMEs achieve superior performancecreate synergistic benefits,
bywhich no values,
creating other combination that SMEs
which corroborates theused couldconcept
extended match. Therefore, SMEs achieve supe-
of RBV theory.
riorThese
performance by creating
technologies values, transformed
have digitally which corroborates
SMEs, and the extended concept of RBV
they are considered impor-the-
ory.
tant dynamic resources since using these technologies simultaneously could help SMEs to
sense theThese technologies
opportunities andhaveseizedigitally
them for transformed
the appropriate SMEs, and they
benefits. are
In this considered
way, by extend- im-
portant dynamic resources since using these technologies simultaneously could help
SMEs to sense the opportunities and seize them for the appropriate benefits. In this way,
by extending the concept of DCV theory, it has been possible to consider the technological
abilities of start-up SMEs as their dynamic ability. By using these applications together,
start-up SMEs could appropriately react and respond to the high velocity, volatile market
Sustainability 2022, 14, 7949 13 of 19

ing the concept of DCV theory, it has been possible to consider the technological abilities of
start-up SMEs as their dynamic ability. By using these applications together, start-up SMEs
could appropriately react and respond to the high velocity, volatile market environment.
Akter et al. [90] demonstrated the contributions of digital transformation through
the lens of some emerging technologies such as AI, IoT, and blockchain. This study also
investigated the value propositions of these increasingly converging technologies and
applications. That impact has been extended in the present study to investigate how SMEs
integrate, converge, recombine, and hybridize five digital technologies to ensure diverse
and wide-reaching consequences in various functionalities of their operations. This is
claimed to have added value to extant literature.
Another study by Diabate et al. (2019) investigated the effects of EO and its ability
on SMEs for sustainable growth in a middle-income economy covering the West African
region [91]. By using data extracted from 320 Ivorian SMEs, the study found a close
correlation between the effects of EO on the business growth of SMEs. The present study
has extended this concept to investigate how applying different digital technologies with
the moderating impacts of EO could help SMEs in developing countries improve their
resilience and digital entrepreneurship to sustain their growth continuum. This has added
value to the body of extant literature.

6.2.2. Implication of Practice

The present study has provided several practical implications. The findings present
some fruitful guidelines to managers and leaders of SMEs who intend to digitally transform
their companies by using digital technologies such as AI, blockchain, BDA, IoT, and so
on. Before investing in developing these technological capabilities, managers and leaders
of start-up SMEs need to identify and evaluate if the SMEs can appropriately sense the
dynamic changes in the context of changing internal as well as external environments.
This may help start-up SMEs to avail themselves of the opportunities and mitigate the
risks. Thus, for the digitalization of start-up SMEs, it is essential to know the ability of the
employees of the SMEs in the context of their digital maturity level. The start-up SMEs
should take a technologically savvy partner who could guide and advise on taking the best
strategy through the partner’s services and training.
The managers and leaders of SMEs should ascertain if their enterprise possesses the
capability to seize the sensed opportunities. They also need to assess if their enterprise
has the ability to reconfigure their existing and acquired intangible and tangible assets to
successfully create economic and social values to improve firm performance. The managers
and leaders of SMEs should also have the patience and foresight to aptly decide when, as
well as how, to develop their capabilities and how to explore and exploit their abilities to
extract the best potential by simultaneously using digital technologies.
Managers of SMEs should arrange to properly train their employees to appropriately
use these technologies and to be motivated to adhere to the environmental obligations that
SMEs must obey. This will help SMEs to create economic and social values, which will
ensure better performance.
Davenport (2018) opined that people do not fully trust AI-related decision-making
processes for services such as medical diagnoses, financial planning, and hiring [92]. This
delivers a message that people believe that autonomous systems could replace the people
who are employed for such services, but this has not happened yet. In such a scenario,
it is argued that it is better to conceptualize that AI will add to human intelligence and
not supplant human intelligence, as reported by Carpenter (2015) [93]. In this context, the
leadership of SMEs, by improving their entrepreneurial orientation, should disclose that
they use a hybrid system (people and machines) and the roles that humans and machines
play in the enterprises. This is because the majority of customers have a negative perception
of bots and other virtual assistance devices [90].
The application of blockchain and other technologies can create value for SMEs. Since
trusts, assets, ownership, contracts, and identity are all stored in the domain of blockchain,
Sustainability 2022, 14, 7949 14 of 19

managers of SMEs should try to manage how to successfully capture and create value from
each of these components.
The present study has shown that the use of big data analytics eventually helps SMEs
to perform better. From this perspective, SMEs need to address the challenges in both
technological as well as managerial contexts for successfully extracting value from the huge
volume of data [94]. Thus, managers and leaders of SMEs should focus on how digital
transformation can successfully integrate all these modern technologies to achieve a better
overall performance of the SMEs.

6.3. Limitations and Future Scope

Although the present study has provided some practical and theoretical implications,
it is not free from all limitations. The findings depend on such data, which are cross-
sectional, which creates defects of causality in the relationship between the constructs and
invites endogeneity defects. To eliminate these defects, future researchers may conduct
longitudinal studies.
The present study has arrived at the findings based on analyzing data that were
obtained from the inputs of respondents in India. The results, therefore, invite external
validity issues. It is suggested that future researchers should collect data from respondents
dispersed around the world for more generalizable results. The present study arrived at
a finding by analyzing the inputs of 319 respondents. The obtained results can hardly be
generalized to a large population. Future researchers should analyze the data of more
respondents so that the results thus obtained could safely be generalized.
The present study has applied DCV theory, but this theory suffers from the defect of
context insensitivity [95]. DCV theory is not capable of identifying the specific condition
under which the ability of an SME will be most valuable [96]. In this context, it is suggested
that future studies can explore the optimum conditions in which the simultaneous effect of
all these modern technologies could create potential superior values for SMEs and ensure
better performance. The predictive power of the proposed theoretical model is 68%. It is
suggested that future researchers may consider including other boundary conditions and
constructs to examine if they could strengthen the predictive power of the model.

Author Contributions: Conceptualization, D.V. and R.C.; methodology, S.C. and D.V.; software, R.C.,
investigation, S.C. and D.V., data curation, R.C. and D.V.; writing—original draft preparation, S.C.
and R.C.; writing—review and editing, D.V. and R.C.; supervision, D.V. All authors have contributed
towards finetuning and formatting the paper as per the journal requirements. All authors have read
and agreed to the published version of the manuscript.
Funding: This research received no external funding.
Institutional Review Board Statement: Not applicable.
Informed Consent Statement: Not applicable.
Data Availability Statement: The dataset is not publicly available.
Conflicts of Interest: The authors declare no conflict of interest.

Appendix A

Table A1. A Summary of Questionnaire.

Response
Items Source (s) Statements
[SD][D][N][A][SA]
SMA1 [36,37] Social media applications are very popular among younger people. [1][2][3][4][5]
I believe different social media applications provide business value to
SMA2 [38,40,42] [1][2][3][4][5]
our enterprise.
Sustainability 2022, 14, 7949 15 of 19

Table A1. Cont.

Response
Items Source (s) Statements
[SD][D][N][A][SA]
I think SMEs are dependent on social media for fulfilling their
SMA3 [38,41] [1][2][3][4][5]
marketing requirements.
I believe that social media helps to develop business activities for
SMA4 [39,42] [1][2][3][4][5]
the SMEs.
SMEs apply AI technologies to help them remodel various
AEA1 [43,44] [1][2][3][4][5]
business activities.
AEA2 [45,49] I believe applications of AI can help in supply chain activities of SMEs. [1][2][3][4][5]
AEA3 [11,46] Applications of AI can reduce the operational cost of SMEs. [1][2][3][4][5]
I believe that SMEs can use AI applications to develop their customer
AEA4 [47,48] [1][2][3][4][5]
interaction process.
I believe that data analytics has gained huge momentum in
BDA1 [50] [1][2][3][4][5]
recent years.
Application of big data analytics helps in real time analysis of
BDA2 [51] [1][2][3][4][5]
customers’ data.
I believe that applications of big data analytics help in decision
BDA3 [52] [1][2][3][4][5]
making process.
I think SMEs should adopt big data analytics technology to gain
BDA4 [52] [1][2][3][4][5]
competitive advantage.
IOA1 [53,54] IoT can facilitate rapid exchange of data in a real time scenario. [1][2][3][4][5]
I believe that applications of IoT can help in improving the upscaling
IOA2 [55–57] [1][2][3][4][5]
process in the SMEs.
Applications of IoT can provide a scalable information system that
IOA3 [12,33] [1][2][3][4][5]
helps SMEs to exchange information quickly.
Applications of IoT help SMEs to sense, seize, and reconfigure
IOA4 [58,59] [1][2][3][4][5]
external opportunities.
Blockchain is considered a digital ledger which presents the detailed
BCA1 [61] [1][2][3][4][5]
history of various transactions.
BCA2 [62] I believe blockchain technology can save operational cost of SMEs. [1][2][3][4][5]
BCA3 [63,64] I think applications of blockchain is secured for the SMEs. [1][2][3][4][5]
I believe that SMEs should adopt blockchain technology for gaining
BCA4 [65–67] [1][2][3][4][5]
competitive advantage.
ECV1 [31] SMEs can gain economic value by profit maximization. [1][2][3][4][5]
Adoption of different technologies can provide economic value to
ECV2 [68,72] [1][2][3][4][5]
the SMEs.
The economic value changes if the price of the good or the
ECV3 [69,73] [1][2][3][4][5]
service changes.
I believe that SME leadership should focus more on adopting
ECV4 [70,71] [1][2][3][4][5]
new-edge technologies.
I believe product development cost can be significantly reduced if
ECV5 [72] [1][2][3][4][5]
SMEs adopt appropriate technologies.
SMEs could gain social benefits if they have performed their work to
SOV1 [74] [1][2][3][4][5]
benefit society.
I believe that social value emerges from the concept of corporate social
SOV2 [75] [1][2][3][4][5]
responsibility programs.
SOV3 [37] Improving the social value is an important aspect of SMEs. [1][2][3][4][5]
SOV4 [74] Customers may favor those SMEs that spend more to uplift the society. [1][2][3][4][5]
Sustainability 2022, 14, 7949 16 of 19

Table A1. Cont.

Response
Items Source (s) Statements
[SD][D][N][A][SA]
I believe that social values are shared values among the employees of
SOV5 [37] [1][2][3][4][5]
the SMEs.
I believe that performance of the SMEs can be improved by
SMP1 [35,76] [1][2][3][4][5]
appropriately adopting modern technologies.
The social value of the SMEs can impact the overall performance
SMP2 [77] [1][2][3][4][5]
of SMEs.
Leadership support can play a crucial role in improving
SMP3 [78,79] [1][2][3][4][5]
SME performance.
SD = Strongly Disagree; D = Disagree; N = Neither agree nor disagree; A = Agree; SA = Strongly Agree.

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