Main Article Content
Abstract
This study examines how knowledge-based resources influence MSME performance in Batam’s food and beverage sector by integrating the Knowledge-Based View and internationalization theory. We propose that digitalization, knowledge processes, IT infrastructure, and risk management affect firm performance directly and indirectly through international strategy, while innovation functions as a potential moderator. A cross-sectional survey of 200 owners and managers was analyzed using partial least squares structural equation modeling. Results indicate that all four KBV components exert significant positive direct effects on international strategy and on firm performance. International strategy partially mediates the relationships between KBV resources and performance. Innovation, operationalized primarily as process and incremental innovation, did not moderate the examined relationships. The structural model explains 61.5 percent of variance in firm performance and 30 percent in international strategy and meets fit criteria with an SRMR of 0.067. These findings extend KBV to MSMEs in a developing-market context by demonstrating that internal knowledge and technological capabilities, when orchestrated through international strategy, enhance firm performance. Practically, managers should prioritize knowledge management, targeted digital investments, and basic risk controls, while policymakers should combine innovation support with capacity-building programs to convert innovation into international performance gains. Future studies should adopt longitudinal and cross-country designs.
Keywords
Article Details
Copyright (c) 2025 Maria Selvi Moron, Wisnu Yuwono, Erilia Kesumahati

This work is licensed under a Creative Commons Attribution 4.0 International License.

This work is licensed under a Creative Commons Attribution 4.0 International License.
Hak Cipta (Copyright)
Penulis yang mempublikasikan naskahnya pada Jurnal ini menyetujui ketentuan berikut:
Hak cipta pada setiap artikel adalah milik penulis.
- Penulis mengakui bahwa Jurnal Current : Jurnal Kajian Akuntansi dan Bisnis Terkini berhak sebagai yang mempublikasikan pertama kali dengan lisensi Creative Commons Attribution 4.0 International License.
- Penulis dapat memasukan tulisan secara terpisah, mengatur distribusi non-ekskulif dari naskah yang telah terbit di jurnal ini kedalam versi yang lain (misal: dikirim ke respository institusi penulis, publikasi kedalam buku, dll), dengan mengakui bahwa naskah telah terbit pertama kali pada Jurnal Current :Jurnal Kajian Akuntansi dan Bisnis Terkini.
References
- Abdurohim, D. (2023). Analysis of MSME Challenges and opportunities in the Digital Era. International Journal of Economic Literature, I(3), 285–292. http://repository.unpas.ac.id/id/eprint/67499
- Adomako, S. (2024). The effect of foreign knowledge acquisition on international performance: The mediating roles of international orientation and business model innovation. Thunderbird International Business Review, 66(1), 19–31. https://doi.org/10.1002/tie.22353
- Adomako, S., & Nguyen, N. P. (2024). Digitalization, inter-organizational collaboration, and technology transfer. Journal of Technology Transfer, 49(4), 1176–1202. https://doi.org/10.1007/s10961-023-10031-z
- Ahmed, F. U., Babu, M. M., Rahman, M. N., Uddin, M. J., & Dey, B. L. (2023). Strategic orientation, strategic renewal, and the international performance of born global firms. Asia Pacific Journal of Management. https://doi.org/10.1007/s10490-023-09903-7
- Ahsan, M. J. (2024). Unlocking sustainable success: exploring the impact of transformational leadership, organizational culture, and CSR performance on financial performance in the Italian manufacturing sector. Social Responsibility Journal, 20(4), 783–803. https://doi.org/10.1108/SRJ-06-2023-0332
- Anatan, L., & Nur. (2023). Micro, Small, and Medium Enterprises’ Readiness for Digital Transformation in Indonesia. Economies, 11(6). https://doi.org/10.3390/economies11060156
- Anwar, F. K. N., Meldona, Yuliati, Alfarisyi, A. S., & Saputra, Z. (2023). The Role Of Innovation In Mediating The Influence Of Entrepreneurial Characteristics And Orientation On Performance. International Journal Of Humanities Education and Social Sciences (IJHESS), 3(3), 1092–1102. https://doi.org/10.55227/ijhess.v2i3.642
- Arbelo, A., Arbelo-Pérez, M., & Pérez-Gómez, P. (2024). Internationalization and individual firm performance: a resource-based view. In Eurasian Business Review (Vol. 14, Issue 4). Springer International Publishing. https://doi.org/10.1007/s40821-024-00276-5
- Asir, M., Yuniawati, R. A., Mere, K., Sukardi, K., & Anwar, M. A. (2023). Peran manajemen risiko dalam meningkatkan kinerja perusahaan: studi manajemen sumber daya manusia. Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA), 4(1), 32–42. https://doi.org/10.37631/ebisma.v4i1.844
- Aydemir, M. F., & Alper, D. (2024). The Internalization-Firm Performance Relationship : A Meta-Analysis For MNCs. International Journal of Management Economics and Business, 20(4), 896–926. https://doi.org/http://dx.doi.org/10.17130/ijmeb.1458989
- Ayu, A. W. F., Asrina, R., Regina, S., Harahap, B. N., & Arsyadona. (2024). Penerapan manajemen risiko terhadap persaingan industri cafe dalam upaya mempertahankan loyalitas pelanggan pada cafe mahoni. Jurnal Ilmiah Ekonomi Dan Manajemen, 2(12), 522–531. https://doi.org/https://doi.org/10.61722/jiem.v2i12.3279
- Beglaryan, M., Drampyan, A., & Sargsyan, P. (2024). The impact of digitalization on promoting business during crisis: evidence from Armenian SMEs. Journal of Science and Technology Policy Management, 16(10), 57–78. https://doi.org/10.1108/JSTPM-12-2022-0200
- Bi, R. (2020). The Impact of IT‑Business Alignment on SME Performance: The Mediating Effects of Strategic Collaboration, Coordination, and Responsiveness. Electronic Journal of Information Systems Evaluation, 23(1), 112–125. https://doi.org/10.34190/ejise.20.23.1.008
- Cabral, Â. M. R., Carvalho, F. M. P. O., & Ferreira, J. A. V. (2020). International performance of smes’ international strategic groups. Administrative Sciences, 10(3). https://doi.org/10.3390/admsci10030065
- Camino-Mogro, S., Bermúdez-Barrezueta, N., & Armijos, M. (2023). Is FDI a potential tool for boosting firm’s performance? Firm level evidence from Ecuador. Journal of Evolutionary Economics, 33(2), 341–391. https://doi.org/10.1007/s00191-022-00806-2
- Catanzaro, A., & Teyssier, C. (2021). Export promotion programs, export capabilities, and risk management practices of internationalized SMEs. Small Business Economics, 57(3), 1479–1503. https://doi.org/10.1007/s11187-020-00358-4
- Chen, L., Tu, R., Huang, B. X., Zhou, H., & Wu, Y. (2024). Digital transformation’s impact on innovation in private enterprises: Evidence from China. Journal of Innovation and Knowledge, 9(2), 100491. https://doi.org/10.1016/j.jik.2024.100491
- Chetty, S., Martín Martín, O., & Bai, W. (2024). Causal foreign market selection and effectual entry decision-making: The mediating role of collaboration to enhance international performance. Journal of Business Research, 172(November 2023), 114385. https://doi.org/10.1016/j.jbusres.2023.114385
- Cholis, N., Saputro, D., Mohd, T., Abdullah, K., Djajasaputra, I. G. E., & Lisan, H. L. (2023). The Influence of IT Infrastructure Capability, IT Business Spanning Capability, and IT Proactive Stance on Organizational Performance, mediated by Organizational Agility. 4733–4744. https://doi.org/10.46254/an12.20220927
- Costa, A., Crupi, A., De Marco, C. E., & Di Minin, A. (2023). SMEs and open innovation: Challenges and costs of engagement. Technological Forecasting and Social Change, 194(June 2022), 122731. https://doi.org/10.1016/j.techfore.2023.122731
- Cruz, N. A. Dela, Villanueva, A. C. B., Tolin, L. A., Disse, S., Lensink, R., & White, H. (2023). Protocol: Effects of interventions to improve access to financial services for micro-, small- and medium-sized enterprises in low- and middle-income countries: An evidence and gap map. Campbell Systematic Reviews, 19(3). https://doi.org/https://doi.org/10.1002/cl2.1341
- Damiyana, D., Maulina, E., Muftiadi, A., Auliana, L., & Kurniadi, K. (2024). The influence of innovation, knowledge management, and e-commerce adoption on MSME performance, and its impact on MSMEs sustainability. Journal of Infrastructure, Policy and Development, 8(11), 1–30. https://doi.org/10.24294/jipd.v8i11.7994
- Deng, Z., Zhu, Z., Johanson, M., & Hilmersson, M. (2022). Rapid internationalization and exit of exporters: The role of digital platforms. International Business Review, 31(1), 101896. https://doi.org/10.1016/j.ibusrev.2021.101896
- Dias, G. C., de Oliveira, U. R., Lima, G. B. A., & Fernandes, V. A. (2021). Risk management in the import/export process of an automobile company: A contribution for supply chain sustainability. Sustainability (Switzerland), 13(11). https://doi.org/10.3390/su13116049
- Farida, I., & Setiawan, D. (2022). Business Strategies and Competitive Advantage: The Role of Performance and Innovation. Journal of Open Innovation: Technology, Market, and Complexity, 8(3), 163. https://doi.org/10.3390/joitmc8030163
- Fernández-Portillo, A., Almodóvar-González, M., Sánchez-Escobedo, M. C., & Coca-Pérez, J. L. (2022). The role of innovation in the relationship between digitalisation and economic and financial performance. A company-level research. European Research on Management and Business Economics, 28(3). https://doi.org/10.1016/j.iedeen.2021.100190
- Fitri, N. A. (2022). Dampak E-Commerce Terhadap Strategi Pemasaran (Studi Kasus Pada Platform Shopee). PROCURATIO: Jurnal Manajemen & Bisnis, 1(2), 67–77. https://doi.org/10.62394/projmb.v1i2.34
- Gao, F., Lin, C., & Zhai, H. (2022). Digital Transformation, Corporate Innovation, and International Strategy: Empirical Evidence from Listed Companies in China. Sustainability (Switzerland), 14(13). https://doi.org/10.3390/su14138137
- Gay, L. R., & Diehl, P. L. (1992). Research methods for business and management. MacMillan Publishing Company. https://books.google.co.id
- Gimeno-Arias, F., Santos-Jaén, J. M., & Pemartín González-Adalid, M. (2024). How are companies going to business digitalization? An explanation based on the implementation of e-commerce with data of SMEs. Data in Brief, 56, 110788. https://doi.org/10.1016/j.dib.2024.110788
- Guo, L., & Xu, L. (2021). The effects of digital transformation on firm performance: evidence from China’s manufacturing sector. Sustainability (Switzerland), 13(22), 1–18. https://doi.org/10.3390/su132212844
- Hadikusuma, S., & Siagian, H. (2022). The Influence of IT Capability on Operational Performance Through Internal and External Integration: Evidence from Indonesia. Organizations and Markets in Emerging Economies, 31(1), 71–95. https://doi.org/10.15388/omee.2022.13.71
- Hair, J. F., Sarstedt, M., Hopkins, L., & Kuppelwieser, V. G. (2017). A Primer Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research. European Business Review, 26(2), 106–121. https://doi.org/10.1108/EBR-10-2013-0128
- Hamid, R. S. S. M. A. (2019). Structural Equation Modeling (SEM) Berbasis Varian. PT Inkubator Penulis Indonesia. http://ebookstep.com/product/structural-equation-modeling-sem-berbasis-varian-konsep-dasar-dan-aplikasi-program-smart-pls-3-2-8-dalam-riset-bisnis-1st-edition-rahmad-solling-hamid-suhardi-m-anwar/
- Hermanto, I. R., Widyarini, L. A., & Darma, D. C. (2024). Digitalization Impact on Sustainable Firm Performance of Small, Medium, and Large Businesses. Virtual Economics, 7(1), 7–24. https://doi.org/10.34021/ve.2024.07.01(1)
- Indah Sari, P., & Gantino, R. (2023). Pengaruh Intellectual Capital, Enterprise Risk Management, dan Good Corporate Governance Terhadap Nilai Perusahaan. Jurnal E-Bis, 7(2), 727–742. https://doi.org/10.37339/e-bis.v7i2.1404
- Intara, P., & Suwansin, N. (2024). Intangible assets, firm value, and performance: does intangible-intensive matter? Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2024.2375341
- Islam, A., Zawawi, N. F. M., & Wahab, S. A. (2023). Rethinking survival, renewal, and growth strategies of SMEs in Bangladesh: the role of spiritual leadership in crisis situation. PSU Research Review, 8(1), 19–40. https://doi.org/10.1108/PRR-02-2021-0010
- Jocelyn, N., & Christiarini, R. (2024). Peningkatan Daya Saing UMKM Aneka Rasa melalui Inovasi SOP, Kemasan Berkelanjutan dan Branding. Jurnal Indonesia Mengabdi, 6(2), 121–129. https://doi.org/https://journal.unuha.ac.id/index .php/JIMi/article/view/ How
- Kadarusman, K., & Siti Rosyafah. (2022). Competitive Advantage, Entrepreneurial Orientation, Knowledge Sharing, and SMEs’ Performance: Mediation-Moderation Analysis. Jurnal Minds: Manajemen Ide Dan Inspirasi, 9(1), 127–142. https://doi.org/10.24252/minds.v9i1.27569
- Kanski, L., & Pizon, J. (2023). The impact of selected components of industry 4.0 on project management. Journal of Innovation and Knowledge, 8(1), 100336. https://doi.org/10.1016/j.jik.2023.100336
- Larios-Francia, R. P., & Ferasso, M. (2023). The relationship between innovation and performance in MSMEs: The case of the wearing apparel sector in emerging countries. Journal of Open Innovation: Technology, Market, and Complexity, 9(1), 100018. https://doi.org/10.1016/j.joitmc.2023.100018
- Li, Q., & Gao, H. (2023). How External Knowledge Acquisition Contribute to Innovation Performance: A Chain Mediation Model. SAGE Open, 13(4), 1–17. https://doi.org/10.1177/21582440231219203
- Lim, D., & Kesumahati, E. (2023). Study of MSMEs Performance: Factors Affecting MSMEs Performance through Marketing Adoption with Social Media. Jurnal Administrasi Dan Manajemen, 13(1), 29–44. https://doi.org/10.52643/jam.v13i1.2618
- Limanseto, H. (2023). Menko Airlangga: Potensi UMKM Menjadi Modal Dalam Ekosistem Pengembangan Ekonomi. Www.Ekon.Go.Id, 1–2. https://www.ekon.go.id/publikasi/detail/5047/menko-airlangga-potensi-umkm-menjadi-modal-dalam-ekosistem-pengembangan-ekonomi
- Liu, M., Li, C., Wang, S., & Li, Q. (2023). Digital transformation, risk-taking, and innovation: Evidence from data on listed enterprises in China. Journal of Innovation and Knowledge, 8(1), 100332. https://doi.org/10.1016/j.jik.2023.100332
- Ma, F. C., Khan, F., Khan, K. U., & XiangYun, S. (2021). Investigating the Impact of Information Technology, Absorptive Capacity, and Dynamic Capabilities on Firm Performance: An Empirical Study. SAGE Open, 11(4). https://doi.org/10.1177/21582440211061388
- Mamduh, A., Pratikto, H., Handayati, P., & Restuningdiah, N. (2024). Innovation Ability Mediates the Influence of Financial Literacy, Entrepreneurial, Orientation and Learning Orientation on the Performance of Food and Beverage UMKM in Bontang City , East Kalimantan Province Indonesia. 1–25. https://doi.org/https://doi.org/10.24857/rgsa.v18n10-183
- Massa, S., Annosi, M. C., Marchegiani, L., & Messeni Petruzzelli, A. (2023). Digital technologies and knowledge processes: new emerging strategies in international business. A systematic literature review. Journal of Knowledge Management, 27(11), 330–387. https://doi.org/10.1108/JKM-12-2022-0993
- Merín-Rodrigáñez, J., Dasí, À., & Alegre, J. (2024). Digital transformation and firm performance in innovative SMEs: The mediating role of business model innovation. Technovation, 134(March). https://doi.org/10.1016/j.technovation.2024.103027
- Meyer, K. E., Li, J., Brouthers, K. D., & Jean, R. J. ‘“Bryan.”’ (2023). International business in the digital age: Global strategies in a world of national institutions. Journal of International Business Studies, 54(4), 577–598. https://doi.org/10.1057/s41267-023-00618-x
- Momtaz, P. P., & Parra, I. M. (2024). Is Sustainable Entrepreneurship Profitable? ESG Disclosure and the Financial Performance of SMEs. SSRN Electronic Journal, 1535–1564. https://doi.org/10.2139/ssrn.4749648
- Natasha, T., & Rokhim, R. (2024). The Influence of Enterprise Risk Management Implementation on Financial Performance and Firm Value in East Asia. 5(5), 5491–5499.
- Nelaeva, A., & Nilssen, F. (2022). Contrasting knowledge development for internationalization among emerging and advanced economy firms: A review and future research. Journal of Business Research, 139(November 2020), 232–256. https://doi.org/10.1016/j.jbusres.2021.09.053
- Njanka, S. Q., Sandula, G., & Colomo-Palacios, R. (2021). IT-Business alignment: A systematic literature review. Procedia Computer Science, 181(2020), 333–340. https://doi.org/10.1016/j.procs.2021.01.154
- Noor, Lady, Ahmadi, M. A., Kampus, A., Yani, J. A., & Kartasura, K. (2025). Pengaruh Digitalisasi , Literasi Keuangan , dan Dukungan Teknologi. Pusat Publikasi Ilmu Manajemen, 3(1), 209–220. https://doi.org/10.59603/ppiman.v3i1.654
- Novitasari, M., & Agustia, D. (2023). Competitive advantage as a mediating effect in the impact of green innovation and firm performance. Business: Theory and Practice, 24(1), 216–226. https://doi.org/10.3846/btp.2023.15865
- Nwankpa, J. K., Roumani, Y., & Datta, P. (2022). Process innovation in the digital age of business: the role of digital business intensity and knowledge management. Journal of Knowledge Management, 26(5), 1319–1341. https://doi.org/10.1108/JKM-04-2021-0277
- Nyuga, G., & Tanova, C. (2024). Assessing the mediating role of knowledge management in the relationship between technological innovation and sustainable competitive advantage. Heliyon, 10(23), e39994. https://doi.org/10.1016/j.heliyon.2024.e39994
- Ouyang, R. (2024). Development of China ’ s digital economy : path , advantages. 4(3), 141–160. https://doi.org/10.1108/JIDE-05-2024-0022
- Permatasari, A. E. D., & Praswati, A. N. (2024). The Effect of Entrepreneurial Orientation on Performance Mediated by Innovation and Network Capability. Jurnal Ilmiah Manajemen Kesatuan, 12(1), 105–118. https://doi.org/10.37641/jimkes.v12i1.2394
- Rahayu, S. K., Budiarti, I., Firdaus, D. W., & Onegina, V. (2023). Digitalization and Informal Msme: Digital Financial Inclusion for Msme Development in the Formal Economy. Journal of Eastern European and Central Asian Research, 10(1), 9–19. https://doi.org/10.15549/jeecar.v10i1.1056
- Rasyid, M. K., Rahayu, A., & Wibowo, L. A. (2021). Penerapan Strategi Manajemen Pengetahuan untuk Meningkatkan Kinerja Institusi Pendidikan dalam Menghadapi Revolusi Industri 4.0. Jurnal Bisnis Dan Manajemen, 8(1), 75–81. https://doi.org/10.26905/jbm.v8i1.5292
- Ricardo, T., & Laulita, N. B. (2022). Perancangan Dan Penerapan Strategi Promosi Atau Membangun Brand Image Melalui Media Digital Dan Pelatihan Pada UMKM Caukong. Jurnal Pengabdian Kepada Masyarakat Nusantara (JPkMN), 3(2), 1442–1451. https://ejournal.sisfokomtek.org/index.php/jpkm/article/view/590
- Rosyidiana, R. N., & Narsa, I. M. (2024). Micro, small, and medium-sized enterprises (MSMEs) during the post-pandemic economic recovery period: digitalization, literation, innovation, and its impact on financial performance. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2342488
- Sentika, D. N., Yuliyanto, A., & Muna, A. (2023). Pengaruh modal intelektual dan manajemen risiko terhadap kinerja keuangan pada perusahaan perbankan yang terdaftar di BEI tahun 2019-2022. Journal of Management and Digital Business, 3(2), 103–118. https://doi.org/10.53088/jmdb.v3i2.653
- Stoian, M. C., Tardios, J. A., & Samdanis, M. (2024). The knowledge-based view in international business: A systematic review of the literature and future research directions. International Business Review, 33(2), 102239. https://doi.org/10.1016/j.ibusrev.2023.102239
- Strange, R., Chen, L., & Fleury, M. T. L. (2022). Digital Transformation and International Strategies. Journal of International Management, 28(4). https://doi.org/10.1016/j.intman.2022.100968
- Sugiyono, S. (2016). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta. https://elibrary.bsi.ac.id/readbook/204383/metode-penelitian-pendidikan-pendekatan-kuantitatif-kualitatif-dan-r-d
- Suprapto, Y., & Viviani. (2024). Penerapan Digital Marketing Pada UMKM Mix & Match. Jurnal Pengabdian Kepada Masyarakat Nusantara (JPkMN), 5(3), 3661–3668. https://doi.org/http://doi.org/10.55338/jpkmn.v5i3.2460
- Tay, L. Y., Tai, H. T., & Tan, G. S. (2022). Digital financial inclusion: A gateway to sustainable development. Heliyon, 8(6), e09766. https://doi.org/10.1016/j.heliyon.2022.e09766
- Virglerova, Z., Khan, M. A., Martinkute-Kauliene, R., & Kovács, S. (2020). The internationalization of SMEs in Central Europe and its impact on their methods of risk management. Amfiteatru Economic, 22(55), 792–807. https://doi.org/10.24818/EA/2020/55/792
- Wahab, M. D. A., & Radmehr, M. (2024). The impact of AI assimilation on firm performance in small and medium-sized enterprises: A moderated multi-mediation model. Heliyon, 10(8), e29580. https://doi.org/10.1016/j.heliyon.2024.e29580
- Wahyuni, R. S., & Novita, N. (2021). COSO ERM Framework as the Basis of Strategic Planning in Islamic Banking. Jurnal Keuangan Dan Perbankan, 25(1), 21–35. https://doi.org/10.26905/jkdp.v25i1.5123
- Wang, S., & Zhang, H. (2025). Digital Transformation and Innovation Performance in Small- and Medium-Sized Enterprises: A Systems Perspective on the Interplay of Digital Adoption, Digital Drive, and Digital Culture. Systems, 13(1). https://doi.org/10.3390/systems13010043
- Wardhana, A. (2023). Kewirausahaan dan UMKM di Era Digital 4 . 0 (M. Pradana (ed.); Issue December). Eureka Media Aksara.
- Xie, C. (2021). The Source of the Enterprise Competitiveness: Theoretical Review with Four Viewpoints. Open Journal of Business and Management, 09(05), 2513–2521. https://doi.org/10.4236/ojbm.2021.95137
- Yuwono, T., Suroso, A., & Novandari, W. (2024). Information and communication technology in SMEs: a systematic literature review. Journal of Innovation and Entrepreneurship, 13(1). https://doi.org/10.1186/s13731-024-00392-6
- Zakaria, S. (2023). Hedging Effectiveness as an International Financial Risk Management Strategy. Golden Ratio of Mapping Idea and Literature Format, 3(1), 01–22. https://doi.org/10.52970/grmilf.v3i1.352
- Zámborský, P., Ingršt, I., & Bhandari, K. R. (2023). Knowledge creation capability under different innovation-investment motives abroad: The knowledge-based view of international innovation management. Technovation, 127(February 2022). https://doi.org/10.1016/j.technovation.2023.102829
- Zheng, B., Yuan, Y., Li, H., & Jiang, Y. (2023). A study of digital transformation and MSMEs performance from a spatial perspective: Evidence from China. Journal of Economics and Management (Poland), 45(1), 319–343. https://doi.org/10.22367/jem.2023.45.13
References
Abdurohim, D. (2023). Analysis of MSME Challenges and opportunities in the Digital Era. International Journal of Economic Literature, I(3), 285–292. http://repository.unpas.ac.id/id/eprint/67499
Adomako, S. (2024). The effect of foreign knowledge acquisition on international performance: The mediating roles of international orientation and business model innovation. Thunderbird International Business Review, 66(1), 19–31. https://doi.org/10.1002/tie.22353
Adomako, S., & Nguyen, N. P. (2024). Digitalization, inter-organizational collaboration, and technology transfer. Journal of Technology Transfer, 49(4), 1176–1202. https://doi.org/10.1007/s10961-023-10031-z
Ahmed, F. U., Babu, M. M., Rahman, M. N., Uddin, M. J., & Dey, B. L. (2023). Strategic orientation, strategic renewal, and the international performance of born global firms. Asia Pacific Journal of Management. https://doi.org/10.1007/s10490-023-09903-7
Ahsan, M. J. (2024). Unlocking sustainable success: exploring the impact of transformational leadership, organizational culture, and CSR performance on financial performance in the Italian manufacturing sector. Social Responsibility Journal, 20(4), 783–803. https://doi.org/10.1108/SRJ-06-2023-0332
Anatan, L., & Nur. (2023). Micro, Small, and Medium Enterprises’ Readiness for Digital Transformation in Indonesia. Economies, 11(6). https://doi.org/10.3390/economies11060156
Anwar, F. K. N., Meldona, Yuliati, Alfarisyi, A. S., & Saputra, Z. (2023). The Role Of Innovation In Mediating The Influence Of Entrepreneurial Characteristics And Orientation On Performance. International Journal Of Humanities Education and Social Sciences (IJHESS), 3(3), 1092–1102. https://doi.org/10.55227/ijhess.v2i3.642
Arbelo, A., Arbelo-Pérez, M., & Pérez-Gómez, P. (2024). Internationalization and individual firm performance: a resource-based view. In Eurasian Business Review (Vol. 14, Issue 4). Springer International Publishing. https://doi.org/10.1007/s40821-024-00276-5
Asir, M., Yuniawati, R. A., Mere, K., Sukardi, K., & Anwar, M. A. (2023). Peran manajemen risiko dalam meningkatkan kinerja perusahaan: studi manajemen sumber daya manusia. Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA), 4(1), 32–42. https://doi.org/10.37631/ebisma.v4i1.844
Aydemir, M. F., & Alper, D. (2024). The Internalization-Firm Performance Relationship : A Meta-Analysis For MNCs. International Journal of Management Economics and Business, 20(4), 896–926. https://doi.org/http://dx.doi.org/10.17130/ijmeb.1458989
Ayu, A. W. F., Asrina, R., Regina, S., Harahap, B. N., & Arsyadona. (2024). Penerapan manajemen risiko terhadap persaingan industri cafe dalam upaya mempertahankan loyalitas pelanggan pada cafe mahoni. Jurnal Ilmiah Ekonomi Dan Manajemen, 2(12), 522–531. https://doi.org/https://doi.org/10.61722/jiem.v2i12.3279
Beglaryan, M., Drampyan, A., & Sargsyan, P. (2024). The impact of digitalization on promoting business during crisis: evidence from Armenian SMEs. Journal of Science and Technology Policy Management, 16(10), 57–78. https://doi.org/10.1108/JSTPM-12-2022-0200
Bi, R. (2020). The Impact of IT‑Business Alignment on SME Performance: The Mediating Effects of Strategic Collaboration, Coordination, and Responsiveness. Electronic Journal of Information Systems Evaluation, 23(1), 112–125. https://doi.org/10.34190/ejise.20.23.1.008
Cabral, Â. M. R., Carvalho, F. M. P. O., & Ferreira, J. A. V. (2020). International performance of smes’ international strategic groups. Administrative Sciences, 10(3). https://doi.org/10.3390/admsci10030065
Camino-Mogro, S., Bermúdez-Barrezueta, N., & Armijos, M. (2023). Is FDI a potential tool for boosting firm’s performance? Firm level evidence from Ecuador. Journal of Evolutionary Economics, 33(2), 341–391. https://doi.org/10.1007/s00191-022-00806-2
Catanzaro, A., & Teyssier, C. (2021). Export promotion programs, export capabilities, and risk management practices of internationalized SMEs. Small Business Economics, 57(3), 1479–1503. https://doi.org/10.1007/s11187-020-00358-4
Chen, L., Tu, R., Huang, B. X., Zhou, H., & Wu, Y. (2024). Digital transformation’s impact on innovation in private enterprises: Evidence from China. Journal of Innovation and Knowledge, 9(2), 100491. https://doi.org/10.1016/j.jik.2024.100491
Chetty, S., Martín Martín, O., & Bai, W. (2024). Causal foreign market selection and effectual entry decision-making: The mediating role of collaboration to enhance international performance. Journal of Business Research, 172(November 2023), 114385. https://doi.org/10.1016/j.jbusres.2023.114385
Cholis, N., Saputro, D., Mohd, T., Abdullah, K., Djajasaputra, I. G. E., & Lisan, H. L. (2023). The Influence of IT Infrastructure Capability, IT Business Spanning Capability, and IT Proactive Stance on Organizational Performance, mediated by Organizational Agility. 4733–4744. https://doi.org/10.46254/an12.20220927
Costa, A., Crupi, A., De Marco, C. E., & Di Minin, A. (2023). SMEs and open innovation: Challenges and costs of engagement. Technological Forecasting and Social Change, 194(June 2022), 122731. https://doi.org/10.1016/j.techfore.2023.122731
Cruz, N. A. Dela, Villanueva, A. C. B., Tolin, L. A., Disse, S., Lensink, R., & White, H. (2023). Protocol: Effects of interventions to improve access to financial services for micro-, small- and medium-sized enterprises in low- and middle-income countries: An evidence and gap map. Campbell Systematic Reviews, 19(3). https://doi.org/https://doi.org/10.1002/cl2.1341
Damiyana, D., Maulina, E., Muftiadi, A., Auliana, L., & Kurniadi, K. (2024). The influence of innovation, knowledge management, and e-commerce adoption on MSME performance, and its impact on MSMEs sustainability. Journal of Infrastructure, Policy and Development, 8(11), 1–30. https://doi.org/10.24294/jipd.v8i11.7994
Deng, Z., Zhu, Z., Johanson, M., & Hilmersson, M. (2022). Rapid internationalization and exit of exporters: The role of digital platforms. International Business Review, 31(1), 101896. https://doi.org/10.1016/j.ibusrev.2021.101896
Dias, G. C., de Oliveira, U. R., Lima, G. B. A., & Fernandes, V. A. (2021). Risk management in the import/export process of an automobile company: A contribution for supply chain sustainability. Sustainability (Switzerland), 13(11). https://doi.org/10.3390/su13116049
Farida, I., & Setiawan, D. (2022). Business Strategies and Competitive Advantage: The Role of Performance and Innovation. Journal of Open Innovation: Technology, Market, and Complexity, 8(3), 163. https://doi.org/10.3390/joitmc8030163
Fernández-Portillo, A., Almodóvar-González, M., Sánchez-Escobedo, M. C., & Coca-Pérez, J. L. (2022). The role of innovation in the relationship between digitalisation and economic and financial performance. A company-level research. European Research on Management and Business Economics, 28(3). https://doi.org/10.1016/j.iedeen.2021.100190
Fitri, N. A. (2022). Dampak E-Commerce Terhadap Strategi Pemasaran (Studi Kasus Pada Platform Shopee). PROCURATIO: Jurnal Manajemen & Bisnis, 1(2), 67–77. https://doi.org/10.62394/projmb.v1i2.34
Gao, F., Lin, C., & Zhai, H. (2022). Digital Transformation, Corporate Innovation, and International Strategy: Empirical Evidence from Listed Companies in China. Sustainability (Switzerland), 14(13). https://doi.org/10.3390/su14138137
Gay, L. R., & Diehl, P. L. (1992). Research methods for business and management. MacMillan Publishing Company. https://books.google.co.id
Gimeno-Arias, F., Santos-Jaén, J. M., & Pemartín González-Adalid, M. (2024). How are companies going to business digitalization? An explanation based on the implementation of e-commerce with data of SMEs. Data in Brief, 56, 110788. https://doi.org/10.1016/j.dib.2024.110788
Guo, L., & Xu, L. (2021). The effects of digital transformation on firm performance: evidence from China’s manufacturing sector. Sustainability (Switzerland), 13(22), 1–18. https://doi.org/10.3390/su132212844
Hadikusuma, S., & Siagian, H. (2022). The Influence of IT Capability on Operational Performance Through Internal and External Integration: Evidence from Indonesia. Organizations and Markets in Emerging Economies, 31(1), 71–95. https://doi.org/10.15388/omee.2022.13.71
Hair, J. F., Sarstedt, M., Hopkins, L., & Kuppelwieser, V. G. (2017). A Primer Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research. European Business Review, 26(2), 106–121. https://doi.org/10.1108/EBR-10-2013-0128
Hamid, R. S. S. M. A. (2019). Structural Equation Modeling (SEM) Berbasis Varian. PT Inkubator Penulis Indonesia. http://ebookstep.com/product/structural-equation-modeling-sem-berbasis-varian-konsep-dasar-dan-aplikasi-program-smart-pls-3-2-8-dalam-riset-bisnis-1st-edition-rahmad-solling-hamid-suhardi-m-anwar/
Hermanto, I. R., Widyarini, L. A., & Darma, D. C. (2024). Digitalization Impact on Sustainable Firm Performance of Small, Medium, and Large Businesses. Virtual Economics, 7(1), 7–24. https://doi.org/10.34021/ve.2024.07.01(1)
Indah Sari, P., & Gantino, R. (2023). Pengaruh Intellectual Capital, Enterprise Risk Management, dan Good Corporate Governance Terhadap Nilai Perusahaan. Jurnal E-Bis, 7(2), 727–742. https://doi.org/10.37339/e-bis.v7i2.1404
Intara, P., & Suwansin, N. (2024). Intangible assets, firm value, and performance: does intangible-intensive matter? Cogent Economics and Finance, 12(1). https://doi.org/10.1080/23322039.2024.2375341
Islam, A., Zawawi, N. F. M., & Wahab, S. A. (2023). Rethinking survival, renewal, and growth strategies of SMEs in Bangladesh: the role of spiritual leadership in crisis situation. PSU Research Review, 8(1), 19–40. https://doi.org/10.1108/PRR-02-2021-0010
Jocelyn, N., & Christiarini, R. (2024). Peningkatan Daya Saing UMKM Aneka Rasa melalui Inovasi SOP, Kemasan Berkelanjutan dan Branding. Jurnal Indonesia Mengabdi, 6(2), 121–129. https://doi.org/https://journal.unuha.ac.id/index .php/JIMi/article/view/ How
Kadarusman, K., & Siti Rosyafah. (2022). Competitive Advantage, Entrepreneurial Orientation, Knowledge Sharing, and SMEs’ Performance: Mediation-Moderation Analysis. Jurnal Minds: Manajemen Ide Dan Inspirasi, 9(1), 127–142. https://doi.org/10.24252/minds.v9i1.27569
Kanski, L., & Pizon, J. (2023). The impact of selected components of industry 4.0 on project management. Journal of Innovation and Knowledge, 8(1), 100336. https://doi.org/10.1016/j.jik.2023.100336
Larios-Francia, R. P., & Ferasso, M. (2023). The relationship between innovation and performance in MSMEs: The case of the wearing apparel sector in emerging countries. Journal of Open Innovation: Technology, Market, and Complexity, 9(1), 100018. https://doi.org/10.1016/j.joitmc.2023.100018
Li, Q., & Gao, H. (2023). How External Knowledge Acquisition Contribute to Innovation Performance: A Chain Mediation Model. SAGE Open, 13(4), 1–17. https://doi.org/10.1177/21582440231219203
Lim, D., & Kesumahati, E. (2023). Study of MSMEs Performance: Factors Affecting MSMEs Performance through Marketing Adoption with Social Media. Jurnal Administrasi Dan Manajemen, 13(1), 29–44. https://doi.org/10.52643/jam.v13i1.2618
Limanseto, H. (2023). Menko Airlangga: Potensi UMKM Menjadi Modal Dalam Ekosistem Pengembangan Ekonomi. Www.Ekon.Go.Id, 1–2. https://www.ekon.go.id/publikasi/detail/5047/menko-airlangga-potensi-umkm-menjadi-modal-dalam-ekosistem-pengembangan-ekonomi
Liu, M., Li, C., Wang, S., & Li, Q. (2023). Digital transformation, risk-taking, and innovation: Evidence from data on listed enterprises in China. Journal of Innovation and Knowledge, 8(1), 100332. https://doi.org/10.1016/j.jik.2023.100332
Ma, F. C., Khan, F., Khan, K. U., & XiangYun, S. (2021). Investigating the Impact of Information Technology, Absorptive Capacity, and Dynamic Capabilities on Firm Performance: An Empirical Study. SAGE Open, 11(4). https://doi.org/10.1177/21582440211061388
Mamduh, A., Pratikto, H., Handayati, P., & Restuningdiah, N. (2024). Innovation Ability Mediates the Influence of Financial Literacy, Entrepreneurial, Orientation and Learning Orientation on the Performance of Food and Beverage UMKM in Bontang City , East Kalimantan Province Indonesia. 1–25. https://doi.org/https://doi.org/10.24857/rgsa.v18n10-183
Massa, S., Annosi, M. C., Marchegiani, L., & Messeni Petruzzelli, A. (2023). Digital technologies and knowledge processes: new emerging strategies in international business. A systematic literature review. Journal of Knowledge Management, 27(11), 330–387. https://doi.org/10.1108/JKM-12-2022-0993
Merín-Rodrigáñez, J., Dasí, À., & Alegre, J. (2024). Digital transformation and firm performance in innovative SMEs: The mediating role of business model innovation. Technovation, 134(March). https://doi.org/10.1016/j.technovation.2024.103027
Meyer, K. E., Li, J., Brouthers, K. D., & Jean, R. J. ‘“Bryan.”’ (2023). International business in the digital age: Global strategies in a world of national institutions. Journal of International Business Studies, 54(4), 577–598. https://doi.org/10.1057/s41267-023-00618-x
Momtaz, P. P., & Parra, I. M. (2024). Is Sustainable Entrepreneurship Profitable? ESG Disclosure and the Financial Performance of SMEs. SSRN Electronic Journal, 1535–1564. https://doi.org/10.2139/ssrn.4749648
Natasha, T., & Rokhim, R. (2024). The Influence of Enterprise Risk Management Implementation on Financial Performance and Firm Value in East Asia. 5(5), 5491–5499.
Nelaeva, A., & Nilssen, F. (2022). Contrasting knowledge development for internationalization among emerging and advanced economy firms: A review and future research. Journal of Business Research, 139(November 2020), 232–256. https://doi.org/10.1016/j.jbusres.2021.09.053
Njanka, S. Q., Sandula, G., & Colomo-Palacios, R. (2021). IT-Business alignment: A systematic literature review. Procedia Computer Science, 181(2020), 333–340. https://doi.org/10.1016/j.procs.2021.01.154
Noor, Lady, Ahmadi, M. A., Kampus, A., Yani, J. A., & Kartasura, K. (2025). Pengaruh Digitalisasi , Literasi Keuangan , dan Dukungan Teknologi. Pusat Publikasi Ilmu Manajemen, 3(1), 209–220. https://doi.org/10.59603/ppiman.v3i1.654
Novitasari, M., & Agustia, D. (2023). Competitive advantage as a mediating effect in the impact of green innovation and firm performance. Business: Theory and Practice, 24(1), 216–226. https://doi.org/10.3846/btp.2023.15865
Nwankpa, J. K., Roumani, Y., & Datta, P. (2022). Process innovation in the digital age of business: the role of digital business intensity and knowledge management. Journal of Knowledge Management, 26(5), 1319–1341. https://doi.org/10.1108/JKM-04-2021-0277
Nyuga, G., & Tanova, C. (2024). Assessing the mediating role of knowledge management in the relationship between technological innovation and sustainable competitive advantage. Heliyon, 10(23), e39994. https://doi.org/10.1016/j.heliyon.2024.e39994
Ouyang, R. (2024). Development of China ’ s digital economy : path , advantages. 4(3), 141–160. https://doi.org/10.1108/JIDE-05-2024-0022
Permatasari, A. E. D., & Praswati, A. N. (2024). The Effect of Entrepreneurial Orientation on Performance Mediated by Innovation and Network Capability. Jurnal Ilmiah Manajemen Kesatuan, 12(1), 105–118. https://doi.org/10.37641/jimkes.v12i1.2394
Rahayu, S. K., Budiarti, I., Firdaus, D. W., & Onegina, V. (2023). Digitalization and Informal Msme: Digital Financial Inclusion for Msme Development in the Formal Economy. Journal of Eastern European and Central Asian Research, 10(1), 9–19. https://doi.org/10.15549/jeecar.v10i1.1056
Rasyid, M. K., Rahayu, A., & Wibowo, L. A. (2021). Penerapan Strategi Manajemen Pengetahuan untuk Meningkatkan Kinerja Institusi Pendidikan dalam Menghadapi Revolusi Industri 4.0. Jurnal Bisnis Dan Manajemen, 8(1), 75–81. https://doi.org/10.26905/jbm.v8i1.5292
Ricardo, T., & Laulita, N. B. (2022). Perancangan Dan Penerapan Strategi Promosi Atau Membangun Brand Image Melalui Media Digital Dan Pelatihan Pada UMKM Caukong. Jurnal Pengabdian Kepada Masyarakat Nusantara (JPkMN), 3(2), 1442–1451. https://ejournal.sisfokomtek.org/index.php/jpkm/article/view/590
Rosyidiana, R. N., & Narsa, I. M. (2024). Micro, small, and medium-sized enterprises (MSMEs) during the post-pandemic economic recovery period: digitalization, literation, innovation, and its impact on financial performance. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2342488
Sentika, D. N., Yuliyanto, A., & Muna, A. (2023). Pengaruh modal intelektual dan manajemen risiko terhadap kinerja keuangan pada perusahaan perbankan yang terdaftar di BEI tahun 2019-2022. Journal of Management and Digital Business, 3(2), 103–118. https://doi.org/10.53088/jmdb.v3i2.653
Stoian, M. C., Tardios, J. A., & Samdanis, M. (2024). The knowledge-based view in international business: A systematic review of the literature and future research directions. International Business Review, 33(2), 102239. https://doi.org/10.1016/j.ibusrev.2023.102239
Strange, R., Chen, L., & Fleury, M. T. L. (2022). Digital Transformation and International Strategies. Journal of International Management, 28(4). https://doi.org/10.1016/j.intman.2022.100968
Sugiyono, S. (2016). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta. https://elibrary.bsi.ac.id/readbook/204383/metode-penelitian-pendidikan-pendekatan-kuantitatif-kualitatif-dan-r-d
Suprapto, Y., & Viviani. (2024). Penerapan Digital Marketing Pada UMKM Mix & Match. Jurnal Pengabdian Kepada Masyarakat Nusantara (JPkMN), 5(3), 3661–3668. https://doi.org/http://doi.org/10.55338/jpkmn.v5i3.2460
Tay, L. Y., Tai, H. T., & Tan, G. S. (2022). Digital financial inclusion: A gateway to sustainable development. Heliyon, 8(6), e09766. https://doi.org/10.1016/j.heliyon.2022.e09766
Virglerova, Z., Khan, M. A., Martinkute-Kauliene, R., & Kovács, S. (2020). The internationalization of SMEs in Central Europe and its impact on their methods of risk management. Amfiteatru Economic, 22(55), 792–807. https://doi.org/10.24818/EA/2020/55/792
Wahab, M. D. A., & Radmehr, M. (2024). The impact of AI assimilation on firm performance in small and medium-sized enterprises: A moderated multi-mediation model. Heliyon, 10(8), e29580. https://doi.org/10.1016/j.heliyon.2024.e29580
Wahyuni, R. S., & Novita, N. (2021). COSO ERM Framework as the Basis of Strategic Planning in Islamic Banking. Jurnal Keuangan Dan Perbankan, 25(1), 21–35. https://doi.org/10.26905/jkdp.v25i1.5123
Wang, S., & Zhang, H. (2025). Digital Transformation and Innovation Performance in Small- and Medium-Sized Enterprises: A Systems Perspective on the Interplay of Digital Adoption, Digital Drive, and Digital Culture. Systems, 13(1). https://doi.org/10.3390/systems13010043
Wardhana, A. (2023). Kewirausahaan dan UMKM di Era Digital 4 . 0 (M. Pradana (ed.); Issue December). Eureka Media Aksara.
Xie, C. (2021). The Source of the Enterprise Competitiveness: Theoretical Review with Four Viewpoints. Open Journal of Business and Management, 09(05), 2513–2521. https://doi.org/10.4236/ojbm.2021.95137
Yuwono, T., Suroso, A., & Novandari, W. (2024). Information and communication technology in SMEs: a systematic literature review. Journal of Innovation and Entrepreneurship, 13(1). https://doi.org/10.1186/s13731-024-00392-6
Zakaria, S. (2023). Hedging Effectiveness as an International Financial Risk Management Strategy. Golden Ratio of Mapping Idea and Literature Format, 3(1), 01–22. https://doi.org/10.52970/grmilf.v3i1.352
Zámborský, P., Ingršt, I., & Bhandari, K. R. (2023). Knowledge creation capability under different innovation-investment motives abroad: The knowledge-based view of international innovation management. Technovation, 127(February 2022). https://doi.org/10.1016/j.technovation.2023.102829
Zheng, B., Yuan, Y., Li, H., & Jiang, Y. (2023). A study of digital transformation and MSMEs performance from a spatial perspective: Evidence from China. Journal of Economics and Management (Poland), 45(1), 319–343. https://doi.org/10.22367/jem.2023.45.13