Green entrepreneurial orientation for enhancing SMEs financial and environmental performance: Synergetic moderation of green technology dynamism and knowledge transfer and integration

Asad, Muzaffar; Majali, Tha’er; Aledeinat, Mazin; Almajali, Dmaithan Abdelkarim; Akhorshaideh, Abdel Hakim O. Article Green entrepreneurial orientation for enhancing SMEs financial and environmental performance: Synergetic moderation of green technology dynamism and knowledge transfer and integration Cogent Business & Management Provided in Cooperation with: Taylor & Francis Group Suggested Citation: Asad, Muzaffar; Majali, Tha’er; Aledeinat, Mazin; Almajali, Dmaithan Abdelkarim; Akhorshaideh, Abdel Hakim O. (2023) : Green entrepreneurial orientation for enhancing SMEs financial and environmental performance: Synergetic moderation of green technology dynamism and knowledge transfer and integration, Cogent Business & Management, ISSN 2331-1975, Taylor & Francis, Abingdon, Vol. 10, Iss. 3, pp. 1-20, https://doi.org/10.1080/23311975.2023.2278842 This Version is available at: https://hdl.handle.net/10419/294726 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. 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Akhorshaideh (2023) Green entrepreneurial orientation for enhancing SMEs financial and environmental performance: Synergetic moderation of green technology dynamism and knowledge transfer and integration, Cogent Business & Management, 10:3, 2278842, DOI: 10.1080/23311975.2023.2278842 To link to this article: https://doi.org/10.1080/23311975.2023.2278842 © 2023 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. Published online: 14 Nov 2023. Submit your article to this journal Article views: 1415 View related articles View Crossmark data Citing articles: 1 View citing articles MANAGEMENT | RESEARCH ARTICLE Green entrepreneurial orientation for enhancing SMEs financial and environmental performance: Synergetic moderation of green technology dynamism and knowledge transfer and integration Muzaffar Asad 1 *, Tha’er Majali 2 , Mazin Aledeinat 3 , Dmaithan Abdelkarim Almajali 2 and Abdel Hakim O. Akhorshaideh 4 Abstract: Currently SMEs in the developing countries like Pakistan are struggling for their survival, however, because of increasing consumer awareness, SMEs have to focus over the environmental concerns as well. For SMEs green entrepreneurial orientation is taking significant importance. Moreover, based on the catalytic effects of green technology dynamism and knowledge transfer and integration, this study evaluated their moderating roles over the relationship between green entrepreneurial orientation and two performance measures which are environmental performance and financial performance. For the said purpose, the data has been collected from 384 SMEs operating in Pakistan involved in green practices, using simple random sampling. The results drawn from structural equation modelling revealed that green entrepreneurial orientation has a significant impact over environmental as well as financial performance, moreover, the moderating role of green technology dynamism as well as knowledge transfer and integration are also significant. The overall model has been validated and the blindfolding technique confirmed the predictive validity of the model as well. The research contributed to the body of knowledge by adding to the dynamic capability theory and guided the importance of green practices to the practitioners as well as policy makers. Muzaffar Asad ABOUT THE AUTHOR Muzaffar Asad is currently working as Professor of Entrepreneurship, Global Visiting Faculty, at Technology De Monterry, Mexico as well as Assistant Professor at College of Commerce and Business Administration Dhofar University, Oman. Before joining DU he has served as Associate Professor at Foundation University, Capital University of Science and Technology, and University of Central Punjab. He has completed his Doctorate from Malaysia in entrepreneurship. He has a vast experience of teaching and training at various universities at national as well as international level. He has published several papers in the area of entrepreneurship in Pakistan, Oman, Bahrain and Malaysia. Asad et al., Cogent Business & Management (2023), 10: 2278842 https://doi.org/10.1080/23311975.2023.2278842 Page 1 of 20 Received: 26 August 2023 Accepted: 30 October 2023 *Corresponding author: Muzaffar Asad, Department of Marketing and Entrepreneurship, College of Commerce and Business Administration, Dhofar University, Salalah Oman E-mail: sheikhmuzaffarasad@gmail. com Reviewing editor: Pablo Ruiz, Universidad de CastillaLa Mancha, Spain Additional information is available at the end of the article © 2023 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. The terms on which this article has been published allow the posting of the Accepted Manuscript in a repository by the author(s) or with their consent. Subjects: Environmental Management; Entrepreneurship; Sustainability; Keywords: green entrepreneurial orientation; Green Technology Dynamism; Knowledge Transfer and Integration; Environmental performance; Financial Performance; Sustainability; Green Practices; Entrepreneurship 1. Introduction Businesses view health and living conditions as essential components of their main business activities as environmental challenges pose growing dangers to economic growth (Agbim et al., 2014; Domańska et al., 2018; Tze San et al., 2022; Umar et al., 2020). Government, innovators, and academics are also focusing on the solution to environmental problems and paying more attention to environmental degradation (Majali et al., 2022; Makhloufi et al., 2021; Sulaiman et al., 2023). Recent studies, in particular, have indicated that Green Entrepreneurial Orientation (GEO) is essential for maximising financial performance (Ameer & Khan, 2022; Hamdoun, 2020) and minimising environmental consequences (Ameer & Khan, 2022; Yang & Liu, 2021; Zahoor & Gerged, 2021, 2021). Similarly, GEO significantly improve environmental performance (Wang & Zhang, 2023). Green practices refer to a propensity to pursue possibilities that result in both commercial and environmental advantages by the inauguration of eco-friendly practices (Jum’a et al., 2022; Khan et al., 2021; Mao et al., 2021). Despite the primary driver of green entrepreneurship and the advantages of GEO (such as economic, environmental, and social value) have been studied in the past (Shafique et al., 2021; Zuhaib et al., 2022), but it is still unknown how GEO affects environmental as well as financial performance both. Furthermore, despite majority of the studies identifying that entrepreneurial orientation or green entrepreneurial orientation has a significant positive impact (Majali et al., 2022; Zhang et al., 2023), yet some authors have refuted the claim and identified no impact over the financial performance (Afum et al., 2023). Similarly, authors have refuted the direct effect of entrepreneurial orientation over environmental performance (Tang & Tang, 2018). Moreover, some researchers suggested an inverse link between green entrepreneurial orientation in the form of providing green products and services and SMEs performance (Majali et al., 2022; Shrivastava & Tamvada, 2019), however, recently authors have demonstrated an optimistic effect of GEO on financial performance of SMEs (Majali et al., 2022). Whereas, some even claim that the promotion of green entrepreneurship is not properly linked to financial advantages (Chen, 2018; Demirel et al., 2019) and business expansion (Lotfi et al., 2018). In addition to that dynamic capabilities helps organizations to transfer to sustainable organizations leading them to superior financial and especially environmental performance (Chen & Chang, 2013) and SMEs have no exception to it. Dynamic capabilities helps businesses to develop such models which focus over tipple bottom approach focusing over society, business and the consumers, thus by improving financial as well as environmental performance of the firms (Alcalde Calonge et al., 2022). Moreover, Mubeen et al. (2023) discussed more about sustainable business performance and identified a significant impact of green practices and value co-creation i.e. environment and business profits. Similarly Forés et al. (2023) confirmed that dynamic capabilities influence environmental performance but suggested to identify the new intervening variables as well. Above discussion shows that identifying exactly the circumstances where GEO impacts financial and environmental performance collectively needs to be further researched to confirm the relationship while identifying and analysing the intervening variables causing these controversial findings (Baron & Kenny, 1986; Preacher et al., 2016). Hence, it was necessary to identify the cause or the missing element considering the contradictory outcomes for environmental and financial performance through GEO. Hence, in order to clarify the impact of green entrepreneurial orientation on financial as well as environmental performance the current study uses the Asad et al., Cogent Business & Management (2023), 10: 2278842 https://doi.org/10.1080/23311975.2023.2278842 Page 2 of 20 theoretical support of dynamic capability viewpoint to understand the connections between GEO and two different forms of performances of SMEs. SMEs that adopt GEO may do so through a variety of strategies to improve environmental performance. First, GEO develops environment friendly goods and services to address environmental problems (Ameer & Khan, 2022). Second, the improvement of workplace safety and health results from reducing harmful emissions or poisonous compounds (Jiang et al., 2018). Third, emphasising consumer health and safety raises societal welfare (Asad et al., 2021; Habib et al., 2020). Likewise, GEO gives three ways to improve performance. First, Energy or resource costs are addressed by advancements in green products and processes (Demirel et al., 2019). Additionally, taking a proactive stance in the search for green business opportunities may result in first-mover advantage (Lin et al., 2021; Ta’amnha et al., 2023). Third, a readiness to devote significant resources to initiatives that show extraordinary profits or losses (Zhang et al., 2020). Hence, GEO may enhance both financial and environmental performance (Ha et al., 2023), however, it has hardly been examined in the context of developing countries like Pakistan, because in such countries instead of giving importance to environment, priority is given to financial aspects (Asad et al., 2021). Another important aspect which should not be ignored is that under various environmental conditions, the impact of GEO over SMEs performance may be varied (Agbim et al., 2014; Habib et al., 2020; Yang & Liu, 2021). SMEs can successfully execute their entrepreneurial orientation by managing knowledge well (Asad et al., 2022; Lotfi et al., 2018; Ta’amnha et al., 2023). The effects of knowledge managing capabilities on the interaction between GEO and SMEs are the main subject of this study. Exchange of knowledge is recognised as better markers of knowledge creating skills, and modifications in a highly volatile environment may assist knowledge generation, search, and spread (Asif et al., 2021; Jiang et al., 2018). On the other hand, Green Technology Dynamism (GTD) is the term used in this study to describe a quickly evolving technological environment, while Knowledge Transfer and Integration (KTI) is the process of learning, recognising, absorbing, and integrating internal knowledge into new organisational activities (Jiang et al., 2018; Wamba et al., 2020). By strengthening their capacity to absorb eco-knowledge, SMEs adopting a strong GEO will gain competitive advantages (Domańska et al., 2018; Muangmee et al., 2021). Similar to how SMEs that implement GEO will get a competitive edge by using internal information to generate new knowledge and become an anchor for creativity (Pratono et al., 2019). Considering the inconsistencies in the literature over GEO impact on financial and environmental performance, this study suggests that GTD and KTI may function as a moderator over the relationship between GEO and two different types of performances. This study is done in the setting of Pakistan keeping in view the country’s current economic state and need for moving towards green practices. Environmental issues are hardly considered by SMEs operating in Pakistan. Instead of using modern technology, outdated technology is being used (Asif et al., 2021), which pollutes the environment. Therefore, there is an increased need to carry out research on environmental concerns in Pakistani SMEs’ manufacturing sector. This study selected characteristics that are relevant to the environment in order to close these gaps and created a model that is supposed to help SMEs operating in Pakistan perform better based on GEO. The green product innovation is influenced by the GEO, and SMEs owners are more focused on green product innovation in their operations than they are on process innovation for protecting the environment (Le et al., 2020; Majali et al., 2022). The literature suggests that SMEs operating in Pakistan should adopt GEO behavior when developing new products in order to obtain competitive advantage and improve their performance environmental performance because of market repute for adopting green practices. GI is crucial for SMEs, especially those doing business in Pakistan, as it enables them to perform better and get Asad et al., Cogent Business & Management (2023), 10: 2278842 https://doi.org/10.1080/23311975.2023.2278842 Page 3 of 20 CA. Pakistan is a developing nation this research study concentrates on perspective of Pakistani SMEs performance based on the significance of the greening concept in the current business environment (Ahmed et al., 2019). The performance of Pakistani SMEs lags behind, and this is because they do not implement the green concept into their daily operations. The study’s main focus is to protect the environment from the harmful effects of SMEs. Therefore, SMEs have stronger need for GEO adoption. The Pakistani government has recently implemented a number of regulations and environmental issues are addressed by regulators. Thus, the two important issues are covered in this paper. We first look at the impact of GEO on financial and environmental performance from the dynamic capabilities standpoint. We then evaluate the mild impact of GTD and KTI on the association between GEO and two different types of SMEs performance. Our research demonstrates how a SME’s strategic orientation, or GEO, acts as a dynamic capability by swiftly and successfully launching green initiatives, being proactive in seizing new possibilities, and taking calculated risks in system transformation. This research will offer managers a practical strategy for gaining competitive advantages in the market complex conditions. 2. Theoretical foundations and hypotheses development This study shows that there are two types of SMEs performance that GEO is associated with which are supported by Dynamic Capability Theory (DCT). The first one over which the researchers have focused already because of the concerns of the SMEs owners is financial performance. The second one in this regard deals with environmental performance which is under researched especially in the context of developing country like Pakistan. Furthermore, considering the theoretical development the current research added the moderating role of GTDI and KTI on these associations, as the relationships may be influenced by the moderating effect of GDTI and KTI, and it has not been studied before collectively in the economic settings of a developing country like Pakistan. The reason behind choosing dynamic capability view is that SMEs intended to follow green practices requires innovativeness, pro-activeness, and risk taking behaviour because investing in green practices is risky. It may influence environmental performance positively but, financial performance may suffer, therefore organizations need to have dynamic capabilities, for catering any kind of challenging situation. Ordinary capabilities and dynamic capabilities are the two distinct dimensions that make up a SMEs’ capabilities (Teece, 2018). Dynamic capabilities are about perceiving, grabbing, and changing; however, simple capabilities entail the operating performance of SMEs processes which are connected to task performances. According to Dynamic Capability Theory (DCT), these capabilities are higher-order capabilities that can be used to choose, create, and coordinate regular capabilities (Teece, 2019) utilising the concepts from Arranz et al. (2020), dynamic abilities are about discovering new information, fostering experimentation, merging resources to produce new goods, and changing the current system. Three types of organisational processes serve as the foundation for GEO: pro-activeness, risk taking, and innovativeness. GEO thus, seems to be linked to ideas of dynamic capabilities (Jiang et al., 2018). The research framework for this study is shown in Figure 1. 2.1. Green entrepreneurial orientation The earliest example of green business dates back to 1960, when the effects of environmental degradation and industrialization prompted industrialised countries to enact laws protecting the environment (Dhrifi et al., 2020). The topic of green entrepreneurship and concepts generated from it has been the focus of the work of many researchers and academicians (Sulaiman et al., 2023; Trapp & Kanbach, 2021). The words ecopreneur ship, eco-entrepreneurship, environmental entrepreneurship, and enviropreneurship are frequently used (Santini, 2017). Green entrepreneurship used in this study drawn from Demirel et al. (2019) and Haldar (2019) is as follows: an inclination to start green Asad et al., Cogent Business & Management (2023), 10: 2278842 https://doi.org/10.1080/23311975.2023.2278842 Page 4 of 20 operations in order to pursue prospective prospects that result in both economic and ecological benefits. In line with this viewpoint, green entrepreneurship demonstrates environmentally friendly innovation, market awareness, and risk-taking in business practises. There are three major categories into which empirical research on green entrepreneurship may be divided. This study begins by reviewing the body of knowledge on the genuine motives necessary for green entrepreneurial orientation. Some of these, like sensitive embeddedness, market orientation, and social orientation, can be summed up (Domańska et al., 2018). Second, it is understandable that factors such as institutional framework, societal norms, and laws may have an impact on green entrepreneurship (Volkmann et al., 2021). A literature review is then conducted to assess the performance effects of green entrepreneurship. It is apparent that green entrepreneurship is costly but the development and conception of market prospects as well as the prevention of environmental deterioration nullify the expenses of environmentally friendly practices. Moreover, exploitation and creation of market opportunities as well as the avoidance of environmental deterioration are examples of how entrepreneurial action could concurrently promote economic (Habib et al., 2020) and ecological benefits for society (Domańska et al., 2018). The significance of green entrepreneurship has been covered in the context of different nations or industries. Carlos et al. (2018), for instance, looked at how social movement organisations foster green entrepreneurial orientation in the U.S. wind energy industry. Perrot and Subiantoro (2018) concentrated on New Zealand’s waste recycling industry and highlighted a number of elements that either help or hinder green entrepreneurship. In Kingdom of Saudi Arabia, cases of green entrepreneurial orientation were undertaken by Alwakid et al. (2020). 2.2. Green Entrepreneurial Orientation and financial performance Through three methods that are linked to three aspects of entrepreneurial orientation, including innovation, proactivity, and risk-taking, GEO helps to increase financial performance (Zhang et al., 2023). First, being innovative means having a propensity to explore, seeking advantage from innovative ideas, and persuading the creative process. SMEs embracing GEO are able to reassemble resources to throw new goods or processes by drawing from DCT (Teece, 2018). In particular, new clean technologies are created to conserve resources and consume less water and fossil fuels (Bhandari et al., 2019). Additionally, recycled and composite stuff are typically used throughout the manufacturing or service provision (Krauklis et al., 2021). Before beginning a project, engineers may also think if the creation is simple to use again, salvage, and recourse manufacturing process (Feng et al., 2018). On Green Entrepreneurial Orientation Environmental Performance Financial Performance Green Technology Dynamism Knowledge Transfer and Integration Figure 1. Theoretical framework. Asad et al., Cogent Business & Management (2023), 10: 2278842 https://doi.org/10.1080/23311975.2023.2278842 Page 5 of 20 the other hand, institutional and social norms support many SMEs that implement GEO. The development of environmentally friendly products and procedures may not only abide by legislation but also avoid government penalties (Tu & Wu, 2021). Together, GEO can assist SMEs in increasing process effectiveness, reducing waste, and lowering costs through the use of fresh concepts. Second, being proactive demonstrates a drive to beat rivals and seize new opportunities before rival enterprises (Akgunduz et al., 2018; Asad et al., 2022). According to DCT, being proactive means tending to satisfy customer requirements by launching green goods, services, or technology first. Due to the expanding awareness of environmental issues, SMEs are under increasing customer pressure (Adomako & Nguyen, 2020). Proactive enterprises are likely to react to customer needs more swiftly than their rivals. SMEs earn profits by leading the way in green innovation techniques as the trend of customers’ attitudes toward green marketing continues (Singh et al., 2020). As a result, GEO might improve customers’ ability to respond quickly to green practices, resulting in first-mover advantage. Third, the desire to take a proactive stance when investing in initiatives with high degrees of uncertainty is reflected in risk-taking. Even if bringing a green idea to life is frequently accompanied by challenging circumstances and unknowns, it might also result in more customers and income (Bikker & Vervliet, 2018). DCT asserts that businesses using GEO are more prone to pursue excessively risky tactics when they become caught in the face of fundamentally altered conditions (Kraus et al., 2018). In short, general competencies can also cause an enterprise to become complacent. When there is market instability, a trap could be set. The ongoing renewal of standard capabilities might be addressed via dynamic capabilities. Companies using GEO will improve their ability to respond to customers’ needs in a changing environment (Ameer & Khan, 2022). Therefore, avoiding the risks and achieving greater financial performance we suggest: H1: Green entrepreneurial orientation has a significant impact over financial performance. 2.3. Green Environmental Orientation and Environmental performance GEO uses a number of techniques to support social progress and environmental sustainability. First, by improving market efficiency and reducing market failure, entrepreneurial activity may lessen environmental damage and capture economic value. According to Teece (2019) language, having a dynamic capability and being entrepreneurial are closely related concepts. For locating, investigating, and evaluating prospective opportunities in environmentally relevant market failures, dynamic capability is helpful (Ahmad et al., 2021). There may be opportunities for entrepreneurial activity because some market failures can lead to environmental deterioration. For instance, monopoly is regarded as a market failure because companies with monopoly power can generate wastefulness in the financial system. The electric utility sector is criticised for not adopting green technologies as broadly as other industries, which results in insufficient use of wind power (Johari et al., 2018). By implementing innovative technology and production techniques, GEO may assist in securing the potential market and eradicating this market failure. GEO makes it possible to increase energy efficiency and make better use of natural resources (Hasan et al., 2019). To achieve greater sustainability requirements in its product line than rivals, Toyota exclusively creates hybrid machinery or the DM pharmacy chain in Germany (Kotler et al., 2019). Additionally, the use of innovative technologies in the telecommunications sector, such mobile phones and microwave towers, increases resource efficiency and decreases dependency on resource-intensive ones, like copper transmission lines (Akpan et al., 2021). Consequently, using new green technologies may protect the environment and stop pollution. Asad et al., Cogent Business & Management (2023), 10: 2278842 https://doi.org/10.1080/23311975.2023.2278842 Page 6 of 20 Second, by consuming fewer poisonous substances and reducing harmful emissions, the impact to employees’ health and safety at work can be minimised (Cui et al., 2020; Ullah et al., 2021; Xie et al., 2023). According to Teece (2018), developing, updating, and reconfiguring internal and external resources is the main focus of dynamic capabilities. This propensity promotes taking advantage of opportunities and demands that values be captured. GEO helps a new generation of new product processes (Muangmee, Dacko-Pikiewicz, Meekaewkunchorn, Kassakorn, & Khalid, Green entrepreneurial orientation and green innovation in small and medium-sized enterprises (SMEs) (Muangmee et al., 2021)., A strategy to decrease toxic waste at manufacture is tending to be prioritised on upcoming invention of production, specifically if a company develops a strong GEO. As a result, production-related emissions that are poisonous and dangerous can be minimised. Additionally, a company with GEO will improve efficiency converts resources. Utilizing green technology in the manufacturing process could result in lower usage of water, energy, coal, or oil (Guo et al., 2018; Trapp & Kanbach, 2021). As a result, GEO makes it easier to comply with the criteria of standards like ISO 14,000 for managing occupational health and safety. Third, GEO addresses adapting the building to quickly changing environments (Domańska et al., 2018). This shows that GEO addresses public environmental concerns in addition to helping businesses comply with environmental requirements. If SMEs implement GEO, the enterprises will have an incentive to create solar energy items instead of products using fossil fuels. Utilizing solar energy, the cleanest residential energy source currently accessible, may increase risks to people’s health and safety (Shahsavari & Akbari, 2018). Hence, using GEO may improve the environmental performance which has still some gaps while establishing its link with the environmental performance. These gaps lead us to the following hypothesis: H 2 :Green entrepreneurial orientation has a significant impact over environmental performance. 2.4. The moderating role of green technology dynamism The definition of GTD is the pace and ambiguity of the external environment’s green technology paradigm change (Luo et al., 2019). DCT asserts that businesses must match their resources and capabilities to the shifting market conditions (Teece, 2018). Enterprises will be more inclined to learn about emerging technologies if they experience fast technological change (Qalati et al., 2022). Consequently, GTD encourages a skill that can obtain technology, patents, and information from outside sources (Du & Li, 2019). The ability to absorb eco-knowledge may be more important while dealing with GTD than when dealing with stable surroundings, despite the fact that changing technical conditions are connected with uncertainty. This is so that enterprises can acquire specific expertise that promotes green operations, such as R&D, technical invention (Khan et al., 2021), and leadership (Ghobakhloo et al., 2021). Enterprises following GEO focus on developing the capacity to assimilate new green knowledge if the level of GTD rises. Utilizing GEO could help develop eco-friendly technologies by using its capacity for knowledge absorption. In turn, these technologies improve SMEs performance. In contrast, enterprises embracing GEO are unlikely to improve their capacity for absorbing ecoknowledge if the level of GTD declines (Jiang et al., 2018). Their performance suffers in these circumstances, primarily due to a lack of desire and eco-knowledge. According to Ojha et al. (2020), environmental turbulence suggests improved new product development performance by positively moderating the impact of dynamic capabilities on operational new product development capabilities. Given that GEO is associated with risk-taking, businesses may thrive in circumstances with rapid market change or even uncertainty (Ameer & Khan, 2022). The inclination to be pre-emptive in adjusting to ambiguity is reflected in risk-taking. According to this claim, there would be a larger tendency to deal with uncertainty the more dynamic the environment is. In other words, whether or not a condition is uncertain may have a significant impact on a person’s readiness to make financial decisions. Enterprises implementing GEO achieve competitive edge in unstable settings Asad et al., Cogent Business & Management (2023), 10: 2278842 https://doi.org/10.1080/23311975.2023.2278842 Page 7 of 20 Secondly, consumers that have a great propensity to buy green products are greatly influenced more by societal status than practical considerations like cost, quality, or state-of-the-art technology (Kim & Seock, 2019; Zahid et al., 2022). Consumers will be encouraged to engage in sustainable consumption practises if they show good social responsibility. Peer opinion is also likely to have an impact on consumers’ green purchasing decisions. People are anticipated to gain favour with peer groups if they demonstrate a willingness to pay more for eco-friendly goods. Therefore, with the appropriate implementation of GEO, businesses’ financial performance will improve even better in a technologically dynamic environment. Third, it is possible that consumers have limited knowledge of what goes into entrepreneurial activity. Despite the advantages of using green products and services have been attracted, consumers may be price sensitive when making green purchases (Nadeem et al., 2020). Frequently, this leaves an attitude-behaviour. environmental awareness of consumers and their real purchasing habits. Consumers will be highly inclined towards the adoption of green products or services and reap the benefits of innovation as the overall level of public environmental understanding rises. As a result, the benefits of GEO are improved as a result of the technologically dynamic environment, which also results in inadequate marketing communication between the SMEs and its consumers. The results imply that KTI significantly modifies the association between GEO and financial and environmental performance. The results reveals that the strength of the positive associations between GEO and two types of business performance improves as KTI rises. These results back up the research done by (Pham & Hoang, 2019). When current knowledge is transferred and new knowledge production activities take place, organisations adopting GEO are encouraged to engage in organisational learning from the perspective of dynamic capability. Businesses embracing GEO are more likely to seize chances under wider market knowledge, giving them an advantage. According to the findings, businesses should support KTI for maximizing financial returns and minimizing environmental effects through green entrepreneurial orientation. 5.2. Theoretical contribution This work adds to a number of fields of knowledge. The strategic orientation of a corporation (i.e., GEO) is identified in this study as a key dynamic capability from the standpoint of dynamic capabilities. This study reveals how subtle connections exist between GEO and dynamic capabilities. through the following three unique routines and processes: the urge for green innovations, the proactiveness to seize chances, and the openness for risk taking in reforming the economy. Moreover, even though the significance of green entrepreneurial orientation has been acknowledged, it is still unknown how GEO affects both financial and environmental performance. Additionally, whether dynamic or stable environmental conditions exist may affect how well entrepreneurial tactics operate. The current research shows that GEO has favourable effects on both financial and environmental performance. The benefits of GEO may be diminished by dealing with GTD, and as a result, GEO’s environmental performance may be less effective in a volatile situation compared to stagnant environment. A company’s pursuit of improved performance through entrepreneurial endeavours is facilitated and supported by an efficient knowledge transfer process. action. Together, they show how important roles, GTD and KTI have for the execution of green entrepreneurial orientation. Finally, advanced economies have hosted significant number of studies on GEO. However, in Pakistan, concerns over GEO adoption and how these adoptions are perceived in terms of performance become even more important. In the current study, we offer new data to the body of literature regarding the advantages of adopting GEO in developing countries. 5.3. Managerial implications This research provides the following consequences for the practitioners. First, businesses can use GEO being a dynamic capability for seeking advantage of market opportunities. Dynamic capacities, including technological advancements, will boost entrepreneurial activities and will create self-awareness. Managers must close the informational space necessary for green entrepreneurial activities. The market is a key source for understanding consumer preferences and demands. Thus, Asad et al., Cogent Business & Management (2023), 10: 2278842 https://doi.org/10.1080/23311975.2023.2278842 Page 14 of 20 intra-firm information transfer procedures can offer suggestions for improving customer satisfaction. To quickly respond to client requests and achieve long-term competitive advantages, developing dynamic capabilities is helpful. Managers must not forget a steady environment with a gradual technological advancement (Makhloufi et al., 2021) due to some overuse of technologies. It is impossible to foresee the effects that emerging technologies may have. These impacts of selecting a strategy on performance outcomes are mostly consistent with uncertainty. Therefore, managers need to deal with uncertainty and create a backup plan for any problems. Before taking entrepreneurial action, those with higher technology knowledge will be better equipped to assess the worth of new technical advancements (Ta’amnha et al., 2023). Managers are given access to training reference resources so they can consider knowledge development. Third, managers ought to promote employee discussion and analysis of mistakes and failures among cross-functional teams within the company. Employees are inspired to share novel concepts, initiatives, and actions in the context of organisational learning. these student types will support the enhancement of the firm’s knowledge capital and the transmission of tacit knowledge from peers. Managers need to use tools intelligently, like papers, databases, and procedures, to create the right knowledge combinations. A broad knowledge foundation allows for the efficient and effective translation of entrepreneurial activities into enhanced corporate performance. 6. Conclusion and limitations The need to undertake research on firms operating in Pakistan was driven by the significance of environmental preservation and the adoption of green technology along with the promotion of GEO world. Wide Adopting GEO offers businesses a vital strategy for gaining a competitive edge and improving performance. The result of the current research guides that GEO has beneficial effects over environmental as well as financial performance, drawing on a perspective of dynamic capacities. This research broadens our knowledge of GEO. In order to transition the social economy into the social-ecological economy, it highlights GEO as the dynamic capability for exploitation of new ideas, fostering innovation, seizing potential possibilities, and taking risks. The development of GTD and KTI also comes from the same dimension but from two opposing factors. While KTI is acknowledged as a facilitator to develop knowledge management capabilities, GTD is seen as a constraint to those capabilities. The results indicate that GTD weakens the link between Environmental performance and GEO. The link between GEO, environmental performance, and financial performance is positively moderated by KTI. More environmental advantages from GEO can be facilitated in a stagnant environment than by a turbulent technological environment. The effective and efficient enhancement of two types of performance can be achieved by enterprises adopting GEO through a process of intra-firm information transfer and internal knowledge integration. Future research need to make note of a number of limitations. First, each firm’s self-reported data was used to assess GEO by a single informant. Some detractors think that prejudice might be created. Additional research could assess the extent of GEO by relating multiple employee responses to managers. Secondly, a major limitation that was observed while analysing the data was related to the discriminant validity issue. While using Fornell-Larcker criterion the issue of discriminant validity arose, however, after incorporating the HTMT criterion, no such issue was observed, and as per Rönkkö and Cho (2020) several alternative method are available which can be used to confirm the discriminant validity, however, an improved scale is recommended to researchers that intends to measure environmental performance as well as financial performance in a single model. Asad et al., Cogent Business & Management (2023), 10: 2278842 https://doi.org/10.1080/23311975.2023.2278842 Page 15 of 20 Third, the research solely looked at the positive moderating effects of GTD and KTI in the relationship between GEO and SMEs performance. Future researchers may consider the probable moderation impacts of other constructs, such as managerial dedication and leadership support, as an extension. This may produce insightful information about how GEO and SMEs performance are linked in various contexts. Fourth, the sample SMEs were gathered specifically in the setting of Pakistan. But the environment of our study might have certain limitations. Different effects and boundaries might result from SMEs’ experiences in other emerging or transitional economies. Future research will, therefore, try to derive findings in many environments, including other regions. Author details Muzaffar Asad 1 E-mail: [email protected] ORCID ID: http://orcid.org/0000-0001-5620-9282 Tha’er Majali 2 ORCID ID: http://orcid.org/0000-0001-6295-4457 Mazin Aledeinat 3 ORCID ID: http://orcid.org/0000-0002-9487-0773 Dmaithan Abdelkarim Almajali 2 Abdel Hakim O. Akhorshaideh 4 1 Department of Marketing and Entrepreneurship, College of Commerce and Business Administration, Dhofar University, Salalah, Oman. 2 Research, Applied Science Private University, Middle east University Jordan, Doha, Qatar. 3 Management and Marketing Department, Qatar University, Doha, Qatar. 4 Department of Public Administration, The University of Jordan, Aman, Jordan. Disclosure statement No potential conflict of interest was reported by the author(s). Citation information Cite this article as: Green entrepreneurial orientation for enhancing SMEs financial and environmental performance: Synergetic moderation of green technology dynamism and knowledge transfer and integration, Muzaffar Asad, Tha’er Majali, Mazin Aledeinat, Dmaithan Abdelkarim Almajali & Abdel Hakim O. Akhorshaideh, Cogent Business & Management (2023), 10: 2278842. References Abbas, J., Raza, S., Nurunnabi, M., Minai, M. S., & Bano, S. (2019). 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