Escoz Ba agan, Ke in; Becke , Felix Simon Rudol
A icle — Published Ve sion
Keeping pace wi h he digi al ans o ma ion — explo ing
he digi al o ien a ion o SMEs
Small Business Economics
P o ided in Coope a ion wi h:
Sp inge Na u e
Sugges ed Ci a ion: Escoz Ba agan, Ke in; Becke , Felix Simon Rudol (2024) : Keeping pace wi h he
digi al ans o ma ion — explo ing he digi al o ien a ion o SMEs, Small Business Economics, ISSN
1573-0913, Sp inge US, New Yo k, NY, Vol. 64, Iss. 3, pp. 1361-1385,
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RESEARCH ARTICLE
Keeping pace wi h he digi al ans o ma ion — explo ing
he digi al o ien a ion o SMEs
Ke in Escoz Ba agan ·
Felix Simon Rudol Becke
Accep ed: 22 June 2024
© The Au ho (s) 2024
Abs ac In hedigi ale a,o ganiza ionss a egically
adop digi al ans o ma ion o h i e and p ospe . In
pa icula , hey alloca e subs an ial esou ces o cul i-
a e digi al o ien a ion. Howe e , limi ed esea ch has
explo ed how digi al o ien a ion impac s he pe o -
mance o small and medium-sized en e p ises (SMEs).
Ou s udy sheds ligh on his ela ionship, examining i
h ough he lens o a esou ce-based iew (RBV) and
dynamic capabili y (DC) pe spec i e. We empi ically
quan i ydigi al o ien a ionand i ssubdimensions using
ex ual da a ex ac ed om SME websi es. Ou ind-
ings un eil a U-shaped ela ionship: while high pe o -
mance is obse able a bo h ex emes o he spec um,
an ini ial inc ease in digi al o ien a ion is associa ed
wi h pe o mance se backs un il a speci ic h eshold o
digi al o ien a ion is eached, a e which pe o mance
once again begins o imp o e. As a esul , SMEs should
conside a s a egicalloca ion o esou ceswhilepu su-
ing digi al o ien a ion o build capabili ies du ing hei
digi al ans o ma ion jou ney.
K. Escoz Ba agan (B)
Chai o Se ice De elopmen in SMEs and C a s,
Uni e si y o Siegen, Kohlbe s . 17, 57072 Siegen,
Ge many
e-mail: Ke in.EscozBa [email protected]
F.S.R. Becke
Chai o SME Managemen and En ep eneu ship,
Uni e si y o Siegen, Un e es Schloss 3, 57072 Siegen,
Ge many
e-mail: Felix2.Becke @uni-siegen.de
Plain English Summa y In oday’s apidly e ol -
ing digi al en i onmen , o ganiza ions a e s a egically
adap ing o echnological ad ances o succeed. They
a e in es ing in enhancing hei digi al o ien a ion, ye
esea ch on how hese in es men s impac he pe o -
mance o small and medium-sized en e p ises (SMEs)
is limi ed. Ou s udy explo es his impac om wo
pe spec i es: he u iliza ion o esou ces and he de el-
opmen o dynamic capabili ies. We assess digi al o i-
en a ion and i s a ious dimensions by analyzing ex
da a om SME websi es. Ou indings e eal a no able
end: ini ially, as SMEs enhance hei digi al o ien a-
ion, hey may expe ience pe o mance dips. Howe e ,
once hey achie e a ce ain le el o digi al o ien a ion,
hei pe o mance begins o imp o e. This unde sco es
he impo ance o SMEs o s a egically manage hei
esou ces and de elop he necessa y capabili ies o a
success ul digi al ans o ma ion.
Keywo ds Digi al o ien a ion ·Pe o mance ·SMEs ·
Resou ce-based iew ·Dynamic capabili ies
JEL Classi ica ion L25 ·L26 ·M15 ·O32 ·O33
1 In oduc ion
In he cou se o digi aliza ion, he s a egic o ien a ion
o a small and medium-sized en e p ise (SME) owa d
digi al ans o ma ion is a decisi e ac o o long- e m
pe o mance. While digi aliza ion e e s o u ilizing
123
/ Published online: 6 July 2024
Small Bus Econ (2025) 64:1361–1385
digi al echnologies and digi ized da a (B ennen &
K eiss, 2016), digi al ans o ma ion is b oade and
encompasses elemen s like digi al o ien a ion, s a -
egy, and echnologyadop ion (Kinde manne al., 2021;
Vial, 2019). Hence, i can be unde s ood as he a -
ious s a egic pos u es conce ning echnology adop-
ion and he esul ing o ganiza ional changes (Yoo e
al., 2012). This p ocess is inc easingly ecognized as a
key d i e o compe i i e ad an age ac oss indus ies
(Añón Higón & Bon in, 2023; Nambisan e al., 2017;
Schiuma e al., 2022), as digi al ans o ma ion can lead
o inc eased pe o mance, e iciency, cus ome sa is-
ac ion, and loyal y (Au io e al., 2018; Elle e al.,
2020; Rachinge e al., 2019). While la ge co po a-
ions may app oach digi al ans o ma ion wi h ex en-
si e s uc u al o e hauls and signi ican in es men s,
SMEs ypically adop mo e agile and esou ce-e icien
app oaches (OECD, 2021). Recen ly, he in es iga ion
o he subo dina e cons uc s o digi al ans o ma ion
gained in e es in esea ch. In his ega d, he cons uc
o digi al o ien a ion eme ged as a nascen s a egic
o ien a ion owa d digi al ans o ma ion. This no el
s a egic o ien a ion, oo ed in he s a egic alignmen
model (Hende son & Venka aman, 1999), ep esen s
he ex en o which o ganiza ions align hei o ganiza-
ional p ocesses and s uc u es wi h he in eg a ion and
usage o digi al echnologies (Kinde mann e al., 2021;
Leona di, 2011).
Howe e , he ole o digi al o ien a ion in in luenc-
ing o ganiza ional pe o mance emains unclea . S ud-
ies ha e shown mixed esul s, wi h some inding no
ela ionship a all and o he s indica ing a posi i e e ec
(Kinde mann e al., 2021; Nasi i e al., 2022). This
ambigui y is pa icula ly p onounced in SMEs, whe e,
om a esou ce-based- iew (RBV), limi ed esou ces
and he need o agili y c ea e a di e en dynamic
in compa ison o la ge co po a ions (Ba ney, 1991;
Hess e al., 2016; Mi has e al., 2012). Despi e hei
c i ical ole in he economy, SMEs ha e been unde -
ep esen ed in ecen esea ch explo ing his ela ion-
ship (Li e al., 2018; Ve hoe e al., 2021; Vial, 2019).
No ably, he unique cha ac e is ics o SMEs, such as
hei leane o ganiza ional s uc u es and mo e adap -
able na u e, cha ac e ized by hei dynamic capabili-
ies (DCs) (Teece, 2007), con as wi h he mo e igid
and hie a chical na u e o la ge co po a ions. Con-
sequen ly, a sepa a e in es iga ion in o SMEs’ digi al
o ien a ion and i s impac on pe o mance is impe a i e
(Hoogendoo n e al., 2015).
So a , s udies show ha wi hin he p ocess o digi al
ans o ma ion SMEs appea o be less ad anced com-
pa ed o hei la ge coun e pa s (Elle e al., 2020).
Conside ing he con inuous de elopmen o echnol-
ogy, he iden i ied lag o SMEs wi hin he digi al
ans o ma ion p ocess poses a po en ial h ea , gi en
he ole o SMEs in na ional and global economies
(Calde on-Monge & Ribei o-So iano, 2023). Despi e
he po en ial challenges, digi al o ien a ion as bo h a
esou ce and a capabili y, can o e signi ican bene i s
o SMEs in he p ocess o digi al ans o ma ion. Sub-
sequen ly, digi al echnologies can s eamline ope a-
ions, imp o e cus ome se ice, and open up new ma -
ke oppo uni ies, especially ele an o SMEs due o
hei ypically close cus ome ela ionships, mo enim-
ble ope a ions, and lack o esou ces (Ba ney, 1991;
Bha adwaj e al., 2013;Felice i e al., 2024; Mi has
e al., 2012). Addi ionally, he smalle scale o SMEs
o en allows o quicke implemen a ion o digi al solu-
ions, al hough his is coun e ed by a mo e p onounced
sensi i i y o he ini ial cos s and esou ce equi emen s
o such ans o ma ions (Ald ich & Aus e , 1986;Hess
e al., 2016;Ulas,2019; Vial, 2019). The e o e, unde -
s anding he ela ionship be ween digi al o ien a ion
and SME pe o mance, and iden i ying s a egies o
suppo SMEs in hei digi al ans o ma ion jou ney,
is o u mos impo ance (Dö e al., 2023; Felice i e
al., 2024; Nasi i e al., 2022; Vial, 2019).
Consequen ly, heaimo hispape is oshedligh on
he ela ionship be ween digi al o ien a ion and SME
pe o mance, and o answe he esea ch ques ion o
whe he digi al o ien a ion has an impac on SME
pe o mance. To adequa ely answe his ques ion, we
collec ed a da ase om 1135 SMEs, which con ains
bo h quan i a i e ( inancial in o ma ion) and quali a-
i e (websi e- ex da a) in o ma ion, a oiding common
da a bias h ough he use o da a iangula ion (Jick,
1979). Ou esul s show ha he impac o digi al o ien-
a ion and ce ain subdimensions on SME pe o mance
ollows a U-shaped ela ionship. This implies ha he
ini ial phase o digi al o ien a ion is accompanied by
a decline in pe o mance. In he subsequen phase, he
ough o pe o mance decline is eached, and he pe -
o mance bene i s eme ge. Consequen ly, his s udy
con ibu es o he explana ion o why some SMEs
a oided o s opped he s a egic ini ializa ion o he
digi al ans o ma ion p ocess conside ing he ini ially
nega i e e ec s on SME pe o mance. Mo e speci i-
cally, his s udy indica es ha SMEs should ocus on
123
1362 K. Escoz Ba agan and F.S.R. Becke
he long- e m bene i s o digi al o ien a ion, as ini ial
challenges a e e en ually o se , esul ing in enhanced
SME pe o mance o e ime.
2 Theo e ical amewo k
2.1 Digi al ans o ma ion and digi al o ien a ion in
SMEs
Digi al en ep eneu ship can be de ined as he exploi a-
ion o digi al echnologies in en ep eneu ial p o-
cesses and en u es (Be man e al., 2023;Da idson
& Vaas , 2010; K aus e al., 2019) and plays a c i i-
cal ole o SMEs in ha nessing digi al echnologies
o lowe ba ie s o ma ke en y and enable global
compe i i eness (Au io e al., 2018; Nambisan e al.,
2017). Fu he mo e, digi al en ep eneu ship suppo s
SMEs in de eloping adap i e s a egies ha le e age
digi al capabili ies o exploi new ma ke oppo uni-
ies e ec i ely (Au io e al., 2018; Be man e al.,
2023; K aus e al., 2023). Digi al ans o ma ion as
an ope a ionaliza ion o digi al en ep eneu ship can
be de ined as a p ocess o o ganiza ional imp o emen
ia subs an ial change in he o ganiza ion’s cha ac e -
is ics h ough he implemen a ion and u iliza ion o
digi al echnologies (Vial, 2019). Acco dingly, digi al
ans o ma ion is based on he in eg a ion and adap-
a ion o in o ma ion-, compu e -, communica ion-,
and connec i i y- echnologies, i.e., digi al echnolo-
gies, wi hin an o ganiza ion (Reis e al., 2018; Vial,
2019). The p ocess o digi al ans o ma ion is pa icu-
la ly pe inen o SMEs as i o en e ol es a ound in e-
g a ing and adap ing o digi al echnologies wi hin lim-
i ed esou ce en i onmen s, leading o dis inc ans-
o ma ion pa hways compa ed o la ge co po a ions
(Ald ich & Aus e , 1986;Lie al.,2018;Ulas,2019).
Consequen ly, SMEs a e a he co e o a con o e -
sial scien i ic deba e abou hei abili y o handle he
changes implied by digi al ans o ma ion. Cen al o
he cu en discussion is he con es ed abili y o SMEs
o adop and implemen digi al echnologies (Elle e
al., 2020; Nguyen e al., 2015), as SMEs a e conside ed
o be mo e isk a e se, especially in e ms o adop ing
digi al echnologies (Ahmad e al., 2014; Kallmuenze
e al., 2024; Taylo & Mu phy, 2004).
A s a egic app oach o digi al ans o ma ion is cen-
al o a success ul o ganiza ional ansi ion (Ghobakhloo
& Fa hi, 2019; K aus e al., 2022). This o en esul s in
a compe i i e ad an age which cons i u es a aluable
in angible capabili y ha is di icul o o he s o imi-
a e (Kinde mann e al., 2021; Schweige e al., 2019;
Teece, 2007). The i s s ep o implemen a s a egic
app oach o digi al ans o ma ion is he c ea ion o
a digi al o ien a ion. Speci ically, digi al o ien a ion
is de ined as: “[...] an o ganiza ion’s guiding p inci-
ple o pu sue digi al echnology-enabled oppo uni-
ies o achie e compe i i e ad an age.” (Kinde mann
e al., 2021, p. 649). Digi al o ien a ion is oo ed in
he s a egic alignmen model (Hende son & Venka-
aman, 1999) and desc ibes he ex en o which o ga-
niza ions adjus hei business s a egy o c ea e alue
h ough digi al alignmen (Kinde mann e al., 2021).
The e o e, digi al o ien a ion can be unde s ood as
an o ganiza ion’s undamen al pe spec i e on he phe-
nomenon om which he digi al s a egy is de i ed in
o de o success ully mas e he digi al ans o ma ion
(Bha adwaj e al., 2013;Kinde mann e al., 2021; Vial,
2019). This s a egic adap a ion aligns closely wi h he
concep o digi al en ep eneu ship, which emphasizes
le e aging digi al capabili ies o os e inno a i e and
compe i i e business p ac ices in SMEs (Be man e al.,
2023; Felice i e al., 2024; K aus e al., 2023).
Gene ally, he cons uc o digi al o ien a ion can
be ca ego ized in o ou subdimensions, each o which
desc ibes di e en ace s. The i s subdimension,
“a chi ec u e con igu a ion” in ol es he digi al in as-
uc u e and explains how o ganiza ions acili a e he
digi al ans o ma ion o p oduc s and p ocesses (Kin-
de mann e al., 2021).The second subdimension “capa-
bili ies” comp ises human capaci ies, i.e., he skills
and knowledge equi ed in connec ion wi h an o ga-
niza ion’s digi al ans o ma ion (Kinde mann e al.,
2021). I includes bo h he applica ion-speci ic cha -
ac e is ics and he managemen - ela ed aspec s nec-
essa y o implemen such a p ocess wi hin he o ga-
niza ion (Kinde mann e al., 2021). The hi d subdi-
mension “ecosys em coo dina ion” p ima ily desc ibes
in e -o ganiza ion and cus ome ela ions o he use o
in o ma ion access and ne wo k e ec s wi hin he dig-
i al ans o ma ion p ocess (Kinde mann e al., 2021).
The ou h and inal subdimension, “ echnology scope”
desc ibes digi al echnologies, as well as compe en-
cies and unc ionali ies ha a e speci ically o e ed o
he cus ome . The echnology scope is cha ac e ized
by a “[...] se o digi al echnologies ha allow he
o ganiza ion o ealize s a egic g ow h.” (Kinde mann
e al., 2021, p. 648). Toge he , hese ou subdimen-
123
1363Keeping pace wi h he digi al ans o ma ion...
sions cap u e he digi al ans o ma ion- ela ed alue
c ea ion, he eme gence o new skills, and he ad ance-
men o exis ing skills and o ganiza ional p e equisi es
induced by digi al echnologies.
2.2 Resou ce-based- iew and dynamic capabili ies
in SMEs
The deba e abou digi al ans o ma ion in SMEs
e lec s he essence o he RBV (Ba ney, 1991), which
posi s ha ano ganiza ion’s esou cecons ain ssigni -
ican ly in luence i s compe i i e ad an age. Addi ion-
ally, hese esou ce cons ain sa ec SMEs in hei dig-
i al ans o ma ion jou ney (Elia e al., 2021). In ac ,
SMEs ace dis inc challenges in implemen ing digi al
ans o ma ion compa ed o la ge co po a ions, p i-
ma ilydue o h ee cons ain s: limi ed inancial access,
cons ained human capi al, and challenges in scaling
business models (Jin Zhang e al., 2015;Lie al.,2018;
P iyono e al., 2020). Consequen ly, SME’s equen ly
ail o g asp he oppo uni ies associa ed wi h digi al
echnologies (Nguyen e al., 2015). F om an RBV pe -
spec i e, his can be a ibu ed o he liabili y o small-
ness (Ald ich & Aus e , 1986), which s a es ha he
e icien implemen a ion o esou ce-in ensi e digi al
echnologies o en equi es esou ces ha a e limi ed
(Clohessy & Ac on, 2019; Meye , 2011).
Howe e , despi e hese cons ain s, SMEs can le e -
age hei inhe en agili y and en ep eneu ial spi i
— key esou ces as pe RBV — o c ea e unique
alue in digi al ans o ma ion (V on is e al., 2022).
Thus, SMEs’ smallness can also be seen as one o
hei key ad an ages, because hei size implies a ce -
ain deg ee o lexibili y and he eby os e s agili y
and adap abili y o new ends and changes in hei
en i onmen (Le y & Powell, 1998). This is espe-
cially bene icial in he cu en digi al e a, whe e he
abili y o quickly adop new echnologies and p o-
cesses can be seen as a majo compe i i e ad an age.
Indeed, p e ious esea ch has shown ha SMEs gen-
e ally espond e y quickly o ex e nal changes and
a e highly adap able when i comes o digi al echnolo-
gies (Ald ich & Aus e , 1986; K aus e al., 2022;Zhu
e al., 2006). In line wi h his, DCs enable SMEs o
con inually adap and econ igu e hei o ganiza ional
esou cesand s a egiesin esponse o apidly changing
digi al en i onmen s (Felice i e al., 2024; K aus e al.,
2022). Consequen ly, conside ing he DC app oach as
an addi ional heo e ical lens o e s deepe insigh s in o
how SMEs can e ec i ely na iga e digi al ans o ma-
ion (Schneide e al., 2023).
DCs a e an o ganiza ion’s abili ies o in eg a e,
build, and econ igu e in e nal and ex e nal compe en-
cies o add ess apidly changing en i onmen s (Eisen-
ha d & Ma in, 2000). Speci ically, his app oach
includes h ee co e mechanisms: sensing new oppo u-
ni ies, seizing hese oppo uni ies h ough esou ce and
skill de elopmen , and econ igu ing o ganiza ional
asse s o enhance compe i i eness (Eisenha d & Ma -
in, 2000; Teece, 2007). This aligns wi h he no ion ha
digi al ans o ma ion equi es SMEs o no jus adap
o new echnologies bu o s a egically use hese com-
pe encies o ede ine hei business logic and p ocesses
(Gong & Ribie e, 2021; Vial, 2019). In his sense, dig-
i al ans o ma ion can be seen as a p ocess ha is no
s a ic bu con inuously e ol ing, equi ing SMEs o
de elop highe -o de capabili ies ha ex end beyond
ou ine ope a ional capabili ies (Felin & Powell, 2016;
Win e , 2003). These capabili ies, including p ocess
e iciency, a e c ucial o SMEs o de i e pe o mance
bene i s om digi al ans o ma ion (Hel a , 2022).
These obse a ions connec wi h bo h he RBV
and DC amewo ks, whe e he s a egic alloca ion o
esou ces owa d digi al s a egies exempli ies he DCs
necessa y o success ul digi al ans o ma ion (Leso e
al., 2023). Consequen ly, success ul digi al ans o ma-
ion in SMEs equi es a combina ion o echnological
and managemen skills (Li e al., 2018; Zhang e al.,
2022) which unde lines he impo ance o conside ing
bo h RBV and DC app oaches when add essing digi al
ans o ma ion in SMEs.
In his con ex , digi al o ien a ion can play a c ucial
ole in guiding SMEs’ digi al ans o ma ion e o s.
By p o iding a s a egic amewo k o he adop ion
and use o digi al echnologies, digi al o ien a ion can
help SMEs o na iga e he complexi ies o he digi al
e a, and o iden i y and seize he oppo uni ies ha dig-
i al echnologies p esen by os e ing hei DCs (Quin-
on e al., 2018; Teece, 2007). Howe e , achie ing a
success ul digi al o ien a ion equi es mo e han jus
he adop ion o digi al echnologies. I also in ol es a
undamen al shi in he o ganiza ion’s s a egic ocus,
owa d a mo e in eg a ed and holis ic app oach o
123
1364 K. Escoz Ba agan and F.S.R. Becke
digi al ans o ma ion (Kinde mann e al., 2021). This
ansi ion, albei demanding o SMEs, emains an in e-
g al s ide owa d ha nessing he ull capaci y o digi al
echnologies o os e business enhancemen and com-
pe i i e ad an ages.
Al hough he scien i ic discou se on digi al o ien a-
ion has ecen ly gained a en ion, SMEs ha e mos ly
been neglec ed in p e ious s udies (A di o e al., 2021;
Rupeika-Apoga e al., 2022; Saunila e al., 2021). We
obse e his as asigni ican gap in he li e a u e because
he unique challenges and oppo uni ies SMEs ace in
hep ocess o digi al ans o ma ionha e c i icalimpli-
ca ions. Fo ins ance, om a RBV pe spec i e, SMEs
o en ha e esou ce cons ain s (Ald ich & Aus e ,
1986; Ba ney, 1991), which limi hei capaci y o ully
engage wi h and exploi he bene i s o digi al echnolo-
gies (Elia e al., 2021). This is especially conce ning
as SMEs ep esen he backbone o many economies
wo ldwide (A di o e al., 2021; Rupeika-Apoga e al.,
2022). Speci ically, SMEs con ibu e signi ican ly o
GDP (Ayyaga i e al., 2011), employmen (Beck e al.,
2005), and inno a ion (Aud e sch & Keilbach, 2007).
They a e esponsible o a signi ican po ion o job
c ea ion (Ayyaga i e al., 2011; Beck e al., 2005), os-
e ing en ep eneu ial spi i and inno a ion, and o en
p o ide he ounda ion o he g ow h o new indus ies
(Aud e sch & Keilbach, 2007). The e o e, unde s and-
ing he digi al o ien a ion o SMEs is no only impo -
an om an academic pe spec i e, bu also has signi i-
can p ac ical implica ions in he digi al e a o policy-
make sandp ac i ione s seeking os imula e economic
g ow h and compe i i eness.
3 Hypo heses de elopmen
The po en ial ewa ds o es ablishing and pu suing a
digi al o ien a ion o igina e om he in eg a ion o dig-
i al echnologies in o a conc e e business s a egy and
cul u e (Kane e al., 2015). Hence, digi al o ien a ion
is accompanied by a change in esou ces and capabil-
i ies, which decisi ely in luence he u u e di ec ion
and he e o e also he pe o mance o an o ganiza-
ion (Schiuma e al., 2022; Wang e al., 2020). The
ise o digi al o ien a ion as an inc easingly impo -
an s a egic o ien a ion (Bha adwaj e al., 2013) ol-
lows ecen insigh s ha digi al o ien a ion can be con-
side ed a aluable, non-imi able esou ce (Schweige
e al., 2019), i.e., a DC, ha can con ibu e o an
o ganiza ion’s compe i i e ad an age (Kinde mann e
al., 2021; Schiuma e al., 2022).
Ne e heless, p e ious esea ch on he e ec o dig-
i al o ien a ion on o ganiza ional pe o mance is incon-
clusi e. Nasi i e al. (2022) ound, ha o la ge co -
po a ions pu suing a digi al o ien a ion does no ha e a
signi ican e ec on o ganiza ional pe o mance. How-
e e , his a gumen is ela i ized by he ac ha digi al
o ien a ion has a posi i e impac on o ganiza ional pe -
o mance i he e is a ce ain minimum le el o digi al
ma u i y in he co esponding o ganiza ion (Nasi i e
al., 2022). This implies ha he ini ial cos s o s a ing
he digi al ans o ma ion p ocess include in es men s
ha a e nega i ely co ela ed wi h o ganiza ional pe -
o mance. The ini ial nega i e impac o digi al o ien a-
ion may ac as a ba ie o SMEs o ini ia e he p ocess
o digi al ans o ma ion due o esou ce cons ain s
which can be a ibu ed o he RBV and mo e speci i-
cally he liabili y o smallness (Ald ich & Aus e , 1986;
OECD, 2017). As many SMEs s a he digi al ans-
o ma ion p ocess om sc a ch, hey need o hea ily
in es esou ces in new digi al echnologies and he
de elopmen o equi ed DCs, leading o sho - e m
pe o mance losses due o he high cos s and po en ial
dis up ions associa ed wi h implemen ing hese ech-
nologies (Besson & Rowe, 2012;Ulas,2019). How-
e e , he nega i e e ec e e ses o e ime i he o gani-
za ion in ensi ies and p oceeds wi h he digi al ans o -
ma ion p ocess (Nasi i e al., 2022). Acco dingly, he
ini ial esou ce in es men s can lead o long- e m pe -
o mance gains as he SMEs become mo e e icien and
compe i i e due o hei digi al o ien a ion (Nasi i e al.,
2022). Acco dingly, he impac o digi al o ien a ion on
o ganiza ional pe o mance is no linea bu cu ilin-
ea , ollowing a U-shaped pa e n. This U-shaped ela-
ionship is he esul o he dynamics in ol ed in he
p ocess o digi al ans o ma ion, which includes an
ini ial esou ce in es men phase. This esou ce in es -
men phase, acco ding o he RBV, is o en associa ed
wi h a dec ease in pe o mance, ollowed by a phase
o g ow h and pe o mance enhancemen h ough DCs,
which a e in u n os e ed by digi al o ien a ion. The e-
o e, we hypo hesize:
H1The e is a cu ilinea ela ionship be ween dig-
i al o ien a ion and SME pe o mance ha ollows
a U-shape.
Building upon he o e a ching cons uc o dig-
i al o ien a ion, his s udy u he del es in o i s
123
1365Keeping pace wi h he digi al ans o ma ion...
subdimensions: a chi ec u e con igu a ion, capabili-
ies, ecosys em coo dina ion, and echnology scope.
Each o hese dimensions ep esen s a unique aspec
o an SME’s digi al o ien a ion and can independen ly
in luence he o ganiza ion’s pe o mance (Kinde mann
e al., 2021). In es iga ing hese dimensions sepa a ely
enables a mo e nuanced unde s anding o how di e en
ace s o digi al o ien a ion con ibu e o SME pe o -
mance.
The i s dimension conside ed is a chi ec u e con-
igu a ion. The a chi ec u e con igu a ion dimension o
digi al o ien a ion e e s o how an SME o ganizes i s
digi al esou cesand capabili ies.An e ec i e a chi ec-
u e con igu a ion can enable an SME o be e le e -
age i s digi al esou ces, leading o imp o ed pe o -
mance (Kinde mann e al., 2021). Ne e heless, he
p ocess o e ol ing and implemen ing an e icacious
a chi ec u e con igu a ion is no de oid o challenges.
Fo ins ance, i has been es ablished ha he p oduc-
i i y bene i s o digi al echnologies may be delayed
due o he ime equi ed o econ igu e wo k p ocesses
and de elop complemen a y skills (Dewan & Min,
1997). Consequen ly, a su icien a chi ec u e con ig-
u a ion demands signi ican up on esou ce in es -
men s in e ms o capi al, ime, and human esou ces,
which migh ini ially lowe o ganiza ional pe o -
mance, esul ing in a U-shaped ela ionship (Besson &
Rowe, 2012;Ulas,2019). Mo eo e , e ec i e a chi ec-
u e con igu a ion en ails no only he echnical aspec s
o in eg a ing a ious digi al echnologies bu also he
alignmen o hese echnologies wi h he business s a -
egy, which may equi e o ganiza ional lea ning and
adap a ion (Sebas ian e al., 2017) ul ima ely building a
unique DC. The complexi y and e o in ol ed in hese
p ocesses po en ially explain he ini ial dec ease in
pe o mance. Howe e , once he con igu a ion is suc-
cess ully implemen ed and aligned wi h he business
s a egy, he DCs and he eme ging bene i s begin o
ou weigh he cos s, leading o imp o ed pe o mance.
The e o e, in ligh o he a o emen ioned insigh s, we
hypo hesize:
H2The e is a cu ilinea ela ionship be ween
he dimension a chi ec u e con igu a ion and SME
pe o mance ha ollows a U-shape.
The capabili ies dimension o digi al o ien a ion
e e s o he skills and compe encies ha an SME has
in using digi al echnologies. De eloping hese capa-
bili ies can enhance an SME’s abili y o u ilize digi al
echnologies as a DC o i s compe i i e ad an age,
leading o imp o ed pe o mance (Kinde mann e al.,
2021). The capabili y o con igu e and econ igu e dig-
i al echnologies can p o ide a basis o a compe i-
i e ad an age by allowing i ms o espond apidly
and e ec i ely o changes in he ex e nal en i onmen
(Teece, 2009). Fu he mo e, digi al capabili ies ha e
been emphasized as ins umen al in shaping he abil-
i y o SMEs o exploi digi al echnologies, o seize
he s a egic oppo uni ies o e ed by digi al echnolo-
gies, and mi iga e po en ial h ea s, he eby os e ing
supe io pe o mance (Kane e al., 2015;Lie al.,
2018). Simul aneously, a high le el o digi al capabil-
i ies can also esul in complexi y and inc eased coo -
dina ion cos s, especially conside ing esou ces, pa -
icula ly in he ini ial s ages (Kane & Ala i, 2007).
This complexi y is due o he dynamic and apidly
changing na u e o digi al echnologies, which necessi-
a e con inuous lea ning and adap a ion. In his ega d,
he upskilling p ocess can necessi a e signi ican ini-
ial in es men in aining and de elopmen , po en ially
causing a dec ease in a ailable esou ces, and immedi-
a e pe o mance and leading o a U-shaped ela ionship
wi h pe o mance (Besson & Rowe, 2012;Ulas,2019).
Consequen ly, while he de elopmen o digi al capa-
bili ies is ad an ageous o SMEs in o de o build DCs,
i is impe a i e o hem o manage his de elopmen
ca e ully, especially om a RBV pe spec i e conside -
ing he po en ial ini ial esou ce cos s and isks. The e-
o e, we hypo hesize:
H3The e is a cu ilinea ela ionship be ween he
dimension capabili ies and SME pe o mance ha
ollows a U-shape.
The ecosys em coo dina ion dimension o digi al
o ien a ion e e s o how an SME coo dina es i s in e -
ac ions wi h cus ome s, supplie s, and o he s akehold-
e s, h ough digi al echnologies. Ecosys em coo di-
na ion ia digi al channels can no only augmen an
SME’s abili y o swi ly espond o ma ke changes bu
also s eng hen cus ome ela ionships and alue c e-
a ion wi hin i s supply chain, all o which can lead o
DC and he e o e imp o ed pe o mance (Cenamo e
al., 2019; Nambisan e al., 2017). Fo example, he use
o digi al pla o ms enables i ms o ha e a eal- ime
connec ion wi h cus ome s, cap u ing hei eedback
and p e e ences o be e align p oduc s and se ices
(Nambisan e al., 2017). Addi ionally, e ec i e dig-
i al ecosys em coo dina ion can acili a e knowledge
123
1366 K. Escoz Ba agan and F.S.R. Becke
sha ing and collabo a ion wi h supplie s, enhancing
he o e all alue chain (Va go e al., 2011). Despi e
he po en ial ad an ages, he es ablishmen o e ec i e
digi al ecosys em coo dina ion is no s aigh o wa d.
I o en equi es signi ican up on in es men s in dig-
i al pla o ms and sys ems (Besson & Rowe, 2012;
Ulas, 2019). Fu he mo e, om a RBV pe spec i e,
he po en ial complexi y and no el y o new digi al
ecosys ems could equi e a lea ning and adap a ion
phase, leading o po en ial delays in he ealiza ion
o pe o mance imp o emen s due o up on in es -
men s o esou ces. These ini ial esou ce in es men s
and adjus men pe iods could esul in a U-shaped ela-
ionship wi h pe o mance, whe e he bene i s become
no iceable only a e a ce ain le el o in es men and
u iliza ion has been eached and DCs can be achie ed.
Hence, he ollowing hypo hesis is p oposed:
H4The e is a cu ilinea ela ionship be ween he
dimension ecosys em coo dina ion and SME pe -
o mance ha ollows a U-shape.
The echnology scope dimension o digi al o ien a-
ion e e s o he ange and di e si y o digi al echnolo-
gies ha an SME le e ages. Once he digi al echnolo-
gies a e in eg a ed and u ilized e ec i ely, he SME
can begin o see he bene i s o a b oade echnology
scope. Fo example, Kinde mann e al. (2021) ound
ha a wide ange o digi al capabili ies can lead o
imp o ed pe o manceas heyp o idemo eoppo uni-
ies o p ocess au oma ion,da a analysis, and cus ome
engagemen . Likewise, digi al echnologies can enable
SMEs o de elop new p oduc s and se ices, imp o e
hei ope a ional e iciency, and enhance hei compe -
i i e posi ion (Ulas, 2019). Hence, a b oad echnology
scope can enable an SME o u ilize a wide ange o dig-
i al capabili ies, leading o u ilizing DCs and imp o ed
pe o mance (Kinde mann e al., 2021). F om an RBV
pe spec i e, in he ini ial s ages, howe e , he in es -
men s in acqui ing and implemen ing a ange o dig-
i al echnologies can di ec ly s ain an SME’s a ail-
able esou ces, leading o a dec ease in pe o mance.
Acco dingly, esou ce in es men s in digi al echnolo-
gies can ini ially lead o a decline in i m pe o mance
due o he cos s and challenges o implemen a ion as
he o ganiza ion lea ns o le e age hese echnologies
e icien ly. Howe e , he esul ing DCs could lead o
pe o mance bene i s ha a e expec ed o imp o e o e
ime, p oposing a U-shaped cu e (Besson & Rowe,
2012; Kinde mann e al., 2021;Ulas,2019). The e o e,
we hypo hesize ha an SME’s pe o mance migh
ini ially decline as i expands i s echnology scope,
bu as he SME lea ns o le e age hese echnologies
e ec i ely, i s DC and he e o e i s pe o mance will
inc ease, esul ing in a U-shaped ela ionship:
H5The e is a cu ilinea ela ionship be ween he
dimension echnology scope and SME pe o mance
ha ollows a U-shape.
4 Me hodology
4.1 Sample and da a
In o de o c ea e a holis ic and accu a e pic u e o
he cu en s a us o digi al o ien a ion, i is a o -
able o ga he as much in o ma ion abou an o gani-
za ion as possible. Acco dingly, o gene a e a ep e-
sen a i e sample, we collec ed quali a i e and quan i-
a i ein o ma iononou sampleo SMEs(seeTable 1).
Fi s , we c ea ed a lis o SMEs and expo ed i om
Amadeus (Bu eau an Dijk, 2023), a da abase con ain-
ing a wide ange o in o ma ion o public and p i a e
o ganiza ions ac oss Eu ope. Based on his lis , we c e-
a ed a sample o SMEs by ha ing an annual u no e
equal o o below 50m. C and a s a headcoun below
250 (Eu opean Union, 2003; Ge man P esidency o
he Council o he Eu opean Union, 2020). Fu he ,
only SMEs ha had ull a ailable in o ma ion on he
ollowing indica o s: URL, p o i (las h ee yea s),
u no e (las h ee yea s), numbe o employees (las
h ee yea s), expo , numbe o adema ks, indus y,
and o ganiza ion age, we e selec ed. The SMEs o ou
inal sample a e om di e en Eu opean coun ies and
indus ies. A e he i s selec ion p ocess, ou sample
om he Amadeus da abase consis s o 12,871 SMEs.
In he nex s ep, we u ilized web sc aping echniques
o cap u e he websi e ex s o each o he URLs in he
sample ob ained om Amadeus. We ini ia ed his p o-
cess in la e 2022. This allows us o collec quali a i e
da a ( ex ), including he ex o up o he i s 100 sub-
pages o he conside ed SME’ websi es. Acco dingly,
we gene a e a second da ase , nex o he quan i a i e
Amadeus da a ( inancial), ha con ains he quali a i e
ex da ao he websi e om each conside ed SME.The
ob ained ex da a is di e se and includes e e y hing
an SME published on i s websi e including company
desc ip ions, mission s a emen s, p oduc desc ip ions,
123
1367Keeping pace wi h he digi al ans o ma ion...
Table 1 Sample c ea ion and ope a ionaliza ion p ocess
S eps Desc ip ion n (obse a ions)
S ep 1 Access he Amadeus da abase and expo a lis o SMEs wi h in o ma ion on: URL,
u no e (las h ee yea s), p o i (las h ee yea s), numbe o employees (las h ee
yea s), indus y, and o ganiza ion age
12.871
S ep 2 Collec he websi e ex wi h up o 100 subpages o each SME based on he URLs
ob ained om Amadeus
12.871
S ep 3 S a ope a ionaliza ion o he ex da ase . D op missing obse a ions and subpages,
which a e no o in e es o ou analysis o pose a po en ial bias o he esul s (e.g.,
in o ma ion abou cookies and p i acy)
1.652
S ep 4 Remo e all non- ex ual elemen s, symbols, punc ua ion, and exhibi s om he collec ed
websi e ex s and con e he ex o lowe case
1.652
S ep 5 Tokeniza ion o he ex o each websi e o pe o m analysis on a pe -wo d basis. Based
on he okens pe websi e, we calcula e he numbe o wo ds pe websi e
1.652
S ep 6 Lemma iza ion and S emming o he ex o each websi e and he wo ds o he dic io-
na ies o digi al o ien a ion
1.652
S ep 7 S a ope a ionaliza ion o he quan i a i e da a om he da abase. D op missing alues
and duplica es. Con ol o ou lie s and all non- ealis ic o alsely documen ed alues
1135
companynews, andmo e. Thisbidimensional da abase
in ol ing he combina ion o quali a i e websi e- ex
da a and quan i a i e da a on SME pe o mance, allows
us o explo e he ela ionship be ween an SME’s digi-
al o ien a ion and i s pe o mance in a comp ehensi e
and nuanced manne .
Subsequen ly, we s a ed he ope a ionaliza ion p o-
cess o bo h he Amadeus da ase ( inancial da a) and
he da ase wi h sc aped websi e ex . The ope a ional-
iza ion p ocess di e s o he quali a i e (websi e- ex )
and he quan i a i e (Amadeus inancial in o ma ion)
da a o ou inal sample. Fo he ex da a, we s a ed
he ope a ionaliza ion by including only Ge man- and
English-language websi e- ex s in ou analysis, as we
used bo h he o iginal English language dic iona y and
a e sion ansla ed in o Ge man. The p o iciency o
bo h au ho s in Ge man and English enables he u iliza-
ion o ansla ed dic iona ies o e i y he esul s. We
also emo ed missing obse a ions and d opped sub-
pages, which a e no o in e es o ou analysis o could
po en ially bias he esul s (e.g., cookies and p i acy).
We hen ollowed s anda d da a p ocessing echniques
and emo ed all non- ex ual elemen s, symbols, and
punc ua ion om he collec ed websi e ex s and con-
e ed he ex o lowe case o allow o case-sensi i e
compa abili y. In he nex s ep, we okenized he ex o
each websi e o pe o m analysis on a pe -wo d basis.
We also con e ed he websi e wo ds in o bo h lemmas
and wo d s ems o compa abili y and s anda diza ion.
Lemma iza ion and s emming a e s anda d p ocedu es
in ex -based analysis, ha enable he iden i ica ion and
compa abili y o wo ds ega dless o hei g amma ical
s uc u e (Balak ishnan & E hel, 2014; McKenny e al.,
2018). In o de o measu e digi al o ien a ion, we u i-
lized he cons uc by Kinde mann e al. (2021), which
can be de ined by a se o wo ds called he digi al o ien-
a ion dic iona y. We ha e ansla ed his cons uc in o
Ge man o analyze he ex da a om Ge man web-
si es adequa ely. In o de o ma ch he wo ds om he
dic iona y wi h he lemma ized/s emmed websi e ex ,
we also applied he same echniques (lemma iza ion,
s emming) o all digi al o ien a ion wo ds. A e he
cleaning p ocess, which included d opping all obse a-
ions whe e no ex could be sc aped and agg ega ing
all websi e- ela ed ex , we ob ained 1652 SMEs in ou
inal quali a i e ex da a.
Fo he quan i a i e da a, we s a ed he ope a-
ionaliza ion by d opping missing alues and dupli-
ca es. Addi ionally, we con olled o all un ealis ic o
alsely documen ed alues. In he las s ep, we ma ch
he quan i a i e Amadeus da a o ou sample SMEs
wi h he websi e- ex da a ga he ed o each SME.
A e he me ge 1,135 SMEs emain in ou inal sam-
ple including comple e in o ma ion on e e y o ganiza-
ion’s websi e ex s, p o i (las h ee yea s), u no e
(las h ee yea s), numbe o employees (las h ee
yea s), expo , numbe o adema ks, indus y, and
o ganiza ion age.
123
1368 K. Escoz Ba agan and F.S.R. Becke
Table 10 Quad a ic eg ession — digi al o ien a ion dimensions and o ganiza ional pe o mance
Dependen a iable:
O ganiza ional Pe o mance
(3) (4) (5) (6)
A chi ec u e con igu a ion −0.020∗∗∗
(0.006)
A chi ec u e con igu a ion20.0002∗∗∗
(0.0001)
Capabili ies −0.013∗∗
(0.006)
Capabili ies20.0002∗
(0.0001)
Ecosys em coo dina ion −0.003
(0.004)
Ecosys em coo dina ion20.00003
(0.0001)
Technology scope −0.016∗
(0.008)
Technology scope20.0004∗∗
(0.0002)
O ganiza ion age −0.006∗∗∗ −0.006∗∗∗ −0.006∗∗∗ −0.006∗∗∗
(0.002) (0.002) (0.002) (0.002)
O ganiza ion size −0.00000 −0.0002 −0.0002 −0.0001
(0.001) (0.001) (0.001) (0.001)
Manu ac u ing indus y 0.006 0.041 0.033 0.026
(0.077) (0.076) (0.077) (0.077)
Numbe o adema ks −0.006 −0.006∗−0.006 −0.006
(0.004) (0.004) (0.004) (0.004)
Expo 0.025∗∗∗ 0.025∗∗∗ 0.026∗∗∗ 0.025∗∗∗
(0.006) (0.006) (0.006) (0.006)
Cons an 5.676∗∗∗ 5.671∗∗∗ 5.608∗∗∗ 5.609∗∗∗
(0.085) (0.090) (0.089) (0.085)
Obse a ions 1135 1135 1135 1135
R20.037 0.031 0.028 0.033
Adjus ed R20.031 0.025 0.022 0.027
Residual s d. e o (d = 1127) 1.217 1.221 1.223 1.220
F S a is ic (d = 7; 1127) 6.156∗∗∗ 5.234∗∗∗ 4.574∗∗∗ 5.453∗∗∗
No e: ∗p<0.1; ∗∗ p<0.05; ∗∗∗ p<0.01
123
1375Keeping pace wi h he digi al ans o ma ion...
Fig. 1 U-shape ela ionship
be ween digi al o ien a ion
and SME pe o mance
6 Discussion and conclusion
6.1 Theo e ical implica ions
This s udy, g ounded in he heo e ical amewo k o
RBV and DCs, empi ically demons a es a U-shaped
cu ilinea ela ionship be ween digi al o ien a ion and
SME pe o mance. While i is unclea how SMEs
can d i e digi al ans o ma ion wi h limi ed esou ces
(Ba ney, 1991;Lie al.,2018), ou indings indica e
ha highe le els o SME pe o mance a e linked o
bo h low and high ends o he digi al o ien a ion spec-
um. Ini ially, pu suing a digi al o ien a ion ends o
esul in pe o mance losses o SMEs, likely due o
he esou ce and capabili y adjus men s equi ed. How-
e e , as digi al o ien a ion in ensi ies and becomes
mo e ing ained, i posi i ely impac s SME pe o -
mance. This sugges s ha he s a egic managemen o
capabili ies and esou ces linked o he se up o a dig-
i al o ien a ion is c ucial in he digi al ans o ma ion
jou ney o SMEs.
Consequen ly, ou s udy aligns wi h he iew o
ecognizing digi al o ien a ion as a aluable in angi-
ble capabili y (Kinde mann e al., 2021; Schweige e
al., 2019; Teece, 2007) bu also ex ends his no ion by
iden i ying he uniqueU-shaped ela ionshipwi h SME
pe o mance. This con as s wi h o he s udies who
p ima ily ocus on linea ela ionships (Wang e al.,
2020), hus highligh ing he complexi y and dynamic
na u e o digi al esou ces and capabili ies in SMEs.
Addi ionally, ou indings o e a no el pe spec i e
in he ongoing discou se abou he impac o digi al
o ien a ion on o ganiza ional pe o mance. P e ious
s udies challenge he ole o digi al o ien a ion in
impac ing pe o mance (Calde on-Monge & Ribei o-
So iano, 2023; K aus e al., 2023; Nasi i e al., 2022),
sugges ing ha despi e he po en ial o digi al o ien-
a ion o mi iga e ope a ional di icul ies and enable
swi implemen a ion o digi al solu ions (A ias-Pé ez,
2022; Be man e al., 2023; Vial, 2019), i does no
always lead o inc eased pe o mance. A commonali y
be ween his and p e ious s udies, as emphasized by
123
1376 K. Escoz Ba agan and F.S.R. Becke
Fig. 2 U-shape ela ionship be ween he indi idual dimensions o digi al o ien a ion and SME pe o mance
Calde on-Monge and Ribei o-So iano (2023), is he
unde s anding o digi al ma u i y as a media ing ac o
be ween digi al o ien a ion and o ganiza ional pe o -
mance. This aligns wi h ou no ion o he ini ial chal-
lenges aced by SMEs in digi al o ien a ion. Hence,
we e ine p e ious s udies as we sugges ha he
me e adop ion o digi al echnologies is no su icien ;
a he , i is he dep h and ma u i y o digi al in eg a ion
ha ul ima ely d i es pe o mance (Calde on-Monge
& Ribei o-So iano, 2023).
The di e gence o insigh s om p e ious esea ch
may be due o he unique challenges and oppo uni-
ies aced by SMEs in he digi al ans o ma ion p o-
cess, which can esul in di e en pa e ns o pe o -
mance compa ed o la ge co po a ions (Elle e al.,
2020; Hess e al., 2016; Mi has e al., 2012; OECD,
123
1377Keeping pace wi h he digi al ans o ma ion...
2021). Ou s udy e eals a U-shaped pa e n in SMEs,
which migh be a ibu ed o he unique combina ion
o agili y and esou ce challenges aced by SMEs, a
consequence o he liabili y o smallness (Ald ich &
Aus e , 1986) and hei inhe en DC (Li e al., 2018).
This unde sco es he in e play be ween esou ce con-
s ain s and agili y in shaping SME pe o mance in he
digi al e a, which is shaped by apidly changing (dig-
i al) en i onmen s (Felice i e al., 2024; K aus e al.,
2022). In his e a howe e , i ini ially seems con a-
dic o y o ha e signi ican e ec s on bo h ends o he
spec um, as one would assume ha he enuncia ion o
any digi al o ien a ionwould ha e se e e consequences
o SMEs. In his ega d, p e ious s udies ha e ound
ha SMEs indeed a e lagging behind in he p ocess o
digi al ans o ma ion (OECD, 2021; Rupeika-Apoga
e al., 2022). This obse a ion is pa icula ly in iguing
om a RBV pe spec i e (Ba ney, 1991). While s ud-
ies sugges ha SMEs a e gene ally lagging in digi al
ans o ma ion, ou indings imply ha SMEs migh be
s a egically choosing hei le el o digi al o ien a ion.
This selec i e s a egy could be esou ce-based, by bal-
ancing he cos s and bene i s o digi al ans o ma ion
in a esou ce-cons ained en i onmen .
SMEs o en encoun e signi ican esou ce limi a-
ions, which a e equen ly ci ed as majo impedi-
men s o he implemen a ion o new echnology (Dö
e al., 2023). This aligns wi h ou indings whe e he
ini ial esou ce in es men in digi al o ien a ion may
s ain SMEs o e all esou ces, leading o a empo a y
dip in pe o mance. The ele ance o hese cons ain s
highligh s he c i ical na u e o s a egic planning and
esou ce managemen in he ea ly s ages o digi al o i-
en a ion o SMEs. Fu he mo e, ou indings on he
U-shaped ela ionship be ween digi al o ien a ion and
SMEpe o mance esona ewi h insigh s on he sensing
aspec o digi al ans o ma ion (Leso e al., 2023). In
SMEs, his sensing, which encompasses digi al oppo -
uni y scanning and ex e nal explo a ion (Teece, 2007),
may ini ially lead o esou ce alloca ion challenges,
e lec ed in he ini ial dip he U-shaped cu e. How-
e e , as SMEs p og essi ely e alua e and adap o dig-
i al oppo uni ies, hey likely begin o expe ience he
pe o mance bene i s, aligning wi h he la e ise in he
U-shaped cu e. This nuanced unde s andingo SMEs’
digi al s a egies se s he s age o a deepe explo a ion
o he unde lying dynamics.
Thus, ou indings en ich he discou se wi hin he
RBV (Ba ney, 1991) and DC (Teece, 2007) amewo ks,
pa icula ly in he con ex o digi al en ep e-
neu ship(Be mane al.,2023;Da idson&Vaas ,2010;
K aus e al., 2019) o SMEs. By demons a ing ha dig-
i al o ien a ion is no only a ele an bu a c i ical d i e
o SME pe o mance, ou s udy coun e s he no ion
o a one-dimensional impac o digi al ans o ma-
ion. I unde sco es he impo ance o conside ing he
unique s a egic app oaches o SMEs in he digi al e a,
he eby con ibu ing o a mo e comp ehensi e unde -
s anding o how digi al o ien a ion in luences o gani-
za ional pe o mance. Hence, SMEs need o c i ically
hink abou hei digi al ans o ma ion, especially con-
side ing hei esou ce in es men s o ul ima ely build
hei capabili ies, and o no isk alling sho o hei
compe i i e ad an age (Schneide e al., 2023).
Fu he mo e, ou indings con ibu e o he exis ing
li e a u e on s a egic managemen by aligning wi h he
pe spec i e o esea che s who ecognize digi al o i-
en a ion as an eme ging s a egic o ien a ion (Kane e
al., 2015; Kinde mann e al., 2021). By demons a -
ing ha he pu sui o a digi al o ien a ion can be seen
as a compe i i e ad an age o o ganiza ions (Quin-
on e al., 2018), mo e speci ically SMEs, we u he
uel he schola ly discussion. Apa om he deba e
abou whe he digi al o ien a ion eally is a new s a e-
gic o ien a ion, he e is ano he con o e sial discus-
sion ega ding he abili y o SMEs o adop and imple-
men digi al echnologies (Dö e al., 2023; Elle e al.,
2020; Nguyen e al., 2015). P e ious esea ch showed
ha SMEs migh pe o m wo se in he success ul adop-
ion and in eg a ion o digi al echnologies due o hei
isk a e sion (Ahmad e al., 2014; Taylo & Mu phy,
2004). In his ega d, ou indings shed ligh on he
conce n o SMEs ega ding he adop ion and in eg a-
ion o digi al echnologies, con i ming he sho - e m
pe o mance losses obse ed in p io esea ch.
Apa om he empi ical con ibu ion o he expla-
na ion o he ela ionship be ween digi al o ien a ion
andSME pe o mance,we alsocon ibu eme hodolog-
ically by analyzing he e ec ia ex -based con en
analysis based on SMEs websi e- ex s. This di e s
om many p e ious s udies, which ha e elied on su -
ey da a o case s udies o in es iga e digi al ans o -
ma ion. The use o ex -based con en analysis allows
o a mo e objec i e and scalable measu emen o
digi al o ien a ion, which could lead o new insigh s
and ex end he scope o he cu en li e a u e on digi-
al o ien a ion and SME pe o mance (Unge e e al.,
2021). Acco dingly, he u iliza ion o CATA opens up
123
1378 K. Escoz Ba agan and F.S.R. Becke
inno a i e me hodological a enues o en ep eneu -
ship esea ch (He e al., 2023; Obschonka e al.,
2020; on Bloh e al., 2020). Fu he mo e, he obus -
ness and g owing u iliza ion o con en analysis, as
e iewed ac oss o ganiza ional s udies (Du iau e al.,
2007), unde sco e i s ele ance and applicabili y in
en ep eneu ship esea ch. The eliabili y and objec-
i i y o con en analysis (Elo e al., 2014), align wi h
ou aim o p o ide a mo e eliable pic u e o eali y
in unde s anding digi al o ien a ion’s impac on pe -
o mance. This no only widens he ongoing discus-
sion om a new pe spec i e bu also echoes he c oss-
disciplina y alida ion and inno a i e applica ions o
CATA and con en analysis, s eng hening ou me hod-
ological app oach and i s po en ial con ibu ion o he
ield wi h a mo e eliable pic u e o eali y (Hossno sky
& Junge, 2019).
6.2 P ac ical implica ions
The insigh s o his s udy ha e implica ions o bo h
business managemen and policy. Fi s , he s udy has
shown ha pu suing a digi al o ien a ion is essen ial
when i comes o he success ul de elopmen o SMEs
in e ms o pe o mance in he digi al e a. Conse-
quen ly, SMEs should e lec on hei own esou ces
and capabili ies conside ing digi al o ien a ion and
adap o he p e ailing ends, as his can ul ima ely
lead o imp o ed pe o mance. SMEs ha ge “s uck in
hemiddle” in he p ocesso digi al ans o ma ion, and
hus in hei digi al o ien a ion, do no show imp o ed
pe o mance. On he con a y, hese SMEs pe o m
wo s because he ini ial esou ce in es men s ha e
al eady been made and he e u ns a e s ill pending. In
his si ua ion, ou indings unde sco e he impo ance
o app op ia e pe sis ence wi h ega d o he ans o -
ma ion p ocess and he con inuous in ensi ica ion o
digi al o ien a ion. Likewise, ou esul s sensi ize o he
ac ha he sui able deg ee o digi al o ien a ion highly
depends on he espec i e business con ex . Howe e , i
is also impo an o SMEs o in es esou ces in digi al
o ien a ion depending on hei indus y and hei cu -
en s a e o digi al ans o ma ion. Al hough in es -
ing esou ces in digi al o ien a ion has he po en ial
o imp o e o ganiza ional pe o mance, i should be
no ed ha no e e y esou ce in es men in his a ea
is necessa y, and he bene i s may no be immedi-
a ely e lec ed in pe o mance. SMEs should he e o e
ca e ully assess he easibili y o pu suing digi al o i-
en a ion based on hei speci ic con ex . Addi ionally,
hey should conside hei willingness o unde ake he
necessa y s eps and esou ce in es men s equi ed o
success ul implemen a ion in he long- e m.
Fu he mo e, he digi al o ien a ion o SMEs should
be conside ed an essen ial p e equisi e o building an
ecosys em o compe i i e and sus ainably iable SMEs
wi hin he digi al e a (Felice i e al., 2024; K aus e al.,
2022). To imp o e he digi al o ien a ion o SMEs a
he policy le el, g ea e emphasis should be placed on
p omo ing suppo p og ams ha e lec he inc easing
impo ance o add essing he sho ages o esou ces
and capabili ies o SMEs ha ha e ini ia ed and a e
pe sis en ly pu suing hei digi al ans o ma ion. To
do so policymake s mus pi o owa d enabling a mo e
obus digi al in as uc u e, by c a ing and imple-
men ing suppo mechanisms ha speci ically add ess
he esou ce and capabili y gaps hinde ing SMEs in
hei digi al ans o ma ion endea o s. This encom-
passes inancial incen i es such as g an s and subsidies
o mi iga e he ini ial cos s o he adop ion o digi al
echnologies. Equally impo an is i o p omo e he
digi al skills among SME employees, ensu ing ha he
human capi al aligns wi h he echnological ad ance-
men s. This could be acili a ed by p o iding access o
special cou ses o de elop digi al skills. In line wi h he
RBV, hese cou ses should be as low- h eshold, ea ly
and, abo e all, as cos -e icien as possible o enable
b oad applica ion among SMEs.
6.3 Limi a ions and u u e esea ch implica ions
This s udy is subjec o limi a ions ha open up oppo -
uni ies o u u e in es iga ions. One o he main limi-
a ions is he c oss-sec ional na u e o ou s udy, which
can only p o ide a snapsho o he digi al o ien a ion
o SMEs a a ce ain poin in ime. Al hough his
app oach o e s aluable insigh s, i is unable o cap u e
he dynamic and ongoing na u e o digi al ans o ma-
ion. Al hough we mi iga ed he limi a ions o c oss-
sec ional da a by using de elopmen al a iables, u u e
esea ch could bene i om a longi udinal design o
ully explo e he empo al dynamics and po en ially
cu ilinea ela ionships in he digi al ans o ma ion
p ocess in SMEs. Such a design would allow o a mo e
nuanced unde s anding o how changes in digi al o i-
en a ion o e ime ela e o changes in o ganiza ional
123
1379Keeping pace wi h he digi al ans o ma ion...
pe o mance.Addi ionally, hiss udy eliesonaCATA-
based measu emen o digi al o ien a ion h ough he
analysis o websi e- ex s, which d aws on exis ing
esea ch o s a egic pos u e (G ühn e al., 2017;Kin-
de mann e al., 2021; Sho e al., 2018). The e o e,
he a iable c ea ion esul s om he communica ed
deg ee o digi al o ien a ion based on he Sapi -Who
hypo hesis and he a en ion SMEs de o e o he opic
(Ab ahamson & Hamb ick, 1997). Howe e , o gani-
za ions may no always see he need o di ec ly and
some imes also may no sub ly communica e s a e-
gic o ien a ion h ough ex e nal communica ion chan-
nels such as websi es. The e o e, u u e esea ch could
supplemen seconda y ex da a wi h p ima y da a ha
di ec ly cap u es he deg ee o digi al o ien a ion in an
o ganiza ion, o complemen and comple e he co e -
age o he deg ee o digi al o ien a ion.
Ano he limi a ion is he ime amein which wec e-
a ed ou se o a iables. Ou se o a iables is based on
he yea s 2019–2022, which could be di ec ly a ec ed
by he COVID-19 pandemic. Al hough we canno con-
ol o he ac ual impac o he c isis, i applies equally
o all ou a iables and SMEs in ou da ase , mi iga ing
his e ec . Fo his eason, and because we wan ed o
examine a empo al ela ionship be ween he a iables
in ou s udy as ecen as possible, we op ed o he mos
ecen ly a ailable pe o mance da a.
We also no e he limi a ion o ou cu en se o
g ow h indica o s and he po en ial o hei ee alua-
ion o expansion o p o ide a mo e obus link be ween
digi al o ien a ion and o ganiza ional g ow h. Fu he -
mo e, we ocus exclusi ely on he o ganiza ional le el.
Fu u e esea ch should examine mo e closely how dig-
i al o ien a ion in e ac s wi h he skills and cha ac e -
is ics o decision make s, i.e., indi iduals, o wi hin
eams (Bamela e al., 2022). Since SME execu i es
in pa icula end o exe excessi e in luence on hei
o ganiza ions (Ma ca i e al., 2008), pe sonal a i udes
may ha e a majo impac on he ex en and a e o
p og ess o digi al o ien a ion and digi al ans o ma-
ion wi hin SMEs and hus on o ganiza ional pe o -
mance. Finally, al hough we con ol o he manu ac-
u ing indus y, u u e esea ch should ake a mo e
nuanced look a o he indus ies and egional di -
e ences o examine he espec i e e ec s and con-
side indus y and egion-speci ic ends (Hossno sky
& Junge, 2019).
6.4 Conclusion
This s udy en iches he ongoing discou se on digi-
al ans o ma ion and o ganiza ional pe o mance by
conside ing he ela ionship be ween digi al o ien a-
ion and he pe o mance o SMEs om bo h a RBV
and DC pe spec i e. Ou indings e eal a cu ilinea
U-shaped ela ionship be ween digi al o ien a ion and
SME pe o mance. SMEs a bo h ends o he spec um
demons a e inc eased pe o mance. The ini ial neg-
a i e impac o pu suing a digi al o ien a ion dimin-
ishes as he in ensi y o he o ien a ion inc eases. These
esul s bea subs an ial implica ions o SMEs na iga -
ing he dis up i e landscape o he digi al e a. Ou s udy
unde sco es ha while he esou ce in es men s o pu -
suing a digi al o ien a ion may p esen ini ial ba ie s,
he long- e m pe o mance bene i s o SMEs ou weigh
hese ini ial challenges. SMEs should he e o e ensu e
ha hey a e no “s uck in he middle” in e ms o hei
digi al o ien a ion. Fu he mo e, ou s udy emphasizes
he necessi y o SMEs o cul i a e a s a egic app oach
o digi al ans o ma ion. Digi al o ien a ion only has a
bene icial impac on o ganiza ional pe o mance i he
ans o ma ion p ocess has ei he aken place a a e y
low le el o is being consis en ly in ensi ied owa d
a high deg ee o digi al o ien a ion. In conclusion, ou
s udy o e s no el pe spec i es o digi al en ep eneu -
ship esea ch, speci ically on he ela ionship be ween
digi al o ien a ion and o ganiza ional pe o mance. I
se es as a s a ing poin o u u e esea ch o u he
explo e and de elop his ela ionship in b oade con-
ex s and se ings.
Funding In o ma ion Open Access unding enabled and o ga-
nized by P ojek DEAL.
Da a A ailabili y S a emen The da a suppo ing he indings
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subjec o access es ic ions. The da a we e u ilized unde a
licensing ag eemen and a e no open o he public. None he-
less, he da a can be ob ained om he au ho s upon a easonable
eques and wi h an au ho iza ion o B D.
Decla a ions
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