Environmental analysis and impact on green business strategy and performance in SMEs post the Covid-19 pandemic

Sabihaini; Ku niawan, A ie ; P ase io, Janua Eko; Rusdiyan o
A icle
En i onmen al analysis and impac on g een business
s a egy and pe o mance in SMEs pos he Co id-19
pandemic
Cogen Economics & Finance
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Sabihaini; Ku niawan, A ie ; P ase io, Janua Eko; Rusdiyan o (2024) :
En i onmen al analysis and impac on g een business s a egy and pe o mance in SMEs pos he
Co id-19 pandemic, Cogen Economics & Finance, ISSN 2332-2039, Taylo & F ancis, Abingdon, Vol.
12, Iss. 1, pp. 1-25,
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En i onmen al analysis and impac on g een
business s a egy and pe o mance in SMEs pos
he Co id-19 pandemic
Sabihaini, A ie Ku niawan, Janua Eko P ase io & Rusdiyan o
To ci e his a icle: Sabihaini, A ie Ku niawan, Janua Eko P ase io & Rusdiyan o (2024)
En i onmen al analysis and impac on g een business s a egy and pe o mance in
SMEs pos he Co id-19 pandemic, Cogen Economics & Finance, 12:1, 2330428, DOI:
10.1080/23322039.2024.2330428
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DEVELOPMENT ECONOMICS | RESEARCH ARTICLE
En i onmen al analysis and impac on g een business s a egy
and pe o mance in SMEs pos he Co id-19 pandemic
Sabihaini
a
, A ie Ku niawan
b
, Janua Eko P ase io
c
and Rusdiyan o
d
a
Facul y o Economics and Business, Uni e si as Pembangunan Nasional Ve e an Yogyaka a, Kabupa en Sleman,
Indonesia;
b
STIKes Ibnu Sina Ajiba ang, Jawa Tengah, Indonesia;
c
Accoun ing Depa men , Uni e si as Pembangunan
Nasional “Ve e an”Yogyaka a, Kabupa en Sleman, Indonesia;
d
Facul y o Economics, Uni e si as G esik, Jawa Timu ,
Indonesia
ABSTRACT
Pu pose: This s udy aims o ob ain empi ical e idence on he e ec o en i onmen al
analysis on en i onmen ally iendly business s a egies and pe o mance in SMEs a e
he Co id-19 Pandemic.
Me hodology: The s udy included p ima y da a sou ces such as en i onmen al o ien-
a ion, op managemen awa eness, en i onmen al pe o mance, g een business s a -
egy, and SMEs pe o mance. I in ol ed 103 SMEs, o which 36 we e in he ood
p ocessing indus y, 37 we e in he lea he p ocessing indus y, and 30 we e in ol ed
in u ni u e manu ac u ing.
Findings: In his s udy, 103 SMEs we e examined wi h a ocus on pe o mance, en i -
onmen al pe o mance, op managemen en i onmen al awa eness, g een business
s a egy, and en i onmen al o ien a ion. These indings can suppo esou ce-based
display heo y and assis co po a e managemen in making judgmen s ega ding busi-
ness plans. A posi i e media ion associa ion be ween ecological pe o mance and
en i onmen al o ien a ion owa d g een company s a egy h ough op manage-
men ’s en i onmen al awa eness was also disco e ed in his s udy.
Implica ions o esea ch: A media ing ela ionship be ween en i onmen al di ec ion,
g een business s a egy, and op managemen ’s ecological awa eness and pe o m-
ance o ien a ion is e ealed, which suppo s manage s in hei decision-making.
O iginali y/ alue: This s udy ocuses on g een business s a egies, en i onmen al pe -
o mance, en i onmen al pe o mance awa eness, and en i onmen al o ien a ion o
imp o e he ope a ions o Indonesian SMEs and add ess en i onmen al challenges.
IMPACT STATEMENT
The en i onmen is an impo an pa and ac o ha mus be conside ed in he man-
agemen o business ac i i ies. The business en i onmen in luences u u e business
de elopmen om he ex e nal and in e nal en i onmen . The ex e nal en i onmen is a
ac o ou side he company ha can in luence he o ganiza ional s uc u e, di ec ion,
in e nal p ocesses and company ac ions in i s business ac i i ies. The ela ionship
be ween he en i onmen and business is so close ha companies mus be obse an in
p edic ing changes o ecognizing en i onmen al p oblems. En i onmen al manage-
men is an aspec ha mus be conside ed and imp o ed in ca ying ou managemen
unc ions o achie e company goals ha a e o ien ed owa d en i onmen al sus ainabil-
i y. I becomes a demand o obliga ion o a business o pay a en ion o sus ainabili y
and an o ien a ion owa d he en i onmen . These e o s a e used o an icipa e o ul il
a ious demands om s akeholde s ega ding en i onmen al p o ec ion o p ese a ion.
ARTICLE HISTORY
Recei ed 26 Sep embe 2023
Re ised 26 Janua y 2024
Accep ed 10 Ma ch 2024
JEL CLASSIFICATION
A11; C12; C39; D04; D22
KEYWORDS
SMEs, op managemen ;
en i onmen al; pe o m-
ance; g een business,
s a egy; SEM
REVIEWING EDITOR
Goodness Aye, Academic
Edi o , Uni e si y o
Ag icul u e, Maku di Benue
S a e, Nige ia
SUBJECTS
Economics; inance;
business, managemen and
accoun ing; indus y and
indus ial s udies;
accoun ing; business
his o y; co po a e
go e nance; co po a e
social esponsibili y and
business e hics;
en ep eneu ship and small
business managemen
1. In oduc ion
Small and medium-sized businesses (SMEs), which managed o escape he 1998 inancial c isis, we e c u-
cial o Indonesia’s economy. SMEs a e essen ial o he economy because hey equalize he economic
CONTACT Sabihaini [email p o ec ed] Facul y o Economics and Business, Uni e si as Pembangunan Nasional Ve e an
Yogyaka a, Jl. Padjadja an/SWK 104 Ring Road Condongca u , Kec. Depok, Kabupa en Sleman, Dae ah Is imewa Yogyaka a 55283, Indonesia
ß2024 The Au ho (s). Published by In o ma UK Limi ed, ading as Taylo & F ancis G oup
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons A ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. The e ms on which his a icle has been
published allow he pos ing o he Accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
COGENT ECONOMICS & FINANCE
2024, VOL. 12, NO. 1, 2330428
h ps://doi.o g/10.1080/23322039.2024.2330428
s a us o he a e age indi idual, igh po e y, and gene a e money. They a e he bigges c edi bo -
owe s and make a conside able con ibu ion o GDP. Go e nmen ules such as he Job C ea ion Law
and he Indonesian P oud Made campaign a e essen ial o he expansion and de elopmen o SMEs
(Ma ha Hend a i e al., 2024; Sabihaini e al., 2023).
To lessen he impac o he Co id-19 epidemic, his s udy add esses he go e nmen ’s income ax
educ ion o SMEs. Howe e , s uc u al p oblems ha a ec SMEs include inconsis encies in p oduc ion,
accessibili y o ma ke ing, and he calibe o human esou ces. The absence o go e nmen al moni o ing
in he Yogyaka a Special Region is a majo con ibu o o hese p oblems. The ede al go e nmen can
wo k wi h p o incial go e nmen s, Bank Indonesia, and o he o ganiza ions, such as colleges and uni e -
si ies, o add ess hese issues (P ase io e al., 2024; Sabihaini e al., 2023).
The COVID-19 pandemic has highligh ed he impo ance o social capi al in p omo ing c ea i i y,
inno a ion, and p oduc i i y, which in u n imp o es a company’s epu a ion in socie y and ensu es i s
su i al and longe i y (Al-Omoush e al., 2022; Shabbi e al., 2021). The success o SME’s is no conside -
ably impac ed by en i onmen al ins abili y; howe e , in chao ic en i onmen s, in o ma ion p ocessing
equi emen s ise. Tu bulence hu s high- ech businesses because hey spend money on R&D (Asyik
e al., 2023; Bashi e al., 2023; Eko P ase io e al., 2023). This s udy emphasizes he ela ionship be ween
co po a e knowledge managemen and knowledge o ganiza ion in small and medium-sized businesses
(SMEs), emphasizing he la e ’s ole in p omo ing inno a ion and enhancing business pe o mance, no -
ably in he inancial indus y (Chai hanapa e al., 2022; P ase yo e al., 2023). Acco ding o esea ch,
secu i y and complexi y conce ns slow down he adop ion o cloud compu ing, and CSPs should in o m
SMEs abou hei ad an ages, a chi ec u e, and se ices (Chen e al., 2023; Nuswan a a e al., 2023).
Acco ding o a su ey, he e is a lack o cloud adop ion due o complexi y and secu i y conce ns, and
CSPs should collabo a e, sha e esou ces, and ain SMEs on disas e p epa edness, secu i y, and main-
enance o compensa e o los ime and money (Chop a e al., 2022; Hend a i e al., 2023). Acco ding o
a Bank Dunia 2020 s udy, among 999 en e p ises, digi al compe encies had no disce nible e ec on
company success, indica ing ha high HDI le els ha e a g ea e e ec on digi al capabili ies and call o
digi al de elopmen o inno a ion (He edia e al., 2022; P ase yo e al., 2022). Acco ding o he s udy,
businesses ha wai longe o inno a ion gene a e mo e alue o hei g ow h and become mo e o i-
ginal and c ea i e as hey do so (Asyik e al., 2022; Hilme sson & Hilme sson, 2021). Combining know-
ledge, skills, and esou ces o inno a ion is a p ocess ha equen ly calls o capaci y o c ea e, adap
o change, and communica e in o ma ion. This s udy examines he inc eased in e es in business eco-
nomics and ope a ions esea ch managemen sec o s in Indus y 4.0, pa icula ly blockchain and COVID-
19 (Kalbuana e al., 2022; Ma 
ınez e al., 2022). This s udy disco e ed a U-shaped ela ionship be ween
inno a ion and comme cial success, which examines he e ec o inno a ion subsidies on he expo
pe o mance o Pe u ian SMEs. Technological inno a ion has a pa icula ly subs an ial impac on wo ke s
and employees (O iguei a-S
anchez e al., 2022; Tja aka e al., 2022). Examining nine non-p o i LBCs in
he I alian loan ma ke , his s udy demons a es how hey ha e di e en inancial cycles han bank
c edi . Inc eased in es o sa e y and anspa ency in Fin ech loans has been emphasized (S e anelli e al.,
2022; Suda yan o e al., 2022). Due o lowe compensa ion, non-p o i o ganiza ions ha e ouble a ac -
ing and main aining hei employees. O e ing ewa ds, p omo ions, and mode n ameni ies, such as lex-
ible scheduling and p o essional g ow h, migh be help ul (Sla en e al., 2021; U a i, Suda yan o, e al.,
2021).
This s udy examines how senio managemen ’s ecological awa eness a ec s g een business s a egy
and pe o mance and demons a es how hei emphasis on sus ainabili y c ea es an indi ec link
be ween en i onmen al pe o mance and g een business s a egy.
2. Li e a u e e iew and de elopmen hypo hesis
2.1. Small and medium en e p ises (SMEs) in Indonesia
Small and medium-sized businesses (SMEs), ope a ed by indi iduals o g oups, a e c ucial o Indonesia’s
economy. SMEs a e de ined by asse s and sales alue in upiah by he Cen al Bu eau o S a is ics,
whe eas s a is ics a e p o ided by he Minis y o Indus y and T ade, Bank Indonesia, and Finance
2 SABIHAINI ET AL.
(Nohong e al., 2024; P ase io e al., 2021). Small and medium-sized i ms (SMEs) a e hose wi h a ne
alue o a leas IDR, wi h he pu pose o p oducing goods o se ices o comme cial exchange, acco d-
ing o Law No. 9 o 1995. SMEs mus employ ewe han 100 people and ha e yea ly sales o a leas 1
billion upiah.
Indonesia is economically a ec ed coun y, especially economically (Aliyyah, Siswomiha djo, e al.,
2021; Pakpahan, 2020). The Co id-19 pandemic has signi ican ly a ec ed he economy, causing di icul-
ies in job acquisi ion, daily expenses, and inancial s abili y. SMEs, including up o 37,000, ha e epo ed
ou main di icul ies: educed social in e ac ion, capi al issues, obs acles o p oduc dis ibu ion, and a
lack o su icien aw ma e ials. These issues ha e made SMEs less esilien and mo e ulne able o he
pandemic, making hem mo e suscep ible o changes in hei business s a egies.
SMEs need lexible ways o espond o demands om he global economy, echnical SMEs need lex-
ible ways o espond o he demands o he global economy, echnical imp o emen s, demog aphic
shi s, inno a ion, and inancial suppo . An en ep eneu ial mindse p io i izes he pu sui o oppo uni-
ies, ensu ing lexibili y and adap abili y in he ace o cons an ly shi ing ma ke condi ions (Ind awa i
e al., 2021; Xi e al., 2024). An a i ude known as en ep eneu ial o ien a ion places a high alue on
b eaking new g ound in he ma ke , aking calcula ed isks, and o eseeing ma ke ends (Enda o,
Tau iqu ahman, Ku niawan, e al., 2021; I anega & Szczepanek, 2024). Acco ding o Blocke e al. (2024)
and U a i, Iswoyo, e al. (2021). Ma ke - ocused companies ocus on mee ing cus ome needs, leading o
apid g ow h, p o i abili y, ma ke sha e, and long- e m compe i i e ad an age h ough p o i able lag-
ship goods.
To p o ec he en i onmen , he go e nmen has adop ed ules o p omo e ecologically iendly
goods, placing an emphasis on p o i o e en i onmen al conce ns, pa icula ly o SMEs (P ase yo,
Aliyyah, Rusdiyan o, U a i, e al., 2021; Usada & Mu ni, 2020). In con as o elying on aw esou ces and
p oduc ion me hods, echnological imp o emen s os e c ea i i y and inno a ion, mo i a ing SMEs o
con inuously de elop new p oduc s and suppo go e nmen al ini ia i es (Enda o, Tau iqu ahman,
Suha ono, e al., 2021; Nguyen & Vu, 2024). The goal o he en i onmen al mo emen is o inc ease
public awa eness o he ha m ha human ac i i y and wea he pa e ns a e causing o he en i onmen .
As mode n socie y inc easingly selec s en i onmen ally iendly op ions o consump ion, i highligh s
he necessi y o businesses, including SMEs, o p oduce en i onmen ally iendly p oduc s (Abadi e al.,
2021; Bowen e al., 2024). To p o ide SMEs wi h cu ing-edge e ail ma ke space and ISO 14000 and
ISO 14005 ce i ica ions o ensu e eco- iendly p oduc managemen , he Indonesian go e nmen and a
majo e ail co po a ion a e wo king oge he (Usada & Mu ni, 2020; P ase yo, Aliyyah, Rusdiyan o,
Kalbuana, e al., 2021). Wi h SMEs playing a p ominen ole, he 2005–2025 Na ional Long- e m
De elopmen Plan seeks o expand Indonesia’s home economy based on egional ad an ages. They
ha e p o en ha hey can make use o local esou ces and s eng hen he economy o he coun y.
Acco ding o Fa imah and Azlina (2021) and Aliyyah, P ase yo, e al. (2021), mul idimensional concep s
and pe o mance indica o s ha e an impac on he ela ionship be ween en ep eneu ial app oach and
pe o mance. Employee sa is ac ion and a compe i i e ad an age esul om e ec i e o ganiza ional
pe o mance, necessi a ing ongoing p o ec ion o he company’s edge (Mohsin e al., 2024; Rusdiyan o
e al., 2021).
2.2. Resou ce-based iew heo y
This heo y o e s a concep ual amewo k o comp ehending he alue o o ganiza ional esou ces,
emphasizing how owne ship and managemen a ec pe o mance and sus ainabili y (Chand a &
Rahman, 2024; Kalbuana, Su ya i, e al., 2021). Th ough access o inancial esou ces, which a e b oken
down in o many ca ego ies including physical, inancial, echnological, human, and o ganiza ional
esou ces, o ganiza ions can acqui e new esou ces (Pham e al., 2024; P ase yo, Aliyyah, Rusdiyan o,
Na asa i, e al., 2021) and acco ding o he esou ce-based pe spec i e, companies can main ain hei
compe i i e edge by using hei own o acqui ed esou ces well (Alka aan e al., 2024; Kalbuana,
P ase yo, e al., 2021). The esou ce-based app oach eaches pa icipan s how SMEs can lou ish and
a ain inancial sus ainabili y by secu ing inancial and non inancial esou ces. SMEs in Indonesia a e
essen ial o local economies, communi y engagemen , and balance o paymen s. Scien i ic,
COGENT ECONOMICS & FINANCE 3

echnological, and c ea i e ad ances ha ha e ueled globaliza ion ha e shi ed a en ion o inancial
sys ems and democ a ic go e nmen s.
2.2.1. En i onmen al o ien a ion and g een business s a egy
This heo y o e s a concep ual amewo k o comp ehending he alue o o ganiza ional esou ces,
emphasizing how owne ship and managemen a ec pe o mance and sus ainabili y (Bus inza e al.,
2024; P ase yo, Aliyyah, Rusdiyan o, Sup ap i, e al., 2021). Acco ding o Hoskisson e al. (2018) and
P ase yo, Aliyyah, Rusdiyan o, Chama iah, e al. (2021) he esou ce-based pe spec i e, which emphasizes
he signi icance o i ms success ully employing hei physical, inancial, echnological, human, and
o ganiza ional esou ces o main ain a compe i i e edge, is highligh ed by Alkha ib and Vale i (2024)
and P ase yo, Aliyyah, Rusdiyan o, Na asa i, e al. (2021). By acqui ing bo h inancial and non- inancial
esou ces, pa icipan s can be e g asp how a esou ce-based app oach can assis SMEs in h i ing and
achie ing economic sus ainabili y.
Fo SMEs o emain compe i i e and adap i e in apidly shi ing ma ke condi ions, hey need s a -
egies ha can be adjus ed o he needs o global comme ce, echnical b eak h oughs, demog aphic
changes, inno a ion, inancial aid, and en ep eneu ship (Ch
a ez-Ri e a e al., 2024; P ase yo e al.,
2021). En ep eneu ial o ien a ion emphasizes oppo uni y iden i ica ion and exploi a ion is known as
en ep eneu ial o ien a ion. The en ep eneu ial app oach en ails se ing a s anda d o inno a ion, ak-
ing calcula ed isks, and an icipa ing ma ke ends (A ela e al., 2024; Luwihono e al., 2021). Ma ke
o ien a ion is a business philosophy ha emphasizes mee ing cus ome equi emen s and p e e ences
(Peng, 2024; Susan o e al., 2021). Businesses wi h a s ong compe i i e ad an age ocus on ma ke pe -
o mance, p o i abili y, and ma ke sha e. Go e nmen ini ia i es place s ong emphasis on en i onmen-
al p ese a ion and SME pe o mance (Al-Swidi e al., 2024; Rusdiyan o, Ka man, e al., 2020). By
consis en ly c ea ing new p oduc s and ma ke ing plans ha suppo go e nmen goals, SMEs can use
c ea i i y and inno a ion o aise he economic wo h o hei goods and se ices (P abowo e al., 2020;
Usada & Mu ni, 2020).
By consis en ly c ea ing new p oduc s and ma ke ing plans ha suppo go e nmen goals, SMEs can
use c ea i i y and inno a ion o inc ease he economic alue o hei goods and se ices (Ka e al.,
2020; Rusdiyan o, Hidaya , e al., 2020). A co po a ion’s obliga ion o de ec and educe ha m ul en i on-
men al e ec s, which includes bo h in e nal and ex e nal ac o s, is known as i s en i onmen al o ien a-
ion (Ka e al., 2020; Rusdiyan o, Agus ia, e al., 2020). An o ganiza ion’s obliga ion o ecognize and
educe nega i e en i onmen al e ec s, which include bo h in e nal and ex e nal issues, is e e ed o as
ha ing an en i onmen al o ien a ion (Juanamas a e al., 2019; Olayeni e al., 2021). G een business s a -
egies include se e al ace s, including g een ma ke ing, p oduc ion, R&D, and pu chasing (Ka e al.,
2020). Recen esea ch shows ha g een business me hods a e a o ably ela ed o en i onmen al
awa eness, which bene i s businesses. The IEO is an in e nal co po a e code o conduc ha p omo es
en i onmen al p ese a ion. I is equen ly ini ia ed by business execu i es (Sabihaini e al., 2019). IEO is
he s a egic alue o a i m ha emphasizes en i onmen al p ese a ion in s a egic planning, dealing
wi h en i onmen al challenges, and sa is ying s akeholde expec a ions and legal equi emen s (Ka
e al., 2020).
H
1
:En i onmen al o ien a ion has a posi i e e ec on g een business s a egy o SMEs
2.2.2. En i onmen al o ien a ion and pe o mance
Because hey a e he inpu s ha make daily ope a ions possible, his heo y emphasizes he c i ical ole
ha o ganiza ional esou ces play in imp o ing an o ganiza ion’s sus ainabili y and pe o mance (Xie
e al., 2024), acco ding o Hoskisson e al. (2018) Because hey a e he inpu s ha make daily ope a ions
possible, his heo y emphasizes he c i ical ole ha o ganiza ional esou ces play in imp o ing an
o ganiza ion’s sus ainabili y and pe o mance (Sahoo e al., 2024). Gi en ha hese a e he main inpu s
o e e yday ope a ions, he heo y highligh s he c i ical ole ha o ganiza ional esou ces play in
boos ing an o ganiza ion’s sus ainabili y and pe o mance (Asad e al., 2024). Wi h he help o inancial
and non- inancial esou ces, he esou ce-based s a egy eaches SMEs how o achie e inancial sus ain-
abili y while p omo ing en i onmen ally iendly p oduc s o help hem succeed and e ain cus ome s
4 SABIHAINI ET AL.
(Asad e al., 2024). Wi h he help o inancial and non- inancial esou ces, he esou ce-based s a egy
eaches SMEs how o achie e inancial sus ainabili y while p omo ing en i onmen ally iendly p oduc s
o help hem succeed and e ain cus ome s (Usada & Mu ni, 2020).
The Indonesian go e nmen and majo e aile s ha e joined o ces o gi e SMEs mode n ma ke
space wi h ISO 14000 and ISO 14005 ce i ica es o de elop he local economy and s eng hen he eco-
nomic ounda ion o he populace. A company’s pe o mance is e alua ed using he Balanced Sco eca d,
which conside s ou ac o s: inancial, cus ome , in e nal business p ocess, and lea ning and g ow h.
Pe o mance is g ea ly impac ed by en i onmen al o ien a ion, which has a a o able e ec on inancial
pe o mance. A company’s success and long- e m compe i i e ad an age can be imp o ed by inco po-
a ing IEO p inciples in o i s ope a ions.
The Indonesian go e nmen and majo e aile s ha e joined o ces o gi e SMEs mode n ma ke
space wi h ISO 14000 and ISO 14005 ce i ica es o de elop he local economy and s eng hen he eco-
nomic ounda ion o he populace. A company’s pe o mance is e alua ed using he Balanced Sco eca d,
which conside s ou ac o s: inancial, cus ome , in e nal business p ocess, and lea ning and g ow h.
Pe o mance is g ea ly impac ed by en i onmen al o ien a ion, which has a a o able e ec on inancial
pe o mance. A company’s success and long- e m compe i i e ad an age can be inc eased by inco po-
a ing IEO p inciples in o i s ope a ions (Rehman Khan & Yu, 2021).
H
2
:En i onmen al o ien a ion has a posi i e e ec on he pe o mance o SMEs
2.2.3. En i onmen al o ien a ion and en i onmen al pe o mance
By conse ing ene gy, esou ces, and ecycling, an en i onmen al pe spec i e helps businesses o adap ,
handle en i onmen al issues, and achie e a compe i i e edge. This mindse in luences a company’s ma -
ke sha e and epu a ion, enhances pe o mance, and assis s in daily ope a ions (Mohsin e al., 2024).
This esou ce-based s a egy aids in comp ehending how SMEs in Indonesia can h i e and a ain eco-
nomic sus ainabili y. The go e nmen suppo s SMEs, which a e expec ed o numbe 64,2 million by
2021, wi h p og ams such as KUR unding, p oduc i e aid, in es men inance, he Job C ea ion Law,
and loans wi h lowe in e es a es.
An o ganiza ion’s comp ehension o he e ec s o i s ope a ions on he en i onmen and he need
o co ec i e ac ion is known as en i onmen al o ien a ion (EEO). EEO a ec s how many esou ces a e
used, how egula ions a e ollowed, how in ol ed s akeholde s a e, and how p oduc i e employees a e,
which lowe s ope a ional ai pollu ion and was e managemen .
H
3
:En i onmen al o ien a ion has a posi i e e ec on en i onmen al pe o mance in SMEs
2.2.4. The in luence o en i onmen al pe o mance on he pe o mance o SMEs
The heo y emphasizes he signi icance o o ganiza ional esou ces, including hose ha a e ma e ial,
inancial, echnological, human, and o ganiza ional, and how owne ship and managemen o hese
esou ces a ec an o ganiza ion’s success and sus ainabili y, allowing businesses o consis en ly ou pe -
o m hei i als (Al-Omoush e al., 2024). Unde s anding how SMEs can a ain economic sus ainabili y
by accumula ing inancial and non inancial esou ces is easie om a esou ce-based pe spec i e.
Businesses can now inco po a e en i onmen al conside a ions in o ope a ions acco ding o egula ions
adop ed by he Minis y o En i onmen and Bank Indonesia (U ama e al., 2024).
Wi h PROPER legisla ion backing en i onmen al p o ec ion ini ia i es wi h li le ad e se impac , busi-
nesses can in eg a e en i onmen al conce ns in o ope a ions and s akeholde engagemen . Ope a ions,
ma ke sha e, clien e en ion, and consume in luence can all bene i om ongoing imp o emen s in
en i onmen al pe o mance (Ong e al., 2019) he inancial success o a business and bene i s s akehold-
e s, in es o s, and po en ial in es o s. The u iliza ion o esou ces, compliance wi h egula ions, s ake-
holde in ol emen , and p oduc i i y a e all ac o s. Recen empi ical in es iga ions indica e ha
ecological pe o mance in luences pe o mance (Ong e al., 2019) demons a ing ha en i onmen al pe -
o mance migh impac inancial pe o mance.
H
4
:En i onmen al Pe o mance has a posi i e e ec on he pe o mance o SMEs.
COGENT ECONOMICS & FINANCE 5
2.2.5. The e ec o g een business s a egy on he pe o mance o SMEs
The esou ce-based pe spec i e places s ong emphasis on he alue o o ganiza ional esou ces in gua -
an eeing he pe o mance and iabili y o an o ganiza ion. The physical, mone a y, echnological, human,
and o ganiza ional componen s comp ise hese esou ces. U ilizing hese esou ces well, whe he bough
o e ained, can p o ide businesses wi h a compe i i e ad an age (Alghamdi & Agag, 2024). The
esou ce-based app oach helps o unde s and he bene i s o acqui ing inancial and non- inancial
esou ces o SMEs’economic sus ainabili y and g ow h du ing he Co id-19 pandemic, which nega i ely
impac s Indonesia’s SMEs due o lockdown measu es and qua an ine p ocedu es (Yunus & Rezki, 2020).
The go e nmen ’s lockdown policy slows economic g ow h, has an impac on ade, lowe s ai pollu ion,
and s ops he sp ead o COVID-19. Howe e , some cus ome s s ill make pu chases online o o line,
which hu s businesses.
Bıc¸akcıo
glu e al. (2020) In o de o a ain he bes en i onmen al pe o mance, a company’s s a egy
is in eg a ed wi h en i onmen al conside a ions. Financial ou comes, expo inancial pe o mance, and
en i onmen al p ese a ion a e hea ily impac ed by his s a egy. G een businesses expand hei cus-
ome base, make inancial sa ings, boos ou pu , and p ese e hei en i onmen . Addi ionally, hey
p o ide a compe i i e ad an age ha las s o a long ime, imp o es pe o mance, and has a posi i e
and signi ican impac on inancial success (Olayeni e al., 2021).
H
5
:G een business s a egy has a posi i e e ec on he pe o mance o SMEs
2.2.6. The in luence o en i onmen al o ien a ion on g een business s a egy h ough op manage-
men ecological awa eness as a media ing a iable
As hei pe o mance depends on sa is ying he equi emen s o all s akeholde s, s akeholde heo y
unde lines he signi icance o companies unde aking s akeholde -d i en e o s o add ess p essu e and
eques s success ully (Lim & Pope, 2022). S akeholde s a e looking o SMEs wi h adap able, en i onmen-
ally conscious s a egies ha conside demog aphic changes, echnology imp o emen s, globaliza ion,
and en ep eneu ship. Spo ing possibili ies, dic a ing ma ke speed, aking p uden isks, and o eseeing
ends a e s essed in an en ep eneu ial mindse . Ma ke o ien a ion places s ong emphasis on mee ing
cus ome needs, which p omo es apid de elopmen and p o i abili y (Abbas e al., 2024).
To p o e ha an independen a iable X in luences a dis al dependen a iable Y h ough a media-
ing a iable, h ee es s a e o e ed (Capasso e al., 2024). When a a iable sa is ies speci ic c i e ia, such
as a ze o Pa h c, no disce nible ela ionship be ween he independen and dependen a iables, and li -
le co ela ion, as shown in Figu e 1, i can ope a e as a media o . An o ganiza ion’s s a egy o ackling
en i onmen al p oblems, encou aging s akeholde engagemen , and dissemina ing in o ma ion is
e e ed o as i s en i onmen al o ien a ion. This o e s a manage ial pe spec i e on CSR ini ia i es and
guiding p inciples. The ela ionship be ween implemen ing g een business s a egies and ha ing an eco-
logical mindse is s eng hened by high-le el managemen ’s en i onmen al knowledge, enabling en e -
p ises o u ilize esou ces and eap he bene i s o he ulles ex en (Yasi e al., 2020). The essay places
a s ong emphasis on he alue o senio managemen in suppo ing a g een business s a egy.
H
6
:En i onmen al o ien a ion has a posi i e and signi ican e ec on g een business s a egy h ough op
managemen en i onmen al awa eness as a media ing a iable in SMEs
2.6.7. The in luence o en i onmen al o ien a ion on he pe o mance o SMEs h ough ecological
pe o mance as a media ing a iable
The esou ce-based pe spec i e, which conside s physical, mone a y, echnological, human, and o gan-
iza ional esou ces, highligh s he impo ance o o ganiza ional esou ces o gua an eeing sus ainabili y
and success. Businesses may ha e a compe i i e ad an age i hese esou ces a e e ec i ely used
(Alghamdi & Agag, 2024). Acco ding o he esou ce-based s a egy, SMEs should p io i ize s akeholde s,
including sha eholde s, c edi o s, clien s, supplie s, he go e nmen , and he local communi y, while
assembling inancial and non- inancial esou ces o economic sus ainabili y (Vania & Anwa , 2022). In
his ins ance, s akeholde s seek an en i onmen ally ocused s a egy.
6 SABIHAINI ET AL.
Flexible plans o SMEs a e equi ed based on he needs o global comme ce, echnological ad ance-
men s, demog aphic changes, inno a ion, inancial suppo , and en ep eneu ship. While ma ke o ien a-
ion concen a es on mee ing cus ome demands, en ep eneu ial o ien a ion s esses oppo uni y
iden i ica ion and exploi a ion, inno a i e ma ke s a egies, and p oac i e esponsi eness o ma ke
de elopmen (F anczak e al., 2024). Companies ha a e ma ke ocused can ad ance mo e swi ly, as
seen by he popula i y, p o i abili y, ma ke sha e, and sus ained compe i i e ad an age o hei new
lagship p oduc s (Allal-Ch
e i e al., 2024). When a p e iously signi ican link ceases o be signi ican
when Pa hs a and b a e con olled o , a a iable is called a media o i changes in i s le els signi ican ly
explain changes in he media o , Pa h a, and Pa h b.
Flexible plans o SMEs emphasize oppo uni y iden i ica ion, inno a i e ac ics, and p oac i e
esponses o adjus o ac o s such as global ade, echnical imp o emen s, demog aphic changes,
inno a ion, inancial suppo , and en ep eneu ship (A ela e al., 2024). The e o e, we con end ha o
imp o e pe o mance, en i onmen al elemen s mus be conside ed.
H
7
:En i onmen al o ien a ion has a posi i e and signi ican e ec on he pe o mance o SMEs h ough
en i onmen al pe o mance as a media ing a iable o SMEs
2.3. Resea ch concep ual amewo k
The concep ual amewo k explains he independen and dependen a iables, which a e he media ing
a iables used in his s udy. Conside ing he explana ions o he heo e ical ounda ions, concep s, and
hypo heses o e ed abo e, he concep ual amewo k o he s udy can be s a ed as ollows:
3. Resea ch me hodology
This s udy examines he impac o en i onmen al o ien a ion on g een business s a egy and SME pe -
o mance using quan i a i e me hodology and hypo hesis es ing. All SMEs in he Special Region o
Yogyaka a we e included in he popula ion, which we e selec ed using non-p obabili y sampling and
pu pose ul sampling me hods. Wi h sample sizes anging om 30 o 500, his s udy ocuses on p oc-
essing SME ood, lea he , and u ni u e ha ha e a dedica ion o en i onmen al sus ainabili y
(Omoloso e al., 2024). N samples we e used in his in es iga ion. The e we e 130 esponses. dis ib-
u ed su eys o 130 SMEs; howe e , only 103 esponded. As a esul , he da a p ocessing is comple e
(Table 1).
Figu e 1. Resea ch amewo k.
COGENT ECONOMICS & FINANCE 7
Based on he abo e able, we in e p e he esul s as ollows.
4.4.1. The in luence o en i onmen al o ien a ion on g een business s a egy
Based on Es ima ion pa ame e s o es ing, he in luence o en i onmen al o ien a ion on g een business
s a egy shows a ma k coe icien es ima ion o 0.328 and a CR o 2.595 wi h a p obabili y o 0.009, and a
signi icance p obabili y o <0.05. I can be concluded ha hypo hesis Fi s s a ed en i onmen al o ien a-
ion has a posi i e and signi ican in luence on g een business s a egy in SMEs in he Special Region o
Yogyaka a, and inc easingly all en i onmen al men al o ien a ion has an impac on imp o emen owa ds
g een business s a egy in SMEs, and ice e sa, he mo e low en i onmen al men al o ien a ion has an
impac on he decline o SMEs’g een business s a egy in he Special Region o Yogyaka a.
Table 13. Goodness o i index.
Goodness o i index Cu -o alue Resea ch model Model
Chi Squa e S a is ics 2020,739
P obabili y 0.05 0.000 _ Ma ginal Fi
RMSEA 0.08 0.056 Good Fi
GFI 0.90 0.629 Ma ginal Fi
AGFI 0.90 0.600 Ma ginal Fi
CMIN/DF 2.0 1.319 Good Fi
TLI 0.90 0.931 Good Fi
CFI 0.90 0.928 Good Fi
Figu e 2. Full model s uc u al equa ion modeling.
Table 14. Tes ing in luence di ec .
Es ima es S.E CR pLabel
TMEA <—E.O .883 .102 8.650  pa _56
GBS <—E.O .328 .126 2.595 .009 pa _53
EP <—E.O .968 .105 9.193  pa _55
GBS <—TMEA .432 .126 3.421  pa _58
KI <—E.O .484 .135 3.575  pa _54
KI <—GBS .273 .088 3.107 .002 pa _57
KI <—EP .295 .103 2.863 .004 pa _59
Signi icance le el 1% (), 5%(), 10%().
14 SABIHAINI ET AL.

Acco ding o ea lie s udies, he esul s o S uc u al Equa ion Modeling (SEM) esea ch u ilizing
AMOS show ha an o ganiza ion’s o ien a ion en i onmen has a conside able impac on i s s a egy-
iendly en i onmen (Yasi e al., 2020). The s udy suppo ing he idea ha emphasizing he en i on-
men has a a o able in luence on c ea ing a clima e conduci e o business s a egy. This unde lines he
signi icance o he en i onmen al di ec ion in c ea ing such an en i onmen , as en i onmen ally con-
scious SMEs a e p ospe ing and implemen ing success ul business plans. This componen mus be main-
ained and imp o ed o SMEs o succeed.
S a egic planning o SMEs mus conside he in e nal en i onmen ’s o ien a ion, including i s alues,
ision, mission, and dedica ion o en i onmen al p o ec ion (Cha ez e al., 2021). To sa is y he demands
o cus ome s, supplie s, and egula o y au ho i ies, SMEs mus design s akeholde -d i en s a egies o
ensu e ha hey a e in line wi h ex e nal su oundings and se e he in e es s o all s akeholde s (Khan
e al., 2021). Fo g een business plans o succeed, o ien a ion ecology is essen ial because i c ea es a
p o ec i e en i onmen ha in luences he in e nal and ex e nal en i onmen s o SMEs and enhances
hei business s a egies.
4.4.2. The e ec o en i onmen al o ien a ion on SME pe o mance
Acco ding o he s udy, en i onmen al o ien a ion has a bene icial impac on SME pe o mance in
Yogyaka a’s Special Region, wi h highe o ien a ion esul ing in enhanced pe o mance and lowe o ien-
a ion esul ing in declining pe o mance. These conclusions we e suppo ed by he AMOS SEM in es i-
ga ion (Aboelmaged, 2018). The decla a ion a i ms ha no enough is known abou he subs an ial and
good e ec s o he ecology company on pe o mance (Yu & Huo, 2019). Acco ding o he su ey, SMEs
emphasize hei su oundings o imp o ed pe o mance. These indings imply ha an o ien ed se ing
can imp o e SME pe o mance. The a iable o ien a ion ecology demons a es he impo ance o expos-
u e o he bes in e nal and ex e nal en i onmen s o enhance SME pe o mance.
By in eg a ing in e nal en i onmen al o ien a ion ideals and p ac ices wi h ex e nal en i onmen al
o ien a ion, implemen a ion o ien a ion in a p oac i e en i onmen can imp o e he pe o mance, esul -
ing in supe io and long- e m compe i i eness (Zeng e al., 2024). Fo SMEs o p ojec a posi i e image,
boos sales, and gain ma ke sha e, en i onmen al o ien a ion is essen ial, because i imp o es pe o m-
ance by encou aging bo h posi i e in e nal and ex e nal en i onmen al o ien a ions.
4.4.3. E ec o en i onmen al o ien a ion on en i onmen al pe o mance
Based on pa ame e s es ima ion Fo es ing The in luence o en i onmen al o ien a ion on en i onmen-
al pe o mance shows ma k coe icien es ima ion o 0.968 and CR o 9.193 wi h p obabili y o 0.000
hen signi icance p obabili y <0.05, can concluded ha hypo hesis hi d s a ed ‘En i onmen al o ien a-
ion has an in luence posi i e and signi ican on he en i onmen al pe o mance o SMEs in he Special
Region o Yogyaka a’is p o en. This means ha a highe en i onmen al o ien a ion can inc ease en i -
onmen al pe o mance in SMEs, and ice e sa, while a lowe en i onmen al o ien a ion can impac he
en i onmen al pe o mance o SMEs in he Special Region o Yogyaka a.
Acco ding o an AMOS SEM s udy, he o ien a ion en i onmen inc eased he pe o mance en i on-
men . As s a ed by Yasi e al. (2020), Acco ding o he epo , SMEs ha place a s ong p io i ize en i -
onmen al conside a ions pe o m be e . I ocuses on how c ucial i is o comp ehend and imp o e
exposu e si ua ions o imp o e pe o mance. A company’s pe o mance is a ec ed by bo h in e nal and
ex e nal ac o s. Businesses ha p io i ize en i onmen al conce ns in hei ope a ions help c ea e a sus-
ainable pe o mance en i onmen by gene a ing less was e and pollu ion (Ali e al., 2024).
Consequen ly, SMEs mus p ese e and enhance hei ecological emphasis. The en i onmen al pe o m-
ance o SMEs is in luenced by hei o ien a ion om exposu e o good in e nal and ex e nal ecology.
4.4.4. In luence o en i onmen al pe o mance on SME pe o mance
Based on es ima ed pa ame e s Fo es ing he in luence o en i onmen al pe o mance on SME pe -
o mance shows ma k coe icien es ima ion o 0.295 and CR o 2.863 wi h p obabili y o 0.004 hen sig-
ni icance p obabili y <0.05, can concluded ha hypo hesis ou h s a ed ‘En i onmen al Pe o mance
has an in luence posi i e and signi ican o SME pe o mance in he Special Region o Yogyaka a’is p o-
en. This means ha highe en i onmen al pe o mance can imp o e SME pe o mance, and ice e sa,
COGENT ECONOMICS & FINANCE 15
he lowe en i onmen al pe o mance impac declines SME pe o mance in he Special Region o
Yogyaka a.
Based on esul s analysis, SEM ha u ilizes AMOS shows ha he pe o mance en i onmen inc eases
SME pe o mance (Siswan o & Soewa no, 2018). Acco ding o he s udy, and ha SMEs pe o m be e
when hei pe o mance en i onmen is high, highligh ing he signi icance o conside ing aspec s such
as p oduc i e powe , egula o y compliance, s akeholde dialogue, and e icien powe o imp o e hei
pe o mance and po en ially inc ease ma ke sha e, al e p ospec s, and e ain cus ome s (I. A. Wong
e al., 2021). SMEs can become mo e compe i i e by educing pollu an s, u ilizing eco- iendly se ings,
and es ablishing sus ainable p ocedu es. En i onmen al pe o mance imp o es SMEs’use, compliance,
s akeholde in e es s, and p oduc i i y, and boos s public us . To inc ease ma ke sha e, pe suade cus-
ome s, and main ain cus ome loyal y, olun ee s should concen a e on en i onmen al conse a ion
and p ese ing s akeholde ela ionships (Ewane, 2024). By educing pollu an s, os e ing a welcoming
a mosphe e o p oduc s, and adop ing sus ainable business p ac ices, en i onmen al pe o mance helps
SMEs compe e mo e e ec i ely, while also gaining public us (Jia & Shang, 2024). SMEs ha pe o m
well in e ms o hei en i onmen , including esou ce use, egula o y compliance, s akeholde engage-
men , and p oduc i i y, can become mo e compe i i e and imp o e bo h hei p esen and u u e
pe o mance.
4.4.5. E ec o g een business s a egy on SME pe o mance
Based on he es ima ion pa ame e esul s, o es he in luence o g een business s a egy on SME pe -
o mance, shows a ma k coe icien es ima ion o 0.273 and a CR o 3.107 wi h a p obabili y o 0.002,
and a signi icance p obabili y o <0.05, i can be concluded ha he i h hypo hesis s a es ha he
g een business s a egy is posi i ely and signi ican ly in luen ial on SME pe o mance in he Special
Region o Yogyaka a. This means ha a alle g een business s a egy can enhance SME pe o mance,
and ice e sa, and a lowe g een business s a egy can impac he decline in SME pe o mance in he
Special Region o Yogyaka a.
Based on esul s SEM analysis using AMOS shows ha g een business s a egy in luen ial posi i e and
signi ican o SME pe o mance Resea ch esul s This in line wi h s udy p e iously done by Hana iah
e al. (2021) which s a es ha g een business s a egy has an e ec posi i e and signi ican on inancial
pe o mance and (Bıc¸akcıo
glu-Peyni ci e al., 2020). Acco ding o esea ch, a g een company s a egy
has a big impac on SME and expo inancial pe o mance. A highly g een business s a egy imp o es
pe o mance by emphasizing ecologically esponsible choices. G een human esou ce managemen
(HRM), inance, ma ke ing, manu ac u ing, R&D, and ma ke ing a e impo an componen s. To pe o m
bes , SMEs should conside en i onmen al ac o s while making decisions. De eloping a g een business
plan en ails p omo ing en i onmen al p o ec ion, using na u al and o ganic p oduc s, and sou cing sup-
plies and designs in a esponsible manne . Pu ing in o p ac ice A g een app oach has se e al ad an-
ages, including ma ke access, cos sa ings, assis ance, and p oduc i i y (Naumo a-Mihajlo ska, 2023).
Managing a g een business s a egy can be conside ed an oppo uni y o sa e expendi u e o cos s
(Asad e al., 2024).
By educing pollu an s and p omo ing a p oduc - iendly en i onmen , SMEs can become mo e com-
pe i i e and imp o e hei pe o mance o e ime using g een business s a egies (Ge e al., 2018). Using
e icien echniques, SMEs can imp o e hei pe o mance by applying g een business s a egies, includ-
ing g een HRM, inance, ma ke ing, p oduc ion, R&D, and ma ke ing.
4.5. Tes ing in luence no li e and discussion
Based on able abo e (Table 15), hen u he mo e can done in e p e a ion on esul s es ing as
ollowing
4.5.1. The in luence o en i onmen al o ien a ion on g een business s a egy h ough op manage-
men en i onmen al awa eness as a iable media ion
Based on he esul s, es ing does no di ec ly show ha he -s a is ic alue is 3.187 >1.96, and he sig
alue is 0.001 <0.05, showing ha op managemen en i onmen al awa eness is capable o media ing
16 SABIHAINI ET AL.
he in luence o en i onmen al o ien a ion on g een business s a egy. Thus, he in luence o en i on-
men al o ien a ion on g een business s a egy will be g ea e h ough op managemen ’s en i onmen al
awa eness. Thus, hypo hesis six h which s a ed ‘en i onmen al o ien a ion has a posi i e and signi ican
in luence on g een business s a egy h ough op managemen en i onmen al awa eness as a iable
media ion o SMEs in he Special Region o Yogyaka a’.
The Sobel es esul s show ha he skill en i onmen managemen peak can ha e a signi ican and
p o i able impac on he connec ion be ween o ien a ion ecology and a business s a egy- iendly en i -
onmen . Impac ocus ecology on g een business s a egy will inc ease along wi h he knowledge en i -
onmen managemen peak (Yasi e al., 2020). This s udy disco e ed a s ong ela ionship be ween
ecological o ien a ion and g een business s a egy, wi h awa eness o en i onmen al managemen sig-
ni ican ly con ibu ing o he de elopmen o his ela ionship. S ong en i onmen al awa eness allows
manage s o mee a ious demands and ad ance hei companies (Cao e al., 2019). By inco po a ing
en i onmen al p o ec ion in o business s a egies and p omo ing a mo e sus ainable wo k en i onmen ,
op managemen ’s commi men o en i onmen al awa eness can assis SMEs in enhancing hei g een
business s a egies (La an e al., 2018). In addi ion o s eng hening en i onmen al o ien a ion, he
Special Region o Yogyaka a mus imp o e awa eness managemen o build a g een business s a egy
o SMEs.
4.5.2. In luence en i onmen al o ien a ion owa ds SME pe o mance h ough en i onmen al pe -
o mance as a iable media ion
Based on he es esul s, no di ec shows ha he -s a is ic alue is 3.187 >1.96, and he sig alue is
0.001 <0.05, indica ing ha op managemen en i onmen al awa eness is capable o media ing he
in luence o en i onmen al o ien a ion on g een business s a egy. Thus, he in luence o en i onmen al
o ien a ion on g een business s a egy will be g ea e h ough op managemen ’s en i onmen al awa e-
ness. Thus, hypo hesis six h which s a ed ‘en i onmen al o ien a ion has a posi i e and signi ican in lu-
ence on g een business s a egy h ough op managemen en i onmen al awa eness as a iable
media ion o SMEs in he Special Region o Yogyaka a’.
Based on Sobel es ing, he pe o mance en i onmen can ha e a la ge and p o i able impac on he
connec ion be ween he o ien a ion ecology and he pe o mance o small and medium en e p ises
(SMEs). Consequen ly, he pe o mance en i onmen has a g ea e in luence on he SME pe o mance.
En i onmen al pe o mance-o ien ed en i onmen s help company small and medium sized en e p ises
(SMEs) main ain and imp o e pe o mance. This can epai he su ounding en i onmen o small and
medium-sized en e p ises (SMEs) h ough pe o mance ecology and company s uc u e. En i onmen al
s a egy li e will inc ease p oduc ion, dec ease he cos -p o ec ion en i onmen , and imp o e SME pe -
o mance. An inc ease in ecological pe o mance will inc ease ma ke sha e, change p ospec s, and
e ain consume s (Duan e al., 2024). Wi h inc eased epu a ion and ope a ional e ec i eness, he pe -
o mance en i onmen will inc ease income a a ime lowe isk ela ed ecology wi h p ac ice de imen-
al business pe o mance (Fa ooq e al., 2024) because an inc ease in pe o mance and a en ion o he
en i onmen can help SMEs in he Special Region o Yogyaka a ope a e wi h mo e p o i abili y.
5. Conclusion
Based on he es esul s, no di ec shows ha he -s a is ic alue is 3.187 >1.96, and he sig alue is
0.001 <0.05, indica ing ha op managemen en i onmen al awa eness is capable o media ing he
in luence o en i onmen al o ien a ion on g een business s a egy. Thus, he in luence o en i onmen al
o ien a ion on g een business s a egy will be g ea e h ough op managemen ’s en i onmen al awa e-
ness. Thus, hypo hesis six h which s a ed ‘en i onmen al o ien a ion has a posi i e and signi ican
Table 15. Tes ing in luence no di ec .
Pa h -S a is ics S d. E o p-Value
GBS <—TMEA <—E.O 3,187 0.119 0.001
P<—EP <—E.O 2,735 0.104 0.006
COGENT ECONOMICS & FINANCE 17
in luence on g een business s a egy h ough op managemen en i onmen al awa eness as a iable
media ion o SMEs in he Special Region o Yogyaka a’.
Based on Sobel es ing, he pe o mance en i onmen can ha e a la ge and p o i able impac on he
connec ion be ween he o ien a ion ecology and he pe o mance o small and medium en e p ises
(SMEs). Consequen ly, he pe o mance en i onmen has a g ea e in luence on he SME pe o mance.
En i onmen al pe o mance-o ien ed en i onmen s help company small and medium sized en e p ises
(SMEs) main ain and imp o e pe o mance. This can epai he su ounding en i onmen o small and
medium-sized en e p ises (SMEs) h ough pe o mance ecology and company s uc u e. En i onmen al
s a egy li e will inc ease p oduc ion, dec ease he cos -p o ec ion en i onmen , and imp o e SME pe -
o mance. An inc ease in ecological pe o mance will inc ease ma ke sha e, change p ospec s, and
e ain consume s (Subagio & Has a i, 2021). Wi h inc eased epu a ion and ope a ional e ec i eness, he
pe o mance en i onmen will inc ease income a a ime lowe isk ela ed ecology wi h p ac ice de i-
men al business pe o mance (Ju e al., 2024) because an inc ease in pe o mance and a en ion o he
en i onmen can help SMEs in he Special Region o Yogyaka a ope a e wi h mo e p o i abili y
5.1. Resea ch implica ions
This s udy has se e al implica ions o heo y, p ac ice, and policy o mula ion. This esea ch p o ides
heo e ical and p ac ical implica ions: I p o ides empi ical e idence in he ield o SME Managemen
ha has a commi men and o ien a ion owa ds he en i onmen in i s business ac i i ies. SME c i e ia:1)
Ha e liquid, solid, o gas was e managemen ; 2) P ocess animal skins wi h en i onmen ally iendly lea-
he aw ma e ials; and 3) The main aw ma e ial is wood using en i onmen ally iendly inishing ma e-
ials. Based on empi ical indings suppo ed by he concep s o en i onmen al o ien a ion, g een
business s a egy, and pe o mance, and suppo ed by Resou ce-Based View Theo y.
The esul s o his esea ch p o ide inpu on he de elopmen and imp o emen o co po a e inan-
cial go e nance p ac ices in Indonesia, speci ically, he ollowing p ac ical implica ions:1. The esul s o
hese empi ical indings p o ide implica ions o company managemen as policy making ela ed o
En i onmen al o ien a ion has a posi i e and signi ican e ec on he g een business s a egy o SMEs,
En i onmen al o ien a ion has a posi i e and signi ican e ec on pe o mance in SMEs, En i onmen al
o ien a ion has a posi i e and signi ican e ec on he en i onmen al pe o mance o SMEs,
En i onmen al pe o mance has a posi i e and signi ican e ec on SME pe o mance, G een business
s a egy has a posi i e and signi ican e ec on SME pe o mance, En i onmen al o ien a ion has a posi-
i e and signi ican e ec on g een business s a egy h ough op managemen en i onmen al awa e-
ness o SMEs, En i onmen al o ien a ion has a posi i e and signi ican e ec on SME pe o mance
h ough en i onmen al pe o mance o SMEs, so ha he empi ical indings can be used by company
managemen and he go e nmen . 2. These empi ical indings p o ide e idence in he ield o SMEs by
examining en i onmen al o ien a ion, g een business s a egy, SME pe o mance, en i onmen al pe -
o mance, g een business s a egy, and op managemen en i onmen al awa eness o SMEs.
Fu he mo e, we en ich empi ical indings in he ield o SME managemen and se e as a e e ence o
u u e esea ch.
5.2. Resea ch limi a ions
This s udy had inhe en limi a ions. The limi a ions help explain his esea ch and a oid inco ec in e -
ences. The disclosu e o ules also allows u u e esea ch o ill in he gaps in his s udy: 130 esponden s
we e used o con en analysis. Only 103 o 130 SMEs e u ned he ques ionnai e. The e o e, da a p oc-
essing is limi ed o SMEs in ood p ocessing, lea he , and u ni u e managemen .
Au ho ’s con ibu ion
R, S, JEP, AK ca ied ou he esea ch, w o e and e ised he a icle S, JEP, AK, R concep ualised he cen-
al esea ch idea and p o ided he heo e ical amewo k. R, S, JEP, AK designed and supe ised he
esea ch p og ess; S, R, JEP, AK ancho ed he e iew e isions and app o ed he a icle submission.
18 SABIHAINI ET AL.
Disclosu e s a emen
The au ho s ag ee ha his esea ch was conduc ed wi hou any sel -bene i comme cial o inancial con lic s and
decla e he absence o con lic ing in e es s wi h he unde s.
Funding
The unde in his esea ch is Uni e si as Pembangunan Nasional “Ve e an”Yogyaka a, Jl. Padjadja an/SWK 104 Ring
Road Condongca u Dis ic . Depok, Sleman Regency, Special Region o Yogyaka a 55283, Indonesia.
Abou he au ho s
Associa e P o esso D . Sabihaini, SE., M.Si., CIIQA., CRP., CPM, is he AMI Audi o and Highe
Educa ion BKD In e nal Assesso . He ea ned a Bachelo o Economics deg ee om K isnadwipayana
Uni e si y Jaka a Indonesia wi h a Bachelo o Managemen (S.E) deg ee, a Mas e o Managemen
Pos g adua e P og am om Gadjah Mada Uni e si y Yogyaka a Indonesia wi h a Bachelo Deg ee
(M.Sc), a Doc o o Managemen Science P og am om he Facul y o Economics and Business,
Uni e si as B awijaya wi h he i le (D .). His esea ch in e es s include co po a e and compe i i e
s a egy, s a egic managemen , o ganiza ional design, supply chain managemen , ma ke ing, en i -
onmen al and social esponsibili y, and social science and in o ma ion echnology esea ch.
Assis an P o esso D . Rusdiyan o, SE. M.Ak, CH, CH .Highe Educa ion S1 Uni e si as Madu a
G adua ed wi h a Bachelo o Accoun ing (SE), Mas e o Accoun ing S udy P og am, Eas Ja a
Ve e an Na ional De elopmen Uni e si y G adua ed wi h Mas e o Accoun ing (M.Ak),
Pos g adua e o Doc o al P og am in Accoun ing, Facul y o Economics and Business, Uni e si as
Ai langga Su abaya G adua ed Doc o o Accoun ing Science (D ).
ORCID
Sabihaini h p://o cid.o g/0000-0003-4238-9053
Janua Eko P ase io h p://o cid.o g/0000-0002-2161-4998
Rusdiyan o h p://o cid.o g/0000-0002-7456-7072
Da a a ailabili y s a emen
The s udy did no in ol e any da a se s and he a icles collec ed we e sou ced om h ps://www.scopus.com/
home.u i, accessed on 2022 and h ps://schola .google.com/, accessed on 2022.
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