Nug oho, Yanua ; Soewa no, Noo lailie
A icle
En ep eneu ship o ien a ion and managemen ies in
he ela ionship be ween echnological oppo unism and
inno a ion pe o mance
Cogen Business & Managemen
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Nug oho, Yanua ; Soewa no, Noo lailie (2024) : En ep eneu ship o ien a ion
and managemen ies in he ela ionship be ween echnological oppo unism and inno a ion
pe o mance, Cogen Business & Managemen , ISSN 2331-1975, Taylo & F ancis, Abingdon, Vol. 11,
Iss. 1, pp. 1-17,
h ps://doi.o g/10.1080/23311975.2024.2413393
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/326609
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by/4.0/
Cogen Business & Managemen
ISSN: 2331-1975 (Online) Jou nal homepage: www. and online.com/jou nals/oabm20
En ep eneu ship o ien a ion and managemen
ies in he ela ionship be ween echnological
oppo unism and inno a ion pe o mance
Yanua Nug oho & Noo lailie Soewa no
To ci e his a icle: Yanua Nug oho & Noo lailie Soewa no (2024) En ep eneu ship
o ien a ion and managemen ies in he ela ionship be ween echnological oppo unism
and inno a ion pe o mance, Cogen Business & Managemen , 11:1, 2413393, DOI:
10.1080/23311975.2024.2413393
To link o his a icle: h ps://doi.o g/10.1080/23311975.2024.2413393
© 2024 The Au ho (s). Published by In o ma
UK Limi ed, ading as Taylo & F ancis
G oup
Published online: 22 Oc 2024.
Submi you a icle o his jou nal
A icle iews: 840
View ela ed a icles
View C ossma k da a
Ci ing a icles: 1 View ci ing a icles
Full Te ms & Condi ions o access and use can be ound a
h ps://www. and online.com/ac ion/jou nalIn o ma ion?jou nalCode=oabm20
Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2413393
En ep eneu ship o ien a ion and managemen ies in he
ela ionship be ween echnological oppo unism and inno a ion
pe o mance
Yanua Nug ohoa and Noo lailie Soewa nob
aFacul y o economics and Business, Facul y o Voca ional s udies, uni e si as ai langga, su abaya, eas Ja a, indonesia;
bFacul y o economics and Business, uni e si as ai langga, su abaya, eas Ja a, indonesia
ABSTRACT
Du ing economic c ises, inno a ion pe o mance becomes a c i ical d i e o
compe i i eness. Technological oppo unism is ecognized wi hin dynamic ma ke s as a
key d i e o inno a ion de elopmen . Howe e , gaps pe sis in unde s anding how
echnological lexibili y, pu sui o en ep eneu ial oppo uni ies, and esou ce
op imiza ion in luence inno a ion pe o mance. In o de o ill hese gaps, his s udy
looks a he ela ionship be ween echnical oppo unism and inno a ion pe o mance
while aking manage ial ies and en ep eneu ial o ien a ion in o accoun as mode a ing
ac o s. The s udy, which collec ed 93 ques ionnai es om manage s, eam leade s,
b anch leade s, and di ec o s o Indonesian banks, inds a a ou able and s a is ically
signi ican co ela ion be ween echnological oppo unism and inno a ion pe o mance.
I was disco e ed ha manage ial ies and en ep eneu ial inclina ion mode a ed his
link. The indings con ibu e o b idging knowledge gaps in en ep eneu ship,
echnology, and inno a ion, pa icula ly wi hin he banking indus y.
1. In oduc ion
In oday’s apidly e ol ing business en i onmen , cha ac e ized by signi ican echnological ad ance-
men s and economic unce ain ies, i ms’ abili y o inno a e has become a c i ical de e minan o hei
su i al and success. The banking indus y, in pa icula , aces unp eceden ed challenges due o he ise
o digi al echnologies, inc easing compe i ion om in ech companies, and he ongoing impac s o he
COVID-19 pandemic. These ac o s necessi a e a s a egic ocus on le e aging echnological oppo unism,
en ep eneu ial o ien a ion, and s ong managemen ies o sus ain inno a ion and compe i i eness.
In he e e -changing landscape o he mode n business wo ld, en ep eneu ial ac i i y is an essen ial
d i ing o ce o inno a ion, g ow h and compe i i eness (B u on e al., 2023). When op manage s
exhibi an en ep eneu ial op managemen s yle in hei s a egic choices and managemen philosophy,
he company is classi ied as an en ep eneu ial en e p ise—one o he ways o enhance i s compe i i e
ad an age (Paek & Lee, 2018). The e o e, main aining company pe o mance du ing economic c ises calls
o adap abili y in business p ac ices, seizing business oppo uni ies, op imizing esou ces, and de elop-
ing inno a i e p ocesses (Hasgall & Ahi u , 2018; Ku a ko & Mo is, 2018; La Na ie e al., 2014). Coope
(2019) ound ha he comme cial success o new p oduc s can be in luenced by a company’s s ong R&D
o ien a ion and u iliza ion o cu ing-edge echnology in new p oduc p oduc s.
In as -mo ing ma ke s, i ms’ speci ic echnological capabili ies p o ide a ela i ely secu e ounda ion
o long- e m s a egies o achie e a compe i i e ad an age (Feng e al., 2020). En ep eneu -o ien ed
companies a e mo e dynamic, lexible, and oppo unis ic in seizing oppo uni ies o imp o e company
pe o mance. A high deg ee o en ep eneu ial o ien a ion becomes impo an when conside ing he
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT noo lailie soewa no noo lailie-s@ eb.unai .ac.id Facul y o economics and Business, uni e si as ai langga, su abaya,
eas Ja a, indonesia.
h ps://doi.o g/10.1080/23311975.2024.2413393
his 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. he 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 .
ARTICLE HISTORY
Recei ed 26 Ap il 2024
Re ised 30 Sep embe
2024
Accep ed 2 Oc obe 2024
KEYWORDS
En ep eneu ship;
inno a ion pe o mance;
manage ial ies;
echnological
oppo unism; economy
SUBJECTS
Business, Managemen
and Accoun ing;
Co po a e Go e nance;
Managemen o
Technology & Inno a ion;
O ganiza ional S udies;
En ep eneu ship
ENTREPRENEuRSHIP & INNOVATION | RESEARCH ARTICLE
2 Y. NuGROHO AND N. SOEWARNO
le el and agili y o he echnological u bulence ha companies ace oday and he con inued impac o
digi al echnology on indi iduals and companies ac oss indus ies.
The digi al ans o ma ion sweeping ac oss indus ies has p o oundly impac ed he banking sec o .
T adi ional banks a e unde p essu e o adop new echnologies o enhance ope a ional e iciency,
imp o e cus ome expe iences, and de elop inno a i e inancial p oduc s. The ise o in ech i ms o e -
ing agile and cus ome -cen ic solu ions pose a signi ican h ea o es ablished banks. Recognizing and
esponding o echnological changes— e med echnological oppo unism—is i al o banks o main ain
hei compe i i e edge (J. Cho e al., 2024).
Cu en ly, echnology is c ucial o he success o companies because echnology oppo unism is he
capaci y o ecognize and eac o echnology changes, which implies a ise in he alue o compe i ion
(J. Cho e al., 2024). De e mining he e u n on in o ma ion echnology in es men is also essen ial (IT)
as well as g owing IT capaci ies (Mel ille e al., 2004) cons i u e signi ican addi ions o he ield o in o -
ma ion sys ems esea ch and he esou ce-based iew (RBV) because capabili ies posi i ely o ien ed ech-
nological oppo unism ha enables companies o compe e be e (Cao e al., 2019; Maklan e al., 2015).
P e ious in es iga ions unco e ha wi h echnological ad ancemen , echnological oppo unism
empowe s companies o s a egically manage and ake ad an age o chances o o e see echnology
ad ancemen s h ough c ea i e o ganiza ional p ac ices and s a egic managemen (Fa aj & Leona di,
2022). En e p ise-le el ad ances in echnical inno a ion ha e esul ed in changed business s a egies
(Dan ila-del-Valle e al., 2019) and ha e been connec ed o handling and p oduc inno a ion (Geldes
e al., 2017), in addi ion o inno a i e pe o mance (Valdez-Juá ez & Cas illo-Ve ga a, 2021). In his ega d,
he signi icance is ha since he wo a e so essen ial o a company’s pe o mance, i is acknowledged
ha en ep eneu ship and inno a ion complemen each o he . Technical inno a ion mus sa is y ma ke
demands, and en ep eneu ship is necessa y o a business o succeed. While i is acknowledged ha
oppo unis ic echnology companies a e pe ec ly posi ioned o look in o and ake ad an age o possible
oppo uni ies (u ban & Maphumulo, 2022), he e is equen ly a need o a angemen be ween dynamic
quali ies, like an en ep eneu ial mindse , wi hin businesses o s a egically use ecen ly de eloped
(Gomezel & Rangus, 2018). Because o ea lie esea ch, he mode a ing impac o en ep eneu ial o ien-
a ion mus be conside ed. Kusa e al. (2021) examined he p esump ions unde lying he link be ween
pe o mance and en ep eneu ial a i ude. In conclusion, he in e play be ween echnological oppo un-
ism, en ep eneu ial o ien a ion, and managemen ies is pi o al o enhancing inno a ion pe o mance
in i ms. This s udy aims o add ess gaps in he li e a u e by examining how hese ac o s in luence
inno a ion pe o mance in he banking indus y, ocusing on Indonesian banks.
In addi ion o echnological and en ep eneu ial capabili ies, obus managemen ies a e essen ial o
accessing c i ical esou ces, in o ma ion, and ne wo ks o enhance inno a ion pe o mance. Business and
poli ical connec ions p o ide he social capi al o na iga e complex egula o y en i onmen s, secu e s a-
egic pa ne ships, and le e age ex e nal expe ise (Chen e al., 2018). In he Indonesian con ex , whe e
egula o y and ma ke condi ions can be pa icula ly challenging, s ong managemen ies a e indispens-
able o os e ing an en i onmen conduci e o inno a ion.
Manage ial ies ha e long been conside ed a sou ce o social capi al, ep esen ed by he connec ions
and ne wo ks o in e ac ions among businesses ha p oduce economic ac ion (T. Lee, 2019). The inding
sugges s ha di ec o s gi e social capi al connec ed o he o ganiza ion o a ain comme ce objec i es.
Adminis a i e ies a e isola ed in o wo so s: comme ce ies, which include connec ions wi h he bes
di ec o s in o he companies, such as buye s, p o ide s, and compe i o s, which a e called le el connec-
ions; and poli ical ies, which inco po a e associa ions wi h go e nmen au ho i ies, which a e called
e ical associa ions (J. J. Wang e al., 2020). Adminis a i e ies o e business isiona ies impo an
asse s, mas e y, da a, and bene i s such as eli e openings and au hen ici y (W. Zhang e al., 2020).
Adminis a i e ies mo eo e upg ade a ange pa ade and collabo a ion by b inging down exchange
cos s and lessening ad an age (Fox e al., 2020). As a esul , adminis a i e ies play a i al pa in
imp o ing he su i al and de elopmen o mode n wande s (Land y e al., 2018). Business isiona ies
can imp o e p oduc de elopmen , seize oppo uni ies, and gain a compe i i e edge wi h he assis ance
o adminis a i e ies, bu his suppo can ake many di e en o ms (H. Cho e al., 2019).
Luo e al. (2012) looked a he applica ion o manage ial ela ionships wi hin he company, wi h con-
lic ing esul s ega ding he connec ion be ween manage ial ies and company pe o mance (Abug e,
COGENT BuSINESS & MANAGEMENT 3
2020). Nume ous s udies demons a e ha managemen ies imp o e a i m’s abili y o pe o m because
hey suppo he de elopmen o obus ne wo ks, in ica e socie al linkages, and acqui ing a e and
aluable esou ces om ne wo ks wi hin he o ganiza ion o he ex e nal en i onmen (Chen e al., 2018).
Howe e , due o une hical beha iou and a lack o accoun abili y, some s udies disco e ed ha manage-
men ies nega i ely impac co po a e pe o mance (Z. Li, 2022).
Lepo e e al. (2019) claimed ha di e en owne ship s uc u es a ec a company’s pe o mance
ega ding manage ial connec ions. Acco ding o he esea ch, co po a ions a e mo e p one o ely on
managemen ies when o ming exchange ag eemen s wi h mo e signi ican en i onmen al unce ain y
(Yung & Roo , 2019). Thus, his s udy es ablishes managemen bonds ha unde pin he ela ionship
be ween echnological oppo unism and inno a ion pe o mance and egula es he kinds o esea ch
objec s in banking companies ha exhibi a high deg ee o echnological oppo unism, pa icula ly in
he p o ision o inancial se ices.
The Indonesian banking sec o is uniquely posi ioned a he c oss oads o apid echnological change
and economic g ow h. As one o Sou heas Asia’s la ges economies, Indonesia’s banking indus y is c i -
ical in acili a ing inancial inclusion and economic de elopmen . Howe e , i also aces dis inc chal-
lenges, including egula o y hu dles, a di e se cus ome base, and he need o echnological upg ades.
This s udy in ends o gi e p ac ical insigh s o assis Indonesian banks in imp o ing hei inno a ion
pe o mance and o e all compe i i eness by examining he ela ionship be ween echnological oppo -
unism, en ep eneu ial a i ude, and manage ial ela ionships.
Fu he mo e, his s udy seeks o ill gaps in he li e a u e by in es iga ing he impac o hese ac o s
on inno a ion pe o mance wi hin he Indonesian banking sec o . This esea ch is in line wi h u ban and
Maphumulo (2022), which calls o a mo e ho ough empi ical comp ehension o echnological oppo -
unism and empi ical e idence ha en ep eneu ial a i ude is a c ucial s a egic componen o busi-
nesses; ne e heless, ce ain s udies also yield inconsis en pe o mance ou comes. Few p io s udies
ha e examined he mode a ing e ec o en ep eneu ial o ien a ion on echnological oppo unism on
company pe o mance, which explains he in luence o en ep eneu ial o ien a ion in he ela ionship
be ween echnological oppo unism and company pe o mance.
By analyzing he mode a ing e ec s and in e ela ionships o each dimension o en ep eneu ial o i-
en a ion, his s udy makes heo e ical and p ac ical con ibu ions, expanding he scope o en ep eneu -
ial o ien a ion expe imen ally om he ealms o en ep eneu ship, echnology, and inno a ion. In
addi ion, his s udy ocuses on he banking sec o o unde s and how manage ial ela ionships mode a e
he impac o inno a ion pe o mance because es ing in di e en indus ial sec o s allows o a mo e
dynamic con ex consis ency (Ali e al., 2017).
Fu he mo e, his s udy explo es he cul u al aspec s o echnology access and use among banking
manage s in u ban and u al a eas in Indonesia. The analysis will help de e mine i he e a e dispa i ies
in echnology use based on geog aphical loca ion. unde s anding hese di e ences can assis banks in
de eloping mo e a ge ed s a egies o echnological inno a ion based on he speci ic condi ions o
each egion.
This s udy enhances he unde s anding o en ep eneu ial o ien a ion (EO) by in eg a ing i wi h ech-
nological oppo unism (TO), place o o igin, and managemen ies (MT). P e ious esea ch has es ab-
lished EO as a c i ical d i e o i m pe o mance (Basco e al., 2020). Howe e , including TO as a media ing
a iable p o ides a nuanced iew o how EO in luences inno a ion pe o mance. This s udy ex ends he
EO li e a u e by illus a ing ha i ms wi h a solid en ep eneu ial o ien a ion a e be e equipped o
exploi echnological oppo uni ies, boos ing hei inno a ion pe o mance (u ban, 2019). In addi ion,
echnological oppo unism has been ecognized as a c ucial ac o o i ms o main ain compe i i e
ad an age in apidly changing en i onmen s (Saemundsson & Holmén, 2011). This esea ch con ibu es
o he s a egic managemen li e a u e by demons a ing he media ing ole o TO in he EO-inno a ion
pe o mance ela ionship. The indings sugges ha i ms p oac i e in iden i ying and exploi ing echno-
logical oppo uni ies can enhance hei inno a ion capabili ies, he eby achie ing supe io pe o mance
ou comes.
The inclusion o managemen ies as a mode a ing a iable unde sco es he impo ance o ela ional
ne wo ks in inno a ion p ocesses. Managemen ies, cha ac e ized by solid ela ional ies among manag-
e s, acili a e knowledge sha ing and coo dina ed e o s essen ial o inno a ion (Khan e al., 2023). This
4 Y. NuGROHO AND N. SOEWARNO
s udy con ibu es o he social capi al li e a u e by emphasizing managemen ies’ ole in enhancing EO
and TO’s posi i e e ec s on inno a ion pe o mance.
This s udy p o ides manage s and policymake s wi h a clea e g asp o he in ica e linkages be ween
echnological oppo unism and o he ac o s, which has signi ican implica ions o p ac ice and policy,
en ep eneu ial o ien a ion, managemen bonding, and inno a ion pe o mance. These indings can help
o ganiza ional leade s iden i y and ake ad an age o oppo uni ies o o e see echnology ad ancemen s
ha will imp o e business pe o mance. Technology-based banking solu ions and alue-added se ices
ha inc ease clien loyal y equi e he banking indus y o inno a e and become en ep eneu ial, and
echnological oppo unism is essen ial o his.
2. Li e a u e and hypo hesis de elopmen
2.1. The ela ionship be ween echnological oppo unism and pe o mance
The app oach o dynamic capabili ies highligh s i m ad an age ha es ablishes o iginali y (unequalled)
capabili ies o econ igu e essen ial i m asse s in esponse o echnological and ma ke changes (Muneeb
e al., 2023). Theo e ically oo ed in dynamic capabili ies heo y, echnological oppo unism allows busi-
nesses o use a ious aspec s o hei s a egy and he echnical know-how and in as uc u e equi ed
o ca e o dis inc ma ke niches (u ban & Maphumulo, 2022). Technological oppo unism is one o he
dynamic cha ac e is ics ha o ganiza ions can le e age o ul il he demands o many ma ke s and le e -
age mul iple a eas o inno a ion (J. Cho e al., 2024). Technical oppo unis ic o ganiza ions possess ech-
nical sensing compe ence— he abili y o comp ehend and ga he knowledge abou new echnological
de elopmen s—and he echnological esponse capabili y, o he abili y o ecognize and di e en ia e
be ween new echnologies. These businesses cons an ly sea ch o in o ma ion ega ding new echnical
ad ancemen s ha hey pe cei e as ha ing he po en ial o be g ow h sou ces (Snihu & Wiklund, 2019),
be p oac i e in esponding o cu ing-edge echnologies (Akpan e al., 2021), and a e also capable o
eshaping co po a e plans o ake ad an age o openings o lowe he dange ha hese new echnol-
ogies p esen . Th ough his moni o ing and esponding p ocess, businesses may in eg a e new echnol-
ogy in o c ea i e new p oduc s and lead he ma ke ahead o hei i als, c ea ing a long-las ing
compe i i e edge (F. Li, 2020) and p e alen company accomplishmen (Be awi e al., 2020). In his ega d,
he de ec ing and eac ion measu emen s o echnological oppo unism ecommend ha companies
make asse assignmen s and in es men capabili ies in physical esou ces, specialized compe encies, and
echnology de elopmen so ha hese capabili ies a e inse ed success ully all h oughou he
o ganiza ion.
The dynamic capabili ies app oach emphasizes he i m’s ad an age, o ming he o iginal
(unma ched) abili y o econ igu e essen ial i m asse s in esponse o echnological and ma ke
changes (J. M. Lee e al., 2021). The s udy esul s displayed by Tian e al. (2021) ag ee wi h he dis-
co e ies dis inguished by Elidemi e al. (2020), whe e supplemen a y capabili ies, which con ibu e o
p o ec ing mechanical capabili ies om i al imi a ion, explain how c ea i e ad an age a ec s he
co e compe i i e ad an age.
Fu he mo e, echnologically oppo unis ic i ms can manage echnology ad ancemen s, seek ou
compe i i e ad an ages, and comp ehend he undamen al impac o echnological change on ope a-
ional and s a egic choices (Fab izio e al., 2022). In his case, echnology-sa y businesses’ adap abili y
and agili y allow o in eg a ing acknowledged no el ad ancemen s in o p oduc and bene i de elop-
men cycles (Fa aj & Leona di, 2022). I equen ly c ea es he possibili y o inc eased ma gins when
combined wi h highe cos s, and e en ually, he deg ee o echnological oppo unism will imp o e busi-
ness pe o mance (Opazo-Basáez e al., 2022).
In o de o build and main ain a company’s long- e m capabili ies and pe o mance, pa icula ly in en-
i e pe o mance, echnological oppo unism is essen ial (Y. Zhang e al., 2019). Acco ding o ea lie
esea ch indings, co po a e unc ions bene i om de eloping echnology-based sensing and esponse
capabili ies. Sensing and esponse capabili ies a e complemen a y in suppo ing and imp o ing inno a-
ion pe o mance (Valdez-Juá ez e al., 2024). In addi ion, inno a ion pe o mance in a g owing ma ke
wi h apid luc ua ions (Genc e al., 2019) encou ages companies o be oppo unis ic owa ds echnology
COGENT BuSINESS & MANAGEMENT 5
along wi h capabili ies needed o imp o e hei pe o mance (u ban, 2019). Based on hese indings,
echnological oppo unism can a ec inno a ion pe o mance.
H1: Technological oppo unism enhances he pe o mance o inno a ion
2.2. En ep eneu ial o ien a ion
T adi ional businesses’ o ganiza ional s uc u es a e al e ed by digi al echnology, opening up new a e-
nues o en ep eneu ship (Ga cez e al., 2022). Mos o he esea ch discusses en ep eneu ial o ien a-
ion; i s h ee main ace s a e ini ia i e, isk- aking, and p oac i i y (Wales, 2016). Being p oac i e is he
abili y o an icipa e needs and make necessa y adjus men s while being inno a i e, which shows he
abili y o c ea e alue by de eloping new goods o p ocesses. Risk- aking is associa ed wi h a company’s
abili y o ake calcula ed isks and expe imen (Guo & Jiang, 2020). Se e al s udies (Rüsch e al., 2019;
X. Wang e al., 2020) show ha he adop ion o an en ep eneu ial o ien a ion p o ides he abili y o
companies o assess s a egic decision-making ia an en ep eneu ial pe spec i e, u ilizing many es ab-
lished connec ions o di e se pe o mance me ics.
All h ee dimensions o en ep eneu ial o ien a ion a e essen ial o comp ehending he en ep eneu -
ial p ocess, and hey can occu in di e en combina ions depending on he kind o en ep eneu ial
oppo uni y he i m is pu suing. En ep eneu ial o ien a ion has been linked o imp o ed i m pe o -
mance o his ex en (McGee & Pe e son, 2019). One p e equisi e o he success o an o ganiza ion is an
en ep eneu ial mindse . Tan awy e al. (2021) showed ha any company wi h a solid en ep eneu ial
a i ude ends o be c ea i e and suppo i e o in en i e e o s in c ea ing new goods and se ices,
pa icula ly in new oppo uni ies and echnology ad ancemen s.
Bu ne e e al. (2020) demons a es a a ou able co ela ion be ween s a egic lea ning skills and an
en ep eneu ial mindse , p ima ily e lec i e o he echnological esponsi eness and senso y capaci ies
businesses equi e o ob ain a compe i i e edge. Rosique-Blasco e al. (2018) show how in oducing
en ep eneu ship is associa ed wi h ac i e abili ies and global implemen a ion. Liu and Wang (2022) also
appea ha en ep eneu ial in oduc ion empha ically mode a es he connec ion be ween small business
pe o mance and ma ke o ien a ion in China’s ansi ion economy. Subsequen indings illus a e he
ela ionship be ween company pe o mance and en ep eneu ial o ien a ion, ou lining he peculia i ies
o possible elemen s in economic change. Resea ch sugges s ha en ep eneu ial o ien a ion posi i ely
mode a es he ela ionship be ween ma ke o ien a ion and he pe o mance o small i ms in China’s
ansi ion economy.
Con e sely, o he s udies indica e ha in o ma ion c ea ion capabili ies in luence he ela ionship
be ween en ep eneu ial o ien a ion and i m pe o mance (San o o e al., 2021). The conclusions o Liu
and Wang (2022) explain en ep eneu ial o ien a ion as a media o in measu ing company pe o mance,
which ou lines he uniqueness o con ingency a iables in economic ansi ions. Businesses p io i izing
en ep eneu ship a e mo e likely o emb ace new echnologies o gain i s -mo e ad an age.
En ep eneu ship d i es alue c ea ion and economic weal h (O o i-Sasu e al., 2023). Recognizing he
as imp o emen o echnology demands he company’s capaci y o ind esh changes b ough on by
imbalances. Companies mus e ec i ely c ea e and use isk- aking s a egies in he con ex o eme ging
ma ke s in an en ep eneu ial o ien a ion o mee cus ome demands.
Pu niņš and Sauka (2020) demons a e ha aking isks subs an ially in luences a company’s pe o -
mance, bu (Lwamba e al., 2014) disco e ha hei en ep eneu ial app oach posi i ely impac s Kenyan
p oduce s’ inancial pe o mance. In addi ion, as he en i onmen g ows mo e dynamic and complica ed,
businesses need o plan and adop p oac i e aspec s o an en ep eneu ial mindse o unc ion in a
con using and uno ganized se ing (Sánchez-Ga cía e al., 2022). I makes i e iden ha chances abound
and ha pe o mance should be be e o businesses wi h mo e excellen en ep eneu ial o ien a ion o
seize hese new oppo uni ies wi h zeal in a dynamic en i onmen whe e demand le els a y quickly.
McCa hy e al. (2018) highligh en ep eneu ial o ien a ion in an unsuppo i e en i onmen such as an
economic c isis; inno a ion in he dimension o en ep eneu ial o ien a ion becomes signi ican .
The abo e esea ch’s indings can be in e ed ha in many si ua ions, a company mus be excellen
in he en ep eneu ial o ien a ion dimension o achie e capabili ies and use echnological oppo unism
6 Y. NuGROHO AND N. SOEWARNO
o gene a e mo e excellen alue o enhance inno a ion pe o mance. I demons a es how en ep e-
neu ial o ien a ion a ec s he connec ion be ween echnological oppo unism and he company’s inno-
a ion pe o mance. Consequen ly, his line o inqui y ex ends o he poin whe ein echnological
oppo unism capaci ies a e equen ly conside ed complemen a y o en ep eneu ial o ien a ion and
gene a e he skills needed o enhance inno a ion pe o mance wi hin i ms.
H2: The ela ionship be ween echnological oppo unism and inno a ion pe o mance is s eng hened by
en ep eneu ial o ien a ion.
2.3. Managemen ies
The e a e wo ca ego ies o manage ial ies: business ies, o connec ions wi h op manage s in o he
businesses, such as supplie s, buye s, and i als, and poli ical ies, o connec ions wi h public o icials;
hese a e e e ed o as e ical ies. I has long been unde s ood ha manage ial ela ionships a e a
sou ce o social capi al, e lec ed in he ne wo ks and connec ions be ween businesses ha spu eco-
nomic ac i i y (Zhu, 2020). The esea ch sugges s ha o accomplish o ganiza ional objec i es, manage s
should o e social capi al linked o hei ne wo k. O e he pas ew decades, web-based apps, echnol-
ogies, and social media ha e become s anda d in all businesses. Businesses can use he In e ne o each
clien s anywhe e (Lo & Campos, 2018). Many online apps and webs, including social ne wo king si es,
blogs, o ums, mic oblogs, pho o and ideo sha ing, p oduc and se ice e alua ions, e alua i e commu-
ni ies, and social games, a e examples o echnological oppo unism. The exis ence o echnological
oppo unism, such as social media, p o ides expe iences and engages quickly wi h ex e nal en i ies (Lo
& Campos, 2018). The e o e, manage ial ies ha e ecei ed much a en ion om p e ious esea che s
(Huynh e al., 2021; T. Lee, 2019; W. Zhang e al., 2020). Social ne wo k heo y s a es ha managemen
connec ions gi e en ep eneu s he necessa y esou ces, know-how, in o ma ion, and ad an ages like
i s dibs and c edibili y (W. Zhang e al., 2020). Because manage ial ies educe ansac ion cos s, hey
also p omo e ne wo k in e change and collabo a ion (Sheng e al., 2011). The e o e, ela ionships wi h
manage s a e c ucial o imp o ing he su i al o hose a ec ed by he u iliza ion o echnology (Y.
Zhang e al., 2019).
Execu i e in e ac ions wi h ex e nal en i ies wi hin he company’s wo k en i onmen a e called man-
age ial bonds. The e a e wo ca ego ies o manage ial ies: business ies, o connec ions wi h op man-
age s in o he businesses, such as supplie s, buye s, and i als, and poli ical ies, o connec ions wi h
go e nmen o icials; hese a e e e ed o as e ical ies. Rela ions be ween manage s ha e his o ically
been conside ed a sou ce o social capi al, which is communica ed wi hin he joins and sys ems o con-
nec ions be ween i ms ha gene a e economic ac ion (T. Lee, 2019). I implies ha manage s gi e social
capi al in addi ion o hei plans o achie e economic goals. The use o web-based echnologies, appli-
ca ions, and social media ha e become s anda d p ac ice in all companies wi hin he las ew decades.
Companies use he In e ne o each hei clien s any ime and anywhe e (Lo & Campos, 2018). Va ious
online applica ions and ne wo ks, such as social ne wo king si es, blogs, e en s, mic oblogs, pho o and
ideo sha ing, i em and bene i su eys, e alua ion communi ies, and social games, can be used o
echnological oppo unism. The p esence o echnological oppo unism, such as social media, gi es
expe iences and engages apidly wi h ex e nal en i ies (Appel e al., 2020). Subsequen ly, manage ial ies
ha e ecei ed much a en ion om p e ious esea che s (Huynh e al., 2021; T. Lee, 2019; W. Zhang e al.,
2020). Social ne wo k heo y s a es ha managemen links p o ide aluable esou ces, knowledge, and
ad an ages o business people, including legi imacy and access o ex ao dina y oppo uni ies (W. Zhang
e al., 2020). Because manage ial ies educe ansac ion cos s, hey also p omo e ne wo k in e change
and collabo a ion (Sheng e al., 2011).
Con e sely, social media is a communica ion ool ha helps businesses accomplish a ious o ganiza-
ional objec i es, such as public ela ions, ma ke ing, b anding, cus ome se ice, human esou ces, and
p oblem-sol ing. Mo eo e , social media in luences consume loyal y, b and awa eness, company b and
posi ioning, and pu chase decisions (Nisa & Whi ehead, 2016). Businesses ha e ound ha social media
is a help ul ool o connec ing wi h a la ge numbe o po en ial cus ome s, sha ing company in o ma-
ion, and adding alue o o ganiza ions ega ding he u ili y o social media (Shawky e al., 2020).
COGENT BuSINESS & MANAGEMENT 7
Companies’ accep ance o echnology can build excellen ne wo ks be ween businesses, clien s, and en-
do s (Siamagka e al., 2015).
Howe e , ega ding s a egic o ien a ion, he e ec o echnology adop ion on enhancing business
pe o mance is a ely conside ed when conside ing managemen engagemen . Howe e , in se e al p e-
ious s udies, p e ious esea che s ound ha he MSME indus y ha p io i izes echnological oppo un-
ism has no s a is ically subs an ial impac on he success o businesses (Ka ami & Tang, 2019; Nguyen
e al., 2022). In he mean ime, addi ional esea ch on Vie namese SMEs shows ha echnology adop ion
posi i ely impac s company execu ion (Luu & Ngo, 2019). Lee and Chu (2017) gi e p oo o cons uc i e
in e ac ion be ween managemen bonding and implica ions o echnological oppo unism on company
pe o mance in a amily business sample es . Ne e heless, his associa ion loses signi icance when
examining a sample o non- amily businesses. As a esul , he esea ch on echnological oppo unism’s
e ec s on pe o mance needs o be mo e conclusi e.
Companies can boos p oduc inno a ion, seize oppo uni ies, and achie e compe i i e ad an ages
h ough manage ial ies ad an age (Gao e al., 2017). Ne e heless, he empi ical indings ha a e now
a ailable di e h oughou ma ke si ua ions, making i di icul o de e mine i business and poli ical
links imp o e o wo sen i m pe o mance (Luo e al., 2012). The e ec o echnology adop ion on busi-
ness pe o mance a ies depending on he ype o owne ship s uc u e (Luo e al., 2012). Managemen
ela ionships can po en ially h ea en he e ec i eness o managemen bonding ac ions because build-
ing and main aining manage ial ela ionships equi e signi ican in es men , which can bu den busi-
nesses wi h limi ed inances, especially in he pos -c isis economic ansi ion pe iod. Meanwhile, se e al
companies in economic ansi ion in es a lo in managemen connec ions, hoping o pe o m be e
(Nguyen e al., 2022). Mo e in es iga ion in o how echnology adop ion migh aise social capi al om
managemen links is necessa y, gi en he possible isk o he e ec on inno a ion pe o mance in lu-
enced by managemen ies. The e o e, his s udy uses one ype o company, a banking company, because
o i s compe i i e cha ac e in adop ing echnology. Fu he mo e, companies wi h high echnological
oppo uni ies will imp o e hei pe o mance h ough managemen ies. No ma e how well he ech-
nology is adop ed o de eloped, good social ela ions wi h ex e nal pa ies a e needed o be a bene icial
echnology in es men .
H3: Managemen ies inc ease he in luence be ween Inno a ion pe o mance and echnological oppo unism.
2.4. Place o o igin
Resea ch examining he impac o u al and u ban leade ship on inno a ion pe o mance e eals he
unique challenges and oppo uni ies encoun e ed by companies in hese di e se se ings. Ru al lead-
e s o en con end wi h esou ce limi a ions, while u ban leade s bene i om obus in as uc u es
and ad anced echnology access. Social, o ganiza ional, and communi y-based ac o s a e ound o
be in luen ial in d i ing inno a ion in u al a eas, whe eas u ban leade s h i e on dynamic ne wo ks
and en iching en i onmen s (Yin e al., 2022). Despi e u ban i ms gene ally ha ing g ea e esou ces,
u al i ms ha e demons a ed supe io i y in speci ic sec o s (Fe nandes e al., 2015; Phillipson e al.,
2019). This unde sco es he signi ican dispa i ies in inno a ion pe o mance be ween u ban and u al
leade s.
H4: Place o o igin inc ease he in luence be ween Inno a ion pe o mance and echnological oppo unism.
This s udy comp ises o one independen a iable, wo mode a ing a iables, and one dependen
a iable. P io s udies, such as Wang e al. (2020), ha e employed wo mode a ing a iables (Figu e 1).
3. Me hodology
A ques ionnai e su ey was used o a ge esponden s and ga he p ima y da a. The s udy’s exclusi e
indus y en i onmen is i s p ima y ocus, banking companies because con olling he ype o company
and he banking indus y is necessa y. A ques ionnai e su ey was conduc ed o ga he p ima y da a
and each he in ended esponden s. The pa icula indus y se ing ha his s udy is ocused on is
14 Y. NuGROHO AND N. SOEWARNO
Re e ences
Abawa, A., & Obse, H. (2024). O ganiza ional cul u e and o ganiza ional pe o mance : Does job sa is ac ion media e
he ela ionship ? Cogen Business & Managemen , 11(1). h ps://doi.o g/10.1080/23311975.2024.2324127
Abug e, J. B. (2020). The mode a ing ole o a ec i e in e pe sonal con lic on manage ial decision-making and o -
ganiza ional pe o mance in p i a e sec o o ganiza ions: A s udy o Ghana. Jou nal o A ican Business, 21(1), 20–
41. h ps://doi.o g/10.1080/15228916.2019.1596707
Akpan, I. J., Soop amanien, D., & Kwak, D.-H. A. (2021). Cu ing-edge echnologies o small business and inno a ion
in he e a o COVID-19 global heal h pandemic. Jou nal o Small Business & En ep eneu ship, 33(6), 607–617. h ps://
doi.o g/10.1080/08276331.2020.1799294
Aleg e, J., Chi a, R., & Lapied a, R. (2009). Measu ing inno a ion in long p oduc de elopmen cycle indus ies: An
insigh in bio echnology. Technology Analysis & S a egic Managemen , 21(4), 535–546. h ps://doi.o g/10.1080/
09537320902819247
Ali, Z., Sun, H., & Ali, M. (2017). The impac o manage ial and adap i e capabili ies o s imula e o ganiza ional inno-
a ion in SMEs: A complemen a y PLS–SEM app oach. Sus ainabili y, 9(12), 2157. h ps://doi.o g/10.3390/su9122157
Appel, G., G ewal, L., Hadi, R., & S ephen, A. T. (2020). The u u e o social media in ma ke ing. Jou nal o he Academy
o Ma ke ing Science, 48(1), 79–95. h ps://doi.o g/10.1007/s11747-019-00695-1
Basco, R., He nández-Pe lines, F., & Rod íguez-Ga cía, M. (2020). The e ec o en ep eneu ial o ien a ion on i m
pe o mance: A mul ig oup analysis compa ing China, Mexico, and Spain. Jou nal o Business Resea ch, 113, 409–
421. h ps://doi.o g/10.1016/j.jbus es.2019.09.020
Be awi, M. A., Suwa ha, N., As ial, M., Ha wahyu, R., Su yanega a, M., Se iawan, E. A., Su janda i, I., Zagloel, T. Y. M.,
& Maknun, I. J. (2020). Digi al inno a ion: C ea ing compe i i e ad an ages. In e na ional Jou nal o Technology,
11(6), 1076. h ps://doi.o g/10.14716/ij ech. 11i6.4581
B u on, G. D., P yo , C., & Ce ecedo Lopez, J. A. (2023). Lean s a -up in se ings o impo e ishmen : The implica ions
o he con ex o heo y. Jou nal o Managemen . h ps://doi.o g/10.1177/01492063231204869
Buli, B. M. (2017). En ep eneu ial o ien a ion, ma ke o ien a ion and pe o mance o SMEs in he manu ac u ing
indus y. Managemen Resea ch Re iew, 40(3), 292–309. h ps://doi.o g/10.1108/MRR-07-2016-0173
Bu ne e, J. L., Pollack, J. M., Fo sy h, R. B., Hoy , C. L., Babij, A. D., Thomas, F. N., & Coy, A. E. (2020). A g ow h mind-
se in e en ion: Enhancing s uden s’ en ep eneu ial sel -e icacy and ca ee de elopmen . En ep eneu ship Theo y
and P ac ice, 44(5), 878–908. h ps://doi.o g/10.1177/1042258719864293
Cao, G., Duan, Y., & Cadden, T. (2019). The link be ween in o ma ion p ocessing capabili y and compe i i e ad an age
media ed h ough decision-making e ec i eness. In e na ional Jou nal o In o ma ion Managemen , 44, 121–131.
h ps://doi.o g/10.1016/j.ijin omg .2018.10.003
Chen, M., Liu, H., Wei, S., & Gu, J. (2018). Top manage s’ manage ial ies, supply chain in eg a ion, and i m pe o -
mance in China: A social capi al pe spec i e. Indus ial Ma ke ing Managemen , 74, 205–214. h ps://doi.o g/10.1016/j.
indma man.2018.04.013
Cho, H., Lee, P., & Shin, C. H. (2019). Becoming a sus ainable o ganiza ion: Focusing on p ocess, adminis a i e inno-
a ion and human esou ce p ac ices. Sus ainabili y, 11(13), 3554. h ps://doi.o g/10.3390/su11133554
Cho, J., Jeong, I., Kim, E., & Cho, H. E. (2024). Seizing he momen in he lux o Indus y 4.0: Technological oppo -
unism, inno a i eness and new p oduc pe o mance in in e na ional ma ke s. Eu opean Jou nal o Inno a ion
Managemen , 27(4), 1134–1159. h ps://doi.o g/10.1108/EJIM-04-2022-0181
Chung, H. F. L., Wang, C. L., Huang, P., & Yang, Z. (2016). O ganiza ional capabili ies and business pe o mance: When
and how does he da k side o manage ial ies ma e ? Indus ial Ma ke ing Managemen , 55, 70–82. h ps://doi.
o g/10.1016/j.indma man.2016.02.014
Coope , R. G. (2019). The d i e s o success in new-p oduc de elopmen . Indus ial Ma ke ing Managemen , 76, 36–
47. h ps://doi.o g/10.1016/j.indma man.2018.07.005
Dan ila-del-Valle, I., Es é ez-Mendoza, C., & La a, F. J. (2019). Human esou ces aining: A bibliome ic analysis.
Jou nal o Business Resea ch, 101, 627–636. h ps://doi.o g/10.1016/j.jbus es.2019.02.026
Elidemi , S. N., Oz u en, A., & Bayighomog, S. W. (2020). Inno a i e beha io s, employee c ea i i y, and sus ainable
compe i i e ad an age: A mode a ed media ion. Sus ainabili y, 12(8), 3295. h ps://doi.o g/10.3390/su12083295
Fab izio, C. M., Kaczam, F., de Mou a, G. L., da Sil a L. S. C. V., da Sil a, W. V., & da Veiga, C. P. (2022). Compe i i e
ad an age and dynamic capabili y in small and medium-sized en e p ises: A sys ema ic li e a u e e iew and u-
u e esea ch di ec ions. Re iew o Manage ial Science, 16(3), 617–648. h ps://doi.o g/10.1007/s11846-021-00459-8
Fa aj, S., & Leona di, P. M. (2022). S a egic o ganiza ion in he digi al age: Re hinking he concep o echnology.
S a egic O ganiza ion, 20(4), 771–785. h ps://doi.o g/10.1177/14761270221130253/ASSET/IMAGES/LARGE/1
0.1177_14761270221130253-FIG1.JPEG
Feng, B., Sun, K., Chen, M., & Gao, T. (2020). The impac o co e echnological capabili ies o high- ech indus y on
sus ainable compe i i e ad an age. Sus ainabili y, 12(7), 2980. h ps://doi.o g/10.3390/su12072980
Fe nandes, C., Fe ei a, J. J., & Ma ques, C. S. (2015). Inno a ion managemen capabili ies in u al and u ban knowl-
edge in ensi e business se ices: Empi ical e idence. Se ice Business, 9(2), 233–256. h ps://doi.o g/10.1007/
s11628-013-0225-7
COGENT BuSINESS & MANAGEMENT 15
Fox, A. M., S azyk, E. C., & Feng, W. (2020). Adminis a i e easing: Rule educ ion and medicaid en ollmen . Public
Adminis a ion Re iew, 80(1), 104–117. h ps://doi.o g/10.1111/pua .13131
Gao, Y., Shu, C., Jiang, X., Gao, S., & Page, A. L. (2017). Manage ial ies and p oduc inno a ion: The mode a ing oles
o mac o- and mic o-ins i u ional en i onmen s. Long Range Planning, 50(2), 168–183. h ps://doi.o g/10.1016/j.
l p.2016.11.005
Ga cez, A., Sil a, R., & F anco, M. (2022). Digi al ans o ma ion shaping s uc u al pilla s o academic en ep eneu -
ship: A amewo k p oposal and esea ch agenda. Educa ion and In o ma ion Technologies, 27(1), 1159–1182.
h ps://doi.o g/10.1007/s10639-021-10638-5
Geldes, C., Felzensz ein, C., & Palacios-Fenech, J. (2017). Technological and non- echnological inno a ions, pe o -
mance and p opensi y o inno a e ac oss indus ies: The case o an eme ging economy. Indus ial Ma ke ing
Managemen , 61, 55–66. h ps://doi.o g/10.1016/j.indma man.2016.10.010
Genc, E., Dayan, M., & Genc, O. F. (2019). The impac o SME in e na ionaliza ion on inno a ion: The media ing ole
o ma ke and en ep eneu ial o ien a ion. Indus ial Ma ke ing Managemen , 82, 253–264. h ps://doi.o g/10.1016/j.
indma man.2019.01.008
Gomezel, A. S., & Rangus, K. (2018). An explo a ion o an en ep eneu ’s open inno a ion mindse in an eme ging
coun y. Managemen Decision, 56(9), 1869–1882. h ps://doi.o g/10.1108/MD-04-2017-0382/FuLL/PDF
Guo, Z., & Jiang, W. (2020). Risk- aking o en ep eneu ial new en y: Risk- aking dimensions and con ingencies. In e na ional
En ep eneu ship and Managemen Jou nal, 16(2), 739–781. h ps://doi.o g/10.1007/s11365-019-00567-8
Hasgall, A., & Ahi u , N. (2018). Implemen ing con inuous adap a ion o echnology inno a ion in complex adap i e
o ganiza ions. The Jou nal o High Technology Managemen Resea ch, 29(1), 35–45. h ps://doi.o g/10.1016/j.hi-
ech.2018.04.004
Huynh, T. L. D., Ahmed, R., Nasi , M. A., Shahbaz, M., & Huynh, N. Q. A. (2021). The nexus be ween black and dig-
i al gold: E idence om uS ma ke s. Annals o Ope a ions Resea ch, 1–26. h ps://doi.o g/10.1007/
s10479-021-04192-z
Jin, J., Guo, M., & Zhang, Z. (2022). Selec i e adop ion o open inno a ion o new p oduc de elopmen in high- ech
SMEs in eme ging economies. IEEE T ansac ions on Enginee ing Managemen , 69(2), 329–337. h ps://doi.o g/10.1109/
TEM.2019.2948739
Ka ami, M., & Tang, J. (2019). En ep eneu ial o ien a ion and SME in e na ional pe o mance: The media ing ole o
ne wo king capabili y and expe ien ial lea ning. In e na ional Small Business Jou nal: Resea ching En ep eneu ship,
37(2), 105–124. h ps://doi.o g/10.1177/0266242618807275
Kay, K. (2022). The isk o bias in denoising me hods: Examples om neu oimaging. PLoS One, 17(7), e0270895.
h ps://doi.o g/10.1371/jou nal.pone.0270895
KPMG. (2018). The pulse o Fin ech 2018: Global epo on Fin ech in es men ends. h ps://kpmg.com/au/en/home/
insigh s/2017/04/pulse-o - in ech.h ml
Ku a ko, D. F., & Mo is, M. H. (2018). Co po a e en ep eneu ship: A c i ical challenge o educa o s and esea che s.
En ep eneu ship Educa ion and Pedagogy, 1(1), 42–60. h ps://doi.o g/10.1177/2515127417737291
Kusa, R., Duda, J., & Sude , M. (2021). Explaining SME pe o mance wi h sQCA: The ole o en ep eneu ial o ien a-
ion, en ep eneu mo i a ion, and oppo uni y pe cep ion. Jou nal o Inno a ion & Knowledge, 6(4), 234–245.
h ps://doi.o g/10.1016/j.jik.2021.06.001
Na ie, N.L., Nim an, u., Al Musadieq, M., & Suyadi, I. (2014). O ganiza ional in e nal ac o s, co po a e en ep eneu -
ship, and o ganiza ional pe o mance. Eu opean Jou nal o Business and Managemen , 6(36), 83–97.
Land y, P. F., Lü, X., & Duan, H. (2018). Does pe o mance ma e ? E alua ing poli ical selec ion along he Chinese
adminis a i e ladde . Compa a i e Poli ical S udies, 51(8), 1074–1105. h ps://doi.o g/10.1177/0010414017730078
Lee, J. M., Na ula, R., & Hillemann, J. (2021). un a eling asse ecombina ion h ough he lens o i m-speci ic ad an-
ages: A dynamic capabili ies pe spec i e. Jou nal o Wo ld Business, 56(2), 101193. h ps://doi.o g/10.1016/j.
jwb.2021.101193
Lee, T. (2019). Managemen ies and i m pe o mance: In luence o amily go e nance. Jou nal o Family Business
S a egy, 10(2), 105–118. h ps://doi.o g/10.1016/j.j bs.2018.12.003
Lee, T., & Chu, W. (2017). The ela ionship be ween en ep eneu ial o ien a ion and i m pe o mance: In luence o
amily go e nance. Jou nal o Family Business S a egy, 8(4), 213–223. h ps://doi.o g/10.1016/j.j bs.2017.09.002
Lepo e, L., Di Vaio, A., So en ino, M., & Palladino, R. (2019). Owne ship s uc u es and co po a e pe o mance: A li e a-
u e e iew [Pape p esen a ion]. New Challenges in Co po a e Go e nance: Theo y and P ac ice, 190–205. h ps://
doi.o g/10.22495/ncp _35
Li, F. (2020). The digi al ans o ma ion o business models in he c ea i e indus ies: A holis ic amewo k and eme g-
ing ends. Techno a ion, 92–93, 102012. h ps://doi.o g/10.1016/j. echno a ion.2017.12.004
Li, Z. (2022). Cha ac e is ics and ends in une hical p o-o ganiza ional beha io esea ch in business and manage-
men : A bibliome ic analysis. F on ie s in Psychology, 13(877419). h ps://doi.o g/10.3389/ psyg.2022.877419
Liu, Y., & Wang, M. (2022). En ep eneu ial o ien a ion, new p oduc de elopmen and i m pe o mance: The mode -
a ing ole o legi imacy in Chinese high- ech SMEs. Eu opean Jou nal o Inno a ion Managemen , 25(1), 130–149.
h ps://doi.o g/10.1108/EJIM-05-2020-0204
Lo, F.-Y., & Campos, N. (2018). Blending In e ne -o -Things (IoT) solu ions in o ela ionship ma ke ing s a egies.
Technological Fo ecas ing and Social Change, 137, 10–18. h ps://doi.o g/10.1016/j. ech o e.2018.09.029
16 Y. NuGROHO AND N. SOEWARNO
Luo, Y., Huang, Y., & Wang, S. L. (2012). Guanxi and o ganiza ional pe o mance: A me a-analysis. Managemen and
O ganiza ion Re iew, 8(1), 139–172. h ps://doi.o g/10.1111/j.1740-8784.2011.00273.x
Luu, N., & Ngo, L. V. (2019). En ep eneu ial o ien a ion and social ies in ansi ional economies. Long Range Planning,
52(1), 103–116. h ps://doi.o g/10.1016/j.l p.2018.04.001
Lwamba, N. M., Bwisa, H., & Sakwa, M. (2014). Explo ing he e ec o co po a e en ep eneu ship on inancial pe -
o mance o i ms: E idence om Kenya’s manu ac u ing i ms. In e na ional Jou nal o Academic Resea ch in
Business and Social Sciences, 4(1), 352–370. h ps://doi.o g/10.6007/IJARBSS/ 4-i1/534
Maklan, S., Peppa d, J., & Klaus, P. (2015). Show me he money: Imp o ing ou unde s anding o how o ganiza ions
gene a e e u n om echnology-led ma ke ing change. Eu opean Jou nal o Ma ke ing, 49(3/4), 561–595. h ps://
doi.o g/10.1108/EJM-08-2013-0411
McCa hy, D. J., Pu e , S. M., & Lamin, A. (2018). En ep eneu ial o ien a ion in a hos ile and u bulen en i onmen :
Risk and inno a i eness among success ul Russian en ep eneu s. Eu opean Jou nal o In e na ional Managemen ,
12(1/2), 191. h ps://doi.o g/10.1504/EJIM.2018.089033
McGee, J. E., & Pe e son, M. (2019). The long‐ e m impac o en ep eneu ial sel ‐e icacy and en ep eneu ial o ien a ion on
en u e pe o mance. Jou nal o Small Business Managemen , 57(3), 720–737. h ps://doi.o g/10.1111/jsbm.12324
Mel ille, N., K aeme , K., Gu baxani, V., (2004). Re iew: In o ma ion echnology and o ganiza ional pe o mance: An
in eg a i e model o IT business alue. MIS Qua e ly, 28(2), 283. h ps://doi.o g/10.2307/25148636
Muneeb, D., Ahmad, S. Z., Abu Baka , A. R., & Tehseen, S. (2023). Empowe ing esou ces ecombina ion h ough dy-
namic capabili ies o an en e p ise. Jou nal o En e p ise In o ma ion Managemen , 36(1), 1–21. h ps://doi.
o g/10.1108/JEIM-01-2021-0004
Nguyen, A. T. H., Nguyen, P. V., & Do, H. T. S. (2022). The e ec s o en ep eneu ial o ien a ion, social media, mana-
ge ial ies on i m pe o mance: E idence om Vie namese SMEs. In e na ional Jou nal o Da a and Ne wo k Science,
6(1), 243–252. h ps://doi.o g/10.5267/j.ijdns.2021.9.004
Nisa , T. M., & Whi ehead, C. (2016). B and in e ac ions and social media: Enhancing use loyal y h ough social ne -
wo king si es. Compu e s in Human Beha io , 62, 743–753. h ps://doi.o g/10.1016/j.chb.2016.04.042
O o i-Sasu, D., Dzisi, S., & Abo , J. Y. (2023). En ep eneu ship, o eign di ec in es men s and economic weal h in
A ica. Cogen Business & Managemen , 10(1). h ps://doi.o g/10.1080/23311975.2023.2172040
Opazo-Basáez, M., Vend ell-He e o, F., & Bus inza, O. F. (2022). Digi al se ice inno a ion: A pa adigm shi in ech-
nological inno a ion. Jou nal o Se ice Managemen , 33(1), 97–120. h ps://doi.o g/10.1108/JOSM-11-2020-0427
Paek, B., & Lee, H. (2018). S a egic en ep eneu ship and compe i i e ad an age o es ablished i ms: E idence om
he digi al TV indus y. In e na ional En ep eneu ship and Managemen Jou nal, 14(4), 883–925. h ps://doi.
o g/10.1007/s11365-017-0476-1
Phillipson, J., Tiwasing, P., Go on, M., Maioli, S., Newbe y, R., & Tu ne , R. (2019). Shining a spo ligh on small u al
businesses: How does hei pe o mance compa e wi h u ban? Jou nal o Ru al S udies, 68, 230–239. h ps://doi.
o g/10.1016/j.j u s ud.2018.09.017
P esu i, M., & Odo ici, V. (2019). Linking en ep eneu ial and ma ke o ien a ion o he SME’s pe o mance g ow h:
The mode a ing ole o en ep eneu ial expe ience and ne wo ks. In e na ional En ep eneu ship and Managemen
Jou nal, 15(3), 697–720. h ps://doi.o g/10.1007/s11365-018-0533-4
Pu niņš, T. J., & Sauka, A. (2020). Why does en ep eneu ial o ien a ion a ec company pe o mance? S a egic
En ep eneu ship Jou nal, 14(4), 711–735. h ps://doi.o g/10.1002/sej.1325
Ra i, H., & Vedap adha, R. (2023). A i icial in elligence se ice agen s: A sil e lining in u al India. Kybe ne es, 53(8),
2662–2678. h ps://doi.o g/10.1108/K-09-2022-1239
Rod igo, M. F., Molina, J. G., Losilla, J.-M., Vi es, J., & Tomás, J. M. (2019). Me hod e ec s associa ed wi h nega i ely and
posi i ely wo ded i ems on he 12-i em Gene al Heal h Ques ionnai e (GHQ-12): Resul s om a c oss-sec ional su ey
wi h a ep esen a i e sample o Ca alonian wo ke s. BMJ Open, 9(11), e031859. h ps://doi.o g/10.1136/bmjopen-2019-031859
Rosique-Blasco, M., Mad id-Guija o, A., & Ga cía-Pé ez-de-Lema, D. (2018). The e ec s o pe sonal abili ies and
sel -e icacy on en ep eneu ial in en ions. In e na ional En ep eneu ship and Managemen Jou nal, 14(4), 1025–
1052. h ps://doi.o g/10.1007/s11365-017-0469-0
Rüsch, S., Lachmann, M., Wilkesmann, M., & Bas ini, K. (2019). The e ec s o en ep eneu ial o ien a ion on s a egy
choice and managemen con ol in nonp o i o ganiza ions. P oblems and Pe spec i es in Managemen , 17(3), 153–
168. h ps://doi.o g/10.21511/ppm.17(3).2019.13
Ryu, S.-L., & Won, J. (2022). The alue ele ance o ope a ional inno a ion: Insigh s om he pe spec i e o i m li e
cycle. Sus ainabili y, 14(4), 2058. h ps://doi.o g/10.3390/su14042058
Saemundsson, R. J., & Holmén, M. (2011). Yes, now we can: Technological change and he exploi a ion o en ep e-
neu ial oppo uni ies. The Jou nal o High Technology Managemen Resea ch, 22(2), 102–113. h ps://doi.o g/10.1016/j.
hi ech.2011.09.003
Sánchez-Ga cía, E., Ma co-Laja a, B., Se a-La osa, P., & Ma ínez-Falcó, J. (2022). D i ing inno a ion by managing
en ep eneu ial o ien a ion, coope a ion and lea ning o he sus ainabili y o companies in he ene gy sec o .
Sus ainabili y, 14(24), 16978. h ps://doi.o g/10.3390/su142416978
San o o, G., Th assou, A., B esciani, S., & Giudice, M. D. (2021). Do knowledge managemen and dynamic capabili ies
a ec ambidex ous en ep eneu ial in ensi y and i ms’ pe o mance? IEEE T ansac ions on Enginee ing Managemen ,
68(2), 378–386. h ps://doi.o g/10.1109/TEM.2019.2907874
COGENT BuSINESS & MANAGEMENT 17
Schmid , J. I., Hausne , V. H., & Monz, C. (2021). Building adap i e capaci y in a changing A c ic by use o echnolo-
gy. Ecology and Socie y, 26(4). h ps://doi.o g/10.5751/ES-12605-260401
Seo, R. (2019). En ep eneu ial o ien a ion and inno a ion pe o mance: Insigh s om Ko ean en u es. Eu opean
Jou nal o Inno a ion Managemen , 23(4), 675–695. h ps://doi.o g/10.1108/EJIM-01-2019-0023
Shawky, S., Kubacki, K., Die ich, T., & Wea en, S. (2020). A dynamic amewo k o managing cus ome engagemen
on social media. Jou nal o Business Resea ch, 121, 567–577. h ps://doi.o g/10.1016/j.jbus es.2020.03.030
Sheng, S., Zhou, K. Z., & Li, J. J. (2011). The e ec s o business and poli ical ies on i m pe o mance: E idence om
China. Jou nal o Ma ke ing, 75(1), 1–15. h ps://doi.o g/10.1509/jmkg.75.1.1
Siamagka, N.-T., Ch is odoulides, G., Michaelidou, N., & Val i, A. (2015). De e minan s o social media adop ion by B2B
o ganiza ions. Indus ial Ma ke ing Managemen , 51, 89–99. h ps://doi.o g/10.1016/j.indma man.2015.05.005
Snihu , Y., & Wiklund, J. (2019). Sea ching o inno a ion: P oduc , p ocess, and business model inno a ions and
sea ch beha io in es ablished i ms. Long Range Planning, 52(3), 305–325. h ps://doi.o g/10.1016/j.l p.2018.05.003
Tan awy, M., He be , K., McNally, J. J., Mengel, T., Pipe opoulos, P., & Foo d, D. (2021). B inging c ea i i y back o
en ep eneu ship educa ion: C ea i e sel -e icacy, c ea i e p ocess engagemen , and en ep eneu ial in en ions.
Jou nal o Business Ven u ing Insigh s, 15, e00239. h ps://doi.o g/10.1016/j.jb i.2021.e00239
Tian, H., O che e, S. K., Dogbe, C. S. K., Addy, W. O., & Hammond, F. (2021). New p oduc c ea i i y media ing he
ela ionship be ween o ganiza ional b icolage and he compe i i e ad an age o SMEs. Jou nal o Compe i i eness,
13(4), 151–166. h ps://doi.o g/10.7441/joc.2021.04.09
u ban, B. (2019). The in luence o he egula o y, no ma i e and cogni i e ins i u ions on en ep eneu ial o ien a ion
in Sou h A ica. The In e na ional Jou nal o En ep eneu ship and Inno a ion, 20(3), 182–193. h ps://doi.
o g/10.1177/1465750318796721
u ban, B., & Maphumulo, M. (2022). The mode a ing e ec s o en ep eneu ial o ien a ion on echnological oppo -
unism and inno a ion pe o mance. Eu opean Jou nal o Inno a ion Managemen , 25(3), 901–921. h ps://doi.
o g/10.1108/EJIM-12-2020-0509
u ban, B., & Wood, E. (2017). The inno a ing i m as co po a e en ep eneu ship. Eu opean Jou nal o Inno a ion
Managemen , 20(4), 534–556. h ps://doi.o g/10.1108/EJIM-10-2016-0100
Valdez-Juá ez, L. E., & Cas illo-Ve ga a, M. (2021). Technological capabili ies, open inno a ion, and eco-inno a ion:
dynamic capabili ies o inc ease co po a e pe o mance o SMEs. Jou nal o Open Inno a ion: Technology, Ma ke ,
and Complexi y, 7(1), 8. h ps://doi.o g/10.3390/joi mc7010008
Valdez-Juá ez, L. E., Ramos-Escoba , E. A., E nes o, O., Ruiz-Zamo a, J. A., En ique, L., Ramos-Escoba , E. A., Valdez-Juá ez,
L. E., Ramos-Escoba , E. A., & Ruiz-Zamo a, J. A. (2024). Digi al ans o ma ion and inno a ion, dynamic capabili ies
o s eng hen he inancial pe o mance o Mexican SMEs : A sus ainable app oach sus ainable app oach. Cogen
Business & Managemen , 11(1). h ps://doi.o g/10.1080/23311975.2024.2318635
Vogelsang, L. (2015). Indi idual en ep eneu ial o ien a ion: An assessmen o s uden s (Issue July). Mas e
Thesis. Humbold S a e uni e si y.
Wales, W. J. (2016). En ep eneu ial o ien a ion: A e iew and syn hesis o p omising esea ch di ec ions. In e na ional
Small Business Jou nal: Resea ching En ep eneu ship, 34(1), 3–15. h ps://doi.o g/10.1177/0266242615613840
Wang, D., Hain, D. S., La imo, J., & Dao, L. T. (2020). Cul u al di e ences and syne gy ealiza ion in c oss-bo de ac-
quisi ions. In e na ional Business Re iew, 29(3), 101675. h ps://doi.o g/10.1016/j.ibus e .2020.101675
Wang, J. J., Shi, W., Lin, Y., & Yang, X. (2020). Rela ional ies, inno a ion, and pe o mance: A ale o wo pa hways.
Indus ial Ma ke ing Managemen , 89, 28–39. h ps://doi.o g/10.1016/j.indma man.2020.06.007
Wang, X., Dass, M., A ne , D. B., & Yu, X. (2020). unde s anding i ms’ ela i e s a egic emphases: An en ep eneu ial
o ien a ion explana ion. Indus ial Ma ke ing Managemen , 84, 151–164. h ps://doi.o g/10.1016/j.indma -
man.2019.06.009
Xiaobao, P., Rui, G., Jiewei, Z., & Xiao an, S. (2022). The impac o esou ce b icolage on en ep eneu ial o ien a ion
in s a -ups: The mode a ing oles o TMT he e ogenei y and TMT beha io al in eg a ion. F on ie s in Psychology,
13, 900177. h ps://doi.o g/10.3389/ psyg.2022.900177
Yeboah, A. (2023). Inno a ion p ocess model: An in eg a ion o inno a ion cos s, bene i s and co e compe ence.
Cogen Business & Managemen , 10(1). h ps://doi.o g/10.1080/23311975.2023.2176445
Yin, X., Chen, J., & Li, J. (2022). Ru al inno a ion sys em: Re i alize he coun yside o a sus ainable de elopmen .
Jou nal o Ru al S udies, 93, 471–478. h ps://doi.o g/10.1016/j.j u s ud.2019.10.014
Yung, K., & Roo , A. (2019). Policy unce ain y and ea nings managemen : In e na ional e idence. Jou nal o Business
Resea ch, 100, 255–267. h ps://doi.o g/10.1016/j.jbus es.2019.03.058
Zhang, W., Zhao, W., Gao, Y., & Xiao, Z. (2020). How do manage ial ies in luence he e ec ua ion and causa ion o
en ep eneu ship in China? The ole o en ep eneu s’ cogni i e bias. Asia Paci ic Business Re iew, 26(5), 613–641.
h ps://doi.o g/10.1080/13602381.2020.1765537
Zhang, Y., Khan, u., Lee, S., & Salik, M. (2019). The in luence o managemen inno a ion and echnological inno a ion
on o ganiza ion pe o mance. A media ing ole o sus ainabili y. Sus ainabili y, 11(2), 495. h ps://doi.o g/10.3390/
su11020495
Zhu, Y. (2020). An in e ac i e pe spec i e o manage s’ unc ional expe ience and manage ial ies o new en u es in
ansi ion economies. Technology Analysis & S a egic Managemen , 32(3), 292–305. h ps://doi.o g/10.1080/095373
25.2019.1655536
