Rethinking holistic sustainable growth of Malaysian SMEs: a University Helix-Quadruple Bottom Line perspective
International Journal of Innovation Science
ISSN: 1757-2223
Article publication date: 5 September 2024
Abstract
Purpose
Malaysian small and medium-sized enterprises (SMEs) are critical for economic development and meeting the sustainable development goals (SDGs); however, many struggle to survive in the long term. So, this study aims to present a model for sustainable growth that bridges the gap between desired growth and managerial competencies. By configuring university helix-induced crowdfunding and opportunity recognition competencies with industry helix-driven innovation, the study encourages a quadruple bottom line (QBL) strategy, helping SMEs attain competitiveness for sustainable growth.
Design/methodology/approach
This pilot study used a sequential mixed methods design and adhered to the pragmatic research paradigm. A survey of 52 SCORE-listed manufacturers yielded quantitative data, complemented by qualitative interviews with 7 SME decision makers. This study used NVivo 10 and SmartPLS 4.0 for the necessary analysis. In addition, an effective triangulation strategy has been implemented to explain causation among selected variables.
Findings
The findings show that opportunity recognition and crowdfunding are positively associated with SMEs’ ability to grow in a sustainable manner and that exploitative and explorative innovation also mediate those relationships. The qualitative part highlighted key insights for successfully applying this model in Malaysian SMEs. The interview results also suggest that corporate spirituality might help SMEs adopt sustainability-focused practices.
Research limitations/implications
More research is required regarding both the methods and results of this pilot study. Although conducting a pilot study increases the likelihood of success in the main study, it does not ensure it.
Practical implications
This study equips Malaysian SMEs with a roadmap for achieving sustainable growth. The obtained findings indicate that Malaysian SMEs that develop strong crowdfunding and opportunity recognition competencies are more likely to achieve innovation-focused long-term survival. In addition, incorporating corporate spirituality can enhance their economic, social and environmental performance.
Social implications
By supporting more innovation in SMEs, which can improve sustainability-oriented successes and support a healthy economic system, these findings may have a beneficial social change impact. The concept may also act as the foundation for SMEs’ promotion of the SDGs.
Originality/value
The study uniquely offers a holistic growth model for Malaysian SMEs founded on the helix-QBL understanding that explains a firm’s sustainability-focused competitive advantage.
Keywords
Acknowledgements
Dr Ariful Islam received significant support and resources from Sunway Business School (AACSB), Sunway University, Malaysia which contributed to the development and finalization of the manuscript. The school granted him access to extensive academic databases and research tools, which were instrumental in enhancing the quality of the research. The team also extends deepest gratitude to Nobel Peace Prize winner, Professor Dr Muhammad Yunus, whose insights into responsible business practices inspired to develop this holistic growth model for SMEs. This work aligns with Professor Dr Yunus’s vision of small businesses (A World of Three Zeros) that prioritize social impact alongside profitability.
Citation
Islam, A., Wahab, S.A. and Tehseen, S. (2024), "Rethinking holistic sustainable growth of Malaysian SMEs: a University Helix-Quadruple Bottom Line perspective", International Journal of Innovation Science, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IJIS-07-2023-0158
Publisher
:Emerald Publishing Limited
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