Revitalizing green economy based MSMEs: The interplay of quadruple helix collaboration, digital transformation, and financial innovation in enhancing business sustainability

St Salmah Sharon (), Muchtar (), Mustika Kusuma Basir (), Kasmir Syariati () and Muh Arif ()

Asian Development Policy Review, 2026, vol. 14, issue 2, 40-53

Abstract: This study examines the roles of the Quadruple Helix, digital transformation, and financial innovation in enhancing the sustainability of green-economy–based MSMEs in South Sulawesi Province, Indonesia. Using a quantitative approach, survey data were collected from 280 MSMEs in Maros, Bulukumba, and the Selayar Islands and analyzed with Partial Least Squares–Structural Equation Modeling (PLS-SEM) using SmartPLS 4. The results show that the Quadruple Helix significantly promotes digital transformation but does not directly influence MSME sustainability. Digital transformation has a strong positive effect on sustainability and acts as a key mediating variable linking both the Quadruple Helix and financial innovation to sustainable business performance. Financial innovation also exerts a significant positive direct effect on MSME sustainability. This study contributes to the literature by empirically validating an integrative model that combines Quadruple Helix collaboration, digital transformation, and financial innovation within a green economy framework. From a policy perspective, the findings highlight the importance of strengthening digital capabilities and inclusive financial innovation through multi-actor collaboration to support regional MSME sustainability strategies.

Keywords: Business resilience; Digital transformation; Financial innovation; Green economy; MSME sustainability; Quadruple helix. (search for similar items in EconPapers)
Date: 2026
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