Leveraging digital crowdfunding platforms for SME sustainability in emerging markets: The roles of entrepreneurial competency, social capital, and supply chain trust

Abstract

Digital crowdfunding platforms have become essential financing channels for small and medium-sized enterprises (SMEs), particularly in emerging markets where access to traditional funding is limited. This study examines how entrepreneurial competency, social capital, and supply chain trust shape the use of digital crowdfunding platforms and their impact on SMEs' sustainable performance. Drawing on resource-based theory and survey data from 170 SMEs across various industries in China, the study reveals that entrepreneurial competency facilitates platform adoption, which in turn fosters trust-based supply chain relationships. These trust relationships enhance supply chain collaboration and robustness, ultimately improving sustainable performance. By conceptualizing crowdfunding platforms as strategic resources, this study contributes to the digital entrepreneurship and SME financing literature. It also offers actionable insights for SME managers and policymakers on leveraging platform-based ecosystems to enhance resilience and sustainability in digitally transforming markets.