The intervention of strategic innovation practices in between regulations and sustainable business growth: a holistic perspective for Malaysian SMEs, Ariful Islam and Sazali Wahab
Ariful Islam, Sazali Abd Wahab
Putra Business School (AACSB-Accredited)
University of Putra Malaysia (UPM), Serdang
Purpose: SMEs that manage more sustainability focused initiatives into their core business strategy can possibly benefit from lower expenses, reduced threats and new business opportunities, but in Malaysia most of the SMEs are still far off in terms of adapting to a sustainable business growth outline from a holistic point of view. Hence, this study aims to serve deeper understanding about a strategic innovation focused sustainable growth model on basis of multidisciplinary QBL-QHIM theoretical perspectives where strategic innovation practices intervene in between desired growth and government support (regulations).
Design/methodology/approach: This conceptual investigation embraces a newly emerged concern of sustainable business growth in SMEs, considering ranges of literature reviews from the disciplines of management and entrepreneurship. The study also systematically explores the concepts of regulations, strategic innovation practices on basis of QBL and QHIM theories to adjust the sustainable business growth model from a holistic angle.
Findings: The outcomes show that multidisciplinary QBL-QHIM conjunction within the interrelationships of the selected constructs holds the potential for innovation focused business growth in a more sustainable, comprehensive and holistic manner. The study also detects that exploitative-explorative innovation practices can possibly mediate in between suitable regulations and sustainable business growth of SMEs, considering supportive external environment.
Research limitations/implications: Researches are encouraged to test the proposed model.
Practical implications: The study indicates a conceptual configuration for policy makers as well as entrepreneurs to ensure sustainable business growth for SMEs. The outcomes of the study also provide useful direction on decision-making process of owner or manager considering social, economic, environmental and spiritual aspects of daily operations.
Social implications: The conceptual model may possibly able to generate more social values, considering a holistic angle into business activities.
Originality/value: The conceptualization is a unique attempt, considering developing regions to extend the current understanding of strategic innovation focused sustainable growth process of SMEs from a holistic angle.
Keywords: Exploration; Exploitation; Innovation; Spirituality; Sustainability.
Citation: Islam, A. and Wahab, S.A. (2021), "The intervention of strategic innovation practices in between regulations and sustainable business growth: a holistic perspective for Malaysian SMEs", World Journal of Entrepreneurship, Management and Sustainable Development, Vol. 17 No. 3, pp. 396-421. https://doi.org/10.1108/WJEMSD-04-2020-0035