A Strategic Entrepreneurship Model Based on Financial Development: A Study of Tourism SMEs
Keywords:
Strategic entrepreneurship, financial development, institutional environment, tourism SMEs, structural modeling, fuzzy AHP, PLS-SEMAbstract
This study aims to develop a comprehensive strategic entrepreneurship model based on financial development for small and medium-sized tourism enterprises (SMEs). This mixed-method applied–fundamental study was conducted in two phases. In the qualitative phase, key variables were identified through meta-synthesis, content analysis, and expert evaluation. In the quantitative phase, the fuzzy AHP method was used to prioritize financial development components, Interpretive Structural Modeling (ISM) was applied to determine hierarchical causal structures, and Partial Least Squares Structural Equation Modeling (PLS-SEM) was used to test the hypothesized relationships. Data were collected from managers and experts in tourism SMEs, and inferential analyses including t-tests and ANOVA were performed to evaluate gaps between current and desired conditions. Results showed that the institutional environment had the highest priority in financial development (0.358), while all financial development components demonstrated significant gaps from the desired state (Sig < 0.05). In the strategic entrepreneurship dimension, individual–social and innovative factors were satisfactory, whereas organizational, economic, environmental factors and entrepreneurial opportunities showed significant gaps (Sig < 0.05). ISM results identified the institutional environment as the foundational driver of financial development, and environmental factors as the foundational layer of strategic entrepreneurship. PLS-SEM analysis revealed a strong and significant effect of financial development on strategic entrepreneurship (β = 0.851; t = 42.674). The institutional environment and monetary sector showed the strongest effects on financial development, and environmental, economic, and innovative factors were the strongest predictors of strategic entrepreneurship. The study concludes that successful strategic entrepreneurship in tourism SMEs critically depends on financial development quality and the strength of institutional infrastructures. Significant gaps in financial systems and organizational and environmental factors highlight the need for institutional reforms, enhanced financial structures, and improved entrepreneurial flexibility and risk-taking. Overall, strategic entrepreneurship becomes feasible when financial and institutional reforms are integrated with organizational and environmental capability development.
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