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Innovation for Sustainable SMEs: How Financial Health Drives Resilience and Long-Term Performance in a Transition Economy

持続可能な中小企業のためのイノベーション：移行経済における財務健全性がレジリエンスと長期業績をどのように促進するか (AI 翻訳)

T. Babic, Milorad Katnic, Ivana Katnic, Vladimir Kavaric, Maja Drakic-Grgur

Sustainability📚 査読済 / ジャーナル2026-01-23#その他Origin: EU
DOI: 10.3390/su18031145
原典: https://doi.org/10.3390/su18031145

🤖 gxceed AI 要約

日本語

この研究は、移行経済にあるモンテネグロの345の中小企業を対象に、財務指標（現金比率、レバレッジ、運転資本効率）が流動性と収益性に与える影響を分析。結果、高い現金比率と適度なレバレッジが短期的な支払能力と収益性を高め、運転資本効率にはセクター別の差異があることを発見。財務管理がSDGs（目標8,9,12）に沿ったイノベーション投資の基盤となることを示唆。

English

This study analyzes how financial indicators—cash ratio, leverage, and working capital efficiency—affect liquidity and profitability among 345 Montenegrin SMEs in a transition economy. Results show that higher cash ratios and moderate leverage significantly enhance short-term solvency and profitability, with sector-specific effects for working capital efficiency. The findings highlight financial management as a foundation for SME resilience and innovation investments aligned with SDGs (goals 8, 9, 12).

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本でも中小企業のサステナビリティ経営が注目される中、財務健全性とSDGs達成の関係を示す本研究成果は、特に地域金融機関や経営者にとって参考となる。ただし、モンテネグロという移行経済を対象としており、日本の成熟経済への直接適用には注意が必要。

In the global GX context

This paper contributes to the global literature on SME sustainability by providing empirical evidence from a small transition economy (Montenegro), an under-researched context. It links financial health to SDG-aligned growth, offering insights for policymakers and practitioners in similar economies, though its direct applicability to developed economies may be limited.

👥 読者別の含意

🔬研究者:Provides empirical evidence on the financial determinants of SME sustainability performance in a transition economy, contributing to the SME finance and sustainability literature.

🏢実務担当者:Highlights the importance of maintaining cash reserves and moderate leverage for financial resilience, which can enable investments in innovation and sustainable practices.

🏛政策担当者:Offers policy recommendations for improving access to finance and financial literacy to support sustainable SME development in transition economies.

📄 Abstract（原文）

Small- and medium-sized enterprises (SMEs) are central to sustainable development in transition economies, yet their financial fragility often limits resilience and the capacity to invest in innovation and responsible practices. Despite growing interest in SME, financial health and its role in sustainability, empirical evidence from small transition economies like Montenegro remains scarce, particularly on how liquidity and profitability dynamics underpin conditions for SDG-aligned growth. This study addresses this gap by analyzing how core financial indicators—cash position, capital structure, and working capital efficiency—affect liquidity and profitability among 345 Montenegrin SMEs across manufacturing, services, and trade. Using OLS and robust regression models, results reveal that a higher cash-to-revenue ratio and moderate leverage significantly enhance both short-term solvency and profitability, while working capital efficiency shows nuanced effects and sector-specific patterns emerge in capital-intensive industries. These findings highlight financial management as a foundation for SME resilience, creating financial preconditions for innovation and digital investments in aligned with SDGs (goals 8, 9, 12). Policy recommendations focus on improving finance access and financial literacy to foster innovation-driven, sustainable SME models aligned with the 2030 Agenda.

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