Sustainability Practices in Micro and Small Medium Enterprises (MSMEs) within the Commodity Market in Malaysia

Sustainability has emerged as a critical consideration in the business strategic approach adopted to create lasting business operations. Previous studies suggest that for micro and small medium enterprises (MSMEs), factors such as top management support, government initiatives, financial resources, entrepreneurial orientation, resilience, and innovative transformation are crucial for sustainability and that sustainable practices correlate with improved competitive capabilities, company performance, creating more jobs opportunities, poverty reduction and market success in various countries (Khurana et al. 2021, Syamsari et al. 2022, M. Rudresh et al. 2022). In Malaysia, the contribution of MSMEs' GDP rose to 38.9% from 38.3% (Department of Statistics, 2021). Although the data recorded annual growth, the percentage of MSMEs that fail every year is a common global issue and needs to be analyzed. With the COVID-19 outbreak, the situation is far worse for the companies., where 68.9 percent experienced a decline for almost 50% of sales when MCO started (Annuar, 2020). Moreover, MSMEs are low in business strategies for sustainability. In conclusion, number of previous literatures suggest that MSMEs' adoption in business strategies is critical for achieving sustainability and enhancing performance in various sectors including the commodities market, particularly the agricultural sector. Keywords: Market Leaning Orientation, Entrepreneurial Orientation, Innovation Capability, Micro Small and Medium Enterprises, Sustainability in business.

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Journal
Global Conference on Business and Social Sciences Proceeding
Published
2024-09-09
DOI
https://doi.org/10.35609/gcbssproceeding.2024.1(23)
Primary Topic
Innovation and Socioeconomic Development
Type
article
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article

Sustainability Practices in Micro and Small Medium Enterprises (MSMEs) within the Commodity Market in Malaysia

Logaıswarı Indıran, Ma Kalthum Ishak, Noraindah Abdullah Fahim
Global Conference on Business and Social Sciences Proceeding
Innovation and Socioeconomic Development
article

Sustainability Practices in Micro and Small Medium Enterprises (MSMEs) within the Commodity Market in Malaysia

Logaıswarı Indıran, Ma Kalthum Ishak, Noraindah Abdullah Fahim
article en

Abstract

Sustainability has emerged as a critical consideration in the business strategic approach adopted to create lasting business operations. Previous studies suggest that for micro and small medium enterprises (MSMEs), factors such as top management support, government initiatives, financial resources, entrepreneurial orientation, resilience, and innovative transformation are crucial for sustainability and that sustainable practices correlate with improved competitive capabilities, company performance, creating more jobs opportunities, poverty reduction and market success in various countries (Khurana et al. 2021, Syamsari et al. 2022, M. Rudresh et al. 2022). In Malaysia, the contribution of MSMEs' GDP rose to 38.9% from 38.3% (Department of Statistics, 2021). Although the data recorded annual growth, the percentage of MSMEs that fail every year is a common global issue and needs to be analyzed. With the COVID-19 outbreak, the situation is far worse for the companies., where 68.9 percent experienced a decline for almost 50% of sales when MCO started (Annuar, 2020). Moreover, MSMEs are low in business strategies for sustainability. In conclusion, number of previous literatures suggest that MSMEs' adoption in business strategies is critical for achieving sustainability and enhancing performance in various sectors including the commodities market, particularly the agricultural sector. Keywords: Market Leaning Orientation, Entrepreneurial Orientation, Innovation Capability, Micro Small and Medium Enterprises, Sustainability in business.

Global Conference on Business and Social Sciences ProceedingVol. 16(1)
Newcastle University Medicine Malaysia (MY), University of Technology Malaysia (MY)
Openalex Percentile: Top 48%
Innovation and Socioeconomic Development
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