Examining the effects of technological capabilities on value creation: Mediated moderation role of disruptive business model and market turbulence

This study investigates how technological capabilities (TC) influence value creation (VC) among manufacturing SMEs in an emerging market context, drawing on the Resource-Based View (RBV) and Dynamic Capabilities Theory (DCT). It further explores the mediating role of disruptive business models (DBMs) and the moderating effect of market turbulence (MT) on these relationships. Using a time-lagged, multi-source survey of 399 manufacturing SMEs in Ghana, data were analyzed using Hayes PROCESS macro (Models 4 and 14) to test for direct, indirect, and moderated mediation effects. The results suggest that TC significantly enhances VC, both directly and indirectly through DBMs. Moreover, MT positively moderates the DBM–VC relationship, amplifying the indirect effect of TC on VC under high market turbulence. The results underscore the importance of aligning technological investments with business model innovation, especially in dynamic and resource-constrained environments. The study offers theoretical contributions to RBV and DCT and provides practical and policy implications for SMEs in emerging markets.