An Integrated TOE–Institutional–Sustainability Conceptual Model for Digital Supply Chain Finance Adoption in Emerging Economies

The digitization and complexity of supply chains in the Industry 4.0 era call for companies to take sustainable, flexible, open finance management under serious thought. This study intends to build and test a conceptual model of the adoption of a digital supply chain finance platform (DSCF) by using the technology–organization–environment (TOE) framework, together with sustainability ideas and institutional pressure theory. A questionnaire was used to collect data from 323 organizations with trade finance policymakers in Thailand. The data were analyzed using PLS-SEM structural equation modelling and hierarchical multiple regression. The results of the analysis revealed that technology readiness, platform credibility, innovation leader commitment, and organizational sustainability capability had a significant positive effect on DSCF adoption intention. In addition, external pressures, including regulations, imitation, and social norms, also played an important role in organizational adoption behavior. The regression model results also indicated that internal organizational capabilities could mitigate the impact of external pressures in some cases. This research contributes to the proposal of a TOE model that systematically integrates sustainability dimensions and contextual mechanisms. It also provides theoretical and policy guidelines for organizations that want to drive financial innovation in line with ESG goals and long-term competitiveness.