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Christina Whidya Utami
Universitas Ahmad Dahlan
Economics, Econometrics & Finance

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CO-CREATION ACTIVITIES AND SUSTAINABILITY PERFORMANCE OF SMES: AN ESG PERSPECTIVE Paskalis Dio Bramantyo; Christina Whidya Utami; Purwoko Purwoko
Jurnal Bisnis dan Keuangan Vol 11 No 1 (2026): Business and Finance Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/bfj.v11i1.8529

Abstract

Global pressure on sustainability and ESG demands, as well as changing consumer preferences, are encouraging MSMEs to adopt more collaborative and sustainable business strategies. One of the increasingly relevant approaches is co-creation activities, where MSMEs involve customers and stakeholders in the process of creating value. However, empirical evidence on how co-creation activities increase the sustainability performance of MSMEs through a strategic mechanism remains limited, particularly in the food and beverage (FnB) sector. This study aims to analyze the influence of co-creation activities on the sustainability performance of MSMEs with the role of mediation of green innovation and stakeholder engagement from an ESG perspective. Research uses a quantitative approach with Structural Equation Modeling (SEM) analysis. The research sample consists of 120 FnB MSMEs in East Java (Surabaya, Malang, Mojokerto, Jember, and Banyuwangi) selected using purposive sampling based on criteria for implementation practice sustainability. Research results show that co-creation activities positively influence green innovation and stakeholder engagement, thereby increasing sustainability performance. Findings: This confirms that collaboration marks not only a marketing strategy but also a strategic mechanism for strengthening the performance of ESG-based MSME sustainability.
Co-Authors Paskalis Dio Bramantyo Purwoko, Purwoko