Tata Kelola dan Kedinamisan Lingkungan sebagai Determinan Kinerja Startup: Peran Moderasi Keunggulan Kompetitif

Yuha Nadhirah Qintharah

Abstract


This study aims to analyze the influence of governance and environmental dynamism on startup performance, as well as to examine the moderating role of competitive advantage. The research is based on primary data collected through the distribution of questionnaires. The respondents consist of startups from across Indonesia, with CEOs and CFOs from 371 startups. This study also develops a new measurement to assess the dimension of environmental dynamism in a more contextualized for the startup sector. The results indicate that governance and environmental dynamism have a positive and significant impact on startup performance. Findings reveal that competitive advantage significantly moderates the relationship between environmental dynamism and performance, strengthening its positive effect. This study confirms that competitive advantage plays an effective role as a moderating variable.


Keywords


Startup Performance; Governance; Environmental Dynamism; Competitive Advantage;

Full Text:

PDF

References


R. S. A. C., & Mayangsari, S. (2022). Pengaruh Environmental Performance, Corporate Governance, Dan Corporate Social Responsibility Terhadap Kinerja Keuangan. Jurnal Ekonomi Trisakti, 2(2), 475–486. https://doi.org/10.25105/jet.v2i2.14321

A Khatib, S. F., & Ibrahim NOUR, A.-N. (2022). The Impact of Corporate Governance on Firm Performance During The COVID-19 Pandemic: Evidence from Malaysia. https://ssrn.com/abstract=3762393

Abbas, S. M., & Liu, Z. (2021). Orchestrating frugal eco-innovation: the plethora of challenges and diagnostics in lean startups of emerging economies. Innovation & Management Review. https://doi.org/10.1108/inmr-11-2020-0171

Achi, A., Adeola, O., & Achi, F. C. (2022). CSR and green process innovation as antecedents of micro, small, and medium enterprise performance: Moderating role of perceived environmental volatility. Journal of Business Research, 139, 771–781. https://doi.org/10.1016/j.jbusres.2021.10.016

Aftab, J., Veneziani, M., Sarwar, H., & Ishaq, M. I. (2024). Entrepreneurial orientation and firm performance in SMEs: the mediating role of entrepreneurial competencies and moderating role of environmental dynamism. International Journal of Emerging Markets, 19(10), 3329–3352. https://doi.org/10.1108/IJOEM-07-2021-1151

Ahmed, W., Najmi, A., & Khan, F. (2020). Examining the impact of institutional pressures and green supply chain management practices on firm performance. Management of Environmental Quality: An International Journal, 31(5), 1261–1283. https://doi.org/10.1108/MEQ-06-2019-0115

Alaskar, T. (2024). The impact of organizational capabilities on business analytics use: the moderating role of environmental dynamism. Information Systems and E-Business Management. https://doi.org/10.1007/s10257-024-00670-6

Al-Hakimi, M. A., Borade, D. B., Saleh, M. H., & Nasr, M. A. A. (2022). The moderating role of supplier relationship on the effect of postponement on supply chain resilience under different levels of environmental uncertainty. Production and Manufacturing Research, 10(1), 383–409. https://doi.org/10.1080/21693277.2022.2089264

Alikhani, Zahra, & Shahriari, Mohsen. (2022). The effect of servant leadership on competitiveness of startups: The mediating role of entrepreneurial orientation and self-efficacy. The International Journal of Entrepreneurship and Innovation, 26(2), 137–150. https://doi.org/10.1177/14657503221134511

Al-Mohareb, M. (2025). Various dimensions of the board of directors and firm performance in SMEs: A multistage theoretical framework and empirical investigation. International Journal of Innovative Research and Scientific Studies, 8(1), 576–589. https://doi.org/10.53894/ijirss.v8i1.4404

Alodat, A. Y., Salleh, Z., Hashim, H. A., & Sulong, F. (2022). Corporate governance and firm performance: empirical evidence from Jordan. Journal of Financial Reporting and Accounting, 20(5), 866–896. https://doi.org/10.1108/JFRA-12-2020-0361

Alrowwad, A., Abualoush, S. H., & Masa’deh, R. (2020). Innovation and intellectual capital as intermediary variables among transformational leadership , transactional leadership , and organizational performance. Journal of Management Development, 196–222. https://doi.org/10.1108/JMD-02-2019-0062

Amedzro St-Hilaire, W. (2021). Reconnecting governance configuration variables to enterprises contingency factors for optimizing productivity at the start-up level. Journal of Enterprise Information Management, 34(6), 1630–1648. https://doi.org/10.1108/JEIM-12-2019-0410

Aminova, M., & Marchi, E. (2021). The Role of Innovation on Start-Up Failure vs. its Success. International Journal of Business Ethics and Governance, 41–72. https://doi.org/10.51325/ijbeg.v4i1.60

Anatan, L. (2014). Factors Influencing Supply Chain Competitive Advantage and Performance. International Journal of Business & Information, 9(3).

Bae, B., & Choi, S. (2021). The effect of learning orientation and business model innovation on entrepreneurial performance: focused on South Korean start-up companies. Journal of Open Innovation: Technology, Market, and Complexity, 7(4). https://doi.org/10.3390/joitmc7040245

Bae, B., & Choi, S. (2024). The effect of collaborative governance in social startups on social performance: The mediating effect of economic performance. Journal of Open Innovation: Technology, Market, and Complexity, 10(3). https://doi.org/10.1016/j.joitmc.2024.100370

Bag, S., & Rahman, M. S. (2021). The role of capabilities in shaping sustainable supply chain flexibility and enhancing circular economy-target performance: an empirical study. Supply Chain Management: An International Journal, ahead-of-p(ahead-of-print). https://doi.org/10.1108/SCM-05-2021-0246

Bao, S., An, W., Wang, A., & Luo, S. (2023). What drives the effectual entrepreneurship: combinative effects of environmental uncertainty and entrepreneurs’ means. Chinese Management Studies, ahead-of-print(ahead-of-print). https://doi.org/10.1108/CMS-04-2022-0147

Bettinelli, C., Del Bosco, B., Gentry, R. J., & Dibrell, C. (2023). The influence of board social activity on firm performance. Journal of Family Business Strategy, 14(2). https://doi.org/10.1016/j.jfbs.2023.100552

Çağlıyan, V., Attar, M., & Abdul-Kareem, A. (2022). Assessing the mediating effect of sustainable competitive advantage on the relationship between organisational innovativeness and firm performance. Competitiveness Review: An International Business Journal, 32(4), 618–639. https://doi.org/10.1108/CR-10-2020-0129

Caires, F. B., Reis, H., & Rodrigues, P. M. M. (2023). Survival of the fittest: tourism exposure and firm survival. Applied Economics, 55(60), 7150–7177. https://doi.org/10.1080/00036846.2023.2208858

Cherroun, R., & Cherroun, H. (2022). Algerian Efforts To Enhance Key Success Factors of Algerian SMEs. In Economics Financial Banking & Management Journal.

Clark, D. R., Pidduck, R. J., Lumpkin, G. T., & Covin, J. G. (2024). Is It Okay to Study Entrepreneurial Orientation (EO) at the Individual Level? Yes! Entrepreneurship: Theory and Practice, 48(1), 349–391. https://doi.org/10.1177/10422587231178885

Coad, A., Holm, J. R., Krafft, J., & Quatraro, F. (2018). Firm age and performance. Journal of Evolutionary Economics, 28(1), 1–11. https://doi.org/10.1007/s00191-017-0532-6

Daat, S. C., & Pangayow, B. J. C. (2020). Pengaruh Environmental Performance Pada Economic Performance Dengan Environmental Disclosure Sebagai Pemediasi (Studi Empiris Pada Perusahaan Manufaktur Dan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia). Jurnal Akuntansi Dan Keuangan Daerah, 14(1), 54–68. https://doi.org/10.52062/jakd.v14i1.1445

DasGupta, R., & Mishra, S. (2023). Performance feedback and firms search behaviors: Role of corporate governance in companies around the world. BRQ Business Research Quarterly. https://doi.org/10.1177/23409444231164427

Dess, G. G., & Beard, D. W. (1984). Dimension of Organizational Task Environments. Administrative Science Quarterly, 29(1), 52–73.

Eksandy, A., Murtanto, & Regina J. Arsjah. (2021). Green Competitive Advantage Moderate:Environmental Performance, Corporate Image And Corporate Social Performance On Economic Performance. International Journal of Science, Technology & Management, 2(5), 1468–1478. https://doi.org/10.46729/ijstm.v2i5.323

Eldar, O., & Grennan, J. (2020). Common Ownership and Startup Growth ∗. Duke Law Journal.

Epstein, E. (2018). Why Governance Matters for Your Startup? Rock Center for Corporate Governance, 11.

Ezalia, E., R, I. E., Elizabeth, G., My, W. A. N. H., Norhanim, A., Wahidah, A., Ym, C., Rahimah, A., Chin, J. G., Juliana, I., Hamid, A., Gunasagaran, K., Amir, J., John, P., Azmi, A., Mangantig, E., Hockham, C., Ekwattanakit, S., Bhatt, S., … Mary Anne Tan, J.-A. (2020). No 主観的健康感を中心とした在宅高齢者における 健康関連指標に関する共分散構造分析Title. Orphanet Journal of Rare Diseases, 21(1), 1–9. https://doi.org/10.1155/2010/706872

Farooq, M., Noor, A., & Ali, S. (2022). Corporate governance and firm performance: empirical evidence from Pakistan. Corporate Governance (Bingley), 22(1), 42–66. https://doi.org/10.1108/CG-07-2020-0286

Feng, L., Zhao, Z., & Wang, J. (2022a). The Impact of Knowledge Management Capabilities on Innovation Performance from Dynamic Capabilities Perspective : Moderating the Role of Environmental Dynamism. Sustainability, 14(4), 1–20.

Feng, L., Zhao, Z., & Wang, J. (2022b). The Impact of Knowledge Management Capabilities on Innovation Performance from Dynamic Capabilities Perspective : Moderating the Role of Environmental Dynamism.

Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge university press.

Freeman, R. E., Dmytriyev, S. D., & Phillips, R. A. (2021). Stakeholder Theory and the Resource-Based View of the Firm. Journal of Management, 47(7), 1757–1770. https://doi.org/10.1177/0149206321993576

Freeman, R. E., & Phillips, R. A. (2002). Stakeholder Theory: A Libertarian Defense. In Business Ethics Quarterly (Vol. 12).

Garcia-Torea, Nicolas, Fernandez-Feijoo, Belen, & de la Cuesta, Marta. (2016). Board of Director’S Effectiveness and the Stakeholder Perspective of Corporate Governance: Do Effective Boards Promote the Interests of Shareholders and Stakeholders? BRQ Business Research Quarterly, 19(4), 246–260. https://doi.org/10.1016/j.brq.2016.06.001

Ghi, T., Thu, N., Huan, N., & Trung, N. (2022). Human capital, digital transformation, and firm performance of startups in Vietnam. Management, 26(1), 1–18. https://doi.org/10.2478/manment-2019-0081

Goldschlag, N., Haltiwanger, J. C., & Kim, J. D. (2021). Founding Teams And Startup Performance.

Guo, Y., & Wang, L. (2022a). Environmental Entrepreneurial Orientation and Firm Performance: The Role of Environmental Innovation and Stakeholder Pressure. SAGE Open, 12(1). https://doi.org/10.1177/21582440211061354

Guo, Y., & Wang, L. (2022b). Environmental Entrepreneurial Orientation and Firm Performance: The Role of Environmental Innovation and Stakeholder Pressure. SAGE Open, 12(1). https://doi.org/10.1177/21582440211061354

Honjo, Y., Iwaki, Y., & Kato, M. (2025). Outside or inside the firm? The impact of debt financing on the exit routes of start-up firms. Small Business Economics, 64(4), 1877–1900. https://doi.org/10.1007/s11187-024-00968-2

Indriyani, E. P., Suhariadi, F., Lestari, Y. D., Aldhi, I. F., Rahmawati, E., Hardaningtyas, D., & Abbas, A. (2025). Sustaining Infrastructure Firm Performance Through Strategic Orientation: Competitive Advantage in Dynamic Environments. Sustainability (Switzerland), 17(3). https://doi.org/10.3390/su17031194

Jaison Dominic, M., Dagtekin Tutor, T., & Nazir, I. (2024). Master Thesis Within: General Management Number Of Credits: 15 Programme Of Study: Engineering Management Title: Knowledge-Based Dynamic Capabilities and open innovation in SMEs Background: Small and medium-sized enterprises (SMEs) are increasingly leveraging Open.

Kemell, K.-K. (2020). 00+ Metrics for Software Startups-A Multi-Vocal Literature Review.

Khongmalai, O., Tang, J. C. S., & Siengthai, S. (2010). Empirical evidence of corporate governance in Thai state-owned enterprises. Corporate Governance, 10(5), 617–634. https://doi.org/10.1108/14720701011085580

Kücher, A., Mayr, S., Mitter, C., Duller, C., & Feldbauer-Durstmüller, B. (2020). Firm age dynamics and causes of corporate bankruptcy: age dependent explanations for business failure. Review of Managerial Science, 14(3), 633–661. https://doi.org/10.1007/s11846-018-0303-2

Kumar, S., & Bhatia, M. S. (2021). Environmental dynamism, industry 4.0 and performance: Mediating role of organizational and technological factors. Industrial Marketing Management, 95, 54–64. https://doi.org/https://doi.org/10.1016/j.indmarman.2021.03.010

Kumar, S., & Singh, M. (2021). Environmental dynamism , industry 4 . 0 and performance : Mediating role of organizational and technological factors. Industrial Marketing Management, 95(April), 54–64. https://doi.org/10.1016/j.indmarman.2021.03.010

Kyrdoda, Y., Balzano, M., & Marzi, G. (2023). Learn to survive crises: The role of firm resilience, innovation capabilities and environmental dynamism. Technology in Society, 74, 102285. https://doi.org/https://doi.org/10.1016/j.techsoc.2023.102285

Lee, S. Y. (2007). Structural equation modeling: A Bayesian approach. John Wiley and Sons.

Li, H., Terjesen, S., & Umans, T. (2020). Corporate governance in entrepreneurial firms: a systematic review and research agenda. Small Business Economics, 54(1), 43–74. https://doi.org/10.1007/s11187-018-0118-1

Lin, J., Wu, S., & Luo, X. (Robert). (2025). How does big data analytics capability affect firm performance? Unveiling the role of organisational resilience and environmental dynamism. European Journal of Information Systems, 34(3), 502–528. https://doi.org/10.1080/0960085X.2024.2375262

Metawa, N. S. (2018). The Impact of Intangible Capital and Diversity Reputation on Firm Performance. University of New Orleans Theses and Dissertations. https://scholarworks.uno.edu/td/2669

Michelon, G., Boesso, G., & Kumar, K. (2013). Examining the Link between Strategic Corporate Social Responsibility and Company Performance: An Analysis of the Best Corporate Citizens. Corporate Social Responsibility and Environmental Management, 20(2), 81–94. https://doi.org/10.1002/csr.1278

Miller, C. C., & Glick, W. H. (2015). Assessing the External Environment: An Enrichment of the Archival Tradition. Research Methodology in Strategy and Management. https://doi.org/10.1016/S1479-8387(06)03006-2

Mohammad, W. M. W., & Wasiuzzaman, S. (2021). Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia. Cleaner Environmental Systems, 2(January), 100015. https://doi.org/10.1016/j.cesys.2021.100015

Monogina, H. E., & Rachmawati, S. (2023). Pengaruh keunggulan kompetitif hijau dan inovasi hijau terhadap kinerjafile:///C:/Users/hp/Downloads/1484-Article Text-5295-5-10-20230104.pdf perusahaan dengan budaya organisasi hijau sebagai variabel moderasi. 3(2), 2785–2794.

Mustafa Shafeeq, B., & Ali Muhamed, L. (2022). The estimation process in the Bayesian quantile structural equation modeling approach. Int. J. Nonlinear Anal. Appl, 13, 2008–6822. https://doi.org/10.22075/ijnaa.2022.5909

Nuseir, M. T., Aljumah, A., & Alshurideh, M. T. (2021). How the Business Intelligence in the New Startup Performance in UAE During COVID-19: The Mediating Role of Innovativeness. In Studies in Systems, Decision and Control (Vol. 334, pp. 63–79). Springer Science and Business Media Deutschland GmbH. https://doi.org/10.1007/978-3-030-67151-8_4

Oktari, V., Surya, R. A. S., & Zarefar, A. (2020). Implementing Good Corporate Governance to Improve Company Performance. International Journal of Academic Research in Business and Social Sciences, 10(6). https://doi.org/10.6007/ijarbss/v10-i6/7312

Osunsan, O. K., Nowak, J., Mabonga, E., & Pule, S. (2015). Firm Age and Performance in Kampala, Uganda: A Selection of Small Business Enterprises. International Journal of Academic Research in Business and Social Sciences, 5(4). https://doi.org/10.6007/ijarbss/v5-i4/1582

Papa, M., Carrassi, M., Muserra, A. L., & Wieczorek-Kosmala, M. (2022). The impact of the EU nonfinancial information directive on environmental disclosure: evidence from Italian environmentally sensitive industries. Meditari Accountancy Research, 30(7), 87–120. https://doi.org/10.1108/MEDAR-03-2021-1247

Pibriana, D., & Ricoida, D. I. (2017). Analisis Pengaruh Penggunaan Internet Terhadap Minat Belajar Mahasiswa ( Studi Kasus : Perguruan Tinggi di Kota Palembang ). Jurnal Jatisi (Jurnal Teknik Informatika Dan Sistem Informasi), 3(2), 105.

Pollman, E. (2019). Startup Governance. Penn Law: Legal Scholarship.

Porter, M. E. (1985). Technology and Competitive Advantage. Journal of Business Strategy, 5(3), 60–78.

Qintharah, Y. N., & Augustine, Y. (2024). Factors Influencing Environmental Disclosure with Integrated Corporate Governance as a Moderating Variable. Asian Journal of Management, Entrepreneurship and Social Science, 4(04), 435–458.

Qintharah, Y. N., & Bagaskara, D. N. (2021). The Influence of Intelectual Capital and Audit Committee on Financial Performance on Banking Companies. International Humanities and Applied Sciences Journal (IHASJ), 4(02), 81. https://doi.org/10.47312/aar.v3i02.193

Qintharah, Y. N., Murwaningsari, E., & Rachmawati, S. (2024). Integrated Corporate Governance Moderates Determinants On Economic Performance. MIX: JURNAL ILMIAH MANAJEMEN, 14(3), 728. https://doi.org/10.22441/jurnal_mix.2024.v14i3.009

Qintharah, Y. N., & Utami, F. L. (2023). Determinants on Environmental Disclosure Moderating by Integrated Corporate Governance (ATT). Aptisi Transactions on Technopreneurship (ATT), 5(1Sp), 26–41. https://doi.org/10.34306/att.v5i1sp.308

Rahajeng, D. K. (2025). Innovative Governance In The Startup Era: The Interplay Of Technology, Innovation, And Value Creation. Journal of Indonesian Economy and Business, 40(2), 179–195. https://doi.org/10.22146/jieb.v40i2.12038

Sain, H. (2016). Analisis Structural Equation Model Dengan Pendekatan Bayesian. Jurnal Ilmiah Matematika Dan Terapan, 11(1), 105–118. https://doi.org/10.22487/2540766x.2014.v11.i1.7479

Sekaran, U., & Bougie, R. (2010). Research methods for business: A skill building approach. John Wiley and Sons.

Serio, R. G., Dickson, M. M., Giuliani, D., & Espa, G. (2020). Green production as a factor of survival for innovative startups: Evidence from Italy. Sustainability (Switzerland), 12(22), 1–12. https://doi.org/10.3390/su12229464

Sethi, P., & Kamna, S. (2023). Start-Up Governance through Corporate Governance: A Study of the Scope of Corporate Governance in the Management of Indian Start-Ups. Empirical Economics Letters, 22(Special Issue 2). https://doi.org/10.5281/zenodo.7791627

Shahira, C., & Mayangsari, S. (2022). Pengaruh Inovasi, Ukuran Perusahaan Dan Corporate Governance Terhadap Nilai Perusahaan. Jurnal Ekonomi Trisakti, 2(2), 1941–1952. https://doi.org/10.25105/jet.v2i2.14895

Ünal, E., Urbinati, A., & Chiaroni, D. (2018). Managerial practices for designing circular economy business models The case of an Italian SME in the. Journal of Manufacturing Technology Management. https://doi.org/10.1108/JMTM-02-2018-0061

Usman, M. A., & Sun, X. (2023). The impact of digital platforms on new startup performance: Strategy as moderator. Heliyon, 9(12), e22159. https://doi.org/https://doi.org/10.1016/j.heliyon.2023.e22159

Vafeas, N., & Vlittis, A. (2024). Earnings quality and board meeting frequency. Review of Quantitative Finance and Accounting, 62(3), 1037–1067. https://doi.org/10.1007/s11156-023-01230-8

Van Doorn, S., Heyden, M. L. M., & Volberda, H. W. (2017). Enhancing entrepreneurial orientation in dynamic environments: The interplay between top management team advice-seeking and absorptive capacity. Long Range Planning, 50(2), 134–144.

Vuran, B., & Adiloglu, B. (2017). Comparison of the Profitability Performance of BIST Corporate Governance Index Companies in Turkey. Research Journal of Finance and Accounting, 8(6), 1–7.

Wicaksono, O. (2015). Analisis Penerapan Sistem Pengendalian Intern Penggunaan Dana Csr Oleh Pertamina Foundation Dalam Program Inspirasi Indonesia Timur. 1–20.

Yadewani, D., & Duraipandi, O. (2024). Pilot Study: Determinants of Small and Medium Business Performance. Asia-Pacific Journal of Management and Technology, 04(03), 45–53. https://doi.org/10.46977/apjmt.2024.v04i03.005

Yu, D., Tao, S., Hanan, A., Ong, T. S., Latif, B., & Ali, M. (2022). Fostering Green Innovation Adoption through Green Dynamic Capability: The Moderating Role of Environmental Dynamism and Big Data Analytic Capability. International Journal of Environmental Research and Public Health, 19(16). https://doi.org/10.3390/ijerph191610336

Yuan, F., Hussain, R. T., Khalid, I., & Li, M. (2023). Does board activeness strengthen the relationship between structure of corporate ownership and firm performance? Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.1104178

Zhang, Zhe, Gong, Mijia, & Jia, Ming. (2021). How and when does top management team regulatory focus influence firm environmental misconduct? Human Relations, 75(7), 1298–1326. https://doi.org/10.1177/0018726721997531

Zhou, J., Mavondo, F. T., & Saunders, S. G. (2019). The relationship between marketing agility and financial performance under different levels of market turbulence. Industrial Marketing Management, 83(November), 31–41. https://doi.org/10.1016/j.indmarman.2018.11.008




DOI: http://dx.doi.org/10.20961/jab.v25i2.1565

Jurnal Akuntansi dan Bisnis (JAB)
ISSN 1412-0852 (print), 2580-5444 (online)
Published by Accounting Study Program, Faculty of Economics and Business, Universitas Sebelas Maret, Indonesia


Creative Commons License
JAB on http://jab.fe.uns.ac.id/index.php/jab is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

Visitor Statistic