Digital Transformation, Green Finance and Fintech in a Sustainable Digital Economy
DOI:
https://doi.org/10.37641/jimkes.v13i3.3291Keywords:
Green Digital Economy, Digital Transformation, Green Finance, Fintech, Sustainable EconomyAbstract
This study aims to analyze the promotion of a green digital economy and evaluate the role of digital transformation, green finance, and financial technology (Fintech) in supporting a sustainable economy. Using a quantitative method with a purposive sampling technique, 100 respondents were obtained through a survey. The analysis was carried out descriptively and using the Partial Least Squares (PLS) approach as a variance-based structural modeling technique. The results of the study indicate that digital transformation, green finance, and Fintech each have a positive and significant effect on the development of a sustainable economy. These findings emphasize the importance of integrating digital innovation and green financial strategies in supporting long-term sustainability. This study recommends that further studies use different groups of respondents and apply alternative analytical methods to broaden the perspective. Thus, further research can provide a more comprehensive understanding of the contribution of digital and financial innovation to achieving a green digital economy.
Downloads
References
Agbedahin, A. V. (2019). Sustainable development, education for sustainable development, and the 2030 agenda for sustainable development: emergence, efficacy, eminence, and future. Sustainable Development, 27(4), 669–680.
Akarsu, T. N. (2024). Digital transformation towards a sustainable circular economy: can it be the way forward? Journal of information technology teaching cases, 14(2), 186–191.
Alabdullah, T. T. Y., & Zubon, Z. W. (2023). Do investments and independency influence firm performance in light of performance management: a study in kuwait. Journal of management, accounting, general finance and international economic issues, 2(3), 645–661.
Alt, R., Beck, R., & Smits, M. T. (2018). FinTech and the transformation of the financial industry. Electronic Markets, Vol. 28, pp. 235–243. Springer.
Androutsos, A., & Brinia, V. (2019). Developing and piloting a pedagogy for teaching innovation, collaboration, and co-creation in secondary education based on design thinking, digital transformation, and entrepreneurship. Education Sciences, 9(2), 113.
Anifa, M., Ramakrishnan, S., Joghee, S., Kabiraj, S., & Bishnoi, M. M. (2022). Fintech innovations in the financial service industry. Journal of risk and financial management, 15(7), 287.
Aniqoh, N. A. F. A. (2020). The role of digital economy to enhancing sustainable economic development. International Journal of social science and business, 4(4), 519–527.
Cestero, F. M. M., Ameen, N., Kotabe, M., Paul, J., & Signoret, M. (2023). Is digital transformation threatened? a systematic literature review of the factors influencing firms’ digital transformation and internationalization. Journal of Business Research, 157, 113546.
Chen, R., Ramzan, M., Hafeez, M., & Ullah, S. (2023). Green innovation-green growth nexus in BRICS: does financial globalization matter? Journal of Innovation & Knowledge, 8(1), 100286.
Demir, A., Maroof, L., Sabbah Khan, N. U., & Ali, B. J. (2021). The role of e-service quality in shaping online meeting platforms: a case study from higher education sector. Journal of Applied Research in Higher Education, 13(5), 1436–1463.
Deng, X., Huang, Z., & Cheng, X. (2019). FinTech and sustainable development: Evidence from China based on P2P data. Sustainability, 11(22), 6434.
Dewi, N. P. A. R. N., & Hasibuan, H. T. (2024). The effect of implementing green accounting and good corporate governance on company value: (study of industrial and chemical sector companies listed on the indonesian stock exchange). transekonomika: akuntansi, bisnis dan keuangan, 4(6), 1072–1086. https://doi.org/10.55047/transekonomika.v4i6.788
Dirgayasa, I. M., & Darma, G. S. (2024). The impact of managerial competence, digital project innovation, and entrepreneurial ecosystems on project performance and business resilience in property companies. International Journal of Religion, 5(11), 4476-4489.
Ellström, D., Holtström, J., Berg, E., & Josefsson, C. (2021). Dynamic capabilities for digital transformation. Journal of Strategy and Management, 15(2), 272–286.
Fonseca, L. M., Domingues, J. P., & Dima, A. M. (2020). Mapping the sustainable development goals relationships. Sustainability, 12(8), 3359.
Garcez, A., Silva, R., & Franco, M. (2022). Digital transformation shaping structural pillars for academic entrepreneurship: A framework proposal and research agenda. Education and Information Technologies, 27(1), 1159–1182.
Ghozali, I. (2018). Aplikasi analisis multivariate dengan program ibm spss 23. Semarang: Bpfe Universitas Diponegoro.
Hair Jr, J. F. (2020). Next-generation prediction metrics for composite-based PLS-SEM. Industrial Management & Data Systems, 121(1), 5–11.
Hair, J., Hollingsworth, C. L., Randolph, A. B., & Chong, A. Y. L. (2017). An updated and expanded assessment of PLS-SEM in information systems research. Industrial Management & Data Systems.
Heeks, R. (2022). Digital inequality beyond the digital divide: conceptualizing adverse digital incorporation in the global South. Information Technology for Development, 28(4), 688–704.
Hou, H., Qu, P., & Zhang, M. (2023). Does green finance boost carbon–neutral performance? Evidence from China. Environmental Science and Pollution Research, 30(49), 108212–108229.
Kadom, A. I. J., & Kader, N. M. A. (2021). Institutional digital transformation and the relationship between the digital economy and sustainable development. Webology, 18(2).
Kanga, D., Oughton, C., Harris, L., & Murinde, V. (2022). The diffusion of fintech, financial inclusion and income per capita. The European Journal of Finance, 28(1), 108–136.
Kas, M. J., Penninx, B., Sommer, B., Serretti, A., Arango, C., & Marston, H. (2019). A quantitative approach to neuropsychiatry: the why and the how. Neuroscience & Biobehavioral Reviews, 97, 3–9.
Kirian, S., & Radchenko, O. (2022). The impact of the economy digitalization on the development of the accounting multi-paradigm for the purposes of financial analysis. Technology Audit and Production Reserves, 3(4 (65)), 11–19.
Kraus, S., Durst, S., Ferreira, J. J., Veiga, P., Kailer, N., & Weinmann, A. (2022). Digital transformation in business and management research: An overview of the current status quo. International Journal of Information Management, 63, 102466.
Lee, C.-C., Wang, F., Lou, R., & Wang, K. (2023). How does green finance drive the decarbonization of the economy? Empirical evidence from China. Renewable Energy, 204, 671–684.
Legner, C., Eymann, T., Hess, T., Matt, C., Böhmann, T., Drews, P., … Ahlemann, F. (2017). Digitalization: opportunity and challenge for the business and information systems engineering community. Business & Information Systems Engineering, 59(4), 301–308.
Liu, N., Liu, C., Xia, Y., Ren, Y., & Liang, J. (2020). Examining the coordination between green finance and green economy aiming for sustainable development: A case study of China. Sustainability, 12(9), 3717.
Munna, A. S., & Kalam, M. A. (2021). Teaching and learning process to enhance teaching effectiveness: a literature review. International Journal of Humanities and Innovation (IJHI), 4(1), 1–4.
Nundy, S., Ghosh, A., Mesloub, A., Albaqawy, G. A., & Alnaim, M. M. (2021). Impact of COVID-19 pandemic on socio-economic, energy-environment and transport sector globally and sustainable development goal (SDG). Journal of Cleaner Production, 312, 127705.
Oktaviani, R. F. (2024). Unpacking the resistance of traditional market to digital payment: a qualitatove approach. Jurnal Aplikasi Ekonomi, Akuntansi Dan Bisnis, 6(2), 70–86.
Osipov, V. S. (2020). Digital future: Economic growth, social adaptation, and technological perspectives (pp. 272-292). New York City : Springer International Publishing.
Ostrovska, N., Krylov, D., Pohrebniak, A., Pereguda, Y., & Stetsiuk, V. (2023). Digitalization as an imperative of the development of business processes in the conditions of the intensified global competitiveness. Revista de La Universidad Del Zulia, 14(41), 766–783.
Ozili, P. K. (2022). Green finance research around the world: a review of literature. International Journal of Green Economics, 16(1), 1.
Rasyid, M., Ahmad, S., Silviano, H., Prasetia, A., & Nofirda, F. (2023). Implication of innovation, green and digital economy for msme: viera oleh-oleh pekanbaru as a case study. Jurnal Ilmiah Manajemen Kesatuan, 11(3), 1255–1262.
Rosário, A. T., & Dias, J. C. (2022). Sustainability and the digital transition: a literature review. Sustainability (Switzerland), 14(7), 1–18.
Sampedro, R. (2021). The sustainable development goals (SDG). Carreteras, 4(232), 8–16.
Smith, T. W. J., Wang, X., Singer, M. A., Godellas, C. V, & Vaince, F. T. (2020). Enhanced recovery after surgery: a clinical review of implementation across multiple surgical subspecialties. American Journal of Surgery, 219(3), 530–534.
Susanti, I. D., Hertati, L., & Putri, A. U. (2023). The effect of green accounting and environmental performance on company profitability. cashflow: Current Advanced Research On Sharia Finance And Economic Worldwide, 2(2), 320–331.
Utami, R. D., & Nuraini, A. (2020). Pengaruh penerapan green accounting dan perputaran total aset terhadap profitabilitas: studi empiris pada perusahaan tambang asing di indonesia tahun 2011-2016. Jurnal Ilmiah Akuntansi Kesatuan, 8(2), 197–206.
Vasilev, V. L., Gapsalamov, A. R., Akhmetshin, E. M., Bochkareva, T. N., Yumashev, A. V., & Anisimova, T. I. (2020). Digitalization peculiarities of organizations: a case study. Entrepreneurship and Sustainability Issues, 7(4). 3173.
Vaska, S., Massaro, M., Bagarotto, E. M., & Dal Mas, F. (2021). The digital transformation of business model innovation: A structured literature review. Frontiers in Psychology, 11, 539363.
Visconti, M. R., Rambaud, C. S., & Pascual, L. J. (2020). Sustainability in fintechs: an explanation through business model scalability and market valuation. Sustainability, 12(24), 10316.
Wen, G. Z., & Siddik, A. B. (2023). The effect of fintech adoption on green finance and environmental performance of banking institutions during the COVID-19 pandemic: the role of green innovation. Environmental Science and Pollution Research, 30(10), 25959–25971.
Yang, Ying, & Cui, W. (2022). Digital transformation of listed agricultural companies in China: practice, performance, and value creation. Mathematical Problems in Engineering, 2022(1), 4429937.
Yang, Yuxue, Su, X., & Yao, S. (2021). Nexus between green finance, fintech, and high-quality economic development: empirical evidence from china. Resources Policy, 74, 102445.
Zhou, G., Zhu, J., & Luo, S. (2022). The impact of fintech innovation on green growth in China: Mediating effect of green finance. Ecological Economics, 193, 107308.
