Predicting Financial Capital Availability through Blockchain technology-driven Supply Chain Financing: An Innovation Capability-Based Moderation Role

Predicting Financial Capital Availability through Blockchain technology-driven Supply Chain Financing: An Innovation Capability-Based Moderation Role | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Predicting Financial Capital Availability through Blockchain technology-driven Supply Chain Financing: An Innovation Capability-Based Moderation Role Zhao Hongjiang, Millicent Adu-Damoah, Elijah Asante Boakye This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-4118575/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract Implementing blockchain technology-driven supply chain financing yields notable advantages like fostering peer-to-peer collaboration, enhancing trust, and optimizing effective capital and information exchanges. This study explores how blockchain technology-driven supply chain financing improves financial capital availability by improving access, enhancing availability and reducing cost savings. Using Partial Least Squares Structural Equation Modeling (PLS-SEM), we provide empirical evidence from 522 SMEs across Ghana’s manufacturing, agriculture, services, wholesale & retail, and hospitality sectors. The results show that blockchain technology-driven supply chain financing positively influences financial capital availability. Also, innovation capability positively impacts the strength of the effect of blockchain technology-driven supply chain financing on financial capital availability. In detail, the impact of blockchain technology-driven supply chain financing on financial capital availability is positively dampened by investment in new information systems, methods, and processes when compared to the adaptation to new information systems, methods, and processes. Finance Management Blockchain Technology-driven Supply Chain Financing Financial Capital Availability SMEs Innovation Capability PLS-SEM Figures Figure 1 Figure 2 Figure 3 1. Introduction Modern technology has brought forth a variety of infrastructures that impact the industries involved in the generation, consumption, and sharing of information while facilitating more adaptable and efficient operations (Wong et al. 2020 ). The emergence of digital business environments, which generate value via information and communication technologies, has evolved into an innovative approach for cooperative organizations to leverage technology to their advantage (Senyo et al. 2019 ). One of the more recent technological developments is blockchain technology (BcT), which is an immutable distributed ledger with high-level encryption that permits the safe peer-to-peer (P2P) transfer of multiple assets without the need for an intermediary (Nawari and Ravindran 2019 ). Blockchain technology-driven supply chain financing (BcTSCF) uses blockchain technology to manage the financial aspects of supply chain activities to lower communication costs, and promote information and capital integration (Gao et al. 2018 ). Many global surveys have consistently identified financial capital availability as the most significant barrier to the growth of small businesses (Beck and Cull 2014 ). The numerous intrinsic features of small and medium sized enterprises (SMEs), including information asymmetry, lack of credit history, increased default risks, and inadequate collateral contribute to their funding difficulties (Gupta and Gregoriou 2018 ). BcTSCF is one of the emerging technologies with enabling mechanisms to aid business funding, creating room for easy access and providing a broader avenue to raise financing capital (Gao et al. 2018 ). Some have claimed that BcTSCF provides decentralized services that reduce information asymmetry and expedite transactions, resulting in financing that is both less expensive and more effective (Choi 2019 ; Du et al. 2020 ). Notwithstanding the several advantages of blockchain technology, it remains uncertain how the application of BcTSCF can impact the funding endeavors of small enterprises. Blockchain technology literature is sparse, especially in developing nations. In Ghana, increased investments, information technology-enabled services (ITes), and innovation in ICT have contributed to the development of BcTSCF (The World Bank Group 2019 ). Furthermore, BcTSCF has benefited from the National ICT for Accelerated Development (ICT4AD) Policy, which encourages technical advancements to make Ghana a technological powerhouse (Coffie et al. 2021 ). Also, the support from the government and agencies like the Association of Ghana Industries (AGI), the Ghana Enterprises Agency (GEA), and the Ministry of Communication and Digitalization (MoCD) and has resulted in some BcTSCF platforms such as AgriXchain, Kudigo, and Pezesha (Startup Facility 2020 ). A few advantages of adopting BcTSCF include fostering peer-to-peer collaboration, building trust, guaranteeing transparency and cost savings, and enhancing the adequate flow of capital and increased funding services (Kamble et al. 2019 ). Previous research indicates that BcTSCF enhances financial availability for businesses by promoting better financial accessibility, cost, and information sharing (Choi and He 2019 ; Kamble et al. 2019 ). Businesses’ capacity for innovation becomes crucial to benefit from all of BcTSCF’s provisions. Enterprises that successfully develop innovative capacities can create proactive and practical strategies to drive performance improvements (Bhuiyan et al. 2017 ). With this, the mere existence of BcTSCF is unsatisfactory without the ability of firms to build and develop their innovative capability to augment technology offerings. This study seeks to employ an empirically-based approach to present a detailed exploration of the efforts of BcTSCF on financial capital availability. Additionally, the study aims to assess the moderation role of innovation capability on the nexus between BcTSCF and financial capital availability. The current study adds to BcTSCF literature, especially in Ghana and from a developing country’s perspective. For the researcher, this outcome provides nuanced insights into the significance of utilizing an emerging technology like BcTSCF from a developing country’s perspective. Consequently, this will help the government and other stakeholders to design conducive policy arrangements that promote the seamless diffusion of BcTSCF. The remainder of the study is divided into sections: Section 2 analyzes related literature and outlines the study’s hypotheses. The methodology is shown in Section 3 . Results are shown in Section 4 . The research findings are discussed in Section 5 . The conclusions and implications for additional research are provided in Section 6 . 2. Related Literature and Hypotheses Development 2.1 Blockchain Technology-driven Supply Chain Financing Blockchain technology-driven supply chain financing (BcTSCF) uses BcT to manage enterprises’ supply financing activities (Gao et al. 2018 ). By sharing information with upstream and downstream partners simultaneously to reduce transfer and commination errors, BcTSCF expedites supply chain financing (Ta et al. 2018 ). As per Kamble et al. ( 2019 ), BcTSCF facilitates better cost, information sharing, and financial accessibility, all of which increase business funding activities. By reducing operating costs related to compliance and improving the framework of economic activities by leveraging distributed ledgers, the BcTSCF, according to Cocco et al. ( 2017 ), provides relief in financing enterprises. Wang et al. ( 2018 ), have maintained that BcTSCF incorporates the essential information flow to handle issues with information asymmetry, guaranteeing full communication and trustworthy economic cooperation. Wang et al. ( 2019 ) investigates how information asymmetry might be reduced by the decentralized consensus processes of BcTSCF, improving lending and borrowing efficiency. Kshetri ( 2018 ), discuss the various methods by which blockchain contributes to the cost, speed, dependability, sustainability, and flexibility of supply chain financing. Also, Saberi et al. ( 2019 ) claim that SMEs may need to use blockchain technology heavily in their funding activities because of its benefits to decentralization, security, audibility, and intelligent execution. Prior research has identified the potential application of BcTSCF (Wang et al. 2019 ). However, these studies have been generally conceptual (Kshetri 2021 ). Studies on BcTSCF are still in their infancy, therefore more research is needed to further our understanding, specifically for SMEs. Because there aren't many empirical studies outside of literature reviews, qualitative research, and case studies. Hence, this current study addresses the need for empirical research to support the ongoing discussions (Fosso Wamba et al. 2020 ; Queiroz and Fosso Wamba 2019 ). 2.2 The Concept of Financial Capital Availability “Financial capital availability” refers to the degree to which small enterprises may access and effectively manage their financial resources to accomplish their operational and financial objectives. Regardless of the numerous impacts of SMEs, financial capital availability has been a crucial constraint to their performance and growth. According to Gupta and Gregoriou ( 2018 ), many SMEs struggle to assess financial capital. As per Abbasi et al. ( 2018 ), SMEs cannot obtain sufficient funding from capital markets and consequently have to rely on traditional banks. A study by Abdulsaleh and Worthington ( 2013 ) emphasized that financial capital availability is predominated by the disparity between what level of capital is required (demand) and the quantity offered (supplied) to meet operational pursuits. According to (Memon et al. 2020 ), available financial capital plays three key performance roles: financial, innovative, and environmental. In terms of financial functions, financial capital availability helps enterprises to run smoothly. A high degree of financial availability promotes businesses to grow into new areas and strengthen their position in the market. In contrast, low financial availability may deter companies from continuing with current operational activities (Xu and Hitt 2020 ). A study by Khan et al. ( 2019 ) argues that having enough financial resources can promote sustainable competitive advantage, buffer against unanticipated shocks, and promote sustainable growth. Ruggiero and Cupertino ( 2018 ) argues that financial resources for investment in innovative projects are crucial in businesses, as they can be used for research, development, and social activities. Similarly, studies have argued that financial resources, both internal and external access to financing, considerably support endeavors like research and development and innovative activities (Ayyagari et al. 2011 ). According to Davari and Farokhmanesh ( 2017 ), the availability of financial capital significantly influences the identification and creation of new prospects for corporate growth. A study by Knight et al. ( 2019 ) emphasized that SMEs lack enough financial capital, which prevents them from actively engaging in environmental and sustainable activities. According to Kiron et al. ( 2012 ), firms in stable financial standing favor investing in creative activities, while financially struggling companies have no interest in investing in new practices, social initiatives, or environmental initiatives. The current study conceptualizes financial capital availability in the context of BcTSCF. It focuses on the efforts of BcTSCF in dealing with the inherent characteristics that confront the financing of businesses in terms of improving access, availability, and reducing costs. 2.3 The Concept of Innovation Capability The innovation capability of organizations is their entire propensities to adapt and execute technologies to enhance business processes (Zawislak et al. 2012 ). A study by Lawson and Samso (2001) described innovation capability as “the ability to continuously transform knowledge and ideas into new products, processes, and systems for the benefit of the firm and its stakeholders”. The empirical studies on innovation capability in the setting of small businesses have developed into two research directions: one that examines the factors of innovation capability and another that explores the effects of innovation capability. Small business innovation has thus been viewed as a process or outcome. In the first phase of research that examines innovation as a process, it is typical to think of innovation capability as the prospect to create innovative outputs (Dadfar et al. 2013 ; Keskin 2006 ). These studies view innovation capability as a one-dimensional concept, which includes potential activities that could be deployed to improve SME performance (Dejardin et al. 2023 ). The second research stream looks at innovation as a result. According to this line of research, the ability to develop various types of innovation, such as organizational innovation, process innovation, or product innovation, is known as innovation capability (De Martino and Magnotti 2018 ; Hervas-Oliver et al. 2016 ; Landoni et al. 2016 ). Most research involving small enterprises showed a correlation between innovation capacity and firm performance (O’Cass and Sok 2013 ; Oura et al. 2016 ). The results of Sen and Egelhoff ( 2000 ) revealed that while innovation helps businesses deliver new products and adapt new systems more quickly, doing so requires a wide range of resources, assets, and talents to succeed in a continuously changing market. As such, businesses demonstrate their technological capability power by absorbing viable technical applications. Frishammar and Hörte ( 2007 ) argued that firms that use, support, and experiment with new ideas and processes could relish competitive advantage. According to Allocca and Kessler ( 2006 ), contrary to less inventive enterprises, highly innovative firms increase their market share and produce highly successful products that generate significant returns on investment and long-term profits. As per Dahlgaard-Park and Dahlgaard ( 2010 ), the firm must improve its leadership, people, collaboration, and organizational capabilities before implementing the original innovation method and new product creation. In agreement with the above, this study argues that for the contributions of BcTSCF on financial capital availability to be enjoyed, innovation capability is significant. With this, the mere existence of BcTSCF is unsatisfactory without the ability of firms to build and develop their innovation capability while enhancing their efforts to strengthen financial capital availability. Innovation capability could influence the relationship between BcTSCF and SMEs’ financial capital availability. 2.4 Hypotheses Development This study conceptualizes the efforts of BcTSCF in dealing with the inherent characteristics that confront the financing of businesses in terms of improving access, availability, and reducing costs, which consequently promotes financial capital availability. Improving access Popa ( 2013 ) claims that by enhancing capital allocation and liquidity across the value chain, BcTSCF provides the opportunity to establish a gain-gain atmosphere for all supply chain financing partners. A study by Wang et al. ( 2018 ) revealed that BcTSCF ensures complete communication and reliable financial collaboration, incorporating adequate information flow to address the difficulties of information asymmetry. As a result, capital movement can be digitally optimized, allowing for the appropriate transparent sharing and monitoring of financial information with real-time access to transaction details (Grijalba et al. 2024 ). According to Belleflamme et al. ( 2014 ), BcTSCF enables more convenient access and a bigger pool from which capital may be raised from various lenders to meet the financing requirements of enterprises. As per Du et al. ( 2020 ), supply chain financing with blockchain technology helps make small business funding more readily accessible by enabling secure information exchanges in real-time, transaction execution, and automated validation. From the above, it can be argued that leveraging BcTSCF by SMEs could give them access to adequate finance from financiers across the supply chain financing ecosystem. Availability A study by Ta et al. ( 2018 ) revealed that by sharing information simultaneously with all partners (upstream and downstream), BcTSCF streamlines conventional supply chain financing, eradicating communication and transfer errors. Omran et al. ( 2017 ) asserts that BcTSCF provides greater transparency through the accessibility of complete records and immutability via its distributed ledger. As a result, supply chain financing participants encounter less opacity. Managing the financing component of supply chain operations using blockchain also reduces the visibility of errors, misappropriation, and misdirection. According to Omran et al. ( 2009 ), significant accountability and more accurate monitoring and evaluation are made possible by the increased accessibility of information flows, which promotes quick access to financial aid. Additionally, BcTSCF reduces information asymmetry problems and inequalities, boosting participant confidence and enhancing practical financial information and capital (Du et al. 2020 ). Furthermore, a study by Zhu et al. ( 2019 ) highlighted that BcTSCF could gradually rationalize the flow of funds by enabling participants to share, monitor records, and have real-time access to all relevant transaction-related information digitally. Correspondingly, this then aids businesses by letting them know which funds are accessible for usage. With the correct information at the right time, supply chain financing participants, especially SMEs, can understand and appraise which funding options are available for their patronage. Against these discussions, this study argues that BcTSCF can improve the availability of funds, consequently influencing financial capital availability. Cost Savings Due to the numerous third parties that operate as agents to assist the movement of information and funds, it has been stated that typical supply chain financing operations are costly (Ta et al. 2018 ). According to Kamble et al. ( 2019 ), implementing blockchain technology will significantly alter numerous supply chain financing procedures, providing transparency, saving costs, and encouraging peer-to-peer transactions. Particularly with peer-to-peer dealings, costly third-party interventions are reduced. BcTSCF eases the funding of businesses by reducing operational costs associated with compliance, centralizing corporate processes, streamlining the framework of financial activities, and lowering costs by implementing distributed ledger technology (Cocco et al. 2017 ). Gurtu and Johny ( 2019 ) explains that blockchain improves supply chain financing with its unique qualities of transparency, trust, and cost reduction. Therefore, third-party and other operating costs will be reduced if SMEs utilize BcTSCF. In general, the blockchain's distributed ledger technology aids in risk mitigation related to vulnerability and expensive compliance(Araz et al. 2020 ). This study argues that the efforts of BcTSCF in improving access to funding, promoting the availability of capital, and cost savings are crucial to facilitating financial capital availability for SMEs. Hence, this study proposes the hypothesis that: H1 : The utilization of blockchain technology-driven supply chain financing (BcTSCF) has a significant influence on financial capital availability. For the several provisions of BcTSCF on financial capital availability to be enjoyed, the innovation capability of firms becomes significant. A firm’s technical innovation, following Donbesuur et al. ( 2020 ), is essential to its survival, productivity, and competitive advantage. Therefore, the relationship between BcTSCF and financial resource availability is relevant to innovation capabilities. Bhuiyan et al. ( 2017 ) maintains that SMEs that are successful in developing their innovative capabilities would be able to establish coherent plans that will aggressively and effectively support higher performance. Thus, without the capacity of businesses to build and grow their inventive competence to supplement BcTSCF's efforts in improving accessibility, enhancing availability, and cost savings to enhance financial capital availability, the mere existence of BcTSCF is unsatisfactory (Wang and Guedes 2024 ). Therefore, the ability of businesses to innovate could either improve or weaken the relationship between BcTSCF and the availability of financial capital. Donbesuur et al. ( 2020 ) contends that investing in new machines, methods, and processes, as well as in information systems, as dimensions of innovation capability may make it easier to implement technological innovations. According to Hofmann and Zumsteg ( 2015 ), effective technology management and an effective organizational structure, system, culture, and climate are the recipe for innovation capability. Combining these factors improves the use of traditional and new stream procedures. It is, therefore, argued that when innovative systems, knowledge, and approaches are integrated, they could complement the efforts of BcTSCF (Fernández-Portillo et al. 2024 ). Zhou et al. ( 2018 ) highlights that businesses with sufficient innovation capacity can fully explore technological innovation by dynamically obtaining and assimilating outside knowledge into their unique arrangements. Following Donbesuur et al. ( 2020 ) and Zhou et al. ( 2018 ), this study argues that adaptation and investment in new information systems, methods, and processes are the constructs for innovation capability. From the above discussions, innovation capability is conceptualized to influence the efforts of BcTSCF on financial capital availability. Therefore, this study assumes that the relationship between the utilization of BcTSCF and financial capital availability can be influenced by innovation capability; therefore, the current study hypothesizes that: H2a : The investment innovation capability moderates the relationship between BcTSCF and financial capital availability. H2b : The adaptation innovation capability moderates the relationship between BcTSCF and financial capital availability. The efforts of BcTSCF on financial capital availability as well as the role of Innovation capability (moderator) on this relationship are discussed. From the Fig. 1 below, the model predicts that BcTSCF influences financial capital availability ( Hypothesis H1 ). The model again predicts that the innovation capability (adaptation and investment in new information systems, methods, and processes) moderates the influence of BcTSCF on financial capital availability ( Hypotheses H2a-H2b ). 3. Methodology 3.1 Research Design and Sampling The study uses a quantitative correlational research approach to explore the adoption determinants of BcTSCF. The purposive sampling approach is adopted to collect data from enterprises with ideas for or experience using BcTSCF and the potential to adopt BcTSCF. Thus, SMEs with adequate knowledge of BcT in general were considered. This technique gives researchers the confidence to determine an appropriate study sample (Zikmund et al. 2013 ). First, out of the 3,000 SMEs registered with the Association of Ghana Industries (AGI), the purposive sampling method was employed to select 712 SMEs. Consequently, only SMEs within the wholesale & retail, hospitality (restaurants & bars), manufacturing, services (transport & construction), and agriculture sectors were included. Furthermore, 522 SMEs were chosen using the simple random sample technique to get responses from SME owners and managers. 3.2 Measurement Constructs and Survey Instrument Design This research’s measurement scales are adapted from previously validated constructs from related literature. As maintained by Boudreau and Straub (2001), adopting tools previously validated for survey methods is advisable. The parameters for BcTSCF adoption is extracted (Yang et al. 2017 ). The elements for financial capital availability were drawn (Du et al. 2020 ; Kamble et al. 2019 ; Ta et al. 2018 ). The parameters for innovation capability were also drawn (Bhuiyan et al. 2017 ; Donbesuur et al. 2020 ; Zhou et al. 2018 ). A four-part survey instrument (questionnaire) was developed where two (13) constructs had five (5) items (i.e., BcTSCF Adoption and Financial Capital Availability). One construct had six (6) items (i.e., innovation capability). The items were all evaluated on a seven-point Likert scale ranging from 1 (“strongly disagree”) to 7 (“strongly agree”). Two helpful pre-tests were conducted to ensure the reliability of the survey instrument. First, a preliminary questionnaire was given to three (3) academics and seven (7) experts for their comments on the content of each item in the survey instrument. The redesigned questionnaires were pre-tested with several SMEs to gauge the respondents’ understanding of the instructions. Following a successful pre-testing phase, a pilot survey of 64 SMEs was conducted to evaluate the measures' internal consistency, validity, and reliability, as well as the clarity and readability of the questionnaires. 3.3 Data Collection and Analysis The primary prerequisites for respondents were knowledge of BcT, experience with BcTSCF, and prospects for BcTSCF adoption. While some participants opted to complete the questionnaire manually, others accessed and finished it by simply clicking on a hyperlink published through their emails, and WhatsApp. The sample size drawn was based on the rule of thumb formula, n > 50 + 8m, where ‘n’ stands for sample size and ‘m’ refers to the number of variables involved in a particular study (Tabachnick et al. 2007 ). In a related approach, Hair et al. ( 1998 ) posited that the minimum sample size can be determined by applying the equation n > 50 + (8 * m ). The variables involved are ten (3). Thus, this study, for instance, will require 74 { n > 50 + (8 * 3), hence, n > 74} minimum cases of respondents to arrive at an efficient result. The sample size of 522 respondents exceeds the minimum threshold. Further, the Structural Equation Modeling (PLS-SEM) was employed to perform data analysis. The PLS-SEM has become a functional multidimensional analytical approach thanks to the ability to handle non-normal data distributions and high flexibility in dealing with formative indicators (Hair et al. 2014 ). 4. Results and Data Analysis The demographic profile of the respondents is shown below. Table 1 Demographic profile of Respondents (N = 522) Demographic Variable Item Frequency (n = 522) Percentage (%) Gender Male 355 68.0 Female 167 32.0 Ages (years) 18–27 years 20 3.8 28–37 years 107 20.5 38–49 years 303 58.0 50–59 years 88 16.9 Above 60 years 4 0.8 Education Less than a high school diploma 73 14.0 High school diploma 224 43.0 Bachelors 173 33.1 Masters 52 9.9 Business Sector Manufacturing 78 15.0 Agriculture 132 25.3 Services (Transport & Construction) 64 12.3 Wholesale & Retail 167 31.9 Hospitality (Restaurants & Bars 81 15.5 Size of Business Micro (Less than 5) 42 8.1 Small (6–29) 273 52.3 Medium (30–99) 162 31.0 Large (More than 100) 45 8.6 Business Age 0–2 years 54 10.3 3–5 years 167 32.0 6–8 years 198 37.9 9–11 years 37 7.1 More than 11 years 66 12.6 Blockchain level Learning the technology 289 55.4 Exploring the technology 174 33.3 Implementing the technology 59 11.3 4.1 Measurement Model Assessment The latent variables’ indicator reliability, convergent validity, and internal consistency were tested by assessing the factor loadings, Cronbach Alpha/Rho_A, the Composite Reliability (CR), and the Average Variance Extracted (AVE) (Hair et al. 2014 ; Shmueli et al. 2019 ). Firstly, internal consistency reliability was conducted based on Cronbach’s Alpha (CA) values, which ranged from 0.703 to 0.875, and the Rho_A values, which ranged from 0.711 to 0.877. These were all greater than the suggested threshold of CA ˃ 0.7. and showed indicator reliability. The constructs' composite reliability (CR) assessment presented values ranging from 0.834 to 0.909, above the CR threshold of ˃ 0.7. These results show that the items used to represent the measuring constructs have satisfactory internal consistency reliability. Secondly, based on item loadings, the reliability of indicators was investigated (loadings of at least 0.50 is suitable). Poorly loaded items were suppressed for not meeting the threshold. The measurement model's subsequent validation (convergent validity) was also conducted using the average variance extracted (AVE). The AVE for all the constructs was above the suggested threshold of AVE ˃ 0.5. These values ranged from 0.627 to 0.711. Table 2 Measurement Model Assessment Variable Items Loadings a Cronbach’s Alpha b Composite reliability (rhoˍa) b Composite reliability (rhoˍc) c Average Variance Extracted (AVE) d BcTSCF Adoption BCA1 0.774 0.703 0.711 0.834 0.627 BCA2 0.828 BCA4 0.771 Innovation Capability IC1 0.827 0.875 0.877 0.909 0.667 IC2 0.838 IC3 0.832 IC4 0.830 IC5 0.754 Financial Capital Avail. FCA1 0.738 0.761 0.764 0.847 0.711 FCA2 0.740 FCA3 0.798 FCA4 0.773 From the measurement model assessment, all the observed variables with factor loadings ˃0.50 were kept in the study’s model. With BcTSCF Adoption, 3 observed variables were retained. These included SMEs’ willingness to adopt BcTSCF in the future, the encouragement of SMEs to implement BcTSCF, and the availability of financial resources to promote BcTSCF adoption. In the innovative capability construct context, 5 observable variables were kept in the current study’s model. These involved SMEs’ investments in new information systems, SMEs'’ deployment of new methods regularly, SMEs’ investment in new processes, SMEs’ willingness to adapt new information systems, and SMEs’ willingness to adapt new methods regularly. Regarding financial capital availability, 4 of the 5 observable variables were kept with factor loadings ˃ 0.50. These included the offering of a larger platform with improved access and flow of financial information (availability), the activities of SMEs being better financed (availability), the offering of process speed and trust mechanisms to improve access to financing capital (accessibility) and the quick way to obtain timely financial assistance (accessibility). Because this study used a questionnaire to collect data, investigating potential data biases like social desirability, the common ratter effect, consistency motif, mood state, and common scale anchors was prudent (Podsakoff et al. 2003 ). A multicollinearity test was conducted using the Variable Inflation Factor (VIF). As per Kock ( 2015 ), a variable inflation factor (VIF) ˃ 3.3 indicates that a model may be contaminated by common method bias. Therefore, if all variance inflation factors (VIFs) resulting from a full collinearity test are ≤ 3.3, the model can be considered free of common method bias. From Table 3 , the VIF of the relationships was ˂ 3.3, indicating no collinearity issues. Table 3 Common Method Bias Test (Collinearity VIF Values) Constructs Items Outer loadings Outer weights VIF BcTSCF Adoption BCA1 0.774 0.405 1.341 BCA2 0.828 0.470 1.409 BCA4 0.771 0.385 1.369 Innovation Capability IC1 0.827 0.228 2.633 IC2 0.838 0.239 2.727 IC3 0.832 0.248 2.117 IC4 0.830 0.268 2.054 IC5 0.754 0.242 1.685 Financial Capital Avail. FCA1 0.738 0.280 1.542 FCA2 0.740 0.347 1.351 FCA3 0.798 0.331 1.664 FCA4 0.773 0.353 1.440 4.2 Hypotheses Testing The study employs a 97.5 and 2.5 percent bootstrapping confidence interval to determine the strength of effects at different levels. The structural model of these relationships was assessed by examining the beta, t/p-values, and effect size (f2) via bootstrapping. Table 4 shows the bootstrapping's direct effects and results. The t-statistics test is used to examine the hypotheses. The benchmark level 1.96 determines whether a hypothesis should be accepted or rejected. That is, t-values above 1.96 show significance, and the higher the value, the more significant it is. The testing results indicated that the supported hypotheses mostly displayed a positive and significant relationship with path coefficients (ꞵ) that ranged from 0.209 to 0.247 with significant levels of at most 0.05 and 97.5% confidence intervals (Preacher and Hayes 2008 ). Also, BcTSCF adoption and utilization positively influences to financial capital availability (ꞵ= 0.209; t-value = 4.866; CI [0.127, 0.294]; p-value ˂ 0.001). Again, innovative capability showed a positive and statistically significant influence on financial capital availability (ꞵ= 0.621; t-value = 15.202; CI [0.543, 0.703]; p-value ˂ 0.001). Furthermore, innovative capability showed a positive and statistically significant moderating impact on the relationship between BcTSCF and financial capital availability (ꞵ=0.247; t-value = 9.086; CI [0.193, 0.301]; p-value ˂ 0.001). Regarding the effect size (f 2 ), BcTSCF adoption showed medium-size effects on financial capital availability. However, innovative capability displayed large-size effects on financial capital availability. Furthermore, the moderating role of innovative capability showed a medium-sized effect on the relationship between BcTSCF and financial capital availability. The PLS product-indicator approach (multiplication of the independent variable by the moderator was done to investigate the moderating effect of innovation capability on the relationship between BcTSCF and financial capital availability. Correspondingly, this resulted in the interaction variable being labeled as the ‘moderating effect of innovation capability. The analysis was rerun using the interaction variable. The interaction variable (moderating effect of innovation capability) showed a statistical and positive moderating effect (ꞵ=0.247; t-value = 9.086; CI [0.193, 0.301]; p-value ˂ 0.001) on the relationship between BcTSCF and financial capital availability. However, innovation capability in the context of the current study included two main dimensions: investment in new information systems, methods, and processes and adaptation of new information systems, methods, and processes. Further analysis was carried out to understand better how these two dimensions influence the relationship between BcTSCF and financial capital availability. The results showed that innovation capability in terms of investment in new information systems, methods, and processes showed a positive and statistically significant influence on the relationship between BcTSCF and financial capital availability (ꞵ=0.245; t-value = 9.259; CI [0.193, 0.297]; p-value ˂ 0.001. Table 4 Bootstrapping Direct Effects Results (Path Coefficients) Hypotheses Relationship Path Coeff. Std. Dev. t-value P-value Remarks Effect Size (f 2 ) 2.5% CI LL 97.5% CI UL H1 BcTSCF → Financial Capital Availability 0.209 0.043 4.886 0.000*** Supported 0.061 0.127 0.294 H2 The moderating effect of Innovation Capability x BcTSCF → Financial Capital Availability 0.247 0.027 9.086 0.000*** Supported 0.231 0.193 0.301 H2a The moderating effect of Innovation capability (investment) x BcTSCF → Financial Capital Availability 0.245 0.026 9.259 0.000*** Supported 0.194 0.193 0.297 H2b The moderating effect of Innovation capability (adaptation) x BcTSCF →Financial Capital Availability 0.225 0.029 7.818 0.000*** Supported 0.152 0.166 0.281 Notes: *** = p < 0.001; ** = p < 0.01; * = p < 0.05; † = p < 0.10; NS. = Not Significant; Bootstrapped CI not containing zero is significant. Also, regarding adaptation to new information systems, methods, and processes, the results showed a positive and significant moderating effect (ꞵ=0.225; t-value = 7.818; CI [0.166, 0.281]; p-value ˂ 0.001). However, this was less than the effects of the investment dimension. Figure 2 shows that the positive relationship between BcTSCF and financial capital availability is positively dampened by innovation capability (investment in new information systems, methods, and processes). Thus, the mean and the standard deviation at + 1 slope move upwards. Although the standard deviation at -1 looks flat, the investment innovative capability standard deviation and mean at + 1 all move higher and steeply positive. Hence, it can be concluded that the positive relationship between BcTSCF and financial capital availability is amplified by investment innovative capability. The same can be said for the moderating role of adaptive innovation capability on the relationship between BcTSCF and financial capital availability. In this case, it can be concluded that the positive impact of BcTSCF on financial capital availability is also strengthened by adaptation innovative capability, as seen in Fig. 3 . 5. Discussions The outcome of the current study showed that the adoption and utilization of BcTSCF has a positive and significant influence on financial capital availability. This result is equivalent to the findings of previous research (Belleflamme et al. 2014 ; Du et al. 2020 ; Kamble et al. 2019 ; Omran et al. 2009 ; Popa 2013 ; Ta et al. 2018 ). This work categorizes financial capital availability in three primary contexts: improving access, promoting availability, and enhancing cost savings. In terms of improving access, a study by Wang et al. ( 2018 ) revealed that BcTSCF significantly ensures complete communication and reliable financial collaboration, incorporating effective information flow to address the difficulties of information asymmetry. As a result, the movement of capital can be digitally optimized, allowing for the appropriate transparent sharing and monitoring of financial information with real-time access to transaction details. Similarly, the findings of Popa ( 2013 ) claimed that by enhancing liquidity and capital allocation throughout the value chain, BcTSCF provides the opportunity to establish a win-win situation for all supply chain financing partners. In promoting availability, the study's outcome by Omran et al. ( 2017 ) asserted that BcTSCF provides greater transparency through the accessibility of complete records and immutability via its distributed ledger. As a result, supply chain financing participants encounter less opacity. In the context of enhancing cost savings, Cocco et al. ( 2017 ) further stated that BcTSCF eases the funding of businesses by reducing operational costs associated with compliance, centralizing corporate processes, streamlining the framework of financial activities, and lowering costs by implementing distributed ledger technology. The current study further explores the moderating role of innovation capability on the relationship between BcTSCF and financial capital availability. The finding shows that innovation capability has a positive and statistically significant moderating impact on the relationship between BcTSCF and financial capital availability. This outcome agrees with the findings of previous studies (Donbesuur et al. 2020 ; Hofmann and Zumsteg 2015 ; Zhou et al. 2018 ). The findings from the study by Bhuiyan et al. ( 2017 ) maintained that the efforts of BcTSCF on financial capital availability in terms of improving accessibility, enhancing availability, and cost savings are satisfactory when they develop their innovation capabilities. Therefore, the ability of businesses to innovate could moderate the relationship between BcTSCF and the availability of financial capital. In detail, the study by Donbesuur et al. ( 2020 ) contends that investing in new machines, methods, and processes, as well as in information systems, as dimensions of innovation capability, may make it easier to implement technological innovations for which the efforts of BcTSCF on financial capital availability is no exception. These can significantly influence the efforts of BcTSCF as their integration could complement BcTSCF efforts, including financial capital availability. Zhou et al. ( 2018 ) highlights that businesses with sufficient innovation capacity (adaptation of new information systems and processes) can fully explore technological innovation by dynamically obtaining and assimilating outside knowledge into their unique arrangements. This integration is a recipe to complement the efforts of technological innovations, which may include BcTSCF utilization. By this, it can be argued that for the many efforts of BcTSCF to be enjoyed by SMEs in Ghana, it is imperative to commit financial resources to new information systems and processes (acquisition of software and hardware to boost up already existing systems for easy BcTSCF integration). Similarly, there is also the need to be much more up-to-date with technological innovations (training, education) to facilitate easy adaptation and usage. The results showed that investment innovation capability showed a more potent and significant moderating effect than adaptation innovation capability. 5.1 Theoretical Implications The study has significantly expanded the literature on BcTSCF especially from a developing country’s perspective, enhancing the utmost comprehension of the adoption determinants among Ghanaian businesses. Secondly, many studies have espoused the role of blockchain technology in reshaping several sectors of the global economy (Casino et al. 2019 ). However, the current research examines the adoption and utilization of BcTSCF as a technological resource in the context of influencing the financial capital availability. Studies on blockchain, in general, have predominantly considered the adoption drivers or ranked them (Alshamaila et al. 2013 ; Asante Boakye et al. 2022 ; Oliveira and Martins 2011 ; Ramdani et al. 2009 ). However, this paper explores how adoption and utilization of BcTSCF influence financial capital availability across the manufacturing, agriculture, services, wholesale & retail, and hospitality sectors of Ghana. Thirdly, this study is among the first to use innovation capability to moderate the relationship between BcTSCF and financial capital availability. We proved a significant moderating effect of both investment and adaptation innovation capability on the influence of BcTSCF on financial capital availability. Therefore, affirming innovation capability is an essential factor that affects the power of BcTSCF on financial capital availability. The findings of this study contribute to the dynamic capability theory by highlighting the importance of innovation capability and the moderating role in the relationship between BcTSCF and financial capital availability. 5.2 Practical Implications The findings show that BcTSCF influences financial capital availability by improving access, cost savings, and promoting capital availability. Therefore, businesses in Ghana must realize that to enhance the level of financial capital to meet their operational needs and stay competitive, the time is right to invest further and exploit technological innovations (BcTSCF). Based on the findings of this current study, innovation capability positively affected the strength of the relationship between BcTSCF and financial capital availability. This demonstrates the vital role played by investment innovation capability in the relationship between the efforts of BcTSCF on the financial capital availability of SMEs. Therefore, for Ghanaian firms to reap the gains of BcTSCF, there is a need to invest in new information systems, methods, and processes. Roles played by governments are critical, and more emphasis should be placed on creating a technologically friendly environment, providing policy frameworks, and offering assistance to businesses to facilitate BcTSCF adoption. Further, non-governmental organizations and other agencies like the AGI and microfinance and small loans center (MASLOC) should invest in the promotion of blockchain technology applications amongst enterprises through seminars, funding, and conferences. 6. Conclusions and Further research This study explored how BcTSCF adoption influences financial capital availability of enterprises in terms of improving access, promoting availability, and enhancing cost savings. Again, the findings showed that innovation capability (investment in new information systems, methods, and processes) has a positive and statistically significant moderating impact on the relationship between BcTSCF and financial capital availability. In detail, the positive relationship between BcTSCF and financial capital availability is greatly amplified by investment innovation capability as compared to adaptation innovation capability. 6.1 Limitations and Implications for Future Studies Due to its cross-sectional design, the current study is unable to adequately capture the impact of BcTSCF efforts on the availability of financial capital. Furthermore, the study was limited in assessing the surveyed continuous BcTSCF gains on financial capital availability over a sufficient time period because BcTSCF adoption is yet in its infancy. Due to their design for a single economy (Ghana), the study and research model have additional limitations. Adopting the model from this study may not affect the outcomes for other nations with economies larger than Ghana's. Last but not least, the absence of secondary data meant that the results were dependent only on questionnaire responses. To measure the changes in the associations and validate findings, it is first advised to use a longitudinal design. Also, more research can be considered to examine and thoroughly establish our findings when BcTSCF adoption makes significant progress. 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Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-4118575","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":280597881,"identity":"7fcd3b5f-5788-474e-a4e3-4091a4d34943","order_by":0,"name":"Zhao Hongjiang","email":"","orcid":"","institution":"University of Electronic Scieence and Tecchnology of China","correspondingAuthor":false,"prefix":"","firstName":"Zhao","middleName":"","lastName":"Hongjiang","suffix":""},{"id":280597992,"identity":"25df980c-b5e0-42f3-a9c2-27aaabc6ee5b","order_by":1,"name":"Millicent Adu-Damoah","email":"","orcid":"","institution":"University of Electronic Science and Technology of China","correspondingAuthor":false,"prefix":"","firstName":"Millicent","middleName":"","lastName":"Adu-Damoah","suffix":""},{"id":280598103,"identity":"8e07d795-9d8a-447d-a9ee-2aebed6627c5","order_by":2,"name":"Elijah Asante Boakye","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAA4ElEQVRIiWNgGAWjYDACdjij+QADYwMxWpghlAQDz7EEUrVI5BgQp4WfmYHx44+aO3X8DDnfJH7usJFjYD98dAM+LZLNDMzSPMeeSUg2nN0m2XsmzZiBJy3tBj4tBocZGKQZ2A5LGBzs3SbB23Y4sUGCxwyvFvvDDMw/f/w7LGF/mOeZ5F9itBgwM7CBDJcwYONhkybKFonDjG3WvH2HJWecYTO2lm1LM2Yj5Bf+9ubDN398O8zPP//xw5tv22zk+NkPH8OrhQEpLlgkQCQbfuWogPkDKapHwSgYBaNg5AAAyhRF06C9UEkAAAAASUVORK5CYII=","orcid":"https://orcid.org/0000-0001-8435-9464","institution":"University of ElectronicScience and Technology of China","correspondingAuthor":true,"prefix":"","firstName":"Elijah","middleName":"Asante","lastName":"Boakye","suffix":""}],"badges":[],"createdAt":"2024-03-17 20:24:20","currentVersionCode":1,"declarations":{"humanSubjects":true,"vertebrateSubjects":false,"conflictsOfInterestStatement":false,"humanSubjectEthicalGuidelines":true,"humanSubjectConsent":true,"humanSubjectClinicalTrial":false,"humanSubjectCaseReport":false,"vertebrateSubjectEthicalGuidelines":false},"doi":"10.21203/rs.3.rs-4118575/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-4118575/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":52975175,"identity":"e251bb88-c145-49fa-ab6a-3a6a8293a5d1","added_by":"auto","created_at":"2024-03-19 09:07:34","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":16287,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eResearch Model\u003c/strong\u003e\u003c/p\u003e","description":"","filename":"1.png","url":"https://assets-eu.researchsquare.com/files/rs-4118575/v1/fe26cfc669dc198f162a9a17.png"},{"id":52974460,"identity":"a8452a3f-9c7f-430c-97c5-c9f8219108b1","added_by":"auto","created_at":"2024-03-19 08:59:34","extension":"png","order_by":2,"title":"Figure 2","display":"","copyAsset":false,"role":"figure","size":49573,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eModeration Slope Plot for Investment Innovation Capability\u003c/strong\u003e\u003c/p\u003e","description":"","filename":"floatimage3.png","url":"https://assets-eu.researchsquare.com/files/rs-4118575/v1/f9c4c7e360218d4b38abbd33.png"},{"id":52974462,"identity":"7e3ed4a3-19cf-48d7-9efb-f5dad887f459","added_by":"auto","created_at":"2024-03-19 08:59:34","extension":"png","order_by":3,"title":"Figure 3","display":"","copyAsset":false,"role":"figure","size":48603,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eModeration Slope Plot for Adaptation Innovation Capability\u003c/strong\u003e\u003c/p\u003e","description":"","filename":"floatimage4.png","url":"https://assets-eu.researchsquare.com/files/rs-4118575/v1/4e2404784d0ac5ad1ce6525d.png"},{"id":52975925,"identity":"02d3ab38-cb7a-4b02-a151-225b4213e246","added_by":"auto","created_at":"2024-03-19 09:15:34","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":570427,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-4118575/v1/ca3e56a2-dedd-4a04-bda8-77eac8a2b82c.pdf"}],"financialInterests":"The authors declare no competing interests.","formattedTitle":"\u003cp\u003e\u003cstrong\u003ePredicting Financial Capital Availability through Blockchain technology-driven Supply Chain Financing: An Innovation Capability-Based Moderation Role\u003c/strong\u003e\u003c/p\u003e","fulltext":[{"header":"1. Introduction","content":"\u003cp\u003eModern technology has brought forth a variety of infrastructures that impact the industries involved in the generation, consumption, and sharing of information while facilitating more adaptable and efficient operations (Wong et al. \u003cspan citationid=\"CR70\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). The emergence of digital business environments, which generate value via information and communication technologies, has evolved into an innovative approach for cooperative organizations to leverage technology to their advantage (Senyo et al. \u003cspan citationid=\"CR60\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). One of the more recent technological developments is blockchain technology (BcT), which is an immutable distributed ledger with high-level encryption that permits the safe peer-to-peer (P2P) transfer of multiple assets without the need for an intermediary (Nawari and Ravindran \u003cspan citationid=\"CR46\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). Blockchain technology-driven supply chain financing (BcTSCF) uses blockchain technology to manage the financial aspects of supply chain activities to lower communication costs, and promote information and capital integration (Gao et al. \u003cspan citationid=\"CR27\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). Many global surveys have consistently identified financial capital availability as the most significant barrier to the growth of small businesses (Beck and Cull \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2014\u003c/span\u003e). The numerous intrinsic features of small and medium sized enterprises (SMEs), including information asymmetry, lack of credit history, increased default risks, and inadequate collateral contribute to their funding difficulties (Gupta and Gregoriou \u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e2018\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eBcTSCF is one of the emerging technologies with enabling mechanisms to aid business funding, creating room for easy access and providing a broader avenue to raise financing capital (Gao et al. \u003cspan citationid=\"CR27\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). Some have claimed that BcTSCF provides decentralized services that reduce information asymmetry and expedite transactions, resulting in financing that is both less expensive and more effective (Choi \u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e2019\u003c/span\u003e; Du et al. \u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). Notwithstanding the several advantages of blockchain technology, it remains uncertain how the application of BcTSCF can impact the funding endeavors of small enterprises. Blockchain technology literature is sparse, especially in developing nations. In Ghana, increased investments, information technology-enabled services (ITes), and innovation in ICT have contributed to the development of BcTSCF (The World Bank Group \u003cspan citationid=\"CR65\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). Furthermore, BcTSCF has benefited from the National ICT for Accelerated Development (ICT4AD) Policy, which encourages technical advancements to make Ghana a technological powerhouse (Coffie et al. \u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). Also, the support from the government and agencies like the Association of Ghana Industries (AGI), the Ghana Enterprises Agency (GEA), and the Ministry of Communication and Digitalization (MoCD) and has resulted in some BcTSCF platforms such as AgriXchain, Kudigo, and Pezesha (Startup Facility \u003cspan citationid=\"CR62\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). A few advantages of adopting BcTSCF include fostering peer-to-peer collaboration, building trust, guaranteeing transparency and cost savings, and enhancing the adequate flow of capital and increased funding services (Kamble et al. \u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2019\u003c/span\u003e).\u003c/p\u003e \u003cp\u003ePrevious research indicates that BcTSCF enhances financial availability for businesses by promoting better financial accessibility, cost, and information sharing (Choi and He \u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e2019\u003c/span\u003e; Kamble et al. \u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). Businesses\u0026rsquo; capacity for innovation becomes crucial to benefit from all of BcTSCF\u0026rsquo;s provisions. Enterprises that successfully develop innovative capacities can create proactive and practical strategies to drive performance improvements (Bhuiyan et al. \u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2017\u003c/span\u003e). With this, the mere existence of BcTSCF is unsatisfactory without the ability of firms to build and develop their innovative capability to augment technology offerings. This study seeks to employ an empirically-based approach to present a detailed exploration of the efforts of BcTSCF on financial capital availability. Additionally, the study aims to assess the moderation role of innovation capability on the nexus between BcTSCF and financial capital availability. The current study adds to BcTSCF literature, especially in Ghana and from a developing country\u0026rsquo;s perspective.\u003c/p\u003e \u003cp\u003eFor the researcher, this outcome provides nuanced insights into the significance of utilizing an emerging technology like BcTSCF from a developing country\u0026rsquo;s perspective. Consequently, this will help the government and other stakeholders to design conducive policy arrangements that promote the seamless diffusion of BcTSCF. The remainder of the study is divided into sections: Section \u003cspan refid=\"Sec2\" class=\"InternalRef\"\u003e2\u003c/span\u003e analyzes related literature and outlines the study\u0026rsquo;s hypotheses. The methodology is shown in Section \u003cspan refid=\"Sec7\" class=\"InternalRef\"\u003e3\u003c/span\u003e. Results are shown in Section \u003cspan refid=\"Sec11\" class=\"InternalRef\"\u003e4\u003c/span\u003e. The research findings are discussed in Section \u003cspan refid=\"Sec14\" class=\"InternalRef\"\u003e5\u003c/span\u003e. The conclusions and implications for additional research are provided in Section \u003cspan refid=\"Sec17\" class=\"InternalRef\"\u003e6\u003c/span\u003e.\u003c/p\u003e"},{"header":"2. Related Literature and Hypotheses Development","content":"\u003cdiv id=\"Sec3\" class=\"Section2\"\u003e \u003ch2\u003e2.1 Blockchain Technology-driven Supply Chain Financing\u003c/h2\u003e \u003cp\u003eBlockchain technology-driven supply chain financing (BcTSCF) uses BcT to manage enterprises\u0026rsquo; supply financing activities (Gao et al. \u003cspan citationid=\"CR27\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). By sharing information with upstream and downstream partners simultaneously to reduce transfer and commination errors, BcTSCF expedites supply chain financing (Ta et al. \u003cspan citationid=\"CR63\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). As per Kamble et al. (\u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2019\u003c/span\u003e), BcTSCF facilitates better cost, information sharing, and financial accessibility, all of which increase business funding activities. By reducing operating costs related to compliance and improving the framework of economic activities by leveraging distributed ledgers, the BcTSCF, according to Cocco et al. (\u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2017\u003c/span\u003e), provides relief in financing enterprises. Wang et al. (\u003cspan citationid=\"CR68\" class=\"CitationRef\"\u003e2018\u003c/span\u003e), have maintained that BcTSCF incorporates the essential information flow to handle issues with information asymmetry, guaranteeing full communication and trustworthy economic cooperation. Wang et al. (\u003cspan citationid=\"CR69\" class=\"CitationRef\"\u003e2019\u003c/span\u003e) investigates how information asymmetry might be reduced by the decentralized consensus processes of BcTSCF, improving lending and borrowing efficiency. Kshetri (\u003cspan citationid=\"CR41\" class=\"CitationRef\"\u003e2018\u003c/span\u003e), discuss the various methods by which blockchain contributes to the cost, speed, dependability, sustainability, and flexibility of supply chain financing.\u003c/p\u003e \u003cp\u003eAlso, Saberi et al. (\u003cspan citationid=\"CR58\" class=\"CitationRef\"\u003e2019\u003c/span\u003e) claim that SMEs may need to use blockchain technology heavily in their funding activities because of its benefits to decentralization, security, audibility, and intelligent execution. Prior research has identified the potential application of BcTSCF (Wang et al. \u003cspan citationid=\"CR69\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). However, these studies have been generally conceptual (Kshetri \u003cspan citationid=\"CR42\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). Studies on BcTSCF are still in their infancy, therefore more research is needed to further our understanding, specifically for SMEs. Because there aren't many empirical studies outside of literature reviews, qualitative research, and case studies. Hence, this current study addresses the need for empirical research to support the ongoing discussions (Fosso Wamba et al. \u003cspan citationid=\"CR25\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Queiroz and Fosso Wamba \u003cspan citationid=\"CR55\" class=\"CitationRef\"\u003e2019\u003c/span\u003e).\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec4\" class=\"Section2\"\u003e \u003ch2\u003e2.2 The Concept of Financial Capital Availability\u003c/h2\u003e \u003cp\u003e\u0026ldquo;Financial capital availability\u0026rdquo; refers to the degree to which small enterprises may access and effectively manage their financial resources to accomplish their operational and financial objectives. Regardless of the numerous impacts of SMEs, financial capital availability has been a crucial constraint to their performance and growth. According to Gupta and Gregoriou (\u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e2018\u003c/span\u003e), many SMEs struggle to assess financial capital. As per Abbasi et al. (\u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e2018\u003c/span\u003e), SMEs cannot obtain sufficient funding from capital markets and consequently have to rely on traditional banks. A study by Abdulsaleh and Worthington (\u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2013\u003c/span\u003e) emphasized that financial capital availability is predominated by the disparity between what level of capital is required (demand) and the quantity offered (supplied) to meet operational pursuits. According to (Memon et al. \u003cspan citationid=\"CR45\" class=\"CitationRef\"\u003e2020\u003c/span\u003e), available financial capital plays three key performance roles: financial, innovative, and environmental. In terms of financial functions, financial capital availability helps enterprises to run smoothly. A high degree of financial availability promotes businesses to grow into new areas and strengthen their position in the market. In contrast, low financial availability may deter companies from continuing with current operational activities (Xu and Hitt \u003cspan citationid=\"CR71\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). A study by Khan et al. (\u003cspan citationid=\"CR37\" class=\"CitationRef\"\u003e2019\u003c/span\u003e) argues that having enough financial resources can promote sustainable competitive advantage, buffer against unanticipated shocks, and promote sustainable growth.\u003c/p\u003e \u003cp\u003eRuggiero and Cupertino (\u003cspan citationid=\"CR57\" class=\"CitationRef\"\u003e2018\u003c/span\u003e) argues that financial resources for investment in innovative projects are crucial in businesses, as they can be used for research, development, and social activities. Similarly, studies have argued that financial resources, both internal and external access to financing, considerably support endeavors like research and development and innovative activities (Ayyagari et al. \u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2011\u003c/span\u003e). According to Davari and Farokhmanesh (\u003cspan citationid=\"CR19\" class=\"CitationRef\"\u003e2017\u003c/span\u003e), the availability of financial capital significantly influences the identification and creation of new prospects for corporate growth. A study by Knight et al. (\u003cspan citationid=\"CR39\" class=\"CitationRef\"\u003e2019\u003c/span\u003e) emphasized that SMEs lack enough financial capital, which prevents them from actively engaging in environmental and sustainable activities. According to Kiron et al. (\u003cspan citationid=\"CR38\" class=\"CitationRef\"\u003e2012\u003c/span\u003e), firms in stable financial standing favor investing in creative activities, while financially struggling companies have no interest in investing in new practices, social initiatives, or environmental initiatives. The current study conceptualizes financial capital availability in the context of BcTSCF. It focuses on the efforts of BcTSCF in dealing with the inherent characteristics that confront the financing of businesses in terms of improving access, availability, and reducing costs.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec5\" class=\"Section2\"\u003e \u003ch2\u003e2.3 The Concept of Innovation Capability\u003c/h2\u003e \u003cp\u003eThe innovation capability of organizations is their entire propensities to adapt and execute technologies to enhance business processes (Zawislak et al. \u003cspan citationid=\"CR73\" class=\"CitationRef\"\u003e2012\u003c/span\u003e). A study by Lawson and Samso (2001) described innovation capability as \u0026ldquo;the ability to continuously transform knowledge and ideas into new products, processes, and systems for the benefit of the firm and its stakeholders\u0026rdquo;. The empirical studies on innovation capability in the setting of small businesses have developed into two research directions: one that examines the factors of innovation capability and another that explores the effects of innovation capability. Small business innovation has thus been viewed as a process or outcome. In the first phase of research that examines innovation as a process, it is typical to think of innovation capability as the prospect to create innovative outputs (Dadfar et al. \u003cspan citationid=\"CR17\" class=\"CitationRef\"\u003e2013\u003c/span\u003e; Keskin \u003cspan citationid=\"CR36\" class=\"CitationRef\"\u003e2006\u003c/span\u003e). These studies view innovation capability as a one-dimensional concept, which includes potential activities that could be deployed to improve SME performance (Dejardin et al. \u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2023\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eThe second research stream looks at innovation as a result. According to this line of research, the ability to develop various types of innovation, such as organizational innovation, process innovation, or product innovation, is known as innovation capability (De Martino and Magnotti \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2018\u003c/span\u003e; Hervas-Oliver et al. \u003cspan citationid=\"CR33\" class=\"CitationRef\"\u003e2016\u003c/span\u003e; Landoni et al. \u003cspan citationid=\"CR43\" class=\"CitationRef\"\u003e2016\u003c/span\u003e). Most research involving small enterprises showed a correlation between innovation capacity and firm performance (O\u0026rsquo;Cass and Sok \u003cspan citationid=\"CR47\" class=\"CitationRef\"\u003e2013\u003c/span\u003e; Oura et al. \u003cspan citationid=\"CR51\" class=\"CitationRef\"\u003e2016\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eThe results of Sen and Egelhoff (\u003cspan citationid=\"CR59\" class=\"CitationRef\"\u003e2000\u003c/span\u003e) revealed that while innovation helps businesses deliver new products and adapt new systems more quickly, doing so requires a wide range of resources, assets, and talents to succeed in a continuously changing market. As such, businesses demonstrate their technological capability power by absorbing viable technical applications. Frishammar and H\u0026ouml;rte (\u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e2007\u003c/span\u003e) argued that firms that use, support, and experiment with new ideas and processes could relish competitive advantage. According to Allocca and Kessler (\u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2006\u003c/span\u003e), contrary to less inventive enterprises, highly innovative firms increase their market share and produce highly successful products that generate significant returns on investment and long-term profits. As per Dahlgaard-Park and Dahlgaard (\u003cspan citationid=\"CR18\" class=\"CitationRef\"\u003e2010\u003c/span\u003e), the firm must improve its leadership, people, collaboration, and organizational capabilities before implementing the original innovation method and new product creation. In agreement with the above, this study argues that for the contributions of BcTSCF on financial capital availability to be enjoyed, innovation capability is significant. With this, the mere existence of BcTSCF is unsatisfactory without the ability of firms to build and develop their innovation capability while enhancing their efforts to strengthen financial capital availability. Innovation capability could influence the relationship between BcTSCF and SMEs\u0026rsquo; financial capital availability.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec6\" class=\"Section2\"\u003e \u003ch2\u003e2.4 Hypotheses Development\u003c/h2\u003e \u003cp\u003eThis study conceptualizes the efforts of BcTSCF in dealing with the inherent characteristics that confront the financing of businesses in terms of improving access, availability, and reducing costs, which consequently promotes financial capital availability.\u003c/p\u003e \u003cp\u003e \u003cem\u003eImproving access\u003c/em\u003e \u003c/p\u003e \u003cp\u003ePopa (\u003cspan citationid=\"CR53\" class=\"CitationRef\"\u003e2013\u003c/span\u003e) claims that by enhancing capital allocation and liquidity across the value chain, BcTSCF provides the opportunity to establish a gain-gain atmosphere for all supply chain financing partners. A study by Wang et al. (\u003cspan citationid=\"CR68\" class=\"CitationRef\"\u003e2018\u003c/span\u003e) revealed that BcTSCF ensures complete communication and reliable financial collaboration, incorporating adequate information flow to address the difficulties of information asymmetry. As a result, capital movement can be digitally optimized, allowing for the appropriate transparent sharing and monitoring of financial information with real-time access to transaction details (Grijalba et al. \u003cspan citationid=\"CR28\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). According to Belleflamme et al. (\u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2014\u003c/span\u003e), BcTSCF enables more convenient access and a bigger pool from which capital may be raised from various lenders to meet the financing requirements of enterprises. As per Du et al. (\u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e2020\u003c/span\u003e), supply chain financing with blockchain technology helps make small business funding more readily accessible by enabling secure information exchanges in real-time, transaction execution, and automated validation. From the above, it can be argued that leveraging BcTSCF by SMEs could give them access to adequate finance from financiers across the supply chain financing ecosystem.\u003c/p\u003e \u003cp\u003e \u003cem\u003eAvailability\u003c/em\u003e \u003c/p\u003e \u003cp\u003eA study by Ta et al. (\u003cspan citationid=\"CR63\" class=\"CitationRef\"\u003e2018\u003c/span\u003e) revealed that by sharing information simultaneously with all partners (upstream and downstream), BcTSCF streamlines conventional supply chain financing, eradicating communication and transfer errors. Omran et al. (\u003cspan citationid=\"CR50\" class=\"CitationRef\"\u003e2017\u003c/span\u003e) asserts that BcTSCF provides greater transparency through the accessibility of complete records and immutability via its distributed ledger. As a result, supply chain financing participants encounter less opacity. Managing the financing component of supply chain operations using blockchain also reduces the visibility of errors, misappropriation, and misdirection. According to Omran et al. (\u003cspan citationid=\"CR49\" class=\"CitationRef\"\u003e2009\u003c/span\u003e), significant accountability and more accurate monitoring and evaluation are made possible by the increased accessibility of information flows, which promotes quick access to financial aid.\u003c/p\u003e \u003cp\u003eAdditionally, BcTSCF reduces information asymmetry problems and inequalities, boosting participant confidence and enhancing practical financial information and capital (Du et al. \u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). Furthermore, a study by Zhu et al. (\u003cspan citationid=\"CR75\" class=\"CitationRef\"\u003e2019\u003c/span\u003e) highlighted that BcTSCF could gradually rationalize the flow of funds by enabling participants to share, monitor records, and have real-time access to all relevant transaction-related information digitally. Correspondingly, this then aids businesses by letting them know which funds are accessible for usage. With the correct information at the right time, supply chain financing participants, especially SMEs, can understand and appraise which funding options are available for their patronage. Against these discussions, this study argues that BcTSCF can improve the availability of funds, consequently influencing financial capital availability.\u003c/p\u003e \u003cp\u003e \u003cem\u003eCost Savings\u003c/em\u003e \u003c/p\u003e \u003cp\u003eDue to the numerous third parties that operate as agents to assist the movement of information and funds, it has been stated that typical supply chain financing operations are costly (Ta et al. \u003cspan citationid=\"CR63\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). According to Kamble et al. (\u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2019\u003c/span\u003e), implementing blockchain technology will significantly alter numerous supply chain financing procedures, providing transparency, saving costs, and encouraging peer-to-peer transactions. Particularly with peer-to-peer dealings, costly third-party interventions are reduced. BcTSCF eases the funding of businesses by reducing operational costs associated with compliance, centralizing corporate processes, streamlining the framework of financial activities, and lowering costs by implementing distributed ledger technology (Cocco et al. \u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2017\u003c/span\u003e). Gurtu and Johny (\u003cspan citationid=\"CR30\" class=\"CitationRef\"\u003e2019\u003c/span\u003e) explains that blockchain improves supply chain financing with its unique qualities of transparency, trust, and cost reduction. Therefore, third-party and other operating costs will be reduced if SMEs utilize BcTSCF.\u003c/p\u003e \u003cp\u003eIn general, the blockchain's distributed ledger technology aids in risk mitigation related to vulnerability and expensive compliance(Araz et al. \u003cspan citationid=\"CR5\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). This study argues that the efforts of BcTSCF in improving access to funding, promoting the availability of capital, and cost savings are crucial to facilitating financial capital availability for SMEs. Hence, this study proposes the hypothesis that:\u003c/p\u003e \u003cp\u003e \u003cem\u003eH1\u003c/em\u003e: \u003cem\u003eThe utilization of blockchain technology-driven supply chain financing (BcTSCF) has a significant influence on financial capital availability.\u003c/em\u003e\u003c/p\u003e \u003cp\u003eFor the several provisions of BcTSCF on financial capital availability to be enjoyed, the innovation capability of firms becomes significant. A firm\u0026rsquo;s technical innovation, following Donbesuur et al. (\u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e2020\u003c/span\u003e), is essential to its survival, productivity, and competitive advantage. Therefore, the relationship between BcTSCF and financial resource availability is relevant to innovation capabilities. Bhuiyan et al. (\u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2017\u003c/span\u003e) maintains that SMEs that are successful in developing their innovative capabilities would be able to establish coherent plans that will aggressively and effectively support higher performance. Thus, without the capacity of businesses to build and grow their inventive competence to supplement BcTSCF's efforts in improving accessibility, enhancing availability, and cost savings to enhance financial capital availability, the mere existence of BcTSCF is unsatisfactory (Wang and Guedes \u003cspan citationid=\"CR67\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). Therefore, the ability of businesses to innovate could either improve or weaken the relationship between BcTSCF and the availability of financial capital.\u003c/p\u003e \u003cp\u003eDonbesuur et al. (\u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e2020\u003c/span\u003e) contends that investing in new machines, methods, and processes, as well as in information systems, as dimensions of innovation capability may make it easier to implement technological innovations. According to Hofmann and Zumsteg (\u003cspan citationid=\"CR34\" class=\"CitationRef\"\u003e2015\u003c/span\u003e), effective technology management and an effective organizational structure, system, culture, and climate are the recipe for innovation capability. Combining these factors improves the use of traditional and new stream procedures. It is, therefore, argued that when innovative systems, knowledge, and approaches are integrated, they could complement the efforts of BcTSCF (Fern\u0026aacute;ndez-Portillo et al. \u003cspan citationid=\"CR24\" class=\"CitationRef\"\u003e2024\u003c/span\u003e). Zhou et al. (\u003cspan citationid=\"CR74\" class=\"CitationRef\"\u003e2018\u003c/span\u003e) highlights that businesses with sufficient innovation capacity can fully explore technological innovation by dynamically obtaining and assimilating outside knowledge into their unique arrangements. Following Donbesuur et al. (\u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e2020\u003c/span\u003e) and Zhou et al. (\u003cspan citationid=\"CR74\" class=\"CitationRef\"\u003e2018\u003c/span\u003e), this study argues that adaptation and investment in new information systems, methods, and processes are the constructs for innovation capability. From the above discussions, innovation capability is conceptualized to influence the efforts of BcTSCF on financial capital availability. Therefore, this study assumes that the relationship between the utilization of BcTSCF and financial capital availability can be influenced by innovation capability; therefore, the current study hypothesizes that:\u003c/p\u003e \u003cp\u003e \u003cem\u003eH2a\u003c/em\u003e: \u003cem\u003eThe investment innovation capability moderates the relationship between BcTSCF and financial capital availability.\u003c/em\u003e\u003c/p\u003e \u003cp\u003e \u003cem\u003eH2b\u003c/em\u003e: \u003cem\u003eThe adaptation innovation capability moderates the relationship between BcTSCF and financial capital availability.\u003c/em\u003e\u003c/p\u003e \u003cp\u003eThe efforts of BcTSCF on financial capital availability as well as the role of Innovation capability (moderator) on this relationship are discussed. From the Fig.\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003e below, the model predicts that BcTSCF influences financial capital availability (\u003cem\u003eHypothesis H1\u003c/em\u003e). The model again predicts that the innovation capability (adaptation and investment in new information systems, methods, and processes) moderates the influence of BcTSCF on financial capital availability (\u003cem\u003eHypotheses H2a-H2b\u003c/em\u003e).\u003c/p\u003e \u003cp\u003e \u003c/p\u003e \u003c/div\u003e"},{"header":"3. Methodology","content":"\u003cdiv id=\"Sec8\" class=\"Section2\"\u003e \u003ch2\u003e3.1 Research Design and Sampling\u003c/h2\u003e \u003cp\u003eThe study uses a quantitative correlational research approach to explore the adoption determinants of BcTSCF. The purposive sampling approach is adopted to collect data from enterprises with ideas for or experience using BcTSCF and the potential to adopt BcTSCF. Thus, SMEs with adequate knowledge of BcT in general were considered. This technique gives researchers the confidence to determine an appropriate study sample (Zikmund et al. \u003cspan citationid=\"CR76\" class=\"CitationRef\"\u003e2013\u003c/span\u003e). First, out of the 3,000 SMEs registered with the Association of Ghana Industries (AGI), the purposive sampling method was employed to select 712 SMEs. Consequently, only SMEs within the wholesale \u0026amp; retail, hospitality (restaurants \u0026amp; bars), manufacturing, services (transport \u0026amp; construction), and agriculture sectors were included. Furthermore, 522 SMEs were chosen using the simple random sample technique to get responses from SME owners and managers.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec9\" class=\"Section2\"\u003e \u003ch2\u003e3.2 Measurement Constructs and Survey Instrument Design\u003c/h2\u003e \u003cp\u003eThis research\u0026rsquo;s measurement scales are adapted from previously validated constructs from related literature. As maintained by Boudreau and Straub (2001), adopting tools previously validated for survey methods is advisable. The parameters for BcTSCF adoption is extracted (Yang et al. \u003cspan citationid=\"CR72\" class=\"CitationRef\"\u003e2017\u003c/span\u003e). The elements for financial capital availability were drawn (Du et al. \u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Kamble et al. \u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2019\u003c/span\u003e; Ta et al. \u003cspan citationid=\"CR63\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). The parameters for innovation capability were also drawn (Bhuiyan et al. \u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2017\u003c/span\u003e; Donbesuur et al. \u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Zhou et al. \u003cspan citationid=\"CR74\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). A four-part survey instrument (questionnaire) was developed where two (13) constructs had five (5) items (i.e., BcTSCF Adoption and Financial Capital Availability). One construct had six (6) items (i.e., innovation capability). The items were all evaluated on a seven-point Likert scale ranging from 1 (\u0026ldquo;strongly disagree\u0026rdquo;) to 7 (\u0026ldquo;strongly agree\u0026rdquo;). Two helpful pre-tests were conducted to ensure the reliability of the survey instrument. First, a preliminary questionnaire was given to three (3) academics and seven (7) experts for their comments on the content of each item in the survey instrument. The redesigned questionnaires were pre-tested with several SMEs to gauge the respondents\u0026rsquo; understanding of the instructions. Following a successful pre-testing phase, a pilot survey of 64 SMEs was conducted to evaluate the measures' internal consistency, validity, and reliability, as well as the clarity and readability of the questionnaires.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec10\" class=\"Section2\"\u003e \u003ch2\u003e3.3 Data Collection and Analysis\u003c/h2\u003e \u003cp\u003eThe primary prerequisites for respondents were knowledge of BcT, experience with BcTSCF, and prospects for BcTSCF adoption. While some participants opted to complete the questionnaire manually, others accessed and finished it by simply clicking on a hyperlink published through their emails, and WhatsApp. The sample size drawn was based on the rule of thumb formula, n\u0026thinsp;\u0026gt;\u0026thinsp;50\u0026thinsp;+\u0026thinsp;8m, where \u0026lsquo;n\u0026rsquo; stands for sample size and \u0026lsquo;m\u0026rsquo; refers to the number of variables involved in a particular study (Tabachnick et al. \u003cspan citationid=\"CR64\" class=\"CitationRef\"\u003e2007\u003c/span\u003e). In a related approach, Hair et al. (\u003cspan citationid=\"CR31\" class=\"CitationRef\"\u003e1998\u003c/span\u003e) posited that the minimum sample size can be determined by applying the equation \u003cem\u003en\u003c/em\u003e\u0026thinsp;\u0026gt;\u0026thinsp;50 + (8 * \u003cem\u003em\u003c/em\u003e). The variables involved are ten (3).\u003c/p\u003e \u003cp\u003eThus, this study, for instance, will require 74 {\u003cem\u003en\u003c/em\u003e\u0026thinsp;\u0026gt;\u0026thinsp;50 + (8 * 3), hence, \u003cem\u003en\u0026thinsp;\u0026gt;\u003c/em\u003e\u0026thinsp;74} minimum cases of respondents to arrive at an efficient result. The sample size of 522 respondents exceeds the minimum threshold. Further, the Structural Equation Modeling (PLS-SEM) was employed to perform data analysis. The PLS-SEM has become a functional multidimensional analytical approach thanks to the ability to handle non-normal data distributions and high flexibility in dealing with formative indicators (Hair et al. \u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e2014\u003c/span\u003e).\u003c/p\u003e \u003c/div\u003e"},{"header":"4. Results and Data Analysis","content":"\u003cp\u003eThe demographic profile of the respondents is shown below.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab1\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 1\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eDemographic profile of Respondents (N\u0026thinsp;=\u0026thinsp;522)\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"4\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eDemographic Variable\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eItem\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eFrequency (n\u0026thinsp;=\u0026thinsp;522)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003ePercentage (%)\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGender\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eMale\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e355\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e68.0\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFemale\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e167\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e32.0\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eAges (years)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e18\u0026ndash;27 years\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e20\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e3.8\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e28\u0026ndash;37 years\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e107\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e20.5\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e38\u0026ndash;49 years\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e303\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e58.0\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e50\u0026ndash;59 years\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e88\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e16.9\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAbove 60 years\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e4\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.8\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eEducation\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eLess than a high school diploma\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e73\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e14.0\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eHigh school diploma\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e224\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e43.0\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBachelors\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e173\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e33.1\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eMasters\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e52\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e9.9\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eBusiness Sector\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eManufacturing\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e78\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e15.0\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eAgriculture\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e132\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e25.3\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eServices (Transport \u0026amp; Construction)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e64\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e12.3\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eWholesale \u0026amp; Retail\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e167\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e31.9\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eHospitality (Restaurants \u0026amp; Bars\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e81\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e15.5\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSize of Business\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eMicro (Less than 5)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e42\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e8.1\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eSmall (6\u0026ndash;29)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e273\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e52.3\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eMedium (30\u0026ndash;99)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e162\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e31.0\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eLarge (More than 100)\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e45\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e8.6\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eBusiness Age\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e0\u0026ndash;2 years\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e54\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e10.3\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e3\u0026ndash;5 years\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e167\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e32.0\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e6\u0026ndash;8 years\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e198\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e37.9\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003e9\u0026ndash;11 years\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e37\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e7.1\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eMore than 11 years\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e66\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e12.6\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eBlockchain level\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eLearning the technology\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e289\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e55.4\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eExploring the technology\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e174\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e33.3\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eImplementing the technology\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e59\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e11.3\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cdiv id=\"Sec12\" class=\"Section2\"\u003e \u003ch2\u003e4.1 Measurement Model Assessment\u003c/h2\u003e \u003cp\u003eThe latent variables\u0026rsquo; indicator reliability, convergent validity, and internal consistency were tested by assessing the factor loadings, Cronbach Alpha/Rho_A, the Composite Reliability (CR), and the Average Variance Extracted (AVE) (Hair et al. \u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e2014\u003c/span\u003e; Shmueli et al. \u003cspan citationid=\"CR61\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). Firstly, internal consistency reliability was conducted based on Cronbach\u0026rsquo;s Alpha (CA) values, which ranged from 0.703 to 0.875, and the Rho_A values, which ranged from 0.711 to 0.877. These were all greater than the suggested threshold of CA ˃ 0.7. and showed indicator reliability. The constructs' composite reliability (CR) assessment presented values ranging from 0.834 to 0.909, above the CR threshold of ˃ 0.7. These results show that the items used to represent the measuring constructs have satisfactory internal consistency reliability. Secondly, based on item loadings, the reliability of indicators was investigated (loadings of at least 0.50 is suitable). Poorly loaded items were suppressed for not meeting the threshold. The measurement model's subsequent validation (convergent validity) was also conducted using the average variance extracted (AVE). The AVE for all the constructs was above the suggested threshold of AVE ˃ 0.5. These values ranged from 0.627 to 0.711.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab2\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 2\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eMeasurement Model Assessment\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"7\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c7\" colnum=\"7\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eVariable\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eItems\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eLoadings \u003csup\u003ea\u003c/sup\u003e\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eCronbach\u0026rsquo;s Alpha \u003csup\u003eb\u003c/sup\u003e\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\"\u003e \u003cp\u003eComposite reliability (rhoˍa)\u003csup\u003eb\u003c/sup\u003e\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c6\"\u003e \u003cp\u003eComposite reliability (rhoˍc)\u003csup\u003ec\u003c/sup\u003e\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c7\"\u003e \u003cp\u003eAverage Variance Extracted (AVE) \u003csup\u003ed\u003c/sup\u003e\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eBcTSCF Adoption\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBCA1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.774\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.703\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e0.711\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e0.834\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e \u003cp\u003e0.627\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBCA2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.828\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBCA4\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.771\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eInnovation Capability\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eIC1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.827\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.875\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e0.877\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e0.909\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e \u003cp\u003e0.667\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eIC2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.838\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eIC3\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.832\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eIC4\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.830\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eIC5\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.754\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFinancial Capital Avail.\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFCA1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.738\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.761\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e0.764\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e0.847\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c7\"\u003e \u003cp\u003e0.711\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFCA2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.740\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFCA3\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.798\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFCA4\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.773\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c4\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c5\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c6\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eFrom the measurement model assessment, all the observed variables with factor loadings ˃0.50 were kept in the study\u0026rsquo;s model. With BcTSCF Adoption, 3 observed variables were retained. These included SMEs\u0026rsquo; willingness to adopt BcTSCF in the future, the encouragement of SMEs to implement BcTSCF, and the availability of financial resources to promote BcTSCF adoption. In the innovative capability construct context, 5 observable variables were kept in the current study\u0026rsquo;s model. These involved SMEs\u0026rsquo; investments in new information systems, SMEs'\u0026rsquo; deployment of new methods regularly, SMEs\u0026rsquo; investment in new processes, SMEs\u0026rsquo; willingness to adapt new information systems, and SMEs\u0026rsquo; willingness to adapt new methods regularly. Regarding financial capital availability, 4 of the 5 observable variables were kept with factor loadings ˃ 0.50. These included the offering of a larger platform with improved access and flow of financial information (availability), the activities of SMEs being better financed (availability), the offering of process speed and trust mechanisms to improve access to financing capital (accessibility) and the quick way to obtain timely financial assistance (accessibility).\u003c/p\u003e \u003cp\u003eBecause this study used a questionnaire to collect data, investigating potential data biases like social desirability, the common ratter effect, consistency motif, mood state, and common scale anchors was prudent (Podsakoff et al. \u003cspan citationid=\"CR52\" class=\"CitationRef\"\u003e2003\u003c/span\u003e). A multicollinearity test was conducted using the Variable Inflation Factor (VIF). As per Kock (\u003cspan citationid=\"CR40\" class=\"CitationRef\"\u003e2015\u003c/span\u003e), a variable inflation factor (VIF) ˃ 3.3 indicates that a model may be contaminated by common method bias. Therefore, if all variance inflation factors (VIFs) resulting from a full collinearity test are \u0026le;\u0026thinsp;3.3, the model can be considered free of common method bias. From Table\u0026nbsp;\u003cspan refid=\"Tab3\" class=\"InternalRef\"\u003e3\u003c/span\u003e, the VIF of the relationships was ˂ 3.3, indicating no collinearity issues.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab3\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 3\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eCommon Method Bias Test (Collinearity VIF Values)\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"5\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eConstructs\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eItems\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003eOuter loadings\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eOuter weights\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\"\u003e \u003cp\u003eVIF\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"2\" rowspan=\"3\"\u003e \u003cp\u003eBcTSCF Adoption\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBCA1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.774\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.405\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e1.341\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBCA2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.828\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.470\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e1.409\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBCA4\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.771\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.385\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e1.369\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"4\" rowspan=\"5\"\u003e \u003cp\u003eInnovation Capability\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eIC1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.827\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.228\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e2.633\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eIC2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.838\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.239\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e2.727\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eIC3\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.832\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.248\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e2.117\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eIC4\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.830\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.268\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e2.054\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eIC5\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.754\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.242\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e1.685\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\" morerows=\"3\" rowspan=\"4\"\u003e \u003cp\u003eFinancial Capital Avail.\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFCA1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.738\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.280\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e1.542\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFCA2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.740\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.347\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e1.351\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFCA3\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.798\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.331\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e1.664\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFCA4\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.773\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.353\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e1.440\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec13\" class=\"Section2\"\u003e \u003ch2\u003e4.2 Hypotheses Testing\u003c/h2\u003e \u003cp\u003eThe study employs a 97.5 and 2.5 percent bootstrapping confidence interval to determine the strength of effects at different levels. The structural model of these relationships was assessed by examining the beta, t/p-values, and effect size (f2) via bootstrapping. Table\u0026nbsp;\u003cspan refid=\"Tab4\" class=\"InternalRef\"\u003e4\u003c/span\u003e shows the bootstrapping's direct effects and results. The t-statistics test is used to examine the hypotheses. The benchmark level 1.96 determines whether a hypothesis should be accepted or rejected. That is, t-values above 1.96 show significance, and the higher the value, the more significant it is. The testing results indicated that the supported hypotheses mostly displayed a positive and significant relationship with path coefficients (ꞵ) that ranged from 0.209 to 0.247 with significant levels of at most 0.05 and 97.5% confidence intervals (Preacher and Hayes \u003cspan citationid=\"CR54\" class=\"CitationRef\"\u003e2008\u003c/span\u003e). Also, BcTSCF adoption and utilization positively influences to financial capital availability (ꞵ= 0.209; t-value\u0026thinsp;=\u0026thinsp;4.866; CI [0.127, 0.294]; p-value ˂ 0.001). Again, innovative capability showed a positive and statistically significant influence on financial capital availability (ꞵ= 0.621; t-value\u0026thinsp;=\u0026thinsp;15.202; CI [0.543, 0.703]; p-value ˂ 0.001).\u003c/p\u003e \u003cp\u003eFurthermore, innovative capability showed a positive and statistically significant moderating impact on the relationship between BcTSCF and financial capital availability (ꞵ=0.247; t-value\u0026thinsp;=\u0026thinsp;9.086; CI [0.193, 0.301]; p-value ˂ 0.001). Regarding the effect size (f\u003csup\u003e2\u003c/sup\u003e), BcTSCF adoption showed medium-size effects on financial capital availability. However, innovative capability displayed large-size effects on financial capital availability. Furthermore, the moderating role of innovative capability showed a medium-sized effect on the relationship between BcTSCF and financial capital availability. The PLS product-indicator approach (multiplication of the independent variable by the moderator was done to investigate the moderating effect of innovation capability on the relationship between BcTSCF and financial capital availability. Correspondingly, this resulted in the interaction variable being labeled as the \u0026lsquo;moderating effect of innovation capability.\u003c/p\u003e \u003cp\u003eThe analysis was rerun using the interaction variable. The interaction variable (moderating effect of innovation capability) showed a statistical and positive moderating effect (ꞵ=0.247; t-value\u0026thinsp;=\u0026thinsp;9.086; CI [0.193, 0.301]; p-value ˂ 0.001) on the relationship between BcTSCF and financial capital availability. However, innovation capability in the context of the current study included two main dimensions: investment in new information systems, methods, and processes and adaptation of new information systems, methods, and processes. Further analysis was carried out to understand better how these two dimensions influence the relationship between BcTSCF and financial capital availability. The results showed that innovation capability in terms of investment in new information systems, methods, and processes showed a positive and statistically significant influence on the relationship between BcTSCF and financial capital availability (ꞵ=0.245; t-value\u0026thinsp;=\u0026thinsp;9.259; CI [0.193, 0.297]; p-value ˂ 0.001.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab4\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 4\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eBootstrapping Direct Effects Results (Path Coefficients)\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"10\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c7\" colnum=\"7\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c8\" colnum=\"8\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c9\" colnum=\"9\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c10\" colnum=\"10\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eHypotheses\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eRelationship\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003ePath Coeff.\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eStd. Dev.\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c5\"\u003e \u003cp\u003et-value\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c6\"\u003e \u003cp\u003eP-value\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c7\"\u003e \u003cp\u003eRemarks\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c8\"\u003e \u003cp\u003eEffect Size (f\u003csup\u003e2\u003c/sup\u003e)\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c9\"\u003e \u003cp\u003e2.5% CI LL\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c10\"\u003e \u003cp\u003e97.5% CI UL\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eH1\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eBcTSCF \u0026rarr; Financial Capital Availability\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.209\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.043\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e4.886\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e0.000***\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003eSupported\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e \u003cp\u003e0.061\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e \u003cp\u003e0.127\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e \u003cp\u003e0.294\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eH2\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eThe moderating effect of Innovation Capability x BcTSCF \u0026rarr; Financial Capital Availability\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.247\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.027\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e9.086\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e0.000***\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003eSupported\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e \u003cp\u003e0.231\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e \u003cp\u003e0.193\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e \u003cp\u003e0.301\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eH2a\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eThe moderating effect of Innovation capability (investment) x BcTSCF \u0026rarr; Financial Capital Availability\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.245\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.026\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e9.259\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e0.000***\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003eSupported\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e \u003cp\u003e0.194\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e \u003cp\u003e0.193\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e \u003cp\u003e0.297\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eH2b\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e \u003cp\u003eThe moderating effect of Innovation capability (adaptation) x BcTSCF \u0026rarr;Financial Capital Availability\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.225\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.029\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c5\"\u003e \u003cp\u003e7.818\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c6\"\u003e \u003cp\u003e0.000***\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c7\"\u003e \u003cp\u003eSupported\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c8\"\u003e \u003cp\u003e0.152\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c9\"\u003e \u003cp\u003e0.166\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c10\"\u003e \u003cp\u003e0.281\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003ctfoot\u003e \u003ctr\u003e\u003ctd colspan=\"10\"\u003eNotes: *** = p\u0026thinsp;\u0026lt;\u0026thinsp;0.001; ** = p\u0026thinsp;\u0026lt;\u0026thinsp;0.01; * = p\u0026thinsp;\u0026lt;\u0026thinsp;0.05; \u0026dagger; = p\u0026thinsp;\u0026lt;\u0026thinsp;0.10; NS. = Not Significant; Bootstrapped CI not containing zero is significant.\u003c/td\u003e\u003c/tr\u003e \u003c/tfoot\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eAlso, regarding adaptation to new information systems, methods, and processes, the results showed a positive and significant moderating effect (ꞵ=0.225; t-value\u0026thinsp;=\u0026thinsp;7.818; CI [0.166, 0.281]; p-value ˂ 0.001). However, this was less than the effects of the investment dimension. Figure\u0026nbsp;\u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003e shows that the positive relationship between BcTSCF and financial capital availability is positively dampened by innovation capability (investment in new information systems, methods, and processes). Thus, the mean and the standard deviation at +\u0026thinsp;1 slope move upwards. Although the standard deviation at -1 looks flat, the investment innovative capability standard deviation and mean at +\u0026thinsp;1 all move higher and steeply positive. Hence, it can be concluded that the positive relationship between BcTSCF and financial capital availability is amplified by investment innovative capability. The same can be said for the moderating role of adaptive innovation capability on the relationship between BcTSCF and financial capital availability. In this case, it can be concluded that the positive impact of BcTSCF on financial capital availability is also strengthened by adaptation innovative capability, as seen in Fig.\u0026nbsp;\u003cspan refid=\"Fig3\" class=\"InternalRef\"\u003e3\u003c/span\u003e.\u003c/p\u003e \u003c/div\u003e"},{"header":"5. Discussions","content":"\u003cp\u003eThe outcome of the current study showed that the adoption and utilization of BcTSCF has a positive and significant influence on financial capital availability. This result is equivalent to the findings of previous research (Belleflamme et al. \u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2014\u003c/span\u003e; Du et al. \u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Kamble et al. \u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2019\u003c/span\u003e; Omran et al. \u003cspan citationid=\"CR49\" class=\"CitationRef\"\u003e2009\u003c/span\u003e; Popa \u003cspan citationid=\"CR53\" class=\"CitationRef\"\u003e2013\u003c/span\u003e; Ta et al. \u003cspan citationid=\"CR63\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). This work categorizes financial capital availability in three primary contexts: improving access, promoting availability, and enhancing cost savings. In terms of improving access, a study by Wang et al. (\u003cspan citationid=\"CR68\" class=\"CitationRef\"\u003e2018\u003c/span\u003e) revealed that BcTSCF significantly ensures complete communication and reliable financial collaboration, incorporating effective information flow to address the difficulties of information asymmetry. As a result, the movement of capital can be digitally optimized, allowing for the appropriate transparent sharing and monitoring of financial information with real-time access to transaction details.\u003c/p\u003e \u003cp\u003eSimilarly, the findings of Popa (\u003cspan citationid=\"CR53\" class=\"CitationRef\"\u003e2013\u003c/span\u003e) claimed that by enhancing liquidity and capital allocation throughout the value chain, BcTSCF provides the opportunity to establish a win-win situation for all supply chain financing partners. In promoting availability, the study's outcome by Omran et al. (\u003cspan citationid=\"CR50\" class=\"CitationRef\"\u003e2017\u003c/span\u003e) asserted that BcTSCF provides greater transparency through the accessibility of complete records and immutability via its distributed ledger. As a result, supply chain financing participants encounter less opacity. In the context of enhancing cost savings, Cocco et al. (\u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2017\u003c/span\u003e) further stated that BcTSCF eases the funding of businesses by reducing operational costs associated with compliance, centralizing corporate processes, streamlining the framework of financial activities, and lowering costs by implementing distributed ledger technology.\u003c/p\u003e \u003cp\u003eThe current study further explores the moderating role of innovation capability on the relationship between BcTSCF and financial capital availability. The finding shows that innovation capability has a positive and statistically significant moderating impact on the relationship between BcTSCF and financial capital availability. This outcome agrees with the findings of previous studies (Donbesuur et al. \u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e2020\u003c/span\u003e; Hofmann and Zumsteg \u003cspan citationid=\"CR34\" class=\"CitationRef\"\u003e2015\u003c/span\u003e; Zhou et al. \u003cspan citationid=\"CR74\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). The findings from the study by Bhuiyan et al. (\u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2017\u003c/span\u003e) maintained that the efforts of BcTSCF on financial capital availability in terms of improving accessibility, enhancing availability, and cost savings are satisfactory when they develop their innovation capabilities. Therefore, the ability of businesses to innovate could moderate the relationship between BcTSCF and the availability of financial capital. In detail, the study by Donbesuur et al. (\u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e2020\u003c/span\u003e) contends that investing in new machines, methods, and processes, as well as in information systems, as dimensions of innovation capability, may make it easier to implement technological innovations for which the efforts of BcTSCF on financial capital availability is no exception.\u003c/p\u003e \u003cp\u003eThese can significantly influence the efforts of BcTSCF as their integration could complement BcTSCF efforts, including financial capital availability. Zhou et al. (\u003cspan citationid=\"CR74\" class=\"CitationRef\"\u003e2018\u003c/span\u003e) highlights that businesses with sufficient innovation capacity (adaptation of new information systems and processes) can fully explore technological innovation by dynamically obtaining and assimilating outside knowledge into their unique arrangements. This integration is a recipe to complement the efforts of technological innovations, which may include BcTSCF utilization. By this, it can be argued that for the many efforts of BcTSCF to be enjoyed by SMEs in Ghana, it is imperative to commit financial resources to new information systems and processes (acquisition of software and hardware to boost up already existing systems for easy BcTSCF integration). Similarly, there is also the need to be much more up-to-date with technological innovations (training, education) to facilitate easy adaptation and usage. The results showed that investment innovation capability showed a more potent and significant moderating effect than adaptation innovation capability.\u003c/p\u003e \u003cdiv id=\"Sec15\" class=\"Section2\"\u003e \u003ch2\u003e5.1 Theoretical Implications\u003c/h2\u003e \u003cp\u003eThe study has significantly expanded the literature on BcTSCF especially from a developing country\u0026rsquo;s perspective, enhancing the utmost comprehension of the adoption determinants among Ghanaian businesses. Secondly, many studies have espoused the role of blockchain technology in reshaping several sectors of the global economy (Casino et al. \u003cspan citationid=\"CR12\" class=\"CitationRef\"\u003e2019\u003c/span\u003e). However, the current research examines the adoption and utilization of BcTSCF as a technological resource in the context of influencing the financial capital availability. Studies on blockchain, in general, have predominantly considered the adoption drivers or ranked them (Alshamaila et al. \u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2013\u003c/span\u003e; Asante Boakye et al. \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2022\u003c/span\u003e; Oliveira and Martins \u003cspan citationid=\"CR48\" class=\"CitationRef\"\u003e2011\u003c/span\u003e; Ramdani et al. \u003cspan citationid=\"CR56\" class=\"CitationRef\"\u003e2009\u003c/span\u003e). However, this paper explores how adoption and utilization of BcTSCF influence financial capital availability across the manufacturing, agriculture, services, wholesale \u0026amp; retail, and hospitality sectors of Ghana.\u003c/p\u003e \u003cp\u003eThirdly, this study is among the first to use innovation capability to moderate the relationship between BcTSCF and financial capital availability. We proved a significant moderating effect of both investment and adaptation innovation capability on the influence of BcTSCF on financial capital availability. Therefore, affirming innovation capability is an essential factor that affects the power of BcTSCF on financial capital availability. The findings of this study contribute to the dynamic capability theory by highlighting the importance of innovation capability and the moderating role in the relationship between BcTSCF and financial capital availability.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec16\" class=\"Section2\"\u003e \u003ch2\u003e5.2 Practical Implications\u003c/h2\u003e \u003cp\u003eThe findings show that BcTSCF influences financial capital availability by improving access, cost savings, and promoting capital availability. Therefore, businesses in Ghana must realize that to enhance the level of financial capital to meet their operational needs and stay competitive, the time is right to invest further and exploit technological innovations (BcTSCF). Based on the findings of this current study, innovation capability positively affected the strength of the relationship between BcTSCF and financial capital availability. This demonstrates the vital role played by investment innovation capability in the relationship between the efforts of BcTSCF on the financial capital availability of SMEs. Therefore, for Ghanaian firms to reap the gains of BcTSCF, there is a need to invest in new information systems, methods, and processes. Roles played by governments are critical, and more emphasis should be placed on creating a technologically friendly environment, providing policy frameworks, and offering assistance to businesses to facilitate BcTSCF adoption. Further, non-governmental organizations and other agencies like the AGI and microfinance and small loans center (MASLOC) should invest in the promotion of blockchain technology applications amongst enterprises through seminars, funding, and conferences.\u003c/p\u003e \u003c/div\u003e"},{"header":"6. Conclusions and Further research","content":"\u003cp\u003eThis study explored how BcTSCF adoption influences financial capital availability of enterprises in terms of improving access, promoting availability, and enhancing cost savings. Again, the findings showed that innovation capability (investment in new information systems, methods, and processes) has a positive and statistically significant moderating impact on the relationship between BcTSCF and financial capital availability. In detail, the positive relationship between BcTSCF and financial capital availability is greatly amplified by investment innovation capability as compared to adaptation innovation capability.\u003c/p\u003e \u003cdiv id=\"Sec18\" class=\"Section2\"\u003e \u003ch2\u003e6.1 Limitations and Implications for Future Studies\u003c/h2\u003e \u003cp\u003eDue to its cross-sectional design, the current study is unable to adequately capture the impact of BcTSCF efforts on the availability of financial capital. Furthermore, the study was limited in assessing the surveyed continuous BcTSCF gains on financial capital availability over a sufficient time period because BcTSCF adoption is yet in its infancy. Due to their design for a single economy (Ghana), the study and research model have additional limitations. Adopting the model from this study may not affect the outcomes for other nations with economies larger than Ghana's. Last but not least, the absence of secondary data meant that the results were dependent only on questionnaire responses. To measure the changes in the associations and validate findings, it is first advised to use a longitudinal design. Also, more research can be considered to examine and thoroughly establish our findings when BcTSCF adoption makes significant progress.\u003c/p\u003e \u003cp\u003eSince Ghana's technical development has not followed the same trajectory as other sub-Saharan African countries, it is advised that future study look into using the current research model in other economies to determine the results of different economies. This can then be done in a case or comparative study to look for discrepancies or consistency in the outcomes. Lastly, PLS-SEM was employed because secondary data were not available. When secondary data become accessible, panel or time-series econometric analysis may therefore be taken into consideration in future research.\u003c/p\u003e \u003c/div\u003e"},{"header":"Declarations","content":"\u003cp\u003e \u003cstrong\u003eDisclosure of Interest\u003c/strong\u003e \u003cp\u003eThe Authors report there are no competing interests to declare.\u003c/p\u003e \u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\n\u003cli\u003eAbbasi, W. A., Wang, Z., \u0026amp; Alsakarneh, A. (2018). Overcoming SMEs Financing and Supply Chain Obstacles by Introducing Supply Chain Finance. \u003cem\u003eJournal of Business and Public Administration\u003c/em\u003e, \u003cem\u003e9\u003c/em\u003e(1), 7\u0026ndash;22. https://doi.org/10.1515/hjbpa-2018-0001\u003c/li\u003e\n\u003cli\u003eAbdulsaleh, A. M., \u0026amp; Worthington, A. C. (2013). 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Cengage Learning.\u003c/li\u003e\n\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":true,"hideJournal":true,"highlight":"","institution":"University of Electronic Science and Technology of China","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Blockchain Technology-driven Supply Chain Financing, Financial Capital Availability, SMEs, Innovation Capability, PLS-SEM","lastPublishedDoi":"10.21203/rs.3.rs-4118575/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-4118575/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eImplementing blockchain technology-driven supply chain financing yields notable advantages like fostering peer-to-peer collaboration, enhancing trust, and optimizing effective capital and information exchanges. This study explores how blockchain technology-driven supply chain financing improves financial capital availability by improving access, enhancing availability and reducing cost savings. Using Partial Least Squares Structural Equation Modeling (PLS-SEM), we provide empirical evidence from 522 SMEs across Ghana\u0026rsquo;s manufacturing, agriculture, services, wholesale \u0026amp; retail, and hospitality sectors. The results show that blockchain technology-driven supply chain financing positively influences financial capital availability. Also, innovation capability positively impacts the strength of the effect of blockchain technology-driven supply chain financing on financial capital availability. In detail, the impact of blockchain technology-driven supply chain financing on financial capital availability is positively dampened by investment in new information systems, methods, and processes when compared to the adaptation to new information systems, methods, and processes.\u003c/p\u003e \u003cp\u003e \u003c/p\u003e","manuscriptTitle":"Predicting Financial Capital Availability through Blockchain technology-driven Supply Chain Financing: An Innovation Capability-Based Moderation Role","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2024-03-19 08:59:28","doi":"10.21203/rs.3.rs-4118575/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"4b69b659-e12d-4bb7-a2a9-63a4c32e9cd4","owner":[],"postedDate":"March 19th, 2024","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[{"id":29546117,"name":"Finance"},{"id":29546118,"name":"Management"}],"tags":[],"updatedAt":"2024-03-19T08:59:28+00:00","versionOfRecord":[],"versionCreatedAt":"2024-03-19 08:59:28","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-4118575","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-4118575","identity":"rs-4118575","version":["v1"]},"buildId":"qtupq5eGEP_6zYnWcrvyt","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}