Abstract
Abstract This study looks at how small and medium-sized businesses (SMEs) in Indonesia interact with research and development (R&D), blockchain adoption, funding availability, and company performance. Data from 404 SME owners and managers in various locations were gathered using a quantitative research approach, and Partial Least Squares Structural Equation Modeling (PLS-SEM) was used for analysis. The results indicate that R&D significantly enhances blockchain acceptance but does not directly improve firm performance. Instead, blockchain acceptance positively influences firm performance and mediates the relationship between R&D and performance, suggesting that innovation capability generates value primarily through digital technology implementation. The findings further reveal a nuanced moderating role of access to financing: financial access weakens the relationship between R&D and blockchain acceptance while strengthening the impact of blockchain acceptance on firm performance. These results highlight a substitution–complementarity dynamic between internal innovation capability and external financial resources in shaping digital transformation outcomes. By integrating innovation capability, technology adoption, and financial accessibility within a single framework, this study advances a more comprehensive understanding of SME performance in emerging economies.