The Impact of Sustainable Green Operations on Financial Flexibility: Based on Small and Medium-sized Enterprises
Keywords:
Sustainable Green Operations; Financial Flexibility; Green Transformation; Organizational Resilience; Sustainable DevelopmentAbstract
Against the backdrop of carbon neutrality and tightening global environmental regulations, the capital constraint of green transformation among small and medium-sized enterprises (SMEs) has become prominent, and financial flexibility determines their capacity for low-carbon sustainable operations. Grounded in the Resource-Based View, Stakeholder Theory, and Signaling Theory, this paper systematically clarifies the bidirectional nonlinear interactive relationship between sustainable green operations and financial flexibility, summarizes four transmission paths of financing, innovation, operation, and reputation, and sorts out mediating and moderating mechanisms such as green finance, digital technology, and organizational flexibility. The study finds that green investment by SMEs has a cost threshold, which squeezes cash flow in the short term and releases financial dividends in the long run. However, existing literature mostly focuses on large enterprises, leaving obvious gaps in the subdivision mechanisms, multiple context interactions, and qualitative research targeting SMEs. This paper constructs a conceptual analytical framework for the research, provides theoretical support for the green transformation of SMEs and the formulation of inclusive green policies, and proposes future research directions.
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