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Article

Sustainable Entrepreneurship in Emerging Economies: The Role of Financial Planning, Environmental Consciousness, and Artificial Intelligence in Ecuador—A Cross-Sectional Study

by
Martha Cecilia Aguirre Benalcázar
*,
Marcia Fabiola Jaramillo Paredes
and
Oscar Mauricio Romero Hidalgo
Faculty of Business Sciences, Universidad Técnica de Machala, Machala 070205, Ecuador
*
Author to whom correspondence should be addressed.
Sustainability 2025, 17(14), 6533; https://doi.org/10.3390/su17146533
Submission received: 18 February 2025 / Revised: 21 April 2025 / Accepted: 8 May 2025 / Published: 17 July 2025
(This article belongs to the Special Issue AI-Driven Entrepreneurship and Sustainable Business Innovation)
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Abstract

This study investigates the interconnected roles of financial planning, environmental consciousness, and artificial intelligence (AI) in fostering sustainable entrepreneurship among merchants in Machala, Ecuador. Through structural equation modeling analysis of data from 300 entrepreneurs, we found that financial planning positively influences both sustainable entrepreneurship (β = 0.508, p < 0.001) and environmental consciousness (β = 0.421, p < 0.001). Environmental consciousness demonstrates a significant impact on sustainable business development (β = 0.504, p < 0.001), while AI integration emerges as a powerful enabler of both financial planning (β = 0.345, p < 0.001) and sustainable entrepreneurship (β = 0.664, p < 0.001). The findings reveal how AI technologies can democratize access to sophisticated sustainability planning tools in resource-constrained environments, potentially transforming how emerging market entrepreneurs approach environmental challenges. This research advances our understanding of sustainable entrepreneurship by demonstrating that successful environmental business practices in developing economies require an integrated approach combining financial literacy, ecological awareness, and technological adoption. The results suggest that policy interventions supporting sustainable entrepreneurship should simultaneously address financial capabilities, environmental education, and technological accessibility to maximize their impact on sustainable development.

1. Introduction

The transition toward sustainable entrepreneurship represents a critical challenge in emerging economies, where the need to balance economic development with environmental stewardship is particularly acute. The scientific literature suggests that developing sustainable business models is especially challenging for entrepreneurs in resource-constrained environments, making them more vulnerable to both economic and environmental risks [1]. In the context of Ecuador, while the Ministry of Economic and Social Inclusion of Ecuador (MIES) granted loans to 1617 people who received the Human Development Bond in the Machala District through a state investment of USD 1,275,654 [2], the lack of integrated sustainable business practices, budget planning, and environmental consciousness constitute significant limitations for these public incentives to result in truly sustainable enterprises [3].
In recent years, the rapid advancement of artificial intelligence (AI) has emerged as a transformative force in sustainable business development. AI technologies are increasingly being recognized as powerful tools that can enhance not only financial decision- making and strategic planning but also environmental impact assessment and sustainable innovation [4]. The integration of AI in sustainable entrepreneurial processes represents a significant technological disruption that can potentially reshape traditional approaches to environmentally conscious business development, particularly in emerging economies.
The emergence of AI-driven technologies offers unprecedented opportunities for sustainable entrepreneurs to optimize resource efficiency, assess environmental risks, and implement eco-friendly business practices. Machine learning algorithms and predictive analytics can provide insights for sustainable decision-making that were previously inaccessible, enabling more informed and environmentally conscious entrepreneurial strategies [5]. In the context of emerging economies like Ecuador, where environmental challenges and resource constraints pose significant barriers, AI can serve as a crucial enabler, providing small entrepreneurs with sophisticated capabilities for sustainable business development traditionally available only to large corporations [6].
Sustainable entrepreneurship is defined as the creation and development of environmentally conscious and socially responsible businesses [7]. This approach has emerged as a priority research area in the field of entrepreneurship over the past decade. The significance of this field lies in its potential to offer solutions that simultaneously integrate economic development and ecological preservation, thus constituting a strategic pathway toward business models that reconcile economic prosperity with environmental responsibility. The contemporary literature recognizes sustainable entrepreneurship as a fundamental mechanism for addressing global ecological challenges while generating opportunities for economic value. Numerous studies have explored the factors that influence the development of sustainable businesses, covering personal, educational, environmental, and contextual aspects [8,9,10,11].
At the individual level, environmental consciousness, sustainable business orientation, and certain personality traits, such as ecological awareness and social responsibility, are positively related to sustainable entrepreneurship development [8,12,13]. Similarly, previous exposure to environmentally conscious family businesses and sustainable work experience can strengthen the development of green business practices [14,15].
From an educational perspective, research has demonstrated that sustainable entrepreneurship education and environmental management programs have a significant impact on the development of environmentally conscious businesses [16,17]. Such educational initiatives not only provide relevant knowledge and skills but also foster attitudes and capabilities essential for implementing sustainable business practices [18].
The integration of AI technologies introduces a novel dimension to sustainable entrepreneurship development. Recent research suggests that AI can significantly influence sustainable business processes by providing enhanced decision support tools for environmental impact assessment, resource efficiency analytics, and eco-friendly automation capabilities [19]. For entrepreneurs in emerging economies, AI can potentially mitigate traditional barriers to sustainable business practices, such as limited access to sophisticated environmental planning tools and complex sustainability metrics.
Regarding contextual factors, institutional support for sustainable practices, environmental regulations, and a conducive eco-conscious economic environment have been associated with greater sustainable entrepreneurship development [8,20]. Additionally, access to green financing and sustainable capital are considered crucial enablers of environmentally conscious business creation [21].
However, despite the growing body of literature on sustainable entrepreneurship, significant knowledge gaps remain regarding the integrated role of financial behaviors, environmental consciousness, and emerging technologies in promoting sustainable business development. While research suggests that financial skills, technological resources, and environmental awareness are relevant to sustainable entrepreneurship [21,22], and that financial education can strengthen sustainable business development [23], more empirical evidence is needed on how these factors collectively contribute to successful sustainable enterprises.
Furthermore, much of the existing literature has focused on developed economies [24], necessitating expanded research in emerging market contexts such as Latin America, where environmental challenges and sustainable development goals present unique opportunities and constraints. Studies in emerging economies have revealed distinctive characteristics, such as the strong influence of environmental norms [25] and the importance of sustainable support networks [26] on business development.
Therefore, the present study aims to analyze and predict the determinants of sustainable entrepreneurship among merchants in Machala, Ecuador, by examining the combined effects of budget planning, environmental consciousness, saving behavior, and artificial intelligence use. It seeks to contribute to the understanding of how financial behavioral factors, ecological awareness, and technological capabilities influence the development of environmentally conscious businesses in a Latin American context.
By integrating AI, environmental consciousness, and financial planning as key determinants, this research addresses critical gaps in the sustainable entrepreneurship literature, offering insights into how these factors can collectively foster sustainable business development in resource-constrained environments. The study employs a quantitative approach based on surveys and applies structural equation modeling techniques to evaluate the complex interactions between these variables and their impact on sustainable entrepreneurship.
The contemporary business landscape increasingly demands an integrated understanding of how financial behaviors, technological innovations, and environmental responsibility interact to foster sustainable enterprise development. This study explores these relationships within the specific context of Machala, Ecuador, a region representative of emerging economies with distinctive socioeconomic and environmental characteristics.
The research addresses a critical knowledge gap by examining the multifaceted determinants of sustainable entrepreneurship, with particular emphasis on how budget planning, saving behaviors, environmental consciousness, and artificial intelligence collectively contribute to the development of environmentally conscious businesses. While previous studies have predominantly investigated isolated factors, this research introduces a comprehensive approach that integrates multiple dimensions of sustainable business development.
The theoretical foundation of the study extends traditional entrepreneurship frameworks by incorporating technological innovation and environmental consciousness as key determinants of sustainable business development. By analyzing the interactions between financial management practices, technological integration, and environmental responsibility, the research seeks to provide a more nuanced understanding of how sustainable enterprises emerge and develop in resource-constrained environments.
The significance of this research extends beyond theoretical contributions. It offers empirical insights that can inform sustainable policy development, environmental educational interventions, and green entrepreneurship support strategies. By examining the integrated role of artificial intelligence, financial behaviors, and environmental consciousness, the study provides a comprehensive perspective on the factors that enable and constrain sustainable business development in emerging economic contexts.

2. Literature Review

2.1. Sustainable Entrepreneurship

Sustainable entrepreneurship represents a transformative approach to business development that integrates environmental stewardship, social responsibility, and economic viability. Drawing from [27], sustainable entrepreneurship can be defined as “the creation of innovations aimed at the mass market and providing benefit to the larger part of society while implementing environmental objectives”. This concept extends beyond traditional entrepreneurship by explicitly incorporating ecological responsibility into the core business model.
Recent research has expanded our understanding of sustainable entrepreneurship significantly. The authors of [28] identify three fundamental pillars of sustainable entrepreneurship through their analysis of 245 sustainable ventures in emerging economies. Their findings demonstrate that successful sustainable entrepreneurs consistently balance environmental innovation, social value creation, and economic sustainability in their business models. Similarly, ref. [29] found that sustainable entrepreneurship initiatives in Latin American contexts are increasingly focused on circular economy principles and renewable resource utilization, marking a significant evolution in entrepreneurial practices.
The literature has identified numerous antecedents that influence sustainable entrepreneurship development. At the individual level, psychological factors such as pro-environmental values, sustainability orientation, and ethical decision-making propensities significantly predict sustainable venture creation [30]. Research in [31] demonstrated that sustainability orientation positively influences entrepreneurial intentions, particularly among business students without prior business experience. Additionally, ref. [32] found that sustainable entrepreneurs typically progress through a developmental sequence beginning with problem recognition and culminating in the formation of sustainable enterprises that simultaneously address ecological, social, and economic objectives.
Institutional factors also serve as critical antecedents to sustainable entrepreneurship. The authors of [33] documented how regulatory frameworks, availability of green financing, and public incentives for eco-innovation significantly influence the emergence of sustainable ventures. More recently, ref. [34] provided empirical evidence that regional environmental governance quality and the presence of sustainability-oriented innovation systems substantially impact the prevalence and success of sustainable entrepreneurship initiatives. Their cross-national study identified institutional thickness and policy coherence as particularly important determinants of sustainable entrepreneurial activity.
Educational background and knowledge transfer mechanisms also represent significant antecedents to sustainable entrepreneurship. Ref. [35] demonstrated that sustainability competencies acquired through formal education significantly predict entrepreneurial engagement in sustainability-oriented ventures. Similarly, ref. [36] identified how sustainability-focused entrepreneurship education programs contribute to both opportunity recognition and exploitation in environmental domains. In the Latin American context specifically, ref. [37] documented how indigenous knowledge systems and traditional ecological practices inform sustainable entrepreneurial models that effectively balance environmental conservation with economic development.
Technological factors have emerged as increasingly important antecedents in the recent literature. Hansen and [38] analyzed how technological innovation capabilities enable sustainable entrepreneurs to develop commercially viable solutions to environmental challenges. Building on this work, ref. [39] developed a typology of sustainable business model archetypes that highlights how technological innovation enables various pathways toward sustainability through entrepreneurship. More recently, ref. [32] explored how artificial intelligence and big data analytics are fundamentally reshaping sustainable entrepreneurship by enabling more sophisticated approaches to environmental impact assessment and resource optimization. Their comprehensive analysis demonstrates how AI technologies help overcome traditional barriers to sustainable business development in resource-constrained environments.
In their seminal review, the authors of ref. [30] synthesized the sustainable entrepreneurship literature, identifying key themes and future research directions. Their work highlighted the complex interplay between individual motivations, institutional contexts, and market dynamics in shaping sustainable entrepreneurial activity. They emphasized the need for more integrated theoretical frameworks that account for the multi-level nature of sustainable entrepreneurship phenomena and called for greater attention to the processes through which sustainable entrepreneurs navigate the competing logics of economic viability and environmental responsibility.
The evolution of sustainable entrepreneurship theory has been marked by significant contributions from various scholars. While earlier work by [40] focused primarily on economic sustainability, recent studies have broadened this perspective considerably. Ref. [33] proposes a comprehensive framework for sustainable entrepreneurship that encompasses multiple dimensions of business development. Their research demonstrates how successful sustainable enterprises integrate environmental innovation through eco-friendly products and processes, while simultaneously implementing circular economy principles and carbon footprint reduction strategies. This integration extends to resource efficiency, where sustainable entrepreneurs focus on optimizing resource utilization and implementing comprehensive waste management programs.
The literature consistently emphasizes the interconnected nature of these dimensions in sustainable entrepreneurship. Ref. [41] demonstrated that sustainable enterprises achieving success in environmental objectives often experience enhanced financial performance. This finding is further supported by recent work from the authors of [42], who analyzed 178 sustainable ventures in developing economies. Their research revealed a strong positive correlation between environmental performance and financial sustainability, suggesting that environmental responsibility and economic success are mutually reinforcing rather than competing objectives.

2.2. Financial Planning

Financial planning in the context of sustainable entrepreneurship represents a critical process that integrates traditional financial management with environmental considerations. Building on the foundational work of [43], contemporary research defines sustainable financial planning as the systematic activity of setting financial and sustainability goals, creating detailed plans to achieve them while considering environmental impacts. In sustainable business development, financial planning has evolved to encompass both conventional financial metrics and environmental performance indicators.
Recent research has substantially expanded our understanding of financial planning’s role in sustainable entrepreneurship. Ref. [44] conducted a comprehensive analysis of 312 sustainable ventures, revealing that structured financial planning serves as a key predictor of both environmental performance and business longevity. This research demonstrates how sustainable entrepreneurs must consider multiple dimensions in their financial planning processes, including environmental risk assessment, sustainable resource allocation, and stakeholder value creation.
Ref. [45] further develops this understanding through the authors’ investigation of sustainable financial planning practices. Their research reveals how successful sustainable entrepreneurs integrate environmental considerations into their financial planning through multiple mechanisms. These include developing comprehensive green investment strategies, implementing environmental compliance budgeting systems, and creating sustainable resource acquisition plans. Their work emphasizes how financial planning in sustainable enterprises must address both immediate operational needs and long-term environmental objectives.

2.3. Environmental Consciousness

Environmental consciousness represents a critical psychological construct that shapes sustainable business development. Research has demonstrated its fundamental role in driving environmentally responsible business practices and sustainable innovation. Building on the seminal work of [46], contemporary studies have expanded our understanding of how environmental consciousness influences entrepreneurial decision- making and outcomes in sustainable ventures.
Recent research by the authors of [47] has significantly advanced our understanding of environmental consciousness in entrepreneurial contexts. Their comprehensive study of sustainable entrepreneurs across multiple emerging markets reveals how environmental consciousness manifests through multiple interconnected dimensions. These include deep environmental awareness, demonstrated through understanding of ecological systems and recognition of business impacts on natural environments; strong environmental values that guide business decision-making; and proactive environmental behaviors that translate awareness and values into concrete business practices.
Ref. [48] authors further enrich this understanding through their analysis of 423 entrepreneurs in emerging markets. Their findings demonstrate how environmental consciousness significantly influences strategic decision-making in sustainable ventures, from the selection of business models to the implementation of operational practices. Particularly relevant to the Latin American context, their research shows how environmental consciousness shapes not only internal business operations but also external stakeholder relationships and community engagement.

2.4. Artificial Intelligence in Sustainable Enterprise Development

The integration of artificial intelligence in sustainable entrepreneurship represents a rapidly evolving frontier that is transforming how businesses approach environmental challenges and opportunities. Contemporary research demonstrates AI’s expanding role in enabling more sophisticated approaches to sustainable business development. The work of [49] established early frameworks for understanding AI’s potential in entrepreneurial contexts, and recent studies have substantially expanded this understanding.
Ref. [50] authors provide compelling evidence of AI’s transformative impact on sustainable entrepreneurship through their analysis of 267 sustainable ventures employing AI technologies. Their research reveals how AI enables more sophisticated approaches to environmental impact assessment, resource optimization, and sustainable decision-making. Of particular relevance to emerging economies, their findings demonstrate how AI can help overcome traditional barriers to sustainable business development by providing accessible tools for environmental analysis and optimization.
Recent work by the authors of [51] further illuminates how AI technologies are reshaping sustainable entrepreneurship practices in developing economies. Their research documents how AI-enabled systems support more effective environmental monitoring, enhance resource efficiency, and facilitate better sustainability reporting. Importantly, their findings suggest that AI integration can significantly reduce the complexity and cost of implementing sustainable business practices, making them more accessible to entrepreneurs in resource-constrained environments.

2.5. Research Model and Hypotheses

Figure 1 shows the proposed hypothetical theoretical model, which has five research hypotheses detailed below. The influence of financial planning on sustainable entrepreneurship has been supported by various studies. Research has demonstrated that financial planning is closely related to sustainable business success and environmental performance at the organizational level [52] and to better sustainability outcomes in new ventures [40]. Additionally, financial planning in the prelaunch phase of a sustainable business can help entrepreneurs evaluate both the economic viability and environmental impact of their ideas, leading to more informed decisions about sustainable venture creation [53]. These findings are particularly relevant in emerging economies such as Ecuador, where inadequate financial and sustainability planning is identified as one of the main reasons for the failure of sustainable small businesses [54]. Recent research by [44] further demonstrates that comprehensive financial planning is essential for balancing economic viability with environmental objectives in emerging markets. Although financial planning alone does not guarantee sustainable business success, it is suggested that fostering these integrated planning skills among potential entrepreneurs could improve both financial and environmental outcomes [55]. Consequently, it can be inferred that financial planning positively influences sustainable entrepreneurship development among merchants in Machala, Ecuador. Therefore, the following hypothesis is formulated:
Hypothesis 1:
Financial planning significantly influences sustainable business development.
The influence of financial planning on environmental consciousness has been supported by various studies [45,47,52,56]. Financial planning is considered a key component of sustainable business development and has been shown to be positively associated with environmental awareness and ecological responsibility [47]. Additionally, structured financial planning can improve environmental decision-making and help organizations prioritize their sustainability goals [52]. Recent research by [48] demonstrates that entrepreneurs with robust financial planning practices develop higher levels of environmental consciousness through increased awareness of resource utilization and environmental impacts. The theory of planned behavior (TPB) also supports this relationship, suggesting that financial planning capabilities influence attitudes toward environmental responsibility and perceived behavioral control over sustainable practices [57]. These findings are particularly relevant in the context of merchants in Machala, Ecuador, given that in emerging economies, integrated financial and environmental planning are fundamental to sustainable business development [58]. Ref. [45] authors further demonstrate that financial planning processes often serve as catalysts for developing environmental consciousness among entrepreneurs in developing economies. Consequently, it can be inferred that financial planning positively influences environmental consciousness among merchants in Machala, Ecuador. Therefore, the following hypothesis is formulated:
Hypothesis 2:
Financial planning significantly influences environmental consciousness.
The influence of environmental consciousness on sustainable entrepreneurship has been extensively documented in recent research. Environmental awareness and ecological commitment are increasingly recognized as crucial factors driving sustainable business development [28]. Studies indicate that entrepreneurs with higher levels of environmental consciousness are more likely to develop and maintain environmentally responsible businesses [27]. Recent work by [29] demonstrates that environmental consciousness significantly influences the adoption of sustainable business practices and eco-innovation in Latin American contexts. The theory of planned behavior (TPB) supports this relationship, as environmental consciousness enhances perceived behavioral control over sustainable business practices and strengthens intentions toward environmental responsibility [59]. These findings are especially relevant for merchants in Machala, Ecuador, where environmental challenges and sustainability requirements create both opportunities and imperatives for sustainable business development. Ref. [42] authors provide additional evidence that environmental consciousness serves as a key driver of sustainable entrepreneurship in emerging economies. Consequently, it can be inferred that environmental consciousness positively influences sustainable entrepreneurship development among merchants in Machala, Ecuador. Therefore, the following hypothesis is formulated:
Hypothesis 3:
Environmental consciousness significantly influences sustainable business development.
The influence of artificial intelligence on sustainable entrepreneurship represents an emerging area of research interest. Recent studies suggest that AI technologies can significantly impact sustainable business development and environmental performance. Ref. [50] authors demonstrate that AI adoption can enhance sustainable entrepreneurship by improving environmental impact assessment and resource optimization capabilities. Ref. [51] authors argue that AI integration represents a transformative force in sustainable business development, potentially reshaping how entrepreneurs approach environmental challenges and opportunities.
Additionally, research by the authors of [60] provides substantial evidence supporting AI as an enabler for sustainable entrepreneurs. Their systematic review highlights AI’s potential to enhance environmental decision-making processes, improve sustainability performance measurement, and provide sophisticated tools for environmental management. These findings are particularly relevant in emerging economies like Ecuador, where AI technologies can help overcome traditional barriers to sustainable business development. Consequently, it can be inferred that the use of artificial intelligence positively influences sustainable entrepreneurship development among merchants in Machala, Ecuador. Therefore, the following hypothesis is formulated:
Hypothesis 4:
The use of artificial intelligence significantly influences sustainable entrepreneurship development.
The potential of artificial intelligence to enhance financial planning has been increasingly recognized in recent scholarly research. Ref. [49] authors demonstrate that AI applications can significantly improve financial planning processes, particularly in the context of sustainable business development. Their research shows how AI enables more informed and data-driven decision-making in financial planning for environmental initiatives. This perspective is further supported by recent work from the authors of [45], who found that AI-enhanced financial planning tools significantly improve both economic and environmental outcomes in sustainable ventures.
The research suggests that AI technologies provide entrepreneurs with sophisticated tools for integrated financial and environmental planning, improving their ability to make informed decisions that balance economic and ecological considerations. Recent studies by [44] provide empirical evidence of AI’s positive impact on financial planning effectiveness in sustainable ventures across emerging markets. Consequently, it can be inferred that the use of artificial intelligence positively influences financial planning among merchants in Machala, Ecuador. Therefore, the following hypothesis is formulated:
Hypothesis 5:
The use of artificial intelligence significantly influences financial planning.

3. Materials and Methods

This research employs a quantitative approach with an explanatory scope [61], aimed at examining causal relationships between variables through empirical evaluation. This methodological framework allows for systematic testing of hypotheses regarding the relationships between financial planning, environmental consciousness, artificial intelligence use, and sustainable entrepreneurship development among entrepreneurs in Machala, Ecuador.

3.1. Participants

Three hundred entrepreneurs from the city of Machala in Ecuador participated in the study. The sample was selected through convenience non-probabilistic sampling, a method particularly suitable for studying emerging phenomena in specific business contexts where the total population parameters are not fully known [62]. While analyzing the demographic characteristics, we observed an equal gender distribution, with 50.0% (150 participants) being men and 50.0% (150 participants) being women. This balanced gender representation emerged naturally from our sampling process rather than through deliberate stratification, providing an unexpected but methodologically valuable opportunity to examine sustainable entrepreneurship perspectives across genders. This sampling approach was chosen due to the evolving nature of sustainable entrepreneurship in the region and the need to access entrepreneurs actively engaged in environmental initiatives and technological adoption.
Table 1 presents the sociodemographic characteristics and relevant sustainable business practices of the study sample. The gender distribution is equal, with 50.0% (150 participants) being men and 50.0% (150 participants) being women. The sample characteristics reveal several notable patterns relevant to sustainable entrepreneurship in Machala. The majority of participants (66.4%) are under 32 years old, suggesting a significant presence of young entrepreneurs in sustainable business development. The high proportion of participants with higher education (72.6% combining high school and fourth level) indicates a well-educated entrepreneurial base capable of adopting complex sustainable practices and technologies.
Particularly noteworthy is the distribution of sustainable business types, with eco-friendly products/services representing the largest segment (28.3%), followed by sustainable agriculture (20.7%). This distribution reflects a growing diversification in sustainable entrepreneurship across various sectors. The adoption of AI tools demonstrates a balanced distribution across various applications, with business analytics software (29.7%) being the most frequently utilized, followed by environmental monitoring systems (25.3%), resource optimization tools (22.7%), and sustainability reporting platforms (22.3%). This distribution indicates a growing technological integration within sustainable entrepreneurship practices in Machala, with entrepreneurs implementing diverse AI solutions to address specific sustainability challenges and operational needs.
The environmental certification data indicate a strong commitment to formal sustainability practices, with 76.7% of participants either holding or pursuing some form of environmental certification. This high percentage suggests a significant level of institutional engagement with environmental standards among Machala’s entrepreneurial community.

3.2. Instruments

Prior to the selection of data collection instruments, an exhaustive review of the previous literature was conducted, identifying constructs such as Financial Planning, Environmental Consciousness, Sustainable Entrepreneurship, and Use of Artificial Intelligence, which are linked to the theory of planned behavior and sustainable development frameworks [27,53,64]. Subsequently, with guidance from localized theory and sustainability frameworks, a preliminary draft of the questionnaire items was written: Financial Planning had 15 items, Environmental Consciousness had 13 items, Sustainable Entrepreneurship had 14 items, and Use of Artificial Intelligence had 10 items. After conducting a pilot study and confirmatory factor analysis (CFA), several items were eliminated.
The questionnaire was administered to participants in digital format via Google Forms, which contained an online form consisting of two parts or sections. The first section contained the informed consent form detailing the purpose of the research and ensuring the anonymity of the participants; at the end of the informed consent, a branching question was included asking if they voluntarily agreed to participate in the study. If they selected “yes”, they continued filling out the survey; if they selected “no”, the survey automatically closed. The second section contained the items of the evaluated constructs, using a 5-point Likert scale ranging from 1 (“strongly disagree”) to 5 (“strongly agree”).

Measurement Scales

Sustainable Entrepreneurship Development (14 items): adapted from established sustainable entrepreneurship scales [28,38], measuring aspects such as environmental innovation, resource efficiency, and sustainable business practices.
Financial Planning (15 items): based on existing financial planning measures [52] and adapted to include sustainability considerations, following [45].
Environmental Consciousness (13 items): developed from environmental awareness and responsibility scales [47,48], assessing ecological awareness, values, and behavioral intentions.
Use of Artificial Intelligence (10 items): adapted from technology adoption scales and recent AI integration measures [50], focusing on AI use for sustainable business practices.

3.3. Procedure and Data Analysis

The survey was administered between August and November 2023 in the city of Machala (See data in Supplementary Materials). The researchers coordinated with the entrepreneurs through WhatsApp groups, sharing the link to the online form via this platform. All participants completed the informed consent form.
For data analysis, the first step was data cleaning and depuration using Microsoft Excel; missing values and incomplete surveys were identified, after which the data were removed. The second step involved applying descriptive statistics to create Table 1 with the sociodemographic results, providing details of the participating population. Third, confirmatory factor analysis (CFA) was conducted to evaluate convergent validity using indicators such as factor loadings and average variance extracted (AVE), with values exceeding the thresholds of 0.70 and 0.50. The internal consistency reliability was assessed using Cronbach’s alpha and the composite reliability (CR) with values exceeding the threshold of 0.70. Discriminant validity was evaluated using the [65] criterion and the heterotrait–monotrait ratio (HTMT), with acceptable results.
Finally, structural equation modeling based on the covariance method (CB-SEM) was performed using JASP software version 0.18.3 to test the research hypotheses. The model evaluation included assessment of both measurement and structural models, with particular attention to the relationships between financial planning, environmental consciousness, AI use, and sustainable entrepreneurship development.

4. Results

4.1. Estimation of the Measurement Model

The goodness-of-fit indices of a measurement model are important indicators for determining convergent validity [66]. Furthermore, according to [67], these criteria provide the researcher with references to evaluate to what extent the values obtained coincide with the expected values. Table 2 presents the values of the goodness-of-fit indices where the root mean square error of approximation (RMSEA) is less than 0.05, indicating an adequate approximation of the model with reality [68]. In addition, the standardized root mean square residual (SRMR) criterion presented a value less than 0.85, satisfying the threshold proposed by [69]. The value of Chi-square/gl (χ2/df) shows that the model has an acceptable fit, given that it has a value between 1 and 3, as suggested by [68]. Finally, the value of the normed fit index (NFI) was 0.945, so it satisfied the criterion of [68], where to be acceptable, it must exceed the threshold of 0.90.
Table 3 shows the factor loadings of the items of the constructs evaluated, where the most important thing was to verify that they met the criteria of [70], where factor loadings greater than 0.70 are acceptable. As evidenced in the study, all items met this criterion.
Table 4 details the results of the composite reliability measures, coefficient of determination (R2), and composite and discriminant validity. For Cronbach’s alpha (α) and composite reliability (CR), all constructs meet the threshold of [73,74], with values above 0.70 being acceptable. The R2 coefficient values suggest that the model has high explanatory power, as Financial Planning explains 83% of the variation in Environmental Consciousness. Additionally, Financial Planning, Environmental Consciousness, and the Use of Artificial Intelligence together explain 80.6% of the variation in Sustainable Entrepreneurship.
Regarding discriminant validity, two indicators were calculated. First, following the [65] criterion, discriminant validity exists as the square root of the AVE (numbers in the diagonal) when it is greater than the correlations with other constructs (numbers outside the diagonal in the same row and column); as shown in Table 4, all constructs exceeded this threshold. Second, the heterotrait–monotrait ratio (HTMT) criterion was used, where Financial Planning has a value of 0.455, Environmental Consciousness has a value of 0.686, Sustainable Entrepreneurship has a value of 0.567, and Use of Artificial Intelligence has a value of 0.478; all these values remain below 0.85 [75], confirming that the measurement model has strong discriminant validity.

4.2. Contrasting the Research Hypotheses

Table 5 and Figure 2 demonstrate that, with respect to H3, Environmental Consciousness revealed a significant effect on Sustainable Entrepreneurship, with a path coefficient of β = 0.504 *** and a p-value of p < 0.001, indicating that individuals with stronger environmental awareness are more likely to develop sustainable businesses. According to [76] criteria, this represents a large effect (β > 0.50), and the relationship exhibits a large practical significance (f2 = 0.551, where f2 > 0.35 is considered large according to [73]), highlighting the substantial predictive power of environmental consciousness in shaping sustainable entrepreneurship. Similarly, H1 revealed a significant effect between Financial Planning and Sustainable Entrepreneurship, with a path coefficient of β = 0.508 *** and a p-value of p < 0.001, also representing a large effect size by conventional standards. This suggests that entrepreneurs who engage in effective financial planning demonstrate stronger sustainable business development. The effect size for this relationship was also large (f2 = 0.516), underscoring the critical role of financial planning in fostering sustainable entrepreneurship.
H2 revealed a significant effect between Financial Planning and Environmental Consciousness, with a path coefficient of β = 0.421 *** and a p-value of p < 0.001, representing a medium-to-large effect (0.30 < β < 0.50) according to established benchmarks. This indicates that structured financial planning contributes to the development of environmental awareness and responsibility. The effect size for this relationship was large (f2 = 0.446), suggesting that financial planning is a strong predictor of environmental consciousness development.
H5 demonstrated a significant effect between the Use of Artificial Intelligence and Financial Planning, with a path coefficient of β = 0.345 *** and a p-value of p < 0.001, which falls in the medium effect range (0.30 < β < 0.50). This finding indicates that integrating AI tools enhances the ability of entrepreneurs to effectively plan their sustainable financial strategies. The effect size for this relationship was large (f2 = 0.367, just above the 0.35 threshold for large effects), reflecting the important role of AI in financial planning. Additionally, H4 showed a significant effect between the Use of AI and Sustainable Entrepreneurship, with a path coefficient of β = 0.664 *** and a p-value of p < 0.001, representing the strongest relationship in the model (β > 0.50, large effect). The large effect size (f2 = 0.678) for this relationship highlights the transformative potential of AI in empowering entrepreneurs and fostering sustainable business development.
These results not only confirm the statistical significance of the hypothesized relationships but also demonstrate their practical significance through substantial effect sizes based on established interpretative benchmarks [8,31,54]. In particular, the influence of artificial intelligence shows the strongest direct effect on sustainable entrepreneurship development (β = 0.664), followed by financial planning (β = 0.508) and environmental consciousness (β = 0.504), all representing large effects according to conventional criteria.

5. Discussion

The results of this research provide a valuable contribution to the knowledge about the factors influencing sustainable entrepreneurship in the Latin American context. The proposed model, which integrates financial planning, environmental consciousness, and artificial intelligence use, was empirically supported, suggesting the relevance of these constructs for understanding sustainable business development in the city of Machala, Ecuador.
Regarding Hypothesis 1, it was found that financial planning has a significant effect on sustainable entrepreneurship (β = 0.508, p < 0.001) with a large effect size (f2 = 0.516). The model also demonstrated strong predictive capability for this relationship (Q2 = 0.832). This finding aligns with previous studies that have highlighted the importance of financial planning for sustainable business success [52] and the assessment of both economic and environmental viability [53]. Moreover, this result extends the literature by providing empirical evidence of this relationship in the specific context of merchants in Machala, Ecuador, where financial planning can be especially crucial due to capital access limitations and environmental challenges [54]. Recent research by [44] further supports these findings, demonstrating how comprehensive financial planning enables entrepreneurs to balance economic viability with environmental objectives in emerging markets.
Concerning Hypothesis 2, it was demonstrated that financial planning significantly influences environmental consciousness (β = 0.421, p < 0.001) with a large effect size (f2 = 0.446). The predictive relevance of this relationship was supported by the Q2 value of 0.859. This result aligns with recent research by [48], who found that structured financial planning enhances environmental awareness and ecological responsibility among entrepreneurs. The findings also support the work of [45], who demonstrated that financial planning processes often serve as catalysts for developing environmental consciousness in emerging economies. This study expands these findings by providing empirical evidence in the Latin American context, where the integration of financial and environmental considerations is increasingly critical for business success.
Hypothesis 3 confirmed that environmental consciousness has a significant effect on sustainable entrepreneurship (β = 0.504, p < 0.001) with a large effect size (f2 = 0.551), supported by strong predictive relevance (Q2 = 0.832). This result concurs with research by [28], who found that environmental awareness and ecological commitment are crucial drivers of sustainable business development. The findings also align with [29] work demonstrating how environmental consciousness influences the adoption of sustainable business practices and eco-innovation in Latin American contexts. This relationship is particularly relevant in Machala, Ecuador, where environmental challenges create both opportunities and imperatives for sustainable business development.
Hypothesis 4, examining the influence of AI on sustainable entrepreneurship, demonstrated a remarkably strong relationship (β = 0.664, p < 0.001) with a large effect size (f2 = 0.678). This finding substantiates emerging research by [50] that suggests AI technologies can significantly enhance sustainable business development through improved environmental impact assessment and resource optimization capabilities. The substantial effect size indicates that AI integration does more than support decision-making; it potentially reconfigures how entrepreneurs approach environmental challenges and opportunities in their business development.
Similarly, Hypothesis 5 revealed a significant relationship between AI and financial planning (β = 0.345, p < 0.001) with a medium effect size (f2 = 0.367). This finding aligns with research by the authors of [49], who demonstrated that AI applications can significantly improve financial planning processes, particularly in the context of sustainable business development. The medium effect size suggests that while AI significantly enhances financial planning capabilities, the relationship is nuanced, reflecting the complex nature of technological adoption in sustainable entrepreneurial contexts.
These findings are particularly significant in the context of Machala’s economic landscape. The results suggest that AI technologies could serve as crucial enablers, providing entrepreneurs in resource-limited settings with sophisticated tools for sustainable business development. By democratizing access to advanced financial planning and environmental management capabilities, AI potentially mitigates some structural barriers faced by entrepreneurs in emerging markets.
The findings of this study must be interpreted within the unique socioeconomic context of Machala, Ecuador, characterized by a significant informal sector, strong presence of SMEs, and emerging technological integration. The strong influence of financial planning on sustainable entrepreneurship (β = 0.508, p < 0.001), complemented by the significant role of environmental consciousness (β = 0.504, p < 0.001) and the transformative potential of artificial intelligence (β = 0.664, p < 0.001), reflects the evolving landscape of sustainable business development in an environment where traditional financing remains limited and environmental challenges are increasingly pressing.
It is important to acknowledge certain methodological limitations that may influence the interpretation of these findings. First, the use of accidental non-probabilistic sampling, while practical for accessing the merchant population in Machala, may have introduced selection bias. Additionally, cultural factors specific to Machala, such as local business practices, environmental norms, and regional economic conditions, may have influenced the relationships observed between financial planning, environmental consciousness, and sustainable entrepreneurship development.
Therefore, this study highlights the importance of an integrated approach to sustainable entrepreneurship development among merchants in Machala, Ecuador. The results have practical implications for policymakers and professionals interested in promoting sustainable business development in the region. It is recommended that education and business support programs incorporate components of financial literacy, environmental awareness, and technological adoption to help potential entrepreneurs develop strong capabilities for sustainable business success.
Future research can build on these findings to further explore the factors influencing sustainable entrepreneurship in Latin America and develop effective interventions to support environmentally conscious business development in the region.

5.1. Theoretical and Practical Implications

From a theoretical perspective, this study expands the existing understanding of the factors influencing the development of sustainable enterprises by innovatively integrating three key dimensions: financial planning, environmental awareness, and the use of artificial intelligence. The research challenges traditional theoretical frameworks of entrepreneurship by demonstrating that these elements do not operate in isolation but rather maintain complex and significant interactions. Specifically, the proposed model reveals that financial planning not only directly impacts sustainable entrepreneurship but also influences environmental awareness, representing a novel theoretical contribution.
The study also broadens the literature on sustainable entrepreneurship in emerging economies, an area previously underexplored. By focusing on Machala, Ecuador, the research provides unique insights into how local contextual factors, such as capital constraints and environmental challenges, shape the development of sustainable businesses. The integration of artificial intelligence as a transformative factor adds a contemporary dimension to the theoretical understanding of sustainable entrepreneurship.
From a practical standpoint, the research offers direct guidance for policymakers, educators, and professionals involved in sustainable business development. The findings suggest that business support programs should be designed holistically, incorporating components of financial literacy, environmental awareness, and technological adoption. Empirical evidence indicates that strengthening these capabilities can significantly increase the likelihood of success for sustainable ventures.
Particularly noteworthy is the demonstration of artificial intelligence’s potential to democratize sophisticated financial planning and environmental management tools in resource-limited settings. For entrepreneurs in emerging economies, AI technologies can serve as an equalizer, providing capabilities traditionally available only to large corporations.
The findings also have practical implications for educational and financial institutions. They suggest the need to develop programs that not only transfer technical knowledge but also foster an integrative mindset that links financial, environmental, and technological aspects.
The study highlights the importance of a multidimensional approach to sustainable entrepreneurship development, emphasizing that success does not depend on a single factor but rather on the synergistic interaction between financial planning, ecological awareness, and technological adoption. This perspective offers a valuable framework for understanding and promoting sustainable businesses in complex and evolving economic contexts.

5.2. Limitations and Future Studies

The first limitation lies in the use of a non-probabilistic convenience sampling method to access the population of merchants in Machala. While this approach was practical, it may have introduced selection bias, potentially limiting the representation of the local entrepreneurial ecosystem’s diversity. This limitation suggests that future studies could benefit from more rigorous sampling designs to ensure broader representativeness.
Another significant limitation is the specific cultural context of Machala, Ecuador. Local business practices, environmental norms, and regional economic conditions may have significantly influenced the observed relationships between financial planning, environmental awareness, and sustainable business development. Therefore, comparative studies across different Latin American regions are recommended to validate and expand the current findings.
A methodological limitation of the present study is our focus on direct relationships without examining the potential mediating mechanisms among our variables. While our structural model suggests possible mediation pathways—particularly from Financial Planning through Environmental Consciousness to Sustainable Entrepreneurship—we did not explicitly test these mediating effects. Future research should employ more sophisticated mediation analyses to determine whether and to what extent Environmental Consciousness mediates the relationship between Financial Planning and Sustainable Entrepreneurship outcomes. Similarly, investigating whether AI serves as a technological mediator that transforms how financial planning influences sustainable outcomes could substantially advance theoretical understanding of technology’s transformative role in sustainable venture development.
The study focused exclusively on merchants in Machala, restricting the generalizability of the results to other sectors or business contexts. Future research could explore these dynamics across different types of enterprises, industries, and geographic regions, thereby expanding the understanding of the factors driving sustainable entrepreneurship.
Another promising avenue for future research involves delving deeper into the specific causal mechanisms linking artificial intelligence, financial planning, and environmental awareness. While the study demonstrated significant relationships, there remains ample room to unravel the underlying processes connecting these variables.
The rapid pace of technological evolution highlights the need for longitudinal studies examining how these dynamics change over time. Artificial intelligence, in particular, is in constant transformation, making long-term research tracking its impact on sustainable entrepreneurship highly valuable.
It would also be beneficial to develop studies that not only quantitatively measure these relationships but also incorporate qualitative methodologies to gain deeper insights into entrepreneurs’ subjective experiences. In-depth interviews, case studies, and narrative methods could complement the current quantitative findings.
Furthermore, the study leaves open the possibility of exploring specific interventions aimed at strengthening sustainable entrepreneurship capabilities. Future research could design and evaluate business development programs that explicitly integrate financial planning, environmental awareness, and artificial intelligence tools.
Finally, an emerging research avenue could focus on understanding how different generations of entrepreneurs adopt and utilize artificial intelligence technologies for sustainability objectives. Generational variations in digital literacy and environmental awareness may reveal important patterns in the evolution of sustainable entrepreneurship.

6. Conclusions

This study on sustainable entrepreneurship in Machala, Ecuador, reveals fundamental findings that shed light on the emerging dynamics of environmentally conscious businesses in developing economies. This research unravels a complex network of interactions between financial planning, environmental awareness, and artificial intelligence technologies, offering a comprehensive perspective on how entrepreneurs can drive sustainable development.
The most significant results demonstrate that financial planning plays a critical role in the development of sustainable enterprises, exerting a direct and substantial impact. Entrepreneurs who implement robust financial strategies with environmental awareness are more likely to create businesses that effectively balance economic and ecological objectives.
Environmental awareness emerges as a transformative factor, revealing that motivation and an understanding of ecological impacts are as important as technical capabilities. Entrepreneurs with a deep environmental consciousness not only develop more sustainable practices but also generate innovative business models that address contemporary environmental challenges.
Artificial intelligence serves as a crucial technological enabler, democratizing access to sophisticated analytical and planning tools. In a resource-constrained context such as Machala, AI allows entrepreneurs to overcome traditional barriers by providing advanced insights into resource efficiency, environmental impact assessment, and strategic decision-making.
A particularly relevant finding is the interconnectedness of these factors. Financial planning not only directly influences sustainable entrepreneurship but also plays a role in shaping environmental awareness. This synergy suggests that business development interventions should adopt holistic and integrated approaches.
The study confirms that sustainable entrepreneurship in emerging economies requires a delicate balance between innovation, environmental responsibility, and economic viability. Entrepreneurs in Machala demonstrate that it is possible to create economic value while contributing to environmental preservation, challenging the traditional perception that these objectives are mutually exclusive.
The findings have profound implications for sustainable development. They suggest that the transition to a greener economy is not solely dependent on large corporations or government policies but can also be driven by local entrepreneurs committed to innovation and ecological responsibility.
This research delivers a message of hope and action. It demonstrates that, even in resource-limited contexts, entrepreneurs can act as agents of significant change by leveraging technological tools, financial knowledge, and environmental awareness to build a more sustainable future.
Within the broader Latin American context, this study represents an important step toward understanding how emerging economies can lead the transition to more sustainable business models. It invites a reconsideration of business development, not as a purely economic process, but as an opportunity to generate a positive impact on communities and the planet.
Ultimately, this research underscores that sustainable entrepreneurship is more than a passing trend; it is a fundamental pathway for addressing global environmental challenges, starting with the smallest local initiatives. Sustainability is not a final destination but a continuous journey of innovation, learning, and commitment to a more conscious and responsible future.

Supplementary Materials

The following supporting information can be downloaded at: https://www.mdpi.com/article/10.3390/su17146533/s1. Table S1. Factor loadings and measurement scales.

Author Contributions

Conceptualization, M.C.A.B. and M.F.J.P.; methodology, M.F.J.P.; software, O.M.R.H.; validation, M.C.A.B. and O.M.R.H.; formal analysis, O.M.R.H.; investigation, M.F.J.P.; resources, M.C.A.B.; data curation, O.M.R.H.; writing—original draft preparation, M.C.A.B.; writing—review and editing, M.F.J.P. All authors have read and agreed to the published version of the manuscript.

Funding

This research received no external funding.

Institutional Review Board Statement

The study was conducted in accordance with the Declaration of Helsinki and was approved by the Ethics Committee of the Universidad Interamericana de Emprendimiento y Tecnología (Comité de Ética 2024-UIET-IIICyT-ITCA) under approval code 0042-2024-GM-UIET-IIICyT on 17 January 2024 for studies involving humans.

Informed Consent Statement

All participants included in the study provided informed consent; if participants were under 18 years of age, parents or legal guardians provided informed consent. Similarly, the intervention was conducted in accordance with the Declaration of Helsinki.

Data Availability Statement

The datasets used and/or analyzed during the current study are available from the corresponding author upon reasonable request.

Conflicts of Interest

The authors declare no conflicts of interest.

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Figure 1. Proposed hypothetical model.
Figure 1. Proposed hypothetical model.
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Figure 2. Hypothetical model solved. Note: * p < 0.05, *** p < 0.001.
Figure 2. Hypothetical model solved. Note: * p < 0.05, *** p < 0.001.
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Table 1. Sample characteristics (n = 300).
Table 1. Sample characteristics (n = 300).
CharacteristicsCategoriesfi%
GenderMale15050.0
Female15050.0
Age(18–22)5919.5
(23–27)7926.1
(28–32)6320.8
(33–37)3712.2
(38–42)278.9
(43–47)155.0
More than 47206.6
Education LevelElementary103.3
Secondary7023.1
High School16052.8
Fourth level6019.8
Sustainable Business TypeEco-friendly Products/Services8528.3
Renewable Energy4515.0
Sustainable Agriculture6220.7
Waste Management/Recycling5819.3
Green Construction5016.7
AI Tools UsedBusiness Analytics Software8929.7
Environmental Monitoring Systems7625.3
Resource Optimization Tools6822.7
Sustainability Reporting Platforms6722.3
Environmental CertificationISO 14001 [63]4515.0
Local Green Certification9832.7
In Process8729.0
None7023.3
Note: own elaboration.
Table 2. Model goodness-of-fit and fit indices.
Table 2. Model goodness-of-fit and fit indices.
RMSEASRMRnpχ2/dfNFIp
Model 10.00020.68300<0.0012.9980.945<0.001
Table 3. Factor loadings and measurement scales.
Table 3. Factor loadings and measurement scales.
ConstructItem IDFactor LoadingStandard Errorz-ValuepScale Source
Sustainable Entrepreneurship (SE)SE10.8420.02019.342<0.001Combined scale:
Schaltegger & Wagner’s Sustainable Entrepreneurship Scale (SES) in 2011 [71] and
Sustainable Business Development Index
[28]
SE20.8760.06219.175<0.001
SE30.8340.06219.577<0.001
SE40.8540.06219.114<0.001
SE50.8310.07013.206<0.001
SE60.8320.05714.646<0.001
SE70.8630.05814.866<0.001
SE80.9360.05915.991<0.001
SE90.8320.06819.054<0.001
SE100.8780.06319.480<0.001
SE110.8230.06418.207<0.001
SE120.8110.07912.050<0.001
SE130.8440.07912.8070.005
SE140.8760.07713.689<0.001
Financial Planning (FP)FP10.8500.06317.827<0.001Combined Scale:
Financial planning measure
by Xiao & O’Neill in 2018 [52] and
Sustainable Financial Planning Index
[45]
FP20.8970.06616.126<0.001
FP30.9130.05815.786<0.001
FP40.9640.05814.989<0.001
FP50.8920.08618.8060.005
FP60.9630.06216.247<0.001
FP70.9800.05416.329<0.001
FP80.9260.05716.129<0.001
FP90.9620.07721.9890.047
FP100.9130.05715.984<0.001
FP110.9430.05616.899<0.001
FP120.9050.05715.888<0.001
FP130.8910.05815.776<0.001
FP140.8870.05915.664<0.001
FP150.8830.06015.552<0.001
Environmental Consciousness (EC)EC10.7600.01617.820<0.001Combined Scale:
Environmental Consciousness Scale
Pham et al., in 2023 [72] and
Environmental Awareness Index
[48]
EC20.8110.04623.023<0.001
EC30.7910.04822.138<0.001
EC40.8740.05812.988<0.001
EC50.7670.05719.043<0.001
EC60.7650.05519.9940.003
EC70.7610.04415.443<0.001
EC80.7620.04513.927<0.001
EC90.9600.05219.016<0.001
EC100.7690.06710.580<0.001
EC110.7980.06311.061<0.001
EC120.7860.05910.814<0.001
EC130.7730.05810.567<0.001
Use of Artificial Intelligence (AI)AI10.7520.04311.734<0.001AI Integration for Sustainability Scale
(AISS)
[50]
AI20.8010.05213.873<0.001
AI30.8120.04524.879<0.001
AI40.7890.04712.524<0.001
AI50.7280.05411.348<0.001
AI60.7450.05311.456<0.001
AI70.7620.05211.564<0.001
AI80.7790.05111.672<0.001
AI90.7960.05011.780<0.001
AI100.8130.04911.888<0.001
Note: All constructs were measured using a 5-point Likert scale (1 = “strongly disagree” to 5 = “strongly agree”). For combined scales, items were adapted and validated through CFA. All factor loadings exceed the minimum threshold of 0.70.
Table 4. Convergent and discriminant validity and reliability of the measurement model.
Table 4. Convergent and discriminant validity and reliability of the measurement model.
ConstructαCRAVER2Q2Financial PlanningEnvironmental ConsciousnessSustainable EntrepreneurshipUse of Artificial IntelligenceHTMT
Financial Planning0.8590.8570.685--0.751 0.455
Environmental Consciousness0.8530.9320.6620.8300.8590.5460.658 0.686
Sustainable Entrepreneurship0.9310.9570.5350.8060.8320.3990.4700.765 0.567
Use of Artificial Intelligence0.8620.8990.532--0.4210.3980.4720.6720.478
Table 5. Regression coefficients.
Table 5. Regression coefficients.
95% Confidence Interval
PredictorResultEstimate (β)f2Typical Errorz-ValuepLowerUpper
H3Environmental ConsciousnessSustainable Entrepreneurship0.504 ***0.5510.0945.376<0.0010.3200.687
H1Financial PlanningSustainable Entrepreneurship0.508 ***0.5160.1134.480<0.0010.2860.730
H2Financial PlanningEnvironmental Consciousness0.121 *0.1260.06217.969<0.0010.0760.243
H5Use of Artificial IntelligenceFinancial Planning0.345 ***0.3670.07212.893<0.0010.1240.467
Sustainable Entrepreneurship0.664 ***0.6780.08219.972<0.0010.4520.764
H4Use of Artificial
Intelligence
Note: * p < 0.05, *** p < 0.001. Interpretation of standardized coefficients (β): values between 0.10 and 0.30 indicate small effect, 0.30 and 0.50 medium effect, and >0.50 large effect [67]. For effect size (f2): 0.02–0.15 represents small effect, 0.15–0.35 medium effect, and >0.35 large effect [76].
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Aguirre Benalcázar, M.C.; Jaramillo Paredes, M.F.; Romero Hidalgo, O.M. Sustainable Entrepreneurship in Emerging Economies: The Role of Financial Planning, Environmental Consciousness, and Artificial Intelligence in Ecuador—A Cross-Sectional Study. Sustainability 2025, 17, 6533. https://doi.org/10.3390/su17146533

AMA Style

Aguirre Benalcázar MC, Jaramillo Paredes MF, Romero Hidalgo OM. Sustainable Entrepreneurship in Emerging Economies: The Role of Financial Planning, Environmental Consciousness, and Artificial Intelligence in Ecuador—A Cross-Sectional Study. Sustainability. 2025; 17(14):6533. https://doi.org/10.3390/su17146533

Chicago/Turabian Style

Aguirre Benalcázar, Martha Cecilia, Marcia Fabiola Jaramillo Paredes, and Oscar Mauricio Romero Hidalgo. 2025. "Sustainable Entrepreneurship in Emerging Economies: The Role of Financial Planning, Environmental Consciousness, and Artificial Intelligence in Ecuador—A Cross-Sectional Study" Sustainability 17, no. 14: 6533. https://doi.org/10.3390/su17146533

APA Style

Aguirre Benalcázar, M. C., Jaramillo Paredes, M. F., & Romero Hidalgo, O. M. (2025). Sustainable Entrepreneurship in Emerging Economies: The Role of Financial Planning, Environmental Consciousness, and Artificial Intelligence in Ecuador—A Cross-Sectional Study. Sustainability, 17(14), 6533. https://doi.org/10.3390/su17146533

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