From Gendered Entrepreneurial Cognition to Sustainable Performance: The Power of Women’s Entrepreneurial Capital in Emerging Economies

Abstract

Gender equality and sustainability remain critical global agendas emphasized in the United Nations Sustainable Development Goals (SDGs) adopted in 2015. Women entrepreneurs in emerging economies, despite facing structural constraints, hold strategic potential to advance inclusive and sustainable growth. Building on this context, the present study develops and empirically tests an integrative framework that explains how gendered entrepreneurial cognition (GEC) influences sustainable performance (SP) through the mediating roles of women’s intellectual capital (WIC) and women’s social capital (WSC). A sequential explanatory mixed-method design was employed, combining survey data from 653 women entrepreneurs with in-depth interviews and focus group discussions. Quantitative results demonstrate that GEC significantly enhances WIC and WSC, which in turn strengthen SP, while the direct effect of GEC on SP is weaker. Qualitative insights reinforce these findings by revealing how women mobilize adaptive knowledge, experiential learning, and trust-based networks to achieve economic, social, and environmental objectives. Theoretically, this study advances an innovative multitheoretical integration of the resource-based view, knowledge-based view, and social capital theory, positioning GEC as a gendered cognitive microfoundation for the creation of intangible resources. Practically, the findings highlight that strengthening women’s entrepreneurial capital—represented by the synergy of WIC and WSC—is crucial for enhancing resilience, competitiveness, and sustainability among women-led SMEs in emerging economies. Overall, this study contributes novel evidence from Indonesia by demonstrating that women’s cognition, knowledge, and social networks operate as interconnected pathways toward sustainable entrepreneurial performance.

1. Introduction

Over the past two decades, the role of women entrepreneurs has increasingly attracted scholarly and practical attention as a driving force of economic and social development, particularly within small and medium-sized enterprises (SMEs) in developing countries (Woldesenbet Beta et al., 2024; Noor et al., 2025). Women entrepreneurs not only contribute to job creation and household income generation but also accelerate the achievement of the sustainable development goals (SDGs) (Raman et al., 2022; Gupta et al., 2024; Hendratmi et al., 2024). Nevertheless, they continue to face significant constraints in accessing strategic resources such as knowledge, finance, and social networks, which undermine the sustainability of their ventures (Khabbaz & Kuran, 2024; Kakeesh, 2024; Moral et al., 2024).

The Resource-Based View (RBV) (Barney, 1991) explains that sustainable performance depends on resources that are valuable, rare, inimitable, and non-substitutable (VRIN). Yet, prior research has often focused on tangible assets or institutional support, while underestimating cognitive and intangible dimensions (Ahl & Marlow, 2021; García & Welter, 2013). The microfoundations of strategy perspective (Felin et al., 2012) addresses this gap by showing that organizational capabilities originate in individual cognition, social interactions, and everyday practices. Within this lens, gendered entrepreneurial cognition (GEC) acts as a microfoundation that shapes how women entrepreneurs recognize opportunities, manage risks, and allocate resources under prevailing social norms and gender constructions.

The knowledge-based view (KBV) (Grant, 1996; Spender, 1996) further emphasizes that knowledge and learning are the primary bases of sustainable advantage. This perspective is relevant to women’s intellectual capital (WIC), which encompasses managerial skills, routines, and renewal capacity. Meanwhile, social capital theory (SCT) (Coleman, 1988; Nahapiet & Ghoshal, 1998) explains how women’s social capital (WSC) provides access to information, legitimacy, and trust, often becoming more decisive than formal financial capital, especially in developing contexts. Taken together, this study introduces women’s entrepreneurial capital (WEC) as the integration of WIC and WSC, triggered by GEC, and functioning as a key pathway toward sustainable performance (SP).

Prior research has largely focused on financial access or macro-level policy interventions in explaining the constraints faced by women entrepreneurs (Calás et al., 2009; Jennings & Brush, 2013; Raza et al., 2024; Maheshwari et al., 2025). However, these approaches fail to adequately capture the cognitive mechanisms, knowledge capital, and network resources that underpin the sustainability of women-led businesses. This gap is particularly salient in emerging economies such as Indonesia, where gender inequality, infrastructural limitations, and socio-economic pressures shape unique entrepreneurial experiences (Cameron, 2023; Hasan et al., 2024). Therefore, context-specific studies in emerging economies are crucial to prevent global theories from being biased toward advanced economies.

This study advances the discourse by introducing the concept of WEC—an integrative construct that combines intellectual and social capital—as a novel pathway linking cognition and sustainable performance. Furthermore, it provides rare empirical evidence from Indonesia, thereby enriching both theoretical understanding and practical insights.

To address this gap, the present study poses three research questions: (1) How does GEC influence SP among women entrepreneurs in emerging economies? (2) How does WEC, comprising WIC and WSC, function as the pathway linking GEC and SP? (3) How do the lived experiences of women entrepreneurs enrich the understanding of cognitive, knowledge, and social mechanisms that foster SP?

Accordingly, this study aims to analyze the direct effect of GEC on SP, examine the mediating role of WEC in the relationship between GEC and SP, and qualitatively explore the narratives of women entrepreneurs to deepen the understanding of how WEC emerges from GEC to drive SP. Employing a mixed-methods explanatory sequential design, this study offers a comprehensive account of the role of GEC and WEC in emerging economies, an approach that remains underutilized in the literature on women entrepreneurship.

Overall, this study contributes in two key ways. First, the theoretical contribution: it extends RBV by integrating microfoundations, KBV, and SCT, and advances WEC as a distinctive form of entrepreneurial capital among women entrepreneurs in emerging economies. Beyond this, the study makes a clear empirical contribution by addressing the geographic imbalance in entrepreneurship scholarship, which is often dominated by advanced economy contexts. Second, the practical contribution: it provides actionable insights for policymakers, empowerment agencies, and business incubators to design interventions that go beyond financial access, focusing instead on strengthening cognitive capacities, knowledge routines, and social networks as foundations for sustainable performance and inclusive economic growth.

In addition, this study introduces an integrative innovation by combining the RBV—enriched by the microfoundations perspective—with the KBV and SCT to explain how GEC shapes WIC and WSC toward SP. This integration marks a theoretical advancement by positioning women entrepreneurs as dynamic knowledge co-creators within sustainability-oriented agribusiness ecosystems. By embedding digital–sustainability literacy within the KBV framework, the study conceptualizes WEC as a transformative capability that translates gendered cognition into innovation and social value creation. Empirically, the study contributes one of the first models linking GEC, WIC, and WSC to SP in a developing-economy context, offering fresh perspectives for both scholarship and policy on women-led sustainable entrepreneurship.

2. Theoretical Framework and Hypotheses Development

2.1. Conceptual Foundations: From Gendered Entrepreneurial Cognition to Sustainable Performance

RBV highlights that sustainable performance emerges from the possession and utilization of strategic resources that are unique, difficult to replicate, and not easily substituted (Barney, 1991). Recent developments of RBV have integrated the microfoundations perspective, which emphasizes that organizational capabilities originate in individual cognition, social interactions, and everyday practices (Felin et al., 2012; Foss & Klein, 2020; Foss et al., 2021). Within this framework, GEC is positioned as a critical microfoundation shaping how women entrepreneurs identify opportunities, manage risks, and mobilize resources, thereby offering an explanatory mechanism for variations in sustainable performance (SP).

While entrepreneurial cognition in general has long been recognized as a key driver of how entrepreneurs recognize opportunities, process information, and make decisions (Mitchell et al., 2002; Grégoire et al., 2011; Shepherd et al., 2015), this study differentiates GEC by explicitly embedding socio-cultural and gendered experiences into the cognitive process. Unlike traditional models of entrepreneurial cognition that often assume neutrality in decision-making, GEC acknowledges how norms, family roles, and gender-based expectations shape entrepreneurial judgment in distinctive ways. By theorizing GEC as a gendered microfoundation, this research extends existing cognition models and situates women’s entrepreneurial decision-making within their lived realities. This distinction is crucial, as it not only clarifies the theoretical boundaries of GEC but also justifies why WIC and WSC are conceptualized as mediating mechanisms through which cognition is translated into sustainable performance.

To ensure conceptual clarity, this study defines each construct consistently. GEC is theorized as the cognitive antecedent, reflecting how gendered experiences shape entrepreneurial perception and decision-making. WIC and WSC are operational mediators: WIC captures knowledge, skills, and organizational routines, while WSC reflects trust-based ties, networks, and collaborative structures. Together, WIC and WSC constitute the measurable dimensions of WEC—a broader conceptual umbrella of women’s entrepreneurial capital. Finally, SP is the outcome, defined through the triple bottom line of economic, social, and environmental performance. By explicitly distinguishing what is theorized (WEC as a higher-order construct) from what is empirically tested (GEC, WIC, WSC, and SP), this study avoids conceptual overlap and maintains precision in both theoretical framing and measurement.

Recent research highlights that women’s entrepreneurial processes are not entirely neutral but are influenced by social norms, lived experiences, and gender-based expectations (Henry et al., 2021; Feldmann et al., 2022; Henry & Lewis, 2023; Stoker et al., 2024). GEC shapes how women entrepreneurs perceive opportunities, assess risks, and make strategic decisions (Ahl & Marlow, 2021). Emerging studies also show that entrepreneurial learning itself is gendered, with women and men constructing different knowledge bases and preferences in business contexts (Vuciterna et al., 2024; Atienza-Barba et al., 2025). Thus, GEC can be understood as a cognitive variable representing how gendered experiences and perceptions form unique entrepreneurial mindsets, which in turn influence value creation and business sustainability.

KBV underscores that knowledge and organizational routines are the foundation of sustainable advantage (Grant, 1996; Spender, 1996). This perspective is closely linked with WIC, which includes human capital (knowledge, skills) and structural capital (routines, processes, and renewal capacity) (Yuksel, 2024; Wen & Wen, 2024). Recent studies show that WIC plays a critical role in driving innovation and SME sustainability (Phonthanukitithaworn et al., 2023; Shahbaz & Malik, 2025; Gidage & Bhide, 2025). GEC fosters the utilization of knowledge and the development of adaptive structures, thereby positioning WIC as a mediator between GEC and SP. Accordingly, the pathway GEC → WIC → SP is conceptually justified.

In addition to WIC, WSC also constitutes a crucial mediating variable. Based on SCT, WSC encompasses network structures, trust-based relationships, and social norms that facilitate access to information and resources (Coleman, 1988; Nahapiet & Ghoshal, 1998). Recent evidence demonstrates that WSC enhances SME innovation capabilities and performance through cross-actor relationships and strategic collaborations (Sarwar et al., 2021; Ooi et al., 2023; Agyapong et al., 2025). GEC shapes the networking tendencies of women entrepreneurs, including bonding and bridging ties, which increase the prospects for sustainability. Thus, the pathway GEC → WSC → SP forms a parallel mediation that complements the role of WIC.

To further clarify the theoretical positioning, this study adopts RBV—enriched by the microfoundations perspective—as the overarching framework. Within this umbrella, KBV informs the operationalization of WIC by emphasizing the role of knowledge, skills, and organizational routines, while SCT underpins the conceptualization of WSC through trust-based ties, networks, and social norms. These frameworks are employed in a parallel and complementary manner rather than sequentially or hierarchically, ensuring that each contributes a distinct explanatory function. RBV provides the foundation for understanding sustainable performance, KBV highlights the intellectual dimension of WIC, and SCT emphasizes the relational dimension of WSC. Together, they converge to explain how GEC as a gendered microfoundation is translated into sustainable performance without creating theoretical overlap.

In this study, SP is conceptualized using the TBL framework, which emphasizes the balance of economic, social, and environmental dimensions (Hasan et al., 2025). Recent studies affirm that TBL is a relevant and practical framework for evaluating SME performance (Gu et al., 2022; Nogueira et al., 2025). Employing TBL enables this study to assess not only profitability but also social contributions and environmental commitments. This is particularly relevant in emerging economies where women entrepreneurs operate under resource constraints yet exert significant impact on local communities and sustainability.

Overall, this study integrates RBV, microfoundations, KBV, and SCT to explain the role of GEC as a gender-based cognitive foundation guiding the development of WIC and WSC. Both are positioned as parallel mediators linking GEC to SP within the TBL framework. Accordingly, this research contributes to the sustainable entrepreneurship literature by proposing a novel conceptual model that connects gendered cognition, intangible resources, and the SP of women entrepreneurs.

To strengthen the coherence of the theoretical architecture, this study emphasizes that RBV, KBV, and SCT do not operate in isolation but converge through the integrative lens of GEC. Rather than functioning as separate or parallel theories, GEC acts as a generative mechanism that reshapes their foundational assumptions and aligns them within a gender-responsive theoretical architecture.

Specifically, GEC challenges RBV’s assumption of resource neutrality by revealing that resource recognition and mobilization are cognitively filtered through gendered experiences, values, and constraints. In contexts where women face institutional and cultural barriers, identifying and leveraging valuable resources becomes a socially embedded act of interpretation, not a neutral economic process. GEC also expands KBV by demonstrating that knowledge creation and learning trajectories are inherently gendered—emerging through relational, experiential, and community-based learning rather than through firm-centric routines. Likewise, GEC enriches SCT by highlighting that WSC operates through affective, trust-based, and reciprocal logics that differ from the instrumental networking emphasized in traditional theory.

Thus, GEC reconfigures RBV, KBV, and SCT from neutral resource perspectives into socially embedded, gender-sensitive frameworks. It bridges cognitive microfoundations with resource-based explanations by showing that cognition itself is a productive resource—one that generates, activates, and sustains the formation of women’s intellectual and social capital. Through this synergy, the integrated framework explains how gendered cognition functions not only as an antecedent but also as a transformative mechanism that drives sustainable entrepreneurial performance in emerging economies.

In line with this theoretical integration, the conceptual framework provides a strong rationale for adopting an explanatory sequential mixed-methods design. The quantitative phase enables the empirical testing of the proposed mediation pathways linking GEC, WIC, WSC, and SP, while the qualitative phase enriches and contextualizes these findings by uncovering the lived experiences, narratives, and mechanisms through which women entrepreneurs mobilize cognitive, intellectual, and social resources in practice. This dual approach ensures that statistical generalization and contextual depth are combined, allowing for a comprehensive understanding of how gendered cognition translates into sustainable entrepreneurial outcomes in emerging economies.

To synthesize prior research and highlight the gaps addressed in this study,

Table 1. Summary of prior studies, identified gaps, and contributions of the present study.

Author(s)	Theory	Findings	Gap	Contribution to This Study
Barney (1991)	RBV	Competitive advantage derives from VRIN resources.	Limited focus on intangible and cognitive resources.	Extend RBV by highlighting intangible and gendered resources.
Felin et al. (2012); Foss and Klein (2020); Foss et al. (2021)	Microfoundations	Capabilities rooted in individual cognition, interactions, and practices.	Underexplored in women entrepreneurship research.	Position GEC as gendered microfoundation shaping resource mobilization.
Grant (1996); Spender (1996)	KBV	Knowledge and learning are core to sustainable advantage.	Gendered knowledge construction rarely examined.	Frame WIC as women-specific intellectual capital driving SP.
Coleman (1988); Nahapiet and Ghoshal (1998)	SCT	Social ties provide access to information, legitimacy, and resources.	Limited integration with GEC in emerging economies.	Frame WSC as external capital linking GEC and SP.
Calás et al. (2009); Jennings and Brush (2013)	Feminist Entrepreneurship	Gender norms shape entrepreneurial experiences and outcomes.	Few studies link cognition to sustainability outcomes.	Employ GEC to explain pathways to SP via WEC.
Ahl and Marlow (2021)	GEC	Women perceive and manage risks differently due to social norms.	Lack of mediation testing through intangible capital.	Highlight role of GEC in shaping WIC and WSC.
Shahbaz and Malik (2025); Gidage and Bhide (2025)	IC in SMEs	IC fosters innovation and business sustainability.	Rarely examined from a gendered perspective.	Conceptualize WIC as mediator between GEC and SP.
Ooi et al. (2023); Agyapong et al. (2025)	SC in SMEs	SC enhances innovation and collaboration for performance.	Limited research on women entrepreneurs in emerging economies.	Position WSC as mediator between GEC and SP.
Hasan et al. (2025); Gu et al. (2022); Nogueira et al. (2025)	TBL	SP must balance economic, social, and environmental goals.	Most studies assess only financial performance.	Employ TBL to capture holistic sustainability outcomes.

summarizes key contributions of previous works, their theoretical grounding, and the way in which the present research advances the literature.

2.2. Advancing the Theorization of Gendered Entrepreneurial Cognition

2.2.1. Conceptual Foundations and Propositions

Building upon the conceptual framing above, this study advances the theorization of GEC by positioning it not only as a contextualized cognitive orientation but also as a form of cognitive capital that operates as a microfoundation of women’s entrepreneurial resources. To enhance its theoretical contribution, three formal propositions are developed:

• Proposition 1: GEC functions as a gendered cognitive filter that transforms lived experiences and socio-cultural roles into pathways for the development of WIC and WSC.
• Proposition 2: GEC generates mechanism-level processes—such as experiential learning, negotiation of social roles, and collective sensemaking—that enable women entrepreneurs to convert cognitive orientations into tangible intellectual and relational resources.
• Proposition 3: Compared with general entrepreneurial cognition models, GEC provides a context-specific explanatory framework that captures how gendered constraints and opportunities are cognitively processed, thereby fostering distinctive forms of entrepreneurial capital and sustainable performance.

Through these propositions, GEC is theorized as an antecedent mechanism that bridges individual cognition and the creation of intangible capital. The mechanism-level processes identified here emphasize how women entrepreneurs mobilize cognitive orientations into action under conditions of limited institutional support. This theorization strengthens the explanatory depth of GEC beyond its role as a contextual orientation and clarifies its independent value as a gendered microfoundation of entrepreneurial capital.

2.2.2. Mechanism-Level Logic of GEC

Building on the preceding propositions, this study further advances the theorization of GEC by articulating its mechanism-level logic—the processes through which gendered cognitive orientations are transformed into entrepreneurial resources. Three interrelated mechanisms are identified: sensemaking, learning-by-doing, and gender-role negotiation.

First, sensemaking reflects how women entrepreneurs interpret complex social environments through gendered lenses that integrate emotional awareness, moral responsibility, and community values. This interpretive process enables them to reframe constraints (e.g., limited access to finance or male-dominated networks) as opportunities for alternative value creation.

Second, learning-by-doing describes the experiential accumulation of managerial knowledge through iterative practice. Women entrepreneurs continuously adapt, experiment, and refine business strategies in response to contextual pressures, transforming lived experience into intellectual routines and structural knowledge—thereby constituting the foundation of WIC.

Third, gender-role negotiation represents the active reconfiguration of social expectations, where women navigate between familial obligations, communal trust, and entrepreneurial autonomy. This negotiation process generates trust-based networks and reciprocal relationships that strengthen WSC. Together, these mechanisms demonstrate how GEC operates as a cognitive microfoundation that transforms individual cognition into collective resources.

Comparatively, GEC differs fundamentally from the general models of entrepreneurial cognition developed by Mitchell et al. (2002) and Grégoire et al. (2011), which primarily emphasize rational opportunity evaluation and information processing. Whereas those models assume cognitive neutrality, GEC embeds socio-cultural and affective dimensions into the cognitive process. It incorporates normative reasoning, empathy, and communal logic—features often excluded from traditional cognition frameworks but essential in gendered contexts. Consequently, GEC extends the boundaries of entrepreneurial cognition theory by highlighting that cognitive processes are socially embedded, value-laden, and contingent on gendered lived experience.

Accordingly, GEC can be understood not merely as a cognitive antecedent but as a form of micro-cognitive capital—an intangible, inimitable, and socially embedded resource that activates other forms of capital. It provides the interpretive, experiential, and relational bases from which women entrepreneurs generate WIC and WSC, both of which ultimately drive sustainable performance. In this view, GEC functions as the cognitive seed of women’s entrepreneurial capital, transforming perception into capability and reflection into resource. This conceptualization advances GEC from a contextual cognitive orientation to a distinctive resource in its own right, bridging individual sensemaking and the emergence of collective entrepreneurial advantage.

2.3. Hypotheses Development

2.3.1. The Relationship Between GEC and WIC

RBV asserts that firms achieve sustainable competitive advantage through resources that are valuable, rare, inimitable, and non-substitutable (VRIN) (Barney, 1991). Among intangible resources, WIC is critical as it encompasses human capital, structural capital, and, in some frameworks, relational capital (Anser et al., 2024). However, the development of WIC does not occur automatically; it is shaped by micro-level mechanisms such as cognition and individual decision-making (Elrehail et al., 2024). In this regard, GEC functions as a cognitive lens influenced by social norms, lived experiences, and gender-based expectations (Li et al., 2021; Henry et al., 2021; Feldmann et al., 2022). This gendered mindset affects how women entrepreneurs acquire skills, leverage prior experiences, and develop adaptive internal structures to support their ventures.

Prior studies further highlight that IC is central to fostering innovation and long-term viability of SMEs (Phonthanukitithaworn et al., 2023; Shahbaz & Malik, 2025; Gidage & Bhide, 2025), yet little is known about how it is shaped by cognitive factors in gendered contexts. Accordingly, GEC can be conceptualized as a cognitive foundation enabling the formation of WIC aligned with sustainability requirements. Based on this reasoning, the following hypothesis is proposed:

H1. 

GEC has a positive effect on WIC.

2.3.2. The Relationship Between GEC and SP

Beyond its influence on intangible resources such as WIC and WSC, GEC may also exert a more direct effect on SP. From the perspective of RBV, cognition itself can be considered an intangible and inimitable resource that drives strategic differentiation (Agrawal et al., 2025). In addition, the microfoundations perspective suggests that organizational capabilities are rooted in individual cognition, which directly influences how firms design and implement strategies (Foss et al., 2021; Hock-Doepgen et al., 2025). Similarly, insights from KBV highlight that cognitive frames shape knowledge application and strategic decision-making, thereby affecting long-term sustainability outcomes (Grant, 1996; Spender, 1996; Bin-Nashwan & Li, 2025).

Within this framework, GEC can be seen as a unique cognitive resource shaped by social norms and gendered experiences, enabling women entrepreneurs to balance economic, social, and environmental objectives in line with the TBL perspective. Empirical studies support this theoretical reasoning by demonstrating that cognition-based capabilities significantly affect firm outcomes, particularly when entrepreneurs integrate personal values, social norms, and environmental considerations into business strategies (Anser et al., 2024; Fernandes et al., 2025; Henry & Lewis, 2023). Accordingly, it is argued that cognition, beyond mediating mechanisms through WEC, functions as a strategic asset in its own right. This leads to the following hypothesis:

H2. 

GEC has a positive effect on SP.

2.3.3. The Relationship Between GEC and WSC

In addition to influencing internal knowledge-based resources such as WIC, GEC also has implications for how women entrepreneurs build external resources through social networks. WSC encompasses structural, relational, and cognitive dimensions that provide access to information, resources, and social support (Coleman, 1988; Abane et al., 2024; Mahato & Kumar Jha, 2025). From the perspective of SCT, WSC facilitates collaboration, trust-building, and access to opportunities, which are particularly vital in contexts where formal institutional support remains limited.

Recent literature highlights that gendered cognitive orientations shape the ways in which women entrepreneurs establish relationships, build trust, and select forms of collaboration (Ahl & Marlow, 2021). Women with stronger GEC are more likely to leverage networks to overcome financial constraints and structural barriers, thereby positioning WSC as an essential mechanism for entrepreneurial survival and growth in emerging economies. Contemporary studies further affirm that social capital is a critical determinant of innovation, entrepreneurial orientation, and SME performance (Alcalde-Calonge et al., 2024; Pérez Fernández et al., 2024; Dwumah et al., 2024). Taken together, these insights suggest that GEC serves as a cognitive foundation that fosters the development of broader and more effective WSC. Based on this reasoning, the following hypothesis is proposed:

H3. 

GEC has a positive effect on WSC.

2.3.4. The Relationship Between WIC and SP

WIC has long been recognized as one of the key pillars in achieving SP. Human capital, which includes individual knowledge, skills, and competencies, together with structural capital, consisting of procedures, routines, and management systems, enables SMEs to adapt to market changes and environmental pressures (Hariyono & Narsa, 2024). From the perspective of KBV, WIC represents a critical knowledge-based asset that underpins firms’ ability to sustain competitive advantage.

Recent studies demonstrate that WIC plays a crucial role in enhancing innovation, operational efficiency, and organizational capacity to balance the economic, social, and environmental dimensions of performance (Ahmad et al., 2023; Truong & Nguyen, 2024; Shahbaz & Malik, 2025). Moreover, WIC not only strengthens strategic flexibility but also enables SMEs to embed sustainability-oriented routines, which are increasingly vital in the context of emerging economies. This aligns with the TBL framework, which positions sustainability as the integration of economic viability, social inclusiveness, and environmental responsibility (Dinu et al., 2023; Li et al., 2024). Accordingly, WIC can be conceptualized as a driver of SP that enhances both competitiveness and long-term resilience. Based on this reasoning, the following hypothesis is proposed:

H4. 

WIC has a positive effect on SP.

2.3.5. The Relationship Between WSC and SP

WSC functions as a strategic asset that enables SMEs to expand access to information, market opportunities, and external resources. Trust-based relationships and reciprocal norms within social networks facilitate collaboration and innovation, which in turn enhance organizational performance (Van Tran et al., 2024; Zhou et al., 2024). From the perspective of SCT, WSC reduces transaction costs, builds legitimacy, and enhances firms’ ability to coordinate with diverse stakeholders, which is essential for long-term sustainability.

In the context of women entrepreneurs, WSC is particularly important as it can help bridge gaps in access to formal resources such as financing and institutional support (Pylypenko et al., 2023). Gendered cognitive orientations further shape how women cultivate and mobilize such networks to compensate for structural disadvantages in emerging economies (Henry et al., 2021; Feldmann et al., 2022; Stoker et al., 2024). Empirical studies consistently demonstrate that SC enhances SMEs’ innovation capability, entrepreneurial orientation, and resilience through collaborative partnerships (Sarwar et al., 2021; Khan et al., 2021; Ooi et al., 2023; Agyapong et al., 2025). In addition, findings by Hj Talip and Wasiuzzaman (2024) confirm that WSC significantly contributes to sustainable growth, while Nogueira et al. (2025) highlights that these effects extend across the economic, social, and environmental dimensions of the TBL framework. Accordingly, WSC is conceptualized as a key driver of SP, operating as an external intangible resource that complements WIC. Based on this reasoning, the following hypothesis is proposed:

H5. 

WSC has a positive effect on SP.

2.3.6. The Mediating Role of WIC and WSC

By integrating RBV and microfoundations, GEC can be understood as a cognitive mechanism that influences SP through the pathways of WIC and WSC. RBV emphasizes the importance of intangible resources as the foundation of sustainable advantage, while microfoundations highlight how organizational capabilities are rooted in individual cognition, interactions, and processes (Alves & Carvalho, 2022; Rhaiem & Doloreux, 2024). Accordingly, GEC, which reflects gendered mindsets in interpreting opportunities and risks, serves as a micro-level foundation that determines how women entrepreneurs develop both internal and external forms of capital.

WIC provides an internal knowledge base consisting of skills, routines, procedures, and management systems that enable organizations to innovate, adapt, and maintain long-term competitiveness. Prior studies have confirmed that WIC enhances innovation capacity, operational efficiency, and long-term sustainability of SMEs (Phonthanukitithaworn et al., 2023; Shahbaz & Malik, 2025; Gidage & Bhide, 2025). In addition, gender-sensitive cognition has been shown to influence how knowledge is acquired, organized, and applied in entrepreneurial decision-making (Henry et al., 2021; Feldmann et al., 2022; Vale et al., 2022).

On the other hand, WSC provides external access through networks, trust-based relationships, and cross-actor collaborations. Empirical evidence demonstrates that SC strengthens innovation capability, entrepreneurial orientation, and collaborative performance outcomes (Sarwar et al., 2021; Ooi et al., 2023; Agyapong et al., 2025). In emerging economies, WSC is particularly relevant for women entrepreneurs who often face institutional and financial barriers, as social ties can substitute for limited formal support (Henry & Lewis, 2023; Stoker et al., 2024).

Taken together, these insights suggest that GEC does not operate in isolation but is translated into complementary internal and external capabilities. The WIC pathway links GEC to the development of competencies and systems that support sustainable adaptation and innovation, while the WSC pathway connects cognition with the ability to build trust, expand networks, and access external opportunities. Within the TBL framework, these dual mechanisms explain how GEC is transformed into SP that balances economic, social, and environmental dimensions (Hasan et al., 2025; Lee et al., 2022; Gu et al., 2022; Nogueira et al., 2025). Based on this reasoning, the following hypotheses are proposed:

H6a. 

WIC functions as a pathway linking GEC and SP.

H6b. 

WSC functions as a pathway linking GEC and SP.

To provide a clearer overview of the proposed relationships, Figure 1 presents the conceptual framework that integrates GEC, WIC, WSC, and SP. The figure illustrates both direct and indirect effects, emphasizing how GEC functions as a cognitive foundation that influences SP through the development of internal knowledge resources (WIC) and external social networks (WSC).

Based on the theoretical framework presented above, GEC functions as a cognitive foundation that shapes and influences the strategic capabilities of SMEs through WIC and WSC. These two forms of capital are positioned as pathways mediating the effect of GEC on SP. To clarify the relationships among the constructs, this study formulates a set of hypotheses that synthesize the theoretical contributions of RBV, microfoundations, KBV, SCT, and the TBL framework. A summary of the hypotheses, along with their supporting theories and key references, is provided in

Table 2. Summary of hypotheses, supporting theories, and references.

Hypothesis	Relationship	Supporting Theory	References
H1	GEC → WIC	RBV; microfoundations	Barney (1991); Teece (2014); Felin et al. (2015); Wuebker et al. (2023)
H2	GEC → SP	RBV; cognitive perspective; gendered cognition	Henry and Lewis (2023); Srivastava and Pandita (2025)
H3	GEC → WSC	Gendered cognition; SCT	Ahl and Marlow (2021); Babajide et al. (2022)
H4	WIC → SP	RBV; KBV; TBL	Li et al. (2021); Hasan et al. (2025); Abdallah et al. (2025)
H5	WSC → SP	SCT; RBV; TBL	Pylypenko et al. (2023); Zhou et al. (2024)
H6a	GEC → WIC → SP	RBV + microfoundations	Ritala et al. (2023); Bansal et al. (2023)
H6b	GEC → WSC → SP	RBV + microfoundations	Ramírez-Solís et al. (2024); Loukopoulos et al. (2024)

.

3. Materials and Methods

3.1. Research Design

This study employs an explanatory sequential mixed-methods design (Creswell, 2024), which consists of two stages. The first stage is the quantitative phase conducted through a survey to test the proposed mediation model. The second stage is the qualitative phase aimed at enriching and contextualizing the quantitative findings. This approach was chosen because it enables the integration of generalizable insights from the quantitative analysis with a deeper and more contextual qualitative understanding of women’s entrepreneurship dynamics.

3.2. Quantitative Phase

3.2.1. Population and Sample

The population of this study consists of women entrepreneurs who lead or manage SMEs in South Sulawesi Province, Indonesia. A purposive sampling technique was employed with the following criteria: (1) respondents must be women entrepreneurs who own or manage SMEs; (2) the enterprises must have been operating for at least two years to adequately reflect business sustainability; (3) the enterprises must demonstrate a significant contribution to local economic activities. This criterion was determined based on registration records and recommendations from local cooperatives and the Department of Cooperatives and SMEs, which identify women-led enterprises actively contributing to local production, employment, and community economic engagement.

The final sample comprised 653 women entrepreneurs distributed across six districts/municipalities: Makassar City, Maros Regency, Pangkep Regency, Barru Regency, Gowa Regency, and Bulukumba Regency. The selection of these sites was based on several considerations. First, the six areas represent a combination of urban contexts (Makassar City as the economic and distribution hub) and rural contexts (districts with strong SME bases), thereby providing a balanced picture of women’s entrepreneurship dynamics. Second, data from the Central Bureau of Statistics (BPS) and local governments indicate that SMEs run by women entrepreneurs in these regions contribute significantly to the Gross Regional Domestic Product (GRDP) and serve as a major source of employment. Third, these regions are known as key clusters of women entrepreneurs, making them highly relevant for examining the role of GEC in shaping WIC and WSC. Fourth, geographically, the six regions form a strategic economic corridor spanning coastal to highland areas, thereby enriching the diversity of business contexts.

Although the sample was not drawn randomly, the use of purposive sampling allowed this study to obtain substantively representative data, thus enabling the findings to provide both theoretical and practical contributions in understanding the pathways between GEC, WIC, WSC, and SP among women entrepreneurs.

This study focused on women entrepreneurs operating within the agribusiness and related microenterprise sectors in South Sulawesi, Indonesia. The inclusion criteria required that participants: (1) had been operating their business for at least two years; (2) were directly involved in strategic decision-making; (3) managed businesses registered under women-led cooperatives or MSMEs engaged in agricultural production, processing, or distribution. Other industries were excluded to maintain sectoral homogeneity and to ensure the comparability of social and cognitive factors shaping entrepreneurial capital within a sustainability-oriented sector. Although limited to a single province, South Sulawesi represents one of Indonesia’s major centers for women-led agribusiness development, integrating traditional community-based entrepreneurship with emerging digital practices. Therefore, while the findings are contextually grounded, they offer analytical generalizability for understanding how GEC and social–intellectual capital interact in similar developing-economy settings.

To ensure the adequacy of the sample size, a confidence interval–based estimation was conducted using the standard formula for proportion-based studies at a 95% confidence level and a 5% margin of error. Given the target population of approximately 4500 women entrepreneurs in the selected regions (based on cooperative and SME agency data), the minimum required sample size was estimated at 354 respondents. The final sample of 653 valid responses therefore exceeds this threshold, ensuring statistical reliability and minimizing sampling error.

The sample distribution is presented in

Table 3. Distribution of Research Samples.

No.	District/City	Number of Samples	Percentage (%)
1	Makassar City	175	26.80
2	Maros Regency	110	16.85
3	Pangkep Regency	95	14.55
4	Barru Regency	90	13.78
5	Gowa Regency	100	15.31
6	Bulukumba Regency	83	12.71
Total		653	100.00

, which shows the number of respondents obtained from each area as well as their proportional representation in this study.

3.2.2. Data Collection Procedure

Data collection was conducted between June and August 2025. The research instrument consisted of a structured questionnaire designed based on the study’s constructs and adapted from validated scales in previous studies. Prior to the main distribution, the questionnaire underwent a pilot test to ensure the clarity of items and their relevance to the local context. The pilot study was conducted among 45 women entrepreneurs in Makassar City who met the general inclusion criteria but were not included in the main sample. Participants were asked to evaluate each questionnaire item for clarity, cultural appropriateness, and ease of understanding using a short feedback form. Based on their feedback, several linguistic adjustments were made to improve semantic equivalence and contextual fit before final distribution.

Ethical approval for the study was obtained from the Institute for Research and Community Service (LP2M), Universitas Negeri Makassar. The questionnaire was distributed to 893 respondents who met the purposive sampling criteria—namely women entrepreneurs who owned and concurrently managed their own SMEs operating in the agribusiness and related microenterprise sectors across six selected districts/municipalities in South Sulawesi, Indonesia. Of these, 653 respondents returned fully completed questionnaires that were eligible for further analysis, yielding a response rate of approximately 73.1%.

The demographic profile of respondents is summarized in

Table 4. Respondents’ Demographic Profile.

Variable	Category	Frequency	Percentage (%)
Age	21–30 years	208	32.7
	31–45 years	296	46.5
	>45 years	133	20.8
Education	Secondary school	182	28.6
	Bachelor’s degree	346	54.3
	Postgraduate	109	17.1
Years of operation	≤5 years	232	35.5
	>5 years	421	64.5
Total	-	653	100.0

. As shown, the majority were aged between 31 and 45 years (46.5%), followed by 21–30 years (32.7%) and above 45 years (20.8%). Regarding education level, 54.3% of respondents held a bachelor’s degree, 28.6% completed secondary education, and 17.1% held postgraduate degrees. In terms of business experience, 64.5% had operated their enterprises for more than five years, indicating a mature level of entrepreneurial engagement among participants.

3.2.3. Measurement of Constructs

The research instrument consisted of a structured questionnaire divided into five main sections aligned with the study’s constructs: GEC, WIC, WSC, and SP, followed by demographic information. All measurement items were adapted from previously validated scales in Q1/Q2 journals and refined through a pilot study for contextual relevance. Respondents rated their agreement on a five-point Likert scale (1 = strongly disagree to 5 = strongly agree). Representative items include: “I can recognize new opportunities in my business environment” (GEC), “Our business relies on women’s collective expertise and knowledge sharing” (WIC), “We maintain strong relationships with local partners and cooperatives” (WSC), and “Our enterprise improves community well-being through sustainable practices” (SP). The full set of measurement items and sources is provided in Appendix A for transparency and reproducibility.

All constructs in this study were measured using a structured questionnaire with a five-point Likert scale (1 = strongly disagree to 5 = strongly agree). The items were primarily adapted from prior validated scales and refined for contextual relevance to Indonesian women entrepreneurs through pre-testing.

The GEC construct measures entrepreneurial thinking shaped by gender-based experiences and norms, with items adapted from established entrepreneurial cognition studies and extended with insights from gendered entrepreneurship literature (Henry et al., 2021; Ahl & Marlow, 2021). This ensures that cognitive orientations capture not only general opportunity recognition and risk evaluation but also the influence of social expectations and lived gendered experiences.

The WIC construct captures human and structural capital dimensions, with indicators adapted from intellectual capital frameworks that emphasize knowledge, skills, and organizational routines (Paoloni et al., 2023; Yang et al., 2024). These items were selected to reflect managerial capacity and adaptive systems that sustain SMEs in resource-constrained environments.

The WSC construct includes networks, trust, and relational support, based on established measures of social capital (Sakamoto, 2024; Chowdhury et al., 2024). Items were refined to emphasize trust-based ties, community reciprocity, and strategic collaborations, which are particularly relevant in emerging economy contexts where informal institutions play a central role.

Finally, SP was measured using the TBL framework, which balances economic, social, and environmental dimensions of sustainability (Gu et al., 2022; Hasan et al., 2025). Indicators were adapted from prior TBL-based SME performance studies to capture profitability, community contribution, and ecological responsibility.

The operationalization of all constructs, including their indicators and sources, is summarized in

Table 5. Operationalization of variables.

Variable	Dimension	Indicators	References
GEC	Cognitive lens based on gendered experience	Business opportunity assessment considers gendered experiences. Business risk-taking is approached with caution influenced by gender factors. Strategic business decisions are shaped by social norms and gender expectations.	Henry et al. (2021); Ahl and Marlow (2021)
WIC	Human and structural capital	Employee competencies and skills support business sustainability. Formal systems and procedures enhance business efficiency. Knowledge and experience are routinely applied to improve business performance.	Paoloni et al. (2023); Yang et al. (2024)
WSC	Networks and trust	Social networks are leveraged to obtain business information and opportunities. Relationships with business partners are built on trust. Community networks provide support in running the business.	Sakamoto (2024); Chowdhury et al. (2024)
SP	Triple bottom line (economic, social, environmental)	The business consistently improves financial performance. The business contributes to community welfare. The business adopts environmentally friendly practices.	Gu et al. (2022); Hasan et al. (2025)

, ensuring transparency and construct validity.

3.2.4. Data Analysis

Data analysis was conducted using SmartPLS 4.0 software in two stages: (1) evaluation of the measurement model, including indicator reliability, internal consistency, convergent validity, and discriminant validity; (2) evaluation of the structural model, including path coefficients, R², f², and Q² as measures of predictive relevance (Hair et al., 2021; Hair & Alamer, 2022). Mediation testing was carried out using a bootstrapping procedure with 5000 resamples to examine the indirect effects through IC and SC. Potential common method bias (CMB) was assessed using Harman’s single-factor test as well as the full collinearity VIF test. Furthermore, the predictive validity of the model was reinforced using the PLSpredict procedure.

3.3. Qualitative Phase

3.3.1. Selection of Informants

Qualitative informants were selected from the 653 women entrepreneurs who had participated in the quantitative survey. A total of 30 informants were purposively chosen using a maximum variation sampling strategy to capture the diversity of demographic and business characteristics. The main considerations included: (1) age (young, middle-aged, and senior), (2) business sector (trade, production, services), (3) length of operation (2–5 years, 6–10 years, more than 10 years), and (4) business location (urban vs. rural). The selection of informants based on these criteria was intended to ensure that the qualitative data could explain the variations identified in the quantitative findings, such as why the levels of GEC, WIC, or WSC differ across respondent groups.

3.3.2. Data Collection Techniques

Qualitative data were collected through semi-structured interviews and Focus Group Discussions (FGDs). In-depth interviews were conducted individually to capture personal experiences, while FGDs were employed to explore social interactions, exchange of views, and consensus or divergence of experiences among women entrepreneurs. The guiding questions focused on three major themes derived from the quantitative results:

• The role of GEC in strategic decision-making—examining how gender-based perceptions influence women entrepreneurs’ evaluation of opportunities and risks, and linking these insights with quantitative findings that GEC significantly affects SP.
• The development of WIC and WSC under resource constraints—investigating how women entrepreneurs build knowledge, skills, systems, and networks when formal resources are limited, thereby deepening the mediation pathway GEC → WIC/WSC → SP tested in the quantitative phase.
• Challenges and strategies in achieving SP—exploring adaptive strategies to balance economic, social, and environmental dimensions within the TBL framework, complementing quantitative evidence on the role of WIC and WSC in shaping SP.

Exploratory questions were also directed toward identifying anomaly cases, such as situations where the quantitative findings were not fully consistent (e.g., respondents with high GEC but low SP, or vice versa).

3.3.3. Qualitative Data Analysis

Qualitative data were analyzed using thematic analysis (Braun & Clarke, 2019), which involved the stages of familiarization, coding, theme development, review, and final interpretation. The analysis employed both a deductive approach (based on the quantitative pathway: GEC → WIC/WSC → SP) and an inductive approach (themes emerging from respondents’ narratives). The qualitative findings were used to:

• Confirm quantitative results, for example, by reinforcing evidence that GEC shapes SP both directly and through WIC and WSC.
• Explain hidden mechanisms, such as cultural factors, social norms, or family support that were not captured in the survey but influenced the development of WIC and WSC.
• Provide practical insights, including strategies of informal networking, community-based management practices, or local innovations that not only explain the relationships among variables but also offer concrete recommendations for empowerment policies targeting women entrepreneurs in emerging economies.

All interviews and FGDs were transcribed verbatim and analyzed in an iterative manner. The process began with open coding to capture initial concepts, followed by axial coding to cluster related categories, and selective coding to refine the key themes aligned with GEC, WIC, WSC, and SP. To enhance the trustworthiness of the analysis, two researchers independently coded the transcripts and discussed discrepancies until consensus was achieved. Member checking was conducted by sharing preliminary findings with selected participants, while triangulation between interviews and FGDs provided additional validity. These procedures minimized the risk of interpretive bias and strengthened the robustness of the qualitative results.

Accordingly, the qualitative phase not only strengthens the statistical results but also provides rich contextual understanding of how GEC is translated into intellectual and social capital that sustains women’s entrepreneurial ventures.

3.4. Integration of Quantitative and Qualitative Phases

The integration of quantitative and qualitative findings was conducted at the interpretation stage to obtain a more comprehensive understanding of the relationships between GEC, WIC, WSC, and SP. The quantitative analysis using PLS-SEM provided hypothesis testing that revealed both significant direct and indirect pathways, particularly highlighting the mediating roles of WIC and WSC. These findings were further elaborated in the qualitative phase through in-depth interviews and FGDs, which explained how cognitive and social mechanisms are enacted in the real practices of women entrepreneurs in SMEs.

This integrative approach enabled triangulation of results, where quantitative data offered generalizable empirical evidence regarding the strength of structural pathways, while qualitative data provided socio-cultural context that clarified why and how these pathways operate. For instance, the pathway GEC → WIC → SP was not only statistically significant but also supported by narratives showing that gender-based experiences encouraged women to develop adaptive knowledge and simple managerial systems to sustain their businesses. Similarly, the pathway GEC → WSC → SP was reinforced by findings that social networks and trust play a vital role in overcoming resource constraints in emerging economies.

Thus, the integration of quantitative and qualitative strands enhanced internal validity, expanded theoretical understanding of women’s entrepreneurial capital, and generated more applicable practical contributions to support policy interventions and the empowerment of women entrepreneurs in emerging economies.

4. Results

4.1. Quantitative Phase

4.1.1. Measurement Model Evaluation

The evaluation of the measurement model confirmed that the indicators employed were both valid and reliable. As shown in

Table 6. Measurement model evaluation.

Construct	Indicator	Loading	Cronbach’s Alpha	CR	AVE
GEC	GEC1	0.81	0.84	0.89	0.68
	GEC2	0.85
	GEC3	0.83
WIC	WIC1	0.79	0.82	0.88	0.65
	WIC2	0.82
	WIC3	0.84
WSC	WSC1	0.80	0.83	0.89	0.67
	WSC2	0.84
	WSC3	0.83
SP	SP1	0.78	0.85	0.91	0.73
	SP2	0.86
	SP3	0.87

, all items demonstrated outer loadings above 0.70, indicating strong reliability in measuring the latent constructs. Cronbach’s Alpha and Composite Reliability (CR) values exceeded 0.80 for all constructs, signifying adequate internal consistency. Similarly, the Average Variance Extracted (AVE) values were all above the recommended threshold of 0.50, thereby establishing convergent validity.

Discriminant validity was further assessed using the Fornell–Larcker criterion, which requires that the square root of AVE for each construct is greater than its correlations with other constructs. As presented in

Table 7. Discriminant Validity (Fornell–Larcker Criterion).

Construct	GEC	WIC	WSC	SP
GEC	0.82
WIC	0.54	0.81
WSC	0.49	0.52	0.82
SP	0.46	0.55	0.58	0.85

Note: Diagonal values (√AVE) are bold and should be greater than the off-diagonal correlations. All constructs meet the Fornell–Larcker criterion, confirming discriminant validity.

, this criterion was satisfied across all constructs. In addition, discriminant validity was tested using the Heterotrait–Monotrait (HTMT) ratio. Following Henseler et al. (2015), the acceptable threshold for HTMT values is <0.90 (or <0.85 under stricter criteria). The results in

Table 8. Discriminant Validity (HTMT Ratio).

Construct	GEC	WIC	WSC	SP
GEC	-
WIC	0.65	-
WSC	0.61	0.63	-
SP	0.58	0.67	0.69	-

Note: All HTMT values are below the conservative threshold of 0.85, indicating that discriminant validity is established (Henseler et al., 2015).

showed that all HTMT values were below 0.85, thus providing strong evidence of discriminant validity.

Overall, these results confirm that all constructs (GEC, WIC, WSC, and SP) meet the required standards of reliability and validity, ensuring their suitability for subsequent structural model analysis.

Prior to the assessment of the structural model, additional correlation and regression diagnostics were conducted to verify the linear associations and multicollinearity among constructs. The results showed that all constructs were positively correlated in the expected direction (p < 0.01), confirming the adequacy of the data for multivariate analysis. Moreover, the PLS-SEM technique inherently integrates both correlation and regression estimations, allowing for simultaneous examination of direct and indirect relationships among latent variables. This confirms that the measurement model meets not only the reliability and validity criteria but also the statistical assumptions required for structural model testing.

As supporting evidence, Figure 2 presents the measurement model that illustrates the relationships between indicators and latent constructs in this study. Specifically, the figure depicts the reflective measurement model linking each construct with its observed indicators. GEC is represented by three indicators reflecting gendered cognitive lenses in evaluating opportunities, assessing risks, and making strategic decisions. WIC is measured through three indicators representing knowledge competencies, employee skills, and organizational systems, while WSC is measured through three indicators capturing social networks, trust, and relational support. Finally, SP is reflected by three indicators encompassing the triple bottom line (economic, social, and environmental dimensions).

The visualization in Figure 2 not only clarifies how each construct is operationalized but also provides supporting evidence for the validity of the measurement model, as all indicators demonstrate strong and significant loadings, consistent with the results reported in Table 6, Table 7 and Table 8.

All indicators in Figure 2 display high outer loadings, as presented in Table 5, confirming that each indicator adequately represents its respective latent construct. Furthermore, the directional relationships between the exogenous variable (GEC), the mediators (WIC and WSC), and the endogenous variable (SP) are visualized with positive path coefficients. These results underscore the roles of WIC and WSC as primary pathways mediating the effect of GEC on SP within the proposed research framework.

4.1.2. Structural Model Evaluation

The structural model analysis was conducted to test the hypothesized relationships among variables. As presented in

Table 9. Structural model evaluation.

Path	β	t-Value	p-Value	R2	Adjusted R2	f2	Q2
GEC → WIC	0.42	8.21	0.000	0.42	0.41	0.19	0.31
GEC → SP	0.18	2.35	0.019	0.55	0.54	0.08	0.28
GEC → WSC	0.39	7.58	0.000	0.39	0.38	0.16	0.29
WIC → SP	0.34	5.41	0.000			0.21
WSC → SP	0.36	6.02	0.000			0.24

, GEC has a significant positive effect on WIC (β = 0.42, p < 0.001) and WSC (β = 0.39, p < 0.001), thereby supporting H1 and H3. In addition, GEC shows a direct positive effect on SP (β = 0.18, p < 0.05), confirming H2, although this effect is relatively weaker compared to the indirect pathways. Both WIC (β = 0.34, p < 0.001) and WSC (β = 0.36, p < 0.001) exhibit stronger contributions to SP, supporting H4 and H5.

The R² value of 0.55 for SP indicates that the model explains more than half of the variance in sustainable performance, while R² values for WIC (0.42) and WSC (0.39) also demonstrate substantial explanatory power. To enhance the accuracy of model interpretation, the adjusted R² values were also calculated to account for model complexity and the number of predictors. The adjusted R² values were 0.41 for WIC, 0.38 for WSC, and 0.54 for SP, which are slightly lower but very close to the unadjusted R². This consistency indicates that the model maintains robust explanatory power even after statistical adjustment, confirming that the inclusion of additional predictors does not artificially inflate the variance explained. Furthermore, the Q² value of 0.28 for SP suggests strong predictive relevance, confirming the robustness of the model.

Overall, these findings highlight that while GEC exerts a direct influence on SP, its impact is more substantially transmitted through WIC and WSC, underscoring the mediating role of intangible resources in driving sustainable performance among women entrepreneurs.

4.1.3. Mediation Test

The mediation test results using bootstrapping, as presented in

Table 10. Mediation test results.

Indirect Effect	β	t-Value	p-Value	Decision
GEC → WIC → SP	0.14	3.27	0.001	Significant
GEC → WSC → SP	0.16	3.81	0.000	Significant

, show that the indirect pathway GEC → WIC → SP is significant (β = 0.14, p < 0.01), as is the GEC → WSC → SP pathway (β = 0.16, p < 0.001). These findings demonstrate that WIC and WSC function as mediators that strengthen the effect of GEC on SP. This evidence supports the RBV and the microfoundations perspective, which emphasize that knowledge capabilities and social networks are critical mechanisms for transforming gendered cognition into sustainable performance.

4.1.4. Common Method Bias (CMB) Test

To ensure the absence of common method bias, Harman’s single-factor test and full collinearity VIF analysis were conducted.

Table 11. Common method bias tests.

Test	Result	Threshold	Conclusion
Harman’s Single-Factor	32% variance explained	<50%	No CMB issue
Full Collinearity VIF	All values < 3.3	<3.3	No CMB issue

shows that a single factor accounts for only 32% of the variance, which is well below the 50% threshold. All VIF values are below 3.3, indicating that full multicollinearity is not present. These results confirm that the data are free from common method bias and can be reliably used for further interpretation.

4.1.5. Predictive Validity (PLSpredict)

The predictive analysis using PLSpredict (see

Table 12. PLSpredict results.

Construct	Indicator	Q2_Predict	RMSE (PLS)	RMSE (LM)	Conclusion
WIC	WIC1	0.21	0.42	0.48	Better predictive power
	WIC2	0.19	0.45	0.50
	WIC3	0.20	0.44	0.49
WSC	WSC1	0.23	0.40	0.47	Better predictive power
	WSC2	0.20	0.43	0.49
	WSC2	0.21	0.42	0.48
SP	SP1	0.26	0.39	0.46	Better predictive power
	SP2	0.22	0.41	0.47
	SP3	0.24	0.40	0.46

) shows that all indicators have positive Q²_predict values, while the RMSE values of the PLS model are lower than those of the LM model. This confirms that the research model demonstrates strong predictive power for new data. Thus, the model not only possesses explanatory strength but also offers practically relevant predictive capability.

4.2. Qualitative Phase

4.2.1. The Role of GEC in Strategic Decision-Making

The qualitative analysis reveals that GEC plays a central role in shaping how women entrepreneurs make strategic decisions. Many informants emphasized that gendered considerations make them more cautious in assessing both opportunities and risks, especially when decisions involve long-term investments or external partnerships. This cautiousness was not framed as a limitation but rather as an adaptive strategy to ensure business continuity under resource constraints.

As one informant explained, “When there is an offer for a large capital partnership, I usually think twice. As a woman, I feel the need to consider its impact on my family. So I am more careful before deciding.” (Informant 07, 42 years old, fisheries sector). This statement illustrates that strategic decisions are not only grounded in business logic but also shaped by social and familial values that underpin the cognitive frame of women entrepreneurs.

Yet, this cautious orientation does not necessarily imply conservatism. Some younger informants highlighted that GEC encourages them to design more innovative risk-mitigation strategies. For example, “I know the risk is high if I take out a large loan, but I split it into smaller loans from several cooperatives. So if there’s a problem in one place, my business is still safe.” (Informant 15, 31 years old, horticulture sector). Here, GEC is shown not as a rejection of risk but as a way to reframe and redistribute it into more manageable forms.

Sectoral differences also influenced how GEC was enacted in practice. An informant from the processed food sector stressed the importance of reputation and consumer trust: “If I want to add a new product, I first think about whether it fits the image of my business. I don’t want customers to feel that I’m too reckless in trying something that doesn’t match.” (Informant 21, 38 years old, food processing sector). In this case, GEC acted as a cognitive filter that guided not only internal decisions but also safeguarded social legitimacy in the marketplace.

In other cases, informants described the normative dimension of GEC in dealing with external pressures. “Sometimes male investors push me to make quick decisions. But as a woman, I prefer to discuss it with my community first. I don’t want to rush just because I’m pressured.” (Informant 03, 45 years old, agriculture sector). This highlights how GEC extends beyond financial considerations to encompass resistance against masculine norms of business practice.

Taken together, the interviews show that GEC serves as a cognitive lens that channels women’s strategic decision-making toward caution, social harmony, and long-term sustainability. Although the specific strategies varied depending on age, sector, and entrepreneurial experience, a consistent pattern emerged: gendered values provided the foundation for how women entrepreneurs evaluate opportunities, weigh risks, and maintain social legitimacy.

4.2.2. Development of WIC Under Resource Constraints

The qualitative findings indicate that WIC is primarily developed through informal and experience-based learning rather than through formal training or institutional support. Many informants emphasized that limited access to capital, education, and structured entrepreneurial programs required them to rely heavily on self-learning, peer-to-peer exchanges, and community-based initiatives.

As one entrepreneur put it, “I don’t have a business background. So I learned a lot from my own mistakes and from listening to other women in the farmers’ group. From there, I figured out how to manage production and keep simple records.” (Informant 12, 36 years old, horticulture sector). This illustrates how experiential learning becomes the backbone of WIC, particularly in resource-constrained contexts where women cannot rely on formal managerial training.

Another informant highlighted the role of incremental adaptation: “At first, I didn’t know how to calculate profit properly. Over time, by trying and comparing with my peers, I learned to set aside money for savings and reinvestment. It’s not perfect, but it keeps the business going.” (Informant 18, 29 years old, food processing sector). Such narratives show how WIC is constructed gradually through cycles of trial, error, and reflection, reinforcing the microfoundations perspective that organizational capabilities stem from individual cognition and practice.

Community-based initiatives also played a crucial role. For example, “We often hold small workshops within our women’s cooperative. Even though it’s not official training, I get new ideas about packaging, pricing, and marketing from other members.” (Informant 27, 41 years old, fisheries sector). Here, WIC emerges not as an isolated resource but as a collective outcome, facilitated through informal networks of knowledge sharing.

The findings further reveal that women entrepreneurs tend to innovate within constraints by building pragmatic systems adapted to their scale of operation. As one participant described, “I don’t use complicated accounting software. I just keep a notebook where I write down sales, expenses, and debts. It’s simple, but it helps me control my business.” (Informant 09, 33 years old, agricultural processing sector). This practical approach demonstrates how WIC reflects not only knowledge and skills but also adaptive routines aligned with local realities.

Overall, the qualitative evidence shows that WIC development in emerging economies is less about access to formal knowledge systems and more about the creative mobilization of available resources. Women entrepreneurs construct intellectual capital through informal learning, peer-to-peer exchanges, and adaptive routines, which together strengthen their ability to sustain businesses under structural constraints.

4.2.3. The Role of WSC as Social Capital

The qualitative findings highlight that WSC constitutes a vital resource for sustaining entrepreneurial activities, particularly in contexts where access to formal financing and institutional support remains limited. Trust-based relationships, reciprocal norms, and community solidarity were repeatedly emphasized by informants as lifelines that enabled them to keep their ventures afloat.

One entrepreneur described how supplier trust provided critical flexibility: “When I run out of funds, I can still get raw materials because the supplier already trusts me. They let me pay later, and that’s what keeps my business running.” (Informant 04, 48 years old, seafood processing sector). This illustrates how WSC reduces financial vulnerability by substituting for formal credit, allowing entrepreneurs to maintain continuity even under liquidity constraints.

Similarly, customer loyalty grounded in personal relationships proved to be equally valuable. “My customers are not just buyers; they are also neighbors and relatives. Sometimes they promote my products without me asking, just because they want to help.” (Informant 15, 37 years old, retail sector). Such accounts confirm that social embeddedness provides not only market access but also reputational support that cannot be easily replicated through formal marketing campaigns.

Reciprocity among women entrepreneurs also emerged as a recurring theme. As one participant recounted, “When one of us gets a large order, we share the workload. Next time, it will be my turn to receive support. That’s how we all survive together.” (Informant 22, 45 years old, handicraft sector). This cooperative mechanism reveals how WSC generates collective resilience, transforming individual businesses into interdependent nodes of a broader support network.

The role of WSC in overcoming structural barriers was particularly evident in narratives that connected social ties with institutional navigation. For example, “It’s difficult to access government programs directly, but through our women’s group leader, we sometimes get information and even small grants. Without the group, I would never know about these opportunities.” (Informant 30, 39 years old, services sector). Here, WSC not only substitutes for missing resources but also bridges the gap between women entrepreneurs and formal institutions.

Taken together, these findings demonstrate that WSC is not merely a supportive asset but a strategic mechanism for compensating institutional voids. Through trust-based exchanges, community solidarity, and cooperative practices, women entrepreneurs transform social networks into tangible business advantages. In the absence of robust formal infrastructures, WSC functions as both a buffer against uncertainty and a pathway to growth, underscoring its centrality in sustaining women-led SMEs in emerging economies.

4.2.4. Challenges and Strategies for Achieving SP

A recurring theme in the qualitative data is that women entrepreneurs face considerable challenges in balancing the three dimensions of SP: economic, social, and environmental. While they aspire to align their businesses with the principles of the TBL, limited resources often force them to make difficult trade-offs between profitability, community responsibility, and environmental stewardship.

Financial constraints emerged as the most pressing barrier. One entrepreneur explained, “I want to switch to eco-friendly packaging, but the cost is almost double. If I use it, my profit margin becomes too thin, and I can’t compete with others.” (Informant 19, 29 years old, food processing sector). Another shared a similar dilemma: “Our products must remain affordable for the local community, but adopting better waste management practices raises operational costs significantly.” (Informant 08, 41 years old, fisheries sector). These reflections illustrate how women entrepreneurs balance ecological commitments with economic survival.

Social obligations also created distinctive pressures. Several participants described the expectation to prioritize local hiring and community support, even when it strained financial sustainability. As one informant explained, “Most of my employees are neighbors or relatives. I can’t just lay them off when sales decline. For me, business is not only about money, but also about helping others.” (Informant 11, 46 years old, horticulture sector). Such commitments, while socially valuable, illustrate the weight of informal social contracts that women entrepreneurs often honor at personal cost.

Despite these challenges, women entrepreneurs demonstrated adaptive strategies that enabled them to pursue SP goals creatively. Collective action emerged as a practical solution. For example, “We decided to buy eco-friendly packaging in bulk with other women entrepreneurs in the cooperative. This way, we share the cost and make it more affordable.” (Informant 25, 44 years old, horticulture sector). Similarly, informal innovation was used to balance efficiency and sustainability: “Instead of expensive machinery, we repurpose old equipment to reduce waste and costs at the same time. It’s not perfect, but it works for us.” (Informant 06, 38 years old, handicraft sector).

Another strategy involved leveraging WSC to secure community-based support for sustainability efforts. One participant highlighted, “Through the women’s association, we share knowledge about organic farming. It helps us meet environmental goals and market demand for healthier products.” (Informant 28, 35 years old, agriculture sector). This reflects how social ties act as enablers of collective learning, allowing women entrepreneurs to pool knowledge and resources for shared sustainability agendas.

Overall, the qualitative findings underscore that while SP is an aspirational goal, women entrepreneurs in emerging economies often confront systemic constraints that complicate its realization. However, their strategies—ranging from cost-sharing collaborations and resource repurposing to collective knowledge exchange—reveal strong agency and creativity in negotiating the demands of TBL. These adaptive practices not only mitigate immediate challenges but also point to scalable pathways for enhancing the sustainability of women-led SMEs in resource-constrained settings.

4.3. Integration of Quantitative and Qualitative Findings

The integration of quantitative and qualitative findings strengthens the explanatory power of the study by demonstrating how cognitive orientations are transformed into tangible entrepreneurial outcomes. Rather than treating the two strands separately, this section synthesizes how the statistical associations and narrative accounts converge to illuminate the mechanisms through which GEC influences WIC, WSC, and ultimately SP. This approach responds to calls for mixed-methods research that can connect structural models with contextual mechanisms.

The quantitative phase provides a structured view of the relationships among the constructs. It shows that the direct effect of GEC on SP is weaker compared to the mediated effects, while WIC and WSC emerge as statistically significant pathways. These results indicate that cognition alone is not sufficient to sustain performance, but becomes more powerful when channeled into knowledge-based systems and social networks. This pattern supports RBV’s argument that sustainable advantage depends on the mobilization of intangible resources, but also reflects critiques that RBV is overly static unless microfoundations are considered.

The qualitative findings enrich this picture by illustrating how women entrepreneurs in Indonesia enact these pathways in practice. Interviewees described processes such as building WIC through informal learning, experiential adaptation, and simplified management routines, and strengthening WSC through trust-based collaboration and collective practices. These narratives contextualize the numbers by showing the lived realities behind the statistical patterns, particularly in resource-constrained settings where institutional support is uneven. Importantly, they also clarify anomalies in the quantitative results—for example, cases where women entrepreneurs exhibit high GEC but relatively low SP, explained by limited translation of cognition into WIC and WSC, or situations where strong WSC cannot fully compensate for underdeveloped WIC, thereby constraining overall performance.

When combined, the two strands reinforce each other. The quantitative evidence validates the structural importance of WIC and WSC, while the qualitative accounts explain why these mediators matter in practice and how they resolve borderline cases in the statistical data. Together they demonstrate that cognition functions less as a standalone driver and more as a foundation that shapes the development of intangible resources, which in turn sustain business resilience and growth. This synthesis clarifies the pathways through which GEC is translated into sustained SP within the TBL framework.

This integration contributes both theoretically and contextually. It advances RBV and microfoundations by providing empirical evidence that cognitive processes generate value only when embedded within knowledge and social structures. At the same time, it highlights the Indonesian context, where institutional gaps amplify the role of intangible resources as substitutes for financial capital. In doing so, the synthesis underscores the necessity of linking cognition, capability formation, and socio-cultural conditions to fully explain women’s entrepreneurial sustainability in emerging economies.

These integrated insights set the stage for the subsequent discussion, where theoretical contributions, empirical relevance, and practical implications are unpacked in greater depth.

5. Discussion

5.1. Interpretation of Findings

The findings confirm that GEC plays a pivotal role in shaping WIC and WSC, which in turn strengthen SP. Quantitatively, GEC significantly enhances WIC (supporting H1) and WSC (supporting H3). In the Indonesian context, this is particularly relevant as limited access to formal managerial training and institutional resources compels women entrepreneurs to rely on experiential learning, informal mentoring, and tacit knowledge sharing within communities. Consequently, gendered cognition—shaped by social norms and family roles—is directly translated into intellectual and relational resources that sustain their enterprises.

In addition, GEC also has a direct positive effect on SP (supporting H2), although the effect is relatively weaker compared to the indirect pathways. This reflects the socio-cultural dynamics of Indonesia, where family obligations, community expectations, and risk aversion often temper entrepreneurial decision-making. For instance, one entrepreneur explained: “When there is an offer for a large capital partnership, I usually think twice. As a woman, I feel the need to consider its impact on my family. So I am more careful before deciding” (Informant 07, 42 years old, fisheries sector). Similarly, another emphasized: “I know the risk is high if I take out a large loan, but I split it into smaller loans from several cooperatives. So if there’s a problem in one place, my business is still safe” (Informant 15, 31 years old, horticulture sector). These narratives clarify why the direct effect of GEC on SP is weaker, while also confirming that GEC functions as the foundation for capability pathways.

This interpretation aligns with the RBV argument that long-term competitive advantage depends on the management of intangible resources (Barney, 1991). However, this study advances the discussion by demonstrating that GEC functions as a cognitive mechanism and serves as a microfoundation for the development of WIC and WSC (Foss et al., 2021; Jordão & Novas, 2024). Insights from the KBV (Grant, 1996; Spender, 1996) further highlight that knowledge and learning processes embedded in entrepreneurial cognition are critical to sustainability. Recent literature has also pointed out critiques that RBV is overly static and insufficiently explains how resources are generated and managed (Chen et al., 2021; Palmié et al., 2023). By positioning GEC as a starting point, this study addresses such critiques by explaining the origins of intangible capital in women’s entrepreneurship, thereby enriching RBV with a gendered microfoundation perspective.

Qualitative evidence reinforces this result, particularly regarding WIC. Many entrepreneurs described building WIC through experiential and informal learning. For example, “I don’t have a business background. So I learned a lot from my own mistakes and from listening to other women in the farmers’ group” (Informant 12, 36 years old, horticulture sector). Another noted: “At first, I didn’t know how to calculate profit properly. Over time, by trying and comparing with my peers, I learned to set aside money for savings and reinvestment” (Informant 18, 29 years old, food processing sector). Such reflections illustrate how WIC is developed under constraints and why it becomes a critical channel through which GEC translates into SP.

The results further show that WIC positively influences SP (supporting H4), underscoring that knowledge, skills, and organizational systems constitute the main pathways for SMEs to adapt to sustainability demands. This finding resonates strongly in Indonesia, where women entrepreneurs often build WIC through simplified bookkeeping, basic quality management, and collective capacity-building programs at the community level.

WSC also has a positive effect on SP (supporting H5), highlighting the role of trust-based networks and strategic collaborations in providing access to resources and opportunities. Qualitative findings illustrate this clearly: “When I run out of funds, I can still get raw materials because the supplier already trusts me. They let me pay later, and that’s what keeps my business running” (Informant 04, 48 years old, seafood sector). Likewise, cooperation among women entrepreneurs enhances resilience: “When one of us gets a large order, we share the workload. Next time, it will be my turn to receive support. That’s how we all survive together” (Informant 22, 45 years old, handicraft sector). These insights expand the quantitative results by showing how WSC is enacted in practice to sustain performance under structural constraints.

The mediation analysis confirms that both WIC and WSC function as principal channels through which GEC is transformed into sustainable performance (supporting H6a and H6b). In the Indonesian context—where access to credit, digital infrastructure, and formal entrepreneurial training is limited—these intangible resources are indispensable. Specifically, GEC operates through experiential learning and reflective decision-making, enabling women to translate cognitive awareness of risks and opportunities into practical routines of recordkeeping, savings, and reinvestment that constitute WIC. At the same time, GEC triggers negotiation of social roles and trust-building strategies, fostering reciprocal exchanges and cooperative practices that sustain WSC. As one entrepreneur explained: “We decided to buy eco-friendly packaging in bulk with other women entrepreneurs in the cooperative. This way, we share the cost and make it more affordable” (Informant 25, 44 years old, horticulture sector). These mechanism-level dynamics clarify that the mediation is not merely statistical, but processual: cognition is enacted through concrete learning, role negotiation, and collective strategies that bridge the gap between individual perception and organizational performance. Such narratives illustrate how women mobilize both intellectual and social capital to overcome structural barriers, confirming that GEC functions not only as a direct cognitive asset but also as a gendered microfoundation that generates the resources sustaining long-term performance.

Finally, focusing on women entrepreneurs broadens the discourse on the role of gender in shaping business dynamics. Swail and Marlow (2024) argue that gender-based experiences shape entrepreneurial decision-making patterns, while Ramos Farroñán et al. (2024) emphasize that women in rural areas face structural barriers distinct from those encountered by men. This study reinforces such findings by showing that GEC operates as a cognitive filter that determines how women develop and access WIC and WSC, and how these in turn contribute to SP. Qualitative narratives highlight these dynamics in practice: for instance, “I want to switch to eco-friendly packaging, but the cost is almost double. If I use it, my profit margin becomes too thin, and I can’t compete with others” (Informant 19, 29 years old, food processing sector). Such dilemmas show how women balance ecological commitments with economic survival, underscoring the importance of cooperative solutions and collective resilience.

Beyond confirming established mediations, this study extends the conceptual boundary of women’s entrepreneurship by demonstrating how cognitive microfoundations—rooted in gendered experience—operate as the initial condition for building intangible resources that sustain performance under institutional voids. The qualitative narratives of caution–adaptation–trust provide mechanism-level evidence showing that GEC functions through sequential processes of perception, learning, and network mobilization. Women entrepreneurs interpret uncertainty through gendered sensemaking (caution), subsequently refine routines through experiential adaptation (learning), and finally transform cognitive insights into trust-based collaboration (trust). This multilevel mechanism bridges the micro–macro divide by explaining how cognition evolves into intellectual and social capital in resource-constrained environments, thereby contributing to boundary-spanning theorization within the entrepreneurship literature.

Beyond validating known pathways, this study offers an empirical advancement by demonstrating that GEC functions as a gendered cognitive antecedent that distinctly activates WIC and WSC in resource-constrained contexts. The qualitative narratives reveal that GEC operates through a micro-level mechanism encompassing perception, experiential learning, and network mobilization. These sequential processes are manifested in practices such as informal cooperative finance, reciprocal trust-building, and adaptive learning routines—forms of cognitive enactment that are rarely documented in mainstream entrepreneurship research. By uncovering these mechanism-level dynamics within Indonesia as an underrepresented emerging economy, this study extends the conceptual boundary of women’s entrepreneurship, linking microfoundational cognition with the emergence of intangible resources under institutional voids. Consequently, the findings contribute to reshaping existing models of entrepreneurial capital by integrating gendered cognition as a foundational driver of sustainability.

In summary, the Indonesian context provides a distinctive empirical lens through which the dynamics of GEC, WIC, and WSC can be understood. Women entrepreneurs in Indonesia transform cognitive orientations into practical strategies that substitute for weak institutional structures, thereby sustaining their businesses while contributing to household welfare, community empowerment, and the achievement of SDGs. These findings not only validate the proposed hypotheses but also extend RBV (Barney, 1991) by positioning GEC as a gendered microfoundation (Foss et al., 2021) that explains the origins of intangible capital in women’s entrepreneurship. Empirically, the study offers rare mixed-methods evidence from Indonesia, an underrepresented emerging economy, thereby filling the geographic imbalance in entrepreneurship research and enriching global theory with context-sensitive insights.

5.2. Theoretical Implications

Theoretically, this study contributes by advancing RBV with a gendered microfoundation perspective, integrating KBV and SCT to conceptualize WEC as a novel construct. By empirically validating WIC and WSC as mediating mechanisms, the study clarifies how cognition translates into sustainable performance within the TBL framework.

In comparison with general models of entrepreneurial cognition, which often assume neutrality in how entrepreneurs perceive and process opportunities (Mitchell et al., 2002; Shepherd et al., 2015), this study shows that GEC introduces a distinct lens by embedding gendered experiences and socio-cultural roles into the cognitive process. Whereas traditional cognition frameworks emphasize rational opportunity recognition and resource mobilization, GEC explains how women’s decision-making is filtered through family obligations, social expectations, and collective responsibilities. This comparative positioning clarifies that GEC is not simply a contextual variant but functions as a distinct form of cognitive capital that shapes the emergence of WIC and WSC. By situating GEC alongside, yet differentiated from, general cognition models, this study advances theoretical debates on how cognitive heterogeneity influences the formation of entrepreneurial resources and sustainable performance.

Moreover, this study consolidates the integration of the RBV, microfoundations perspective, KBV, and SCT into a unified framework that clarifies how GEC triggers and orchestrates WIC and WSC to achieve SP. This integrative approach introduces the concept of WEC as a gender-informed dynamic capability that redefines entrepreneurial advantage beyond static resource possession toward learning-based and relational value creation. Within sustainability-oriented agribusiness ecosystems, this model provides a new theoretical pathway linking cognition, knowledge, and trust as interconnected levers of women’s sustainable entrepreneurship.

First, strengthening WIC should be prioritized in intervention programs. The results show that WIC is a key pathway through which GEC is translated into SP. Therefore, technical training, managerial skill development, standardization of operational processes, and adaptive quality management systems should be specifically designed for women leading SMEs. Such initiatives will not only enhance internal capacity for innovation and efficiency but also improve long-term competitiveness and resilience.

Second, reinforcing WSC plays a vital role. Programs that promote the establishment of supplier–buyer networks, women’s cooperatives, and strategic partnerships across industries can expand women entrepreneurs’ access to markets, resources, and information. By strengthening trust and collaboration, women can more effectively leverage external relationships as strategic capital for achieving SP.

Third, the study highlights the importance of designing gender-sensitive empowerment programs. The findings reveal that women interpret risks, opportunities, and social networks differently from men. Therefore, “gender-neutral” approaches may fail to optimize the potential of GEC. Tailored interventions should explicitly connect women’s cognitive lenses with the strengthening of WIC and WSC. For example, women-centered community-based business incubators or digital platforms tailored for SMEs can provide training and networking opportunities adapted to women’s entrepreneurial realities, enabling them to scale their businesses while maintaining sustainability.

Fourth, the results carry macro-level policy implications. Local and national development programs that integrate the strengthening of WIC and WSC among women-led SMEs can generate dual benefits: enhancing economic performance and simultaneously improving social–environmental sustainability. Recent evidence shows that the synergy between intellectual and trust-based social capital contributes positively to long-term sustainability (Antwi-Boateng et al., 2023). Therefore, policymakers should regard GEC not as a barrier but as a form of entrepreneurial capital that can be mobilized through SME development strategies.

Finally, within the context of Indonesia and similar emerging economies, empowering women entrepreneurs has broader developmental significance. Strengthening WIC and WSC not only enhances SP at the firm level but also contributes to local economic resilience, employment creation, and community well-being. This underscores the transformative potential of women’s entrepreneurial capital as a catalyst for inclusive and sustainable growth.

5.3. Practical Implications

Practically, the findings provide clear and actionable insights for policymakers, empowerment agencies, business incubators, and women entrepreneurs themselves. Strengthening WIC and WSC should be operationalized through concrete initiatives that directly address women entrepreneurs’ needs in resource-constrained settings.

First, WIC enhancement requires targeted and modular training programs focusing on bookkeeping, digital marketing, production quality, and adaptive management. Such training should be delivered through local government programs and women-centered incubators to ensure accessibility and contextual relevance for SMEs in emerging economies.

Second, WSC can be reinforced by formalizing community-based mechanisms that women already use, such as rotating savings groups and cooperative purchasing. Policymakers and NGOs can transform these informal practices into structured cooperative networks that improve bargaining power, expand market access, and reduce supply chain vulnerabilities.

Third, empowerment programs should adopt gender-sensitive approaches. Generic “one-size-fits-all” initiatives often fail to address the distinct ways women interpret risks and opportunities. Tailored interventions—such as digital platforms for women entrepreneurs, mentorship schemes led by experienced female role models, and community-based incubators—can better align cognitive orientations with entrepreneurial support.

Fourth, beyond policy-level interventions, women entrepreneurs themselves can take practical steps to strengthen WIC and WSC. For instance, they can form peer-learning groups, adopt low-cost digital tools for financial management and online marketing, and engage in reciprocal knowledge-sharing within their communities. Likewise, cultivating trust-based ties with suppliers, customers, and local networks can help them reduce costs, secure resources, and expand business resilience despite institutional limitations.

Finally, at the macro level, regional and national development programs that integrate WIC and WSC strengthening into SME strategies can generate dual outcomes: improving business competitiveness while advancing social and environmental sustainability. Policymakers should therefore recognize GEC as a cognitive antecedent that activates and strengthens women’s intangible resources (WIC and WSC), and design policies that mobilize these resources as part of inclusive economic development strategies. This framing ensures conceptual precision while maintaining policy relevance, positioning GEC as the cognitive foundation from which women’s intellectual and social capital emerge and contribute to inclusive and sustainable entrepreneurial ecosystems.

5.4. Limitations and Future Research Directions

Although this study provides significant contributions, several limitations should be acknowledged. First, the cross-sectional design limits the ability to draw strong causal inferences. The relationships identified between GEC, WIC, WSC, and SP reflect associative patterns at a single point in time. A longitudinal study would provide deeper insights into the dynamics of how women’s cognition is translated into organizational capabilities over time.

Second, the data collection relied solely on self-administered questionnaires completed by women entrepreneurs leading SMEs. This approach raises the risk of common method bias, although both Harman’s single-factor test and full collinearity VIF analysis indicated no significant issues. To strengthen external validity, future research is encouraged to employ multi-source data, such as financial reports, sustainability audits, or third-party observations.

Third, this study focuses on the context of women entrepreneurs in South Sulawesi, Indonesia. While this context is important for understanding local conditions, the generalizability to other sectors or regions remains limited. Future studies could test the same model in urban contexts, manufacturing sectors, or digital services to determine whether the GEC → WIC/WSC → SP mechanism is universal or sector-specific.

Fourth, this study does not explicitly include institutional and technological moderating factors. Local policy support, access to digital technologies, or elements of the entrepreneurial ecosystem may strengthen or weaken the GEC → WIC/WSC → SP pathways. Future research could integrate such variables to enrich the understanding of the conditions that facilitate the transformation of gendered cognition into sustainable performance.

Fifth, in terms of the qualitative phase, although thematic analysis provided rich contextual insights, the process is inherently interpretive and thus subject to potential researcher bias. To mitigate this risk, intercoder discussions and member checking were employed, but some degree of subjectivity may remain. Furthermore, the relatively small number of qualitative informants (n = 30) may not fully capture the diversity of perspectives, and the reliance on self-reported narratives carries the risk of social desirability bias. Future studies could strengthen robustness by involving larger and more heterogeneous samples, employing longitudinal qualitative tracking, or using additional validation strategies such as external audits or peer debriefing.

Finally, future research may also explore intra-gender variation. Women entrepreneurs are not a homogeneous group; factors such as age, education level, marital status, or domestic responsibilities may influence how GEC is translated into WIC and WSC. A more nuanced approach would help clarify the conditions under which GEC truly becomes a strategic resource. Moreover, future studies could further investigate the role of trust and cross supply chain networks as key variables that enhance the social capabilities of women entrepreneurs.

6. Conclusions

This study confirms that GEC operates as a gendered cognitive foundation enabling women entrepreneurs to mobilize WIC and WSC as the key pathways sustaining SP. In contrast to general models of entrepreneurial cognition that assume neutrality in decision-making, this research demonstrates that GEC embeds socio-cultural and gendered experiences into cognitive processes. By doing so, it functions as a distinct form of entrepreneurial capital that explains variations in resource creation and sustainability outcomes, thereby extending cognition theory with a gendered lens. The research advances theory by extending the RBV with microfoundations and integrating insights from KBV and SCT, while empirically contributing rare mixed-methods evidence from Indonesia as an underrepresented emerging economy. Practically, the findings highlight that strengthening women’s cognitive capacities, knowledge systems, and trust-based networks is not only a matter of equity but also a strategic catalyst for inclusive growth and sustainable development. Beyond the Indonesian context, these insights carry broader global relevance, offering guidance for designing gender-sensitive entrepreneurship policies and empowerment strategies that can help close structural gaps and accelerate sustainability worldwide.