Medium-sized Enterprises Research Articles

Unlocking Profit Potential: A Study on Target Cost Management Guidelines for Micro, Small, and Medium-Sized Enterprises

The purpose of this research was to examine the guidelines for target cost management. Data was collected from 400 Micro, Small and Medium-sized Enterprises in Thailand by questionnaire mail survey. The key informants were accounting executives. Structural equation modelling (SEM) was employed as a statistical technique to test the research relationships. The results revealed the guidelines for target cost management. The highest means consisted of customer orientation, design process management, product life cycle cost management, value chain management, target price strategy, and teamwork development. The analysis results of the structural equation model were satisfied through the evaluation criteria with the following parameters: Chi-square probability of 0.134, relative Chi-square of 1.133, correlation index of 0.961, and root index of the mean square of the error estimate of 0.018. To improve and increase the benefits of target cost management, executives need to determine how to implement target cost management in a business. Thus, firms need to create a business vision, be aware of competitive forces, and manage organizational changes through outstanding restructuring, redesign, and re-engineering of their practices, operations, functions, and strategies in order to meet target cost management implementation requirements. Further research is needed to expand and validate the benefits of this study. Investigating other populations, especially in Southeast Asia, is necessary to confirm the findings’ applicability. Different results in future studies may limit the study’s generalizability. With an empirical verification of the research relationships, this study attempted to conceptualize of TCM. This research also confirmed existing literature of dynamic capability theory in which firms implement TCM as a valuable source of their business competitive. This study underscores the importance of Target Cost Management (TCM) as a strategic tool for pricing and cost control, providing valuable insights for firms in volatile markets, particularly in Thailand.

Posthumanist Technologies in Business: AI and Cloud Computing for Global Optimization and Ethical Challenges

. This study explores the integration of artificial intelligence (AI) and cloud computing within posthumanist technologies, focusing on their impact on business optimization and information security. A systematic review of 40 studies across sectors such as banking and retail highlights the benefits of AI in automating tasks and enhancing decision-making, while cloud computing provides flexibility and scalability. However, risks like data privacy issues, algorithmic bias, and cybersecurity vulnerabilities demand attention. The research emphasizes the need for ethical frameworks and security strategies to mitigate these risks. Additionally, it stresses the importance of equitable access to these technologies for small and medium-sized enterprises (SMEs) and marginalized communities. The study provides actionable recommendations for businesses and calls for future research on the long-term societal implications of these technologies

A framework to assess the effectiveness index (EI) of the Indian SMEs to integrate lean and sustainability through combined fuzzy logic and systems approach

PurposeTo become a sustainable lean manufacturing (LM) system, an organization must be first distinctly cognizant of the terms “lean” and “sustainability” as they relate to the state of affairs of their particular industry and business. Next, the organization must identify and acquire the necessary qualities it needs to become sustainable in lean philosophy and its practices in the organization. The LM paradigm has been a top priority for many businesses; thus, this article is based on actual research done in Indian small and medium scale organizations to see how widely it is understood and implemented.Design/methodology/approachA framework was developed based on literature review and academic research. A preliminary analysis of a small number of small and medium-sized enterprises (SMEs) that, conceptually, summarizes and demonstrates the concerted efforts that a company may undertake to increase its leanness. This conceptual model was employed to create a questionnaire that was administered to survey the SMEs of India. The information gathered through this questionnaire was analyzed using the model developed by the researchers. Then fuzzy logic and systems approach were used to find out the effectiveness index (EI) of the organization.FindingsThe EI for system leanness at different organizational levels within an organization is determined using fuzzy logic and systems approach for 48 SMEs in different clusters. The average EI of the system was found to be 0.336 on a scale of 0–1 which indicates that the current state of lean implementation and its sustainability is very low and poor in Indian SMEs. This article outlines the key model components and describes how they were applied to analyze the data gathered from an industry study.Research limitations/implicationsThe research aims to make lean continuously sustainable by surfacing and eliminating the wastes in the Indian SMEs whenever it appears rather than using it as a cleaning tool. The present study was focused on India’s southern industrial areas and it was difficult to gather the information around the country due to its diverse industrial culture and geography. Hence, more research and the comparative study of the same that takes into account the various regions of the nation’s industrial lean behavior can be conducted.Practical implicationsThe generalized sustainable lean framework analyzed using fuzzy logic and systems approach gives the current effectiveness of the leanness in SMEs of south India. This model can be effectively implemented in other areas of the nation to identify the scenario of lean and its sustainability and a final comprehensive model can be developed.Originality/valueThere is a dearth of comprehensive studies on the assessment of sustainability of the lean philosophy in Indian SMEs. With the help of combined fuzzy logic and systems approach, the model developed in this study evaluates the sustainability of the lean methodology using the EI used in SMEs by taking into account both the lean and sustainability factors as well as enablers like customer satisfaction, ethics, innovation and technology.

Innovativeness of the European economies in the context of the modified European Innovation Scoreboard

Research background: Innovation is an important determinant of economic development, and its importance is growing with the advancement of digitization and the development of the Fourth Industrial Revolution. In turn, the assessment of the innovativeness of a country’s economy affects its investment attractiveness and international image. Purpose of this study: Given the factors presented above, the main aim of this study is to explore and compare the innovativeness of European economies in the context of the modified European Innovation Scoreboard. Methods: To achieve this goal, the authors propose two key modifications of the existing innovation assessment methodology contained in the European Innovation Scoreboard. The first concerns the principles of the normalization of assessment indicators and aims to eliminate extreme assessment values. The second proposes to remove the indicators which are difficult to measure, subjective, and not always useful: (1) those related to sustainable development (resource productivity; emissions of fine particulates; and environment-related technologies) and (2) those that take into account only small and medium-sized enterprises (SMEs introducing product innovations; SMEs introducing business process innovations; and innovative SMEs collaborating with others). Findings & value added: An alternative approach to assessing the innovativeness of the analyzed countries — as proposed by the authors — resulted in changes in the ranking of countries in relation to the European Innovation Scoreboard, but the changes were not significant. The major changes concerned Serbia (down four places), Belgium (down two places), Hungary (up three places), and Poland (up two places). In addition, five countries moved up one place in the ranking (the UK, the Netherlands, Luxembourg, Estonia, Slovenia, Spain, and Slovakia), and five lost one place in the ranking (Norway, Italy, Portugal, Greece, and Croatia). Thirteen countries had no changes. The obtained results allowed us to conclude that the countries with the best and the worst innovativeness maintained the assessment level regardless of changes in the methodology of its implementation. The objectification of rules had the strongest impact on the countries in the middle of the ranking. This study draws attention to the problem of the subjectivity of the innovation rankings. It has also been documented that modifying the selection of evaluation criteria may change the final position in the ranking, which, in the case of emerging and developing economies, may affect investor assessment and economic growth opportunities. Such considerations are important because they are outside the often uncritical mainstream approach to the assessment of the innovativeness of economies. The conclusions imply the need for a multisource analysis of innovation and a critical look at the proposed methodologies.

Assessing the potential of collaborative innovation strategies to drive green development: Threshold effect of market competition

Environmental management literature suggests that elevating the total factor productivity (TFP) of the renewable energy (RE) industry is pivotal for achieving green development. With intensifying market competition in the RE sector, collaborative innovation (COI) has emerged as a crucial strategic choice for enterprises to address developmental bottlenecks. To assess the potential of COI in driving green development, we leveraged data from 114 Chinese RE enterprises from 2011 to 2022. The research findings indicate: (1) COI significantly enhances the TFP of RE enterprises; this enhancement primarily stems from the positive influence of COI on innovation capabilities. (2) The positive effects of COI on TFP manifest only when market competition surpasses a certain threshold level. (3) COI significantly impacts the TFP of small and medium-sized RE enterprises in the growth stage.

Innovative Service Model of Science and Technology Finance in China

This investigation analyses the financial dependence of the transformation of scientific and technological achievements, the effective connection between scientific and technological resources and financial resources, the development of emerging industries, the upgrade of technological levels and the optimization of industrial structures, and the financial support required for technological innovation and R&D of high-tech enterprises as well as small and medium-sized technological enterprises. It is pointed out that the improvement of financial products, the innovation of capital markets and the application of internet finance are the operational basis of the innovation service mode of science and technology finance. Correspondingly, the upper level design at the policy level provides the basis for the development of the appropriate service model of technological and financial innovation.

The Impact of Strategic Leadership on the Advancement of SMEs in Rwanda

Small and medium-sized enterprises commonly referred to as SMEs are important in the 21st century research since they have stood out as the core players in ensuring economic growth, innovation and job creation in the 21st century's rapidly evolving global economy. The study was carried with the general aim of examining the impact of strategic leadership on the advancement of SMEs in Rwanda. The specific objectives of the study were: to examine the extent to which strategy formulation and planning influences the advancement of SMEs in Rwanda; to establish how strategic communication influences the advancement of SMEs in Rwanda; and to find out the influence of strategy evaluation of the advancement of SMEs in Rwanda. The study adopted a descriptive research design. A total of 500 headers of the SMEs in Kigali Rwanda classified as manufacturing, processing and service SMEs were chosen and a sample size of 150 used with a response rate from the questions used in data collection being 135 translating to 90% return rate. Results indicated that as the per the regression model, it is indicated that 25.8% (R2 =0.568) advancement on SMEs in Rwanda can be explained by a combined effect of the three variables of strategic leadership including strategic formulation/planning, strategic communication and strategic evaluations. This is clear indication of a strong predictive power of the independent variables of the dependent variable SMEs advancement. More narrowly, Strategy Formulation and Planning (B = 0.285, p < 0.001) significantly influenced SME development when controlling for a co-efficient of R2 =.306, suggesting that by optimizing their planning practices an increase in such operations is causally related to greater performance of SME. This factor explained 30.6% of the total variance in SME progression. SME Advancement was likewise influenced significantly by Strategic Communication (B = 0.337, p < 0.001) having the highest Beta borrowed value of 0.353 as summarized in Table 9. Better communication practices (defined as clear, consistent messaging and stakeholder engagement) explain 35.3% of the variation in SME growth and development. SME: Strategy Evaluation (B = 0.391, p < 0.001) had the highest effect in SME advancement with Beta value of 0.376 This means that being continually evaluated and corrected according to performance indicators are one of the significant factors in SME success. It was the most powerful predictor of SME advancement, explaining 37.6% of variance in SME advancement. When the hypotheses were tested, the conclusions were made that: H1: There is a significant relationship between strategy formulation and planning and the advancement of SMEs in Rwanda. Result: Accepted (B = 0.285, p < 0.001). Also, as per H2: There is a significant relationship between strategic communication and the advancement of SMEs in Rwanda. Result: Accepted (B = 0.337, p < 0.001). Finally, H3: There is a significant relationship between strategy evaluation and the advancement of SMEs in Rwanda. Result: Accepted (B = 0.391, p < 0.001). Based on these research findings, the study recommends that SMEs in Rwanda should invest in comprehensive strategy formulation processes, implement effective communication systems, continuously evaluate their strategic initiatives, and adopt innovative technologies to enhance their competitiveness and ensure sustainable growth in a rapidly evolving business environment.

“ESG score” vs. “ESG rating”: a conceptual model for the sustainability assessment and self-assessment of European SMEs

This paper aims to contribute to the ongoing discourse regarding the distinctions and application of scoring and rating systems by presenting a conceptual model designed to assess and self-assess small and medium-sized enterprises (hereinafter also “SMEs”) on their sustainability transition. Indeed, SMEs operate in very different economic contexts and have simplified organizational and governance structures. These characteristics can be effectively captured through this conceptual model based on a customized questionnaire tailored to the specificities of SMEs. Following an analysis of existing literature and regulatory frameworks, a conceptual model is proposed that includes a questionnaire that, unlike commonly proposed industry questionnaires, is designed to generate an Environmental, Social and Governance (hereinafter also “ESG”) Score complemented by a forward-looking perspective. This model can be useful for SMEs, as it allows them to self-assess their strengths and weaknesses in the sustainability transition process, highlighting specific needs and suggesting actions to improve their sustainability transition. It also allows banks to make a more accurate assessment of the sustainability of their customers, facilitating the redefinition of green and social credit products according to the needs of SMEs. Additionally, it also supports supply chain leaders in ensuring a sustainable supply chain by facilitating the sustainability assessment of SMEs. This is so that everything complies with the new European Union (hereinafter also “EU”) regulations. Finally, the questionnaire is currently being tested at a local bank and has been proposed to SME suppliers in a specific supply chain. It will be possible to make changes to the questionnaire based on the feedback received during the administration phase.

Open innovation and internationalization of SMEs: a systematic literature review

PurposeOpen innovation (OI) significantly impacts the internationalization of small- and medium-sized enterprises (SMEs) by connecting them with external resources and accelerating their innovation processes. This study aims to systematically evaluate and synthesize existing knowledge on the role of OI in the internationalization of SMEs.Design/methodology/approachThrough a systematic literature review method, this study critically evaluates 35 articles published between 2003 and 2023, synthesizing existing research from theoretical, contextual, characteristic and methodological perspectives.FindingsThis study identifies theoretical, methodological, characteristics and contextual research gaps and further proposes a research agenda for expanding knowledge in the field. Additionally, it provides an overview of the antecedents of OI adoption, SMEs internationalization outcomes and the influencing mechanisms of OI on SMEs internationalization found in the literature, thereby establishing a foundational knowledge base for future scholars and practitioners in this field.Originality/valueThis review contributes to the existing literature by consolidating current knowledge on the topic and advancing the understanding of the intersection between OI and the internationalization of SMEs.

Innovation capabilities and performance of small and medium-sized enterprises in Indonesia

Orientation: Entrepreneurial orientation (EO), knowledge management (KM), human resource management (HRM) and knowledge sharing (KS) are important aspects in driving innovation capabilities (IC) to improve organisational performance (OP).Research purpose: The purpose of this research was to analyse the mediating effect of IC on individual EO, KM, HRM and KS and small and medium-sized enterprises (SMEs) performance.Motivation for the study: The fluctuation in batik business performance can be attributed to a lack of studies that examine the dynamic capability perspective in the context of batik SMEs in developing countries.Research design, approach and method: A quantitative approach was used for this study. A structured self-administrative measuring instrument was employed to collect the data. A non-probability sample of 297 participants was obtained. The collected data were then analysed using SmartPLS3 software.Main findings: Innovation capabilities have been verified to significantly mediate the relationship between HRM and KS on OP. Innovation capabilities mediated the relationship between KS and OP in a negative direction, whereas previous studies indicate a positive direction.Practical/managerial implications: Entrepreneurial orientation has the most prominent role in OP in batik SMEs. An EO allows business actors to optimise their creativity and innovation to develop ideas, which helps maximise the growth of OP in SMEs.Contribution/value-add: This study’s results support the concept that EO develops various skills, from managing uncertainty to tolerating risk and forming strong entrepreneurial abilities to improve business performance.

Digital transformation and resilience in family business: an exploratory study of generational dynamics

PurposeThe paper aims to contribute to the advancement of the debate on digital innovation and entrepreneurship from a cross-generational perspective in the context of family businesses. Specifically, the paper explores the contribution provided by the young generations of entrepreneurs to the digital transformation and resilience of family businesses during the pandemic emergence of COVID-19. Focusing on the need for a major understanding of digital resilience in the context of family businesses and small and medium-sized enterprises, the paper aims to provide theoretical and empirical contributions in replying to the following research question: How did young entrepreneurs contribute to the resilience and the digital transformation of their family businesses during COVID-19?Design/methodology/approachThe methodology consisted of a two-stage qualitative investigation including a focus group managed in presence with the involvement of 24 young entrepreneurs and a self-administered online survey involving the family businesses belonging to the Association of Young Entrepreneurs of Confindustria Puglia (South Italy) that has allowed to collect 47 replies, with a 32% response rate.FindingsThe paper presents evidence about the resilience of family businesses during the COVID-19 supported by the disruptive role of emerging digital technologies. Our analysis demonstrates that young entrepreneurs adopted different patterns of digital transformations, depending on the firm’s industry and the family firm’s digital maturity. Digital resilience in the context of the observed family businesses produced different benefits in terms of competitiveness, effectiveness of decision-making, visibility and communication and new opportunities for value creation; it occurred in several business areas, including production, logistics, sales and human resources management.Practical implicationsThe study highlights the relevant role that younger generations can play in exploring innovation opportunities associated with digitalisation as well as in contributing to reinforce innovation and resilience capability of their family businesses through collaboration with external stakeholders and ecosystems.Originality/valueThe value of the research consists in the attempt to analyse the meaning and implication of digital innovation in the context of family business as a driver for their resilience capability. The Family Businesses Digital Readiness and Young Entrepreneurs Contributions Matrix presented into the study as an original contribution of synthesis of the evidence collected.

Human agility management in Thai SMEs: A catalyst for enhancing employee value proposition

This study investigates the application of Operational Agility Management in Thai SMEs, examining its impact on Employee Dynamic Capability and the resulting Employee Value Proposition. Using a quantitative approach with a questionnaire survey targeted at Thai SME executives, the research analyzes the relationships between “Value of Work”, “Goal Orientation”, and “Network Communication” as independent variables, “Employee Dynamic Capability” as a mediating variable, and “Employee Value Proposition” as the dependent variable. The findings reveal that Thai Small and Medium-sized Enterprises (SMEs) struggle particularly with “Network Communication” in enhancing their “Employee Value Proposition”, primarily due to their predominant hierarchical command structure. This challenge highlights the need for Thai SMEs to reassess their organizational structures and communication practices to improve employee dynamic capabilities and overall employee value proposition. The study provides novel insights into the application of Operational Agility Management in Thai SMEs, bridging the gap between high-performance management theories and the practical realities faced by SMEs in unpredictable business environments, thus offering a unique perspective on cultivating employee dynamic capabilities in this setting.

An Exploration of Entrepreneurs’ Socio-economic Situation and Its Impact on Micro and Small Businesses in South Andaman

This study aims to investigate the socio-economic conditions of entrepreneurs that influence the growth of micro and small enterprises (MSEs) in the South Andaman District. In this study, a scheduled questionnaire-based survey research design was used, and a sample of 344 small business owners was collected for analysis. The data were processed using SPSS, and chi-squared test was applied for statistical analysis. The study’s findings revealed that factors such as entrepreneurs’ business experience, income levels, the number of working employees and ownership of house property significantly impact the growth of enterprises in the island region. However, factors like business location and sector of enterprises were found to be statistically insignificant in determining MSEs’ growth in the island region. The study suggests that policymakers and local administrations should enhance support for micro, small and medium-sized enterprises in island regions by implementing policies such as island capital investment subsidies and island transport subsidies for MSEs. As a result, small businesses play a pivotal role by contributing to local employment, production and investment opportunities in the island region.

One size does not fit all: deciphering the interdependence between barriers hindering SMEs’ involvement in public sector procurement

PurposeDespite their significant economic impact, small and medium-sized enterprises (SMEs) remain underrepresented in public procurement. While previous research has identified the barriers facing SMEs in public procurement markets, a knowledge gap still exists on how these barriers influence one another in a specific context.Design/methodology/approachThis study developed a hierarchical structural model that reveals the contextual interrelationships between 14 notable barriers to SME involvement in public procurement, based on evidence from the publicly funded healthcare sector in the UK. The data were analyzed using interpretive structural modeling (ISM) and matrix impact of cross-multiplication applied to categorization (MICMAC).FindingsThe results systematically classify barriers based on their hierarchical relationships, offering a robust theoretical foundation for understanding their nature and interconnections.Practical implicationsThe findings can help scholars, government administrators and politicians in government-funded healthcare systems determine the most influential barriers to SME involvement and their causes, enabling them to build viable remedies.Originality/valueThis is the first empirical study to examine the relationship between the barriers to SMEs' public health procurement, using evidence from the public health procurement context.

Corporate Social Responsibility and SMEs’ Performance: Mediating Role of Sustainable Competitive Advantage

The main objective of this study was to examine the mediating effect of a sustainable competitive advantage on the relationship between corporate social responsibility (CSR) and organizational performance among Thai SMEs. A questionnaire survey was used to gather data from 336 small and medium-sized enterprises (SMEs) in Thailand. Investigation of the resulting data demonstrated that participating in CSR initiatives enhances the sustainable competitive advantage and organizational performance of Thai SMEs. Moreover, a sustainable competitive advantage was found to serve as a partial mediator between CSR and organizational performance. This research uses stakeholder theory and the resource-based view theory to explain the link between CSR and organizational success. A competitive advantage significantly influences both strategic management and organizational performance. CSR is a process of transforming a company’s sustainable initiatives into sustainable competitive advantages that impact the organization’s performance.

The Impact of Green Entrepreneurial Orientation and Greenmarket Orientation on SME's Performance: The Role of Green Innovation

Protecting the environment has turned into a competitive market problem, affecting the success of small businesses. Much research has been done on the direct links between green entrepreneurial orientation, green market orientation, green innovation, and SME success. However, few studies look at the indirect links through the lens of green innovation. This study aims to find out if green market orientation and green entrepreneurial orientation impact the success of small and medium-sized businesses. PLS-SEM is used to test the theories quantitatively. Conversations with Batik SME business owners in Ponorogo City were used to gather data. Thirty people took part in this study. The results show that green market orientation and green entrepreneurial orientation have both direct and indirect effects on the success of small businesses. Green innovation also has a direct impact on the success of small and medium-sized enterprises, as well as affects green business orientation and green market orientation. Keywords: green entrepreneurial orientation, green market orientation, green innovation, SME performance

Do firms submit fewer tender bids with high inflation? An analysis of firms’ participation in public procurement in the EU

Purpose This paper aims to explore the effect of sustained high inflation on public procurement participation in the European Union, both in terms of the average number of bids submitted and in the proportion of bids by small- and medium-sized enterprises (SMEs) out of all submitted bids. Design/methodology/approach Regression modelling, using contract award notices in the Tender Electronics Daily database between 2018 and 2022, at quarterly intervals. Findings Each inflation point increase is associated with a decline in the average number of offers received per tender by 0.43%. A more marked reduction of 8.6% in the average number of offers and a decrease in 3.4 percentage points in the SME participation rate are observed for firms operating in sectors that experienced very high levels of inflation (>20% year-on-year rate of change), compared with a situation of low inflation (0–5%). Social implications Claims about difficulties in delivering public contracts for the set price should be taken with a grain of salt, unless businesses operate in sectors experiencing very high inflation levels. Measures to foster competition could also reduce price pressures. Originality/value To the best of the authors’ knowledge, this is the first study to quantitatively assess the association between high inflation and public procurement participation. Two methodological novelties are introduced: the operationalisation of sectoral-level inflation down to two-digit NACE codes, based mainly on producer prices; and a matching between two-digit NACE codes for inflation and the common procurement vocabulary codes to classify calls to bid for public contracts by economic activity.

Investigating the Impact of CSR Practices on Financial Performance: A Multiple Mediation Analysis in the Moroccan Exporting SMEs

Numerous pieces of research have shown that corporate social responsibility (CSR) orientation is key to driving long-term survival, growth and sustainable performance in a complex and dynamic environment. However, studies of the relationship between CSR and financial performance (FP) have yielded disparate results. Therefore, the current study aims to examine the effect of CSR on FP by using customer satisfaction (CS), reputation (REP) and competitive advantage (CA) as mediating variables. The data for this study was collected via a survey of 207 Moroccan exporting small and medium-sized enterprises (SMEs) and analyzed using SPSS 25 and Structural-equation Modeling with the aid of AMOS 23. Outcomes revealed that CSR has no significant direct effect on FP, but rather an indirect effect through REP and CS. Likewise, the link between CSR and FP is mediated on the one hand by CS and CA, successively and on the other hand by REP and CA, successively. These findings provide a verified theoretical framework for SME managers to plan and execute CSR to enhance FP by indirectly targeting the aforementioned intangible assets. The paper contributes to the knowledge of how CSR practices lead to FP in an under-explored context of SMEs in a developing country.

Bank loan maturity and corporate investment

This study analyzes bank loan maturity and corporate investment linkage by using novel firm-level data covering the universe of all incorporated firms in Türkiye over the last decade. The results of the panel regression model with multi-dimensional fixed effects reveal that loan maturity has a significant positive association with investment, indicating that longer debt maturity fosters corporate investment. The results reveal that the positive linkage between longer debt maturity and investment is more pronounced for small and medium-sized enterprises (SMEs). This is also the case for young firms and firms with high growth opportunities. Considering the evidence provided in the literature that bank lending conditions, including maturity structure, are highly cyclical and vulnerable to financial conditions and economic policy uncertainties, our findings highlight the importance of reducing the policy uncertainties as well as the importance of policies that make equity financing more attractive and deepen the capital markets.

Appraising the application of cryptocurrency technologies in the Nigerian built environment: stakeholders’ perspective

PurposeTwenty-first century digitalisation birthed new methods of payment systems like the emergence of cryptocurrencies. Cryptocurrency technologies have been identified as drivers for crypto-smart contracts and procurements. Studies regarding the application of cryptocurrency technologies in the Nigerian built environment industry are uncommon. Therefore, this paper aims to explore the relevance of cryptocurrency technologies to the sector, examine the perceived barriers that may hinder cryptocurrency technologies implementation and propose measures to promote the applications.Design/methodology/approachThe research conducted a virtual interview across Abuja and Lagos cities to appraise stakeholders’ perceptions. The interviewees were requested to proffer answers to the research questions. The study conducted 25 semi-structured interviews with knowledgeable stakeholders. The data were analysed, and findings were reported in themes.FindingsEnhanced the era of smart contracts, increased liquidity for small and medium-sized enterprises (SMEs) and new openings to raise more funds for capital-intensive construction projects emerged as the advantages where cryptocurrency technologies can benefit the sector if allowed to operate. Cryptocurrency technology applications are not without some anticipated hindrances. Risk of loss of investment/price instability, lack of intrinsic value, money laundering, attracting speculators, criminal activities/security issues, lack of clarity and awareness and lack of skills emerged as the frequently anticipated barriers that may hinder cryptocurrency technologies applications.Research limitations/implicationsThe study is limited to cryptocurrency technology applications in Nigeria’s built environment, and a qualitative method has been adopted.Originality/valueBesides uncovering barriers hindering cryptocurrency technology usage via an unexplored mechanism, the study is one of the few studies to proffer measures to improve cryptocurrency technology usage in the built environment.