Entrepreneurial Ecosystem Elements as Strategic Enablers of Sustainable Women Entrepreneurship in Developing Countries

Abstract

This research examines the underdeveloped and under-theorized area of the multifaceted role of entrepreneurial ecosystem elements, such as financial capital, social capital, institutional and policy support, and culture, as strategic facilitators of sustainable women entrepreneurship in India. Based on Resource Orchestration Theory, the present research also tests the mediating effect of digital financial literacy and the moderating role of digital technology adoption. A cross-sectional survey design was used, and 411 responses were obtained from women microentrepreneurs. Data were analyzed using an integrative methodological approach combining PLS-SEM and fsQCA. The results show that financial, social, and institutional ecosystem elements strongly improve sustainable performance when conditioned by digital financial literacy. In addition, digital technology adoption positively moderates the interaction between financial capital and sustainability outcomes. In contrast, institutional and policy support showed a contradictory adverse moderation effect, indicating institutional overload, regulatory frictions, and possible digital exclusion. This research provides timely insights for policymakers and other stakeholders to innovate focused digital inclusion plans and streamlined institutional structures to maximize ecosystem-based sustainability returns among women entrepreneurs.