Green Entrepreneurial Opportunity (GEO): A Promising Strategic

Anchor Concept towards Greener Firms’ Value Performance (FVP):

An Evidence from Indonesia Large Scale Entreprises

Kardison Lumban Batu, Dedi Herdiansyah

Administrasi Bisnis, Politeknik Negeri Pontianak

Keywords: Co-Creation Value Capability, Network Capability, Dynamic Capability, Green Entrepreneurial Opportunity,

Market Positioning Advantages, Emerged Firms’ Value Performance

Abstract: The common goal of green entrepreneurship initiatives is to ensure the rapid common change of phenomenon

within the business, economics as well environment would be well managed and enable all people, regardless

of their characteristics and socio-economic background, to have an equal opportunity to start and manage

their own business. Current empirical research is aiming at investigating the antecedents of Green

Entrepreneurial Opportunity such as Co-Creation Value Capability (CCVC), Network Capability (NC), and

Dynamic Capability (DC), respectively. This study also hypothesized whether Green Entrepreneurial

Opportunity (GEO) affects Market Positioning Advantages (MPA) and Firms’ Value Performance (EFVP),

and the impact of Market Positioning Advantages (MPA) on Emerged Firms’ Value Performance. The

statistical output showed that all hypotheses significantly accepted. The implementation of GEO is true as the

consequences of CCVC, NC, and DC. The EFVP is truly gained through GEO and MPA. Data were collected

from 386 respondents in charge as an operational, financial manager, sales, and marketing managers in

Indonesia large scale enterprises and also designed as a multi respondent source. Data were analyzed using

Structural Equation Modeling with AMOS Statistical Software. This research demonstrated that green

entrepreneurship opportunities and Market Positioning Advantages hold a strategic anchor concept to leverage

Firms' Value Performance.

1 INTRODUCTION

There are many seminal works on entrepreneurship in

many different fields, mention some of them,

Entrepreneurship policy evaluation , Re-thinking

entrepreneurship (Gündoğdu, 2012), Social capital

and tourism entrepreneurship (Zhao, Ritchie, &

Echtner, 2011), Tacit knowledge with innovative

entrepreneurship (Spulber, 2012), Entrepreneurship

and sustainable development (Stefanescu & On,

2012), Role of cooperation in entrepreneurship

(Vaghefpour & Zabeh, 2012 ), Policy and entry

entrepreneurship (Mason & Weeds, 2013), Exploring

social entrepreneurship (Y.-C. J. Wu, Kuo, & Shen,

2013), Senior entrepreneurship and entrepreneurial

environment (Anna Pilkovaa, Marian Holienka, &

Rehak, 2014 ), Technological ecopreneurship (Nacu

& Avasilcăi, 2014), Entrepreneurial attitude

(Draghici, Albulescu, & Tamasila, 2014),

Environmental performance (Nulkar, 2014);

Entrepreneurship education (Heilbrunn & Almor,

2014), Entrepreneurship Management (Rahman &

Ramli, 2014), Sustainable development

entrepreneurship (İyigün, 2015), International

entrepreneurship (Oparaocha,

2015);Enviropreneurial value chain (Azmi, Rasi, &

Ahmad, 2015) International entrepreneurial

orientation (Emőke– Szidónia, 2015),

Entrepreneurial brand (Erenkol & Öztaş, 2015),

Green entrepreneurial in transition(Silajdžić,

Kurtagić, & Vučijak, 2015), Corporate

entrepreneurship (Tantau, Chinie, & Carlea, 2015),

Applicability to green entrepreneurship (Uslu,

Hancıoğlu, & Demir, 2015), Global entrepreneurship

(C.-W. Wu & Huarng, 2015), Cultural heritage

entrepreneurship (Zaman, 2015), Green

entrepreneurial (Brandt & Svendsen, 2016), Alliance

green management (Ma, Sia, Li, & Zheng, 2016),

Entrepreneurial orientation (Corrêa, Vale, & Cruz,

2017), in entrepreneurship (Félix González, Husted,

& Aigner, 2017), Sport-based entrepreneurship

614

Batu, K. and Herdiansyah, D.

Green Entrepreneurial Opportunity (GEO): A Promising Strategic Anchor Concept towards Greener Firms’ Value Performance (FVP): An Evidence from Indonesia Large Scale Entreprises.

DOI: 10.5220/0009959706140625

In Proceedings of the International Conference of Business, Economy, Entrepreneurship and Management (ICBEEM 2019), pages 614-625

ISBN: 978-989-758-471-8

(Hemme, Morais, Bowers, & Todd, 2017), Nature of

ethical entrepreneurship (Power, Di Domenico, &

Miller, 2017), Exploring entrepreneurial readiness

(Olugbola, 2017) Exploring features and opportunity

(Román, Cancino, & Gallizo, 2017),

Entrepreneurship and sustainability (Ben Youssef,

Boubaker, & Omri, 2018), Green future (Curley,

2018), Opportunity and creation, Performativity

entrepreneurship (Garud, Gehman, & Tharchen,

2018), Sustainable entrepreneurship (Hahn, Spieth, &

Ince, 2018), Environmental entrepreneurship (Omri,

2018), Blazing new trails or opportunity lost (Reid,

Anglin, Baur, Short, & Buckley, 2018), Importance

of environment and entrepreneurship (Sahut, Peris-

Ortiz, & Teulon, 2018), Sustainable entrepreneurship

(Schimmenti, Migliore, Di Franco, & Borsellino,

2016), Technology entrepreneurial (Shan, Jia, Zheng,

& Xu, 2018).

The phenomenon in Environmental worldwide

had led all stakeholders to act more concern; these

issues triggering them to seek a sustained growing

market and took more responsibility for products as

well as services. More

entrepreneurs are shifting their business practices

in accordance with market concerns and demand for

friendly environmental and ecology cases (Omri,

2018)). This is why the more green entrepreneurs are

required to take advance acts during volatile

circumstances. General facts claimed that more

customer is significantly aware of the environment

and willingly changed their habit (Kuura, Blackburn,

& Lundin, 2014)

There are two key factors that distinguish between

green and traditional entrepreneurs, creating and

making typical of business that triggering profit and

more economical practices and offer social benefits

are some worthy of mentioning the main task of green

entrepreneurs. The aforementioned compulsory and

obligatory should be conducted by evolving all efforts

such as ecotourism, recycle, energy-saving,

sustainable movements, organic farming, and green

energy as well as green practices (Ma et al., 2016).

To define entrepreneurship, however, it could be

interpreted by every expert in terms of the rate and

size of innovation. Once entrepreneurs obviously

defined as the people who are running a business that

create and offers new business changes by avoiding

risk for sure, they should convert all the ideas into

fruitful activities. Fruitful activities commonly

delivered from what so-called creative destruction.

Destroying in a creative way offers to change in the

economy and green environment. (Hahn et al., 2018).

(Ben Youssef et al., 2018) claimed that

entrepreneurship is the process of creating new

activity in an organization that emphasizes the rate

and size of innovation. This creation took place in

consideration of context, depending on social

demands as well as the implementation of economics.

The scarcity of literature on green

entrepreneurship makes it difficult to define what

“green entrepreneurship” is and how to separate green

and non-green entrepreneurship. The earlier terms

adopted were “environmental entrepreneur” by

(Azmi et al., 2015), “green entrepreneur” by (Brandt

& Svendsen, 2016), and "eco-entrepreneur" by

(Silajdžić et al., 2015). Based on their views, green

entrepreneurs are characterized by undertaking new

business opportunities and ventures that are usually

risky. Green entrepreneurs are known for new ideas.

They also obtained their inner motivation and all

business practices, which significantly have a positive

impact on environmental, leverage, and sustain

economics as well as concerning its impact on the

future.

According to (Azmi et al., 2015), adopting

environmentally friendly practices can reduce the

costs or risk or create differentiation and claimed it as

one of the approaches that attain green endeavors in

business practices. The purpose of the current study

was to investigate the antecedents of green

entrepreneurial opportunity and its impact on market

positioning advantage and emerged firms' value

performance.

2 LITERATURE REVIEW &

HYPOTHESES

DEVELOPMENT

2.1 Literature Review

2.2.1 The Relationship between Co-creation

Value and Green Entrepreneurial

Opportunities

To create value and achieve from the performance are

considered as the key factors in the marketing field.

Since these goals are well-known in marketing, this

popularity goes to what so-called value. Value

concept ramification was becoming determinant

factors when it asked by the other party and the way

it created and when and where it was used

(Gro¨nroos, 2011).

In analyzing value co-creation, thus value co-

creation refers to 'a joint collaborative activity by

parties involved in direct interactions, aiming to

contribute to the value that emerges for one or both

Green Entrepreneurial Opportunity (GEO): A Promising Strategic Anchor Concept towards Greener Firms’ Value Performance (FVP): An

Evidence from Indonesia Large Scale Entreprises

615

parties. The policy of value creation is not focused

only on the supplier but also on the customer. Of

course, this process depends on their engagement and

the transaction with all management processes

regarding practices and resources.

Entrepreneurial co-creation: a research vision to

be materialized(Shams & Kaufmann, 2016),

Entrepreneurship as Value Co-Creation (Gopi &

Jimenez, 2018), Greening the Entrepreneurial Spirit

of Mediterranean (Culcasi, 2012), The mediating

Role of Value Co-creation (Abdelsalam Adam

Hamid, Arafa Gebreel Abu Naseib, & Eshag, 2018),

The case for innovation intermediaries in

entrepreneurial ecosystems (Ngongoni, 2016). By

means of customer co-creation, firms' integrate

internal (developers) and external (customers)

knowledge resources in the innovation process and

achieve a higher degree of product and service

alignment with customers. Based on the

aforementioned previous studies, current research

proposed the following hypothesis.

H1: The Higher Rate of Co-CreationValue

Applied by Firms, The Higher Rate of Green

Entrepreneurial Opportunities Gained.

2.2.2 The Relationship between Networking

Capability and Green Entrepreneurial

Opportunities

Many researchers had adopted the perspective of

networking in the studies of entrepreneurship.

Describing those corporates is related to social

networks. This attempt is emphasized with the crucial

impact of the network-based construct, mentioned

some of them, structural position, trust, cohetion, as

well as its relationship, those have an impact on

entrepreneurial strategic selections and results.

The interaction of EO and corporate performance,

however, become the more concern of interest in the

field of research EO. Some literature findings have

been mixed among various research that highlighted

EO has a significant impact on firm performance

when its relationship investigated direct and

indirectly. It could be concluded that firms that

applied EO have a better and improved performance

compared with those who did not have any

orientation.

An Empirical Study on Entrepreneurial

Orientation, Absorptive Capacity, and SMEs’

Innovation Performance (Zhai, Wan-Qin Sun, Tsai,

Zhen Wang, & Chen, 2018), Entrepreneurial

orientation, network resource acquisition, and firm,

Performance (Jiang, Liu, Carl Feyc, & Jiang, 2018),

Framework of entrepreneurial orientation and

networking (Kusumawardhani, McCarthy, & Perera,

2009), Entrepreneurial Orientation, Networking,

External Environment and firm performance

(Gathungu, Aiko, & Machuki, 2014 ), The Impact of

Entrepreneurial Orientation and Networking

Capabilities on the Export Performance (Ajay, 2016),

Understanding the relationship between

entrepreneurial orientation and strategic learning

capacity (Brian S. Anderson, Jeffery G. Covin, &

Slevin, 2009). The theory of networking claimed that

the owner's skill to have access o the resources in an

effective and efficient method via networking could

lead to the fruitful of business and recommended that

networking could offer value and benefits to all

stakeholders by letting them access the social

resources related with their network. Having

investigated some of the related literature, Then,

proposed the following hypothesis:

H2: The Higher level of Networking Capability

owned by Firms, The Higher Rate of Green

Entrepreneurial Opportunities Gained.

2.2.3 The Relationship between Dynamic

Capability and Green Entrepreneurial

Opportunities

Current competitive season, all firms just could not

depend on their domestic resources merely in

fulfillment and pursuing what so-called advantage

positional, and the advantage to enhance strategies.

Those firms should collaborate with others parties in

term of information access, asset, expertise skill, as

well as technology and for most effort, they should

improve their domestics resources, strategic

distinguishment will lead to various needs,

motivation and changes to interact with market

follower namely customers, suppliers, competitors, as

well as distributors. Specific rules incorporate

strategic behavior cold trigger to a different and well-

known type of networking natures, which is finally

will directly to forecasting mode of network

configuration.

Networking patterns could highlight as the

configuration of integration engagement that bound

directly and indirectly with external parties still

questionable ad debatable among differences in

literature study concerning the proper networking

pattern during competition. This gap and

inconsistencies still consist of variations on the way

to catch network patterns. Let take, for example, the

informal and formal pattern of networking, rigor and

ICBEEM 2019 - International Conference on Business, Economy, Entrepreneurship and Management

616

rigid bounds, as well as customer oriented-based

versus supplier-oriented based configuration.

Furthermore, firms should be different from

others in achieving their network pattern, mentioned

some of them in the way they are distinguished, how

they interact with partners, and compete with their

rivals (competitors), besides delivery and the size of

the network, which s considered a complementary

approach.

An Empirical Study on Paths to Develop Dynamic

Capabilities (Hao Jiao, Jiang Wei, & Cui, 2010),

Dynamic Capabilities: Routines versus

Entrepreneurial Action (Teece, 2012), Green

entrepreneurial orientation for enhancing firm

performance: A dynamic capability perspective

(Wenbo Jiang, Huaqi Chai, Jing Shao, & Feng, 2019),

Family Businesses and Adaptation: A Dynamic

Capabilities Approach (Alonso, Kok, & O’Shea,

2018), Relationship Between Entrepreneurial

Competencies and Small Firm Performance (Hashim,

Raza, & Minai, 2018), Strategic Orientation,

Environmental Innovation Capability, and

Environmental Sustainability Performance (Tseng,

Chang, & Chen, 2019,), The Relationship between

Learning Orientation and Dynamic Capability-based,

on Environmental Education (He, Huang, Zhao, &

Wu, 2018). Current research is proposed the

following hypothesis:

H3: The Higher Rate of Dynamic Capability

possessed by Firms, The Higher Rate of Green

Entrepreneurial Opportunities Gained

2.2.4 The Relationship between Green

Entrepreneurial Opportunities and

Market Positioning Advantages

Geographical dimension factors could also contribute

to the competition and economic growth, and it is

well recorded and archived that higher beginning

rates coupled with good startup innovation

configuration play the determinant factors to success

in regional growth. While several of literature

investigates the geographical section

of entrepreneurship by determining the act of skill

spillovers for entrepreneurship, the geographic

determinants of entrepreneurship, factors forming

firm groups, and the impact of entrepreneurship on

some certain places, only a few are recognized

concern on the relationship between green

entrepreneurship and the places or region.

Spacial groups could be obviously facilitated by

the fast and speed adoption of green innovations that

leverage environmental circumstances, situation, and

sustainability of procured products or processes.

Increasing attention has been dedicated to the

relationship and interaction among environmental

innovation, business practices, geographical, and

places policy. However, besides the policy

instruments, the location preferences (and therefore

shaping of clusters) for growing green ventures are

known by substantial and crucial complexity

contingent on key factors such as domestic

knowledge existed and as well as spillovers, industry

architecture and configuration, sophisticated

technology and regional proximity. The external

knowledge resources are perfect capital within green

entrepreneurship.

Millennials and the young educated generation

have taken a great deal of interest in green products

and organic foods, but again, it is still found that some

obstacles and challenging, namely the raw material of

substitution, process, and implementation of redesign

and cost. On the other hand, many organizations have

been working how to have cost reduction to gain

green products and services with the contribution of

revere logistics and green supply chain management

in order to produce, offer and deliver the more

affordable green product and services with the

maximum market segment. A Typology of Green

Entrepreneurs (Nikolaou, Tasopoulou, & Tsagarakis,

2018), Born to be green (Demirel, &, Rentocchini, &

Tamvada, 2019), Emerging Green Market as an

Opportunity (NK & GS, 2015), Green Brand

Positioning (WANG, 2016), Entrepreneurship and

sustainability (Oyebanjo, 2018), How Green

Marketing Can Create a Sustainable Competitive

(Arseculeratne & Yazdanifard, 2014), Is green the

new gold (Mrkajic, SamueleMurtinu, & Scalera,

2017), Market Intelligence Precursors for the

Entrepreneurial Resilience Approach (Micu, Micu,

Capatina, Cristache, & Dragan, 2018), Sustainable

Entrepreneurship (Urbaniec, 2018), The effectiveness

of green product positioning (Amin, Uthamaputhran,

& Ali, 2015), The Effects of Green Brand Positioning

(Aulina & Yuliati, 2017,), Sustainable

Entrepreneurship in Sustainability (Hörisch, 2015).

Then, this is to propose the following hypothesis:

H4: The Higher Rate of Green Entrepreneurial

Opportunities Gained by Firms, The Higher Rate of

Market Positioning Advantages achieved

Green Entrepreneurial Opportunity (GEO): A Promising Strategic Anchor Concept towards Greener Firms’ Value Performance (FVP): An

Evidence from Indonesia Large Scale Entreprises

617

2.2.5 The Relationship between Market

Positioning Advantages and Firms

Value Performance

It is worldwide accepted that the innovation has a

great impact on the economic growth as well as

corporate performance for a specific example, the

innovation has been found in marketing that

connected the innovation into market orientation.

Claiming that there are two functions such as

marketing and innovation in business enterprises.

Based on the empirical studies conducted, it

highlighted that the innovation and performance had

a significant relationship in order to meet customers'

wants and needs, there are two crucial things that

firms should concern in such as process and product

innovation. All this customization effort should be

implemented in order to react and attain high

performance.

Effect of market positioning on market orientation

(Lagat, Frankwick, & Sulo, 2015), effect of strategic

positioning (Tharamba, Rotich, & Anyango, 2018.),

Investigating market orientation and positioning

(Hinson, Abdul- Hamid, & Osabutey, 2017), Market

Positioning and Organizational Performance in the

Airlines Industry (Samuel Obino Mokaya, Kanyagia,

& Wagoki, 2012), Strategic marketing and business

performance (Jaakkola, Möller, & Mühlbacher,

2015), Strategic marketing management (Aghazadeh,

2015), the effect of market positioning (S. O.

Mokaya, Kanyagia, & M’Nchebere, 2015), The

Market Share Effect (Yannopoulos, 2015) and We,

therefore hypothesize that:

H5: The Higher Rate of Market Positioning

Advantages achieved by Firms, The higher level of

Firms Value Performance experienced

2.2.6 The Relationship between Green

Entrepreneurial Opportunities and

Firms Value Performance

The relationship between entrepreneurship and

performance is originally referred to as a resource-

based perspective. This perspective is concerned with

the crucial firm's specific resources and capabilities

to maintain and sustain competitive advantages.

Some tools that used to assess and deploy attain

competitive advantage, namely risk-taking,

proactiveness, and innovation.

The research concerned on Firms

Entrepreneurship in advanced economies has

revealed and claimed that entrepreneurial practices

among corporates have led to significant firm

performance improvement (Omri, 2018). The studies

proved that firms entrepreneurship own multi-

dimensional frames.

The determination and proposed hypotheses are

Innovation, Risk-taking, and Proactiveness, as well as

competitive aggressiveness (NK & GS, 2015). Many

research investigated the direct impact, orientation,

and correlation between corporate entrepreneurship

and firm performance, which claimed that firms

entrepreneurship implementation has brought to the

improvement of the firms' performance and

growth(Schimmenti et al., 2016). Most of these

researchers suggested that the implementation of

entrepreneurship leverage firms' profitability and

growth. It finally concluded that those firms'

entrepreneurship showed higher performance

compared with those who do not practice it.

The previous studies were also supported by a

study conducted in Turkey. This study claimed that

the interaction between entrepreneurship and firm

performance has a positive relationship (Nulkar,

2014). Green entrepreneurial orientation for

enhancing firm performance (Wenbo Jiang et al.,

2019), Re-Thinking Entrepreneurship,

Intrapreneurship and Innovation (Gündoğdu, 2012),

Role of Cooperation in Entrepreneurship

Development (Vaghefpour & Zabeh, 2012 ), Senior

entrepreneurship (Anna Pilkovaa et al., 2014 ), Social

Entrepreneurship and Socio-entrepreneurship

(Wiguna & Manzilati, 2014), Sustainable Education

and Entrepreneurship (Shahrom Md Zaina et al.,

2013), Teaching entrepreneurship to educational

(Martina & Iucu, 2014 ), The Impact of Corporate

Entrepreneurship on Firms’ Financial, Performance

(Karacaoglu, Bayrakdaroğlu, & San, 2013),

Understanding the students’ perspectives towards

entrepreneurship (Ezekiel Obembe, Oluyinka Otesile,

& Ukpong, 2014). The current research then proposed

the following hypothesis:

H6: The Higher Rate of Green Entrepreneurial

Opportunities Gained, The higher level of Firms

Value Performance experienced

3 RESEARCH METHOD

Current research is a descriptive survey, and some

attempts conducted to collect data from various

populations and members and describing existed

phenomena by addressing the perception of behavior,

value, as well as perception. Having tried to explore

the dimension and variables, such as Co-Creation

Value Capability, Network Capability, Dynamic

Capability, Green Entrepreneurial Opportunity,

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Market Positioning Advantages, Emerged Firms'

Value Performance, and The target population is 386

LSEs in Indonesia.

3.1 Data Collection

This study utilized and deployed primary data. The

primary data was collected by the use of self-

administered questionnaires given to either the

manager of the LSEs with multi questionnaire

resources, where more than two respondents are

allowed.

3.2 Data Analysis

The completed questionnaires were then reviewed

and edited to check for its completeness and

consistency. At first, Descriptive statistics were

deployed to analyze the data collected. During

analyzing, mean and standard deviation were used as

well as percentages and factor analysis.

4 RESEARCH FINDINGS

Like other fundamental research, that explores the

causality explanation among exogenous and

endogenous variables, and testing hypotheses should

be conducted and analyzed. Further Statistical

findings highlighted that The Higher Rate of Co-

Creation Value Applied by Firms, The Higher Rate of

Green Entrepreneurial Opportunities Gained as H1 is

accepted, H2 stated that The Higher level of

Networking Capability owned by Firms, The Higher

Rate of Green Entrepreneurial Opportunities Gained

is also accepted. The Higher Rate of Dynamic

Capability possessed by Firms, The Higher Rate of

Green Entrepreneurial Opportunities Gained showed

a significant impact on firms' performance as H3

accepted. H4, H5, and H are also having a significant

impact on Firms' Value Performance experienced

respectively. As shown at the following table.

Table.1 Regression Weights

Estimate S.E. C.R. P Label H

Green Entrepreneurial

Opportunity

<--- Dynamic Capability ,395

,066 6,014 ***

ar_25 Y

Green Entrepreneurial

Opportunity

<--- Co-Creation Value

Capability

,290

,058 5,003 ***

ar_29 Y

Green Entrepreneurial

Opportunity

<--- Networking Capability ,244

,054 4,522 ***

ar_30 Y

Market Positioning

Advantages

<--- Green Entrepreneurial Op. ,645

,076 8,447 ***

ar_22 Y

Emerged Firms Value

Performance

<--- Green Entrepreneurial Op. ,439

,094 4,671 ***

ar_23 Y

Emerged Firms Value

Performance

<--- Market Positioning

Advantages

,380

,090 4,209 *** par_24 Y

Source: Analysed statistical outputs (2019)

The highest impact (CR) could be seen that green

entrepreneurial opportunity on market positioning

advantage. This meant could be, by having the

opportunity with green entrepreneurial, the firms will

experience higher firms value performance.

Secondly, the impact of dynamic capability as the

antecedent of green entrepreneurial opportunity, co-

creation value, GEO on firms performance, and

market positioning advantage, respectively.

Green Entrepreneurial Opportunity (GEO): A Promising Strategic Anchor Concept towards Greener Firms’ Value Performance (FVP): An

Evidence from Indonesia Large Scale Entreprises

619

Figure 1: Full Model Testing

Source: AMOS Output (2018)

As seen from the table above, the absolute,

incremental, and parsimony fit measures, all the

indicators that claim a model s fit is fulfilled,

especially the absolute fit measures. It could be

concluded that the current research model is fit.

ICBEEM 2019 - International Conference on Business, Economy, Entrepreneurship and Management

620

Table 2: Variables, Standardized Loading, α, Error, CR, and EVA

All items are measured with Ten-point scale,

anchored by "Strongly Disagree" and "Strongly

Agree Source: Analyzed statistical outputs (2019)

Based on analyzed statistical output Standardized

Loading, α, Error, CR, and EVA for this study also

show all the indicators fulfilled the rule of thumbs.

Standardized Loading factors for all variables

indicators are convergent above 0,6, and this could be

claimed that all respondents have the same opinion

concerned on the research topic. The α is also reached

1,00, which claims valid. The value of CR showed a

hight score above 0,5 and EVA as well. This could be

concluded that all variables’ indicators are mirroring

its dimensions, valid and reliable.

5 DISCUSSION & CONCLUSIONS

5.1 Conclusion

Conclusions of the current findings are taken based

on the antecedent of green entrepreneurial

opportunity, namely, Co-creation value capability,

networking capability, and dynamic capability are

claimed significantly to reinforce green

entrepreneurial opportunity. GEO has a significant

impact to leverage market positioning advantages as

well as firms' performance. In order to experience

emerged firms' performance, LSEs are strongly

recommended to apply the green entrepreneurial

strategy.

Green Entrepreneurial Opportunity (GEO): A Promising Strategic Anchor Concept towards Greener Firms’ Value Performance (FVP): An

Evidence from Indonesia Large Scale Entreprises

621

5.2 Research Implications

Having investigated and Known that all hypotheses

are significantly accepted and claimed as a

determinant factor as the antecedent of emerged

firms’ value performance, current research findings

highlighted and suggested that all corporate should

apply and have the green entrepreneurial opportunity

to leverage their market positioning advantage as

firms performance. The managerial and theoretical

implications for thirds parties, stakeholders, and

recommendations are also offered and provided.

Practical implications include namely co-creation

value, dynamic capability, and networking capability.

This study also recommends what firms should

manage to leverage their market positioning

advantage as well as to emerge the firm's vale

performance.

5.3 Suggestions for Further Research

It is suggested that further study is to elaborate firm

sensing capability to win the competition as well as

the application of green technology.

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