Abstract
This study examines the roles of the Quadruple Helix, digital transformation, and financial innovation in enhancing the sustainability of green-economy–based MSMEs in South Sulawesi Province, Indonesia. Using a quantitative approach, survey data were collected from 280 MSMEs in Maros, Bulukumba, and the Selayar Islands and analyzed with Partial Least Squares–Structural Equation Modeling (PLS-SEM) using SmartPLS 4. The results show that the Quadruple Helix significantly promotes digital transformation but does not directly influence MSME sustainability. Digital transformation has a strong positive effect on sustainability and acts as a key mediating variable linking both the Quadruple Helix and financial innovation to sustainable business performance. Financial innovation also exerts a significant positive direct effect on MSME sustainability. This study contributes to the literature by empirically validating an integrative model that combines Quadruple Helix collaboration, digital transformation, and financial innovation within a green economy framework. From a policy perspective, the findings highlight the importance of strengthening digital capabilities and inclusive financial innovation through multi-actor collaboration to support regional MSME sustainability strategies.