ABSTRACT Sustainability measurement in small and medium‐sized enterprises (SMEs) is gaining attention, particularly in relation to corporate social responsibility (CSR) practices and the achievement of sustainable development goals. However, most existing sustainability assessment frameworks still follow the traditional Triple Bottom Line approach, focusing on economic, environmental, and social outcomes, while governance is often only implicitly considered or treated as secondary. This study examines whether treating governance as an explicit and separate dimension alters how sustainability priorities are defined in SMEs. Using Vietnam as the empirical setting, the study applies a multi‐attribute decision‐making approach that combines the Fuzzy Delphi Method (FDM) and Best Worst Method (BWM) to identify and prioritize sustainability indicators relevant to SMEs. The results indicate that economic considerations remain dominant, but governance also emerges as a distinct and influential dimension in shaping sustainability priorities. Several governance‐related indicators further stand out as key factors influencing sustainability practices in SMEs. These findings suggest that governance mechanisms—such as transparency, accountability, and stakeholder engagement—are important for the effective implementation of sustainability strategies. This study contributes to CSR research by showing how integrating governance into sustainability assessment frameworks can improve their relevance for SMEs in emerging economies.
Le et al. (Sun,) studied this question.