Financial Literacy and Digital Finance: Determinants of MSMEs Sustainability in Ternate City
Keywords:
Digital Finance, Education, Financial Literacy, MSME’s Sustainability, Training
Abstract
This study aims to analyze the effect of financial literacy and digital finance on the sustainability of MSMEs in Ternate City. Data in this study are the owners/managers of SMEs in Ternate City. Collecting data using a questionnaire to 115 respondents. Data analysis using multiple regression analysis. The Financial literacy variable was measured using education (a combination of formal and non-formal education levels). This study shows that financial literacy has no significant effect on the sustainability of MSMEs, while digital finance offers substantial results. In addition, this study also finds that variations in training have an impact on increasing financial literacy on the sustainability of MSMEs. Theoretically, this research contributes to the latest view on the measurement of financial literacy. In addition, these findings support research related to financial literacy, digital finance, and the sustainability of MSMEs. Finally, from a practical point of view, this study provides a policy direction for the government in policymaking, especially in improving human resources with technical support to ensure the quality and sustainability of MSMEs.
References
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Lee, K. W. 2016. Skills Training by Small and Medium-Sized Enterprises: Innovative Cases and the Consortium Approach in the Republic of Korea (ADBI Working Paper No. 579). Tokyo: Asian Development Bank Institute.
Lewis, K. V., Cassells, S., & Roxas, H. 2015. SMEs and the Potential for a collaborative path to environmental responsibility. Business Strategy and the Environment. Vol.24 No.8. Pp.750–764. https://doi.org/10.1002/bse.1843
Linnenluecke, M. K., Russell, S. V., & Griffiths, A. 2009. Subcultures and sustainability practices: The impact on understanding corporate sustainability. Business Strategy and the Environment. Vo.18 No.7. Pp.432–452. https://doi.org/10.1002/bse.609
Lozano, R. 2012. Towards better embedding sustainability into companies’ systems: an analysis of voluntary corporate initiatives. Journal of Cleaner Production. Vol.25. Pp.14–26. https://doi.org/10.1016/j.jclepro.2011.11.060
Lozano, R., Carpenter, A., & Huisingh, D. 2015. A review of ‘theories of the firm’ and their contributions to corporate sustainability. Journal of Cleaner Production. Vol.106. Pp.430–442. https://doi.org/10.1016/j.jclepro.2014.05.007
Luo, D., Luo, M., & Lv, J. 2022. Can digital finance contribute to the promotion of financial sustainability? A financial efficiency perspective. Sustainability. Vol.14 No.7. Pp.3979. https://doi.org/10.3390/su14073979
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Malesios, C., Skouloudis, A., Dey, P. K., Abdelaziz, F. Ben, Kantartzis, A., & Evangelinos, K. 2018. Impact of small- and medium-sized enterprises sustainability practices and performance on economic growth from a managerial perspective: Modeling considerations and empirical analysis results. Business Strategy and the Environment. Vol.27 No.7. Pp.960–972. https://doi.org/10.1002/bse.2045
Manyika, J., Lund, S., Singe, M., White, O., & Berry, C. 2016. Digital Finance for All Powering Inclusive Growth In Emerging Economies. USA: McKinsey Global Institute.
Martinez, L. B., Scherger, V., & Guercio, M. B. 2019. SMEs capital structure: Trade-off or pecking order theory: a systematic review. Journal of Small Business and Enterprise Development. Vol.26 No.1. Pp.105–132. https://doi.org/10.1108/JSBED-12-2017-0387
Mutamimah, M., & Hendar, H. 2020. Integrated financial technology model on financing decision for small medium enterprises development. Proceedings of the 17 Th International Symposium on Management (INSYMA 2020). Paris, France, 19-21 February 2020. https://doi.org/10.2991/aebmr.k.200127.025
Nurjannah, A. Z., Noevus, B. T., & Fathya, H. S. 2022. Digital finance influence for MSMEs in Indonesia. Proceedings Series on Social Sciences & Humanities. Vol.7. Pp.16–18. https://doi.org/10.30595/pssh.v7i.467
Ozili, P. K. 2018. Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review. Vol.18 No.4. Pp.329–340. https://doi.org/10.1016/j.bir.2017.12.003
Sahin, Y., Durgun, M., & Serin, H. 2016. The determination of economic literacy level of forest products industry managers: A sample of Kahramanmaras City, Turkey. 14th International Scientific Conference on Economic and Social Development. Pp.181–186. Univerzitet Džon Nezbit, Yugoslavia, 13-14 May 2016.
Sancha, C., Wong, C. W. Y., & Gimenez Thomsen, C. 2016. Buyer–supplier relationships on environmental issues: a contingency perspective. Journal of Cleaner Production. Vol.112. Pp.1849–1860. https://doi.org/10.1016/j.jclepro.2014.09.026
Sharma, N., & Shastri, S. 2020. From cash to digital wage payments in Vietnam. https://www.ilo.org/wcmsp5/groups/public/---ed_emp/documents/publication/wcms_748337.pdf
Shofawati, A. 2019. The role of digital finance to strengthen financial inclusion and the growth of SME in Indonesia. KnE Social Sciences, 3(13), 389. https://doi.org/10.18502/kss.v3i13.4218
Stolper, O. A., & Walter, A. 2017. Financial literacy, financial advice, and financial behavior. Journal of Business Economics. Vol.87 No.5. Pp.581–643. https://doi.org/10.1007/s11573-017-0853-9
Thathsarani, U. S., & Jianguo, W. 2022. Do digital finance and the technology acceptance model strengthen financial inclusion and SME performance? Information. Vol.13 No.8. Pp.390. https://doi.org/10.3390/info13080390
Top, Y., & Özbek, A. 2022. Financial literacy in micro-scale enterprises operating in forest products sector. Drvna Industrija. Vol.73 No.1. Pp.3–13. https://doi.org/10.5552/drvind.2022.2035
Vukosavljevic, L., Jovanovic, B., & Djuric, M. 2014. Standard ISO 26000 and social responsibility in the service of SME’S sustainability. New Business Models and Sustainable Competitiveness. Pp.1525–1532.
Wahyono, & Hutahayan, B. 2021. The relationships between market orientation, learning orientation, financial literacy, on the knowledge competence, innovation, and performance of small and medium textile industries in Java and Bali. Asia Pacific Management Review. Vo.26 No.1. Pp.39–46. https://doi.org/10.1016/j.apmrv.2020.07.001
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Yoshino, N. (2016). Major Challenges facing small and medium-sized enterprises in asia and solutions for mitigating them. SSRN Electronic Journal. Vol.564. https://doi.org/10.2139/ssrn.2766242
Acheampong, G., & Hinson, R. E. 2019. Benefitting from alter resources: network diffusion and SME survival. Journal of Small Business & Entrepreneurship. Vol.31 No.2. Pp.141–158. https://doi.org/10.1080/08276331.2018.1462620
Alshebami, A. S., & Al Marri, S. H. (2022). The impact of financial literacy on entrepreneurial intention: The mediating role of saving behavior. Frontiers in Psychology. Vol.13. Pp.911605. https://doi.org/10.3389/fpsyg.2022.911605
Badan Pusat Statistik. 2021. Hasil survei kegiatan usaha pada masa pandemi Covid-19. https://www.bps.go.id/publication/2021/12/20/6f33d7296975e65db707fade/hasil-survei-kegiatan-usaha-pada-masa-pandemi-covid-19.html.
Bajzik, J. 2021. Trading volume and stock returns: A meta-analysis. International Review of Financial Analysis. Vol.78. Pp.101923. https://doi.org/10.1016/j.irfa.2021.101923
Bank Indonesia. 2021. NUSANTARA: Regional Economic and Financial Review 2021. https://www.bi.go.id/en/publikasi/laporan/Documents/Nusantara_Report_October_2021.pdf
Buchdadi, A. D., Sholeha, A., Ahmad, N., & Mukson. 2020. The influence of financial literacy on SMEs performance through access to finance and financial risk attitude as mediation variables. Academy of Accounting and Financial Studies Journal. Vol.24 No.5. Pp.1–16.
Cahyani, R. R., Riani, A. L., Kurniadi, E., & Paningrum, D. 2018. Family background, entrepreneurship education, and creativity in supporting entrepreneurship intention. Asia Pacific Journal of Management and Education Vol.1 No.1. Pp.1–12. https://doi.org/10.32535/apjme.v1i1.101
Cowling, M., Liu, W., & Zhang, N. 2018. Did firm age, experience, and access to finance count? SME performance after the global financial crisis. Journal of Evolutionary Economics. Vol.28 No.1. Pp.77–100. https://doi.org/10.1007/s00191-017-0502-z
Daud, I., Nurjannah, D., Mohyi, A., Ambarwati, T., Cahyono, Y., Haryoko, A. E., … Jihadi, M. 2022. The effect of digital marketing, digital finance and digital payment on finance performance of Indonesian SMEs. International Journal of Data and Network Science. Vol.6 No.1. Pp.37–44. https://doi.org/10.5267/j.ijdns.2021.10.006
Edeh, F. O., Aryani, D. N., Subramaniam, T. A., Kee, D. M. H., Samarth, T., Nair, R. K., … Teh, Y. C. 2021. Impact of COVID-19 pandemic on consumer behavior towards the intention to use e-wallet in Malaysia. International Journal of Accounting & Finance in Asia Pasific. Vol.4 No.3. Pp.42–59. https://doi.org/10.32535/ijafap.v4i3.1205
Eresia-Eke, C. E., & Raath, C. 2013. SMME owners’ financial literacy and business growth. Mediterranean Journal of Social Sciences. Vol.4 No.13. Pp.397–406. https://doi.org/10.5901/mjss.2013.v4n13p397
Fadilah, T. (2019). The influence of educational background and work experience on employees performance at PT. Three Cast Indonesia. Proceedings of the 1st International Conference on Applied Economics and Social Science (ICAESS 2019), Pp.187–191. Paris, France, 2-3 October 2019. https://doi.org/10.2991/icaess-19.2019.35
Gomber, P., Koch, J.-A., & Siering, M. 2017. Digital finance and fintech: current research and future research directions. Journal of Business Economics. Vol.67 No.5). Pp.537–580.
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. 2019. Multivariate Data Analysis (8th ed.). Andover: Cengage Learning EMEA.
Hamdan, H. (2021). Analysis of the sustainability of MSMEs in the Covid-19 pandemic era. JEJAK. Vo.14 No.1. Pp.183–199. https://doi.org/10.15294/jejak.v14i1.26342
Harnani, S., Rusminingsih, D., & Damayanti, L. 2022. The Role of human capital in education, environment, and economic. Asia Pacific Journal of Management and Education Vol.5 No.4. Pp.87–99. https://doi.org/10.32535/apjme.v5i2.1620
Hasan, M. M., Yajuan, L., & Khan, S. 2022. Promoting China’s inclusive finance through digital financial services. Global Business Review. Vol.23 No.4. Pp.984–1006. https://doi.org/10.1177/0972150919895348
Hendiarto, R. S., Rosmayanti, S., Sanusi, I., Lingga, R., Rosilawati, Y., & Febrianti, A. 2021. The influence of digital marketing competence and financial statements on performance (Case study on the development business of the West Java chamber of commerce and industry in Bandung). Review of International Geographical Education (RIGE). Vol.11 No.3. Pp.1324-1341. https://doi.org/10.48047/rigeo.11.3.124
Herliana, S. 2015. Regional innovation cluster for small and medium enterprises (SME): A triple helix concept. Procedia - Social and Behavioral Sciences. Vol.169. Pp.151–160. https://doi.org/10.1016/j.sbspro.2015.01.297
Hörisch, J., Johnson, M. P., & Schaltegger, S. 2015. Implementation of sustainability management and company size: A knowledge-based view. Business Strategy and the Environment. Vol.24 No.8. Pp.765–779. https://doi.org/10.1002/bse.1844
Hunt, I., Brien, E. O., Tormey, D., Alexander, S., Mc Quade, E., & Hennessy, M. 2013. Educational programmes for future employability of graduates in SMEs. Journal of Intelligent Manufacturing. Vol.24 No.3. Pp.501–510. https://doi.org/10.1007/s10845-011-0519-3
ISCED. 2012. International Standard Classification of Education (ISCED) 2011. http://uis.unesco.org/sites/default/files/documents/international-standard-classification-of-education-isced-2011-en.pdf
Jansson, J., Nilsson, J., Modig, F., & Hed Vall, G. 2017. Commitment to sustainability in small and medium-sized enterprises: The influence of strategic orientations and management values. Business Strategy and the Environment. Vol.26 No.1. Pp.69–83. https://doi.org/10.1002/bse.1901
Kiesnere, A., & Baumgartner, R. 2019. Sustainability management in practice: organizational change for sustainability in smaller large-sized companies in Austria. Sustainability. Vo.11 No.3. Pp.572. https://doi.org/10.3390/su11030572
Lee, K. W. 2016. Skills Training by Small and Medium-Sized Enterprises: Innovative Cases and the Consortium Approach in the Republic of Korea (ADBI Working Paper No. 579). Tokyo: Asian Development Bank Institute.
Lewis, K. V., Cassells, S., & Roxas, H. 2015. SMEs and the Potential for a collaborative path to environmental responsibility. Business Strategy and the Environment. Vol.24 No.8. Pp.750–764. https://doi.org/10.1002/bse.1843
Linnenluecke, M. K., Russell, S. V., & Griffiths, A. 2009. Subcultures and sustainability practices: The impact on understanding corporate sustainability. Business Strategy and the Environment. Vo.18 No.7. Pp.432–452. https://doi.org/10.1002/bse.609
Lozano, R. 2012. Towards better embedding sustainability into companies’ systems: an analysis of voluntary corporate initiatives. Journal of Cleaner Production. Vol.25. Pp.14–26. https://doi.org/10.1016/j.jclepro.2011.11.060
Lozano, R., Carpenter, A., & Huisingh, D. 2015. A review of ‘theories of the firm’ and their contributions to corporate sustainability. Journal of Cleaner Production. Vol.106. Pp.430–442. https://doi.org/10.1016/j.jclepro.2014.05.007
Luo, D., Luo, M., & Lv, J. 2022. Can digital finance contribute to the promotion of financial sustainability? A financial efficiency perspective. Sustainability. Vol.14 No.7. Pp.3979. https://doi.org/10.3390/su14073979
Lyons, A. C., & Kass-Hanna, J. 2021. The routledge handbook of financial literacy. In G. Nicolini & B. J. Cude (eds), Handbook on Financial Literacy Research. London: Routledge.
Malesios, C., Skouloudis, A., Dey, P. K., Abdelaziz, F. Ben, Kantartzis, A., & Evangelinos, K. 2018. Impact of small- and medium-sized enterprises sustainability practices and performance on economic growth from a managerial perspective: Modeling considerations and empirical analysis results. Business Strategy and the Environment. Vol.27 No.7. Pp.960–972. https://doi.org/10.1002/bse.2045
Manyika, J., Lund, S., Singe, M., White, O., & Berry, C. 2016. Digital Finance for All Powering Inclusive Growth In Emerging Economies. USA: McKinsey Global Institute.
Martinez, L. B., Scherger, V., & Guercio, M. B. 2019. SMEs capital structure: Trade-off or pecking order theory: a systematic review. Journal of Small Business and Enterprise Development. Vol.26 No.1. Pp.105–132. https://doi.org/10.1108/JSBED-12-2017-0387
Mutamimah, M., & Hendar, H. 2020. Integrated financial technology model on financing decision for small medium enterprises development. Proceedings of the 17 Th International Symposium on Management (INSYMA 2020). Paris, France, 19-21 February 2020. https://doi.org/10.2991/aebmr.k.200127.025
Nurjannah, A. Z., Noevus, B. T., & Fathya, H. S. 2022. Digital finance influence for MSMEs in Indonesia. Proceedings Series on Social Sciences & Humanities. Vol.7. Pp.16–18. https://doi.org/10.30595/pssh.v7i.467
Ozili, P. K. 2018. Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review. Vol.18 No.4. Pp.329–340. https://doi.org/10.1016/j.bir.2017.12.003
Sahin, Y., Durgun, M., & Serin, H. 2016. The determination of economic literacy level of forest products industry managers: A sample of Kahramanmaras City, Turkey. 14th International Scientific Conference on Economic and Social Development. Pp.181–186. Univerzitet Džon Nezbit, Yugoslavia, 13-14 May 2016.
Sancha, C., Wong, C. W. Y., & Gimenez Thomsen, C. 2016. Buyer–supplier relationships on environmental issues: a contingency perspective. Journal of Cleaner Production. Vol.112. Pp.1849–1860. https://doi.org/10.1016/j.jclepro.2014.09.026
Sharma, N., & Shastri, S. 2020. From cash to digital wage payments in Vietnam. https://www.ilo.org/wcmsp5/groups/public/---ed_emp/documents/publication/wcms_748337.pdf
Shofawati, A. 2019. The role of digital finance to strengthen financial inclusion and the growth of SME in Indonesia. KnE Social Sciences, 3(13), 389. https://doi.org/10.18502/kss.v3i13.4218
Stolper, O. A., & Walter, A. 2017. Financial literacy, financial advice, and financial behavior. Journal of Business Economics. Vol.87 No.5. Pp.581–643. https://doi.org/10.1007/s11573-017-0853-9
Thathsarani, U. S., & Jianguo, W. 2022. Do digital finance and the technology acceptance model strengthen financial inclusion and SME performance? Information. Vol.13 No.8. Pp.390. https://doi.org/10.3390/info13080390
Top, Y., & Özbek, A. 2022. Financial literacy in micro-scale enterprises operating in forest products sector. Drvna Industrija. Vol.73 No.1. Pp.3–13. https://doi.org/10.5552/drvind.2022.2035
Vukosavljevic, L., Jovanovic, B., & Djuric, M. 2014. Standard ISO 26000 and social responsibility in the service of SME’S sustainability. New Business Models and Sustainable Competitiveness. Pp.1525–1532.
Wahyono, & Hutahayan, B. 2021. The relationships between market orientation, learning orientation, financial literacy, on the knowledge competence, innovation, and performance of small and medium textile industries in Java and Bali. Asia Pacific Management Review. Vo.26 No.1. Pp.39–46. https://doi.org/10.1016/j.apmrv.2020.07.001
Widarwati, E., Solihin, A., & Nurmalasari, N. 2022. Digital Finance for improving financial inclusion Indonesians’ banking. Signifikan: Jurnal Ilmu Ekonomi, Vol.11 No.1. Pp.17–30. https://doi.org/10.15408/sjie.v11i1.17884
Yoshino, N. (2016). Major Challenges facing small and medium-sized enterprises in asia and solutions for mitigating them. SSRN Electronic Journal. Vol.564. https://doi.org/10.2139/ssrn.2766242
Published
2025-05-31
How to Cite
Adam, M. A., Fala, D. Y. A. S., Nurdin, N., & Zainuddin, Z. (2025). Financial Literacy and Digital Finance: Determinants of MSMEs Sustainability in Ternate City. International Journal of Economics, Business and Innovation Research, 4(03), 1263-1281. https://doi.org/10.63922/ijebir.v4i04.2033
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