Business Strategy Development Model for MSMEs: Enhancing Capacity and Financing Access
A Case Study on Bank Indonesia-Assisted MSMEs in DKI Jakarta
Keywords:
Entrepreneurial Orientation, Business Strategy, MSME Capacity, Financing Access
Abstract
This study develops and tests an integrative model examining the influence of entrepreneurial orientation on business strategy, and how business strategy affects MSME capacity and financing access, with MSME capacity serving as a mediating variable. Using a quantitative explanatory approach and Partial Least Squares Structural Equation Modeling (PLS-SEM), the research surveyed 95 Bank Indonesia-assisted MSMEs in DKI Jakarta through a total sampling method. The results demonstrate that: (1) entrepreneurial orientation has a significant positive effect on business strategy (β = 0.669, T = 6.458, p < 0.001); (2) business strategy significantly and positively impacts MSME capacity (β = 0.740, T = 8.611, p < 0.001); (3) business strategy significantly and positively affects financing access (β = 0.497, T = 2.778, p = 0.005); (4) MSME capacity significantly and positively influences financing access (β = 0.383, T = 2.079, p = 0.038); and (5) MSME capacity significantly mediates the relationship between business strategy and financing access (Sobel Z = 2.023, p < 0.05).
References
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Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2022). When to use and how to report results of PLS-SEM (2nd ed.). European Business Review.
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Maesaroh, S. S., Rahayu, A., Wibowo, L. A., & Ahman, E. (2023). Financial availability on performance of MSMEs: Mediation of entrepreneurial orientation and business actor’s rationality. Jurnal Economia, 19(1), 68–80.
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Muhammadin, A., Ramli, R., Ridjal, S., Kanto, M., Alam, S., & Idris, H. (2020). Effects of dynamic capability and marketing strategy on the organizational performance of the banking sector in Makassar, Indonesia. arXiv preprint arXiv:2007.12433.
Nugraheni, P., Anggraini, L. C., Darma, E. S., Muhammad, R., & Priahita, A. R. (2026). Determinants of MSME financing decisions to enhance business sustainability at Islamic Microfinance Institutions. Discover Sustainability.
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Purnamasari, S., & Wijaya, A. (2020). Pengaruh Orientasi Pasar, Orientasi Kewirausahaan Dan Kemampuan Pemasaran, Terhadap Kinerja Bisnis Umkm Clothing Line. Business Management Journal, 16(1), 12.
Sari, S. M., Yunizar, Y., & Sartika, D. (2020). Penentu Keunggulan Bersaing Pada Umkm: Apakah Kompetensi Digital Dan Orientasi Kewirausahaan Penting?. AdBispreneur: Jurnal Pemikiran Dan Penelitian Administrasi Bisnis Dan Kewirausahaan, 5(1), 63-72.
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Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533.
World Bank. (2024). Financial Inclusion Overview. World Bank Group.
Ballerini, J., Pino, M., Kuděj, M., & Ferraris, A. (2026). Entrepreneurial orientation and the non-linear governance effects of SaaS platforms. https://doi.org/10.1108/IJEBR-05-2025-0657
Bank Indonesia. (2023). Laporan Pengembangan UMKM Bank Indonesia. Bank Indonesia.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
Beck, T., & Demirgüç-Kunt, A. (2006). Small and medium-size enterprises: Access to finance as a growth constraint. Journal of Banking & Finance, 30(11), 2931–2943.
Darwis, H., & Utama, L. (2020). Pengaruh orientasi pasar dan orientasi kewirausahaan terhadap kinerja UMKM di Jakarta Barat. Jurnal Manajerial dan Kewirausahaan, 2(2).
Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2022). The Global Findex Database 2021: Financial inclusion, digital payments, and resilience in the age of COVID-19. World Bank.
Ghozali, I., & Latan, H. (2020). Partial Least Squares: Konsep, Teknik dan Aplikasi menggunakan Program SmartPLS 3.0. Universitas Diponegoro.
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2022). When to use and how to report results of PLS-SEM (2nd ed.). European Business Review.
Khan, R. U., Salamzadeh, Y., Kawamorita, H., & Rethi, G. (2021). Entrepreneurial orientation and small and medium-sized enterprises’ performance: Does access to finance moderate the relation in emerging economies? South Asian Journal of Business Studies, 25(1). https://doi.org/10.1177/0972262920954604
Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
Lasmiatun, & Zulfikri. (2025). Digital literacy, entrepreneurial orientation, and access to financing: Factors affecting business innovation and competitive advantage in Indonesian MSMEs. Bussman Journal: Indonesian Journal of Business and Management, 5(3).
Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. Academy of Management Review, 21(1), 135–172.
Maesaroh, S. S., Rahayu, A., Wibowo, L. A., & Ahman, E. (2023). Financial availability on performance of MSMEs: Mediation of entrepreneurial orientation and business actor’s rationality. Jurnal Economia, 19(1), 68–80.
Miller, D. (1983). The correlates of entrepreneurship in three types of firms. Management Science, 29(7), 770–791.
Muhammadin, A., Ramli, R., Ridjal, S., Kanto, M., Alam, S., & Idris, H. (2020). Effects of dynamic capability and marketing strategy on the organizational performance of the banking sector in Makassar, Indonesia. arXiv preprint arXiv:2007.12433.
Nugraheni, P., Anggraini, L. C., Darma, E. S., Muhammad, R., & Priahita, A. R. (2026). Determinants of MSME financing decisions to enhance business sustainability at Islamic Microfinance Institutions. Discover Sustainability.
OECD. (2023). Financing SMEs and Entrepreneurs 2023: An OECD Scoreboard. OECD Publishing.
Ozili, P. K. (2021). Financial inclusion research around the world: A review. Forum for Social Economics, 50(4), 457–479.
Porter, M. E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance. Free Press.
Purnamasari, S., & Wijaya, A. (2020). Pengaruh Orientasi Pasar, Orientasi Kewirausahaan Dan Kemampuan Pemasaran, Terhadap Kinerja Bisnis Umkm Clothing Line. Business Management Journal, 16(1), 12.
Sari, S. M., Yunizar, Y., & Sartika, D. (2020). Penentu Keunggulan Bersaing Pada Umkm: Apakah Kompetensi Digital Dan Orientasi Kewirausahaan Penting?. AdBispreneur: Jurnal Pemikiran Dan Penelitian Administrasi Bisnis Dan Kewirausahaan, 5(1), 63-72.
Stiglitz, J. E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. American Economic Review, 71(3), 393–410.
Sugiyono. (2021). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Tambunan, T. (2022). Usaha Mikro, Kecil, dan Menengah di Indonesia: Isu-Isu Penting. LP3ES.
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533.
World Bank. (2024). Financial Inclusion Overview. World Bank Group.
Published
2026-06-20
How to Cite
Haji, A. A., Rizan, M., & Pahala, I. (2026). Business Strategy Development Model for MSMEs: Enhancing Capacity and Financing Access: A Case Study on Bank Indonesia-Assisted MSMEs in DKI Jakarta. International Journal of Economics, Business and Innovation Research, 5(04), 1765-1776. https://doi.org/10.63922/ijebir.v5i04.4519
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