Financial Literacy and Experience on MSME Financial Performance with Financial Behavior as Mediator in Makassar
Keywords:
Keywords: Financial Literacy, Financial Experience, Financial Behavior, Financial Performance, MSME.
Abstract
Abstract
Micro,Small, and Medium Enterprises (MSMEs) occupy a strategic position in the Indonesian economy, yet many owners in Makassar City still face difficulties in bookkeeping, cash-flow control, and day-to-day financial decision-making. This condition highlights the importance of financial literacy, financial experience, and financial behavior in strengthening MSME financial performance. This study analyzes the effect of financial literacy and financial experience on the financial performance of MSMEs in Makassar City, with financial behavior positioned as a mediating variable. Whereas earlier studies mostly examined these relationships partially, this research integrates the three constructs into a single structural model to address the absence of a comprehensive mediation framework in the post-pandemic Makassar setting. A quantitative associative approach was applied, using data from 200 MSME owners selected through purposive sampling and analyzed with Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that financial literacy and financial experience have a positive and significant effect on both financial behavior and financial performance, and that financial behaviorsignificantly mediates both relationships. These findings confirm that financial behavior functions as a critical transmission mechanism that converts financial knowledge and experience into tangible improvements in MSME financialperformance.
References
REFERENCES
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Amalia, N., & Hamdani, M. L. (2022). Analisis pengaruh sikap finansial, pengalaman finansial dan kepribadian terhadap perilaku manajemen keuangan dimediasi oleh literasi finansial. Jurnal Ilmu Manajemen, 4(5).
Ardiansyah, A. F. A., Rauf, A., & Nurman, N. (2022). Pengaruh literasi keuangan terhadap pengelolaan keuangan UMKM di Kota Makassar. SINOMIKA Journal: Publikasi Ilmiah Bidang Ekonomi dan Akuntansi, 1(4), 879–890. https://doi.org/10.54443/sinomika.v1i4.447
Aribawa, D. (2016). Pengaruh literasi keuangan terhadap kinerja dan keberlangsungan UMKM di Jawa Tengah. Jurnal Siasat Bisnis, 20(1), 1–13. https://doi.org/10.20885/jsb.vol20.iss1.art1
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182.
Brilianti, T. R., & Lutfi, L. (2020). Pengaruh pendapatan, pengalaman keuangan dan pengetahuan keuangan terhadap perilaku keuangan keluarga di Kota Madiun. Journal of Business and Banking, 9(2), 197. https://doi.org/10.14414/jbb.v9i2.1762
Dwijayanty, R., Buchory, H. A., Nuryaman, N., & Kusumah, W. R. (2025). The mediating role of financial management behavior between financial literacy, financial experience, and business performance of MSMEs. Journal of Business and Management Studies.
Fajri, A., Indriasih, D., & Indriyati, N. (2021). Pengaruh inklusi keuangan dan literasi keuangan terhadap kinerja UMKM di Kabupaten Tegal. Jurnal Akuntansi dan Bisnis.
Habibah, N. K., & Kusmayadi, D. (2025). Analisis penerapan pencatatan keuangan pada pelaku UMKM di Indonesia. Jurnal Akuntansi dan Keuangan.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM) (2nd ed.). SAGE.
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Hariani, I., & Maharani, O. H. (2024). Identifikasi alasan UMKM belum menerapkan SAK EMKM secara optimal. Jurnal Ekonomi dan Bisnis.
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8
Humaira, I., & Sagoro, E. M. (2018). Pengaruh pengetahuan keuangan, sikap keuangan, dan kepribadian terhadap perilaku manajemen keuangan pelaku UMKM sentra kerajinan batik Kabupaten Bantul. Nominal: Barometer Riset Akuntansi dan Manajemen, 7(1), 96–110.
Huston, S. J. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296–316. https://doi.org/10.1111/j.1745-6606.2010.01170.x
Idawati, I. A. A., & Pratama, I. G. S. (2020). Pengaruh literasi keuangan terhadap kinerja dan keberlangsungan UMKM di Kota Denpasar. Warmadewa Management and Business Journal (WMBJ), 2(1), 1–9. https://doi.org/10.22225/wmbj.2.1.1644.1-9
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Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Lusardi, A., & Tufano, P. (2021). Debt literacy, financial experiences, and overindebtedness. Journal of Pension Economics and Finance, 14(4), 332–368.
Meida, A. (2023). Pengaruh financial knowledge, financial experience, dan financial attitude terhadap financial behavior pada pemilik UMKM di Kota Kudus. Jurnal Manajemen dan Bisnis.
Mulyati, M., Ramadhan, M. S., & Amelya, D. R. (2024). Pengaruh literasi keuangan terhadap pengelolaan keuangan UMKM. Jurnal Ekonomi dan Bisnis.
Munizu, M. (2010). Pengaruh faktor-faktor eksternal dan internal terhadap kinerja usaha mikro dan kecil (UMK) di Sulawesi Selatan. Jurnal Manajemen dan Kewirausahaan, 12(1), 33–41.
Ningsih, T. N., & Tasman, A. (2020). Pengaruh financial literacy dan financial inclusion terhadap kinerja UMKM. Jurnal Kajian Manajemen dan Wirausaha, 2(4), 151. https://doi.org/10.24036/jkmw02100330
Nofranita, W., Ulya, N., & Yulianis, F. (2024). Pengaruh literasi keuangan terhadap pengelolaan keuangan pelaku usaha. Jurnal Ekonomi dan Bisnis.
Parmitasari, R. D. A., & Rusnawati. (2023). Sustainability and performance of small and medium business: The role of financial literacy. International Journal of Professional Business Review, 8(5), e01048. https://doi.org/10.26668/businessreview/2023.v8i5.1048
Purwidianti, W., & Tubastuvi, N. (2019). The effect of financial literacy and financial experience on SME financial behavior in Indonesia. Jurnal Dinamika Manajemen, 10(1), 40–45. https://doi.org/10.15294/jdm.v10i1.16937
Rahadjeng, E. R., Fitri, R. A., & Wahyuningtyas, R. (2023). Perilaku keuangan dan kinerja UMKM. Jurnal Manajemen dan Bisnis Indonesia.
Ramadani, A. G., Tubastuvi, N., Fitriati, A., & Widhiandono, H. (2022). Pengaruh financial literacy dan financial experience terhadap keputusan investasi generasi milenial. Jurnal Ekonomi dan Bisnis.
Ramli, M., Marsuni, N. S., & Insirat, M. N. (2025). Pemanfaatan SAK EMKM pada UMKM Food City Pasar Segar Makassar. Jurnal Akuntansi dan Keuangan.
Rusnawati, Parmitasari, R. D. A., & Syariati, A. (2025). Financial behavior and MSME performance in Makassar City. Jurnal Manajemen dan Bisnis.
Sanistasya, P. A., Rahardjo, K., & Iqbal, M. (2019). Pengaruh literasi keuangan dan inklusi keuangan terhadap kinerja usaha kecil di Kalimantan Timur. Jurnal Economia, 15(1), 48–59.
Sitompul, P. N., Kraugusteeliana, K., & Indrianti, M. A. (2024). Pengaruh financial experience terhadap financial behavior pada pelaku UMKM di Indonesia. Jurnal Ekonomi dan Manajemen.
Suriansyah, N. S., & Harianto, W. (2022). Effect of financial literacy, financial attitude, and locus of control on financial behavior. International Journal of Economics and Management.
Suryahadi, A., Al Izzati, R., & Suryadarma, D. (2020). Estimating the impact of COVID-19 on poverty in Indonesia. Bulletin of Indonesian Economic Studies, 56(2), 175–192.
Tirayani, N. L. P. D., Yuniarta, G. A., & Diatmika, I. P. G. (2023). Peran financial behavior dalam memediasi literasi keuangan terhadap kinerja UMKM. Jurnal Akuntansi Profesi.
Xiao, J. J., & Porto, N. (2017). Financial education and financial satisfaction: Financial literacy, behavior, and capability as mediators. International Journal of Bank Marketing, 35(5), 805–817. https://doi.org/10.1108/IJBM-01-2016-0009
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Amalia, N., & Hamdani, M. L. (2022). Analisis pengaruh sikap finansial, pengalaman finansial dan kepribadian terhadap perilaku manajemen keuangan dimediasi oleh literasi finansial. Jurnal Ilmu Manajemen, 4(5).
Ardiansyah, A. F. A., Rauf, A., & Nurman, N. (2022). Pengaruh literasi keuangan terhadap pengelolaan keuangan UMKM di Kota Makassar. SINOMIKA Journal: Publikasi Ilmiah Bidang Ekonomi dan Akuntansi, 1(4), 879–890. https://doi.org/10.54443/sinomika.v1i4.447
Aribawa, D. (2016). Pengaruh literasi keuangan terhadap kinerja dan keberlangsungan UMKM di Jawa Tengah. Jurnal Siasat Bisnis, 20(1), 1–13. https://doi.org/10.20885/jsb.vol20.iss1.art1
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182.
Brilianti, T. R., & Lutfi, L. (2020). Pengaruh pendapatan, pengalaman keuangan dan pengetahuan keuangan terhadap perilaku keuangan keluarga di Kota Madiun. Journal of Business and Banking, 9(2), 197. https://doi.org/10.14414/jbb.v9i2.1762
Dwijayanty, R., Buchory, H. A., Nuryaman, N., & Kusumah, W. R. (2025). The mediating role of financial management behavior between financial literacy, financial experience, and business performance of MSMEs. Journal of Business and Management Studies.
Fajri, A., Indriasih, D., & Indriyati, N. (2021). Pengaruh inklusi keuangan dan literasi keuangan terhadap kinerja UMKM di Kabupaten Tegal. Jurnal Akuntansi dan Bisnis.
Habibah, N. K., & Kusmayadi, D. (2025). Analisis penerapan pencatatan keuangan pada pelaku UMKM di Indonesia. Jurnal Akuntansi dan Keuangan.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM) (2nd ed.). SAGE.
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Hariani, I., & Maharani, O. H. (2024). Identifikasi alasan UMKM belum menerapkan SAK EMKM secara optimal. Jurnal Ekonomi dan Bisnis.
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8
Humaira, I., & Sagoro, E. M. (2018). Pengaruh pengetahuan keuangan, sikap keuangan, dan kepribadian terhadap perilaku manajemen keuangan pelaku UMKM sentra kerajinan batik Kabupaten Bantul. Nominal: Barometer Riset Akuntansi dan Manajemen, 7(1), 96–110.
Huston, S. J. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296–316. https://doi.org/10.1111/j.1745-6606.2010.01170.x
Idawati, I. A. A., & Pratama, I. G. S. (2020). Pengaruh literasi keuangan terhadap kinerja dan keberlangsungan UMKM di Kota Denpasar. Warmadewa Management and Business Journal (WMBJ), 2(1), 1–9. https://doi.org/10.22225/wmbj.2.1.1644.1-9
Kolb, D. A. (1984). Experiential learning: Experience as the source of learning and development. Prentice-Hall.
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Lusardi, A., & Tufano, P. (2021). Debt literacy, financial experiences, and overindebtedness. Journal of Pension Economics and Finance, 14(4), 332–368.
Meida, A. (2023). Pengaruh financial knowledge, financial experience, dan financial attitude terhadap financial behavior pada pemilik UMKM di Kota Kudus. Jurnal Manajemen dan Bisnis.
Mulyati, M., Ramadhan, M. S., & Amelya, D. R. (2024). Pengaruh literasi keuangan terhadap pengelolaan keuangan UMKM. Jurnal Ekonomi dan Bisnis.
Munizu, M. (2010). Pengaruh faktor-faktor eksternal dan internal terhadap kinerja usaha mikro dan kecil (UMK) di Sulawesi Selatan. Jurnal Manajemen dan Kewirausahaan, 12(1), 33–41.
Ningsih, T. N., & Tasman, A. (2020). Pengaruh financial literacy dan financial inclusion terhadap kinerja UMKM. Jurnal Kajian Manajemen dan Wirausaha, 2(4), 151. https://doi.org/10.24036/jkmw02100330
Nofranita, W., Ulya, N., & Yulianis, F. (2024). Pengaruh literasi keuangan terhadap pengelolaan keuangan pelaku usaha. Jurnal Ekonomi dan Bisnis.
Parmitasari, R. D. A., & Rusnawati. (2023). Sustainability and performance of small and medium business: The role of financial literacy. International Journal of Professional Business Review, 8(5), e01048. https://doi.org/10.26668/businessreview/2023.v8i5.1048
Purwidianti, W., & Tubastuvi, N. (2019). The effect of financial literacy and financial experience on SME financial behavior in Indonesia. Jurnal Dinamika Manajemen, 10(1), 40–45. https://doi.org/10.15294/jdm.v10i1.16937
Rahadjeng, E. R., Fitri, R. A., & Wahyuningtyas, R. (2023). Perilaku keuangan dan kinerja UMKM. Jurnal Manajemen dan Bisnis Indonesia.
Ramadani, A. G., Tubastuvi, N., Fitriati, A., & Widhiandono, H. (2022). Pengaruh financial literacy dan financial experience terhadap keputusan investasi generasi milenial. Jurnal Ekonomi dan Bisnis.
Ramli, M., Marsuni, N. S., & Insirat, M. N. (2025). Pemanfaatan SAK EMKM pada UMKM Food City Pasar Segar Makassar. Jurnal Akuntansi dan Keuangan.
Rusnawati, Parmitasari, R. D. A., & Syariati, A. (2025). Financial behavior and MSME performance in Makassar City. Jurnal Manajemen dan Bisnis.
Sanistasya, P. A., Rahardjo, K., & Iqbal, M. (2019). Pengaruh literasi keuangan dan inklusi keuangan terhadap kinerja usaha kecil di Kalimantan Timur. Jurnal Economia, 15(1), 48–59.
Sitompul, P. N., Kraugusteeliana, K., & Indrianti, M. A. (2024). Pengaruh financial experience terhadap financial behavior pada pelaku UMKM di Indonesia. Jurnal Ekonomi dan Manajemen.
Suriansyah, N. S., & Harianto, W. (2022). Effect of financial literacy, financial attitude, and locus of control on financial behavior. International Journal of Economics and Management.
Suryahadi, A., Al Izzati, R., & Suryadarma, D. (2020). Estimating the impact of COVID-19 on poverty in Indonesia. Bulletin of Indonesian Economic Studies, 56(2), 175–192.
Tirayani, N. L. P. D., Yuniarta, G. A., & Diatmika, I. P. G. (2023). Peran financial behavior dalam memediasi literasi keuangan terhadap kinerja UMKM. Jurnal Akuntansi Profesi.
Xiao, J. J., & Porto, N. (2017). Financial education and financial satisfaction: Financial literacy, behavior, and capability as mediators. International Journal of Bank Marketing, 35(5), 805–817. https://doi.org/10.1108/IJBM-01-2016-0009
Published
2026-08-28
How to Cite
Nuraviva, Rika Dwi Ayu Parmitasari, & Rusnawati. (2026). Financial Literacy and Experience on MSME Financial Performance with Financial Behavior as Mediator in Makassar. International Journal of Economics, Business and Innovation Research, 5(05), 2447-2459. https://doi.org/10.63922/ijebir.v5i05.6105
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