Published October 30, 2024
| Version v1
Journal article
Open
The Sustainability Role of Women Entrepreneurs through the Digital Financial Literacy Movement
Authors/Creators
- 1. Institut Teknologi dan Bisnis Asia Malang, Malang, Indonesia
Description
This study discusses how financial technology and financial literacy play a crucial role in supporting the sustainability of small and medium enterprises (SMEs) in East Java. The utilization of financial technology, which includes various digital services such as online payments and access to financing, along with financial literacy, which refers to the understanding and ability to manage finances wisely, has been proven to be essential in maintaining the competitiveness and growth of businesses, especially among female entrepreneurs.The research was conducted using a survey involving 390 female entrepreneurs in East Java, selected through purposive sampling. Using multiple linear regression analysis, the findings indicate that both financial technology and financial literacy significantly impact the sustainability of women's businesses in the region. However, this study is limited by its focus solely on female entrepreneurs in East Java, which may restrict the generalizability of the results to other cities. Therefore, a larger sample size across various regions would provide more comprehensive insights. This study suggests that the East Java government should pay closer attention to this sector, given its significant contribution to the regional and national economy.
Files
POPECON_article_116923.pdf
Files
(491.3 kB)
| Name | Size | Download all |
|---|---|---|
|
md5:73b3307a1aba9792e69f550d2bc9f05e
|
345.4 kB | Preview Download |
|
md5:57ec4afad3f194c4e0365248e8c80c93
|
145.9 kB | Preview Download |
Additional details
References
- Aggestam K, True J (2020) Gendering Foreign Policy: A Comparative Framework for Analysis. Foreign Policy Analysis 16(2): 143–62. https://doi.org/10.1093/fpa/orz026
- Ahmad M, Wu Q, Naveed M, Ali S (2022) Probing the impact of cognitive heuristics on strategic decision-making during the COVID-19 pandemic: Evidence from an emerging economy. International Journal of Social Economics 49(10): 1532–50. https://doi.org/10.1108/IJSE-10-2021-0636
- Akpuokwe CU, Chikwe CF, Eneh NE (2024) Leveraging technology and financial literacy for women's empowerment in SMEs: A conceptual framework for sustainable development. Global Journal of Engineering and Technology Advances 18(3): 020–32. https://doi.org/10.30574/gjeta.2024.18.3.0041
- Alecchi BA (2020) Toward Realizing the Potential of Latin America's Women Entrepreneurs: An Analysis of Barriers and Challenges. Latin American Research Review 55(3): 496–514. https://doi.org/10.25222/larr.108
- Al-Qahtani MMZ, Alkhateeb TTY, Mahmood H, Abdalla MAZ, Qaralleh TJOT (2020) The Role of the Academic and Political Empowerment of Women in Economic, Social and Managerial Empowerment: The Case of Saudi Arabia. Economies 8(2): 45. https://doi.org/10.3390/economies8020045
- Amoros JE, Leporati M, Torres-Marin AJ (2023) Senior entrepreneurship dynamics: Latin America perspective. International Journal of Entrepreneurial Behavior & Research. https://doi.org/10.1108/IJEBR-07-2022-0650
- Andriamahery A, Qamruzzaman Md (2022) Do Access to Finance, Technical Know-How, and Financial Literacy Offer Women Empowerment Through Women's Entrepreneurial Development? Frontiers in Psychology 12: 776844. https://doi.org/10.3389/fpsyg.2021.776844
- Anggadwita G., Palalić R (2020) Entrepreneurship in Indonesia: Some contextual aspects. Research Handbook on Entrepreneurship in Emerging Economies, 179–204.
- Arner DW, Buckley RP, Zetzsche DA, Veidt R (2020) Sustainability, FinTech and financial inclusion (21st ed.). European Business Organization Law Review: 21: 7–35. https://doi.org/10.1007/s40804-020-00183-y
- Asmara IPWP, Wiagustini LP (2021) The Role Of Financial Literacy in Mediation of Sociodemographic Effects on Investment Decisions. International Journal of Business Management and Economic Review 4(4): 133–52. https://doi.org/10.35409/IJBMER.2021.3289
- Babajide A, Osabuohien E, Tunji-Olayeni P et al. (2023) Financial literacy, financial capabilities, and sustainable business model practice among small business owners in Nigeria. Journal of Sustainable Finance & Investment 13(4): 1670–92. https://doi.org/10.1080/20430795.2021.1962663
- Bagale GS, Vandadi VR, Singh D et al. (2023) Retracted Article: Small and medium-sized enterprises' contribution in digital technology. Annals of Operations Research 326(Suppl 1): 3–4. https://doi.org/10.1007/s10479-021-04235-5
- Baporikar N, Akino S (2020) Financial Literacy Imperative for Success of Women Entrepreneurship. International Journal of Innovation in the Digital Economy 11(3): 1–21. https://doi.org/10.4018/IJIDE.2020070101
- Benbya H, Nan N, Tanriverdi H, Tanriverdi H, Yoo Y (2020) Complexity and Information Systems Research in the Emerging Digital World.
- Bharti N (2021) Role of cooperatives in economic empowerment of women: A review of Indian experiences. World Journal of Entrepreneurship, Management and Sustainable Development 17(4): 617–31. https://doi.org/10.1108/WJEMSD-07-2020-0095
- Bilan Y, Hussain HI, Haseeb M, Kot S (2020) Sustainability and Economic Performance: Role of Organizational Learning and Innovation. Engineering Economics 31(1): 93–103. https://doi.org/10.5755/j01.ee.31.1.24045
- Brunetti F, Matt DT, Bonfanti A, De Longhi A, Pedrini G, Orzes G (2020) Digital transformation challenges: Strategies emerging from a multi-stakeholder approach. The TQM Journal 32(4): 697–724. https://doi.org/10.1108/TQM-12-2019-0309
- Buchdadi AD, Sholeha A, Ahmad GN (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: 24(5). URL: https://api.semanticscholar.org/CorpusID:229252072
- Bullough A, Guelich U et al. (2022) Women's entrepreneurship and culture: Gender role expectations and identities, societal culture, and the entrepreneurial environment. Small Business Economics 58(2): 985–96. https://doi.org/10.1007/s11187-020-00429-6
- Cardel MI, Dhurandhar E, Yarar-Fisher C, Foster M et al. (2020) Turning Chutes into Ladders for Women Faculty: A Review and Roadmap for Equity in Academia. Journal of Women's Health 29(5): 721–33. https://doi.org/10.1089/jwh.2019.8027
- Cardella GM, Hernández-Sánchez BR, Sánchez-García JC (2020) Women Entrepreneurship: A Systematic Review to Outline the Boundaries of Scientific Literature. Frontiers in Psychology 11: 1557. https://doi.org/10.3389/fpsyg.2020.01557
- Cumming DJ, Schwienbacher A (2018) Fintech venture capital. Corporate Governance: An International Review 26(5): 374–89. https://doi.org/10.1111/corg.12256
- Dairoby A (2023) Efforts to Improve Indonesia's Creative Economy: Analysis of Sustainable Development Goals Number 8 Decent Work and Economic Growth.
- Darzi M, Bashir G, Bhat S (2016) Empowering Women: Fostering Entrepreneurship. United Nations Industrial Development Organisation (UNIDO), January, 11.
- Diana N, Leon FM (2020) Factors Affecting Continuance Intention of FinTech Payment among Millennials in Jakarta. EJBMR, European Journal of Business and Management Research 5(4). https://www.ejbmr.org/index.php/ejbmr/article/view/444
- Dixit AR, Malik N, Seth M, Sethi D (2023) The role of social entrepreneurial leadership and benchmarking in women empowerment. Benchmarking: An International Journal 30(1): 180–95. https://doi.org/10.1108/BIJ-08-2021-0493
- Dotsey S (2022) COVID-19 and Microcredit: Dissecting an NGO's Training, Financial Support, and Women Empowerment Programmes. Social Sciences 11(9): 402. https://doi.org/10.3390/socsci11090402
- Dumitriu D, Militaru G, Deselnicu DC, Niculescu A, Popescu MA-M (2019) A Perspective Over Modern SMEs: Managing Brand Equity, Growth and Sustainability Through Digital Marketing Tools and Techniques. Sustainability 11(7): 2111. https://doi.org/10.3390/su11072111
- Elali W (2021) The Importance of Strategic Agility to Business Survival During Corona Crisis and Beyond. International Journal of Business Ethics and Governance 4(2): 1–8. https://doi.org/10.51325/ijbeg.v4i2.64
- Eniola AA, Ektebang H (2014) SME firms performance in Nigeria: Competitive advantage and its impact. International Journal of Research Studies in Management 3(2). https://doi.org/10.5861/ijrsm.2014.854
- Esmaeilpour Moghadam H, Karami A (2023) Financial inclusion through FinTech and women's financial empowerment. International Journal of Social Economics 50(8): 1038–59. http://dx.doi.org/10.1108/IJSE-04-2022-0246
- Gangl K, Torgler B (2020) How to Achieve Tax Compliance by the Wealthy: A Review of the Literature and Agenda for Policy. Social Issues and Policy Review 14(1): 108–51. https://doi.org/10.1111/sipr.12065
- Haleem A (2022) Exploring the critical effect of financial literacy on sustainable business performance in the context of firm performance of SMEs in Sri Lanka. Research Explorer X(35): 56–88. URL: https://iaraindia.com/wp-content/uploads/2023/01/RE-35-merged.pdf
- Henry (2020) Survei Google: 8 dari 10 Wanita Indonesia Ingin Berwirausaha tapi Terganjal Banyak Stigma. Liputan 6. URL: https://www.liputan6.com/lifestyle/read/4419067/survei-google-8-dari-10-wanita-indonesia-ingin-berwirausaha-tapi-terganjal-banyak-stigma?page=3 (in Indonesian)
- Hoang TG, Nguyen GNT, Le DA (2021) Developments in Financial Technologies for Achieving the Sustainable Development Goals (SDGs): FinTech and SDGs. In: U Accucuk (ed.) Disruptive Technologies and Eco-Innovation for Sustainable Development, 1–19. https://doi.org/10.4018/978-1-7998-8900-7.ch001
- Hubbard D (2020) The failure of risk management: Why it's broken and how to fix it. John Wiley & Sons.
- Iramani , Fauzi AA, Wulandari DA (2020) Financial literacy and business performances improvement of micro, small, medium-sized enterprises in East Java Province, Indonesia. International Journal of Education Economics and Development 9(4): 303–23. https://doi.org/10.1504/IJEED.2018.096069
- Ji Z, Zhou T, Zhang Q (2023) The Impact of Digital Transformation on Corporate Sustainability: Evidence from Listed Companies in China. Sustainability 15(3): 2117. https://doi.org/10.3390/su15032117
- Karimi C (2023) Factors Affecting Small And Micro Enterprises Access To Finance In Kirinyaga County, Kenya.
- Khalil M (2021) Financial citizenship as a broader democratic context of financial literacy. Citizenship, Social and Economics Education 20(1): 3–16. https://doi.org/10.1177/2047173420948411
- Klapper L, Lusardi A (2020) Financial literacy and financial resilience: Evidence from around the world. Financial Management 49(3): 589–614. https://doi.org/10.1111/fima.12283
- Kulathunga KMMCB, Ye J, Sharma S, Weerathunga PR (2020) How Does Technological and Financial Literacy Influence SME Performance: Mediating Role of ERM Practices. Information 11(6): 297. https://doi.org/10.3390/info11060297
- Kumar S (2023) A Study on Role of Women Entrepreneurs in G20 Countries. DME Journal of Management 4(02): 18–37. https://doi.org/10.53361/dmejm.v4i02.03
- Kumar A, Ayedee D (2021) Technology adoption: A solution for SMEs to overcome problems during COVID-19. Academy of Marketing Studies Journal 25(1): 1–16. URL: https://www.researchgate.net/publication/346803133_TECHNOLOGY_ADOPTION_A_SOLUTION_FOR_SMEs_TO_OVERCOME_PROBLEMS_DURING_COVID19
- Lewallen J (2021) Emerging technologies and problem definition uncertainty: The case of cybersecurity. Regulation & Governance 15(4): 1035–52. https://doi.org/10.1111/rego.12341
- Lind T, Ahmed A, Skagerlund K, Strömbäck C, Västfjäll D, Tinghög G (2020) Competence, Confidence, and Gender: The Role of Objective and Subjective Financial Knowledge in Household Finance. Journal of Family and Economic Issues 41: 626–38. https://doi.org/10.1007/s10834-020-09678-9
- Litvinenko VS (2020) Digital Economy as a Factor in the Technological Development of the Mineral Sector. Natural Resources Research 29: 1521–41. https://doi.org/10.1007/s11053-019-09568-4
- Liu S, Gao L, Latif K, Dar AA, Zia-UR-Rehman M, Baig SA (2021) The Behavioral Role of Digital Economy Adaptation in Sustainable Financial Literacy and Financial Inclusion. Frontiers in Psychology 12: 742118. https://doi.org/10.3389/fpsyg.2021.742118
- Lusardi A, Tufano P (2015) Debt literacy, financial experiences, and overindebtedness. Journal of Pension Economics and Finance 14(4): 332–68. https://doi.org/10.1017/S1474747215000232
- Lyons AC, Kass‐Hanna J (2021) A methodological overview to defining and measuring "digital" financial literacy. Financial Planning Review 4(2): e1113. https://doi.org/10.1002/cfp2.1113
- Maharana N, Ganesh BUB, Mohanty J, Panigrahi AK, Chaudhury SK (2023) Financial Literacy and Risk Management: A Study on Small Independent Women Entrepreneurs.
- Mama ML (2020) Promoting agriculture amongst the black youth of South Africa: The role the sector has to play in creating employment, alleviating poverty, and achieving equitable economic growth.
- Merello P, Barberá A, De La Poza E (2022) Is the sustainability profile of FinTech companies a key driver of their value? Technological Forecasting and Social Change 174: 121290. https://doi.org/10.1016/j.techfore.2021.121290
- Muthukrishnan U, Bhattacharyya SS (2024) Can women empowerment contribute to sustainable growth – examining the enablers for social enterprise performance of women social entrepreneurs in India. International Journal of Ethics and Systems. https://doi.org/10.1108/IJOES-09-2023-0211
- Njagi C (2023) Factors Affecting Small And Micro Enterprises Access To Finance In Kirinyaga County, Kenya.
- Paiola M, Gebauer H (2020) Internet of things technologies, digital servitization and business model innovation in BtoB manufacturing firms. Industrial Marketing Management 89: 245–64. https://doi.org/10.1016/j.indmarman.2020.03.009
- Pandey N, de Coninck H, Sagar AD (2022) Beyond technology transfer: Innovation cooperation to advance sustainable development in developing countries. Wiley Interdisciplinary Reviews: Energy and Environment 11(2): e422. https://doi.org/10.1002/wene.422
- Pazarbasioglu C, Mora AG, Uttamchandani M, Natarajan H, Feyen E, Saal M (2020) Digital Financial Services.
- Radovanović D, Holst C, Belur SB et al. (2020) Digital Literacy Key Performance Indicators for Sustainable Development. Social Inclusion 8(2): 151–67. https://doi.org/10.17645/si.v8i2.2587
- Raman R, Subramaniam N, Nair VK, Shivdas A, Achuthan K, Nedungadi P (2022) Women Entrepreneurship and Sustainable Development: Bibliometric Analysis and Emerging Research Trends. Sustainability 14(15): 9160. https://doi.org/10.3390/su14159160
- Ramya U, Pushpa A, Ghosh N (2024) Women Entrepreneurship–A Way Towards Sustainability. In: Kumar N, Sood K, Özen E, Grima S (Eds.) The Framework for Resilient Industry: A Holistic Approach for Developing Economies. Emerald Publishing Limited, Leeds, 281–99. https://doi.org/10.1108/978-1-83753-734-120241020
- Rêgo BS, Jayantilal S, Ferreira JJ, Carayannis EG (2022) Digital Transformation and Strategic Management: A Systematic Review of the Literature. Journal of the Knowledge Economy 13: 3195–222. https://doi.org/10.1007/s13132-021-00853-3
- Roman A, Rusu VD (2022) Digital Technologies and the Performance of Small and Medium Enterprises. Studies in Business and Economics 17(3): 190–203. https://doi.org/10.2478/sbe-2022-0055
- Rudhumbu N, du Plessis E(E), Maphosa C (2020) Challenges and opportunities for women entrepreneurs in Botswana: Revisiting the role of entrepreneurship education. Journal of International Education in Business 13(2): 183–201. https://doi.org/10.1108/JIEB-12-2019-0058
- Sabri MF, Wijekoon R, Rahim HA (2020) The influence of money attitude, financial practices, self-efficacy and emotion coping on employees' financial well-being. Management Science Letters 10: 889–900. https://doi.org/10.5267/j.msl.2019.10.007
- Seet P-S, Jogulu U, Cripps H, Nejati M (2023) Transforming self-perceived self-employability and entrepreneurship among mothers through mobile digital sharing economy platforms: An exploratory case study. Personnel Review 52(3): 492–520. https://doi.org/10.1108/PR-04-2019-0217
- Senyo PK, Osabutey ELC (2020) Unearthing antecedents to financial inclusion through FinTech innovations. Technovation 98: 102155. https://doi.org/10.1016/j.technovation.2020.102155
- Setyowati W, Widayanti R, Supriyanti D (2021) Implementation of E-Business Information System in Indonesia: Prospects and Challenges. International Journal of Cyber and IT Service Management 1(2): 180–8. https://doi.org/10.34306/ijcitsm.v1i2.49
- Silvius AJG, Schipper R (2022) Exploring the relationship between sustainability and project success – Conceptual model and expected relationships. International Journal of Information Systems and Project Management 4(3): 5–22. https://doi.org/10.12821/ijispm040301
- Siswoyo U, Asandimitra N (2021) Pengaruh Income, Debt, Gender Differences, Financial Literacy, dan Financial Attitude terhadap Financial Satisfaction. Jurnal Ilmu Manajemen 9(4): 1549–62. https://doi.org/10.26740/jim.v9n4.p1549-1562 (in Indonesian)
- Sofyani H, Riyadh HA, Fahlevi H (2020) Improving service quality, accountability and transparency of local government: The intervening role of information technology governance. Cogent Business & Management 7(1): 1735690. https://doi.org/10.1080/23311975.2020.1735690
- Sugiyono S, Lestari P (2021) . Metode penelitian komunikasi (Kuantitatif, kualitatif, dan cara mudah menulis artikel pada jurnal internasional). Alfabeta: Bandung. (in Indonesian)
- Suryanto , Rusdan , Dai RM (2020) Fintech As A Catalyst For Growth Of Micro, Small And Medium Enterprises In Indonesia. Academy of Strategic Management Journal 19(5). URL: https://www.researchgate.net/publication/344819009_FINTECH_AS_A_CATALYST_FOR_GROWTH_OF_MICRO_SMALL_AND_MEDIUM_ENTERPRISES_IN_INDONESIA
- Taherdoost H (2023) Fintech: Emerging trends and the future of finance. In: Turi AN (ed.) Financial technologies and DeFi. A Revisit to the Digital Finance Revolution. Springer, Cham, 29–39. https://doi.org/10.1007/978-3-031-17998-3_2
- Tambunan TTH (2020) Evidence of the use of internet for business by MSEs in a developing country. The Indonesian case. Annals of the Brazilian Academy of Sciences 92(1): 1–15. https://doi.org/10.1590/0001-3765202020180555
- Tuffour JK, Amoako AA, Amartey EO (2022) Assessing the effect of financial literacy among managers on the performance of small-scale enterprises. Global Business Review 23(5): 1200–17. https://doi.org/10.1177/0972150919899753
- Van Looy A (2021) A quantitative and qualitative study of the link between business process management and digital innovation. Information & Management 58(2): 103413. https://doi.org/10.1016/j.im.2020.103413
- Vîrjan D, Manole AM, Stanef-Puică MR et al. (2023) Competitiveness — the engine that boosts economic growth and revives the economy. Frontiers in Environmental Science 11: 1130173. https://doi.org/10.3389/fenvs.2023.1130173
- Widdowson D, Hailwood K (2017) Financial literacy and its role in promoting a sound financial system. Reserve Bank of New Zealand Bulletin 70: 37–47. URL: https://ideas.repec.org/a/nzb/nzbbul/june20075.html
- Yakob S, Yakob R, Hafizuddin-Syah BAM, Rusli RZA (2021) Financial Literacy and Financial Performance of Small and Medium-sized Enterprises. The South East Asian Journal of Management 15(1): 72–96. https://doi.org/10.21002/seam.v15i1.13117