Pe e , Se in; E, Gee ha; Gup a, Anju
A icle
Na iga ing he digi al inancial landscape: un a eling he impac o
inancial beha io ai s on women-owned en e p ises in he new
no mal pe spec i e
Cogen Business & Managemen
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Pe e , Se in; E, Gee ha; Gup a, Anju (2024) : Na iga ing he digi al inancial
landscape: un a eling he impac o inancial beha io ai s on women-owned en e p ises in
he new no mal pe spec i e, Cogen Business & Managemen , ISSN 2331-1975, Taylo & F ancis,
Abingdon, Vol. 11, Iss. 1, pp. 1-25,
h ps://doi.o g/10.1080/23311975.2023.2296570
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/325946
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by/4.0/
Cogen Business & Managemen
ISSN: 2331-1975 (Online) Jou nal homepage: www. and online.com/jou nals/oabm20
Na iga ing he digi al financial landscape:
un a eling he impac o financial beha io ai s
on women-owned en e p ises in he new no mal
pe spec i e
Se in Pe e , Gee ha E & Anju Gup a
To ci e his a icle: Se in Pe e , Gee ha E & Anju Gup a (2024) Na iga ing he digi al financial
landscape: un a eling he impac o financial beha io ai s on women-owned en e p ises
in he new no mal pe spec i e, Cogen Business & Managemen , 11:1, 2296570, DOI:
10.1080/23311975.2023.2296570
To link o his a icle: h ps://doi.o g/10.1080/23311975.2023.2296570
© 2024 The Au ho (s). Published by In o ma
UK Limi ed, ading as Taylo & F ancis
G oup
Published online: 29 Feb 2024.
Submi you a icle o his jou nal
A icle iews: 3585
View ela ed a icles
View C ossma k da a
Ci ing a icles: 5 View ci ing a icles
Full Te ms & Condi ions o access and use can be ound a
h ps://www. and online.com/ac ion/jou nalIn o ma ion?jou nalCode=oabm20
Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2296570
Na iga ing he digi al inancial landscape: un a eling he impac o
inancial beha io ai s on women-owned en e p ises in he new
no mal pe spec i e
Se in Pe e , Gee ha E and Anju Gup a
Depa men o Comme ce, Manipal academy o Highe educa ion (MaHe), Manipal, Ka na aka, india
ABSTRACT
Explo ing he inancial beha io ai s amids he unexpec ed inancial challenges and he
unpa alleled ise in in ech, his s udy p o ides insigh in o he in e play o en ep eneu
digi al inancial li e acy (EDFL), en ep eneu inancial compe ency (EFC), and en ep eneu
inancial skill (EFS) impac ing en ep eneu inancial decision-making (EFDM). Towa d his
goal, da a we e ga he ed om 223 ac i e women en ep eneu s om India who ha e
accoun s in he social media pla o m. The h ee-s ep hie a chical eg ession analysis
disclosed ha an en ep eneu wi h sound EDFL, EFS, and EFC can signi ican ly enhance
s a egic decision-making (EFDM). The esea ch ou come e eals ha EFDM is a consis en
p edic o o he inancial pe o mance o women-owned en e p ises. In addi ion, he
en ep eneu ’s inancial decision-making does no media e he ela ionship be ween
inancial expe ience, inancial compe ency, inancial skill budge ing, and inancial skill_
acumen wi h inancial pe o mance. In con as , pa ial media ion is obse ed be ween
digi al inancial awa eness, digi al inancial knowledge, and inancial skill_analy ics. The
no el insigh accoun ed o a signi ican ly low le el o expe ience in en ep eneu s’
u iliza ion o digi al pla o ms o paymen , inancing loans, and asse managemen . The
ou come ca ies academic, egula o y, and manage ial signi icance, ecognizing he unique
in e ac ion; he cumula i e e o s s eng hen he capaci y o add ess socio-economic
challenges and ansla e hem in o gende -speci ic policy in e en ions and p ac ices.
IMPACT STATEMENT
The esea ch p esen s a imely explo a ion in o he e ol ing inancial landscape,
pa icula ly ocusing on he digi al li e acy and compe ency o women en ep eneu s
amids unp eceden ed challenges and he apid expansion o in ech solu ions. By
del ing in o he in ica e dynamics o digi al inancial beha io ai s, he s udy
unde sco es he pi o al ole o en ep eneu digi al inancial li e acy, compe ency, and
skill in shaping s a egic decision-making p ocesses. The indings no only highligh he
indispensable link be ween en ep eneu inancial decision-making and en e p ise
pe o mance bu also shed ligh on he nuanced ela ionships wi hin he digi al inancial
ealm. This esea ch con ibu es signi ican insigh s in o how women en ep eneu s
le e age digi al pla o ms o inancial ansac ions, loan managemen , and asse
op imiza ion, despi e acing no able challenges in expe ience le els. Such insigh s hold
p o ound implica ions o academia, egula o y amewo ks, and manage ial p ac ices,
ad oca ing o ailo ed in e en ions and policies ha empowe women en ep eneu s
and os e inclusi e economic g ow h amids he e ol ing inancial landscape.
1. In oduc ion
The global business landscape has wi nessed a signi ican economic, echnological, and social shi , con o ming
o a new no mal business en i onmen (Ahls om e al., 2020; S hoj e al., 2022). Schola ly na a ion iews his
new no mal as a ansi ional phase implemen ing changes a a ying le els depending on he a ibu es o he
o ganiza ion, indus y, and na ion o which hey belong (Ahls om e al., 2020; Ragha an e al., 2021). The eupon,
he new no mal has p omp ed he o ganiza ion o adap by os e ing inno a ion, emb acing echnology, and
c a ing new business models. Globaliza ion in he new no mal en i onmen d i es en ep eneu s o na iga e
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT gee ha e gee [email protected] Depa men o Comme ce, Manipal academy o Highe educa ion (MaHe), Manipal,
Ka na aka, india
h ps://doi.o g/10.1080/23311975.2023.2296570
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
Recei ed 21 Sep embe
2023
Re ised 13 No embe
2023
Accep ed 12 Decembe
2023
KEYWORDS
Financial pe o mance;
Financial digi al li e acy;
Financial compe ency;
Financial decision-making;
Financial beha io ;
Women en ep eneu ship;
SDG 8
REVIEWING EDITOR
Pablo Ruiz, Uni e sidad
de Cas illa-La Mancha,
Spain
JEL CLASSIFICATION
B54; G40; L25; L26
SUBJECTS
En ep eneu ship;
Inno a ion
MANAGEMENT | RESEARCh ARTICLE
2 S. PETER ETAL.
by o mula ing e ec i e s a egies o espond o he challenges in eme ging economies (Gao e al., 2023;
Lingappa e al., 2023; Na & E ogul, 2021). This is because o he economic libe aliza ion in se e al o he wo ld’s
eme ging coun ies, like B azil, Russia, and India, who ha e simila ly expe ienced a pe iod o economic ansi-
ion (Abad-Segu a e al., 2020). The demog aphic ‘ ail’ wind d i ing economic g ow h is shi ing o ‘head’ wind
in de eloped economies, which is likely e en obse able in olde de eloping coun ies (China and Russia).
Fu he mo e, his ad an age will pe sis in younge eme ging economies such as B azil and India wi hin he
nex 20–30 yea s (Ahls om e al., 2020).
The pandemic has accele a ed business digi aliza ion, and he adop ion o digi al echnologies by
en ep eneu s as an essen ial equi emen in he cu en con ex (Chen e al., 2023; Jiménez-Za co e al.,
2021; Kuk eja e al., 2021). Among he eme ging economies, mo e han one in wo expec s o inc ease
he use o digi al echnologies, compa ed o jus hal o o he economies. The wo ld digi al a e pene-
a ion is 64%, who expec hei business o use mo e digi al echnologies in hei en ep eneu ial en-
u e. Fu he mo e, he p opo ion o hose en ep eneu s who expec o use digi al echnologies in
hei business anged om 52% (Sou h A ica) o 84% (B azil), whe e India main ained 69% (Global
En ep eneu ship Moni o [GEM], 2022). This indica es he p epa edness o en ep eneu s o he e ol -
ing business wo ld; bu also e eals he inclina ion owa d emb acing digi al ans o ma ion among
Indian en ep eneu s, nea ly 7 ou o 10 en ep eneu s excep o inco po a ed digi al echnologies.
O e he ecen yea s, India has wi nessed an explosi e su ge in mobile phone pene a ion (hende sho
e al., 2021; Melubo & Musau, 2020; Mossie, 2023) coupled wi h inc ease in in e ne access and in e ne based
se ices, which en ep eneu s can le e age (LEAD, 2020). IndianS ack se e as he unde lying pla o m o he
digi al India, o e ing a collabo a i e echnical and inno a i e backbone upon which digi al ecosys em g ow,
enabling no el o m o p esence less, pape less and cashless ansac ion (IBM, 2018). India anks among he
wo ld’s op i e in ech ma ke s (Asi e al., 2023; hasan e al., 2023; Kuk eja e al., 2021), his apidly g owing
sec o is expec ed o expand om $50 billion in 2021 o $150 billion by 2025, d i en by he in luence o he
in e ne and eme ging echnologies. Fin ech is shaping he way inancial p oduc s and se ices a e designed
and deli e ed making i accessible o he public (Asi e al., 2023; hasan e al., 2023; Yue e al., 2022). hence,
India o e s a compelling backd op o he examina ion o how inancial beha io ai impac women owned
en e p ise. As one o he wo ld’s as es -g owing majo economies (Jha & Alam, 2022; Ra ikuma e al., 2022;
Sellappan & Shanmugam, 2023), wi h a h i ing s a up ecosys em (Ae noud & De San José, 2020). This g ow h
p esen s oppo uni ies and challenges o women en ep eneu s who ha e long s uggled wi h gende dispa -
i ies (Adika am & Razik, 2022; Islam & Muzi, 2022). They mus na iga e he unique challenges due o cul u al,
social, and economic ac o s (Ca della e al., 2020; Gao e al., 2023; Ogbo e al., 2019), as well as ha ness he
a ious go e nmen ini ia i es and schemes o educe he digi al di ide (Adika am & Razik, 2022; ha iambi e
& ha kal, 2021; Newman e al., 2023).
Fu he mo e, he pandemic has signi ican ly in luenced he shi ha should be s udied and analyzed
(Ca oll & Conboy, 2020; Gao e al., 2023; GEM, 2022; Jiménez-Za co e al., 2021; Ra ikuma e al., 2022).
The isk, ola ili y, and unce ain y due o he COVID-19 pandemic ha e a ec ed global inancial ma ke s
and a lic ed he inancial, economic, and psychological well-being o e e y s a um o socie y (S hoj
e al., 2022). In he a e ma h, economic de e io a ion led o en e p ise closu es o educed inancial
pe o mance, especially in de eloping coun ies like India (K amme , 2022). Consequen ly, he decline in
p o i s and e enue esul s in he inancial weakness o he en e p ise. Women-led businesses expe i-
enced challenges in accessing inancial suppo and esou ces, exace ba ing he inancial s ain hey
expe ienced (Mucha, 2020). The pandemic highligh ed p e-exis ing gende dispa i ies in access o inances
and esou ces, making i e en mo e challenging o women en ep eneu s o sus ain hei businesses
(Jiménez-Za co e al., 2021; S hoj e al., 2022). This pape cen e s on he pe spec i e o women en ep e-
neu s, whe e he emo ions s i ed by such dis up ion a ec hei abili y o make inancial decisions. Such
dynamic and unce ain scena ios disp opo iona ely a ec hose leas equipped o handle hem (Ae noud
& De San José, 2020; O ganisa ion o Economic Co-ope a ion and De elopmen [OECD], 2022). Women
en ep eneu s possess limi ed inancial knowledge, hus esul ing in a lack o skills necessa y o a oid
inancial mismanagemen (Kuma e al., 2023; Rachel Ku u illa & N ha ikuma , 2020; Yoope ch, 2021; Yue
e al., 2022).
Con e sely, he e is a g owing ecogni ion o he c ucial ole played by women en ep eneu s in d i ing
economic g ow h and os e ing sus ainable de elopmen (Gang e al., 2022; In e na ional Finance Co po a ion,
COGENT BUSINESS & MANAGEMENT 3
2018). As mo e women ac i ely pa icipa e in he en ep eneu ial landscape, explo ing he ac o s ha can
in luence hei inancial pe o mance becomes impe a i e. As eme gence o digi al inancial se ices has ans-
o med he inancial landscape, o e ing new oppo uni ies and challenges o en ep eneu s wo ldwide
(Jiménez-Za co e al., 2021; Panos & Wilson, 2020; Qiao e al., 2023; Ughe o e al., 2020).
Beha io al inance examines such emo ional u bulence and i s de imen al e ec on En ep eneu ial inan-
cial decision-making (Asi e al., 2023; Mo gan e al., 2019; Qiao e al., 2023; Sa a e al., 2023), and i s impac
on inancial pe o mance (Lingappa e al., 2023; Sellappan & Shanmugam, 2023; Yazdan a & Öhman, 2015). I
could be a ibu ed o en ep eneu s e alua ing hei compe encies (Fazal e al., 2022; La i & Yani , 2023) o
uphold inancial s abili y and manage hei inancial ci cums ances, which a e in ica ely connec ed wi h hei
inancial pe o mance (Fazal e al., 2022; Kisubi e al., 2022). The e o e, beha io al he e ogenei y pa es he way
o coping s a egies (Asi e al., 2023; Liñán & Chen, 2009), as en ep eneu s possessing mode a e inancial
li e acy end o eac sensibly o economic unce ain y (I am e al., 2021; Yue e al., 2022). Simul aneously, he
apid ad ancemen o digi iza ion and he excep ional g ow h in inancial echnologies amid he pandemic
emphasized he signi icance o inancial decision-making in enhancing inancial pe o mance (La i & Yani ,
2023; Ruiz-Do as & Lladós-Masllo ens, 2022).
This s udy iews en ep eneu ship h ough he digi al echnology lens, how he in eg a ion o dig-
i al s uc u es and elemen s (apps, websi e) has dis up ed he en ep eneu ial p ocess by expanding
he bo de s o en ep eneu ial endea o s and pa ne ships (Jiménez-Za co e al., 2021; Kelly & McAdam,
2023). As well as he echnological accep ance ega ding accessibili y, en ep eneu engagemen , and
in e ac i i y (Panos & Wilson, 2020; Puschmann, 2017). I holds signi icance o ma ginalized g oups
like women, as digi al echnology is conside ed a g ea le e (Kelly & McAdam, 2023; Mossie, 2023),
leading o he democ a iza ion o en ep eneu ship. P io s udies indica e ha inancially li e a e and
knowledgeable en ep eneu s make in o med inancial decisions (Khu ana & Lee, 2023; Zainol & Al
Mamun, 2018) leading o hei economic s abili y and inancial pe o mance. Economic c isis esul s in
unding sho ages and he inabili y o handle inance (De Simone e al., 2021; S hoj e al., 2022), which
leads o diminishing inancial pe o mance (Sha ma, 2021). To ackle such si ua ions, esea che s ec-
ommend enhancing p uden inancial beha io h ough egula assessmen o expenses, main enance
o con ingency unds (Mokh a e al., 2020), budge ing, which encompasses inancial skills (Ogge o
e al., 2020; Rink e al., 2021), gaining inancial compe encies (Fazal e al., 2022; Kisubi e al., 2022; Man
e al., 2002), and imp o ing inancial li e acy (Sa a e al., 2023; Valdes e al., 2022).
The s udy aims o unco e , in es iga e, and unde s and how speci ic inancial beha io al ai s in luence
women en ep eneu s in India, pa icula ly in he con ex o inancial decision-making, and how hese decisions
impac he o e all inancial pe o mance wi hin he backd op o he changing economic and business land-
scape e e ed o as he ‘New no mal’. The pape has a speci ic esea ch agenda aimed a unde s anding he
ole o speci ic ai s, including digi al inancial li e acy, inancial compe ency, and inancial skill, in shaping
inancial decision-making and pe o mance. I is jus i ied due o he apidly changing inancial landscape
b ough by he pene a ion o mobile phones and he educed digi al di ide (GEM, 2022; Islam & Muzi, 2022;
Mossie, 2023). I explo es how adap ing o digi al inancial ools and de eloping inancial compe encies and
skills impac women en ep eneu s in his new economic con ex , pa icula ly beyond he pos -pandemic.
These ac o s a e in e ela ed (Bu chi e al., 2021; Cole e al., 2009; Ruiz-Do as & Lladós-Masllo ens, 2022) and
collec i ely con ibu e o imp o ing inancial decision-making (Raghu anshi e al., 2017; Rapp e al., 2018;
Ra ikuma e al., 2022) and ul ima ely impac he inancial pe o mance o women -owned en e p ises (Anwa
e al., 2020; Shkod a e al., 2021; Sui e al., 2022) in he e ol ing inancial landscape.
In oday’s digi al age, he pene a ion o mobile phones, digi al echnologies, and online pla o ms has
esul ed in a educ ion in he digi al di ide ha ans o med he business landscape in India (LEAD, 2020).
En ep eneu ial digi al inancial li e acy is c ucial as i equips women en ep eneu s wi h he knowledge and
skills needed o na iga e he digi al inancial landscape (Asi e al., 2023; Chen e al., 2023; Islam & Muzi, 2022).
Mobile paymen and in e ne connec i i y became essen ial ools o inancial ansac ion ha enables digi al
paymen and online ansac ions (Gao e al., 2023; Islam & Muzi, 2022; Kedi & Kouame, 2022; Mossie, 2023).
Focusing on digi al inancial li e acy enables women en ep eneu s o le e age he po en ial o digi al ools o
hei ad an age, allowing hem o make in o med inancial decisions.
Financial compe ency is a undamen al elemen o any en ep eneu ’s success (Fe e as-Ga cia e al.,
2021; La i & Yani , 2023). In he ealm o women-led business in India, ensu ing ha en ep eneu s
4 S. PETER ETAL.
possess he equi ed inancial compe ency is i al o sus ainable business ope a ions (Aga wal e al.,
2022; K ishna, 2003; Mokbel Al Koliby e al., 2022). The new no mal pe spec i e, wi h he inc eased eli-
ance on digi al inancial ools, necessi a es ha women en ep eneu s a e no only awa e o hese ools
bu a e compe en enough o use hem e ec i ely (D aksle & Ši ec, 2018). This compe ency di ec ly
impac s hei inancial decision-making, enabling hem o con iden ly e alua e inancial in o ma ion and
make in o med inancial decisions.
Building on inancial compe ency, inancial skill encompasses he p o iciency o implemen inancial
s a egies and decisions e ec i ely. In an economy d i en by digi al and mobile echnologies, he abili y
o apply inancial skills is c ucial (Ra ikuma e al., 2022; S uckell e al., 2022). Women en ep eneu s
should possess he essen ial skills equi ed o managing inance, making paymen s, accessing c edi ,
analyzing ma ke ends, and making p uden in es men s (Ogge o e al., 2020; Ruiz-Do as &
Lladós-Masllo ens, 2022). The new no mal pe spec i e unde sco es he impo ance o adap abili y and
agili y in managing inancial ma e s, and ha ing inancial skills will empowe en ep eneu s o na iga e
he e ol ing inancial landscape.
I examines inancial skills like inancial acumen, analy ical skills, and budge ing o in es iga e he
in e play in making a be e inancial decision. P io s udies ha e o e looked he explici ole o inancial
skills (A kinson, 2017; S uckell e al., 2022) and digi al inancial li e acy (Ji e al., 2021; Jiménez-Za co
e al., 2021) as de e minan s o inancial decision-making. Nume ous esea ch s udies ha e del ed in o
inancial decision-making (Bake e al., 2019) and inancial pe o mance (Oo e al., 2022); hei esul s
we e inconclusi e ega ding he geog aphical scope and a iables employed, displaying ambigui y
(Esubalew & Raghu ama, 2020). I mo i a es he empi ical esea ch o e eal he in e play o he en e-
p eneu s’ inancial skills, digi al inancial knowledge, and inancial compe ency, which consequen ly
impac decision-making. The e o e, he s udy has h ee objec i es; he i s in ol es de e mining ac o s
in luencing inancial decision-making. Secondly, unde s and how beha io al ai s like digi al inancial
knowledge, inancial skill, and inancial compe ency collec i ely a ec he inancial decision-making abil-
i ies o women en ep eneu s in India. Thi d, o explo e o wha ex en inancial decision-making medi-
a es he associa ions be ween digi al inancial knowledge, inancial compe ency, and inancial skill wi h
inancial pe o mance.
D awing om he esea ch analysis, he inding unde sco e he consis en ole o en ep eneu inan-
cial decision-making (EFDM) as a p edic o o he inancial pe o mance o women-owned en e p ises.
Fu he mo e, he media ion analysis e ealed ha an en ep eneu ’s inancial decision-making does no
ac as a media ing ac o in he ela ionship be ween digi al inancial expe ience, inancial compe ency,
inancial skill budge ing, and inancial skill acumen wi h inancial pe o mance. howe e , he examina ion
could wi ness a pa ial media ion o EFDM be ween en ep eneu ial digi al inancial awa eness, en ep e-
neu digi al inancial knowledge and inancial skill analy ical. I ’s wo h no ing ha all he inancial
beha io ai s examined in he s udy we e p edic o s o EFDM excep en ep eneu ial inancial expe i-
ence. The no el insigh accoun ed om his esea ch highligh s ha en ep eneu s ha e signi ican ly low
le el o expe ience in u ilize he digi al pla o ms o paymen , inancing loans, and asse managemen .
The pape is s uc u ed as ollows, wi h subsec ion: Sec ion 2 gi es he li e a u e e iew discussing he
beha io al ai s ha de e mine he inancial decision-making o women-owned en e p ises. I examines
he li e a u e, ou lines he esea ch amewo k, and p esen s hypo heses. Sec ion 3 me hodology ou lines
he s udy’s app oaches, ollowed by he p esen a ion and analysis o he esul s. The implica ions o
heo y and p ac ice and ecommenda ions a e hen p o ided. The pape concludes wi h a summa y o
he key indings in he inal sec ion.
2. Li e a u e e iew
2.1. En ep eneu s’ inancial decision making
O e he pas decade, he e has been conside able ocus on En ep eneu Financial Decision Making
(EFDM) and En e p ise Financial Pe o mance (EFP) due o he inconsis ency un eiled in he ex ended
inancial planning (De Simone e al., 2021; Panos & Wilson, 2020) and he inancial sus ainabili y o o ga-
niza ions (Anwa e al., 2020; Bu icè e al., 2023). EFDM ope a es on he p emise ha en ep eneu s’
COGENT BUSINESS & MANAGEMENT 5
decisions depend upon he a ailable al e na i es and p e e hose ha lead o be e inancial pe o -
mance (La i & Yani , 2023). I is belie ed o in ol e e alua ing al e na i e cos s and bene i s, which
include inancial implica ions and associa ed elemen s (Kuma e al., 2023). Financial pe o mance esul s
om consis en inancial beha io (Alja odi e al., 2022), including inancial li e acy (Yue e al., 2022),
inancial compe ency (Lingappa e al., 2023), and inancial skills (Mille & Le B e on-Mille , 2017) encom-
passing he domain knowledge o achie e sus ainable en ep eneu ial inancial g ow h and objec i es.
E alua ing business pe o mance, pa icula ly o small businesses, is complex and con en ious due o
he a ious pe o mance elemen s in ol ed (Lingappa e al., 2023; Sellappan & Shanmugam, 2023; Sui
e al., 2022). Resea che s ad oca e he exclusi e eliance on inancial me ics, while ecen esea ch
unde sco es he impo ance o non- inancial ac o s. Financial me ics a e essen ial ye inadequa ely cap-
u e he o e all o ganiza ional pe o mance o small businesses. Financial pe o mance me ics o small
businesses all sho o p o iding an au hen ic and impa ial ep esen a ion o business ou comes (Se iani
& Bown, 2013). hence, a sel - epo ing pe o mance indica o essen ially mee s he equi emen o mea-
su ing he pe o mance o small businesses (Esubalew & Raghu ama, 2020).
Mo eo e , small businesses o en neglec o main ain hei books o accoun , which complica es he
ask o collec ing his o ical and unbiased da a showcasing pe o mance (Esubalew & Raghu ama, 2020).
Fu he mo e, ob aining accu a ely documen ed inancial in o ma ion is unlikely and p e e able om he
owne ’s epo ing pe spec i e (Se iani & Bown, 2013). hence, his s udy gauges he pe o mance by
assessing hei pe cei ed inancial pe o mance on p o i s, u no e , and deb asse p opo ion. E alua ing
inancial pe o mance, pa icula ly small business, poses challenges and is con o e sial due o di e se
pe o mance cha ac e is ics. The concep o inancial pe o mance i sel is s ill in i s nascen s age.
No ably, he achie emen o women en ep eneu s igge s a social shi as hey exhibi a signi ican
d i e owa d add essing social conce ns (I am e al., 2021; Rosca e al., 2020).
P io s udies on inancial pe o mance a e con ined o p edic o s ha can be ca ego ized in o inancial
beha io , si ua ional, and psychosocial ac o s. Al hough exis ing s udies e lec on he objec i e dimen-
sion o inancial pe o mance, hey ail o e alua e he dep h o en ep eneu ial emo ions and esponses
o inancial si ua ions. S udies on inancial pe o mance should encompass subjec i e a ibu es inco po-
a ing he pe cep ion o weal h maximiza ion o achie ing he u u e inancial goal (Bake & Ma in,
2011). Mo e ecen ly, eme ged he concep o Pe cei ed Financial Pe o mance, a concep ha lacks a
widely ag eed de ini ion, encompasses he inancial pe o mance in e play by conside ing se e al ac o s,
such as he po en ial o inancial managemen , he s ess associa ed wi h cash managemen , and an ic-
ipa ion o o hcoming inancial s abili y (Ne emeye e al., 2018). On he o he hand, he no el y lies in
i s conside a ion o he non- inancial dimension, which is subjec i e, namely En e p ise Pe cei ed Financial
Pe o mance (EPFP), as i ‘ e lec s he pe cei ed assessmen o he expe ience and quali y o en ep e-
neu ial inance wi hou e e ence o he objec i e ac s’ (OECD, 2020).
Mo eo e , en ep eneu s unde going simila ci cums ances pe cei e inancial pe o mance di e en ly,
especially in assessing hei capaci y o e ec i ely manage he accessible unds o mee hei p esen
and u u e equi emen s (Sui e al., 2022). ‘They also men ion ha Pe cei ed Financial Pe o mance
e lec s en ep eneu s’ comp ehensi e and subjec i e emo ions abou hei inancial posi ion’ (Khan e al.,
2022), s emming om hei inancial skills (Lingappa e al., 2023), inancial acumen, inancial li e acy, and
simila o he cha ac e is ics (Bu chi e al., 2021; Ruiz-Do as & Lladós-Masllo ens, 2022; Sa a e al., 2023).
This s udy cen e s on de eloping na ions like India, making he EPFP a be e i due o he p e alence
o mic o and small sec o s.
2.2. En ep eneu s’ digi al inancial li e acy
Digi al Financial li e acy encompasses a mul i-dimensional pe spec i e (hasan e al., 2023), i is de ined
as ‘knowledge o digi al inancial p oduc s and se ices, awa eness o digi al inancial isks and con ol,
and awa eness o igh s and ed ess p ocedu es’. I s ems om he ‘Gain Goal F amewo k’ wi hin he
goal- aming heo y. The heo y emphasizes ha a aining he goals (in o med decisions and sus ainable
inancial pe o mance) equi es enhancing esou ces (in angible esou ces like en ep eneu digi al inan-
cial li e acy [EDFL]) (Lindenbe g & S eg, 2007; Se ido e al., 2020). I sugges s ha en ep eneu s can
s eng hen hei goals ( inancial pe o mance) by employing di e se sel - egula ing beha io s. Mo eo e ,
6 S. PETER ETAL.
he heo y posi s ha en ep eneu s seek con adic o y objec i es, p opelling hem o engage in
highe -o de cogni i e unc ioning (Lau o e al., 2022).
Fu he mo e, ‘ he goals a e g ouped in o goal ames, which subsequen ly go e n decision-making
ac ion based on a ious ames such as hedonic, gain, and no ma i e’. The ‘hedonic goal ame cen e s
on expe iencing immedia e well-being, and he gain goal ame ela es o making wise decisions ha
p ese e esou ces and inc ease income’ (Lindenbe g & S eg, 2007). ‘The no ma i e goal ame pe ains
o heu is ic beha io eme ging om ex e nal ac o s’. Goal ames, howe e , a e no necessa ily exclusi e,
and his is he c i ical aspec o he heo y ha sugges s ha a goal ame’s po ency is de e mined by
how i in e ac s wi h an indi idual’s immedia e objec i e esul ing om un o eseen ci cums ances. Fo
ins ance, a inancially li e a e indi idual wi h a sa ing men ali y (gain goal ame) migh be in ol ed in
impulsi e o e spending o imp uden in es men , in luenced by impulsi i y (hedonic goal ame). Thus,
i ’s essen ial o ecognize he ole o goal ames in decision-making esul ing om a cumula i e in lu-
ence o ex e nal ac o s and an indi idual’s abili y o egula e beha io (Se ido e al., 2020).
The ise o in ech o e ings has heigh ened he ele ance o Digi al Financial Li e acy, as i e olu ion-
ized and s eamlined he inancial p ocess (Chen e al., 2023; Luo e al., 2021; Yue e al., 2022). I o e s
e icien solu ions o asks like paymen s, lending, ansac ions, and isk managemen , which enhances
ope a ional e iciency, educes cos , and p o ides access o inno a i e ools. Emb acing in ech imp o es
cus ome expe iences, be e inancial decision-making, and inc eased compe i i eness in he eme ging
business landscape (OECD, 2020). Th ee dimensions o digi al li e acy signi ican ly in luence online
p i acy- ela ed ac ion: ‘knowledge abou in e ne echnicali ies, awa eness o common ins i u ional p ac-
ices, and unde s anding o cu en p i acy policy’ (Chen e al., 2023; Islam & Muzi, 2022; Sul an & Sul an,
2020). One s eam o schola ly na a ion iews he digi al en i onmen as a libe a ing se ing o de el-
oping an en ep eneu ial iden i y (Ji e al., 2021; Panos & Wilson, 2020; Sul an & Sul an, 2020). These
digi al spaces a e ‘en isaged o be inclusi e and neu al, which lessens he social hie a chies and p o-
mo es open communica ion in he o m o synch onous and eal- ime in e ac ions’ (Kelly & McAdam,
2023). Schola ly na a i es oo ed in pos - eminism examine he alleged libe y and he po en ial o
women’s success in digi al en ep eneu ship (Islam & Muzi, 2022).
howe e , Digi al Financial Li e acy is a nascen concep (Rahayu e al., 2022) ha has del ed in o he
de e minan s and hei signi icance (Qiao e al., 2023), and less esea ch explici ly in es iga ed he in e -
connec ion be ween Digi al Financial Li e acy, Financial Decision Making, and Financial Pe o mance. We
p opose ha ha ing Financial Skills, Financial Compe ency, and Digi al inancial li e acy encou age en e-
p eneu s o imp o e hei Financial Decision Making, which is economical, goal-o ien ed, and imely
(Rapp e al., 2018), esul ing in sus ainable inancial pe o mance. Financial li e acy encompasses knowl-
edge o inancial p oduc s and se ices, expe ience wi h hese digi al pla o ms, and a keen awa eness
o he associa ed isk (Ogge o e al., 2020; Qiao e al., 2023; Ughe o e al., 2020). hence, we a gue ha
Digi al Financial Li e acy enables en ep eneu s wi h app op ia e digi al skills o maneu e h ough he
digi al inancial domain, enabling hem o make p uden inancial choices and os e sus ainable inancial
g ow h. The e o e, we sugges he ollowing hypo hesis:
Hypo hesis (H1a): En ep eneu Digi al inancial awa eness has a signi ican posi i e impac on En ep eneu
Financial Decision making.
Hypo hesis (H1b): En ep eneu Digi al inancial expe ience has a signi ican posi i e impac on En ep eneu
Financial Decision making.
Hypo hesis (H1c): En ep eneu Digi al inancial knowledge has a signi ican posi i e impac on En ep eneu
Financial Decision making.
2.3. En ep eneu s’ inancial compe ency
Financial compe ency encompasses a mul i ace ed, dynamic concep ha enables one o comp ehend
inancial knowledge, money managemen , o ecas ing, p oduc and se ice selec ion, and emain
COGENT BUSINESS & MANAGEMENT 7
in o med (Kynd & Bae , 2015). I is u he de ined ‘in e ms o wo dimensions: he abili y o ac (based
on acqui ed knowledge) and he oppo uni y o ac (P oduc accessibili y, a o dabili y, use - iendliness,
eliabili y, and sa e y)’ (Fazal e al., 2022; La i & Yani , 2023). I encompasses ‘a i ude and psychological
a ibu es wi hin he socioeconomic-cul u al con ex , leading o he op imal managemen o inancial
esou ces and acili a ing a ional inancial decisions, like planning and budge ing’ (Khu ana & Lee, 2023;
Man e al., 2002). Due o hese choices, he e is an enhancemen in inancial compe ency, subsequen ly
leading o imp o ed inancial s abili y and inancial pe o mance (Sil ey a e al., 2021). The no ion inds
i s mos obus ounda ion in he capabili y app oach in oduced in 1980s. Ama ya Sen and Ma ha
Nussbaum a gued ha he concep should no be seen as an indi idual ai isola ed om he su ound-
ing social and cul u al con ex (Allma k & Machaczek, 2015; Kuma e al., 2023). Ins ead, ‘i should be
pe cei ed as a con e sion elemen ha ans o ms accessible esou ces (money) in o aluable esou ces’
(Financial e u n) (Zayadin e al., 2023).
In he con ex o he Gain Goal ame wi hin he amewo k o goal aming heo y, i is p oposed
ha indi idual pe cei e and p ocess in o ma ion (compe ency) ela ed o a desi ed s a e ( inancial pe -
o mance). Acco ding o his heo y he desi ed goal ( inancial pe o mance) di ec people (en ep eneu )
in e ms o wha hey should ocus on, how o e alua e si ua ion and which beha io o cul i a e
(Lindenbe g & S eg 2007). This in luence is pa icula ly s ong on cogni i e and mo i a ional p ocesses.
The ex en o engagemen in his beha io de e mines he pe cei ed ma e ial bene i and he ou come
associa ed wi h such beha io . Nume ous cogni i e biases (Oo e al., 2022), including in o ma ion o e -
load, s a us quo bias, and loss a e sion, hinde he ans o ma ion om adequa e in o ma ion in o
goal-o ien ed beha io .
Ea lie s udies ex ensi ely examined Financial Compe ency in ela ion o i s in luencing ac and i s
impac on en ep eneu ial pe o mance (Baghe i & Abba iki, 2017; Fazal e al., 2022; hazlina Ahmad
e al., 2010; Kynd & Bae , 2015; Luo e al., 2021). Un il now, s udies ha e explici ly explo ed how en e-
p eneu inancial compe ency (EFC) in luences he ela ionship be ween EFDM and EFP. hence, we ame
ou hypo hesis as ollows:
Hypo hesis (H2): En ep eneu Financial Compe ency has a signi ican posi i e impac on En ep eneu
Financial Decision making.
2.4. En ep eneu s inancial skill
The shi owa d digi aliza ion assis ed wi h echnological ad ancemen demands he necessi y o
acqui ing speci ic abili ies o make in o med inancial decisions (Ra ikuma e al., 2022). Acco ding o
he epo by he OECD, ‘skills a e essen ial o ha nessing he ad an age o he digi al e olu ion, p o-
ec ing agains he po en ial skill in digi al inancial se ices, comp ehending complex in o ma ion, and
making in o med inancial choices’ (OECD, 2017). I is a gued ha possessing inancial skills and unda-
men al knowledge a e equisi es o app op ia e inancial managemen (Ama ucci & C awley, 2011;
Valasko a e al., 2019). P ecisely i e e s o, ‘ele a ed le els o cogni i e skills ha a e ou comes o
a ional inancial decision-making, such as lea ning a e and easoning abili y, a e di ec ly linked o
educed inancial e o s, low paymen de aul , and po olio di e si ica ion’ (Cole & Shas y, 2009). This
concep s ems om he Sel -e icacy he, whe ein en ep eneu ial cogni i e capabili ies and achie e-
men signi ican ly a ec hei con idence in hei abili y o sus ainable inancial g ow h (Bandu a, 1977).
The cu en s udy conside s budge ing, inancial acumen, and analy ics as Financial Skills ha impac
e ec i e decision-making. Rega ding he assessed inancial skill componen , ‘ inancial analy ical hinking
in ol es ecognizing pa e ns and inconsis encies’, and ‘ he ap i ude o e ec i ely manage and alloca e
unds o e a speci ied ime ame is called budge ing skill’ (Ahsan e al., 2022). Meanwhile, inancial
acumen ‘is he a ailabili y o inancial skills o judge he inancial implica ions o a ious inancial deci-
sions adop ed’ (Pabelona, 2023). ha ing a s onge inancial acumen is a i al p ecu so o achie ing
sus ainable inancial g ow h as i p omo es inancial s abili y h ough p uden decision-making
(Fe nandes e al., 2014). I is a gued ha possessing skills in analy ical, budge ing, and inancial acumen
o ms a ounda ion ha enhances easoning and he assu ance o u ilize digi al inancial ools (Ama ucci
& C awley, 2011; Lingappa e al., 2023; Wa ma h & Zimme man, 2019). En ep eneu s a e equipped wi h
14 S. PETER ETAL.
The es esul om Table 5 exhibi s ha he hypo hesis es (H1a–H1c) in es iga ed he di ec e ec
o EDFL on EFDM and we e consis en excep o H1b. hypo hesis H1aindica e ha women en ep eneu
digi al inancial awa eness posi i ely impac s en e p ise inancial decision making (EDFM), and i pa -
ially media es i s ela ionship wi h inancial pe o mance. Despi e he low mean o digi al awa eness,
he posi i e ela ionship indica e ha limi ed digi al awa eness a e s ill able o le e age hei exis ing
digi al inancial knowledge and expe ience o make in o med inancial decisions and engage wi h dig-
i al inancial ools, albei o a lesse ex en . The e may be pocke s o e ec i e u iliza ion o digi al
inancial esou ces among ce ain en ep eneu s, po en ially due o ac o s such as p oac i e lea ning
(Goyal & Kuma , 2021), pee in luence ( an Rooij e al., 2011) o speci ic needs ha d i e engagemen
wi h hese. The indings align wi h he p io esea ch which has conside ed he inancial li e acy o
en ep eneu s ha ends o make in o med inancial decisions (I am e al., 2021; Munyuki & Jonah,
2022). howe e ou s udy uniquely explo es he in luence o digi al inancial li e acy which was no
ex ensi ely examined in p e ious s udies. Due o he po ency o digi al pla o ms and he awa eness
ini ia ed by go e nmen bodies, he bene i s and challenges ha e been dissemina ed adequa ely a he
en ep eneu ial le el, su passing he ypical le el o awa eness in he en ep eneu ial con ex
(Abdelwahed e al., 2022; Rajan Chauhan & Kau Dhami, 2021; Tu ou e al., 2022). The women en e-
p eneu s we e asked abou hei awa eness ega ding he legali y o he in ech p o ide , in e es a e,
and ansac ion ee.
E en hough he conside ed women en ep eneu ha e an a e age digi al awa eness, hey possess
he necessa y digi al inancial knowledge and a e awa e o comp ehending digi al inancial p oduc s
and se ices ha enable hem o make in o med En ep eneu ial decisions (Gajend a Naidu, 2017;
hussain e al., 2018; Rai e al., 2019). S ill, he s udy ound ha hey lack digi al inancial expe ience.
hypo hesis H1b is pos ula ed as women en ep eneu digi al inancial expe ience posi i ely impac
Table 6. Hie a chical eg ession o he le el o inancial decision-making o women en ep eneu s depending
upon he in luen ial ac o s eDFL, eFC, eFs .
P edic o Be a p Value
en ep eneu digi al inancial li e acy (eDFL)
s ep 1 (R2 = 0.73; ΔR2 = 0.73; F (3,219) = 200.85; sig. = 0.000)
eDFa 0.298 .000
eDFe 0.131 .137
eDFk 0.463 .000
en ep eneu inancial compe ency (eFC)
s ep 2 (R2 = 0.89; ΔR2 = 0.162; F (1,218) = 335.96; sig. = 0.000)
eDFa 0.059 .277
eDFe 0.035 .532
eDFk 0.278 .000
eFC 0.640 .000
en ep eneu inancial skill (eFs)
s ep 3 (R2 = 0.95; ΔR2 = 0.061; F (3,215) = 335.96; sig. = 0.000)
eDFa −0.010 .778
eDFe −0.014 .692
eDFk 0.075 .047
eFC 0.552 .000
eFs_ 0.241 .000
eFs_b 0.257 .000
eFs_ac −0.025 .363
Sou ce: au ho c ea ion, 2023.
Table 7. Hypo hesis es esul o media ion analysis.
Rela ionship o al e ec (c) Di ec e ec (c’)
indi ec
e ec (a*b) Con idence in e al -s a is ics Conclusion
eDFa -> eFDM->eFP 0.35 (0.05) 0.28 (0.05) 0.07 0.0008 0.564 1.977 Pa ial media ion
eDFe -> eFDM->eFP 0.06 0.05 0.011 −0.174 0.277 0.448 no media ed
eDFk -> eFDM->eFP 0.44 (0.000) 0.34 (0.000) 0.093 0.0876 0.6015 2.643 Pa ial media ion
eFC -> eFDM->eFP 0.92 (0.000) −0.25 1.17 −0.694 0.184 −1.145 no media ion
eFs_a -> eFDM->eFP 0.52 (0.000) 0.47 (0.000) 0.05 0.148 0.800 2.867 Pa ial media ion
eFs_B -> eFDM->eFP 0.28 (0.05) 0.23 0.0502 −0.0697 0.5226 1.5068 no media ion
eFs_ac -> eFDM->eFP 0.30 (0.05) 0.27 (0.10) 0.0395 −0.0278 0.5631 1.7857 no media ion
Sou ce: au ho c ea ion, 2023.
COGENT BUSINESS & MANAGEMENT 15
en e p ise inancial decision making, al hough his asse ion canno be subs an ia ed. Digi al inancial
expe ience challenges he inancial expe ience explo a ion in p io s udies. Pas s udies ha e e idence
o inancial expe ience wi h signi ican impac on in o med inancial decision and i s impac on inan-
cial pe o mance (Ky gidou e al., 2021; Taylan e al., 2022; Ve shinina e al., 2020). Inc eased inancial
expe ience esul s in de elopmen o inancial skills and knowledge (Bu chi e al., 2021). O e ime
expe ienced en ep eneu s a ain he p o iciency in assessing and managing inancial isk (Razen
e al., 2021; Ruiz-Do as & Lladós-Masllo ens, 2022; Sulis ianingsih & San i, 2023), iden i ying oppo u-
ni y (Abdelwahed e al., 2022; Mish a & Zacha y, 2014), long e m planning, esou ce alloca ion build-
ing c edi and us (Ca aco a e al., 2010; Chundakkadan & Sasidha an, 2021; Xiu e al., 2023) which
enables in making p uden decision and achie ing sus ainable inancial g ow h. As onishingly, women
en ep eneu s ha e less expe ience using a ious digi al inancial pla o ms, like using digi al pay-
men s o hei business ansac ions, and less expe ience in digi ally inancing loans and asse
managemen .
The nega i e e ec on inancial pe o mance among women en ep eneu s may no solely s em om
limi ed digi al inancial expe ience bu could also a ise due o a lack o di e si y in hei o e all inancial
expe ience. This indings depic s he Digi al inancial gap in India despi e he su ge o in ech wo ldwide,
whe e India occupies a p ominen lead and a e in consis en wi h pas li e a u e (Asi e al., 2023; Ji
e al., 2021; Mo gan e al., 2019; Yue e al., 2022).
The hypo hesis H1c, sugges ha women en ep eneu ’s digi al inancial knowledge has a posi i e
in luence on en e p ise inancial decision-making, has been alida ed. This is in consis ence wi h pas
s udies ha sugges inancial knowledge is a i al elemen o inancial li e acy and holds signi icance a
all le els in in luencing inancial decision-making (Asaad, 2015; hussain e al., 2018; Rink e al., 2021).
P io s udies ha e epo ed an equi alen , bu a e age le el o digi al inancial knowledge is possessed
by women en ep eneu s, suppo ing he abo e inding (Agus i & Rahman, 2023; Chen e al., 2023; Jha
& Alam, 2022; Munyuki & Jonah, 2022). They a e awa e o he digi al paymen p oduc s, digi al asse
managemen p oduc s, digi al al e na i es, digi al insu ance, and cus ome igh s and p o ec ion. Digi al
inancial li e acy addi ionally gua an ees inancial obus ness and inancial decision making by acili a ing
mains eam inancial se ices o unde se ed mino i ies, c ea ing oppo uni ies o c edi and sa ings
combined wi h p o iciency in inancial skill and inancial compe ency (Anwa e al., 2020; Jha & Alam,
2022; Munyuki & Jonah, 2022).
The compa ison shows ha digi al inancial knowledge is high compa ed o digi al inancial expe i-
ence and digi al inancial awa eness, i necessa ily means ha knowledge has no ansla ed in o awa e-
ness o expe ience. The ela ionship be ween he ac o s can be mo e complex. The goal aming heo y
sugges s ha en ep eneu s may ha e di e en ames o pe spec i es h ough which hey iew o ac
on inancial in o ma ion (Lindenbe g & S eg, 2007; Se ido e al., 2020). Del ing deepe in o he complex
componen s and how hey ela e o each o he , digi al inancial knowledge is he ounda ion in inancial
decision making (Chen e al., 2023; Jha & Alam, 2022; Resmi e al., 2019). While digi al inancial awa e-
ness ha is he ealiza ion and ecogni ion o digi al inancial op ions and hei po en ial bene i s and
isk o en depend on knowledge (Abdelwahed e al., 2022; Rajan Chauhan & Kau Dhami, 2021; Tu ou
e al., 2022). howe e , i ’s possible o someone o be less awa e o i s po en ial despi e ha ing in-dep h
knowledge (Ismail, 2014; Jha e al., 2018). Fo example, hey may know ha mobile banking exis s bu
ha e no unde s anding o all i s ea u es. Re lec ing on he digi al inancial expe ience, he p ac ical use
o digi al inancial ools and se ices a e esul o bo h knowledge and awa eness bu no solely de e -
mined by knowledge and awa eness, bu a he i is a p oduc o bo h (Choudha y & Kamboj, 2017;
Mo gan e al., 2019; OECD, 2022). People may adop digi al inancial ools o a ange o easons, bu
based upon hei con enience o necessi y, e en i hey ha e knowledge (Islam & Muzi, 2022; Panos &
Wilson, 2020; Ughe o e al., 2020). Knowledge migh es ic he e ec i eness o awa eness and expe i-
ence, bu hey a e no necessa ily in e dependen (hussain e al., 2018; Rink e al., 2021). I is c ucial o
conside o he ac o s like access o esou ces, socio-economic s a us, and indi idual mo i a ions, as
hese a iables can in luence complex in e ac ions (Cullen, 2019; Jha & Alam, 2022; Khawa & Sa wa , 2021).
In he con ex o goal aming heo y, en ep eneu s o en app oach inancial decisions wi h di e en
cogni i e ames. The goal amewo k ypically ocuses on achie ing a o able esul s and op imizing
bene i . Gi en he posi i e co ela ion be ween digi al inancial awa eness and inancial decision making,
16 S. PETER ETAL.
i implies ha women owned en e p ise in India who a e mo e awa e o digi al inancial ools and
esou ces a e mo e inclined o o mula e hei inancial goal (objec i e) in he e ms o gain (P o i ). They
a e mo i a ed o lea n abou and le e age digi al inancial op ions in pu sui o enhancing hei inancial
wellbeing, po en ially aiming o inc ease p o i s, cos sa ings o imp o ed inancial s abili y (Alshebami
& Alzain, 2022; Mish a & Zacha y, 2014; Romano e al., 2001). While using his amewo k o examine he
nega i e ela ionship be ween digi al inancial expe ience and inancial decision making is in e es ing. I
implies ha women en ep eneu s may no be s ongly mo i a ed o p io i ize gain-o ien ed inancial
goal (p o i ) solely based on he p ac ical expe ience wi h digi al inancial ools (Danes & habe man,
2007; Khan e al., 2022; Romano e al., 2001). This migh esul om a ange o ac o s including limi ed
awa eness o he po en ial bene i o such expe iences o a lack o us in digi al inancial ool (Asi
e al., 2023). This explici ly demons a e he digi al gende di ide (Adika am & Razik, 2022; Cowling e al.,
2020), and he ailu e o ansla e knowledge in o p ac ical expe ience, p ima ily oo ing on he
socio-cul u al ac o s.
Re lec ing on he gain goal amewo k wi hin he scope o he s udy, i is e iden ha ac o s like
digi al inancial awa eness and knowledge ha e a subs an ial impac on he inancial decision-making
p ocess as well as shaping women-owned en ep eneu ’s inancial beha io . En ep eneu s wi h a deepe
unde s anding and knowledge o digi al inancial ools a e mo e inclined o make inancial decisions
wi h he goal o a aining posi i e ou come and maximizing gain (Se ido e al., 2020). To ully emb ace
gain goal ame, women en ep eneu s may need no only expe ience bu also expand hei awa eness
and knowledge o ecognize he po en ial gains h ough he digi al inancial li e acy (Angeles, 2022).
Compe ency I highligh s he exempla y in luence o compe ency, which unde sco es he inancial
compe ency building and skills, which ac as a p e equisi e o e ec i e inancial esou ce managemen ,
enabling op imal inancial decisions. S emming on he gain goal ame i di ec s en ep eneu s o e al-
ua e wha compe ency o be de eloped. Fu he mo e, he indings imply ha digi al inancial li e acy
s eng hens inancial compe encies, enabling en ep eneu s o be awa e o he a ious eliable digi al
inancial pla o ms ha a e bo h accessible and a o dable, he eby enhancing sus ainable inancial pe -
o mance. Rega ding he posi i e ela ionship be ween he componen s o inancial skills and en ep e-
neu ial inancial decision-making, he ou come is consis en wi h he sel -e icacy heo y (Adebusuyi e
al., 2022; Bandu a, 1977; Uddin e al., 2022). The inding implies ha en ep eneu s make in o med inan-
cial decisions by employing inancial managemen and analy ical echniques. The a ionale p o ided by
Cole and Shas y (2009) jus i ies he esul s, sugges ing ha en ep eneu s wi h domain knowledge o
inancial skills educe inancial e o s and mi iga e loan de aul s, e lec ed in in o med decision-making
and sus ainable inancial pe o mance.
5.1. Hie a chical eg ession
The s udy inds an insigni ican media ion be ween EFDM on EFC and EFP, bu he di ec associa ion o
EFC on EFDM is posi i ely signi ican . The indings indica e ha an en ep eneu ’s knowledge and a i-
ude owa d En ep eneu ial inancial decision-making educes beha io al bias and inancial isk, ul i-
ma ely guiding hem owa d a ional, p o i able, and in o med decision-making. These indings align wi h
he goal- aming heo y ha inancial compe ency is signi ican in making be e inancial decisions.
Al hough he s udy explo es he insigni ican media ing pa hway, he ou come aligns wi h a hypo he-
sized posi i e ela ionship o he p io obse a ions (Esubalew & Raghu ama, 2020; Yang e al., 2022).
In summa y, p omp , and logical inancial decision leads o sus ainable inancial pe o mance, which
is no a possibili y bu a eali y ha can be acili a ed by imp o ing hei inancial cogni ion. In oday’s
digi al e a, wi h he my iad o inancial oppo uni ies, en ep eneu s mus be compe en enough o ha -
ness he oppo uni y. The c i ical solu ion is imely access o inancial ad ice om expe s, in es iga ing
oadblocks o inancial access, comp ehensi e inancial planning ha ou lines sho - e m and long- e m
goals, cash low managemen , isk assessmen o inancial choices, egula o y changes, and echnological
ad ancemen in ela ion o he business inancial landscape. Ne wo king and collabo a ion wi h expe s
in exchange o insigh and expe ience ela ed o inancial decision–making. Conside ing he long- e m
implica ions o inancial decisions, is essen ial, especially conce ning echnological adop ion. Despi e he
COGENT BUSINESS & MANAGEMENT 17
p omising in e en ions and app oaches, he comp ehensi e unde s anding o he si ua ion emains
incomple e due o he in e play o he complex na u e o socio-cul u al no ms, poli ical and economic
ins abili y, isk pe cep ion, pe sonal inancial belie s, and cogni i e biases.
6. Conclusion
In an e a ma ked by unp eceden ed challenges and ans o ma ions, un a eling he in e play o inancial
beha io al ai s and he inancial pe o mance o women-owned en e p ises in India is pa amoun . The
s udy aims o shed ligh on he di ec and media ing in luence o di e se inancial beha io ai s on
inancial decision-making and inancial pe o mance wi hin women-owned en e p ises, ecognizing he
a ionale ha hey collec i ely con ibu e o he e ec i e acquisi ion, managemen , and in es men o
inancial esou ces. Responses om 223 women en ep eneu s su eyed a e analyzed using IBM -SPSS.
Ou esul e eals ha en ep eneu ial inancial decision-making abili y is signi ican ly in luenced by
en ep eneu s ‘digi al inancial awa eness, digi al inancial knowledge, inancial compe ency, and inancial
skills. Financial skills include analy ical skills, budge ing skills, and acumen. When examined as a di ec
o media ing ac o , an en ep eneu ’s digi al inancial expe ience does no signi ican ly a ec inancial
decision-making abili y. howe e , when digi al inancial awa eness, digi al inancial knowledge, and
inancial analy ic skills a e associa ed wi h inancial pe o mance, inancial decision-making as a media o
pa ially media es.
The esea ch signi ican ly con ibu es o ad ancing beha io al inance esea ch in mul iple dimensions.
P ospec i e schola s will ind his dis inc endea o o e ing he nexus among digi al inancial li e acy,
inancial compe ency and inancial skill, inancial decision-making, and inancial pe o mance. The in es-
iga ion subs an ia es he s udy unde pinned by ele an heo ies (goal aming heo y and sel -e icacy
heo y) and con empo a y li e a u e, e lec ing he cu en discou se on he concep . Fo educa o s, pol-
icymake s, and p o essionals, his in e play enhances insigh s in o en ep eneu ial and c i ical hinking,
enabling hem o con on en i onmen al challenges and na iga e socio-economic p essu e e ec i ely. I
also unde sco es he signi icance o ansla ing hese bene i s in o gende -speci ic policies. Fo coun ies
unde going swi au oma ion and digi aliza ion, he capaci y o digi al inancial li e acy o explain he
inancial decision-making p ocess undeniably con ibu es o os e ing digi al inancial inclusion.
Policymake s can os e p i a e-public pa ne ships, ensu ing widesp ead access o a o dable p og ams
ha help hem na iga e un amilia digi al pla o ms and in ech p oduc s, conside ing he associa ed
bene i s and isks.
Policymake s should moni o and e alua e hese p og ams o de e mine he impac , deg ee o pene-
a ion, accep ance, and inclusi i y hese ini ia i es achie e. The s udy’s indings highligh he necessi y
o en ep eneu s o s eng hen hei inancial compe ency o seamlessly acqui e digi al inancial li e acy
o enhance hei inancial skill ha acili a es inancial decision-making. The s udy o e s a p omising
a enue o he en ep eneu o comp ehend he nexus be ween inancial beha io al ai s and inancial
decision-making in he new no mal pe spec i e.
6.1. Limi a ion and u u e esea ch scope
Al hough he pape is dis inc i e wi h heo e ical unde pinning and he examina ion o he unique medi-
a o and cons uc , inancial decision-making, i is essen ial o acknowledge ha i is no ee o limi a-
ion. Based on he analysis and he indings, i is e iden ha he e is no a o able co ela ion be ween
digi al inancial expe ience and en ep eneu ial inancial decision-making. howe e , i does hin a he
po en ial o a lowe le el o digi al inancial expe ience among emale en ep eneu s in India. Se e al
ac o s may con ibu e o his si ua ion, including limi ed access o digi al inancial se ices, insu icien
aining o exposu e o digi al inancial ools, and o he unique ba ie s aced by women-owned en e -
p ises in India. To del e deepe in o his issue and unco e ing he unde lying causes o he limi ed
digi al inancial expe ience, ex end he scope o u u e esea ch. A low le el o knowledge could limi
he e ec i eness o awa eness and expe ience, bu hey a e no necessa ily in e dependen . I ’s c ucial
o conside o he ac o s like access o esou ces, socio-economic s a us, and indi idual mo i a ions,
18 S. PETER ETAL.
which can a ec how hese elemen s in e ac . The pape should del e deepe in o hese ela ionships
and p o ide a nuanced analysis o d aw meaning ul conclusions.
Conduc ing quali a i e esea ch me hods, such as in e iews and ocus g oups, o gain insigh in o
he unique challenges and ba ie s ha women en ep eneu s ace in gaining digi al inancial li e acy
can be u he explo ed. This endea o e eals he undamen al ac o s con ibu ing o he de iciency in
digi al inancial li e acy wi hin he socio-cul u al con ex . Explo ing he impac o digi al inancial aining
p og ams ailo ed o emale en ep eneu s by e alua ing hei po en ial o imp o e digi al inancial p o-
iciency and subsequen ly in luence hei inancial decision-making is a p omising a enue o u he
esea ch. In es iga ing he di ec impac o inancial li e acy on he inancial pe o mance o women-owned
en e p ises and how i compa es o he impac o o he inancial beha io ai s can be u he explo ed.
The da a acquisi ion om he LinkedIn pla o m posed challenges, esul ing in a low esponse a e
despi e he di ec access o po en ial esponden s, hus con aining ou sampling e o s.
To main ain ocus and cla i y, he s udy limi s he scope o a ew ac o s ha allow o a mo e in-dep h
analysis o hose ai s. Including a wide ange o demog aphic p o iles in he analysis inc eases he s udy’s
complexi y and po en ially dilu es he indings. Exclusion o o he po en ial ac o s, including en ep eneu ial
expe ience, age, educa ion, access o capi al, ma ke condi ion, sociocul u al ac o s, ne wo k and suppo sys-
ems, business ype and indus y, economic policy and egula ion, amily, and ma ke dynamics, e c., don’
necessa ily imply hei lack o ele ance o signi icance. These ac o s in e ac and in luence inancial beha io
ai s, bene i ing a b oade analysis. The s udy conside s a ew o he a iables as exogenous a iables. Fu u e
esea ch endea o s may unde ake c oss-coun y s udies and ex end hei in es iga ion in o eme ging ma ke s
o e eal he a ia ion in luenced by egional dimensions. This esea ch opens he ealm o oppo uni ies o
u he C oss-Cul u al Compa a i e Analysis, Longi udinal S udies, Financial Inclusion Ini ia i es, and Policy and
Regula o y Fac o s. Fu u e s udies may inco po a e he mul idimensional ac o s ha un a el inancial
decision-making, con ibu ing o he e e -expanding ield o beha io al inance.
E hical app o al
The esea ch ecei ed app o al o e hical clea ance, g an ed by he KMC &Kh Ins i u ional E hics
Commi ee (IEC: 882/2021). Pa icipan s we e in o med ega ding he esea ch pu pose and olun a y
pa icipa ion. The da a con iden iali y and anonymi y a e main ained h oughou .
Au ho con ibu ions
Concep ion and design o he wo k: Se in Pe e and D . Gee ha E
Collec ed he da a: Se in Pe e and Anju Gup a
Con ibu ed analysis ool: D . Gee ha E, Anju Gup a, and Se in Pe e
Pe o med he analysis: Se in Pe e and Anju Gup a
D a ed he pape : Se in Pe e and Anju Gup a
Re iewing he a icle o inal app o al: D . Gee ha E, Anju Gup a, and Se in Pe e
Disclosu e s a emen
No po en ial con lic o in e es was epo ed by he au ho (s).
Abou he au ho s
Se in Pe e , a esea ch schola a he Depa men o Comme ce, Manipal Academy o highe Educa ion in Manipal, special-
izes in Business Finance wi h a cu en esea ch emphasis on Women En ep eneu ship, Digi al Finance, and Sus ainabili y.
D . Gee ha E, an Associa e P o esso a he Depa men o Comme ce, Manipal Academy o highe Educa ion (MAhE) in
Ka na aka, India, conduc s esea ch in de elopmen al economics, E-comme ce, Inno a i e Business s a egies, En ep eneu ship,
Business Finance, Co po a e go e nance, and Banking, wi h publica ions in Scopus and ABDC-lis ed jou nals.
Anju Gup a, also a esea ch schola a he Depa men o Comme ce, Manipal Academy o highe Educa ion in
Manipal, ocuses on Beha io al Finance and Economics, wi h he cu en esea ch di ec ed owa ds En ep eneu ship,
Beha io al Finance, inancial li e acy, and inancial well-being.
COGENT BUSINESS & MANAGEMENT 19
Funding
The au ho s ecei ed no di ec unding o his esea ch.
ORCID
Se in Pe e h p://o cid.o g/0000-0002-1766-209X
Gee ha E h p://o cid.o g/0000-0002-1346-7641
Anju Gup a h p://o cid.o g/0000-0002-7143-1022
Da a a ailabili y s a emen
A ailable upon eques h ough an email o he co esponding au ho .
Re e ences
Abad-Segu a, E., de la Fuen e, A. B., González-Zama , M. D., & Belmon e-U eña, L. J. (2020). E ec s o ci cula econo-
my policies on he en i onmen and sus ainable g ow h: Wo ldwide esea ch. Sus ainabili y, 12(14), 1. h ps://doi.
o g/10.3390/su12145792
Abdelwahed, N. A. A., Bas ian, B. L., & Wood, B. P. (2022). Women, en ep eneu ship, and sus ainabili y: The case o
Saudi A abia. Sus ainabili y, 14(18), 11314. h ps://doi.o g/10.3390/su141811314
Adebusuyi, A. S., Adebusuyi, O. F., & Kolade, O. (2022). De elopmen and alida ion o sou ces o en ep eneu ial
sel -e icacy and ou come expec a ions: A social cogni i e ca ee heo y pe spec i e. The In e na ional Jou nal o
Managemen Educa ion, 20(2), 100572. h ps://doi.o g/10.1016/j.ijme.2021.100572
Adika am, A. S., & Razik, R. (2022). Feminini y penal y: Challenges and ba ie s aced by STEM woman en ep eneu s
in an eme ging economy. Jou nal o En ep eneu ship in Eme ging Economies, 15(5), 1113–25. h ps://doi.o g/10.1108/
JEEE-07-2021-0278
Ae noud , R., & de San José, A. (2020). A gende inancing gap: Fake news o e idence? Ven u e Capi al, 22(2), 127–
134. h ps://doi.o g/10.1080/13691066.2020.1747692
Aga wal, S., Ramadani, V., Dana, L. P., Ag awal, V., & Dixi , J. K. (2022). Assessmen o he signi icance o ac o s a -
ec ing he g ow h o women en ep eneu s: S udy based on expe ience ca ego iza ion. Jou nal o En ep eneu ship
in Eme ging Economies, 14(1), 111–136. h ps://doi.o g/10.1108/JEEE-08-2020-0313
Agus i, R. R., & Rahman, A. F. (2023). De e minan s o ax a i ude in small and medium en e p ises: E idence om
Indonesia. Cogen Business & Managemen , 10(1), 1–15. h ps://doi.o g/10.1080/23311975.2022.2160585
Ahls om, D., A egle, J. L., hi , M. A., Qian, G., Ma, X., & Faems, D. (2020). Managing echnological, sociopoli ical, and
ins i u ional change in he new no mal. Jou nal o Managemen S udies, 57(3), 411–437. h ps://doi.o g/10.1111/
joms.12569
Ahsan, T., Al-Gam h, B., & Mi za, S. S. (2022). Economic policy unce ain y and sus ainable inancial g ow h: Does
business s a egy ma e ? Finance Resea ch Le e s, 46(Augus ), 102381. h ps://doi.o g/10.1016/j. l.2021.102381
Alja odi, A., Tha chenke y, T., & U bano, D. (2022). The in luence o ins i u ions on ea ly-s age en ep eneu ial ac i i y:
A compa ison be ween men and women in Saudi A abia. Jou nal o En ep eneu ship in Eme ging Economies, 15(5),
1028–1049. h ps://doi.o g/10.1108/JEEE-02-2021-0076
Allma k, P., & Machaczek, K. (2015). Financial capabili y, heal h, and disabili y. BMC Public Heal h, 15(1), 243. h ps://
doi.o g/10.1186/s12889-015-1589-5
Alshebami, A. S., & Alzain, E. (2022). Towa d an ecosys em amewo k o ad ancing women’s en ep eneu ship in
Yemen. F on ie s in Educa ion, 7(Ap il), 887726. F on ie s Media. h ps://doi.o g/10.3389/ educ.2022.887726
Ama ucci, F. M., & C awley, D. C. (2011). Financial sel -e icacy among women en ep eneu s. In e na ional Jou nal o
Gende and En ep eneu ship, 3(1), 23–37. h ps://doi.o g/10.1108/17566261111114962
Angeles*, I. (2022). The mode a ing e ec o digi al and inancial li e acy on he digi al inancial se ices and inancial
beha io o MSMEs. Re iew o Economics and Finance, 20, 505–515. h ps://doi.o g/10.55365/1923.x2022.20.57
Anwa , M., Tajeddini, K., & Ullah, R. (2020). En ep eneu ial inance and new en u e success-The mode a ing ole o
go e nmen suppo . Business S a egy & De elopmen , 3(4), 408–421. h ps://doi.o g/10.1002/bsd2.105
Asi , M., Khan, M. N., Tiwa i, S., Wani, S. K., & Alam, F. (2023). The impac o FinTech and digi al inancial se ices on
inancial inclusion in India. Jou nal o Risk and Financial Managemen , 16(2), 122. MDPI. h ps://doi.o g/10.3390/
j m16020122
Asaad, C. T. (2015). Financial li e acy and inancial beha io : Assessing knowledge and con idence. Financial Se ices
Re iew, 24, 101–117.
A kinson, A. (2017). Financial educa ion o MSMEs and po en ial en ep eneu s. OECD, 43, 75. h ps://doi.o g/10.1787/
bb2cd70c-en
20 S. PETER ETAL.
Baghe i, A., & Abba iki, M. (2017). Compe encies o disabled en ep eneu s in I an: Implica ions o lea ning and
de elopmen . Disabili y & Socie y, 32(1), 69–92. h ps://doi.o g/10.1080/09687599.2016.1268524
Bake , h. K., Kuma , S., Goyal, N., & Gau , V. (2019). how inancial li e acy and demog aphic a iables ela e o beha -
io al biases. Manage ial Finance, 45(1), 124–146. h ps://doi.o g/10.1108/MF-01-2018-0003
Bake , h. K., & Ma in, G. S. (2011). Capi al s uc u e and co po a e inancing decisions: Theo y, e idence, and p ac ice.
Wiley.
Bandu a, A. (1977). Sel -e icacy: Towa d a uni ying heo y o beha io al change. Psychological Re iew, 84(2), 191–215.
h ps://doi.o g/10.1037/0033-295X.84.2.191
Bu chi, A., Włoda czyk, B., Sz u o, M., & Ma elli, D. (2021). The e ec s o inancial li e acy on sus ainable en ep e-
neu ship. Sus ainabili y, 13(9), 5070. h ps://doi.o g/10.3390/su13095070
Bu icè, V., C oce, A., & Ughe o, E. (2023). Gende di e si y, ole cong ui y and he success o VC in es men s.
En ep eneu ship Theo y and P ac ice, 47(5), 1660–1698. h ps://doi.o g/10.1177/10422587221096906
Ca aco a, R. C., Dimi iu, M., & Dinu, M.-R. (2010). Building a sco ing model o small and medium en e p ises.
Theo e ical & Applied Economics, 17(9), 117–128. h p://ese .uum.edu.my/login?u lh p://sea ch.ebscohos .com/
login.aspx?di ec = ue&db=b h&AN=54995927&si e=ehos -li e&scope=si e
Ca della, G. M., he nández-Sánchez, B. R., & Sánchez-Ga cía, J. C. (2020). Women en ep eneu ship: A sys ema ic e-
iew o ou line he bounda ies o scien i ic li e a u e. F on ie s in Psychology, 11, 1557. h ps://doi.o g/10.3389/
FPSYG.2020.01557
Ca oll, N., & Conboy, K. (2020). No malising he “new no mal”: Changing ech-d i en wo k p ac ices unde pandem-
ic ime p essu e. In e na ional Jou nal o In o ma ion Managemen , 55, 102186. h ps://doi.o g/10.1016/j.ijin o-
mg .2020.102186
Chen, P., Yan, Z., & Wang, P. (2023). how can he digi al economy boos he pe o mance o en ep eneu s? A la ge
sample o e idence om China’s business incuba o s. Sus ainabili y, 15(7), 5789. h ps://doi.o g/10.3390/su15075789
Chundakkadan, R., & Sasidha an, S. (2021). Gende gap and access o inance: A c oss-coun y analysis. Re iew o
De elopmen Economics, 26(1), 180–207. h ps://doi.o g/10.1111/ ode.12830
Choudha y, K., & Kamboj, S. (2017). A s udy o inancial li e acy and i s de e minan s: E idence om India. Asian
Jou nal o Accoun ing Pe spec i es, 10(1), 52–72. h ps://doi.o g/10.22452/AJAP. ol10no1.4
Cole, S. A., Sampson, T. A., & Zia, B. h. (2009). Financial li e acy, inancial decisions, and he demand o inancial se -
ices: E idence om India and Indonesia (pp. 09–117). ha a d Business School.
Cole, S. A., & Shas y, G. K. (2009). Sma money: The e ec o educa ion, cogni i e abili y, and inancial li e acy on i-
nancial ma ke pa icipa ion. ha a d Business School.
Cowling, M., Ma low, S., & Liu, W. (2020). Gende and bank lending a e he global inancial c isis: A e women en-
ep eneu s sa e be s? Small Business Economics, 55(4), 853–880. h ps://doi.o g/10.1007/s11187-019-00168-3
Cullen, U. (2019). Sociocul u al ac o s as de e minan s o emale en ep eneu s’ business s a egies. Jou nal o
En ep eneu ship in Eme ging Economies, 12(1), 144–167. h ps://doi.o g/10.1108/JEEE-04-2019-0046
Dahe , M., Rosa i, A., & Ja amillo, A. (2022). Sa ing as a pa h o emale empowe men and en ep eneu ship in u al
Pe u. P og ess in De elopmen S udies, 22(1), 32–55. h ps://doi.o g/10.1177/14649934211035219
Danes, S. M., & habe man, h. (2007). Teen inancial knowledge, sel -e icacy, and beha io : A gende ed iew. Jou nal
o Financial Counseling and Planning, 18(2).
De Simone, S., Pile i, J., Rapp-Riccia di, M., & Ba bie i, B. (2021). Gende and en ep eneu ship in pandemic ime: Wha
demands and wha esou ces? An explo a o y s udy. F on ie s in Psychology, 12, 668875. h ps://doi.o g/10.3389/
psyg.2021.668875
D aksle , T. Z., & Ši ec, K. (2018). Concep ual esea ch model o s udying s uden s’ en ep eneu ial compe encies.
Naše Gospoda s o/Ou Economy, 64(4), 23–33. h ps://doi.o g/10.2478/ngoe-2018-0020
Esubalew, A. A., & Raghu ama, A. (2020). The media ing e ec o en ep eneu s’ compe ency on he ela ionship
be ween Bank inance and pe o mance o mic o, small, and medium en e p ises (MSMEs). Eu opean Resea ch on
Managemen and Business Economics, 26(2), 87–95. h ps://doi.o g/10.1016/j.iedeen.2020.03.001
Fazal, S. A., Mamun, A. A., Ahmad, G. B., & Masud, M. M. (2022). En ep eneu s’ compe encies and compe i i e ad-
an ages: A s udy on Malaysian mic oen e p ises. Global Business Re iew, 23(1), 61–74. h ps://doi.o g/10.1177/
0972150919854937
Fe nandes, D., Lynch, J. G., J ,., & Ne emeye , R. G. (2014). Financial li e acy, inancial educa ion, and downs eam i-
nancial beha io s. Managemen Science, 60(8), 1861–1883. h ps://doi.o g/10.1287/mnsc.2013.1849
Fe e as-Ga cia, R., he nández-La a, A. B., & Se adell-López, E. (2021). Gende and lea ning esul s: A s udy on hei
ela ionship in en ep eneu ship educa ion and business plans. S udies in Highe Educa ion, 46(11), 2355–2370.
h ps://doi.o g/10.1080/03075079.2020.1723525
Fo nell, C., & La cke , D. F. (1981). E alua ing s uc u al equa ion models wi h unobse able a iables and measu e-
men e o . Jou nal o Ma ke ing Resea ch, 18(1), 39–50. h ps://doi.o g/10.1177/002224378101800104
Gao, J., Siddik, A. B., Khawa Abbas, S., hamayun, M., Masukujjaman, M., & Alam, S. S. (2023). Impac o E-comme ce
and digi al ma ke ing adop ion on he inancial and sus ainabili y pe o mance o MSMEs du ing he COVID-19
pandemic: An empi ical s udy. Sus ainabili y, 15(2), 1594. h ps://doi.o g/10.3390/su15021594
Gang, I. N., Raj Na a ajan, R., & Sen, K. (2022). Finance, gende , and en ep eneu ship: India’s in o mal sec o i ms.
The Jou nal o De elopmen S udies, 58(7), 1383–1402. h ps://doi.o g/10.1080/00220388.2022.2061855
COGENT BUSINESS & MANAGEMENT 21
Goyal, K., & Kuma , S. (2021). Financial li e acy: A sys ema ic e iew and bibliome ic analysis. In e na ional Jou nal o
Consume S udies, 45(1), 80–105. h ps://doi.o g/10.1111/ijcs.12605
Gajend a Naidu, J. (2017). Financial li e acy in India: A e iew o li e a u e. In e na ional Jou nal o Resea ch in Business
S udies and Managemen , 4(6), 30. h p://www.ij bsm.o g/pape s/ 4-i6/4.pd
hai , J. F., J , Sa s ed , M., Ma hews, L. M., & Ringle, C. M. (2016). Iden i ying and ea ing unobse ed he e ogenei y
wi h FIMIX-PLS: Pa I–me hod. Eu opean Business Re iew, 28(1), 63–76. h ps://doi.o g/10.1108/EBR-09-2015-0094
ha p iya, Sha ma, R. K., & Sah, A. N. (2022). Impac o demog aphic ac o s on he inancial pe o mance o
women-owned mic o-en e p ises in India. In e na ional Jou nal o Finance & Economics, 27(1), 6–17. h ps://doi.
o g/10.1002/ij e.2133
hasan, R., Ash aq, M., Pa een, T., & Guna di, A. (2023). Financial inclusion–Does digi al inancial li e acy ma e o
women en ep eneu s? In e na ional Jou nal o Social Economics, 50(8), 1085–1104. h ps://doi.o g/10.1108/
IJSE-04-2022-0277
ha iambi e, D. T., & ha kal, P. (2021). An in es iga ion in o he inancial pe o mance o mic o, small and medium
en e p ises (MSMEs) in Nanded, Maha ash a. In e na ional Jou nal o Enginee ing and Managemen Resea ch, 11(5).
h ps://doi.o g/10.31033/ijem .11.5.4
hazlina Ahmad, N., Ramayah, T., Wilson, C., & Kumme ow, L. (2010). Is en ep eneu ial compe ency and business
success ela ionship con ingen upon business en i onmen ? In e na ional Jou nal o En ep eneu ial Beha io &
Resea ch, 16(3), 182–203. h ps://doi.o g/10.1108/13552551011042780
hende sho , T., Zhang, X., Zheng, J. L., & Zhao, Z. (2021). FinTech as a game change : O e iew o esea ch on ie s.
In o ma ion Sys ems Resea ch, 32(1), 1–17. h ps://doi.o g/10.1287/is e.2021.0997
hill, S., Ionescu-Some s, A., Codu as, A., Gue e o, M., Roomi, M. A., Bosma, N., … & Shay, J. (2022, Feb ua y). Global
en ep eneu ship moni o 2021/2022 global epo : oppo uni y amid dis up ion. In Expo 2020 Dubai.
hussain, J., Salia, S., & Ka im, A. (2018). Is knowledge ha powe ul? Financial li e acy and access o inance. Jou nal
o Small Business and En e p ise De elopmen , 25(6), 985–1003. h ps://doi.o g/10.1108/JSBED-01-2018-0021
IBM. (2018). India’s up-and-coming digi al ecosys em Economic g ow h in India - Ex ending en ep eneu ial possibili ies.
h ps://public.dhe.ibm.com/common/ssi/ecm/32/en/32017132usen/32017132usen-0_32017132USEN.pd
In e na ional Finance Co po a ion. (2018). Financial inclusion o woman-owned mic o, small & medium en e p ises
(MSMEs) in India. h ps://www.i c.o g/wps/wcm/connec .
I am, T., Bilal, A. R., & La i , S. (2021). Is awa eness ha powe ul? Women’s inancial li e acy suppo s p ospec s’ beha iou
in p uden decision-making. Global Business Re iew. h ps://doi.o g/10.1177/0972150921996185
Islam, A. M., & Muzi, S. (2022). Does mobile money enable women-owned businesses o in es ? Fi m-le el e idence
om Sub-Saha an A ica. Small Business Economics, 59(3), 1245–1271. h ps://doi.o g/10.1007/s11187-021-00562-w
Ismail, V. Y. (2014). The compa ison o en ep eneu ial compe ency in woman mic o-, small-, and medium-scale en e-
p eneu s. P ocedia - Social and Beha io al Sciences, 115(Iicies 2013), 175–187. h ps://doi.o g/10.1016/j.sbsp o.2014.02.426
Jha, P., & Alam, M. M. (2022). An eceden s o women en ep eneu s’ pe o mance: An empi ical pe spec i e.
Managemen Decision, 60(1), 86–122. h ps://doi.o g/10.1108/MD-07-2020-0849
Jha, P., Makkad, M., & Mi al, S. (2018). Pe o mance-o ien ed ac o s o women en ep eneu s – a scale de elopmen
pe spec i e. Jou nal o En ep eneu ship in Eme ging Economies, 10(2), 329–360. h ps://doi.o g/10.1108/
JEEE-08-2017-0053
Ji, X., Wang, K., Xu, h., & Li, M. (2021). has digi al inancial inclusion na owed he u ban- u al income gap: The ole
o en ep eneu ship in China. Sus ainabili y, 13(15), 8292. h ps://doi.o g/10.3390/su13158292
Jiménez-Za co, A. I., Clemen e-Almend os, J. A., González-González, I., & A acil-Jo dà, J. (2021). Female
mic o-en ep eneu s and social ne wo ks: Diagnos ic analysis o he in luence o social-media ma ke ing s a egies
on b and inancial pe o mance. F on ie s in Psychology, 12, 630058. h ps://doi.o g/10.3389/ psyg.2021.630058
Kedi , A., & Kouame, E. (2022). FinTech and women’s en ep eneu ship in A ica: The case o Bu kina Faso and
Came oon. Jou nal o Cul u al Economy, 15(4), 452–467. h ps://doi.o g/10.1080/17530350.2022.2041463
Kelly, G., & McAdam, M. (2023). Women en ep eneu s nego ia ing iden i ies in liminal digi al spaces. En ep eneu ship
Theo y and P ac ice, 47(5), 1942–1970. h ps://doi.o g/10.1177/10422587221115363
Khan, F., Siddiqui, M. A., & Im iaz, S. (2022). Role o inancial li e acy in achie ing inancial inclusion: A e iew, syn-
hesis and esea ch agenda. Cogen Business & Managemen , 9(1), 2034236. h ps://doi.o g/10.1080/23311975.2022
.2034236
Khawa , S., & Sa wa , A. (2021). Financial li e acy and inancial beha io wi h he media ing e ec o amily inancial
socializa ion in he inancial ins i u ions o Laho e, Pakis an. Fu u e Business Jou nal, 7(1), 27. h ps://doi.o g/10.1186/
s43093-021-00064-x
Khu ana, I., & Lee, D. J. (2023). Gende bias in high s akes pi ching: An NLP app oach. Small Business Economics, 60(2),
485–502. h ps://doi.o g/10.1007/s11187-021-00598-y
Kisubi, M. K., A uo, F., Wakibi, A., Mukyala, V., & Ssenyange, K. (2022). En ep eneu ial compe encies and pe o mance
o Ugandan SMEs: The media ing ole o i m capabili ies. Cogen Business & Managemen , 9(1), 2115622. h ps://
doi.o g/10.1080/23311975.2022.2115622
K amme , S. M. (2022). Na iga ing he new no mal: Which i ms ha e adap ed be e o he COVID-19 dis up ion?
Techno a ion, 110, 102368. h ps://doi.o g/10.1016/j. echno a ion.2021.102368
22 S. PETER ETAL.
K ishna, K. V. S. M. (2003). B idging he gap: Concep ual pa adigms and aining o en ep eneu ship de elopmen .
The Jou nal o En ep eneu ship, 12(1), 91–116. h ps://doi.o g/10.1177/097135570301200105
Kuma , P., Pillai, R., Kuma , N., & Tabash, M. I. (2023). The in e play o skills, digi al inancial li e acy, capabili y, and
au onomy in inancial decision making and well-being. Bo sa Is anbul Re iew, 23(1), 169–183. h ps://doi.o g/10.
1016/j.bi .2022.09.012
Kuk eja, G., Bahl, D., & Gup a, R. (2021). The impac o FinTech on inancial se ices in India; Pas , p esen , and u u e
ends. In Y. A. A. Ahlia, A. Razzaque, & A. M. Sa ea (Eds.),Inno a i e s a egies o implemen ing FinTech in banking
(pp. 191–200). IGI Global. h ps://doi.o g/10.4018/978-1-7998-3257-7.ch012
Kynd , E., & Bae , h. (2015). En ep eneu ial compe encies: Assessmen and p edic i e alue o en ep eneu ship.
Jou nal o Voca ional Beha io , 90, 13–25. h ps://doi.o g/10.1016/j.j b.2015.07.002
Ky gidou, L., Mylonas, N., Pe idou, E., & Vacha oglou, E. (2021). En ep eneu s’ compe encies and ne wo king as de-
e minan s o women-owned en u es success in pos -economic c isis e a in G eece. Jou nal o Resea ch in
Ma ke ing and En ep eneu ship, 23(2), 211–234. h ps://doi.o g/10.1108/JRME-08-2020-0105
Lau o, G., Sal ado , E., & Visin in, F. (2022). Fo wha hey a e, no o wha hey b ing: The signaling alue o gende
o inancial esou ce acquisi ion in academic spin-o s. Resea ch Policy, 51(7), 104554. h ps://doi.o g/10.1016/j. e-
spol.2022.104554
La i, A. h., & Yani , E. (2023). The e ec o en ep eneu a ibu es on in es men e alua ions in pi ch compe i ions.
The Jou nal o En ep eneu ship, 32(1), 39–74. h ps://doi.o g/10.1177/09713557231160325
LEAD. (2020). Women led digi al inancial inclusion and en ep eneu ship. LEAD.
Liñán, ., & Chen, y W. (2009). De elopmen and c oss–cul u al applica ion o a speci ic ins umen o measu e en-
ep eneu ial in en ions. En ep eneu ship Theo y and P ac ice, 33(3), 593–617. h ps://doi.o g/10.1111/j.1540-6520.
2009.00318.x
Lindenbe g, S., & S eg, L. (2007). No ma i e, gain and hedonic goal ames guiding en i onmen al beha io . Jou nal
o Social Issues, 63(1), 117–137. h ps://doi.o g/10.1111/j.1540-4560.2007.00499.x
Lingappa, A. K., Rod igues L.R, L., & She y, D. K. (2023). Women en ep eneu ial mo i a ion and business pe o -
mance: The ole o lea ning mo i a ion and emale en ep eneu ial compe encies. Indus ial and Comme cial
T aining, 55(2), 269–283. h ps://doi.o g/10.1108/ICT-06-2022-0042
Luo, Y., Peng, Y., & Zeng, L. (2021). Digi al inancial capabili y and en ep eneu ial pe o mance. In e na ional Re iew
o Economics & Finance, 76, 55–74. h ps://doi.o g/10.1016/j.i e .2021.05.010
Lusa di, A. (2019). Financial li e acy and he need o inancial educa ion: E idence and implica ions. Swiss Jou nal o
Economics and S a is ics, 155(1), 1–8. h ps://doi.o g/10.1186/s41937-019-0027-5
Man, T. W., Lau, T., & Chan, K. F. (2002). The compe i i eness o small and medium en e p ises: A concep ualiza ion
wi h ocus on en ep eneu ial compe encies. Jou nal o Business Ven u ing, 17(2), 123–142. h ps://doi.o g/10.1016/
S0883-9026(00)00058-6
Melubo, K. D., & Musau, S. (2020). Digi al banking and inancial inclusion o women en e p ises in Na ok Coun y,
Kenya. In e na ional Jou nal o Cu en Aspec s in Finance, Banking and Accoun ing, 2(1), 28–41. h ps://doi.
o g/10.35942/ijc a. 2i1.104
Mille , D., & Le B e on-Mille , I. (2017). Unde dog en ep eneu s: A model o challenge–based en ep eneu ship.
En ep eneu ship Theo y and P ac ice, 41(1), 7–17. h ps://doi.o g/10.1111/e ap.12253
Mish a, C. S., & Zacha y, R. K. (2014). The heo y o en ep eneu ial compe ence. In Mish a, C. S., & Zacha y, R. K.
(Eds.), The heo y o en ep eneu ship (pp. 115–140). Palg a e Macmillan US. h ps://doi.o g/10.1057/9781137371461_5
Mokbel Al Koliby, I. S., Abdullah, h. h., & Mohd Suki, N. (2022). Linking en ep eneu ial compe encies, inno a ion and
sus ainable pe o mance o manu ac u ing SMEs. Asia-Paci ic Jou nal o Business Adminis a ion, 16(1), 21–40.
h ps://doi.o g/10.1108/APJBA-09-2021-0480
Mokh a , N., Sab i, M. F., & ho, C. S. F. (2020). Financial capabili y and di e ences in age and e hnici y. The Jou nal o
Asian Finance, Economics and Business, 7(10), 1081–1091.no10.1081 h ps://doi.o g/10.13106/ja eb.2020. ol7
Mo gan, P. J., huang, B., & T inh, L. T. (2019). The need o p omo e digi al inancial li e acy o he digi al age (Issue
Augus 2020).
Mossie, W. A. (2023). Financial inclusion d i e s, mo i a ions, and ba ie s: E idence om E hiopia. Cogen Business &
Managemen , 10(1), 2167291. h ps://doi.o g/10.1080/23311975.2023.2167291
Mucha, S. (2020). E hnic Albanian amily businesses and COVID-19 pandemic: A gende -based compa ison. Jou nal o
Family Business Managemen , 12(1), 170–182. h ps://doi.o g/10.1108/JFBM-07-2020-0074
Munyuki, T., & Jonah, C. M. P. (2022). The nexus be ween inancial li e acy and en ep eneu ial success among young
en ep eneu s om a low-income communi y in Cape Town: A mixed-me hod analysis. Jou nal o En ep eneu ship
in Eme ging Economies, 14(1), 137–157. h ps://doi.o g/10.1108/JEEE-01-2020-0020
Na, h., & E ogul, M. S. (2021). A global e iew o emale en ep eneu ial inance. In e na ional Jou nal o Globalisa ion
and Small Business, 12(1), 59. h ps://doi.o g/10.1504/IJGSB.2021.113880
Ne emeye , R. G., Wa ma h, D., Fe nandes, D., & Lynch, J. G., J . (2018). how am I doing? Pe cei ed inancial well-being,
i s po en ial an eceden s, and i s ela ion o o e all well-being. Jou nal o Consume Resea ch, 45(1), 68–89. h ps://
doi.o g/10.1093/jc /ucx109
COGENT BUSINESS & MANAGEMENT 23
Newman, S., Saul, D., Dea ien, C., & he nandez, N. (2023). Sel -employmen o sel less employmen ? Explo a ion o
ac o s ha mo i a e, acili a e, and cons ain La ina en ep eneu ship om a amily embeddedness pe spec i e.
Jou nal o Family and Economic Issues, 44(1), 206–219. h ps://doi.o g/10.1007/s10834-021-09813-0
Niu, G., Wang, Q., & Zhou, Y. (2020). Educa ion and FinTech adop ion: E idence om China. SSRN Elec onic Jou nal,
1-41. h ps://doi.o g/10.2139/ss n.3765224
Ogbo, A., Igwe, A., Ezeobi, J., Modebe, N., & Ume, K. E. (2019). The impac o social en ep eneu ship on he sus ain-
abili y o selec ed small and medium en e p ises in Nige ia. Ad ances in Resea ch, May, 1–15. h ps://doi.o g/10.9734/
ai /2019/ 19i230116
Ogge o, N., Rossi, M. C., & Ughe o, E. (2020). En ep eneu ial spi i s in women and men. The ole o inancial li e a-
cy and digi al skills. Small Business Economics, 55(2), 313–327. h ps://doi.o g/10.1007/s11187-019-00299-7
Oo, P. P., C eek, S. A., & Sheppa d, L. D. (2022). Pe cei ed wa m h and compe ence in c owd unding: Which ma e s
mo e and o whom? Jou nal o Business Ven u ing Insigh s, 17, e00288. h ps://doi.o g/10.1016/j.jb i.2021.e00288
O ganisa ion o Economic Co-ope a ion and De elopmen . (2017). Enhancing he con ibu ions o SMEs in a global
and digi alized economy.
O ganisa ion o Economic Co-ope a ion and De elopmen . (2020). OECD/INFE su ey ins umen o measu e he inan-
cial li e acy o MSMEs.
O ganisa ion o Economic Co-ope a ion and De elopmen . (2022). Financial li e acy in Poland. h ps://www.oecd.o g/
inancial/educa ion/Financial-Li e acy-in-Poland-Rele ance-e idence-and-p o ision.h m
Pabelona, R. B. (2023). En ep eneu ial acumen and inancial li e a y o sel -employed u al mo he s. In e na ional
Jou nal o Scien i ic Resea ch and Managemen , 11(03), 4748–4760. h ps://doi.o g/10.18535/ijs m/ 11i03.em9
Panos, G. A., & Wilson, J. O. (2020). Financial li e acy and esponsible inance in he FinTech e a: Capabili ies and
challenges. The Eu opean Jou nal o Finance, 26(4-5), 297–301. h ps://doi.o g/10.1080/1351847X.2020.1717569
Polas, M. R. h., Raju, V., Muhibbullah, M., & Tabash, M. I. (2022). Ru al women cha ac e is ics and sus ainable en e-
p eneu ial in en ion: A oad o economic g ow h in Bangladesh. Jou nal o En e p ising Communi ies: People and
Places in he Global Economy, 16(3), 421–449. h ps://doi.o g/10.1108/JEC-10-2020-0183
Puschmann, T. (2017). Fin ech. Business & In o ma ion Sys ems Enginee ing, 59(1), 69–76. h ps://doi.o g/10.1007/
s12599-017-0464-6
Qiao, S., huang, G., & Yeh, A. G. O. (2023). Who a e he gig wo ke s? E idence om mapping he esiden ial loca ions
o ide-hailing d i e s by a big da a app oach. Ci ies, 132, 104112. h ps://doi.o g/10.1016/j.ci ies.2022.104112
Rachel Ku u illa, R., & N ha ikuma , P. (2020). A s udy on he inancial awa eness among women en ep eneu s in
Ko ayam dis ic . Jou nal o Managemen Resea ch and Analysis, 5(3), 331–335. h ps://doi.o g/10.18231/2394-
2770.2018.0052
Ragha an, A., Demi cioglu, M. A., & O azgaliye , S. (2021). COVID-19 and he new no mal o o ganiza ions and em-
ployees: An o e iew. Sus ainabili y, 13(21), 11942. h ps://doi.o g/10.3390/su132111942
Raghu anshi, J., Ag awal, R., & Ghosh, P. K. (2017). Analysis o ba ie s o women en ep eneu ship: The DEMATEL
app oach. The Jou nal o En ep eneu ship, 26(2), 220–238. h ps://doi.o g/10.1177/0971355717708848
Rahayu, R., Ali, S., Aulia, A., & hidayah, R. (2022). The cu en digi al inancial li e acy and inancial beha io in Indonesian
millennial gene a ion. Jou nal o Accoun ing and In es men , 23(1), 78–94. h ps://doi.o g/10.18196/jai. 23i1.13205
Rai, K., Dua, S., & Yada , M. (2019). Associa ion o inancial a i ude, inancial beha iou and inancial knowledge
owa ds inancial li e acy: A s uc u al equa ion modeling app oach. FIIB Business Re iew, 8(1), 51–60. h ps://doi.
o g/10.1177/2319714519826651
Rajan Chauhan, R., & Kau Dhami, J. (2021). Subjec i e a iables o inancial well-being and indi idual economic
beha io : P e-and pos - inancial li e acy in e en ion. Jou nal o Con empo a y Issues in Business and Go e nmen ,
27(1). h ps://cibg.o g.au
Rapp, D. J., haßlinge , M., & Olb ich, M. (2018). In es men s as key en ep eneu ial ac ion: The case o inancially
dis essed a ge companies. In e na ional Jou nal o En ep eneu ial Ven u ing, 10(5), 558–580. h ps://doi.
o g/10.1504/IJEV.2018.094627
Ra ikuma , T., Su esha, B., P akash, N., Vazi ani, K., & K ishna, T. A. (2022). Digi al inancial li e acy among adul s in India:
Measu emen and alida ion. Cogen Economics & Finance, 10(1). h ps://doi.o g/10.1080/23322039.2022.2132631
Razen, M., hube , J., huebe , L., Ki chle , M., & S e an, M. (2021). Financial li e acy, economic p e e ences, and adoles-
cen s’ ield beha io . Finance Resea ch Le e s, 40(July 2020), 101728. h ps://doi.o g/10.1016/j. l.2020.101728
Resmi, S., Pahle i, R. W., & Sayek i, F. (2019). Is he e a pa e n o ela ionships be ween inancial li e acy, ax li e acy,
business g ow h, and compe i i e ad an age on c ea i e MSMEs in Yogyaka a. Jou nal o Ad anced Managemen
Science, 7(4), 136–141. h ps://doi.o g/10.18178/joams.7.4.136-141
Rink, U., Walle, Y. M., & Klasen, S. (2021). The inancial li e acy gende gap and he ole o cul u e. The Qua e ly
Re iew o Economics and Finance, 80, 117–134. h ps://doi.o g/10.1016/j.q e .2021.02.006
Romano, C. A., Tanewski, G. A., & Smy nios, K. X. (2001). Capi al s uc u e decision making. Jou nal o Business
Ven u ing, 16(3), 285–310. h ps://doi.o g/10.1016/S0883-9026(99)00053-1
Rosca, E., Aga wal, N., & B em, A. (2020). Women en ep eneu s as agen s o change: A compa a i e analysis o social
en ep eneu ship p ocesses in eme ging ma ke s. Technological Fo ecas ing and Social Change, 157, 120067. h ps://
doi.o g/10.1016/j. ech o e.2020.120067
