Ri a, Ma ia Rio; Nas i i, Pambayun Kinasih Yek i
A icle
The in luence o inancial boo s apping and digi al
ans o ma ion on inancial pe o mance: e idence om
MSMEs in he culina y sec o in Indonesia
Cogen Business & Managemen
P o ided in Coope a ion wi h:
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Sugges ed Ci a ion: Ri a, Ma ia Rio; Nas i i, Pambayun Kinasih Yek i (2024) : The in luence o inancial
boo s apping and digi al ans o ma ion on inancial pe o mance: e idence om MSMEs in he
culina y sec o in Indonesia, Cogen Business & Managemen , ISSN 2331-1975, Taylo & F ancis,
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The influence o financial boo s apping and
digi al ans o ma ion on financial pe o mance:
e idence om MSMEs in he culina y sec o in
Indonesia
Ma ia Rio Ri a & Pambayun Kinasih Yek i Nas i i
To ci e his a icle: Ma ia Rio Ri a & Pambayun Kinasih Yek i Nas i i (2024) The influence o
financial boo s apping and digi al ans o ma ion on financial pe o mance: e idence om
MSMEs in he culina y sec o in Indonesia, Cogen Business & Managemen , 11:1, 2363415,
DOI: 10.1080/23311975.2024.2363415
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Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2363415
The in luence o inancial boo s apping and digi al ans o ma ion
on inancial pe o mance: e idence om MSMEs in he culina y
sec o in Indonesia
Ma ia io i a and pambayun Kinasih Yek i nas i i
Facul y o economics and Business, uni e si as K is en sa ya Wacana, sala iga, indonesia
ABSTRACT
o educe dependence on ex e nal unding, inancial boo s apping can be an
al e na i e low-cos unding solu ion o MsMEs. cos e iciency can also be achie ed
by ca ying ou digi al ans o ma ion in business ope a ional ac i i ies. Fu he mo e,
cos e iciency will lead o imp o ed inancial pe o mance o MsMEs. his esea ch
in es iga es he in luence o inancial boo s apping and digi al ans o ma ion on he
inancial pe o mance o MsMEs. Da a collec ion was ca ied ou h ough a ield su ey
in ol ing se e al enume a o s and 180 esponden s. he esponden s o his esea ch
we e emale MsME en ep eneu s in he culina y sec o in cen al Ja a p o ince,
indonesia. he da a was analyzed using he pa ial leas squa es-s uc u al Equa ion
Modeling (pls-sEM) me hod. he esea ch esul s e ealed ha inancial boo s apping
and digi al ans o ma ion ha e a signi ican posi i e e ec on he inancial pe o mance
o MsMEs. Fu he mo e, his s udy o e s ecommenda ions o imp o e he inancial
pe o mance o MsMEs. En ep eneu s mus be c ea i e in u ilizing cheap in e nal
unding sou ces and willing o adop digi al echnology o inc ease ope a ional
e iciency and cus ome sa is ac ion.
Fields: en ep eneu ship and small i m managemen ; business, managemen and
accoun ing; en ep eneu ial inance
1. In oduc ion
a ious li e a u e ega ding he exis ence o MsMEs in a ious coun ies emphasizes hei i al ole in he
na ional economy. he massi e numbe compa ed o la ge-scale businesses has an impac on high le els
o labo c ea ion and abso p ion ( ocha, 2012), and a signi ican con ibu ion o he g oss domes ic
p oduc (Yoshino & aghizadeh-hesa y, 2015). in addi ion, MsMEs also play a ole in s eng hening he
local o household economy (ali e al., 2023; p adana e al., 2023). howe e , wi h he co iD-19 pan-
demic, many MsMEs we e unable o su i e because hey expe ienced a signi ican decline in e enue.
in he mids o his si ua ion, he e is an in e es ing ac ha MsMEs in he culina y sec o s ill exis ed
du ing he pandemic, and hey e en p o ided ex ensi e job oppo uni ies du ing he pandemic (pusung
e al., 2023). conside ing hei c ucial ole, iden i ying he ac o s ha a e hough o in luence he pe -
o mance o MsMEs in he culina y sec o is in e es ing o explo e u he .
o ensu e he pe o mance and sus ainabili y o MsMEs in he culina y sec o , adequa e unding is a
c ucial ac o . he e o e, business ac o s a e equi ed o be able o mee su icien business capi al which
e lec s inancial esou ce capabili ies (p akash & hamilsel an, 2023). howe e , in gene al, MsME en e-
p eneu s ace p oblems in ul illing hei unding due o hei inabili y o access ex e nal unding as a
esul o in o ma ion asymme y ega ding business p ospec s and ins abili y in he company’s inancial
condi ion (a haide & p adhan, 2020). apa om ha , he e a e discou aged bo owe s, namely he
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup.
CONTACT Ma ia Rio Ri a ma ia. i [email protected] Facul y o economics and Business, uni e si as K is en sa ya Wacana, sala iga, indonesia.
h ps://doi.o g/10.1080/23311975.2024.2363415
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ARTICLE HISTORY
ecei ed 30 oc obe
2023
e ised 22 May 2024
accep ed 25 May 2024
KEYWORDS
Financial pe o mance;
inancial boo s apping;
digi al ans o ma ion;
emale en ep eneu s;
MsME
SUBJECTS
En ep eneu ship and
small Business
Managemen ; Business,
Managemen and
accoun ing;
En ep eneu ial Finance
REVIEWING EDITOR
E ic liguo i, Flo ida s a e
uni e si y, uni ed s a es
2 M. . i a anD p. Kinasih YEK i nas i i
beha io o en ep eneu s who a e eluc an o apply o loans because hey a e a aid ha hei appli-
ca ions will be ejec ed, e en hough in ac hey need he unds (Kon & s o ey, 2003).
he exis ence o ex e nal unding cons ain s has he po en ial o encou age he c ea i i y o MsME
en ep eneu s o gene a e in e nal unding esou ces o wha is known as inancial boo s apping. Financial
boo s apping can be done by u ilizing pe sonal asse s, seeking loans om amily membe s, and/o u iliz-
ing p o i s o suppo ope a ional ac i i ies (Daniel e al., 2015; Jayawa na e al., 2015). his s a egy is
ca ied ou o mee wo king capi al limi a ions by educing dependence on ex e nal unding, so ha cap-
i al cos s can be educed (Fi zsimons e al., 2023). howe e , inancial boo s apping was chosen as unding
o MsMEs no me ely due o ex e nal unding cons ain s bu he p e e ence o he MsME ac o s con-
ce ned is p obably due o no wan ing o be bu dened wi h deb and no wan ing o bo he ul illing he
equi emen s o applying o ex e nal unding. Financial boo s apping is necessa y o main ain su icien
wo king capi al needed o sales ac i i ies which a e a sou ce o business p o i . hus, i is easonable o
assume ha he abili y o en ep eneu s o p o ide su icien in e nal unds (al issa, 2020; li & al a ado,
2021; Mabonga, 2020) is one o he ac o s ha in luences he inancial pe o mance o culina y MsMEs.
Based on a li e a u e sea ch, e idence was ound ha inancial boo s apping has a signi ican e ec
on he pe o mance o s a -ups (Jones & Jayawa na, 2010) and so wa e de elopmen companies
(ha ison e al., 2004). howe e , his esea ch ook England as a de eloped coun y o he esea ch
objec . he e o e, i is in e es ing o in es iga e u he whe he a simila phenomenon will also be ound
in de eloping coun ies wi h di e en cha ac e is ics (Fi zsimons e al., 2023), such as indonesia, whe e
he business landscape in his coun y is domina ed by mic o-scale businesses wi h business manage-
men ha is s ill con en ional. in addi ion, conside ing ha he esea ch was ca ied ou qui e a long
ime ago, i needs o be upda ed so ha he ele ance o he cu en condi ions can be known.
Besides he in ol emen o inancial esou ces in he o m o inancial boo s apping, he inancial pe o -
mance o MsMEs is also made possible by he exis ence o non- inancial esou ces, especially he abili y o
culina y MsME ac o s o do digi al ans o ma ion. E en hough MsMEs a e ca ego ized as lagging behind la ge
companies in digi aliza ion p ac ices (Elle e al., 2020), i canno be denied ha digi aliza ion plays an impo -
an ole in business g ow h (Be man e al., 2023). in line wi h he de elopmen o he digi al ecosys em, culi-
na y MsMEs a e equi ed o ake ad an age o echnological de elopmen s so ha hey can espond o he
demands o cus ome s who wan hings ha a e as and p ac ical. cu en ly, culina y MsMEs ha e a choice o
a ious e-comme ce pla o ms, social media, and digi al paymen s ha can shi some o e en all o hei
ope a ions o a digi al-based o ma o main ain hei ope a ions in imes o c isis (Maulini e al., 2022), and a e
use ul o expanding ma ke s and imp o ing business pe o mance (sub iadi & Wa dhani, 2022).
se e al s udies ha e documen ed ha digi al ans o ma ion in MsMEs has shown o ha e a posi i e
impac on business pe o mance. MsMEs in he manu ac u ing sec o ha ha e u ilized digi al ma ke ing
ha e had inc eased pe o mance in hei companies (Kawi a e al., 2019), expe ienced educed cos s, and
had inc eased inno a ion and business pe o mance esul ing om digi al ans o ma ion (Zheng e al.,
2023). Fu he mo e, s udies on sMEs in he ade, se ice, and manu ac u ing sec o s e eal ha digi al
ans o ma ion has an impac on inancial pe o mance, al hough i is only small ( aldez-Juá ez e al.,
2024) and inc eases sales u no e in he culina y sec o om digi al ma ke ing (pu nama e al., 2022).
e e ing o he li e a u e abo e, i appea s ha digi al ans o ma ion o culina y MsMEs is s ill limi ed
and speci ic o he ma ke ing aspec , whe eas his s udy will also co e digi al paymen s. his aises he
ques ion o whe he hese indings also apply o he culina y sec o , e en hough he heo e ical assump-
ions as s a ed p e iously make i possible o p oduce he same indings.
his s udy aims o in es iga e he e ec s o inancial boo s apping and digi al ans o ma ion on he
inancial pe o mance o MsMEs in he culina y sec o in indonesia. he sample o his esea ch is 180
emale en ep eneu s in culina y businesses o an MsME scale sp ead ac oss h ee ci ies in indonesia.
Based on he exis ing esea ch gaps, his s udy is expec ed o en ich he li e a u e in he ield o en e-
p eneu ial inance by combining inancial and non- inancial esou ces as de e minan s o MsME inancial
pe o mance. i is also hoped ha hese indings can be conside ed by MsME ac o s and policymake s
in encou aging MsME inancial pe o mance by expanding access o unding, suppo ing he MsME dig-
i al ecosys em, and designing empowe men p og ams o emale en ep eneu s.
his pape is p esen ed in i e sessions: in oduc ion, li e a u e e iew and hypo hesis de elopmen ,
esea ch me hods, esul s and discussion, and ending wi h he conclusion.
cogEn BusinEss & ManagEMEn 3
2. Li e a u e e iew and hypo hesis de elopmen
2.1. Li e a u e e iew
his sec ion p esen s he de ini ions and ypes o inancial boo s apping and digi al ans o ma ion. nex ,
he esea che o mula ed hypo heses ha desc ibe he in luence o inancial boo s apping and digi al
ans o ma ion on he inancial pe o mance o culina y MsMEs managed by emale en ep eneu s.
2.1.1. Financial boo s apping
he e m inancial boo s apping was in oduced by Bhide, (1992) as a se o c ea i e p ac ices a ailable
o en ep eneu s o help educe ope a ional cos s and imp o e cash low managemen . he e o e, e o s
a e needed o (a) minimize ex e nal sou ces and (b) u ilize esou ces owned by o he s a li le o no cos
(Winbo g & lands öm, 1997, 2001). Boo s apping o e s an ideal s a egic pa h o b eak ou o he
icious cycle o limi ed esou ces ( enka a aman, 2003); de elop exis ing inancial esou ces wi hou
using deb ; in ol e en u e capi alis s o o he ex e nal means (scho ield, 2015); inc ease liquidi y and
s eng hen he cash low (Fa oki, 2014); and inance businesses when o he adi ional sou ces a e absen
(Zwane & nyide, 2016).
Fo MsMEs, boo s apping is a ele an sou ce o inancing conside ing ha hey o en ace limi ed
inancing (Bui & long, 2021; uiz-palomo e al., 2022) as a esul o no being able o ul ill he equi e-
men s o applying o bank c edi (chimucheka, 2013; Khan, 2022; Zwane & nyide, 2016), inancial lim-
i a ions (hussain e al., 2018; Widyas u i & he man o, 2022), o a eluc ance o apply o bank c edi o
ea o being ejec ed (discou aged bo owe ) (Kon & s o ey, 2003). in addi ion, boo s apping is in line
wi h he iew o he pecking o de heo y (Mye s, 1984) ha in e nal inancing is a sou ce o unds wi h
he lowes capi al cos s compa ed o ex e nal inancing sou ces.
he e a e a ious boo s apping echniques. Winbo g and lands öm (1997) ca ego ized ou boo -
s apping op ions: (1) boo s apping p oduc de elopmen , o example u ilizing ela ionships wi h sup-
plie s o mee aw ma e ial needs in he con ex o p oduc de elopmen ; (2) boo s apping business
de elopmen , using pe sonal sa ings o c edi ca ds o a oid business deb ; (3) boo s apping o educe
capi al equi emen s, o example using leasing equipmen ins ead o buying and hi ing pa - ime s a ;
and (4) boo s apping o mee capi al needs, o example: selling o pledging ecei ables. in addi ion,
leach and Meliche (2020) p oposed ou ca ego ies: 1) supplie - ela ed boo s apping by elying on
delayed deb paymen imes and discoun s om supplie s; (2) boo s apping ela ed o cus ome s, aken
by u ilizing inancing om cus ome s in he o m o ad ances and accele a ed epaymen o ecei ables;
(3) owne - ela ed boo s apping, p io i izing sou ces o inancing om he owne , such as u ilizing pe -
sonal asse s and unds and alloca ing p o i s o business de elopmen ; and (4) Join use asse s, using
business p emises o ixed asse s simul aneously. Fu he mo e, he i e ypes o boo s apping o e ed by
Mi al and aman (2021) a e as ollows: (1) delaying paymen s, (2) ela ionship esou ces, (3) limi ing
in es men s, (4) owne loans, and (5) clien inancing. F om he a ious g oupings o op ions abo e, in
simple e ms, boo s apping is ac ually ela ed o wo sides o inancial managemen . in e ms o inanc-
ing decisions, MsMEs y o ge cheap sou ces o inancing by elying mo e on pe sonal inances and
e icien wo king capi al managemen . in e ms o in es men decisions, MsMEs y o educe cash low
o he pu poses o in es ing in ixed asse s.
2.1.2. Digi al ans o ma ion
he e a e h ee di e en e ms in his echnological e olu ion: digi iza ion, digi aliza ion, and digi al ans-
o ma ion which a e cu en ly used in he business wo ld. in simple e ms, digi iza ion changes analog
in o ma ion in o a digi al o ma , while digi aliza ion includes he use o digi al echnology o imp o e
business p ocesses, hen digi al ans o ma ion e e s o s a egic changes in a business by exploi ing he
po en ial o digi al echnology o c ea e added alue ( e hoe e al., 2021). he o ms o digi al ans o ma-
ion ha a e usually ca ied ou by MsMEs, especially hose ope a ing in he culina y sec o in indonesia,
include: online deli e y applica ions (go- ood/g ab- ood), digi al walle s (go-pay, o o, Dana), Q is (Quick
esponse) paymen s code indonesian s anda d), social media o ma ke ing (You ube, ik ok, ins ag am,
wi e , Facebook, Wha sapp), and applica ions o inancial ansac ions and in en o y eco ding.
4 M. . i a anD p. Kinasih YEK i nas i i
Digi al ans o ma ion di e s om in o ma ion echnology in ha i in ol es ede ining a company’s
alue p oposi ion, aiming o change he o ganiza ion’s iden i y, and d i ing new business s a egies.
Meanwhile, in o ma ion echnology only s i es o suppo exis ing s a egies (ge zen e al., 2022).
speci ically, libe e al. (2016) s a ed ha digi al ans o ma ion e e s o changes in in e nal ope a ions,
clien ela ionships, and alue c ea ion based on digi al echnologies. echnological ad ances ha e shi ed
a ious aspec s o business ope a ions (Fi zge ald e al., 2013; Mykhailo, 2020), including accoun ing p o-
cesses (al-ha ami e al., 2024).
Digi al ans o ma ion was demons a ed o ha e an impo an ole as a business s a egy o MsMEs
du ing he co iD-19 pandemic (se yoko & Ku niasih, 2022). howe e , Mand iwalla and Flanagan (2021)
emphasized ha digi al ans o ma ion emains ele an bo h du ing he pandemic and a e he
co iD-19 pandemic o he sus ainabili y o MsMEs. Wi h digi al ans o ma ion, MsMEs can in eg a e
in o global ma ke s and ha e access o esou ces, including inance (e.g. pee - o-pee loans), aining,
and ec ui men channels, such as go e nmen se ices ha a e inc easingly a ailable online (oEcD,
2021). Digi al ans o ma ion is also he answe o consume demands who need as and smoo h se ice
(p oksch e al., 2024). howe e , MsMEs end o lack he con idence o ca y ou digi al ans o ma ion i
hey do no ecei e assis ance om ex e nal pa ies, including inancial assis ance in he o m o subsi-
dies and ax incen i es om he go e nmen , echnology, and an inc ease in human esou ce capaci y
( upeika-apoga e al., 2022). a simila pe spec i e was also s a ed by ulas (2019) ha MsME en ep e-
neu s some imes do no ha e a high commi men o in es in in o ma ion echnology and communica-
ion, so ha ex e nal suppo is needed o in eg a e digi al ans o ma ion in o he company’s s a egy.
he e o e, chen e al. (2022) ecommended ha he go e nmen should collabo a e wi h educa ional
ins i u ions o c ea e educa ional p og ams, do aining, and use he in e ne as a sou ce o knowledge
o MsMEs.
2.2. Hypo hesis de elopmen
2.2.1. Financial boo s apping and inancial pe o mance
En ep eneu ship is synonymous wi h he ac i i ies o analyzing oppo uni ies, ga he ing esou ces, and
c ea ing alue o de elop a business (lans, 2020). o ealize his oppo uni y, MsME en ep eneu s need
a ce ain amoun o unds, bo h om in e nal and ex e nal sou ces. Banks a e o en conside ed he main
p o ide s o ex e nal unds o MsME en ep eneu s (Be ge & udell, 2006). howe e , i onically, MsMEs
o en ha e di icul y accessing ex e nal inancing due o p oblems wi h in o ma ion asymme y be ween
en ep eneu s and unde s ega ding business p ospec s and he company’s inancial ins abili y, espe-
cially o emale en ep eneu s (a shad, 2023). in ac , in many cases emale en ep eneu s a e gi en
s ic e c edi equi emen s, gua an ees, and highe in e es a es han male en ep eneu s (Malms öm
e al., 2017; naegels e al., 2018). Businesses managed by male en ep eneu s a e conside ed mo e bank-
able because male en ep eneu s a e conside ed mo e ambi ious and ha e be e en ep eneu ial skills
compa ed o emale en ep eneu s (Kanze e al., 2018). in addi ion, emale en ep eneu s o en do no
wan o ake isks, so hey end o ely on sa e inancing (gines i e al., 2018). his is ein o ced by se -
e al s udies showing ha emale en ep eneu s a e less likely o apply o c edi han male-owned MsMEs
(galli e al., 2020; Mo o e al., 2017). in examining he obs acles o banking access and he eluc ance o
access banking by emale en ep eneu s abo e, i con eys ha inancial boo s apping is impo an o
emale MsME en ep eneu s. E en du ing imes o c isis when sales decline, emale en ep eneu s can
ely on inancial boo s apping o mee hei capi al needs (neeley & an auken, 2010).
(Mou e al., 2020) explained ha inancial boo s apping is an e ec i e and e icien MsME inancing
s a egy. Financial boo s apping can p e en en ep eneu s om elying on inancing in he o m o
deb , en u e capi al, o o he o ms o ex e nal inancing, he eby educing hei capi al cos s (Fa oki,
2014; Mi al & aman, 2021). hus, boo s apping will no only be a sou ce o cheap inancing o MsME
ope a ional ac i i ies, bu i will also ha e an impac on sus ainabili y and imp o e business pe o mance
(Jones & Jayawa na, 2010). se e al p e ious s udies also e ealed ha inancial boo s apping has a pos-
i i e e ec on inancial pe o mance (al issa, 2020; i a e al., 2021). he e o e, emale en ep eneu s who
p ac ice inancial boo s apping can ensu e he smoo h unning o business ope a ions ( o example: he
p ocu emen o ma e ials and he ul illmen o o he sho - e m obliga ions), so hey a e hough o be
cogEn BusinEss & ManagEMEn 5
able o imp o e hei inancial pe o mance. Based on he explana ion abo e, he i s hypo hesis is o -
mula ed as ollows:
h1: Financial boo s apping has a signi ican posi i e e ec on inancial pe o mance among emale MsME
en ep eneu s.
2.2.2. Digi al ans o ma ion and inancial pe o mance
he use o in o ma ion echnology can acili a e he physical ac i i ies o MsME en ep eneu s by chang-
ing manual ansac ions in o digi al ansac ions, so ha business p ocesses become mo e e ec i e and
e icien . Digi aliza ion helps and a he same ime acili a es sea ch and pu chase ac i i ies o aw ma e-
ials, ma ke ing, paymen ansac ions, access o inancing, p oduc /se ice inno a ions, and moni o ing
o business inancial condi ions o business de elopmen . apa om ha , digi al ans o ma ion can
also educe cos s by op imizing in e nal p ocesses h ough job au oma ion, educing he use o physical
documen s by swi ching o elec onic documen s, e c. echnology is an insepa able pa o he de elop-
men o knowledge, ools, echniques, and sys ems wi hin a company o p oduce, manu ac u e, and
dis ibu e goods and se ices app op ia ely o cus ome s (cannas, 2023). hus, he digi aliza ion o
MsMEs can g ea ly acili a e he o e all business ac i i ies.
Digi aliza ion can ce ainly imp o e inancial pe o mance (i.e. g ow h in u no e , p o i s, and ope a-
ional e iciency) (Ezeokoli e al., 2016), and p oduc i i y (Muba ak e al., 2019). e e ing o he bene i s
o applying in o ma ion echnology o business de elopmen as e ealed by p e ious esea ch, MsME
en ep eneu s (including emale en ep eneu s) need o do digi al ans o ma ion. he use o in o ma ion
and communica ion echnology can suppo and acili a e daily business ope a ions o emale en ep e-
neu s (angg aini e al., 2023).
howe e , empi ical ac s indica e ha he e is s ill a gende gap in digi al ans o ma ion (Buyannemekh
& chen, 2021). Digi al gende -based di ision was de ined by abu-shanab and al-Jamal (2015) as inequali y
in oppo uni ies o use and access digi al echnology be ween male and emale. Females a e conside ed
o ha e signi ican p i acy isks when sha ing in o ma ion, leading o eluc ance o adop digi al ans o -
ma ion (lin & Wang, 2020). Besides ha , i is also mo e di icul o emale o make changes unless he e
is encou agemen om he amily (chaudha y & Du , 2022). hus, emale en ep eneu s who engage in
digi al ans o ma ion ha e highe compe i i eness compa ed o o he emale en ep eneu s.
Fauzi e al. (2021) ound ha emale en ep eneu s who digi ally de eloped hei businesses we e able
o su i e longe han hei compe i o s who did no conduc digi al ans o ma ion. Mangi e a and
Mawa di (2022) also backed he indings o he posi i e impac o digi al ans o ma ion on he inancial
pe o mance o culina y MsMEs, in ha he use o in e ne echnology could boos sales and p o i s
du ing he pandemic. Based on he explana ion abo e and suppo ed by p e ious esea ch, he second
hypo hesis is pu o h as ollows:
h2: Digi al ans o ma ion has a signi ican posi i e e ec on inancial pe o mance among emale MsME
en ep eneu s.
he causali y pa h be ween he independen and dependen a iables is shown in Figu e 1. his
esea ch places inancial boo s apping (FB) and digi al ans o ma ion (D ) as independen a iables and
Figu e 1. Concep ual model.
Sou ce: sel -cons uc ed (2023).
6 M. . i a anD p. Kinasih YEK i nas i i
inancial pe o mance (Fp) as he dependen a iable. o il e he in luence o o he independen a i-
ables ha can in luence inancial pe o mance, he esea ch con ols en ep eneu ial cha ac e is ics and
business cha ac e is ics consis ing o en ep eneu ial age (age), en ep eneu ial expe ience (Exp), and
business age (Yea ), in e e ence o Fasci and aldez (1998) and inmyxai and akahashi (2010).
3. Resea ch me hodology
3.1. Sample e ie al and da a collec ion
his esea ch sample consis s o culina y MsMEs which a e managed by emale in su aka a, sala iga,
and sema ang, indonesia. Based on he esul s o ini ial isi s o he ield in he h ee ci ies selec ed as
esea ch loca ions, he majo i y o MsME owne s in he culina y sec o a e managed by emale who s ill
ace obs acles in unding and adop ing digi al echnology. as o conside a ions in choosing he ci ies,
apa om being widely known as culina y ou ism des ina ions in indonesia, sema ang and su aka a
ha e been de e mined by he Minis y o ou ism and c ea i e Economy as culina y ou ism des ina ions.
in addi ion, he ci y o sala iga was chosen as a ci y o gas onomy in cen al Ja a by unEsco so i is
hoped ha i can show he de elopmen o he culina y businesses in indonesia. culina y businesses
we e chosen because o hei abili y o sus ain hemsel es and de elop du ing he co iD-19 pandemic.
Based on ini ial obse a ions made by esea che s ha emales a e p edomina ely MsME owne s in he
culina y sec o in hese h ee ci ies and conside ing ha emale en ep eneu s s ill ace oughe chal-
lenges in unning hei businesses (a shad, 2023; asiedu e al., 2013; Yudias u i e al., 2021) han hei
coun e pa s, his esea ch aspi es o ocus on emale en ep eneu s. he a ge ed sample size was 60
MsMEs in each ci y. pu posi e sampling was used wi h inclusion c i e ia: (1) he business owne was
emale, (2) he business had been ope a ing o a leas wo yea s be o e he co iD-19 pandemic, and
(3) he business was he main sou ce o income.
he da a was collec ed h ough a ield su ey using a ques ionnai e which was di ided in o wo main
pa s. he i s sec ion ocused on he demog aphic de ails o he esponden s, including hei age, wo k
expe ience, and educa ion. he second pa discussed he dependen a iable— inancial pe o mance—
and he independen a iables— inancial boo s apping and digi al ans o ma ion. nex , six enume a o s
we e in ol ed in he ield da a collec ion p ocess. p io o he s udy, all enume a o s unde wen aining
o ensu e a clea unde s anding o he esea ch objec i es, ques ionnai es, ield condi ions, and e ec i e
da a collec ion me hods. he ield esea ch ook wo weeks, whe e each enume a o ’s ask was o in e -
iew 30 esponden s in ce ain ci ies o mee he alloca ed ime ame, wi h a o al a ge o 180 sMEs.
howe e , eigh ques ionnai es we e deemed inadequa e ega ding he consis ency and comple eness o
esponses and we e he e o e excluded om he analysis. consequen ly, his s udy used da a om 172
sMEs. his sample size me he minimum equi emen s as ecommended by hai e al. (2014). hey sug-
ges ed ha a minimum o 100 samples is equi ed o a s uc u al Equa ion Model wi h ≤5 cons uc s,
each consis ing o >3 i ems wi h communali y alues ≥0.6. able 1 p esen s he de ailed p o ile o he
esponden s. he majo i y o he esponden s ell in o he 30-50 yea s age g oup (40.7%). ega ding hei
en ep eneu ial expe ience, 36.6% had mo e han a decade o such expe ience, and 47.1% o he espon-
den s had a high school diploma o a oca ional school deg ee.
3.2. E hical conside a ions
p io o he su ey, he esea che s ha e ecei ed app o al om he E hics commi ee o he Di ec o a e
o esea ch and communi y se ice o uni e si as K is en sa ya Wacana in May 2023 o conduc he
s udy. he selec ed esponden s we e gi en an in oduc ion abou he esea ch h ough a ield su ey
le e and an in o med consen o m be o e answe ing he esea ch ques ionnai e. his le e is included
a he beginning o he esea ch ques ionnai e and s a es he esponden ’s willingness o comple e he
esea ch ques ionnai e and olun a y p o ide addi ional in o ma ion acco ding o he ac ual condi ions.
he le e o consen also men ions ha he ob ained da a only will be used o esea ch and scien i ic
publica ion pu poses. he pe sonal da a ( he esponden ’s name o company) will no be included o
cogEn BusinEss & ManagEMEn 7
sha ed wi h a hi d pa y. he selec ed esponden s ha e he op ion (yes o no) o become pa icipan s
in his esea ch.
3.3. Va iable measu emen s
he concep ual amewo k in his esea ch consis ed o h ee cons uc s, each o which was p oxied by
se e al i ems based on p e ious esea ch. he esponses we e measu ed using a 7-poin like scale
( om 1 ‘s ongly Disag ee’ o 7 ‘s ongly ag ee’). he i s cons uc , inancial boo s apping is de ined as
a me hod o inancing a business wi hou elying comple ely on long- e m ex e nal sou ces o inancing,
and i was measu ed using ou i ems modi ied by Winbo g and lands öm (2001) and Wing (2010). he
second cons uc , digi al ans o ma ion, e e s o u ilizing digi al echnology o suppo business ope a-
ions and p o ide cus ome se ice, which was p oxied by ou i ems de eloped by he esea che . Fo
he hi d cons uc , conside ing ha mos MsMEs do no ha e inancial epo s ha can be used o ack
inancial pe o mance da a, his esea ch elies on subjec i e assessmen s om MsME ac o s. Fo he
pu poses o measu ing inancial pe o mance, i is de ined as he achie emen o ope a ional esul s
measu ed in mone a y e ms which a e p oxied by ou i ems modi ied om pu wan o e al. (2022). he
empi ical indica o s o each cons uc a e lis ed in able 2.
o ensu e he quali y o he measu emen s, a p e- es in ol ing 63 esponden s was ca ied ou
be o e he ield esea ch. he esul s e ealed ha all he indica o s a e alid and eliable, wi h load-
ings exceeding 0.70 and c onbach’s alpha (ca) alues exceeding 0.70. howe e , eedback om he
p e- es sugges ed ha ce ain ques ions had o be eph ased o make hem simple and easie o
unde s and.
3.4. Da a analysis
o es he causali y be ween he a iables empi ically, his esea ch applied he ollowing es ima-
ion model:
FP =++
ββ δ
12 1
FB DT (1)
FP FB DT Age Yea =++ + + +
ββ β β β δ
34 5 6 7 2
exp (2)
Table 1. Desc ip ion o he sample.
socio-demog aphic cha ac e is ics N (%)
en ep eneu ’s age
up o 30 yea s old 44 (25.6 %)
Mo e han 30 - 50 yea s old 70 (40.7%)
Mo e han 50 yea s old 58 (33.7%)
∑ 172 (100%)
en ep eneu ial expe ience
up o 5 yea s 61 (35.5%)
Mo e han 5–10 yea s 48 (27.9%)
Mo e han 10 yea s 63 (36.6%)
∑ 172 (100%)
Las educa ion
elemen a y school 24 (14.0%)
Middle school 22 (12.7%)
High school/ oca ional high school 81 (47.1%)
Highe educa ion 45 (26.6%)
∑ 172 (100%)
Business Age
up o 5 yea s 63 (36.6%)
Mo e han 5–10 yea s 47 (27.4%)
Mo e han 10 yea s 62 (36.0%)
∑ 172 (100%)
A e age Tu no e /Day
Be o e he CoViD-19 pandemic Rp 1,187,314
Du ing he CoViD-19 pandemic Rp 520,250
14 M. . i a anD p. Kinasih YEK i nas i i
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