Rosyidiana, Riska Nu ; Na sa, I. Made
A icle
Mic o, small, and medium-sized en e p ises (MSMEs) du ing he
pos -pandemic economic eco e y pe iod: digi aliza ion, li e a ion,
inno a ion, and i s impac on inancial pe o mance
Cogen Business & Managemen
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Sugges ed Ci a ion: Rosyidiana, Riska Nu ; Na sa, I. Made (2024) : Mic o, small, and medium-sized
en e p ises (MSMEs) du ing he pos -pandemic economic eco e y pe iod: digi aliza ion, li e a ion,
inno a ion, and i s impac on inancial pe o mance, Cogen Business & Managemen , ISSN
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Mic o, small, and medium-sized en e p ises
(MSMEs) du ing he pos -pandemic economic
eco e y pe iod: digi aliza ion, li e a ion,
inno a ion, and i s impac on financial
pe o mance
Riska Nu Rosyidiana & I. Made Na sa
To ci e his a icle: Riska Nu Rosyidiana & I. Made Na sa (2024) Mic o, small, and medium-
sized en e p ises (MSMEs) du ing he pos -pandemic economic eco e y pe iod: digi aliza ion,
li e a ion, inno a ion, and i s impac on financial pe o mance, Cogen Business &
Managemen , 11:1, 2342488, DOI: 10.1080/23311975.2024.2342488
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Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2342488
Mic o, small, and medium-sized en e p ises (MSMEs) du ing he
pos -pandemic economic eco e y pe iod: digi aliza ion, li e a ion,
inno a ion, and i s impac on inancial pe o mance
iska nu osyidianaa,b and i. Made na saa
aFacul y o economic and Business, ai langga uni e si y, su abaya, indonesia; bFacul y o Voca ional s udies, ai langga
uni e si y, su abaya, indonesia
ABSTRACT
his s udy explo es he impac o digi aliza ion, li e a ion, and inno a ion on he
inancial pe o mance o Mic o, small, and Medium-sized En e p ises (MsMEs) in
Bojonego o, Eas Ja a, indonesia. using a sample o 35 business owne s, he esea ch
employs pa ial leas squa es s uc u al equa ions modelling. he indings e eal a
posi i e and signi ican ela ionship be ween inno a ion and MsMEs’ inancial
pe o mance, emphasizing he c ucial ole o inno a i e p ac ices. addi ionally, business
owne s’ li e acy le els posi i ely in luence inno a ion. al hough digi aliza ion shows a
posi i e impac on inno a ion and inancial pe o mance, he lack o s a is ical
signi icance calls o nuanced explo a ion. he s udy con ibu es o unde s anding he
complex dynamics wi hin MsMEs pos -pandemic, emphasizing he impo ance o
li e a ion and inno a ion. he esea ch o e s p ac ical insigh s o MsME owne s on
enhancing inancial li e acy and os e ing an inno a i e cul u e wi hin hei businesses.
policymake s we e also encou aged o alloca e esou ces o acili a e inancial aining
o business owne s. u ban a eas migh employ a ying pandemic esponse s a egies
depending on hei economic ci cums ances, esul ing in di e ences in in e ac ion
a iables. Fu u e s udies should ex end hese indings o di e se u ban se ings o
b oaden ou unde s anding o li e a ion, inno a ion, and digi aliza ion’s impac on
MsME pe o mance.
1. In oduc ion
Mic o, small, and Medium-sized En e p ises (MsMEs) o m he backbone o many economies wo ldwide,
con ibu ing signi ican ly o economic g ow h and employmen (co azza, 2018; Egge s, 2020; osyidiana
e al., 2022). in he wake o he pos -pandemic economic eco e y e a, unde s anding he ac o s ha
in luence he inancial pe o mance o MsMEs has become inc easingly i al. Explo ing s a egies o na -
iga ing pandemics is c ucial o gaining knowledge on e ec i ely managing simila c ises in he u u e.
he p ocess o digi aliza ion enhances he e ec i eness o MsMEs by ans o ming hei in e ac ions,
communica ions, and ansac ions (Guo e al., 2020; ahman e al., 2020; Zhou e al., 2024). his, in u n,
helps economies bounce back om un o eseen dis up ions (Zhou e al., 2024). Mo eo e , he le el o
inancial li e acy among business owne s signi ican ly impac s inancial pe o mance ( ahim & Balan,
2021; Wahyono & hu ahayan, 2021). Financial li e acy is essen ial o o e coming inancial challenges and
shaping e ec i e inancial decision-making (Gunawan e al., 2023). Bo h he p ocess o digi aliza ion and
inancial li e acy con ibu e o he ad ancemen o inno a ion. ne e heless, no p io s udies ha e in es-
iga ed he combined impac o hese cha ac e is ics on inancial success, wi h inno a ion ac ing as a
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT i. Made na sa i-made-n@ eb.unai .ac.id Facul y o economic and Business, ai langga uni e si y, su abaya, indonesia
h ps://doi.o g/10.1080/23311975.2024.2342488
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
ecei ed 14 Decembe
2023
e ised 11 Feb ua y 2024
accep ed 7 ap il 2024
KEYWORDS
Digi aliza ion; li e a ion;
inno a ion; inancial
pe o mance; MsMEs
REVIEWING EDITOR
Je ey Muldoon, Empo ia
s a e uni e si y, uni ed
s a es
SUBJECTS
En ep eneu ial Finance;
s a egic Managemen ;
Managemen o
echnology and inno a ion;
En ep eneu ship and small
Business Managemen
2 . n. osYiDiana anD i. M. na sa
media o . his s udy in es iga es he in ica e dynamics o he MsME sec o , ocusing on he e ec o
digi al ans o ma ion, inancial li e acy, and inno a ion on hei inancial pe o mance.
We conduc ed ou esea ch in he unique loca ion o Bojonego o ci y in Eas Ja a p o ince, indonesia,
enowned o i s ich na u al esou ces (a dhana iswa i, 2018). i ’s also home o a h i ing MsMEs eco-
sys em. By ocusing ou esea ch on his speci ic loca ion, we hoped o p o ide use ul insigh s ha could
be immedia ely u ilized by business owne s conside ing expanding hei ope a ions inside he unique
en i onmen o Bojonego o. he economic pe o mance o Bojonego o in 2022, as indica ed by he G oss
egional Domes ic p oduc (G Dp), e lec s a alue o iD 100,492.89 billion (Bps, 2023). Following a
pe iod o economic con ac ion du ing he pandemic, i was no ewo hy ha economic g ow h in he
yea s 2021 and 2022 has exhibi ed a a ou able upwa d ajec o y. his condi ion demons a es
Bojonego o’s capaci y o e ec i ely na iga e he challenges posed by he pandemic. his s udy selec ed
Bojonego o as he esea ch si e o sample and examine he ac ics employed o na iga e he pandemic,
wi h he aim o unde s anding how hese s a egies can con ibu e o he su i al o he egion h ough-
ou he pos -pandemic Economic eco e y pe iod.
a ques ionnai e o 35 business owne s was analyzed u ilizing a non-p obabili y sampling echnique o
ul ill ou esea ch aims. o alida e he sugges ed model and d aw ele an conclusions, he acqui ed
da a was subjec ed o igo ous analysis using pa ial leas squa es s uc u al equa ions modelling.
his esea ch’s conclusions p o ided se e al impo an ad ances o he heo e ical unde s anding o
MsME dynamics. no ably, i indica ed a signi ican and posi i e associa ion be ween MsMEs’ inancial
success and inno a ion, s essing he c i ical impo ance o inno a i e me hods in imp o ing hei eco-
nomic ou comes. hese indings we e consis en wi h he p io s udy ha indica es inno a ion as an
essen ial a iable in de e mining he inancial pe o mance o i ms (Fa ida e al., 2019; olazo, 2023; i a
e al., 2023; Wahyono & hu ahayan, 2021). Fu he mo e, ou indings show ha MsMEs owne ’s inancial
li e acy le els ha e a signi ican impac on p omo ing inno a ion wi hin hei o ganiza ions, highligh ing
he c ucial signi icance o inancial li e acy as a ca alys o inno a i e ac i i y (Wahyono & hu ahayan,
2021). al hough he s udy e ealed a posi i e associa ion be ween digi aliza ion and inno a ion as well
as inancial pe o mance, i was impo an o no e ha his co ela ion was no s a is ically signi ican .
his highligh ed he need o u he in es iga ion in his ield. his unde sco es he signi icance o a
mo e nuanced examina ion o he in ica e in e play be ween digi aliza ion ini ia i es and hei angible
ou comes wi hin he MsME sec o .
his esea ch examined he in ica e dynamics o MsMEs du ing he pos -pandemic economic eco -
e y pe iod, wi h a pa icula emphasis on he ole o digi aliza ion, inancial li e acy, and inno a ion in
de e mining hei inancial pe o mance. one o he mos impo an no el y o his s udy was i s con-
ex ual ele ance, as i o e s imely insigh s in o he challenges and oppo uni ies encoun e ed by
MsMEs in a pos -pandemic en i onmen . his s udy o e s a ho ough o e iew o he ac o s ha in lu-
ence MsMEs by in eg a ing and examining he combined impac o digi aliza ion, li e a ion, and inno a-
ion. no ably, i highligh ed inancial li e acy as a c ucial, ye ela i ely unexplo ed aspec o MsME
ope a ions, illumina ing i s posi i e impac on inno a ion and inancial pe o mance. in addi ion, he
s udy in es iga ed whe he inno a ion unc ions as a media o be ween li e a ion and inancial pe o -
mance, he eby enhancing ou comp ehension o hese ela ionships. ul ima ely, his s udy o e ed p ac-
ical implica ions o MsME owne s, policymake s, and s akeholde s by emphasizing he need o imp o e
inancial li e acy and cul i a e an inno a i e cul u e wi hin hese businesses, he eby p o iding aluable
guidance o hei success in he pos -pandemic economic eco e y pe iod.
in e ms o p ac ical implica ions, his s udy ad ises MsME owne s on enhancing inancial li e acy,
enabling hem o make mo e in o med and s a egic inancial decisions. imp o emen s in inancial li e -
acy will lead o mo e e icien inancial managemen , op imal esou ce alloca ion, and he iden i ica ion
o in es men oppo uni ies. addi ionally, os e ing an inno a i e cul u e will p omo e adap abili y o
changes, inc ease compe i i eness, and inspi e new ideas o hei businesses. he s udy’s p ac ical impli-
ca ions also ex end o he o mula ion o p og ams by policymake s o acili a e he expansion o MsME
businesses. local go e nmen s may alloca e esou ces o acili a e inancial aining o business owne s.
Fu he mo e, hey can encou age collabo a ion be ween uni e si ies and indus ies o acili a e he ans-
e o in o ma ion and echnologies. in addi ion o s eng hening digi al in as uc u e, policymake s can
acili a e he implemen a ion o digi al echnologies by MsMEs.
coGEn BusinEss & ManaGEMEn 3
howe e , i was essen ial o acknowledge ha his esea ch was i mly oo ed in he con ex o
Bojonego o. compa a i e analyses wi h o he u ban a eas in indonesia we e no conduc ed, limi ing ou
abili y o d aw b oade dis inc ions. Fu u e esea ch endea ou s should p io i ize in es iga ing a mo e
ex ensi e a ay o u ban se ings o p o ide esh pe spec i es on he in luence o li e a ion, inno a ion,
and digi aliza ion on MsME pe o mance. such endea ou s will be ins umen al in assis ing en ep e-
neu s no only wi hin Bojonego o ci y bu also in di e se u ban locales. Du ing he pos -pandemic
pe iod, speci ic egions encoun e ed a decline in economic g ow h, al hough Bojonego o ci y wi nessed
a a ou able expansion. in di e se economic con ex s, a ious u ban a eas may implemen a a ie y o
pandemic esponse s a egies. his may lead o dis inc ela ionships be ween pa icula a iables. Fu he
s udy is equi ed o comp ehend he ways in which hese a iables impac hei en e p ises in di e se
economic landscapes.
2. Li e a u e e iew
2.1. Digi aliza ion and i s e ec s on he inancial pe o mance o MSMEs
Digi aliza ion, in he con ex o MsMEs, has eme ged as a ans o ma i e o ce (ama al & peças, 2021;
ho á h & szabó, 2019; ogge o e al., 2020). Based on he p e ious esea ch, he adop ion and in eg a-
ion o digi al echnology in o business ope a ions could ha e a conside able impac on he inancial
pe o mance o MsMEs (Guo e al., 2020; isensee e al., 2020; Komala & Fi daus, 2023). Digi aliza ion
inc eased ope a ional e iciency, imp o ed ma ke access, allowing MsMEs o each a la ge consume
base, inc eased ma ke sha e, and enhanced e enue (Gunawan e al., 2023).
Fu he mo e, digi aliza ion p o ided MsMEs wi h impo an insigh s based on in o ma ion (handayani
e al., 2023). in u n, his da a-d i en s a egy could imp o e inancial planning and o ecas ing accu acy,
esul ing in be e inancial esul s (Ba ann, 2019; Gunawan e al., 2023). Fu he mo e, digi aliza ion had
he abili y o s imula e MsMEs’ inno a ion (Bha i e al., 2022). i p omo ed he c ea ion o new p oduc s,
se ices, and business models ha could di e en ia e hem in he ma ke and d i e e enue g ow h
(Khin & ho, 2020). adap abili y and inno a ion in esponse o changing ma ke condi ions became
inc easingly impo an o inancial success (soe jip o e al., 2023). Despi e his, ea lie s udies e ealed
ha digi aliza ion had no s a is ically signi ican impac on MsME pe o mance (niemand, 2017; sa i
e al., 2023). a ac o hinde ing he p o i abili y o o ganiza ions h ough digi iza ion was he addi ional
cos s associa ed wi h de eloping and main aining i sys ems (niemand, 2017).
howe e , he li e a u e also acknowledges digi aliza ion’s di icul ies (ama al & peças, 2021; Ba ann,
2019). hese included conce ns ega ding da a secu i y, o ganiza ional p oblems, skilled labou , and he
cos s associa ed wi h adop ing new echnologies (ama al & peças, 2021). Fo some MsMEs, he ini ial
in es men s equi e o digi aliza ion could be a hind ance, and hey may lack he skills and esou ces
necessa y o le e age digi al ools e ec i ely (Ba ann, 2019).
h1: Digi aliza ion has a signi ican e ec on he inancial pe o mance o MsMEs.
2.2. Digi aliza ion and i s e ec s on MSMEs inno a ion
Digi aliza ion, he in eg a ion o digi al echnologies in o business p ocesses, has eme ged as a ans o -
ma i e o ce in he business ecosys em o he p esen day ( osyidiana e al., 2023). a comp ehensi e
li e a u e e alua ion e ealed a consis en and pe suasi e na a i e conce ning he e ec s o digi aliza-
ion on he inno a ion capabili ies o MsMEs (Khu ana e al., 2022; lu e al., 2023; ajudeen e al., 2022).
Digi aliza ion equipped MsMEs wi h a o midable collec ion o echnological ools ha se e as inno a-
ion ca alys s (Yang e al., 2023). such capabili ies enabled small businesses o inno a e by allowing hem
o apidly adap o ma ke dynamics, espond o cus ome demands, and de elop no el p oduc s and
se ices (Yang e al., 2023). he adap abili y a o ded by digi aliza ion was a c ucial elemen in os e ing
inno a ion among MsMEs (Bha i e al., 2022).
ne e heless, i was essen ial o ecognize ha while digi aliza ion o e s nume ous oppo uni ies o
inno a ion, i also p esen ed obs acles (Gup a & Kuma singh, 2023; Khan & uddin, 2023; Kusumaning yas
4 . n. osYiDiana anD i. M. na sa
e al., 2022; o hai e al., 2023). Da a secu i y and p i acy conce ns, as well as he digi al skills di ide,
could pose signi ican obs acles o MsMEs. in addi ion, he digi al di ide migh exace ba e dispa i ies
among MsMEs, as hose wi hou access o o he abili y o le e age digi al echnologies we e a a sig-
ni ican disad an age (ana an, 2023; chanchaichuji , 2024; ia a e al., 2023).
h2: Digi aliza ion has a signi ican e ec on inno a ion wi hin MsMEs.
2.3. Li e a ion and i s e ec s on he inancial pe o mance o MSMEs
his s udy p ima ily ocuses on inancial li e acy. he inancial pe o mance o MsMEs was signi ican ly in lu-
enced by inancial li e acy ( ahim & Balan, 2021; Wahyono & hu ahayan, 2021). i includes all o he in o ma-
ion and abili ies equi ed o e icien money managemen (Bi e e al., 2019). se e al s udies demons a ed a
co ela ion be ween inancial li e acy and he inancial pe o mance o MsMEs (abd Majid e al., 2022; Gunawan
e al., 2023). li e acy enabled hem o make knowledgeable decisions and op imized hei businesses o inan-
cial success. Despi e his, o he s udies ound ha li e acy had no signi ican e ec on MsME pe o mance (sa i
e al., 2023). Despi e his, he e we e dispa i ies in inancial li e acy among MsMEs due o ac o s, such as
educa ion and access o inancial educa ion esou ces (abd Majid e al., 2022).
h3: he le el o li e a ion has a signi ican in luence on he inancial pe o mance o MsMEs.
2.4. Li e a ion and i s e ec s on MSMEs inno a ion
esea ch has demons a ed ha inancial li e acy equips en ep eneu s wi h he knowledge and con i-
dence needed o in es iga e inno a i e solu ions (Khu ana e al., 2022). Financially li e a e MsME p op i-
e o s we e mo e likely o engage in s a egic inancial planning, e alua e he iabili y o inno a i e
p ojec s, and secu e unding o inno a ion ini ia i es (soe jip o e al., 2023). his imp o ed hei abili y
o de elop and implemen inno a i e solu ions, o adap o ma ke changes, and ul ima ely o d i e
inno a ion (Wahyono & hu ahayan, 2021).
p io s udies ha e sugges ed ha e ec i e inancial li e acy implemen a ion could acili a e he com-
ple ion o inancial esponsibili ies by means o esou ce alloca ion, inancial planning, and acqui ing
inancial se ices o op imize p o i s (Babajide e al., 2023; ahim & Balan, 2021). By enhancing he inan-
cial li e acy o MsMEs owne s, hey could es ablish and manage hei en e p ises mo e e icien ly and
p o i ably using he inno a ions hey de elop (ali e al., 2020).
h4: li e a ion signi ican ly con ibu es o inno a ion wi hin MsMEs.
2.5. Inno a ion and i s e ec s on he inancial pe o mance o MSMEs
in he ield o MsMEs, inno a ion was inc easingly ecognized as a key ac o in de e mining inancial
pe o mance (soe jip o e al., 2023). comp ehensi e esea ch e ealed a compelling na a i e highligh -
ing he e olu iona y e ec s o inno a ion on he economic ou comes o hese small en e p ises
(Bouwman e al., 2018).
Mul iple s udies demons a ed a posi i e and obus co ela ion be ween inno a ion and inancial pe -
o mance (Do an & yan, 2012; Weda i e al., 2022). inno a ions migh ake he o m o new p oduc s,
p ocesses, o business models (ali e al., 2020; Bo nhausen & Wul , 2023). hese inno a ions enabled
MsMEs o cap u e la ge ma ke sha es, gene a e highe e enues, and achie e cos e iciencies, which
all signi ican ly con ibu e o enhanced inancial pe o mance (akinwale, 2020; ali e al., 2020).
h5: inno a ion has a signi ican e ec on he inancial pe o mance o MsMEs.
2.6. Inno a ion as a media o on he inancial pe o mance o MSMEs
a comp ehensi e examina ion o he ele an li e a u e e eals ha he concep o inno a ion as a link
be ween li e acy, digi aliza ion, and he inancial pe o mance o MsMEs was bo h complex and c ucial.
coGEn BusinEss & ManaGEMEn 5
li e acy, which e e s o he abili y o ead, w i e, and comp ehend ma e ial well, was he i s ac o ha ,
acco ding o he majo i y o people, helps MsMEs inno a e (Bi e e al., 2019). En ep eneu s who can
ead and w i e equen ly ha e supe io p oblem-sol ing abili ies and a e be e able o abso b and u i-
lize in o ma ion (Babajide e al., 2023). hese cogni i e abili ies enable indi iduals o hink c ea i ely and
gene a e new ideas. howe e , i is c ucial o keep in mind ha e en hough li e acy encou ages inno a-
ion, i may no necessa ily esul in be e inancial ou comes. he li e a u e demons a es ha he link
be ween li e acy and inancial success could be media ed by en ep eneu s’ inno a i e ac i i ies (Khin &
ho, 2020; soe jip o e al., 2023).
Digi aliza ion, on he o he hand, in oduced he ans o ma i e o ce o digi al ools o he wo ld o
MsME. small businesses could become mo e inno a i e by u ilizing digi al ools and p ocesses o gain
access o as quan i ies o da a, enhancing communica ion, and s eamlining ope a ions (Maulana &
iskanda , 2023). howe e , au oma ion may no ha e a di ec impac on he success o a business. ins ead,
he e ec s o digi aliza ion on inancial esul s may be media ed by he way i impac s inno a ion. in
essence, digi aliza ion p o ides he echnological in as uc u e and esou ces ha enable inno a i e
ac i i ies, he eby enhancing inancial pe o mance (soe jip o e al., 2023).
h6: inno a ion has a signi ican mode a ing e ec on he ela ionship be ween digi aliza ion and inancial
pe o mance o MsMEs.
h7: inno a ion has a signi ican mode a ing e ec on he ela ionship be ween li e a ion and inancial pe o -
mance o MsMEs.
3. Me hodology
3.1. Me hod
his s udy u ilized a quan i a i e me hodology, which in ol ed a sys ema ic examina ion o cons i uen
elemen s and phenomena. h ough he implemen a ion o s a is ical analysis echniques, i also aimed
o es ablish causal ela ionships be ween measu able a iables. Fo he accumula ion o nume ical da a
in esea ch in es iga ions, quan i a i e esea ch elies p ima ily on s a is ical me hods. Wi hin his esea ch
s a egy, esea che s employ a concep ual amewo k de i ed om heo ies ela ed o he a iables unde
conside a ion. his is a causal explana o y in es iga ion in which hypo heses ha e been o mula ed
based on bo h heo e ical cons uc s and empi ical esea ch. hese hypo heses speci y he ela ionships
be ween a iables and a e suppo ed by bo h heo e ical and empi ical esea ch. subsequen ly, hese
ela ionships a e empi ically alida ed h ough he analysis o ques ionnai e su ey da a collec ed om
MsMEs, u ilizing s a is ical ools o de e mine whe he he indings suppo o con adic he conclusions
de i ed om p io esea ch sou ces. su eys o e esea che s a eliable means o collec aluable i s
hand da a ha can assis in in o med decision-making ( ahmawa i e al., 2023).
wo sec ions we e included in he ques ionnai e. he i s sec ion comp ised inqui ies ela ing o he
gende , age, le el o educa ion, and he numbe o employees. he second sec ion comp ised inqui ies
ha ela ed o he pa icipan s’ pe spec i es on he ollowing concep s: digi aliza ion, li e a ion, inno a-
ion, and inancial pe o mance. Fo his in es iga ion, a i e poin like scale was selec ed, anging an
in e al om ‘s ongly disag ee’ o ‘s ongly ag ee’ ( ajudeen e al., 2022). he adop ion o digi aliza ion
was measu ed based on echnological, o ganisa ional, and En i onmen al ( oE) F amewo k (Ghobakhloo
e al., 2011; ahman e al., 2020). echnological was measu ed using a 3-scale i em, o ganiza ional was
measu ed using a 2-scale i em, and en i onmen al was measu ed using a 3-scale i em. Financial li e acy
was measu ed using 5-scale i ems (Gunawan e al., 2023; ahmawa i e al., 2023; soe jip o e al., 2023).
inno a ion was measu ed using 6-scale i ems (soe jip o e al., 2023; ajudeen e al., 2022).
3.2. Da a
Mic o, small, and medium-sized en e p ises (MsMEs) in Bojonego o, Eas Ja a p o ince, we e he ocus o
he in es iga ion. andom sampling, a o m o p obabili y sampling ha ensu es ha e e y membe o
6 . n. osYiDiana anD i. M. na sa
he a ge popula ion has an equal chance o being selec ed, was used o selec he sample. he pu -
pose o his andom sampling was o c ea e a ep esen a i e sample o he comple e popula ion. he
ini ial popula ion o MsMEs in his s udy o alled 86,820, a size ha poses di icul ies in cons uc ing a
sui able model (hai e al., 2012). his popula ion was mos ly engaged in he sec o s o ood and be e -
age, ashion, c a s, and o he s ( osyidiana e al., 2023). a o al o 89% o he en i ies we e classi ied as
mic o-businesses, 10% as mino businesses, and 1% as medium-sized en e p ises.
a ques ionnai e su ey was dis ibu ed o a o al o 60 owne s o MsMEs. he e we e a o al o 35 su -
eys ha we e comple ed and collec ed. he o e all esponse a e was 58%. among he 35 ques ionnai es
collec ed, hey ha e co e ed he ype o indus ies and e lec ed he ca ego iza ion o MsMEs, spanning
om mic o o small and medium-sized en e p ises, wi h espec i e p opo ions o 89, 8, and 3% as shown
in able 1. his indica es ha he sample accu a ely e lec s he c i e ia o he popula ion. he collec ed
da a we e hen analysed using pa ial leas squa es s uc u al equa ion modelling, a echnique employed
o e alua e bo h he collec ed da a and he alidi y o he p oposed model, as shown in Figu e 1.
his s udy’s sample size was ela i ely small as only 35 business owne s pa icipa ed. his small sam-
ple size migh dec ease he s udy’s s a is ical powe and gene alizabili y. i is impo an o ecognize
hese limi a ions when in e p e ing he esea ch indings and o ake hem in o accoun when applying
he indings o he la ge popula ion o MsMEs. o esol e hese limi a ions and imp o e he obus ness
and gene alizabili y o u u e esea ch, a mo e comp ehensi e and ep esen a i e sampling app oach
could be explo ed.
4. Analysis and indings
in his s udy, he assessmen o a iables was conduc ed h ough a me iculous examina ion encompass-
ing bo h alidi y and eliabili y assessmen s. in his s udy, he analy ical p ocedu e was di ided in o
mul iple phases. ini ially, a ho ough assessmen o he esea ch ins umen ’s eliabili y and alidi y was
conduc ed. a subsequen s age in ol ed hypo hesis es ing, which included an examina ion o he con-
o mi y o classical assump ions and he adequacy o he model. he inal phase consis ed o hypo hesis
alida ion u ilizing sma pls as he p ima y analy ical ins umen . speci ically, he alidi y assessmen o
he esea ch ins umen was conduc ed o con i m he ques ionnai e’s accu acy and sui abili y, he eby
enhancing he obus ness o he esea ch me hodology.
4.1. S a is ic desc ip i e
able 1 illus a es ha he majo i y o pa icipan s in he s udy a e women en ep eneu s, comp ising
86% o he sample. he age dis ibu ion o he sample is p ima ily concen a ed wi hin he 30 o 50-yea
ange, which comp ises 86% o he pa icipan s. a smalle p opo ion o indi iduals, ~3%, a e younge
han 30 yea s, while 11% a e olde han 50 yea s. he e is a ange o educa ional backg ounds among
indi iduals, wi h he mos p e alen g oup being high school g adua es, which ep esen 40% o he
sample, ollowed by indi iduals who ha e ob ained a bachelo ’s deg ee, comp ising 34% o he
Table 1. Responden s a is ics.
Cha ac e is ics Ca ego y o al %
gende Man 5 14%
Woman 30 86%
age <30 yea s 1 3%
30–40 yea s 15 43%
40–50 yea s 15 43%
>50 yea s 4 11%
educa ional backg ound sD 1 3%
sMP 3 9%
sMa 14 40%
Diploma 5 14%
s1 12 34%
numbe o employees <5 pe sons 31 89%
5–10 pe sons 3 8%
>10 pe sons 1 3%
coGEn BusinEss & ManaGEMEn 7
popula ion. he majo i y o i ms, o e 89%, ha e se e al employees <5 people. a smalle pe cen age,
a ound 9%, employ be ween 5 and 10 indi iduals, while a pal y 3% ha e a wo k o ce beyond 10
employees. hese demog aphic a iables se e as a comp ehensi e ep esen a ion o he pa icipan
cha ac e is ics in he s udy, hence es ablishing he ounda ion o subsequen analy ical p ocedu es.
he desc ip i e s a is ics shown in able 2 p o ide an o e iew o he main pa e n and a iabili y
wi hin he da ase . Fo he a iable li e a ion (li 1 o li 5), he mean sco es ange om ~1.657 o
2.400, wi h medians mos ly a ound 2.000. hese sco es e lec mode a e le els o li e a ion among he
pa icipan s. he s anda d de ia ions, anging om ~0.5236 o 0.6590, indica e ela i ely consis en
esponses wi hin his cons uc . simila ly, o he a iable inno a ion (inn1 o inn6), mean sco es ange
om ~1.829 o 2.343, wi h medians p ima ily a 2.000. hese sco es sugges ha pa icipan s gene ally
exhibi mode a e le els o inno a ion. he s anda d de ia ions, anging om a ound 0.2847 o 0.6417,
indica e a ying deg ees o a iabili y in esponses wi hin his cons uc . ega ding Digi aliza ion (D Ec1
o D Ec3, Do G1 o Do G2, DEn 1 o DEn 3), he mean sco es show a ange om ~2.057 o 2.829,
wi h medians o en a 3.000. hese esul s sugges a mode a e le el o digi aliza ion among he pa ic-
ipan s. he s anda d de ia ions, which a y om a ound 0.5493 o 1.4440, indica e a ying deg ees o
dispe sion in esponses wi hin his cons uc . las ly, o Financial pe o mance (Finp), he mean is
~17.229, wi h a median o 17.000, indica ing ela i ely s able inancial pe o mance among he sample.
he s anda d de ia ion o ~1.1970 highligh s some a iabili y in inancial pe o mance sco es.
4.2. Validi y and eliabili y es
he assessmen o ou e loadings o each indica o is essen ial in de e mining he eliabili y and alidi y
o he measu emen model. among he indica o s hose wi h alid ou e loadings ha exceed he ec-
ommended h eshold (usually 0.7) a e conside ed obus measu es o hei espec i e cons uc s. in his
analysis, as men ioned in able 3, indica o s, such as D Ec1 (0.769), Do G1 (0.818), DEn 1 (0.781), li 1
(0.802), li 2 (0.929), li 4 (0.816), li 5 (0.706), and inn3 (0.857) demons a e alid ou e loadings, indica -
ing hei eliabili y in measu ing hei in ended cons uc s. con e sely, indica o s wi h ou e loadings
below he h eshold a e conside ed less eliable o in alid measu es. hese include DEn 2 (0.665), DEn 3
(0.644), Do G2 (0.495), D Ec2 (0.683), D Ec3 (0.570), inn1 (0.214), inn2 (0.688), inn4 (0.694), inn5
(0.603), and inn6 (0.500), which did no mee he c i e ia o obus indica o s.
using he a e age a iance Ex ac ed (a E) me hod o examine cons uc alidi y is a c ucial aspec
o his s udy. a E e alua es he ex en o which i ems wi hin a cons uc quan i y ha cons uc ela i e
o measu emen e o . acco ding o he esul , he a E alues o Digi aliza ion and li e acy we e 0.794
Figu e 1. s uc u al model.
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