Ma dika, Dhoni Rizky Widya; Damayan i, The esia Wo o; Ri a, Ma ia Rio;
Sup amono, Sup amono
A icle
De e minan s o discou aged bo owe s and gende as
con ex ual ac o s: e idence om Indonesian MSMEs
Cogen Business & Managemen
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Ma dika, Dhoni Rizky Widya; Damayan i, The esia Wo o; Ri a, Ma ia Rio;
Sup amono, Sup amono (2024) : De e minan s o discou aged bo owe s and gende as con ex ual
ac o s: e idence om Indonesian MSMEs, Cogen Business & Managemen , ISSN 2331-1975, Taylo
& F ancis, Abingdon, Vol. 11, Iss. 1, pp. 1-13,
h ps://doi.o g/10.1080/23311975.2024.2336300
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De e minan s o discou aged bo owe s and
gende as con ex ual ac o s: e idence om
Indonesian MSMEs
Dhoni Rizky Widya Ma dika, The esia Wo o Damayan i, Ma ia Rio Ri a &
Sup amono Sup amono
To ci e his a icle: Dhoni Rizky Widya Ma dika, The esia Wo o Damayan i, Ma ia Rio Ri a
& Sup amono Sup amono (2024) De e minan s o discou aged bo owe s and gende as
con ex ual ac o s: e idence om Indonesian MSMEs, Cogen Business & Managemen , 11:1,
2336300, DOI: 10.1080/23311975.2024.2336300
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Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2336300
De e minan s o discou aged bo owe s and gende as con ex ual
ac o s: e idence om Indonesian MSMEs
Dhoni Rizky Widya Ma dika, he esia Wo o Damayan i, Ma ia Rio Ri a and sup amono
sup amono
Facul y o economics and Business, uni e si as K is en sa ya Wacana, sala iga, indonesia
ABSTRACT
his s udy aims o examine he e ec o applica ion cos s, us ecip oci y, and
sel -e icacy on discou aged bo owe s and he ole o gende as a mode a ing a iable.
Ou sample was 356 mic o, small, and medium en e p ise ac o s in he manu ac u ing
indus y in cen al Ja a P o ince, indonesia. he da a was analyzed using he
co a ian -based s uc u al equa ion modeling me hod. he esul s demons a ed ha
applica ion cos s, us ecip oci y, and sel -e icacy signi ican ly a ec discou aged
bo owe s. howe e , he con ex ual ole o gende is no ully p o en because i can
only weaken he sel -e icacy e ec o discou aged bo owe s. his s udy en iches he
li e a u e by p oposing discou aged bo owe s om a demand ac o pe spec i e. in
addi ion, i also o e s policy sugges ions o he banking indus y o collabo a e
in ensi ely wi h o he s akeholde s o inc ease banking digi al li e acy and build
capaci y o os e mu ual us and sel -e icacy among mic o, small, and medium
en e p ise ac o s.
IMPACT STATEMENT
he p oblem o lack o access o bank c edi aced by mic o, small, and medium
en e p ises is no only ela ed o he p oblem o being unable o mee bank c edi
needs bu also due o he willingness o MsMes hemsel es o choose no o apply o
c edi om banks because o he conce n ha hei applica ion will be declined o
wha is commonly known as discou aged bo owe s. his issue mus be add essed o
help mic o, small, and medium en e p ise ac o s mi iga e hei inancing obs acles
h ough be e access o bank c edi . he e o e, his s udy aims o analyze he ac o s
ha cause mic o, small, and medium en e p ises o become discou aged bo owe s.
his s udy will o e se e al policy ac ions o banks and ela ed s akeholde s ega ding
applica ion ees, he de elopmen o e-banking ea u es, and banking li e acy o
encou age mic o, small, and medium en e p ises o u ilize banking inancing.
1. In oduc ion
Mic o, small, and medium en e p ises (MsMe) ac o s g ea ly con ibu e o economic g ow h (Ve ma
e al., 2020). Fo example, in de eloping coun ies like indonesia, in 2022, he numbe o MsMes eached
99% o he o al business uni s, abso bed 96.9% o he wo k o ce, and con ibu ed o he g oss domes ic
p oduc o 60.5% (Kompas, 2023). howe e , MsMe ac o s in indonesia s ill o en expe ience limi ed
access o bank c edi (hu ahayan, 2019; he O ganisa ion o economic co-ope a ion & De elopmen ,
2022; Wulanda i e al., 2017) so hey ace he p oblem o a lack o inancing. he indonesian go e nmen
has made e o s o make policies o minimize c edi in e es o MsMes (coo dina ing Minis y o
economic a ai s, 2022) bu has kep he amoun o MsMe bank loans he same. Meanwhile, a ound 75%
o MsMes p e e o mee hei capi al needs om moneylende s (cable news ne wo k indonesia, 2023).
MsMes mus bea e y high-in e es a es, which o en causes MsMes o wo k only o pay hei deb s o
moneylende s (chak abo y & Mahan a, 2023).
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT sup amono sup [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/10.1080/23311975.2024.2336300
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 17 Feb ua y
2023
Re ised 12 Feb ua y 2024
accep ed 25 Ma ch 2024
REVIEWING EDITOR
hui en (helen) cai,
Middlesex Uni e si y
Business school, Uni ed
Kingdom
KEYWORDS
Discou aged bo owe s;
applica ion cos s; us
ecip oci y; sel -e icacy;
gende
SUBJECTS
small Business
Managemen ; gende
s udies - soc sci
2 D. RiZKY WiDYa MaRDiKa e al.
he lack o access o bank inancing o MsMes is no only ela ed o he p oblem o inabili y o mee
bank c edi equi emen s bu also he choice ac o o MsMes hemsel es. i is possible ha MsMes ha e
he adequa e capaci y o ha e bank c edi , bu hei owne s in end o do some hing o he han apply
o bank c edi (Ma dika e al., 2018; Mcca hy e al., 2017). One o he easons is he conce n ha hei
applica ion will be declined o wha is commonly known as discou aged bo owe s. his phenomenon is
common in coun ies like he Uni ed s a es o ame ica, eas e n eu ope, and se e al cen al asian coun-
ies (gama e al., 2017). his issue mus be add essed o help MsMe ac o s mi iga e hei inancing
obs acles h ough be e access o bank c edi s. hus, i is impo an o comp ehensi ely analyze he
de e minan s o discou aged bo owe s (Khan e al., 2021).
se e al p e ious s udies (comeig e al., 2015; Fe nández-Méndez & gonzález, 2019; Menkho e al.,
2012) ha e in es iga ed wha causes discou aged bo owe s om he supply side, banks end o incu
in o ma ion asymme y and ind i di icul o e alua e MsMe ac o s’ c edi wo hiness. Based on he
wo k o Kon and s o ey (2003), in o ma ion asymme y encou ages banks o inc ease c edi in e es
a es, demand complica ed c edi equi emen s, and equi e highe colla e als. consequen ly, MsMe
ac o s incu highe c edi a es, complica ed c edi equi emen s, and highe colla e als when applying
o c edi s. Meanwhile, o he esea ch has in es iga ed he demand side and ound he cause ela ed
o loca ion ac o s (gama e al., 2017). longe dis ances be ween banks and MsMe ac o s inc ease
applica ion cos s (Xiang & Wo hing on, 2015). consequen ly, MsMe ac o s conside hei applica ion
cos s highe ega ding ime spen a eling o he banks and illing in he applica ion o ms (Yazdan a
& Öhman, 2020).
Besides applica ion cos s, p io s udies also indica e us de e mines discou aged bo owe s (hi sch
e al., 2018; howo h & Mo o, 2012; Mo o & Fink, 2013). ansac ion-based lending and ela ionship-based
lending a e he wo ac o s ha migh help de ine he in e ac ion be ween MsMe playe s and banks.
ansac ion-based lending e e s o o mal ela ionships be ween MsMe ac o s and banks, including
hei business easibili y, inancial epo ing quali y and in e es a es (g ay & P em i, 2021). Meanwhile,
in o mal ela ionships, some imes emo ionally de eloped, a e mo e equen ly used in ela ionship-based
lending, as e idenced by MsMe ac o s’ us in banks (De la o e e al., 2010). ang e al. (2016)
demons a ed ha highe us educes discou aged bo owe s. howe e , hei s udy only analyzes
MsMe ac o s’ us in banks, while bank c edi s a e ela ed o mu ual us be ween banks and MsMe
ac o s. hus, a wo-way us o us ecip oci y be ween hese en i ies is c ucial. us ecip oci y
mo i a es MsMe ac o s o us in banks and conside banks o us in hei abili y o mee c edi
equi emen s and epaymen obliga ions. acco dingly, his s udy in es iga es he e ec o applica ion
cos s and us ecip oci y as a de e minan o discou aged bo owe s.
Da e e al. (2022) documen ed ha sel -e icacy mo i a es indi iduals o apply o bank c edi s. his
inding can be u he in e p e ed ha MsMe ac o s wi h high sel -e icacy end no o be discou aged
bo owe s. sel -e icacy e e s o he ex en o which an indi idual belie es in his o he capaci y o
execu e beha io s necessa y o p oduce speci ic pe o mance a ainmen s (Bandu a, 1997). i i is ela ed
o he con ex o he choice o inancing sou ces, MsMes who a e con iden in hei capaci y o manage
hei business, pay ins allmen s and in e es on loans egula ly ha e he po en ial no o a oid bank
c edi as a sou ce o inancing (Fa ell e al., 2016). MsMe ac o s end o exhibi g ea e sel -e icacy and
acqui e mo e esou ces like in es o inancing, equipmen , and sponso ship (Mai lo e al., 2020). hence,
his s udy will also include sel -e icacy as one o he ac o s expec ed o in luence discou aged bo owe s.
gende also wa an s u he analysis because i likely weakens he e ec o he de e minan s on
discou aged bo owe s. se e al p io s udies ha e disco e ed ha banks end o disc imina e agains
emale MsMe ac o s because emale en ep eneu s a e iskie (a is ei & gallo, 2022; Be guiga & adai ,
2021). Besides, emales deal wi h mo e complica ed c edi equi emen s (De and és e al., 2021;
Malms öm & Wincen , 2018), making emales less willing o ake isky bank c edi s. hence, gende can
weaken he e ec s o applica ion cos s, us ecip oci y, and sel -e icacy on discou aged bo owe s, and
his s udy uses gende as he mode a ing a iable.
his s udy a emp ed o in es iga e he e ec o applica ion cos s, us ecip oci y, and sel -e icacy
on discou aged bo owe s among MsMe ac o s in indonesia and he ole o gende as a mode a ing
a iable. he con ibu ion o his s udy o he exis ing li e a u e is o p o ide a be e unde s anding o
discou aged bo owe s in a leas wo aspec s. Fi s , p io s udies on discou aged bo owe s ha e
cOgen BUsiness & ManageMen 3
empi ically demons a ed he de e minan s o discou aged bo owe s in a ious coun ies, like india
(chak a a y & Xiang, 2013), china ( ang e al., 2016), eu ope (cowling e al., 2016) and anzania (naegels
e al., 2021). howe e , simila s udies in asian coun ies like indonesia a e s ill limi ed. second, we
included us ecip oci y and sel -e icacy as he independen a iables and gende as he con ex ual
ac o in ou model, while hese a iables ha e no been explained be o e. Meanwhile, a p ac ical con-
ibu ion is o o e policy ecommenda ions o educe discou aged bo owe s in MsMe ac o s so ha
hey will choose bank c edi as an al e na i e sou ce o inancing o de elop hei business.
2. Li e a u e e iew and hypo hesis de elopmen
2.1. Theo y o discou aged bo owe
his s udy uses he amewo k o he heo y o discou aged bo owe s in oduced by Kon and
s o ey, (2003) o in es iga e wha d i es MsMes o become discou aged bo owe s. hey use an
ins i u ional app oach, ex ends he s anda d s a ic ad e se selec ion model o c edi ma ke s by
in eg a ing impe ec sc eening ac o s by banks and applica ion cos bo ne by bo owe s. in condi-
ions o in o ma ion asymme y be ween banks and bo owe s, banks a e inc easingly s ingen in
sc eening o a oid sc eening e o s by ejec ing ‘good’ bo owe applica ions o app o ing ‘bad’ bo -
owe applica ions. he quali y o he sc eening ca ied ou by he bank has discou aged MsMes
om applying o bank loans. in o he wo ds, discou aged bo owe s a ise because o he
sel - a ioning mechanism o MsMe ac o s who belie e hei c edi will be ejec ed, so hey a e eluc-
an o apply o c edi . in ac , he eluc ance o MsMe ac o s o apply o c edi no only limi s
sou ces o inancing bu can also cause in es men ac i i ies o become less han op imal, impac ing
business pe o mance (F eel e al., 2012). in addi ion, discou aged bo owe s a e ela ed o he scale
o applica ion cos s. MsMes can be discou aged om applying o bank loans when hey bea highe
applica ion cos .
he heo y o discou aged bo owe s also posi s he ole o in e es a e dispa i ies cha ged by banks
and money lende s. he smalle he di e ence, he g ea e he discou agemen , so MsMes a e less likely
o apply o a bank loan. con e sely, he g ea e he po en ial o MsMes o seek al e na i e inancing
ou side he banking sec o . in summa y, he heo y o discou aged bo owe s emphasizes economic pe -
spec i es, such as he applica ion o cos s and in e es a es, o explain MsMe’s discou agemen decision,
and i is s ill open o de elopmen by inco po a ing o he pe spec i es. his s udy includes psychological
ac o s such as us , ecip oci y, and sel -e icacy. in addi ion, i also in ol es indi idual cha ac e is ics,
especially gende , as a con ex ual ac o , which mode a es he e ec s o economic and psychological
ac o s.
2.2. Applica ion cos s and discou aged bo owe s
he heo y o discou aged bo owe s explains ha in o ma ion asymme y in he banking indus y makes
i di icul o banks o iden i y MsMe ac o s’ c edi wo hiness. consequen ly, banks end o inc ease
in e es a es and se complica ed equi emen s o mi iga e c edi de aul isks (le & nguyen, 2019).
Meanwhile, po en ial MsMe ac o s will compa e he cos s o c edi applica ions wi h hei business p o -
i s. Kon and s o ey (2003) explained ha applica ion cos s MsMe ac o s’ sac i ices o apply o bank
c edi s, consis ing o ime de o ed o going o he banks, ime de o ed o comple e c edi equi emen s,
cos s o p epa e eliable inancial s a emen s, and cos s due o sha ing hei business in o ma ion o
ex e nal pa ies.
he heo y o discou aged bo owe s also a gued ha MsMe ac o s who incu highe applica ion
cos s a e less com o able in applying o c edi s (Kon & s o ey, 2003) and consequen ly less mo i a ed
o ely on bank c edi s as hei inancing sou ces. P io empi ical esul s also e ealed ha highe appli-
ca ion cos s inc ease discou aged bo owe s (gama e al., 2017). acco dingly, he ollowing is he es able
hypo hesis:
h1: applica ion cos s posi i ely a ec discou aged bo owe s
4 D. RiZKY WiDYa MaRDiKa e al.
2.3. T us ecip oci y and discou aged bo owe s
us should be ecip ocal (F eel e al., 2012). While banks mus us in MsMe ac o s, MsMe ac o s mus
also us in banks. hence, his s udy ocuses on us ecip oci y ins ead o one-sided us . us om
banks o bo owe s can help compensa e o in o ma ion asymme y and beha io al unce ain y in c edi
epaymen s (Mo o & Fink, 2013). Banks ha us MsMe ac o s bo owe s end o educe hei applica ion
cos s (hagendo e al., 2023).
con e sely, MsMes mus also ha e con idence ha banks belie e in MsMes (Ma ínez- u e al., 2020).
MsMe ac o s wi h g ea e us in banks a e mo e willing o apply o bank c edi s. howe e , hey may
ha e se e al psychological obs acles, like ea o ejec ed applica ions, highe in e es a es, colla e als,
and complica ed c edi p ocedu es (cu all & Judge, 1995; Das & eng, 1998). hus, he us ecip oci y
o MsMe ac o s will likely educe he ea ha bank c edi applica ions will be ejec ed, which will
encou age MsMes o apply o bank loans. Fu he mo e, he hypo hesis o mula ion can be p oposed as
ollows:
h2: us ecip oci y nega i ely a ec s discou aged bo owe s
2.4. Sel -e icacy and discou aged bo owe s
MsMe ac o s’ sel -e icacy e e s o indi iduals’ sel -con idence o e ec i ely manage and de elop hei
businesses. Va ious obs acles like he ea o ejec ion, highe in e es a es and colla e al, and compli-
ca ed c edi p ocedu es cause discou aged bo owe s. highe sel -e icacy ensu es ha MsMe ac o s can
epay hei c edi s. consequen ly, hey a e mo e con iden applying o c edi s (cole & sokolyk, 2016; Kon
& s o ey, 2003). indi iduals wi h lowe sel -e icacy wo y ha hey will be unable o de elop hei
businesses.
con e sely, hose wi h highe sel -e icacy conside hemsel es capable o de eloping hei businesses.
indi iduals wi h highe sel -e icacy de elop mo e posi i e eelings owa d money and a e a guably mo e
willing o make decisions (Fa ell e al., 2016), including applying o c edi s. consequen ly, he ollowing
is he es able hypo hesis:
h3: sel -e icacy nega i ely a ec s discou aged bo owe s
2.5. Gende as a mode a o
Females and males exhibi di e en isk p e e ences (alonso-almeida & B emse , 2015; amme &
ahmad-Zaluki, 2017). Female en ep eneu s a e a guably less willing o ake isks (Bu a i e al., 2017).
MsMe ac o s unwilling o ake isks end o ely on mo e sa e inancing (gines i e al., 2018). hence, he
gende o MsMe ac o s is also closely associa ed wi h hei decisions o apply o bank c edi s. howe e ,
he e a e s ill p os and cons ela ed o gende bias in applying o bank loans. se e al s udies ha e
shown ha emale-managed MsMes submi ewe c edi applica ions han hei male coun e pa s (galli
e al., 2020; Mo o e al., 2017; Ongena & Popo , 2016), bu a cu i e al. (2024) s udy shows ha a lowe
applica ion a e by emale-led MsMes is no p o en. in ac , hewa-Wellalage e al. (2021) p o ide e i-
dence ha MsMes managed by emales a e highe in submi ing c edi applica ions han hose managed
by males.
in indonesia, mos people adhe e o a pa ia chal cul u e, leading o he dominance o men as
decision-make s. e en hough MsMes a e managed by a wi e, business s a egic decisions, including
inance, a e s ill in he hands o he husband (Richa d e al., 2013; shohel e al., 2021). hus, MsMes led
by emales a e likely eluc an o apply o bank c edi s because hey s ill need he app o al o hei
husbands.
aking in o accoun isk p e e ences and pa ia chal cul u e, emale en ep eneu s a e p edic ed o
s eng hen he posi i e impac o applica ion cos s on discou aged bo owe s. gende is also con ex ual
in he ela ionship be ween us ecip oci y and discou aged bo owe s. he p esence o emale en e-
p eneu s can weaken he nega i e impac s o us ecip oci y and sel -e icacy on discou aged bo ow-
e s. hence, he ollowing a e he es able hypo heses:
cOgen BUsiness & ManageMen 5
h4a: Female en ep eneu s gende ends o s eng hen he posi i e e ec o applica ion cos s on discou aged
bo owe s.
h4b: Female en ep eneu s gende ends o weaken he nega i e e ec o us ecip oci y on discou aged
bo owe s
h4c: Female en ep eneu s gende ends o weaken he nega i e e ec o sel -e icacy on discou aged
bo owe s
he pa h o he ela ionship be ween he dependen , independen , and mode a ing a iables in his
s udy is isualized in Figu e 1. he applica ion cos is expec ed o ha e a posi i e e ec on discou aged
bo owe s. Meanwhile, us , ecip oci y, and sel -e icacy ha e a nega i e e ec . Fu he mo e, he p es-
ence o emale en ep eneu s is p edic ed o s eng hen he posi i e e ec on applica ion cos s and
weaken he nega i e e ec o us ecip oci y and sel -e icacy on discou aged bo owe s.
3. Resea ch me hod
Ou esea ch popula ion was MsMe ac o s in he manu ac u ing indus y in cen al Ja a P o ince,
indonesia. cu en ly, he manu ac u ing indus y has he la ges con ibu ion o he indonesian economy.
Meanwhile, he loca ion selec ion was based on he conside a ion ha cen al Ja a is widely known o
ha e many MsMe cen e s. Da a ega ding he exis ence o each MsMe ac o who was he a ge o
esponden s was ob ained om he cen al Ja a coope a i e O ice and su ey esul s in he ield. he
sample selec ion used he pu posi e sampling me hod wi h he ollowing c i e ia:
a. MsMe ac o s who sough ex e nal inance h ee yea s ago bu ha e ye o eques bank c edi s.
b. MsMes ha e been es ablished o up o eigh yea s.
c. he MsMe owne s we e s ill a he co e o all business decisions.
Da a collec ion was ca ied ou h ough a ield su ey me hod in ol ing six enume a o s. Du ing he
14 days o he su ey, 356 esponden s we e ob ained, who we e hen used as he sample o his s udy.
his sample size exceeded he minimum sample size o −100, as hai e al. (2019) sugges ed. i using
s uc u al equa ion Modeling analysis and he model con ains i e o ewe a iables, each a iable has
mo e han h ee indica o s wi h high i em commonali y.
able 1 depic s he esponden s’ cha ac e is ics gene a ed by he ield su ey.
We measu ed he discou aged bo owe s a iable by using se e al indica o s: no applying o c edi s
ou o ea o denied applica ions, oo high in e es a es, highe colla e als, and oo complica ed c edi
p ocedu es. he indica o s we e adop ed om chak a a y and Xiang (2013). he applica ion cos (ac)
a iable was adop ed by Kon and s o ey (2003) de ini ion, which included cos s incu ed o comple e
c edi equi emen s, ime spen o ill in he o ms, ime spen o mee bank o ice s, and incon enience
in e ealing business in o ma ion. nex , he ope a ionaliza ion o he us ecip oci y ( R) a iable
encompassed MsMe ac o s’ con idence ha banks us in hei abili y o p o ide colla e als, epay he
Figu e 1. Resea ch model. sou ce: sel -cons uc ed.
6 D. RiZKY WiDYa MaRDiKa e al.
c edi s, inc ease hei business g ow h, and gene a e p o i s. he indica o s we e adap ed om (Feh &
gäch e , 2000). he sel -e icacy (se) a iable e e s o indi iduals’ belie in comple ing asks and espon-
sibili ies ( hemanson & Rosen, 2015) and was measu ed wi h he indica o s o he abili y o gene a e
consume s, p omo e p oduc s, manage inance, and p oduce high-quali y p oduc s. he indica o s we e
adop ed om (chen e al., 1998). he esul s o all a iables abo e we e measu ed using he 5-poin
like scale. Meanwhile, as he mode a ing a iable, he gende a iable (g) was measu ed wi h a dummy
a iable ha equals one i he esponden is emale and ze o o he wise.
Da a we e analyzed using co a iance-based s uc u al equa ion modeling because i is mo e sui able
o model es ing, which is o ien ed o con i ming a heo y, in his case, discou aged bo owe ’s heo y.
his echnique combines con i ma o y ac o analysis (cFa) and mul iple eg ession. in addi ion, his
echnique can analyze bo h obse ed and unobse ed a iables (hai e al., 2019). Following Me hi e al.
(2021), we analyzed he mode a ing ole o he gende a iable by compa ing he esul s o he emale
and male subsamples. gende s eng hens he e ec s o he independen a iables on he dependen
a iable when he esul s in he male subsample a e insigni ican , and he esul s a e signi ican o he
emale subsample. con e sely, gende weakens he impac o he independen a iable on he depen-
den a iable when he esul s a e signi ican o he male subsample and no o he emale subsample.
howe e , gende canno mode a e when he esul s a e insigni ican o bo h subsamples.
4. Resul s and discussion
4.1. Resul s
he con e gen alidi y es was ca ied ou o iden i y he alidi y o he indica o s in measu ing a i-
ables. in con as , he eliabili y es using c onbach’s alpha iden i ied he consis ency o he indica o s
in measu ing he la en a iables. in co a iance-based s uc u al equa ion modeling, he ac o loading
alues ≥0.70 and c onbach alpha ≥0.70 a e accep able (hai e al., 2019). Figu e 2 and able 2 p esen
he esul s o he alidi y and eliabili y es s, sugges ing ha all indica o s me he c i e ia because hei
alues a e ≥ 0.70.
he esul s o he model i es indica e he chi-squa e o 313.329, a p obabili y alue o 0.176, gFi
o 0.950, agFi o 0.930, RMsea o 0.010, and li o 0.997. able 3 demons a es he comple e esul s,
implying ha he model i s.
able 4 indica es he esul s o he causali y es . h1 indica es ha applica ion cos s posi i ely and
signi ican ly a ec discou aged bo owe s (ß = 1.056; p- alue = 0.000). nex , h2 demons a es ha us
ecip oci y signi ican ly and nega i ely a ec s discou aged bo owe s (ß = −0.105; p- alue = 0.026). las ly,
h3 implies ha sel -e icacy nega i ely and signi ican ly a ec s discou aged bo owe s (ß= −0.145; p- alue
= 0.013). hus, all hypo heses p edic ing he di ec e ec s o applica ion cos s, us ecip oci y, and
sel -e icacy on discou aged bo owe s a e empi ically suppo ed.
Table 1. Desc ip i e s a is ics o esponden s’
cha ac e is ics.
Ca ego y n P opo ion (%)
Business age
2013–2015 284 79.78%
2016–2018 72 20.22%
owne age
<20 51 14.33%
21–30 78 21.91%
31–40 193 54.21%
>41 34 9.55%
Fi m size
Mic o 299 83.99%
small 54 15.17%
Medium 3 0.84%
sou ce: P ima y Da a, p ocessed (2022).
cOgen BUsiness & ManageMen 7
Figu e 2. Con i ma o y ac o analysis o he p oposed model. sou ce: sel elabo a ed (2022).
Table 2. Validi y and eliabili y es .
Va iable Fac o loading C onbach alpha
aC1 0.701 0.840
aC2 0.795
aC3 0.739
aC4 0.783
R1 0.859 0.940
R2 0.869
R3 0.918
R4 0.900
se1 0.830 0.912
se2 0.857
se3 0.884
se4 0.834
DB1 0.824 0.924
DB2 0.885
DB3 0.901
DB4 0.864
sou ce: sel -elabo a ed (2022).
Table 3. goodness o i es .
goodness o i Value C i e ia s a us
1. Chi-squa e p obabili y le el 0.176 >0.05 good
2. goodness o i index (gFi) 0.950 >0.90 good
3. adjus ed goodness o i (agFi) 0.930 >0.90 good
4. Roo mean squa e e o o app oxima ion (RMsea) 0.010 <0.08 good
5. no med i index (nFi) 0.963 >0.90 good
6. Pa simonious no mal i index (PnFi) 0.778 >0.60 good
sou ce: P ima y da a, p ocessed (2022).
