Date Log
Submitted
4 September 2023
Accepted
31 December 2023
Published
31 December 2023
Financial Bootstrapping and Financial Literacy: The Moderating Role of Government Support on SME Performance
Corresponding Author(s) : Rika Dwi Ayu Parmitasari
Jurnal Minds: Manajemen Ide dan Inspirasi,
Vol. 10 No. 2 (2023): December
Abstract
SMEs can support long-term, stable, and sustainable economic development. However, funding, limited information, and lengthy credit administration procedures constantly severed their expansion. Potential solutions may emerge from external funding in creative and unconventional ways through financial bootstrapping. This study analyzes the influence of financial bootstrapping and financial literacy on SME performance using P2P lending in Makassar, Indonesia, with government support as mediation. Government support as mediation is expected to provide policies that facilitate SMEs obtaining external funding through fintech P2P lending to improve SMEs' business performance. This study employs a partial-least-squared structural-equation model (PLS-SEM) for data analysis of 220 businesses. The result shows that financial literacy significantly affects SME performance. This positive effect emerges in direct or mediated relationships. Financial bootstrapping does not substantially affect SME performance. This finding signifies the lack of information regarding the myriad of funding opportunities.
Keywords
P2P Lending
Financial Bootstrapping
Financial Literacy
Government Support
SME Performance
Parmitasari, R. D. A., Indriyani, E., Rusnawati, R., Farild, M., Efendi, W., & Adawiah, A. (2023). Financial Bootstrapping and Financial Literacy: The Moderating Role of Government Support on SME Performance. Jurnal Minds: Manajemen Ide Dan Inspirasi, 10(2), 341–356. https://doi.org/10.24252/minds.v10i2.41131
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References
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Alamsyah, M. F. (2020). Pengaruh Literasi Keuangan dan Kualitas Manajemen Keuangan Terhadap Kinerja Keuangan Pada UKM Meubel di Kota Gorontalo.ForumEkonomi,22(2),245–255. http://journal.feb.unmul.ac.id/index.php/FORUMEKONOMI
Agyei, S. K. (2018). Culture, financial literacy, and SME performance in Ghana. Cogent Economics and Finance, 6(1). https://doi.org/10.1080/23322039.2018.1463813
Alam, A. R. P., Asdar, M., Munizu, M., & Mappanyompa, A. N. B. M. (2023). The Importance of Social Media in Improving SMEs Performance (pp. 124–131). https://doi.org/10.2991/978-94-6463-146-3_13
Ali, M., Nazir, M. I., Hashmi, S. H., & Ullah, W. (2022). Financial inclusion, institutional quality and financial development: Empirical evidence from oic countries. Singapore Economic Review, 67(1). https://doi.org/10.1142/S0217590820420084
Allgood, S., & Walstad, W. B. (2016). The effects of perceived and actual financial literacy on financial behaviors. Economic Inquiry, 54(1). https://doi.org/10.1111/ecin.12255
Alvarez, S. A., & Busenitz, L. W. (2001). The entrepreneurship of resource-based theory. Journal of Management. https://doi.org/10.1177/014920630102700609
Alyza, S. N. (2019). Pengaruh Faktor-Faktor Internal Terhadap Kinerja Usaha Mikro Kecil Menengah (UMKM) Keripik Nenas di Desa Kualu Nenas Kec. Tambang Kampar. State Islamic University of Sultan Syarif Kasim Riau.
Asnawati. (2021). KEWIRAUSAHAAN: Teori dan Contoh-Contoh Rencana Bisnis. In E-Book.
Chen, H. dan Volpe, R. P. (2017). An analysis of personal financial literacy among college students.Financial services review. Nominal, Barometer Riset Akuntansi Dan Manajemen, 7 (2).
Chen, H., & Volpe, R. P. (1998). An Analysis of Personal Financial Literacy Among College Students An Analysis of Personal Financial Literacy Among College Students. Journal of Consumer Marketing, 36(6).
Cornwall, J. (2010). Bootstrapping. Prentice Hall,.
Dika, C. W., Rita, M. R., & Sakti, I. M. (2021). Financial Bootstrapping dan Kinerja Umkm: Peran Moderasi Literasi Keuangan. Jurnal Kewirausahaan Dan Bisnis, 26(1). https://doi.org/10.20961/jkb.v26i1.44726
Efrata, T. C., & Herdinata, C. (2012). Penerapan metode bootstrap financing pada usaha kecil dan menengah di Surabaya. Keuangan Dan Perbankan, 16(3).
Elya Dasuki, R. (2021). Manajemen Strategi : Kajian Teori Resource Based View. Coopetition : Jurnal Ilmiah Manajemen, 12(3). https://doi.org/10.32670/coopetition.v12i3.710
Ganlin, P., Qamruzzaman, M. D., Mehta, A. M., Naqvi, F. N., & Karim, S. (2021). Innovative finance, technological adaptation and SMEs sustainability: The mediating role of government support during covid-19 pandemic. Sustainability (Switzerland), 13(16). https://doi.org/10.3390/su13169218
Hadad, M. D. (2017). Financial Technology (Fintech) di Indonesia. Kuliah Umum Tentang Fintech, Indonesia Banking …. http://www.ibs.ac.id/img/doc/MDH - FinTech IBS June 2017.pdf
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate Data Analysis. In Vectors. https://doi.org/10.1016/j.ijpharm.2011.02.019
Hair, J. F., G. Tomas, M. H., M. Ringle, C., & Sarstedt, M. (2014). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). Sage Publications.
Horvath, K. (2018). Financial Bootstrapping Techniques: A systematic review of the literature. On Research, 1(1).
Istan, M. (2023). The Role of Government, Financial Literacy and Inclusion on MSME Finacial Performance. Owner: Riset Dan Jurnal Akuntansi. https://www.owner.polgan.ac.id/index.php/owner/article/view/1383
Jones, O., Macpherson, A., & Jayawarna, D. (2022). The Nature of Entrepreneurial Opportunities. In Resourcing the Start-up Business. https://doi.org/10.4324/9781003312918-4
Lam, W. (2010). Funding gap, what funding gap? Financial bootstrapping: Supply, demand and creation of entrepreneurial finance. International Journal of Entrepreneurial Behaviour & Research, 16(4). https://doi.org/10.1108/13552551011054480
Li, Y., & Alvarado, M. (2021). The impact of financial bootstrapping techniques on perceived performance: An empirical analysis of Costa Rican SMEs. International Journal of Business Environment, 12(2). https://doi.org/10.1504/IJBE.2021.115086
Lin, J., & Nabergoj, A. S. (2014). A resource-based view of entrepreneurial creativity and its Implication in entrepreneurship education on Innovation and Entrepreneurship.
Löfqvist, L. (2017). Product innovation in small companies: Managing resource scarcity through financial bootstrapping. International Journal of Innovation Management, 21(2). https://doi.org/10.1142/S1363919617500207
Mabonga, M. W. (2020). Financial Bootstrapping Strategy and Sustainability of Small and Medium Enterprises in Kanduyi Sub-County, Kenya. In American International Journal of Business Management (AIJBM) ISSN (Vol. 3, Issue 8).
Mahoney, J. T., & Pandian, J. R. (1992). The resource‐based view within the conversation of strategic management. Strategic Management Journal, 13(5). https://doi.org/10.1002/smj.4250130505
MS, E. I., Fatma, F., & Hasyim, R. (2022). The Effect Of Perceived Risk, Financial Knowledge And Government Support On User Interest With Perceived Usefulness As An Intervening Variable: Study On E-Wallet Users In Sulawesi. Jurnal Manajemen Universitas Bung Hatta.
Otoritas Jasa Keuangan. (2022). Perusahaan Fintech Lending berizin dan terdaftar di OJK Per 22 April 2022. In Perusahaan Fintech Lending berizin dan terdaftar di OJK (Issue April).
Rapina, R., Meythi, M., Rahmatika, D. N., & ... (2023). The impact of financial literacy and financial behavior in entrepreneurial motivation–evidence from Indonesia. Cogent Education. https://doi.org/10.1080/2331186X.2023.2282827
Rita, M. R., Kristanto, A. B., Nugrahanti, Y. W., & Utomo, M. N. (2021). Entrepreneurial orientation and emotional bias in MSMEs’ financing and performance. Jurnal Ekonomi Dan Bisnis, 24(2). https://doi.org/10.24914/jeb.v24i2.4420
Shepherd, D. A., Patzelt, H., Shepherd, D. A., & ... (2018). Entrepreneurial identity. Entrepreneurial Cognition …. https://doi.org/10.1007/978-3-319-71782-1_5
Songling, Y., Ishtiaq, M., Anwar, M., & Ahmed, H. (2018). The role of government support in sustainable competitive position and firm performance. Sustainability (Switzerland), 10(10). https://doi.org/10.3390/su10103495
Sugiyono. (2018). Sugiyono Metode Penelitian Kuantitatif Kualitatif. Metode Penelitian Kuantitatif Kualitatif.
Terkura Titus, B., & Olalekan Victor, D. (2017). Entrepreneurial Financing in a Knowledge Based Economy. In Covenant Journal of Entrepreneurship (CJoE) (Vol. 1, Issue 1).
Utaminingsih, A. (2016). Pengaruh orientasi pasar, inovasi, dan kreativitas strategi pemasaran terhadap kinerja pemasaran pada UKM kerajinan rotan di Desa Teluk Wetan, Welahan, Jepara. Media Ekonomi Dan Manajemen, 31(2).
Wahyono, & Hutahayan, B. (2021). The relationships between market orientation, learning orientation, financial literacy, on the knowledge competence, innovation, and performance of small and medium textile industries in Java and Bali. Asia Pacific Management Review, 26(1), 39–46. https://doi.org/10.1016/j.apmrv.2020.07.001
Zimon, G., & Tarighi, H. (2021). Effects of the COVID-19 Global Crisis on the Working Capital Management Policy: Evidence from Poland. Journal of Risk and Financial Management, 14(4). https://doi.org/10.3390/jrfm14040169
Yusnita, M., & Wibawa, D. P. (2020). Menakar Peran Pemerintah Dan Akademisi Terhadap Pengembangan UMK. Jurnal Penelitian IPTEKS, 5(1), 60–70. https://doi.org/10.32528/ipteks.v5i1.3020
References
Alamsyah, M. F. (2020). Pengaruh Literasi Keuangan dan Kualitas Manajemen Keuangan Terhadap Kinerja Keuangan Pada UKM Meubel di Kota Gorontalo.ForumEkonomi,22(2),245–255. http://journal.feb.unmul.ac.id/index.php/FORUMEKONOMI
Agyei, S. K. (2018). Culture, financial literacy, and SME performance in Ghana. Cogent Economics and Finance, 6(1). https://doi.org/10.1080/23322039.2018.1463813
Alam, A. R. P., Asdar, M., Munizu, M., & Mappanyompa, A. N. B. M. (2023). The Importance of Social Media in Improving SMEs Performance (pp. 124–131). https://doi.org/10.2991/978-94-6463-146-3_13
Ali, M., Nazir, M. I., Hashmi, S. H., & Ullah, W. (2022). Financial inclusion, institutional quality and financial development: Empirical evidence from oic countries. Singapore Economic Review, 67(1). https://doi.org/10.1142/S0217590820420084
Allgood, S., & Walstad, W. B. (2016). The effects of perceived and actual financial literacy on financial behaviors. Economic Inquiry, 54(1). https://doi.org/10.1111/ecin.12255
Alvarez, S. A., & Busenitz, L. W. (2001). The entrepreneurship of resource-based theory. Journal of Management. https://doi.org/10.1177/014920630102700609
Alyza, S. N. (2019). Pengaruh Faktor-Faktor Internal Terhadap Kinerja Usaha Mikro Kecil Menengah (UMKM) Keripik Nenas di Desa Kualu Nenas Kec. Tambang Kampar. State Islamic University of Sultan Syarif Kasim Riau.
Asnawati. (2021). KEWIRAUSAHAAN: Teori dan Contoh-Contoh Rencana Bisnis. In E-Book.
Chen, H. dan Volpe, R. P. (2017). An analysis of personal financial literacy among college students.Financial services review. Nominal, Barometer Riset Akuntansi Dan Manajemen, 7 (2).
Chen, H., & Volpe, R. P. (1998). An Analysis of Personal Financial Literacy Among College Students An Analysis of Personal Financial Literacy Among College Students. Journal of Consumer Marketing, 36(6).
Cornwall, J. (2010). Bootstrapping. Prentice Hall,.
Dika, C. W., Rita, M. R., & Sakti, I. M. (2021). Financial Bootstrapping dan Kinerja Umkm: Peran Moderasi Literasi Keuangan. Jurnal Kewirausahaan Dan Bisnis, 26(1). https://doi.org/10.20961/jkb.v26i1.44726
Efrata, T. C., & Herdinata, C. (2012). Penerapan metode bootstrap financing pada usaha kecil dan menengah di Surabaya. Keuangan Dan Perbankan, 16(3).
Elya Dasuki, R. (2021). Manajemen Strategi : Kajian Teori Resource Based View. Coopetition : Jurnal Ilmiah Manajemen, 12(3). https://doi.org/10.32670/coopetition.v12i3.710
Ganlin, P., Qamruzzaman, M. D., Mehta, A. M., Naqvi, F. N., & Karim, S. (2021). Innovative finance, technological adaptation and SMEs sustainability: The mediating role of government support during covid-19 pandemic. Sustainability (Switzerland), 13(16). https://doi.org/10.3390/su13169218
Hadad, M. D. (2017). Financial Technology (Fintech) di Indonesia. Kuliah Umum Tentang Fintech, Indonesia Banking …. http://www.ibs.ac.id/img/doc/MDH - FinTech IBS June 2017.pdf
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate Data Analysis. In Vectors. https://doi.org/10.1016/j.ijpharm.2011.02.019
Hair, J. F., G. Tomas, M. H., M. Ringle, C., & Sarstedt, M. (2014). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). Sage Publications.
Horvath, K. (2018). Financial Bootstrapping Techniques: A systematic review of the literature. On Research, 1(1).
Istan, M. (2023). The Role of Government, Financial Literacy and Inclusion on MSME Finacial Performance. Owner: Riset Dan Jurnal Akuntansi. https://www.owner.polgan.ac.id/index.php/owner/article/view/1383
Jones, O., Macpherson, A., & Jayawarna, D. (2022). The Nature of Entrepreneurial Opportunities. In Resourcing the Start-up Business. https://doi.org/10.4324/9781003312918-4
Lam, W. (2010). Funding gap, what funding gap? Financial bootstrapping: Supply, demand and creation of entrepreneurial finance. International Journal of Entrepreneurial Behaviour & Research, 16(4). https://doi.org/10.1108/13552551011054480
Li, Y., & Alvarado, M. (2021). The impact of financial bootstrapping techniques on perceived performance: An empirical analysis of Costa Rican SMEs. International Journal of Business Environment, 12(2). https://doi.org/10.1504/IJBE.2021.115086
Lin, J., & Nabergoj, A. S. (2014). A resource-based view of entrepreneurial creativity and its Implication in entrepreneurship education on Innovation and Entrepreneurship.
Löfqvist, L. (2017). Product innovation in small companies: Managing resource scarcity through financial bootstrapping. International Journal of Innovation Management, 21(2). https://doi.org/10.1142/S1363919617500207
Mabonga, M. W. (2020). Financial Bootstrapping Strategy and Sustainability of Small and Medium Enterprises in Kanduyi Sub-County, Kenya. In American International Journal of Business Management (AIJBM) ISSN (Vol. 3, Issue 8).
Mahoney, J. T., & Pandian, J. R. (1992). The resource‐based view within the conversation of strategic management. Strategic Management Journal, 13(5). https://doi.org/10.1002/smj.4250130505
MS, E. I., Fatma, F., & Hasyim, R. (2022). The Effect Of Perceived Risk, Financial Knowledge And Government Support On User Interest With Perceived Usefulness As An Intervening Variable: Study On E-Wallet Users In Sulawesi. Jurnal Manajemen Universitas Bung Hatta.
Otoritas Jasa Keuangan. (2022). Perusahaan Fintech Lending berizin dan terdaftar di OJK Per 22 April 2022. In Perusahaan Fintech Lending berizin dan terdaftar di OJK (Issue April).
Rapina, R., Meythi, M., Rahmatika, D. N., & ... (2023). The impact of financial literacy and financial behavior in entrepreneurial motivation–evidence from Indonesia. Cogent Education. https://doi.org/10.1080/2331186X.2023.2282827
Rita, M. R., Kristanto, A. B., Nugrahanti, Y. W., & Utomo, M. N. (2021). Entrepreneurial orientation and emotional bias in MSMEs’ financing and performance. Jurnal Ekonomi Dan Bisnis, 24(2). https://doi.org/10.24914/jeb.v24i2.4420
Shepherd, D. A., Patzelt, H., Shepherd, D. A., & ... (2018). Entrepreneurial identity. Entrepreneurial Cognition …. https://doi.org/10.1007/978-3-319-71782-1_5
Songling, Y., Ishtiaq, M., Anwar, M., & Ahmed, H. (2018). The role of government support in sustainable competitive position and firm performance. Sustainability (Switzerland), 10(10). https://doi.org/10.3390/su10103495
Sugiyono. (2018). Sugiyono Metode Penelitian Kuantitatif Kualitatif. Metode Penelitian Kuantitatif Kualitatif.
Terkura Titus, B., & Olalekan Victor, D. (2017). Entrepreneurial Financing in a Knowledge Based Economy. In Covenant Journal of Entrepreneurship (CJoE) (Vol. 1, Issue 1).
Utaminingsih, A. (2016). Pengaruh orientasi pasar, inovasi, dan kreativitas strategi pemasaran terhadap kinerja pemasaran pada UKM kerajinan rotan di Desa Teluk Wetan, Welahan, Jepara. Media Ekonomi Dan Manajemen, 31(2).
Wahyono, & Hutahayan, B. (2021). The relationships between market orientation, learning orientation, financial literacy, on the knowledge competence, innovation, and performance of small and medium textile industries in Java and Bali. Asia Pacific Management Review, 26(1), 39–46. https://doi.org/10.1016/j.apmrv.2020.07.001
Zimon, G., & Tarighi, H. (2021). Effects of the COVID-19 Global Crisis on the Working Capital Management Policy: Evidence from Poland. Journal of Risk and Financial Management, 14(4). https://doi.org/10.3390/jrfm14040169
Yusnita, M., & Wibawa, D. P. (2020). Menakar Peran Pemerintah Dan Akademisi Terhadap Pengembangan UMK. Jurnal Penelitian IPTEKS, 5(1), 60–70. https://doi.org/10.32528/ipteks.v5i1.3020
Agyei, S. K. (2018). Culture, financial literacy, and SME performance in Ghana. Cogent Economics and Finance, 6(1). https://doi.org/10.1080/23322039.2018.1463813
Alam, A. R. P., Asdar, M., Munizu, M., & Mappanyompa, A. N. B. M. (2023). The Importance of Social Media in Improving SMEs Performance (pp. 124–131). https://doi.org/10.2991/978-94-6463-146-3_13
Ali, M., Nazir, M. I., Hashmi, S. H., & Ullah, W. (2022). Financial inclusion, institutional quality and financial development: Empirical evidence from oic countries. Singapore Economic Review, 67(1). https://doi.org/10.1142/S0217590820420084
Allgood, S., & Walstad, W. B. (2016). The effects of perceived and actual financial literacy on financial behaviors. Economic Inquiry, 54(1). https://doi.org/10.1111/ecin.12255
Alvarez, S. A., & Busenitz, L. W. (2001). The entrepreneurship of resource-based theory. Journal of Management. https://doi.org/10.1177/014920630102700609
Alyza, S. N. (2019). Pengaruh Faktor-Faktor Internal Terhadap Kinerja Usaha Mikro Kecil Menengah (UMKM) Keripik Nenas di Desa Kualu Nenas Kec. Tambang Kampar. State Islamic University of Sultan Syarif Kasim Riau.
Asnawati. (2021). KEWIRAUSAHAAN: Teori dan Contoh-Contoh Rencana Bisnis. In E-Book.
Chen, H. dan Volpe, R. P. (2017). An analysis of personal financial literacy among college students.Financial services review. Nominal, Barometer Riset Akuntansi Dan Manajemen, 7 (2).
Chen, H., & Volpe, R. P. (1998). An Analysis of Personal Financial Literacy Among College Students An Analysis of Personal Financial Literacy Among College Students. Journal of Consumer Marketing, 36(6).
Cornwall, J. (2010). Bootstrapping. Prentice Hall,.
Dika, C. W., Rita, M. R., & Sakti, I. M. (2021). Financial Bootstrapping dan Kinerja Umkm: Peran Moderasi Literasi Keuangan. Jurnal Kewirausahaan Dan Bisnis, 26(1). https://doi.org/10.20961/jkb.v26i1.44726
Efrata, T. C., & Herdinata, C. (2012). Penerapan metode bootstrap financing pada usaha kecil dan menengah di Surabaya. Keuangan Dan Perbankan, 16(3).
Elya Dasuki, R. (2021). Manajemen Strategi : Kajian Teori Resource Based View. Coopetition : Jurnal Ilmiah Manajemen, 12(3). https://doi.org/10.32670/coopetition.v12i3.710
Ganlin, P., Qamruzzaman, M. D., Mehta, A. M., Naqvi, F. N., & Karim, S. (2021). Innovative finance, technological adaptation and SMEs sustainability: The mediating role of government support during covid-19 pandemic. Sustainability (Switzerland), 13(16). https://doi.org/10.3390/su13169218
Hadad, M. D. (2017). Financial Technology (Fintech) di Indonesia. Kuliah Umum Tentang Fintech, Indonesia Banking …. http://www.ibs.ac.id/img/doc/MDH - FinTech IBS June 2017.pdf
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate Data Analysis. In Vectors. https://doi.org/10.1016/j.ijpharm.2011.02.019
Hair, J. F., G. Tomas, M. H., M. Ringle, C., & Sarstedt, M. (2014). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). Sage Publications.
Horvath, K. (2018). Financial Bootstrapping Techniques: A systematic review of the literature. On Research, 1(1).
Istan, M. (2023). The Role of Government, Financial Literacy and Inclusion on MSME Finacial Performance. Owner: Riset Dan Jurnal Akuntansi. https://www.owner.polgan.ac.id/index.php/owner/article/view/1383
Jones, O., Macpherson, A., & Jayawarna, D. (2022). The Nature of Entrepreneurial Opportunities. In Resourcing the Start-up Business. https://doi.org/10.4324/9781003312918-4
Lam, W. (2010). Funding gap, what funding gap? Financial bootstrapping: Supply, demand and creation of entrepreneurial finance. International Journal of Entrepreneurial Behaviour & Research, 16(4). https://doi.org/10.1108/13552551011054480
Li, Y., & Alvarado, M. (2021). The impact of financial bootstrapping techniques on perceived performance: An empirical analysis of Costa Rican SMEs. International Journal of Business Environment, 12(2). https://doi.org/10.1504/IJBE.2021.115086
Lin, J., & Nabergoj, A. S. (2014). A resource-based view of entrepreneurial creativity and its Implication in entrepreneurship education on Innovation and Entrepreneurship.
Löfqvist, L. (2017). Product innovation in small companies: Managing resource scarcity through financial bootstrapping. International Journal of Innovation Management, 21(2). https://doi.org/10.1142/S1363919617500207
Mabonga, M. W. (2020). Financial Bootstrapping Strategy and Sustainability of Small and Medium Enterprises in Kanduyi Sub-County, Kenya. In American International Journal of Business Management (AIJBM) ISSN (Vol. 3, Issue 8).
Mahoney, J. T., & Pandian, J. R. (1992). The resource‐based view within the conversation of strategic management. Strategic Management Journal, 13(5). https://doi.org/10.1002/smj.4250130505
MS, E. I., Fatma, F., & Hasyim, R. (2022). The Effect Of Perceived Risk, Financial Knowledge And Government Support On User Interest With Perceived Usefulness As An Intervening Variable: Study On E-Wallet Users In Sulawesi. Jurnal Manajemen Universitas Bung Hatta.
Otoritas Jasa Keuangan. (2022). Perusahaan Fintech Lending berizin dan terdaftar di OJK Per 22 April 2022. In Perusahaan Fintech Lending berizin dan terdaftar di OJK (Issue April).
Rapina, R., Meythi, M., Rahmatika, D. N., & ... (2023). The impact of financial literacy and financial behavior in entrepreneurial motivation–evidence from Indonesia. Cogent Education. https://doi.org/10.1080/2331186X.2023.2282827
Rita, M. R., Kristanto, A. B., Nugrahanti, Y. W., & Utomo, M. N. (2021). Entrepreneurial orientation and emotional bias in MSMEs’ financing and performance. Jurnal Ekonomi Dan Bisnis, 24(2). https://doi.org/10.24914/jeb.v24i2.4420
Shepherd, D. A., Patzelt, H., Shepherd, D. A., & ... (2018). Entrepreneurial identity. Entrepreneurial Cognition …. https://doi.org/10.1007/978-3-319-71782-1_5
Songling, Y., Ishtiaq, M., Anwar, M., & Ahmed, H. (2018). The role of government support in sustainable competitive position and firm performance. Sustainability (Switzerland), 10(10). https://doi.org/10.3390/su10103495
Sugiyono. (2018). Sugiyono Metode Penelitian Kuantitatif Kualitatif. Metode Penelitian Kuantitatif Kualitatif.
Terkura Titus, B., & Olalekan Victor, D. (2017). Entrepreneurial Financing in a Knowledge Based Economy. In Covenant Journal of Entrepreneurship (CJoE) (Vol. 1, Issue 1).
Utaminingsih, A. (2016). Pengaruh orientasi pasar, inovasi, dan kreativitas strategi pemasaran terhadap kinerja pemasaran pada UKM kerajinan rotan di Desa Teluk Wetan, Welahan, Jepara. Media Ekonomi Dan Manajemen, 31(2).
Wahyono, & Hutahayan, B. (2021). The relationships between market orientation, learning orientation, financial literacy, on the knowledge competence, innovation, and performance of small and medium textile industries in Java and Bali. Asia Pacific Management Review, 26(1), 39–46. https://doi.org/10.1016/j.apmrv.2020.07.001
Zimon, G., & Tarighi, H. (2021). Effects of the COVID-19 Global Crisis on the Working Capital Management Policy: Evidence from Poland. Journal of Risk and Financial Management, 14(4). https://doi.org/10.3390/jrfm14040169
Yusnita, M., & Wibawa, D. P. (2020). Menakar Peran Pemerintah Dan Akademisi Terhadap Pengembangan UMK. Jurnal Penelitian IPTEKS, 5(1), 60–70. https://doi.org/10.32528/ipteks.v5i1.3020