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FROM FINANCIAL LITERACY TO BUSINESS PERFORMANCE: STRUCTURAL EQUATION EVIDENCE FROM URBAN MSMES IN A DEVELOPING ECONOMY

Jurnal Ilmiah Ilmu Terapan Universitas Jambi · Vol. 10 No. 4 (2026) · hlm. 2322–2330

DOI
10.22437/jiituj.v10i4.52584
ISSN
2580-2259, 2580-2240
Terbit
2026-08-31
Penerbit
LPPM Universitas Jambi
Bahasa
en
Lisensi
creativecommons.org/licenses/by/4.0

Abstrak

Micro, Small, and Medium Enterprises (MSMEs) make an important contribution to employment and local economic activity, yet growth in the number of businesses does not always translate into better, more sustainable performance. Financial literacy is often discussed as one factor behind this problem, although previous studies have commonly focused on financial knowledge and behavior or relied on descriptive and conventional statistical approaches. Evidence from urban MSMEs in developing economies is also less extensive, particularly when financial literacy and business performance are examined as latent constructs. This study examines the effect of financial literacy on MSME performance using a quantitative explanatory design. Primary data were obtained from 225 MSME owners through a structured questionnaire and analyzed using Structural Equation Modeling (SEM). The results show that 43.3% of respondents have a low level of financial literacy and 36.4% are in the moderate category. The structural model further indicates a positive and statistically significant relationship between financial literacy and MSME performance (p < 0.05). This study extends earlier work by examining financial literacy as an internal business capability and testing its relationship with performance through a structural modeling approach in an urban developing-economy setting. The findings suggest that MSME development programs should not focus solely on access to capital. Practical support in financial recording, budgeting, cash-flow management, and the use of formal financial services is also needed to strengthen business capability and support more sustainable performance.

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  • Universitas Halu Oleo
  • Hasanuddin University
  • State University of Medan
  • STMIK Catur Sakti Kendari
  • Universitas Sembilanbelas November Kolaka
  • Mulawarman University
  • Afiliasi tidak diketahui
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Rekan penulisOrganisasiArtikel bersama
Ira TaskirawatiHasanuddin University3
Lambertus LambertusUniversitas Halu Oleo2
Ida UsmanUniversitas Halu Oleo2
Mukhsar MukhsarUniversitas Halu Oleo2
Cakra CakraSTMIK Catur Sakti Kendari1
Andi Muhammad IslahSTMIK Catur Sakti Kendari1
SamsuddinAfiliasi tidak diketahui1
La Ode Muhammad Bahtiar AksaraUniversitas Halu Oleo1
B. AmiruddinUniversitas Halu Oleo1
Deti Sri RahayuUniversitas Sembilanbelas November Kolaka1
Jafar JafarAfiliasi tidak diketahui1
Agus FaisalUniversitas Halu Oleo1
Andi TenriawaruUniversitas Halu Oleo1
Ruslan RuslanUniversitas Halu Oleo1
Rahmalia SahupalaUniversitas Halu Oleo1
Nining HajeniatiUniversitas Halu Oleo1
Mustamin AnggoUniversitas Halu Oleo1
Novi PurnadewiUniversitas Halu Oleo1
Asrul SaniUniversitas Halu Oleo1
Bahriddin AbapihiUniversitas Halu Oleo1
Andi Husni SitepuHasanuddin University1
Afdhalash Ramadhan M. RanahedyAfiliasi tidak diketahui1
Sakka SakkaHasanuddin University1
Munawwarah NawirHasanuddin University1
Ira Puspita DewiMulawarman University1
Syarifah Majnah RuslanHasanuddin University1
Rahmawati RahmawatiUniversitas Halu Oleo1
Beta PutrantoHasanuddin University1
Miftahul JannahHasanuddin University1

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Sumber metadata: OAI-PMH (metadata jurnal) https://online-journal.unja.ac.id/index.php/JIITUJ/oai, pertama di-harvest 5 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">FROM FINANCIAL LITERACY TO BUSINESS PERFORMANCE: STRUCTURAL EQUATION EVIDENCE FROM URBAN MSMES IN A DEVELOPING ECONOMY</dc:title>
	<dc:creator xml:lang="en">Hanu, La</dc:creator>
	<dc:creator xml:lang="en">AS, Mansur</dc:creator>
	<dc:creator xml:lang="en">Ahsan, Jabal</dc:creator>
	<dc:creator xml:lang="en">Subaedah, Sitti</dc:creator>
	<dc:creator xml:lang="en">Baharuddin, Baharuddin</dc:creator>
	<dc:subject xml:lang="en">Business Capability</dc:subject>
	<dc:subject xml:lang="en">Developing Economy</dc:subject>
	<dc:subject xml:lang="en">Financial Literacy</dc:subject>
	<dc:subject xml:lang="en">MSME Performance</dc:subject>
	<dc:subject xml:lang="en">Structural Equation Modeling</dc:subject>
	<dc:description xml:lang="en">Micro, Small, and Medium Enterprises (MSMEs) make an important contribution to employment and local economic activity, yet growth in the number of businesses does not always translate into better, more sustainable performance. Financial literacy is often discussed as one factor behind this problem, although previous studies have commonly focused on financial knowledge and behavior or relied on descriptive and conventional statistical approaches. Evidence from urban MSMEs in developing economies is also less extensive, particularly when financial literacy and business performance are examined as latent constructs. This study examines the effect of financial literacy on MSME performance using a quantitative explanatory design. Primary data were obtained from 225 MSME owners through a structured questionnaire and analyzed using Structural Equation Modeling (SEM). The results show that 43.3% of respondents have a low level of financial literacy and 36.4% are in the moderate category. The structural model further indicates a positive and statistically significant relationship between financial literacy and MSME performance (p &amp;lt; 0.05). This study extends earlier work by examining financial literacy as an internal business capability and testing its relationship with performance through a structural modeling approach in an urban developing-economy setting. The findings suggest that MSME development programs should not focus solely on access to capital. Practical support in financial recording, budgeting, cash-flow management, and the use of formal financial services is also needed to strengthen business capability and support more sustainable performance.</dc:description>
	<dc:publisher xml:lang="en">LPPM Universitas Jambi</dc:publisher>
	<dc:date>2026-08-31</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://online-journal.unja.ac.id/JIITUJ/article/view/52584</dc:identifier>
	<dc:identifier>10.22437/jiituj.v10i4.52584</dc:identifier>
	<dc:source xml:lang="en">Jurnal Ilmiah Ilmu Terapan Universitas Jambi; Vol. 10 No. 4 (2026): Volume 10, Nomor 4, August 2026; 2322-2330</dc:source>
	<dc:source>2580-2259</dc:source>
	<dc:source>2580-2240</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://online-journal.unja.ac.id/JIITUJ/article/view/52584/25583</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 La Hanu, Mansur AS, Jabal Ahsan, Sitti Subaedah, Baharuddin Baharuddin</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by/4.0</dc:rights>
</oai_dc:dc>