Financial Access and Financial Literacy on the Performance of MSMEs in Solok City
##plugins.themes.EpsilonTheme.article.main##
Seflidiana Roza
Esi Sriyanti
Althaf Naufal Zahran*
This research aims to examine the influence of financial inclusion and financial literacy on the performance of Micro, Small, and Medium Enterprises (MSMEs), specifically 3 kg LPG gas depots located in Bukit Sundi and Kubung Districts, Solok Regency. MSMEs in this area still face various obstacles, particularly limited access to formal financial services and low understanding of business operators regarding financial management. The study employs a quantitative method utilizing multiple linear regression to analyze primary data obtained from surveys completed by 40 gas depot owners. Findings indicate that financial literacy positively impacts MSME performance, although financial inclusion does not have a significant partial effect. Nevertheless, when considered together, both variables significantly influence business performance. This finding confirms the importance of improving financial literacy for MSME operators rather than merely expanding access to financial services. This research recommends that future studies consider additional variables such as work incentives, human resource quality, and productivity to obtain a more comprehensive understanding of the factors that influence MSME performance.
Allen, F., Demirguc-Kunt, A., Klapper, L., & Peria, M. S. M. (2016). The foundations of financial inclusion: Understanding ownership and use of formal accounts. Journal of Financial Intermediation, 27, 1–30.
Amelia, Y., Nauli, P., & Desriani, N. (2020). The impact of financial literacy on the performance and sustainability of SMEs in Indonesia. In The Future Opportunities and Challenges of Business in Digital Era 4.0 (pp. 299–302). Routledge.
Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2008). Financing patterns around the world: Are small firms different?☆. Journal of Financial Economics, 89(3), 467–487. https://doi.org/10.1016/j.jfineco.2007.10.005
Buchdadi, A. D. (2020). The Influence Of Financial Literacy On Smes Performance Through Access To Finance And Financial Risk Attitude As Mediation Variables. Academy of Accounting and Financial Studies Journal, 24(5), 1–16.
Dela Cruz, N. A., Villanueva, A. C. B., Tolin, L. A., Disse, S., Lensink, R., & White, H. (2023). PROTOCOL: Effects of interventions to improve access to financial services for micro‐, small‐and medium‐sized enterprises in low‐and middle‐income countries: An evidence and gap map. Campbell Systematic Reviews, 19(3), e1341.
Gitman, L. J., Joehnk, M. D., & Billingsley, R. S. (2011). Personal financial planning.
Gonzales, E., Hommes, M., & Mirmulstein, M. L. (2014). MSME country indicators 2014. Towards a Better Understanding of Micro, Small, and Medium Enterprises. Analysis Note, Washington, DC, Corporación Financiera Internacional (CFI), Diciembre.
Guntur, M., Khumairah, F., Niswaty, R., & Arhas, S. H. (2024). Strategic planning for development of micro enterprises at the Department of Trade, Industry, Cooperatives, and Small and Medium Enterprises, Soppeng Regency. KnE Social Sciences, 1189–1202.
Harvie, C. (2019). Micro-, small-and medium-sized enterprises (MSMEs): challenges, opportunities and sustainability in East Asia. Trade Logistics in Landlocked and Resource Cursed Asian Countries, 155–174.
Krishnan, J., Mondal, S., & SEM, I. (2012). Financial inclusion. Emerging Strategies For Sustainable Growth & Competence, 716.
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. American Economic Journal: Journal of Economic Literature, 52(1), 5–44.
Mabula, J. B. (2018). Financial literacy of SME managers’ on access to finance and performance: The mediating role of financial service utilization. International Journal of Advanced Computer Science and Applications, 9(9), 32–41. https://doi.org/10.14569/ijacsa.2018.090905
Panjaitan, F., Setowati, S. M., & Mahulete, Y. C. (2024). Peer To Peer Lending : Generation Z Attraction Factors and Future Implications. TRANSEKONOMIKA: AKUNTANSI, BISNIS DAN KEUANGAN, 4(4), 422–437. https://doi.org/10.55047/transekonomika.v4i4.678
Park, C.-Y., & Mercado, R. J. (2015). Financial Inclusion, Poverty, and Income Inequality in Developing Asia. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2558936
Purwidianti, W., Tubastuvi, N., Darmawan, A., & Rahmawati, I. Y. (2022). Does Financial Behavior Mediate The Relationship Between Financial Literacy and Financial Experience Towards Financial Performance of Small Businesses? International Conference on Sustainable Innovation Track Accounting and Management Sciences (ICOSIAMS 2021), 235–241.
Rahadjeng, E. R., Pratikto, H., Mukhlis, I., & Restuningdiah, N. (2023). Analysis of financial technology, financial literacy, financial attitudes, on mediated business performance financial inclusion and self-efficiency in small medium industry (SMI) in Malang city, Indonesia. International Journal of Professional Business Review: Int. J. Prof. Bus. Rev., 8(8), 45.
Rahadjeng, E. R., Pratikto, H., Mukhlis, I., Restuningdiah, N., & Mala, I. K. (2023). The impact of financial literacy, financial technology, and financial inclusion on SME business performance in Malang Raya, Indonesia. Journal of Social Economics Research, 10(4), 146–160.
Rosavina, M., Rahadi, R. A., Kitri, M. L., Nuraeni, S., & Mayangsari, L. (2019). P2P lending adoption by SMEs in Indonesia. Qualitative Research in Financial Markets, 11(2), 260–279.
Rusliana, N., Alisjahbana, A. S., Budiono, B., & Purnagunawan, R. M. (2023). Performance of small and medium enterprises in Indonesia impacted by financial accessibility. Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi Dan Pembangunan, 293–307.
Senevirathne, W. A. R., Azeez, A. A., & Ediriwickrama, T. C. (2024). The synergistic effects of financial literacy and inclusion on firm performance: a systematic literature review.
Sinaga, A. A. P., & Sitorus, S. A. (2023). The role of micro, small and medium enterprises (MSMEs) towards community welfare in Medan City. Economics, Management and Sustainability, 8(2), 44–52.
Tambunan, T. (2019). Recent evidence of the development of micro, small and medium enterprises in Indonesia. Journal of Global Entrepreneurship Research, 9(1). https://doi.org/10.1186/s40497-018-0140-4
Wati, K. L., Sianturi, M., & Liswatin, L. (2025). The Impact of Financial Literacy on SMEs Performance: The Role of Access to Financial Resources as a Mediator. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(2), 5969–5979.
Wiagustini, N. L. P., Ramantha, I. W., & Putra, I. (2023). Financial Literacy and Financial Behavior Encouraging Business Sustainability by Mediation of Financial Performance. Quality-Access to Success, 24(192).
Yakob, S., Yakob, R., BAM, H.-S., & Rusli, R. Z. A. (2021). Financial literacy and financial performance of small and medium-sized enterprises. The South East Asian Journal of Management, 15(1), 5.
Zait, A., & Bertea, P. E. (2015). Financial literacy–Conceptual definition and proposed approach for a measurement instrument. The Journal Of Accounting and Management, 4(3).
