THE INFLUENCE OF FINANCIAL LITERACY, FINANCIAL ATTITUDE, FINANCIAL MANAGEMENT BEHAVIOR AND FINANCIAL INCLUSION ON THE PERFORMANCE OF MSMES IN SEMARANG CITY

Rissa Anie Safitri(1*), Andwiani Sinarasri(2)


(1) Accounting Study Program, Faculty of Economics and Business, University of Muhammadiyah Semarang,
(2) Accounting Study Program, Faculty of Economics and Business, University of Muhammadiyah Semarang
(*) Corresponding Author

Abstract


This study aims to find out the factors that affect the performance of MSMEs with financial literacy, financial attitude, financial management behavior, and financial inclusion as independent variables. This research is of a quantitative type. The population and sample used were Semarang City MSME actors, which were selected through convenience sampling techniques  so that the respondents of this study amounted to 250 MSMEs. The research data was obtained through a field survey by distributing questionnaires to MSME actors in Semarang City. This study uses primary data analyzed by multiple linear regression data analysis technique using SPSS version 26. The findings of this study found that the performance of MSMEs was positively and significantly influenced by financial literacy and financial management behavior, while financial attitude and financial inclusion had no influence on the performance of MSMEs.


Keywords


Financial Literacy, Financial Attitude, Financial Management Behavior, Financial Inclusion, and MSME Performance.

Full Text:

PDF

References


Adiki, H., & Pramularsi, E. Y. (2023). The Effect of Financial Inclusion and Financial Literacy on the Performance of MSMEs in Tapos Village, Depok City. Journal of Management and Business Studies, 1(3), 901–913. https://e-journal.naureendigition.com/index.php/pmb

Anggriani, I. A. W. M. (2023). The Effect of Financial Inclusion, Financial Literacy, and Financial Management on the Performance of MSMEs in Dompu Regency. Competent: Scientific Journal of Economics and Business, 2(3), 598–609.

Ardiyani, K., Syafnita, & Aadilla, L. (2021). Improving MSME Performance Reviewed from Financial Management Model, Human Resources, Marketing Strategy, Government Support and Business Lifespan. Journal of Economics and Business, 24(02), 103–111.

Ashari, A. A. S., Diana, N., & Fakhriyyah, D. D. (2023). The Influence of Financial Literacy, Financial Attitudes, Financial Behavior, and Personality on MSME Performance (Case Study in Blitar Regency). Journal of Accounting Research Science, 12(2), 809–820.

Badan Pusat Statistik Kota Semarang. 2024. "Semarang City Economy in 2024. https://semarangkota.bps.go.id/id/pressrelease/2025/03/03/225/ekonomi-kota-semarang-tahun-2024.html. Accessed on January 9, 2025.

Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. In Journal of Management (Vol. 17, Issue 1, pp. 99–120). https://doi.org/10.1177/014920639101700108

Dinas Koperasi dan UMKM Kota Semarang. 2024. "Data on the Number of MSMEs in Semarang City. https://diskopumkm.semarangkota.go.id/. Accessed on January 9, 2025.

Esiebugie, U., Richard, A. T., & Emmanuel, A. L. (2018). Financial Literacy and Performance of Small and Medium Scale Enterprises in Benue State, Nigeria. International Journal of Economics, Business and Management Research, 2(04), 65–79. https://ijebmr.com/uploads/pdf/archivepdf/2020/IJEBMR_02_230.pdf

Fadilah, I., Rahman, S., & Anwar, M. (2022). Analysis of the influence of Financial Literacy, Financial Inclusion, and Financial Technology on the performance of Micro, Small and Medium Enterprises (MSMEs) in the city of Bandung. Fair Value: Scientific Journal of Accounting and Finance, 5(3), 1347–1354. https://doi.org/10.32670/fairvalue.v5i3.2419

Falih, M. S. H. Al, Rizqi, R. M., & Ananda, N. A. (2019). Financial Management and Business Development in Micro, Small and Medium Enterprises (Case Study on Sustainable Forest Honey MSMEs in Sumbawa). Journal of Management and Business, 2(1).

Fitria, I. (2024). The Influence of Financial Literacy, Financial Attitudes and Financial Behavior on the Performance of MSMEs in Palembang City. Consumer & Consumption : Journal of Management, 3(1), 545–567. https://doi.org/10.32524/kkjm.v3i1.1116

Fitria, I., & Soejono, F. (2021). Financial Literacy, Financial Attitudes and Financial Behavior and MSME Performance. Journal of Business and Banking, 11(1), 1–15. https://doi.org/10.14414/jbb.v11i1.2496

Fitriasandy, A. L., & Anam, A. K. (2022). The Influence of Financial Management, Financial Technology, and Social Capital on MSME Performance. Journal of Management Recognition, 6(2), 66–77.

Gusaptono, R. H. endri, HC, R. H. K., & Yulita, L. (2023). The effect of Financial Literacy, Access to Finance, and Financial Risk Attitude on the Culinary Business Performance of SMEs in Yogjakarta. Technium Social Sciences Journal, 48, 217–230.

Habibi, M. A., Maskudin, & Mahanani, S. (2022). The Influence of Financial Management, Financial Inclusion, and Human Resources Competence on MSME Performance in the Covid-19 Pandemic Era. JAFIN: Journal of Accounting and Finance, 1(1), 1–9. https://doi.org/10.22219/jafin.

Hanasri, A., Rinofah, R., & Sari, P. P. (2023). The Effect of Financial Literacy, Financial Knowledge, and Financial Attitudes on Financial Performance in Online Business MSME Actors in Bantul. Economics: Journal of Economics and Business, 7(1), 443. https://doi.org/10.33087/ekonomis.v7i1.792

Hilmawati, M. R. N., & Kusumaningtias, R. (2021). Financial Inclusion and Financial Literacy on the Performance and Sustainability of the Micro, Small and Medium Enterprises Sector. Nominal: Barometer of Accounting and Management Research, 10(1), 135–152. https://doi.org/10.21831/nominal.v10i1.33881

Jumady, E., Halim, A., Manja, D., Amaliah, N. Q., High, S., Ekonomi, I., & Bongaya, M. (2022). The Effect of Financial Literacy and Financial Inclusion on Small Business Performance in Makassar. Journal of Ecogen, 5(2), 287–296.

Mali, M. S. (2023). The Influence of Financial Inclusion, Financial Management on the Performance of MSMEs in the Culinary Sector in Yogyakarta City. J-MAS (Journal of Management and Science), 8(1), 291–296. https://doi.org/10.33087/jmas.v8i1.985

Mellinia, S. P., Budiarti, L., & Ulfah, P. (2023). The Influence of Financial Literacy, Financial Attitudes, and Financial Management Behavior on MSME Performance. Journal of Accounting and Finance Research, 11(3), 549–568. http://ejournal.upi.edu/index.php/JRAK/article/view/6693/4557

Mirdiyantika, A., Indriasari, I., & Meiriyanti, R. (2023). The Influence of Financial Literacy, Financial Inclusion and Financial Technology on Improving the Performance of MSMEs in Bulakamba District. JRIME: Journal of Management and Economic Research, 1(2), 30–47.

Nadziroh, U. A., Yasmin, R. A., Pratiwi, D. I., & Bastomi, M. (2023). Analysis of the Role of Financial Inclusion in Improving MSME Performance. Strategic: Journal of Management Sciences, 3(2), 58–66.

Naufal, M. I., & Purwanto, E. (2022). The Impact of Financial Literacy on the Sustainability Performance of MSMEs (Case Study of F&B Industry in Sumbersari Jember District). Profit: Journal of Business Administration, 16(2), 209–215.

Nuraeni, D. N., Dai, R. M., & Thirafi, L. (2024). The Influence of Financial Literacy and Financial Behavior on the Performance of MSMEs in Champion MSMEs. Journal of Business and Economics Research (JBE), 5(2), 158–165. https://doi.org/10.47065/jbe.v5i2.5309

Putri, D. A. (2020). Factors Affecting the Financial Management Behavior of MSME Actors. Prisma Journal (Accounting Student Research Platform), 1(4), 62–73. https://ojs.stiesa.ac.id/index.php/prisma/article/view/655

Putri, R. E., Hamid, R. S., & Ukkas, I. (2022). The Influence of Financial Literacy, Financial Technology and Financial Inclusion on Entrepreneurs' Financial Performance. OWNER: Research & Journal of Accounting, 6(April), 1664–1676.

Ramadhan, W. A., & Indrayeni. (2024). The Influence of Financial Literacy, Financial Inclusion and Interest in Using E-Commerce on the Performance of MSMEs in Kuranji District. Journal of Financial and Business Accounting, 1(4), 1037–1054.

Rani, G. M., & Desiyanti, R. (2024). The Effect of Financial Literacy, Financial Inclusion and Digital Payment on the Performance of Food & Beverage MSMEs in Padang City. EKOMABIS: Journal of Business Management Economics, 5(02), 161–174. https://doi.org/10.37366/ekomabis.v5i02.1403

Sari, P. B., Rimbano, D., Marselino, B., Rusydi, G., Putra, R. I. P., & Mbeko, H. E. (2022). Determination of Financial Literacy and Financial Inclusion on MSME Business Performance and Sustainability. Owner: Research & Journal of Accounting, 6(3), 2865–2874. https://doi.org/10.33395/owner.v6i3.928

Septiawan, D., & Haryadi, B. (2024). The Influence of Financial Literacy, Financial Attitudes and Financial Inclusion on the Performance of MSMEs in Bangkalan. Journal of Applied Research in Accounting, 8(1), 54–66.

Sima, M., Anggraini, D., & Wibowo, E. A. (2021). Financial Management, Human Resource Competence and Marketing Strategy in Measuring the Performance of Micro, Small and Medium Enterprises. Journal of Management, Organization, and Business, 1(3), 389–397. https://doi.org/10.22225/kr.11.2.1423.148-154

Sinarasri, A. (2023). Business intelligence, management control systems and startup performance : Empirical study from Indonesia. International Journal of Applied Economics, Finance and Accounting, 16(2), 234–247. https://doi.org/10.33094/ijaefa.v16i2.966

Siswanto, S. A. A., & Utomo, D. (2025). Improving the Performance of MSMEs in Tembalang District Reviewed from the Aspects of Financial Literacy, Financial Inclusion, Financial Technology, and Education Level. Journal of Economics, Management, Accounting and Technology (JEMATech), 8(1), 120–132.

Suindari, N. M., & Juniariani, N. M. R. (2020). Financial Management, Human Resource Competence and Marketing Strategy in Measuring the Performance of Micro, Small and Medium Enterprises (MSMEs). Journal of Accounting, 11(2), 148–154.

Sukmawati, S. D. A., & Amalia, N. (2024). The Influence of Financial Attitudes, Marketing Strategies, Locus of Control, and Intellectual Capital on the Financial Performance of MSMEs in the Culinary Sector in Gondangrejo District, Karanganyar Regency. Journal of Management and Business Economics, 2(1), 93–108.

Susilo, J., Anisma, Y., & Syofyan, A. (2022). The Effect of Financal Literacy, Financial Inclusion, and Innovation on MSMEs Perfomance. CURRENT: Journal of Accounting and Business Studies, 3(1), 1–10. https://current.ejournal.unri.ac.id

Utami, A. A., & Abdullah, A. (2024). The Influence of Financial Literacy, Financial Attitudes, and Financial Behavior on the Performance of MSMEs in Bengkulu City. Journal of Economics, Business and Accounting (COSTING), 7(3), 5365–5377. https://doi.org/10.31539/costing.v7i3.8120

Yanti, W. I. P. (2019). The Effect of Financial Inclusion and Financial Literacy on the Performance of MSMEs in North Moyo District. Journal of Management and Business, 2(1). https://doi.org/10.37673/jmb.v2i1.305

Yulianto, M. A., & Rita, M. R. (2023). Mediation of Financial Management Behavior in the Influence of Fintech and Financial Literacy on Business Performance. EQUITY: Journal of Economics and Finance, 7(2), 212–232. https://doi.org/10.24034/j25485024.y2023.v7.i2.5260

Yunus, M. H., Mahfudnurnajamuddin, Semmaila, B., & Dewi, R. (2022). The Effect of Business Risk, Financial Literacy and Financial Inclusion on Financial Performance and Business Sustainability in the Micro, Small and Medium Business Sectors in Palopo City. Journal of Management Science (JMS), 3(2), 168–199.


Article Metrics

Abstract view : 24 times
PDF - 0 times

DOI: https://doi.org/10.26714/vameb.v22i1.20866

Refbacks

  • There are currently no refbacks.


Copyright (c) 2026 Value Added : Majalah Ekonomi dan Bisnis

 

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Address:

Department of Management

Faculty of Economics

University of Muhammadiyah Semarang

Kedungmundu Raya Road No. 18, Tembalang, Semarang, Central Java, Indonesia

 

Contact:

email: value-added@unimus.ac.id