Moderasi Inklusi Keuangan Terhadap Hubungan Literasi Keuangan dan Keputusan Struktur Modal UKM
Keywords:
financial literacy, financial inclusion, capital structure decision, small and medium enterprisesAbstract
TThis study aims to explain the relationship between financial literacy and the capital structure decisions of SME debtors which are moderated by financial inclusion. This research is an explanatory research in the city of Makassar. The population taken is all traditional market entrepreneurs of SMEs in Makassar City. The selection of research samples uses a non-probability sampling method with a clustering method and stratified random sampling. With the help of SPSS software, data were analyzed using descriptive and inferential statistical methods. The results obtained are financial inclusion strengthening the relationship of Financial Literacy with the SME capital structure decision in Makassar City.
References
Aabi, M. (2014). Linking SMEs to sources of credit: The performance of microfinace institutions in Zimbabwe. Abhina Internat Published by: Abhinav Publication i Management & Technology Ref Eree d J, 7(2), 189–206.
Abor, J. (2007). Debt policy and performance of SMEs Evidence from Ghanaian and South African ï¬rms.pdf. The Journal of Risk Finance, 8(4), 364–379.
Abor, J., & Biekpe, N. (2009). How do we explain the capital structure of SMEs in subâ€Saharan Africa? Journal of Economic Studies, 36(1), 83–97.
Al-tamimi, H. A. H., & Kalli, A. A. Bin. (2009). Financial literacy and investment decisions of UAE investors. The Journal of Risk Finance, 10(5), 500–516.
Allinson, G., Braidford, P., Houston, M., & Stone, I. (2013). Understanding growth in microbusinesses. BIS RESEARCH PAPER, (114), 1–164.
Andoh, F. K., & Nunoo, J. (2012). Sustaining small and medium enterprises through financial service utilization: Does financial literacy matter?. Agricultural & Applied Economics Association’s.
Audet, J., & St-jean, E. (2007). Services by sme owners : Evidence from a periphery region of canada. Journal of Developmental Entrepreneurship, 12(2), 165–180.
Avery, R. B., Bostic, R. W., & Samolyk, K. A. (1998). The role of personal wealth in small business finance. Journal of Banking & Finance, 22(6–8), 1019–1061.
Babych, Y., Grigolia, M., & Keshelava, D. (2018). Asian Development Bank Institute (No. 849). ADBI Working Paper.
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
Barney, J. B., & Hesterly, W. S. (2015). Strategic management and competitive advantage: Concepts and cases (Global Edi). Edinburg: Pearson Education Limited 2015.
Bebczuk, R. N. (2008). Financial inclusion in latin america and the caribbean: Review and lessons. Universidad Nacional de La Plata, Centro de Estudios Distributivos, Laborales y Sociales (CEDLAS). Retrieved from http://hdl.handle.net/10419/127584%0AStandard-Nutzungsbedingungen:
Beck, T., & De La Torre, A. (2007). The basic analytics of access to financial services. Financial Markets, Institutions and Instruments, 16(2), 79–117.
Beck, T., Demirguc-Kunt, A., Laeven, L., & Maksimovic, V. (2004). The Determinants of Financing Obstacles (No. 3204).
Berman, K., & Knight, J. (2008). Financial intelligence for entrepreneurs: What you really need to know about the numbers. Boston: Harvard Business Press.
Bhushan, P., & Medury, Y. (2013). Financial literacy and its determinants. International Journal of Engineering, Business and Enterprise Applications (IJEBEA), (January 2013), 140–145.
BI. (2012). Peraturan Bank Indonesia Nomor 14/ 22 /PBI/2012 Tentang Pemberian Kredit atau Pembiayaan oleh Bank Umum dan Bantuan Teknis dalam Rangka Pengembangan Usaha Mikro, Kecil, dan Menengah. Jakarta.
Biswas, S., & Gupta, A. (2013). Financial inclusion and financial literacy: A comparative study in their interrelation between selected urban and rural areas in the state of West Bengal. IOSR Journal of Economics and Finance (IOSR-JEF), 67–72.
Bond, S., & Meghir, O. (1994). Company investment. Fiscal Studies, 15(2), 1–18.
Bongomin, O. C., Ntayi, G., Mpeera, J., Munene, J. C., & Nkote Nabeta, I. (2016). Social capital: mediator of financial literacy and financial inclusion in rural Uganda. Review of International Business and Strategy, 26(2), 291–312.
CAGP. (2009). Financial access 2009 measuring access to finance around the world. Consultative Group to Assist Poverty, The World Bank.
Chakrabarty, K. C. (2012). Financial inclusion – issues in measurement and analysis. Bank for International Settlements-Central Bank of Malaysia Workshop, (November), 1–8.
Cnaan, R., Moodithaya, M. S., & Handy, F. (2012). Financial inclusion: Lessons from rural South India. Journal of Social Policy, 41, 183–205.
Coad, A., & Pawan, J. (2012). Firm growth and barriers to growth among small firms in India. Small Bus Econ, 383–400.
Cole, S., Sampson, T., & Zia, B. (2009). Prices or knowledge? What drives demand for financial services in emerging markets? Prices or knowledge? What drives demand for financial services in emerging markets?. The Journal of Finance, 66(6), 1933–1967.
Cude, B. J. (2010). Financial literacy 501. The Journal of Consumer Affairs, 44(2), 271–275.
Culpeper, R. (2012). The role of the G20 in enhancing financial inclusion. The Green Political Foundation, (February), 1–22.
Daskalakis, N., Kalogeras, N., & Chrysikopoulou, E. (2010). What drives capital structure decisions ? The role of personality traits in corporate financial decision making.
Deakins, D., Logan, D., & Steele, L. (2001). The financial management of the small enterprise. Association of Chartered Certified Accountants.
Degryse, H., de Goeij, P., & Kappert, P. (2012). The impact of firm and industry characteristics on small firms’ capital structure. Small Business Economics, 38(4), 431–447.
Delić, A., Kurtović, I., Peterka, S. O., Cini, V., Pfeifer, S. (2016). Is there a relationship between financial literacy, capital structure and competitiveness of SMEs?. Ekonomski Vjesnik, 29(1), 37–50.
Demirgüç-Kunt, A., & Klapper, L. (2012). Measuring financial inclusion: The global findex database. World Bank Policy Research Working Paper, 6025(April), 1–61.
Departemen Koperasi dan UKM. (2008). Undang-Undang Republik Indonesia Nomor 20 tahun 2008 tentang Usaha Mikro Kecil Dan Menengah.
Edukasi Masyarakat Bidang Perbankan. (2007). Cetak biru edukasi masyarakat di bidang perbankan kelompok. http://www.bi.go.id.
Eniola, A. A., & Entebang, H. (2015). Government policy and performance of small and medium business management. International Journal of Academic Research in Business and Social Sciences, 5(2), 237–248.
European Comission Council. (2003). Observatory of European SMEs. Competence development in SMEs. The Journal of Risk Finance, 8(4).
Fatoki, O. O., & Asah, F. (2011). The impact of firm and entrepreneurial characteristics on access to debt finance by SMEs in King Williams’ town, South Africa. International Journal of Business and Management, 6(8), 170–179.
Garwe, D. K., & Fatoki, O. (2012). The impact of gender on SME characteristics and access to debt finance in South Africa. Development Southern Africa, 29(3), 448–461.
Ghimire, B., & Abo, R. (2013). An empirical investigation of Ivorian SMEs access to bank finance: Constraining factors at demand-level. Journal of Finance and Investment Analysis, 2(4), 29–55.
GPFI. (2011). SME Finance Policy Guide. Retrieved from www.ifc.org
Hogarth, J. M. (2006). Financial education and economic development.
Huston, S. J. (2010). Measuring financial literacy. The Journal of Consumer Affairs, 44(2), 296–316.
Indonesian Banking Development Institute. (2015). Profil bisnis usaha mikro, kecil dan menengah (UMKM). Bank Indonesia dan LPPI.
Irene, T. W. K., & Lean, H. H. (2011). Capital structure of government linked companies in Malaysia. Asian Academy of Management Journal of Accounting and Finance, 7(2), 137–156.
Khan, I. A., & Ghouri, a. M. (2011). Managerial skills and organizational learning in SMEs of Pakistan. Indian Journal of Commerce & Management Studies, 2(4), 61–69.
Kira, A. R., & Zhongzhi, H. (2012). The impact of firm characteristics in access of financing by small and medium-sized enterprises in Tanzania. International Journal of Business and Management, 7(24).
Kotey, B., & Naruanard, S. (2006). The effect of financial information quality on ability to access external funds and performance of SMEs in Thailand. Journal of Enterprising Culture, 14(3), 219–239.
Kraaijenbrink, J., Spender, J., & Groen, A. (2009). The resource-based view: A review and assessment of its critiques. Munich Personal RePEc Archive The, (74924).
Kuratko, D. F., & Hodgetts, R. M. (2010). Entrepreneurship theory process and practice. Business (10th ed.).
Kwaning, C. O., Nyantakyi, K., & Kyereh, B. (2015). The challenges behind SMES’ access to debts financing in the Ghanaian financial market. International Journal of Small Business and Entrepreneurship Research, 3(2), 16–30.
Lodico, M., Spaulding, D., & Voegtle, K. (2006). Methods in educational research: From theory to practice. Jossey-Bass (Vol. 1).
López-Gracia, J., & Sogorb-Mira, F. (2008). Testing trade-off and pecking order theories financing SMEs. Small Business Economics, 31(2), 117–136.
Lusardi, A., & Mitchell, O. S. (2005). Financial literacy and planning : Implications for retirement wellbeing. Pension Research Council.
Lusardi, A., & Mitchell, O. S. (2007). Baby boomer retirement security: The roles of planning, financial literacy, and housing wealth. Journal of Monetary Economics, 54(1), 205–224.
Lusardi, A., & Mitchell, O. S. (2008). Planning and financial literacy: How do women fare. American Economic Review, 98(2), 413–417.
Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial literacy among the young: Evidence and implications for consumer policy. Journal of Consumer Affairs, 91, 358–380.
Lusardi, A., & Scheresberg, D. C. B. (2013). Financial literacy and high-cost borrowing in the United States. Nber, 1–42.
Lusardi, A., & Tufano, P. (2009). Debt literacy, financial experiences, and overindebtedness. NBER Working Papers, 14(4), 332–368.
Mahdzan, N. S., & Tabiani, S. (2013). The impact of financial literacy on individual saving: An exploratory study in the malaysian context. Transformations in Business and Economics, 12(1), 41–55.
Malo, S., & Norus, J. (2014). Growth dynamics of dedicated biotechnology firms in transition economies. Evidence from the Baltic countries and Poland. Entrepreneurship & Regional Development, 21(August), 481–502.
Mandell, L. (2008). Financial literacy of high school students. Xiao J.J. (eds) Handbook of consumer finance research. Springer, New York, NY.
Miller, M., Godfrey, N., Levesque, B., & Stark, E. (2009). The case for financial literacy in developing countries. World Bank, DFID, OECD, and CGAP joint note. Retrieved from http://brigaders.wdfiles.com/local--%0Afiles/professional%3Abusiness-project-resources/Financial Literacy.pdf
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574–592.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221.
Nkundabanyanga, S. K., Kasozi, D., Nalukenge, I., & Tauringana, V. (2014). Lending terms, financial literacy and formal credit accessibility. International Journal of Social Economics, 41(5), 342–361.
Oduntan, K. O. (2014). The Role of Small and Medium Enterprises in Economic Development : The Nigerian Experience. International Conference on Arts, Economics and Management, 75–78.
OECD. (2013). Addressing women’s needs for financial education.
OJK. (2016a). Literasi keuangan. Retrieved from https://www.ojk.go.id/id/kanal/edukasi-dan-perlindungan-konsumen/Pages/Literasi-Keuangan.aspx
OJK. (2016b). Peningkatan literasi dan inklusi keuangan di sektor jasa keuangan bagi konsumen dan/atau masyarakat.
OJK. (2016c). Survei nasional literasi dan inklusi keuangan 2016. Jakarta.
Okello, G. C. B., Ntayi, J. M., Munene, J. C., & Malinga, C. A. (2017). The relationship between access to finance and growth of SMEs in developing economies: financial literacy as a moderator. Review of International Business and Strategy.
Oladele, P. O., Oloowokere, B. A., & Akinruwa, T. E. (2014). Sources of finance and small and medium scale enterprises’ performance in Ado-Ekiti metropolis. European Centre for Research Training and Development UK(Www.Ea-Journals.Org), 2(1), 59–78.
Ou, C., & Haynes, G. W. (2006). Acquisition of additional equity capital by small firms - Findings from the national survey of small business finances. Small Business Economics, 27(2–3), 157–168.
Pasadilla, G. O. (2010). Asian Development Bank Institute.
Pearce, D. (2011). Financial inclusion in the Middle East and North Africa analysis and roadmap recommendations. Policy Research Working Paper 5610, (March), 1–44.
Peteraf, M. A. (1993). The cornerstones of competitive advantage : A resource-based view. Strategic Management Journal, 14(3), 179–191.
Psillaki, M., & Daskalakis, N. (2009). Are the determinants of capital structure country or firm specific? Small Business Economics, 33(3), 319–333.
Punyasavatsut, C. (2011). Sme access to finance in thailand smes access to finance in Thailand. ERIA Research Project Report, (September), 193–230.
Rahmandoust, M., Norouzi, M., Hakimpoor, H., & Khani, N. (2011). Teaching financial literacy to entrepreneurs for sustainable development. OIDA International Journal OfSustainable Development, 02(12). Retrieved from http://www.ssrn.com/link/OIDA-Intl-Journal-Sustainable-Dev.html
Remund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of Consumer Affairs, 44(2), 276–295.
Robson, P. J. A., & Obeng, B. A. (2008). The barriers to growth in Ghana. Small Business Economics, 30, 385–403.
Rossi, M. (2014). SMEs’ access to finance: An overview from Southern Italy. European Journal of Business and Social Sciences, 2(11), 155–164.
Sabri, M. F., & MacDonald, M. (2010). Savings behavior and financial problems among college students: The role of financial literacy in Malaysia. Crosscultural Communication, 6(3), P103-110.
Sannajust, A. (2014). Impact of the world financial crisis to SMEs: The determinants of bank loan rejection in Europe and USA. IPAG Business School, 327(2014), 1–29.
Sarma, M., & Pais, J. (2008). Financial inclusion and development: A cross country analysis.
Serrasqueiro, Z. S., & Nunes, P. M. (2008). Performance and size: Empirical evidence from Portuguese SMEs. Small Business Economics, 31(2), 195–217.
Seshan, G., & Yang, D. (2012). Transnational household finance: A field experiment on the cross-border impacts of financial education for migrant workers. Qatar Foundation Annual Research Forum Proceedings, AHO3.
Shankar, S. (2013). Financial inclusion in India : Do microfinance institutions address access barriers ?. ACRN Journal of Entrepreneursip Perspectives, 2(1), 60–74.
Sugiono. (2004). Konsep, identifikasi, alat analisis dan masalah penggunaan variabel moderator. Jurnal Studi Manajemen & Organisasi, 1(2), 61–70.
Trendowski, J., & Judge, W. (2008). The theory of the growth of the firm, by Edith T. Penrose. Oxford: Blackwell, 1959 (Book Review). Management Faculty Publications, 33(4), 1026–1028.
World Bank. (2014). Facilitating SME financing through improved Credit Reporting.
Abor, J. (2007). Debt policy and performance of SMEs Evidence from Ghanaian and South African ï¬rms.pdf. The Journal of Risk Finance, 8(4), 364–379.
Abor, J., & Biekpe, N. (2009). How do we explain the capital structure of SMEs in subâ€Saharan Africa? Journal of Economic Studies, 36(1), 83–97.
Al-tamimi, H. A. H., & Kalli, A. A. Bin. (2009). Financial literacy and investment decisions of UAE investors. The Journal of Risk Finance, 10(5), 500–516.
Allinson, G., Braidford, P., Houston, M., & Stone, I. (2013). Understanding growth in microbusinesses. BIS RESEARCH PAPER, (114), 1–164.
Andoh, F. K., & Nunoo, J. (2012). Sustaining small and medium enterprises through financial service utilization: Does financial literacy matter?. Agricultural & Applied Economics Association’s.
Audet, J., & St-jean, E. (2007). Services by sme owners : Evidence from a periphery region of canada. Journal of Developmental Entrepreneurship, 12(2), 165–180.
Avery, R. B., Bostic, R. W., & Samolyk, K. A. (1998). The role of personal wealth in small business finance. Journal of Banking & Finance, 22(6–8), 1019–1061.
Babych, Y., Grigolia, M., & Keshelava, D. (2018). Asian Development Bank Institute (No. 849). ADBI Working Paper.
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
Barney, J. B., & Hesterly, W. S. (2015). Strategic management and competitive advantage: Concepts and cases (Global Edi). Edinburg: Pearson Education Limited 2015.
Bebczuk, R. N. (2008). Financial inclusion in latin america and the caribbean: Review and lessons. Universidad Nacional de La Plata, Centro de Estudios Distributivos, Laborales y Sociales (CEDLAS). Retrieved from http://hdl.handle.net/10419/127584%0AStandard-Nutzungsbedingungen:
Beck, T., & De La Torre, A. (2007). The basic analytics of access to financial services. Financial Markets, Institutions and Instruments, 16(2), 79–117.
Beck, T., Demirguc-Kunt, A., Laeven, L., & Maksimovic, V. (2004). The Determinants of Financing Obstacles (No. 3204).
Berman, K., & Knight, J. (2008). Financial intelligence for entrepreneurs: What you really need to know about the numbers. Boston: Harvard Business Press.
Bhushan, P., & Medury, Y. (2013). Financial literacy and its determinants. International Journal of Engineering, Business and Enterprise Applications (IJEBEA), (January 2013), 140–145.
BI. (2012). Peraturan Bank Indonesia Nomor 14/ 22 /PBI/2012 Tentang Pemberian Kredit atau Pembiayaan oleh Bank Umum dan Bantuan Teknis dalam Rangka Pengembangan Usaha Mikro, Kecil, dan Menengah. Jakarta.
Biswas, S., & Gupta, A. (2013). Financial inclusion and financial literacy: A comparative study in their interrelation between selected urban and rural areas in the state of West Bengal. IOSR Journal of Economics and Finance (IOSR-JEF), 67–72.
Bond, S., & Meghir, O. (1994). Company investment. Fiscal Studies, 15(2), 1–18.
Bongomin, O. C., Ntayi, G., Mpeera, J., Munene, J. C., & Nkote Nabeta, I. (2016). Social capital: mediator of financial literacy and financial inclusion in rural Uganda. Review of International Business and Strategy, 26(2), 291–312.
CAGP. (2009). Financial access 2009 measuring access to finance around the world. Consultative Group to Assist Poverty, The World Bank.
Chakrabarty, K. C. (2012). Financial inclusion – issues in measurement and analysis. Bank for International Settlements-Central Bank of Malaysia Workshop, (November), 1–8.
Cnaan, R., Moodithaya, M. S., & Handy, F. (2012). Financial inclusion: Lessons from rural South India. Journal of Social Policy, 41, 183–205.
Coad, A., & Pawan, J. (2012). Firm growth and barriers to growth among small firms in India. Small Bus Econ, 383–400.
Cole, S., Sampson, T., & Zia, B. (2009). Prices or knowledge? What drives demand for financial services in emerging markets? Prices or knowledge? What drives demand for financial services in emerging markets?. The Journal of Finance, 66(6), 1933–1967.
Cude, B. J. (2010). Financial literacy 501. The Journal of Consumer Affairs, 44(2), 271–275.
Culpeper, R. (2012). The role of the G20 in enhancing financial inclusion. The Green Political Foundation, (February), 1–22.
Daskalakis, N., Kalogeras, N., & Chrysikopoulou, E. (2010). What drives capital structure decisions ? The role of personality traits in corporate financial decision making.
Deakins, D., Logan, D., & Steele, L. (2001). The financial management of the small enterprise. Association of Chartered Certified Accountants.
Degryse, H., de Goeij, P., & Kappert, P. (2012). The impact of firm and industry characteristics on small firms’ capital structure. Small Business Economics, 38(4), 431–447.
Delić, A., Kurtović, I., Peterka, S. O., Cini, V., Pfeifer, S. (2016). Is there a relationship between financial literacy, capital structure and competitiveness of SMEs?. Ekonomski Vjesnik, 29(1), 37–50.
Demirgüç-Kunt, A., & Klapper, L. (2012). Measuring financial inclusion: The global findex database. World Bank Policy Research Working Paper, 6025(April), 1–61.
Departemen Koperasi dan UKM. (2008). Undang-Undang Republik Indonesia Nomor 20 tahun 2008 tentang Usaha Mikro Kecil Dan Menengah.
Edukasi Masyarakat Bidang Perbankan. (2007). Cetak biru edukasi masyarakat di bidang perbankan kelompok. http://www.bi.go.id.
Eniola, A. A., & Entebang, H. (2015). Government policy and performance of small and medium business management. International Journal of Academic Research in Business and Social Sciences, 5(2), 237–248.
European Comission Council. (2003). Observatory of European SMEs. Competence development in SMEs. The Journal of Risk Finance, 8(4).
Fatoki, O. O., & Asah, F. (2011). The impact of firm and entrepreneurial characteristics on access to debt finance by SMEs in King Williams’ town, South Africa. International Journal of Business and Management, 6(8), 170–179.
Garwe, D. K., & Fatoki, O. (2012). The impact of gender on SME characteristics and access to debt finance in South Africa. Development Southern Africa, 29(3), 448–461.
Ghimire, B., & Abo, R. (2013). An empirical investigation of Ivorian SMEs access to bank finance: Constraining factors at demand-level. Journal of Finance and Investment Analysis, 2(4), 29–55.
GPFI. (2011). SME Finance Policy Guide. Retrieved from www.ifc.org
Hogarth, J. M. (2006). Financial education and economic development.
Huston, S. J. (2010). Measuring financial literacy. The Journal of Consumer Affairs, 44(2), 296–316.
Indonesian Banking Development Institute. (2015). Profil bisnis usaha mikro, kecil dan menengah (UMKM). Bank Indonesia dan LPPI.
Irene, T. W. K., & Lean, H. H. (2011). Capital structure of government linked companies in Malaysia. Asian Academy of Management Journal of Accounting and Finance, 7(2), 137–156.
Khan, I. A., & Ghouri, a. M. (2011). Managerial skills and organizational learning in SMEs of Pakistan. Indian Journal of Commerce & Management Studies, 2(4), 61–69.
Kira, A. R., & Zhongzhi, H. (2012). The impact of firm characteristics in access of financing by small and medium-sized enterprises in Tanzania. International Journal of Business and Management, 7(24).
Kotey, B., & Naruanard, S. (2006). The effect of financial information quality on ability to access external funds and performance of SMEs in Thailand. Journal of Enterprising Culture, 14(3), 219–239.
Kraaijenbrink, J., Spender, J., & Groen, A. (2009). The resource-based view: A review and assessment of its critiques. Munich Personal RePEc Archive The, (74924).
Kuratko, D. F., & Hodgetts, R. M. (2010). Entrepreneurship theory process and practice. Business (10th ed.).
Kwaning, C. O., Nyantakyi, K., & Kyereh, B. (2015). The challenges behind SMES’ access to debts financing in the Ghanaian financial market. International Journal of Small Business and Entrepreneurship Research, 3(2), 16–30.
Lodico, M., Spaulding, D., & Voegtle, K. (2006). Methods in educational research: From theory to practice. Jossey-Bass (Vol. 1).
López-Gracia, J., & Sogorb-Mira, F. (2008). Testing trade-off and pecking order theories financing SMEs. Small Business Economics, 31(2), 117–136.
Lusardi, A., & Mitchell, O. S. (2005). Financial literacy and planning : Implications for retirement wellbeing. Pension Research Council.
Lusardi, A., & Mitchell, O. S. (2007). Baby boomer retirement security: The roles of planning, financial literacy, and housing wealth. Journal of Monetary Economics, 54(1), 205–224.
Lusardi, A., & Mitchell, O. S. (2008). Planning and financial literacy: How do women fare. American Economic Review, 98(2), 413–417.
Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial literacy among the young: Evidence and implications for consumer policy. Journal of Consumer Affairs, 91, 358–380.
Lusardi, A., & Scheresberg, D. C. B. (2013). Financial literacy and high-cost borrowing in the United States. Nber, 1–42.
Lusardi, A., & Tufano, P. (2009). Debt literacy, financial experiences, and overindebtedness. NBER Working Papers, 14(4), 332–368.
Mahdzan, N. S., & Tabiani, S. (2013). The impact of financial literacy on individual saving: An exploratory study in the malaysian context. Transformations in Business and Economics, 12(1), 41–55.
Malo, S., & Norus, J. (2014). Growth dynamics of dedicated biotechnology firms in transition economies. Evidence from the Baltic countries and Poland. Entrepreneurship & Regional Development, 21(August), 481–502.
Mandell, L. (2008). Financial literacy of high school students. Xiao J.J. (eds) Handbook of consumer finance research. Springer, New York, NY.
Miller, M., Godfrey, N., Levesque, B., & Stark, E. (2009). The case for financial literacy in developing countries. World Bank, DFID, OECD, and CGAP joint note. Retrieved from http://brigaders.wdfiles.com/local--%0Afiles/professional%3Abusiness-project-resources/Financial Literacy.pdf
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574–592.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221.
Nkundabanyanga, S. K., Kasozi, D., Nalukenge, I., & Tauringana, V. (2014). Lending terms, financial literacy and formal credit accessibility. International Journal of Social Economics, 41(5), 342–361.
Oduntan, K. O. (2014). The Role of Small and Medium Enterprises in Economic Development : The Nigerian Experience. International Conference on Arts, Economics and Management, 75–78.
OECD. (2013). Addressing women’s needs for financial education.
OJK. (2016a). Literasi keuangan. Retrieved from https://www.ojk.go.id/id/kanal/edukasi-dan-perlindungan-konsumen/Pages/Literasi-Keuangan.aspx
OJK. (2016b). Peningkatan literasi dan inklusi keuangan di sektor jasa keuangan bagi konsumen dan/atau masyarakat.
OJK. (2016c). Survei nasional literasi dan inklusi keuangan 2016. Jakarta.
Okello, G. C. B., Ntayi, J. M., Munene, J. C., & Malinga, C. A. (2017). The relationship between access to finance and growth of SMEs in developing economies: financial literacy as a moderator. Review of International Business and Strategy.
Oladele, P. O., Oloowokere, B. A., & Akinruwa, T. E. (2014). Sources of finance and small and medium scale enterprises’ performance in Ado-Ekiti metropolis. European Centre for Research Training and Development UK(Www.Ea-Journals.Org), 2(1), 59–78.
Ou, C., & Haynes, G. W. (2006). Acquisition of additional equity capital by small firms - Findings from the national survey of small business finances. Small Business Economics, 27(2–3), 157–168.
Pasadilla, G. O. (2010). Asian Development Bank Institute.
Pearce, D. (2011). Financial inclusion in the Middle East and North Africa analysis and roadmap recommendations. Policy Research Working Paper 5610, (March), 1–44.
Peteraf, M. A. (1993). The cornerstones of competitive advantage : A resource-based view. Strategic Management Journal, 14(3), 179–191.
Psillaki, M., & Daskalakis, N. (2009). Are the determinants of capital structure country or firm specific? Small Business Economics, 33(3), 319–333.
Punyasavatsut, C. (2011). Sme access to finance in thailand smes access to finance in Thailand. ERIA Research Project Report, (September), 193–230.
Rahmandoust, M., Norouzi, M., Hakimpoor, H., & Khani, N. (2011). Teaching financial literacy to entrepreneurs for sustainable development. OIDA International Journal OfSustainable Development, 02(12). Retrieved from http://www.ssrn.com/link/OIDA-Intl-Journal-Sustainable-Dev.html
Remund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of Consumer Affairs, 44(2), 276–295.
Robson, P. J. A., & Obeng, B. A. (2008). The barriers to growth in Ghana. Small Business Economics, 30, 385–403.
Rossi, M. (2014). SMEs’ access to finance: An overview from Southern Italy. European Journal of Business and Social Sciences, 2(11), 155–164.
Sabri, M. F., & MacDonald, M. (2010). Savings behavior and financial problems among college students: The role of financial literacy in Malaysia. Crosscultural Communication, 6(3), P103-110.
Sannajust, A. (2014). Impact of the world financial crisis to SMEs: The determinants of bank loan rejection in Europe and USA. IPAG Business School, 327(2014), 1–29.
Sarma, M., & Pais, J. (2008). Financial inclusion and development: A cross country analysis.
Serrasqueiro, Z. S., & Nunes, P. M. (2008). Performance and size: Empirical evidence from Portuguese SMEs. Small Business Economics, 31(2), 195–217.
Seshan, G., & Yang, D. (2012). Transnational household finance: A field experiment on the cross-border impacts of financial education for migrant workers. Qatar Foundation Annual Research Forum Proceedings, AHO3.
Shankar, S. (2013). Financial inclusion in India : Do microfinance institutions address access barriers ?. ACRN Journal of Entrepreneursip Perspectives, 2(1), 60–74.
Sugiono. (2004). Konsep, identifikasi, alat analisis dan masalah penggunaan variabel moderator. Jurnal Studi Manajemen & Organisasi, 1(2), 61–70.
Trendowski, J., & Judge, W. (2008). The theory of the growth of the firm, by Edith T. Penrose. Oxford: Blackwell, 1959 (Book Review). Management Faculty Publications, 33(4), 1026–1028.
World Bank. (2014). Facilitating SME financing through improved Credit Reporting.
Downloads
Published
2018-09-30
Issue
Section
Articles in JBIMA (Jurnal Bisnis dan Manajemen) Vol. 6 No. 2
