Sharia, Digital, and Financial Literacy in Action: Transforming Social Capital and Digital Finance into Micro-Enterprise Well-Being through Financial Behavior
Article Sidebar
Main Article Content
Abstract
The Indonesian digital economy has encouraged micro-business owners' use of Digital Financial Services (DFS). These services have been widely adopted, but these actors' financial behavior (FB) and well-being (FWB) have not improved. This study analyzes how DFS and SC affect FWB directly and indirectly FB. Financial Literacy (FL), Sharia Financial Literacy (SFL), and Digital Financial Literacy (DFL) moderate the link between DFS and SC with FB. The quantitative survey study targets 300 West Java micro-entrepreneurs. Data was obtained using structured questionnaires and analyzed using SEM-PLS. Both DFS and SC positively and dramatically affect FB and FWB. FB also boosts FWB and mediates DFS–FWB and SC–FWB interactions. Moreover, FL, SFL, and DFL amplify the impact of DFS on FB. In the association between SC and FB, FL and SFL function as important moderators, whereas DFL does not moderate this association. The findings indicate that enhancing the financial well-being of micro-entrepreneurs is affected by access to digital financial services and social resources, as well as the quality of their financial behavior and their level of literacy.
Article Details
The Authors submitting a manuscript do so on the understanding that if accepted for publication, copyright of the article shall be assigned to International Journal of Nusantara Islam, Sunan Gunung Djati State Islamic University.
The copyright encompasses exclusive rights to reproduce and disseminate articles in all forms and media, including reprints, photographs, microfilm, and similar reproductions, as well as translations. Some or all of the contents of this journal can be stored in databases and transmitted in any form and media without the need for written permission from the International Journal of Nusantara Islam, Sunan Gunung Djati State Islamic University.
The Editors and the Advisory International Editorial Board make every effort to ensure that no wrong or misleading data, opinions or statements be published in the journal. In any way, the contents of the articles and advertisements published in the International Journal of Nusantara Islam (IJNI) are sole and exclusive responsibility of their respective authors and advertisers.
References
Abdallah, W., Tfaily, F., & Harraf, A. (2025). The impact of digital financial literacy on financial behavior: customers’ perspective. Competitiveness Review: An International Business Journal, 35(2), 347–370. https://doi.org/10.1108/CR-11-2023-0297
Achanta, R. P., & Lepcha, Y. D. (2025). Digital financial knowledge, insights from private-sector employees in Sikkim. Digital Finance, 7(4), 901–920. https://doi.org/10.1007/s42521-025-00126-7
Afdawaiza, A., Yusfiarto, R., Pambekti, G. T., Al Ghunaimi, H., & Febriyanto, A. (2025). From Social Trust to Halal Industry Dynamic: The Synergy of Islamic Social Capital and Financial Capability in Small Enterprises Sectors. Mazahib, 24(2), 248–281. https://doi.org/10.21093/mj.v24i2.11318
Afrizal, A., Sunarto, N., Antonius, R., Koten, G., & Ali, H. (2025). Risk Management Approach in Facing Market Uncertainty for MSMEs in the Culinary Industry. https://doi.org/10.38035/jemsi.v7i2
Agustina, Y., Subagyo, & Nurulistanti, L. (2022). How money circulates in indonesian smes: An analysis of financial literacy, business performance, financial management behavior, and financial attitude. Educational Administration: Theory and Practice, 28(2), 122 – 132. https://doi.org/10.17762/kuey.v28i02.425
Agyei, S. K., Adam, A. M., & Agyemang, O. S. (2019). Financial Literacy, Cultural Dominance, and Financial Well‐Being of SME Owners in Ghana. Poverty & Public Policy, 11(3), 222–237. https://doi.org/10.1002/pop4.254
Ahmad, S. A., Afaq, A., Nagar, S., & Batra, S. (2026). Digital Nudges and Financial Inclusion: A Study on Behavioral Interventions Influencing Rural Consumers’ Adoption of Formal Financial Services in India (Vol. F1486, pp. 303–331). https://doi.org/10.1007/978-3-032-00343-0_14
Alexandra, V., & Kassim, E. S. (2013). Factors of social networking use as a business tool among micro-enterprises. 2013 International Conference on Research and Innovation in Information Systems (ICRIIS), 227–231. https://doi.org/10.1109/ICRIIS.2013.6716713
Ali, A., Dea Venica, S., Aini, W., & Faisal Hidayat, A. (2025). Efektivitas Media Pembelajaran Interaktif dalam Meningkatkan Minat dan Motivasi Belajar Siswa Sekolah Dasar [The Effectiveness of Interactive Learning Media in Increasing Elementary School Students’ Interest and Motivation to Learn]. Journal of Information System and Education Development, 3(1), 1–6. https://doi.org/10.62386/jised.v3i1.115 [In Indonesian]
Allen, F., Gu, X., & Jagtiani, J. (2022). Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China (Working Paper (Federal Reserve Bank of Philadelphia)). Federal Reserve Bank of Philadelphia. https://doi.org/10.21799/frbp.wp.2022.12
Anakpo, G., Xhate, Z., & Mishi, S. (2023). The Policies, Practices, and Challenges of Digital Financial Inclusion for Sustainable Development: The Case of the Developing Economy. FinTech, 2(2), 327–343. https://doi.org/10.3390/fintech2020019
Analia, D., Syaukat, Y., Fauzi, A., & Rustiadi, E. (2020). The Impact of Social Capital on the Performance of Small Micro Enterprises. Jurnal Ekonomi Malaysia, 54(1), 81 – 96. https://doi.org/10.17576/JEM-2020-5401-6
Andriansyah, A., Sadalia, I., Fachrudin, K. A., & Syahyunan, S. (2025). Digital Financial Literacy and Financial Well-Being Among MSMEs: A Multi-Group Analysis and Implications for Higher Education Finance. Educational Process International Journal, 18(1). https://doi.org/10.22521/edupij.2025.18.459
Angeles, I. T. (2022). The Moderating effect of Digital and Financial Literacy on the Digital Fi-nancial Services and Financial Behavior of MSMEs.
Anh, N. Q. (2026). An integrated model of financial socialization, technology, and financial capability in predicting financial well-being. PLOS One, 21(3), e0340002. https://doi.org/10.1371/journal.pone.0340002
Aprilia, N., Subroto, W. T., & Sakti, N. C. (2025). The Role of Small and Medium Enterprises (SMEs) in Supporting the People’s Economy in Indonesia. International Journal of Research and Scientific Innovation, XI(XII), 368–376. https://doi.org/10.51244/IJRSI.2024.11120036
Arıkan, A. T., Osuji, J., & Ekwuribe, S. (2025). How small business owners navigate stress for improved performance: Building psychological capital through peer interactions. Journal of Small Business Management, 63(3), 1400–1436. https://doi.org/10.1080/00472778.2024.2383703
Arzety, H. M., & Sukmaningrum, P. S. (2024). The Nexus of Sharia Financial Literacy, Inclusion, and Technology with SME Performance: A Study in East Java. Equilibrium: Jurnal Ekonomi Syariah, 12(2), 401. https://doi.org/10.21043/equilibrium.v12i2.28577
Asmar, A., Van Audenhove, L., & Mariën, I. (2020). Social Support for Digital Inclusion: Towards a Typology of Social Support Patterns. Social Inclusion, 8(2), 138–150. https://doi.org/10.17645/si.v8i2.2627
Aziz, A., & Naima, U. (2021). Rethinking digital financial inclusion: Evidence from Bangladesh. Technology in Society, 64, 101509. https://doi.org/10.1016/j.techsoc.2020.101509
Barus, E. E., Syahrial, M., Hamzah Muchtar, E., & Trianto, B. (2023). Islamic Financial Literacy, Islamic Financial Inclusion and Micro-Business Performance. Revista Mexicana de Economía y Finanzas, 19(1), 1–24. https://doi.org/10.21919/remef.v19i1.967
Bene, F., Sang, K. P., & Romari, F. De. (2024). Pengaruh Literasi Keuangan Terhadap Kinerja Keuangan Usaha Mikro Kecil dan Menengah (UMKM) dengan Perilaku Pengelolaan Keuangan sebagai Variabel Intervening [The Influence of Financial Literacy on the Financial Performance of Micro, Small and Medium Enter. Inisiatif: Jurnal Ekonomi, Akuntansi Dan Manajemen, 3(4), 327–341. https://doi.org/10.30640/inisiatif.v3i4.3162 [In Indonesian]
Bhandari, H., & Yasunobu, K. (2009). What is Social Capital? A Comprehensive Review of the Concept. Asian Journal of Social Science, 37(3), 480–510. https://doi.org/10.1163/156853109X436847
Chatra, A., Budaya, I., Saprudin, S., & Judijanto, L. (2023). Dynamic of Product Innovation, Community Involvement, and Regulatory Policy: Case Study of MSME Entrepreneurship in Indonesia. International Journal of Business, Law, and Education, 5(1), 105–118. https://doi.org/10.56442/ijble.v5i1.356
Chhillar, N., Sharma, K., & Arora, S. (2025). Exploring the role of digital financial literacy and personal financial behavior in shaping financial stress and well-being in the digital age. Acta Psychologica, 259, 105308. https://doi.org/10.1016/j.actpsy.2025.105308
Choiruddin, M. N., Pratikto, H., Murwani, F. D., & Restuningdiah, N. (2025). Financial Literacy, FinTech, and Contemporary Innovation in Islamic Economic Law: An Analysis of MSME Performance Sustainability in Indonesia and Malaysia. MILRev: Metro Islamic Law Review, 4(2), 976–1008. https://doi.org/10.32332/milrev.v4i2.10164
Choung, Y., Chatterjee, S., & Pak, T.-Y. (2023). Digital financial literacy and financial well-being. Finance Research Letters, 58, 104438. https://doi.org/10.1016/j.frl.2023.104438
D’Ignazio, A., Finaldi Russo, P., & Stacchini, M. (2025). Micro-entrepreneurs’ Financial and Digital Competences During the Pandemic in Italy. Italian Economic Journal, 11(2), 607–643. https://doi.org/10.1007/s40797-024-00306-1
Damian, L. E., Negru-Subtirica, O., Domocus, I. M., & Friedlmeier, M. (2020). Healthy Financial Behaviors and Financial Satisfaction in Emerging Adulthood: A Parental Socialization Perspective. Emerging Adulthood, 8(6), 548–554. https://doi.org/10.1177/2167696819841952
Demirguc-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2022). The Global Findex Database 2021 : Financial Inclusion, Digital Payments. In and Resilience in the Age of COVID-19. http://documents.worldbank.org/curated/en/099818107072234182
Dinc, Y., Çetin, M., Bulut, M., & Jahangir, R. (2021). Islamic financial literacy scale: an amendment in the sphere of contemporary financial literacy. ISRA International Journal of Islamic Finance, 13(2), 251–263. https://doi.org/10.1108/IJIF-07-2020-0156
Djuwita, D., & Yusuf, A. A. (2018). Tingkat Literasi Keuangan Syariah Di Kalangan UMKM Dan Dampaknya Terhadap Perkembangan Usaha [The Level of Sharia Financial Literacy Among MSMEs and Its Impact on Business Development]. Al-Amwal : Jurnal Ekonomi Dan Perbankan Syari’ah, 10(1), 105. https://doi.org/10.24235/amwal.v10i1.2837 [In Indonesian]
Dzogbenuku, R. K., Amoako, G. K., Kumi, D. K., & Bonsu, G. A. (2022). Digital Payments and Financial Wellbeing of the Rural Poor: The Moderating Role of Age and Gender. Journal of International Consumer Marketing, 34(2), 113–136. https://doi.org/10.1080/08961530.2021.1917468
Esomar, M. J. F., -, S., Wijayanti, R., & Aisjah, S. (2025). The Mediating Role of Financial Behavior on Financial Literacy/Inclusion, and Financial Well–being among SMEs Owners in Indonesian Marine and Fisheries Industry. The Journal of Behavioral Science, 20(3), 106–119. https://doi.org/10.69523/tjbs.2025.287119
F. Hair Jr, J., Sarstedt, M., Hopkins, L., & G. Kuppelwieser, V. (2014). Partial least squares structural equation modeling (PLS-SEM). European Business Review, 26(2), 106–121. https://doi.org/10.1108/EBR-10-2013-0128
Frimpong, S. E., Agyapong, G., & Agyapong, D. (2022). Financial literacy, access to digital finance and performance of SMEs: Evidence From Central region of Ghana. Cogent Economics & Finance, 10(1). https://doi.org/10.1080/23322039.2022.2121356
Gafoor, A., & Amilan, S. (2024). Fintech adoption and financial well-being of persons with disabilities: the mediating role of financial access, financial knowledge and financial behaviour. International Journal of Social Economics, 51(11), 1388–1401. https://doi.org/10.1108/IJSE-08-2023-0596
global competence framework. (n.d.). OECD Publishing.
Google, & TEMASEK, B. (n.d.). No Title. https://economysea.withgoogle.com/
Gregersen-Hermans, J. (2021). Toward a Curriculum for the Future: Synthesizing Education for Sustainable Development and Internationalization of the Curriculum. Journal of Studies in International Education, 25(4), 461–481. https://doi.org/10.1177/10283153211031033
Guo, R., Liu, J., & Yu, Y. (2025). Digital transformation, credit availability, and MSE performance: Evidence from China. Finance Research Letters, 72, 106552. https://doi.org/10.1016/j.frl.2024.106552
Gupta, U., & Agarwal, B. (2023). The Role of Digital Financial Services on Indian MSMEs. Indian Journal of Finance, 17(2), 08. https://doi.org/10.17010/ijf/2023/v17i2/170125
Han, J., & Ko, D. (2025). Digital Financial Services and Sustainable Development: Temporal Trade-Offs and the Moderating Role of Financial Literacy. Sustainability, 17(20), 8976. https://doi.org/10.3390/su17208976
Hendiarto, S. R., Rosmayanti, S., Sanusi, I., Rosilawati, Y., Lingga, R., & Febrianti, A. (2021). The Influence Of Digital Marketing Competence And Financial Statements On Performance (Case Study on the Development Business of the West Java Chamber of Commerce and Industry in Bandung. Review of International Geographical Education (RIGEO, 11(3), 1324–1341. https://doi.org/10.48047/rigeo.11.3.124
Hidayat-ur-Rehman, I. (2025). The role of financial literacy in enhancing firm’s sustainable performance through Fintech adoption: a moderated mediation analysis. International Journal of Innovation Science, 17(4), 754–785. https://doi.org/10.1108/IJIS-03-2024-0056
Hodula, M. (2022). Does Fintech credit substitute for traditional credit? Evidence from 78 countries. Finance Research Letters, 46, 102469. https://doi.org/10.1016/j.frl.2021.102469
Huang, X., & Lan, F. (2025). Nonlinear dynamics and mechanisms of digital inclusive finance on county-level public services in China: Threshold and mediation analyses. PLOS One, 20(7), e0327771. https://doi.org/10.1371/journal.pone.0327771
Hussain, M. (2025). Navigating the tension: Islamic value and digital transformation in Pakistani educational management. At-Tarbawi: Jurnal Kajian Kependidikan Islam, 10(2), 97–112. https://doi.org/10.22515/attarbawi.v10i2.13017
INDEF. (2024). Peran Platform Digital Terhadap Pengembangan Umkm Di Indonesia. https://indef.or.id/wp-content/uploads/2024/01/Laporan-Final-Peran-Platform-Digital-Terhadap-Pengembangan-UMKM-di-Indonesia-INDEF.pdf
Jia, X., Zhang, N., Tong, T., Li, Y., & Han, R. (2025). Social networks, financial knowledge, and urban–rural family entrepreneurship. Finance Research Letters, 76, 107029. https://doi.org/10.1016/j.frl.2025.107029
Kakinuma, Y. (2022). Financial literacy and quality of life: a moderated mediation approach of fintech adoption and leisure. International Journal of Social Economics, 49(12), 1713–1726. https://doi.org/10.1108/IJSE-10-2021-0633
Kamble, P. A., Mehta, A., & Rani, N. (2024). Financial Inclusion and Digital Financial Literacy: Do they Matter for Financial Well-being? Social Indicators Research, 171(3), 777–807. https://doi.org/10.1007/s11205-023-03264-w
Karankoti, V. R., Shrivastava, G., Gao, S., Uplaonkar, S. S., Sonar, P., & Panwar, P. (2026). Digital Micro-Savings Behaviour among Women Entrepreneurs: Implications for SDG 5 and SDG 8. Enterprise Development and Microfinance, 35(2), 279 – 291. https://doi.org/10.3362/edm.v35i2.572
Khairani, R., & Silaban, P. (2026). Digital financial literacy and inclusion for sustainable economic performance: The mediating role of technology adoption. International Journal of Advanced and Applied Sciences, 13(5), 133–144. https://doi.org/10.21833/ijaas.2026.05.013
Laila, N., Ismail, S., Mohd Hidzir, P. A., Ratnasari, R. T., & Alias, N. E. (2025). Impact of social trust, social networks, and financial knowledge on financial well-being of micro-entrepreneurs in Malaysia and Indonesia. Cogent Business & Management, 12(1). https://doi.org/10.1080/23311975.2025.2460614
Lestari, S., Indyastuti, D. L., Alhamidi, A. F., & Pariyanti, E. (2025a). Employee Behavior, Emotional Factors, and Financial Performance: The Moderating Role of Islamic Financial Literacy among Indonesian MSMEs. The Journal of Behavioral Science, 20(2), 15–29. https://doi.org/10.69523/tjbs.2025.279354
Lestari, S., Indyastuti, D. L., Alhamidi, A. F., & Pariyanti, E. (2025b). Employee Behavior, Emotional Factors, and Financial Performance: The Moderating Role of Islamic Financial Literacy among Indonesian MSMEs. The Journal of Behavioral Science, 20(2), 15–29. https://doi.org/10.69523/tjbs.2025.279354
Li, X. (2025). A Multivariate Study of the Impact of Different Economic and Financial Management Techniques on Microenterprises. International Journal of Information and Management Sciences, 36(2), 105–124. https://doi.org/10.6186/IJIMS.202506_36(2).0002
Liu, N., Hu, H., & Wang, Z. (2022). The Relationship between Institutional Pressure, Green Entrepreneurial Orientation, and Entrepreneurial Performance—The Moderating Effect of Network Centrality. Sustainability, 14(19), 12055. https://doi.org/10.3390/su141912055
Lone, U. M., & Bhat, S. A. (2024). Impact of financial literacy on financial well-being: a mediational role of financial self-efficacy. Journal of Financial Services Marketing, 29(1), 122–137. https://doi.org/10.1057/s41264-022-00183-8
Lubawa, G. G., & Litt, V. K. D. (2025). Advancing Financial Inclusion through Digital Finance Innovations in Tanzania. In Fintech for ESG and the Circular Economy (pp. 255–287). Wiley. https://doi.org/10.1002/9781394234035.ch14
Lyons, A. C., & Kass‐Hanna, J. (2021). A methodological overview to defining and measuring “digital” financial literacy. Financial Planning Review, 4(2). https://doi.org/10.1002/cfp2.1113
Madhumithaa, N., Mishra, A., S, S., Sivaperumal, K., & Adhav, S. (2023). Implications of Social Media and Socio-Economic Activities on Micro and Small Enterprises in India. International Journal of Professional Business Review, 8(4), e01240. https://doi.org/10.26668/businessreview/2023.v8i4.1240
Mahmoud, B. Y., Semida, D. A., Elnesr, S. S., Elwan, H., & El-Full, E. A. (2022). Approaches of Egg Decontamination for Sustainable Food Safety. Sustainability, 15(1), 464. https://doi.org/10.3390/su15010464
Mandal, A., Saxena, A., & Mittal, P. (2022). Financial literacy and digital product use for financial inclusion: A GETU model to develop financial literacy. 2022 8th International Conference on Advanced Computing and Communication Systems (ICACCS), 1614–1619. https://doi.org/10.1109/ICACCS54159.2022.9784962
Mansour, W., & Jlassi, M. (2014). The Effect of Religion on Financial and Investing Decisions. In Investor Behavior (Vol. 14, Issue 18, pp. 135–151). Wiley. https://doi.org/10.1002/9781118813454.ch8
Marcelin, I., Egbendewe, A. Y. G., Oloufade, D. K., & Sun, W. (2022). Financial inclusion, bank ownership, and economy performance: Evidence from developing countries. Finance Research Letters, 46, 102322. https://doi.org/10.1016/j.frl.2021.102322
Marla, P. G., Majid, M. S. A., Musnadi, S., Agustina, M., Faisal, F., & Nurdin, R. (2023). Exploring the Nexus Between Digital Finance, Social Capital, Financial Literacy, and Islamic Financial Inclusion in Banda Aceh, Indonesia. 2023 International Conference on Sustainable Islamic Business and Finance (SIBF), 281–285. https://doi.org/10.1109/SIBF60067.2023.10380012
Mas, F. D., & Paoloni, P. (2020). A relational capital perspective on social sustainability; the case of female entrepreneurship in Italy. Measuring Business Excellence, 24(1), 114–130. https://doi.org/10.1108/MBE-08-2019-0086
Masrizal, Sukmana, R., & Trianto, B. (2025). The effect of Islamic financial literacy on business performance with emphasis on the role of Islamic financial inclusion: case study in Indonesia. Journal of Islamic Marketing, 16(1), 166–192. https://doi.org/10.1108/JIMA-07-2022-0197
Mdoe, I. J., Kinyanjui, G. K., & McMillan, D. (2018). Mobile telephony, social networks and credit access: Evidence from MSMEs in Kenya. Cogent Economics & Finance, 6(1). https://doi.org/10.1080/23322039.2018.1459339
Mpaata, E., Koske, N., & Saina, E. (2023). Does self-control moderate financial literacy and savings behavior relationship? A case of micro and small enterprise owners. Current Psychology, 42(12), 10063–10076. https://doi.org/10.1007/s12144-021-02176-7
Mulyani, S., Rahmawati, R., Djuminah, D., Gantyowati, E., & Amperawati, E. D. (2024). The Impact of Entrepreneurship and Mental Accounting on Business Sustainability: Exploring the Influence of Financial Performance. Qubahan Academic Journal, 4(3), 285–297. https://doi.org/10.48161/qaj.v4n3a734
Musah, A., & Adenutsi, D. E. (2025). Financial risk tolerance and financial behaviour of microentrepreneurs in Ghana. SN Business & Economics, 5(11), 182. https://doi.org/10.1007/s43546-025-00962-0
Nizam, R., Abidin, N. Z., & Karim, Z. A. (2025). Digital Financial Literacy, Financial Inclusion, and SME Performance in Malaysia: Evidence from Threshold Regression. Jurnal Pengurusan, 75(5), 1 – 13. https://doi.org/10.17576/pengurusan-2025-75-5
Ojong, N., & Simba, A. (2019). Fostering micro-entrepreneurs’ structural and relational social capital through microfinance. Journal of Small Business & Entrepreneurship, 31(1), 1–20. https://doi.org/10.1080/08276331.2017.1423161
Pak, T.-Y., Chatterjee, S., & Choung, Y. (2026). Navigating digital finance: how digital financial literacy influences digital financial services use and benefits in Korea. Financial Innovation, 12(1), 42. https://doi.org/10.1186/s40854-025-00820-w
Prahiawan, W., Fahlevi, M., Juliana, J., Purba, J. T., & Tarigan, S. A. (2021). The role of e-satisfaction, e-word of mouth and e-trust on repurchase intention of online shop. International Journal of Data and Network Science, 5(4), 593–600. https://doi.org/10.5267/j.ijdns.2021.8.008
Pratama, R., Sumiati, Wijayanti, R., & Indrawati, N. K. (2026). Behavior-First finance: Reframing digital literacy and self-efficacy as drivers of MSME well-being. Multidisciplinary Science Journal, 8(7), 2026430. https://doi.org/10.31893/multiscience.2026430
Prete, A. Lo. (2022). Digital and financial literacy as determinants of digital payments and personal finance. Economics Letters, 213, 110378. https://doi.org/10.1016/j.econlet.2022.110378
Purba, J. T., Samuel, S., & Budiono, S. (2021). Collaboration of digital payment usage decision in COVID-19 pandemic situation: Evidence from Indonesia. International Journal of Data and Network Science, 5(4), 557–568. https://doi.org/10.5267/j.ijdns.2021.8.012
Purnamasari, E. D., Anggraini, L. D., & Faradillah. (2025). Influence of FinTech Paylater, Financial Well Being, Behavioral Finance, and Digital Financial Literacy on MSME Sustainability in South Sumatera. Journal of Risk and Financial Management, 18(12), 682. https://doi.org/10.3390/jrfm18120682
Rabhan, B. S., & Almezeini, N. (2025). Fin-Tech Application in Saudi Arabia. Journal of Electronic Commerce in Organizations, 23(1), 1–25. https://doi.org/10.4018/JECO.383602
Rahman, F., Pratikto, H., Murwani, F. D., & Handayati, P. (2026). Multidimensional Model of Business Performance with Financial Literacy Integration Mediated by Loan Repayment Commitment and Moderated by MSE Business Innovation on the island of Madura. Quality-Access to Success, 27(211), 357 – 367. https://doi.org/10.47750/QAS/27.211.36
Rahman, H. (2020). Kearifan Lokal dan Identitas Budaya Lampung dalam Perspektif Islam [Local Wisdom and Cultural Identity of Lampung from an Islamic Perspective]. Universitas Lampung Press.
Rai, K., Ahuja, B. K., & Sharma, M. (2025). Exploring linkages of financial literacy with financial well-being: the mediating aspect of financial behaviour and financial self-efficacy. International Journal of Law and Management. https://doi.org/10.1108/IJLMA-02-2025-0066
Rana, T., & Singh, P. (2025). The Influence Of Social Capital On Rural Female Entrepreneurs’ Growth Intention: The Mediating Role Of Human And Psychological Capital. Journal of Developmental Entrepreneurship, 30(01). https://doi.org/10.1142/S1084946725500013
Ratnawati, Sudarmiatin, Soetjipto, B. E., & Restuningdiah, N. (2022). The Role of Financial Behavior as a Mediator of the Influence of Financial Literacy and Financial Attitudes on MSMEs Investment Decisions in Indonesia. Journal of Social Economics Research, 9(4), 193–203. https://doi.org/10.18488/35.v9i4.3231
Rodríguez-de-Dios, I., van Oosten, J. M. F., & Igartua, J.-J. (2018). A study of the relationship between parental mediation and adolescents’ digital skills, online risks and online opportunities. Computers in Human Behavior, 82, 186–198. https://doi.org/10.1016/j.chb.2018.01.012
Rohmania, A. S., Sholihah, E., & Nurhapsari, R. (2023). Developing Islamic financial literacy in improving Islamic financial behavior towards the financial well-being of MSMEs: The moderating effect of e-payment usage. Journal of Islamic Economics Lariba, 9(2), 293–310. https://doi.org/10.20885/jielariba.vol9.iss2.art2
Sajuyigbe, A. S., Adegun, E. A., Adeyemi, F., Johnson, A. A., Oladapo, J. T., & Jooda, D. T. (2024). The Interplay of Financial Literacy on the Financial Behavior and Well-being of Young Adults: Evidence from Nigeria. Jurnal Ilmu Ekonomi Terapan, 9(1), 120–136. https://doi.org/10.20473/jiet.v9i1.56411
Salazar, C. A. H., Acosta, R. W. O., Serván, S. R. S., Melendez, M. N. H., Tuesta, J. E. R., & Puerta, C. A. R. (2024). Financial Planning in Micro and Small Commercial Enterprises in Chachapoyas (2018-2023). Journal of Ecohumanism, 3(8), 12417 – 12425. https://doi.org/10.62754/joe.v3i8.5830
Sandberg, K. W., & Håkansson, F. (2020). Strategical Use of ICT in Microenterprises. International Journal of E-Entrepreneurship and Innovation, 10(1), 1–13. https://doi.org/10.4018/IJEEI.2020010101
Sang, T. M. (2026). Integrating behavioral, social, and technological factors in cryptocurrency investment decisions. PLOS One, 21(4), e0332256. https://doi.org/10.1371/journal.pone.0332256
Satria, C., Maulina, E., Purnomo, M., & Suryanto, T. (2023). Performance Improvement in Small and Medium Enterprises; Financial Literacy and Business Experience: A case of Palembang City. Quality - Access to Success, 24(193), 268 – 277. https://doi.org/10.47750/QAS/24.193.30
Setiawan, I., Fadloli, Abdul Chalim, & Astrifidha Rahma Amalia. (2025). Building Digital Ethics in the Perspective of Islamic Religious Education. Journal of Research in Islamic Education, 7(1), 245–255. https://doi.org/10.25217/jrie.v7i1.5929
Sharma, J. (2025). Artificial Intelligence and Natural Language Processing: Transforming Modern English Education. International Journal for Research in Applied Science and Engineering Technology, 13(5), 4863–4865. https://doi.org/10.22214/ijraset.2025.71231
Sharma, S. (2022). Financial literacy: an imperative approach for SMEs growth. World Review of Entrepreneurship, Management and Sustainable Development, 18(4), 388. https://doi.org/10.1504/WREMSD.2022.123765
Sulha, M., Pratikto, H., Mukhlis, I., Handayat, P., & Zain, M. I. H. (2025). Financial Behavior Dynamics of MSME Actors: A Contemporary Islamic Financial Management Study on Literacy, Attitude, Intention, Personality, and Legal Aspects. MILRev: Metro Islamic Law Review, 4(1), 129–155. https://doi.org/10.32332/milrev.v4i1.10075
Suminah, S., Suwarto, S., Sugihardjo, S., Anantanyu, S., & Padmaningrum, D. (2022). Determinants of micro, small, and medium-scale enterprise performers’ income during the Covid-19 pandemic era. Heliyon, 8(7), e09875. https://doi.org/10.1016/j.heliyon.2022.e09875
Tahir, M. S. (2026). Financial literacy, financial behavior and financial resilience: the mediating role of digital financial services. China Finance Review International, 1–22. https://doi.org/10.1108/CFRI-04-2025-0245
Talip, S. N. S., & Wasiuzzaman, S. (2024). Influence of human capital and social capital on MSME access to finance: assessing the mediating role of financial literacy. International Journal of Bank Marketing, 42(3), 458–485. https://doi.org/10.1108/IJBM-04-2023-0214
Tan, W., Zhang, W., & Zhang, X. (2026). Review of Research on Digital Financial Literacy: Measurement, Causes, and Impact. Journal of Economic Surveys. https://doi.org/10.1111/joes.70109
Timur, Y. P., Masrizal, & Trianto, B. (2025). Factors influencing adoption of e-payments by microenterprises’ owners in Indonesia. Journal of Modelling in Management, 20(6), 2054–2085. https://doi.org/10.1108/JM2-09-2024-0305
Ulukan, D., Grillot, M., Benoit, M., Bernes, G., Dumont, B., Magne, M.-A., Monteiro, L., Parsons, D., Veysset, P., Ryschawy, J., Steinmetz, L., & Martin, G. (2022). Positive deviant strategies implemented by organic multi-species livestock farms in Europe. Agricultural Systems, 20(1), 103453. https://doi.org/10.1016/j.agsy.2022.103453
Vieira, K. M., Matheis, T. K., & Maciel, A. M. H. (2023). Risky Indebtedness Behavior: Impacts on Financial Preparation for Retirement and Perceived Financial Well-Being. Journal of Risk and Financial Management, 16(12), 519. https://doi.org/10.3390/jrfm16120519
Wasiuzzaman, S. (2019). Resource sharing in interfirm alliances between SMEs and large firms and SME access to finance. Management Research Review, 42(12), 1375–1399. https://doi.org/10.1108/MRR-10-2018-0369
Widagdo, B., & Sa’diyah, C. (2023). Business sustainability: Functions of financial behavior, technology, and knowledge. Problems and Perspectives in Management, 21(1), 120–130. https://doi.org/10.21511/ppm.21(1).2023.11
Wijaya, H. R., Hati, S. R. H., Ekaputra, I. A., & Kassim, S. (2024). The impact of religiosity and financial literacy on financial management behavior and well-being among Indonesian Muslims. Humanities and Social Sciences Communications, 11(1), 830. https://doi.org/10.1057/s41599-024-03309-6
Xiao, J. J. (2016). Consumer Financial Capability and Wellbeing. In Handbook of Consumer Finance Research (pp. 3–17). Springer International Publishing. https://doi.org/10.1007/978-3-319-28887-1_1
Xiao, X., Yu, M., Liu, H., & Zhao, Q. (2022). How Does Financial Literacy Affect Digital Entrepreneurship Willingness and Behavior—Evidence from Chinese Villagers’ Participation in Entrepreneurship. Sustainability, 14(21), 14103. https://doi.org/10.3390/su142114103
Xie, Y., & Chen, T. (2024). A Study on the Impact of Digital Financial Literacy on Household Entrepreneurship—Evidence from China. Sustainability, 17(1), 117. https://doi.org/10.3390/su17010117
Yadav, M., Banerji, P., & Malik, N. (2026). Customer segmentation based on data for responsible digital finance: digital financial literacy and financial decision outcomes. SN Business & Economics, 6(6), 172. https://doi.org/10.1007/s43546-026-01178-6
Young, J., Hudson, C. R., & Copeland, C. (2024). Factors Mediating the Association between Financial Socialization and Well-Being: An African American Perspective. Financial Services Review, 32(2), 53–76. https://doi.org/10.61190/fsr.v32i2.3513
Yulianti, E., Nuha, U., Ab Wahab, N., & Ramalingam, S. (2024). Implementing The Contextual Teaching and Learning (CTL) Method to Enhance English Proficiency in Early Childhood: A Study in Indonesian and Malaysian Kindergartens. ThufuLA: Jurnal Inovasi Pendidikan Guru Raudhatul Athfal, 12(2), 255. https://doi.org/10.21043/thufula.v12i2.29301
Zhang, M., Chen, X., Xie, H., Esposito, L., Parziale, A., Taneja, S., & Siraj, A. (2024). Top of tide: Nexus between organization agility, digital capability and top management support in SME digital transformation. Heliyon, 10(10), e31579. https://doi.org/10.1016/j.heliyon.2024.e31579
Zunairoh, & Wijaya, L. I. (2024). Fintech, Social Capital and Performance of Indonesian MSMEs. Millennial Asia. https://doi.org/10.1177/09763996241284692