Exploring Financial Bootstrapping and Financial Capital Through Financial Literacy to Enhance Micro Business Performance in Madura's Culinary Industry

Purnamawati Purnamawati; Eka Rachmawati; M. Boy Singgih Gitayuda

doi:10.30651/blc.v22i1.24391

Penulis

Purnamawati Purnamawati Management, Faculty of Economy and Business, Universitas Trunojoyo Madura, Indonesia
Eka Rachmawati Management, Faculty of Economy and Business, Universitas Trunojoyo Madura, Indonesia
M. Boy Singgih Gitayuda Management, Faculty of Economy and Business, Universitas Trunojoyo Madura, Indonesia

DOI:

https://doi.org/10.30651/blc.v22i1.24391

Kata Kunci:

Bootstrapping, Financial Capital, Financial Literacy

Abstrak

Funding management for culinary micro-enterprises in Madura requires real action, including applying financial literacy indicators, regarding the study of how financial capital and bootstrapping affect micro-enterprises performance in the Madura culinary industry. This study aimed to examine the effect of financial bootstrapping and financial capital through financial literacy on microbusiness performance. The method used in this research is quantitative. The sampling technique used was purposive sampling with research respondents of culinary micro businesses in Madura. The sample obtained was 110 respondents. The data in this study used primary data, namely a questionnaire. The results showed that increasing financial literacy is the key to maximizing resource potential and improving micro-business performance in the Madura culinary sector. In the context of research on the effect of financial bootstrapping and financial capital on the performance of micro-businesses in the culinary industry in Madura, supported by Pecking Order Theory (POT), it provides a relevant framework for understanding the financing decisions taken by business actors. This research provides an overview of empirical support related to good financial literacy's importance in improving financial management and microbusiness performance.

Referensi

Abrokwah-Larbi, K. (2024). The Impact Of Customer-Focus On The Performance Of Business Organizations: Evidence From Smes In An Emerging West African Economy. African Journal Of Economic And Management Studies, 15(1), 31–59. Https://Doi.Org/10.1108/Ajems-04-2022-0167

Adam, N. A. (2024). Perceived Risk And External Finance Usage In Small- And Medium-Sized Enterprises: Unveiling The Moderating Influence Of Business Age. Journal Of Risk And Financial Management, 17(4). Https://Doi.Org/10.3390/Jrfm17040150

Adiyanto, M. R., & Amaniyah, E. (2020). Tingkat Kesadaran Sertifikat Halal Pelaku Umk Di Pulau Madura. 94–101.

Adiyanto, M. R., Amaniyah, E., Telang, J. R., Telang, D., Kamal, K., Bangkalan, K., & Timur, P. J. (2023). Analisis Minat Umk Terhadap Sertifikasi Halal Di Pulau Madura. 6(2), 45–55. Https://Doi.Org/10.14710/Halal.V6i2.19207

Al-Okaily, M., & Al-Okaily, A. (2024). Financial Data Modeling: An Analysis Of Factors Influencing Big Data Analytics-Driven Financial Decision Quality. Journal Of Modelling In Management. Https://Doi.Org/10.1108/Jm2-08-2023-0183

Allen, F., Gu, X., & Kowalewski, O. (2013). Corporate Governance And Intra-Group Transactions In European Bank Holding Companies During The Crisis. International Finance Review, 14, 365–431. Https://Doi.Org/10.1108/S1569-3767(2013)0000014016

Apriyanto, G. (2021). Pengaruh Financial Capital , Dan Literasi Keuangan Terhadap Kinerja Usaha Kecil Dan Menengah ( Ukm ) Di Kota Malang. 7(1), 31–38.

Aslam, E., Ur Rehman, A., & Iqbal, A. (2024). The Mediating Role Of Intellectual Capital In Corporate Governance And Financial Efficiency Of Islamic Banks. Corporate Governance (Bingley), 24(1), 19–40. Https://Doi.Org/10.1108/Cg-06-2022-0276

Bag, S. (2024). From Resources To Sustainability: A Practice-Based View Of Net Zero Economy Implementation In Small And Medium Business-To-Business Firms. Benchmarking, 31(6), 1876–1894. Https://Doi.Org/10.1108/Bij-01-2023-0056

Berndt, A. C., Gomes, G., & Borini, F. M. (2024). Exploring The Antecedents Of Frugal Innovation And Operational Performance: The Role Of Organizational Learning Capability And Entrepreneurial Orientation. European Journal Of Innovation Management, 27(5), 1704–1722. Https://Doi.Org/10.1108/Ejim-06-2022-0320

Bin Idrees, S., Alhabshi, S. M., Sharofiddin, A., & Othman, A. H. A. (2024). Framing External Environmental Dimensions As Institutional Constraints On Adopting Islamic Financial Transactions: Empirical Evidence From: Libyan Commercial Banks. International Journal Of Ethics And Systems. Https://Doi.Org/10.1108/Ijoes-01-2022-0006

Bontempi, M. E. (2002). The Dynamic Specification Of The Modified Pecking Order Theory: Its Relevance To Italy. Empirical Economics, 27(1), 1–22. Https://Doi.Org/10.1007/S181-002-8356-9

Chin, W. W. (2014). The Partial Least Squares Approach To Structural Equation Modeling. April.

Dika, C. W., Rita, M. R., & Sakti, I. M. (2021). Financial Bootstrapping Dan Kinerja Umkm: Peran Moderasi Literasi Keuangan. Jurnal Kewirausahaan Dan Bisnis, 26(1), 37. Https://Doi.Org/10.20961/Jkb.V26i1.44726

Dinc, Y., Çetin, M., & Jahangir, R. (2023). Revisiting The Concept Of Islamic Financial Literacy In A Boundaryless Context: Cross-Country Comparison Of Islamic Financial Literacy. Journal Of Islamic Accounting And Business Research, 14(8), 1364–1382. Https://Doi.Org/10.1108/Jiabr-02-2022-0043

Dyah Lintang Trenggonowati, K. (2018). Analisis Faktor Optimalisasi Golden Age Anak Usia. 4(1), 48–56.

Elrehail, H., Aljahmani, R., Taamneh, A. M., Alsaad, A. K., Al-Okaily, M., & Emeagwali, O. L. (2023). The Role Of Employees’ Cognitive Capabilities, Knowledge Creation And Decision-Making Style In Predicting The Firm’s Performance. Euromed Journal Of Business, 1999, 943–972. Https://Doi.Org/10.1108/Emjb-03-2022-0057

Fadhilah, J. (2024). Pengaruh Modal Usaha, Financial Literacy Dan Pemanfaatan Social Media Terhadap Kinerja Usaha Mikro, Kecil Dan Menengah (Studi Kasus Pada Pelaku Umkm Sektor Kuliner Di Kota Jambi).

Hair, J. F., & Ringle, C. M. (2021). Partial Least Squares Structural Equation Modeling ( Pls-Sem ) Using R : A Workbook. November.

Hidayat-Ur-Rehman, I. (2024). The Role Of Financial Literacy In Enhancing Firm’s Sustainable Performance Through Fintech Adoption: A Moderated Mediation Analysis. International Journal Of Innovation Science. Https://Doi.Org/10.1108/Ijis-03-2024-0056

Indrawati, M. R. R. (2022). Journal Of Global Business The Influence Of Viral Marketing Through Tiktok On. Https://Doi.Org/10.37253/Jgbmr.V4i1.6369

Ingale, K. K., & Paluri, R. A. (2022). Financial Literacy And Financial Behaviour: A Bibliometric Analysis. Review Of Behavioral Finance, 14(1), 130–154. Https://Doi.Org/10.1108/Rbf-06-2020-0141

Iqbal, Z., Akram, M., & Rao, Z. U. R. (2024). Unlocking Green Potential: A Mediation-Moderation Analysis Of Bank Policies-Related Practices And Green Financing Sustainability In Pakistan. International Journal Of Ethics And Systems. Https://Doi.Org/10.1108/Ijoes-02-2024-0057

Irjayanti, M., & Lord, L. (2024). Operating A Business With Local Wisdom: A Grounded Research Of Women In The Creative Industry. Cogent Business And Management, 11(1). Https://Doi.Org/10.1080/23311975.2024.2392047

Jansen, K., Michiels, A., Voordeckers, W., & Steijvers, T. (2023). Financing Decisions In Private Family Firms: A Family Firm Pecking Order. Small Business Economics, 61(2), 495–515. Https://Doi.Org/10.1007/S11187-022-00711-9

Kalele, A. E., Soegoto, A. S., & Roring, F. (2017). Analisis Efisiensi Penggunaan Modal Kerja Perusahaan Dengan Rasio Keuangan (Studi Kasus Pada Pt Semen Baturaja (Persero) Tbk). Jurnal Emba, 5(2), 2307–2312.

Kementrian Koperasi Dan Ukm. (2019). Https://Www.Kemenkopukm.Go.Id/

Khan, E. A., & Quaddus, M. (2020). Financial Bootstrapping Of Informal Micro-Entrepreneurs In The Financial Environment: A Moderated Mediation Analysis. International Journal Of Sociology And Social Policy, 40(11–12), 1533–1550. Https://Doi.Org/10.1108/Ijssp-07-2019-0138

Khotijah, S., & Irawati, S. A. (2023). Strategi Pengembangan Ekonomi Kreatif Pada Kegiatan Usaha Kuliner Pendahuluan Strategi Pengembangan Ekonomi Kreatif Pada Kegiatan E-Issn : 2809-8862 Usaha Kuliner Umkm Di Kota Sampang Siti Khotijah , S Anugrahini Irawati. 14(6).

Lam, W. (2010). Funding Gap, What Funding Gap? Financial Bootstrapping: Supply, Demand And Creation Of Entrepreneurial Finance. International Journal Of Entrepreneurial Behaviour & Research, 16(4), 268–295. Https://Doi.Org/10.1108/13552551011054480

Leary, M. T., & Roberts, M. R. (2010). The Pecking Order, Debt Capacity, And Information Asymmetry. Journal Of Financial Economics, 95(3), 332–355. Https://Doi.Org/10.1016/J.Jfineco.2009.10.009

López-Gracia, J., & Sogorb-Mira, F. (2008). Testing Trade-Off And Pecking Order Theories Financing Smes. Small Business Economics, 31(2), 117–136. Https://Doi.Org/10.1007/S11187-007-9088-4

Loukopoulos, A., Papadimitriou, D., & Glaveli, N. (2024). Unleashing The Power Of Organizational Social Capital: Exploring The Mediating Role Of Social Entrepreneurship Orientation In Social Enterprises’ Performances. International Journal Of Entrepreneurial Behaviour And Research, 30(5), 1290–1313. Https://Doi.Org/10.1108/Ijebr-04-2023-0423

Majluf, N. S. (1984). Corporate Financing And Investment Decisions When Firms Have Information That Investors Do Not Have*. 13, 187–221.

Minola, T., Cassia, L., & Criaco, G. (2013). Financing Patterns In New Technology-Based Firms: An Extension Of The Pecking Order Theory. International Journal Of Entrepreneurship And Small Business, 19(2), 212–233. Https://Doi.Org/10.1504/Ijesb.2013.054964

Monica, N. (2024). Pengaruh Literasi Keuangan Dan Penggunaan Financial Technology Terhadap Kinerja. 5(2), 4159–4176.

Nor, S., Hj, S., & Wasiuzzaman, S. (2023). 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(1985). Https://Doi.Org/10.1108/Ijbm-04-2023-0214

Palmieri, E., & Ferilli, G. B. (2024). Innovating The Bank-Firm Relationship: A Spherical Fuzzy Approach To Sme Funding. European Journal Of Innovation Management, 27(9), 487–515. Https://Doi.Org/10.1108/Ejim-02-2024-0102

Pramestiningrum, D. R., & Iramani, R. (2020). Pengaruh Literasi Keuangan, Financial Capital, Dan Kebijakan Pemerintah Terhadap Kinerja Usaha Pada Usaha Kecil Dan Menengah Di Jawa Timur. Journal Of Business And Banking, 9 Number 2.

Prodjo, W. A. (2024). Jadi Tulang Punggung Ekonomi Indonesia, Begini Tips Usaha Mikro Agar Naik Kelas Dengarkan Berita Ini Play Stop. Https://Www.Kemendag.Go.Id/Berita/Pojok-Media/Jadi-Tulang-Punggung-Ekonomi-Indonesia-Begini-Tips-Usaha-Mikro-Agar-Naik-Kelas

Pujiatuti1, S., & Mayvani, T. C. (2024). Pengaruh Modal, Sumber Daya Manusia Dan Teknologi Terhadap Pengembangan Ekonomi Kreatif Bidang Kuliner Di Pulau Madura. 12(1), 159–166.

Rutherford, M. W., Coombes, S. M. T., & Mazzei, M. J. (2012). The Impact Of Bootstrapping On New Venture Performance And Survival: A Longitudinal Analysis. Frontiers Of Entrepreneurship Research, 32(12), 1–16.

S.Pd., M.Ak, N., & Redyanita, S.S, H. (2022). Analisis Pengaruh Literasi Akuntansi, Perpajakan Dan Financial Capital Terhadap Kinerja Umkm Di Kabupaten Bogor. Ekonomi & Bisnis, 21(2), 140–149. Https://Doi.Org/10.32722/Eb.V21i2.5221

Singh, S., Raj, R., Dash, B. M., Kumar, V., Paliwal, M., & Chauhan, S. (2024). Access To Finance And Its Impact On Operational Efficiency Of Msmes: Mediating Role Of Entrepreneurial Personality And Self-Efficacy. Journal Of Small Business And Enterprise Development. Https://Doi.Org/10.1108/Jsbed-01-2024-0053

Statistik, Badan Pusat. (2024). Berkualitas Untuk Indonesia Maju. Https://Www.Bps.Go.Id/Id

Sulistianingsih, H., & Santi, F. (2023). Does Sme’s Financing Decisions Follow Pecking Order Pattern? The Role Of Financial Literacy, Risk Preference, And Home Bias In Sme Financing Decisions. Cogent Business And Management, 10(1). Https://Doi.Org/10.1080/23311975.2023.2174477

Trisnawati, N. A. (2024). Pengaruh Kreativitas Dan Inovasi Terhadap Kinerja Umkm Kuliner Di Kabupaten Sampang. 4, 5152–5160.

Winborg, J., & Landstrom, H. (2001). Financial Bootstraping In Small Businesses: Examing Small Business Managers’ Resource Acquistion Behaviors. Journal Of Business Venturing, 16(99), 235–254. Https://Doi.Org/10.22260/Isarc2017/0070

Yayusman, M. S., & Mulyasari, P. N. (2024). Indonesia’s Spice-Based Gastrodiplomacy: Australia And Africa Continents As The Potential Markets. Jas (Journal Of Asean Studies), 12(1), 51–77. Https://Doi.Org/10.21512/Jas.V12i1.8004