Financial Literacy, Risk Tolerance, and Financial Management of Micro-enterprise Actors
Society Volume 9 Issue 1#2021
PDF (English)
PDF (Bahasa Indonesia)

Keywords

Financial Literacy;
Financial Management;
Micro-enterprises;
MSMEs;
Risk Tolerance

View Counter


  • Abstract viewed - 41 times
  • PDF (English) downloaded - 16 times
  • PDF (Bahasa Indonesia) downloaded - 6 times

Search in:

| |

How to Cite

Hirawati, H., Sijabat, Y., & Giovanni, A. (2021). Financial Literacy, Risk Tolerance, and Financial Management of Micro-enterprise Actors. Society, 9(1), 174-186. https://doi.org/10.33019/society.v9i1.277
Received 2021-01-13
Accepted 2021-06-30
Published 2021-06-30

Abstract

Micro-enterprises have a significant role in the country’s economy. However, business owners must face various problems to develop their business. One of the problems is the limited funding for micro-enterprises due to the low financial literacy of business owners. In addition, the business owner’s tolerance for risk is also expected to affect the financial management of micro-enterprises. This study aims to determine the level of financial literacy andtolerance of business owners and the financial management of micro-enterprises. This research method uses a questionnaire distributed to micro-enterprise owners in Central Java Province and Yogyakarta Special Region. The results showed that the level of financial literacy of micro-enterprise owners was in the medium category. Micro-enterprise owners have a neutral attitude towards risk and are not individuals who dare to take risks but do not avoid risk. Financial management carried out by business owners is still in the poor category. Improvement of financial literacy, understanding of risks, and financial management of micro-enterprises still need to be done.

DOI : https://doi.org/10.33019/society.v9i1.277
PDF (English)
PDF (Bahasa Indonesia)

References

, S. K. (2018). Culture, financial literacy, and SME performance in Ghana. Cogent Economics and Finance, 6(1), 1–16. https://doi.org/10.1080/23322039.2018.1463813

Alifiana, M. A., & Susanti, N. (2018). Analisis Potensi Risiko Umkm Di Kabupaten Kudus. Media Ekonomi, 18(2), 71-81. Retrieved from http://jurnalnasional.ump.ac.id/index.php/MEDEK/article/view/3052

Anggraeni, B. D. (2015). Pengaruh Tingkat Literasi Keuangan Pemilik Usaha Terhadap Pengelolaan Keuangan. Studi Kasus: UMKM Depok. Jurnal Vokasi Indonesia, 3(2), 109–121. http://dx.doi.org/10.7454/jvi.v3i1.23

Aribawa, D. (2016). Pengaruh Literasi Keuangan Terhadap Kinerja dan Keberlangsungan UMKM di Jawa Tengah. Siasat Bisnis, 20(1), 1–13. https://doi.org/10.1007/s10006-013-0431-4

Bank Indonesia. (2015a). Pemberian Kredit atau Pembiayaan Oleh Bank Umum dan Bantuan Teknis Dalam Rangka Pengembangan Usaha Mikro, Kecil, dan Menengah. 1–13. Retrieved from http://www.bi.go.id/id/peraturan/ssk/Documents/pbi_171215.pdf

Bank Indonesia. (2015b). Profil Bisnis Usaha Mikro, Kecil Dan Menengah (UMKM). Bank Indonesia dan LPPI, 1–135.

Kemenkopukm. (2018). Perkembangan Data Usaha Mikro , Kecil , Menengah Dan Usaha Besar. Retrieved from https://www.kemenkopukm.go.id/uploads/laporan/1580223129_PERKEMBANGAN DATA USAHA MIKRO, KECIL, MENENGAH (UMKM) DAN USAHA BESAR (UB) TAHUN 2017 - 2018.pdf

Humaira, I., & Sagoro, E. M. (2018). Pengaruh pengetahuan keuangan, sikap keuangan, dan kepribadian terhadap perilaku manajemen keuangan pada pelaku UMKM sentra kerajinan batik KABUPATEN BANTUL. Nominal: Barometer Riset Akuntansi dan Manajemen, 7(1), 96-110. https://doi.org/10.21831/nominal.v7i1.19363

Hvide, H. K., & Panos, G. A. (2014). Risk tolerance and entrepreneurship. Journal of Financial Economics, 111(1), 200–223. https://doi.org/10.1016/j.jfineco.2013.06.001

Kannadhasan, M. (2015). Retail investors’ financial risk tolerance and their risk-taking behaviour: The role of demographics as differentiating and classifying factors. IIMB Management Review, 27(3), 175–184. https://doi.org/10.1016/j.iimb.2015.06.004

Katyal, A., & Xaviour, B. (2015). A study on MSMEs’-role in propelling economic development of India & a discussion on current HR issues in MSMEs’ in India. International Journal of Scientific and Research Publications, 5(2), 1-11. Retrieved from http://www.ijsrp.org/research-paper-0215.php?rp=P383745

Mor, S., Madan, S., Archer, G. R., & Ashta, A. (2020). Survival of the Smallest: A Study of Microenterprises in Haryana, India. Millennial Asia, 11(1), 54–78. https://doi.org/10.1177/0976399619900609

Mostapha, N. F. (2016). Financing of Small and Medium-Sized Enterprises (SMEs) in Developing Countries. The 2016 WEI International Academic Conference Proceedings, 169–177. Boston, USA. Retrieved from https://www.westeastinstitute.com/wp-content/uploads/2016/09/Nehale-F.-Mostapha.pdf

Naidu, S., & Chand, A. (2012). A comparative study of the financial problems faced by micro, small and medium enterprises in the manufacturing sector of Fiji and Tonga. International Journal of Emerging Markets, 7(3), 245–262. https://doi.org/10.1108/17468801211236974

Putra, I. P. S., Ananingtiyas, H., Sari, D. R., Dewi, A. S., & Silvy, M. (2016). Experienced Regret , dan Risk Tolerance pada Pemilihan Jenis Investasi. Journal of Business and Banking, 5(2), 271–282. https://doi.org/10.14414/jbb.v5i2.548

Rahmayanti, D. (2017). Pengaruh Karakteristik Demografi Terhadap Literasi Keuangan Masyarakat Kota Bengkulu. MOTIVASI: Jurnal Manajemen dan Bisnis Universitas Muhamadiyah Palembang, 2(2), 311–331. https://doi.org/https://doi.org/10.32502/motivasi.v2i2.2048

Risnaningsih, R. (2017). Pengelolaan Keuangan Usaha Mikro Dengan Economic Entity Concept. Jurnal Analisa Akuntansi Dan Perpajakan, 1(1), 41–50. https://doi.org/10.25139/jaap.v1i1.97

Sajjad, M. B. A., Kalista, S. D., Zidan, M., & Christian, J. (2020). Analisis Manajemen Risiko Bisnis (Studi Pada Cuanki Asoy Jember). Jurnal Akuntansi Universitas Jember, 18(1), 51-61. Retrieved from https://jurnal.unej.ac.id/index.php/JAUJ/article/view/18123

Saputra, K. A., Ekajayanti, L. G. P. S., & Anggiriawan, P. B. (2018). Kompetensi Sumber Daya Manusia dan Sikap Love of Money dalam Pengelolaan Keuangan Usaha Mikro Kecil Menengah (UMKM). Jurnal Reviu Akuntansi dan Keuangan, 8(2), 135–146.

Sudana, I. M. (2015). Manajemen Keuangan Perusahaan Teori dan Praktik. Jakarta, Indonesia: Erlangga.

Sunarjanto, A. N., & Roida, Y. H. (2013). Menterjemahkan Toleransi Risiko Pemilik UMKM melalui Keputusan Penggunaan Modal yang Mengandung Risiko Bisnis dan Risiko Keuangan. Prosiding Seminar Nasional dan Call for Paper Forum Manajemen Indonesia (FMI) Ke-5. Pontianak, Kalimantan Barat.

Susan, M. (2020). Financial literacy and growth of micro, small, and medium enterprises in west java, indonesia. International Symposia in Economic Theory and Econometrics, 27, 39–48. https://doi.org/10.1108/S1571-038620200000027004

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

Republik Indonesia. (2008). Undang-Undang Nomor 20 Tahun 2008 tentang Usaha Mikro, Kecil, dan Menengah. Lembaran Negara Republik Indonesia Tahun 2008 Nomor 93. Jakarta, Indonesia.

Yusnita, R. Ri., & Abdi, M. (2018). Pengaruh Faktor Demografi Terhadap Literasi Keuangan. Journal of Economic, Business and Accounting, 2(1), 163–184. https://doi.org/10.1227/01.NEU.0000349921.14519.2A

Copyright (c) 2021 Owned by the Author(s), published by Society

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Downloads

Download data is not yet available.