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All Journal Dinasti International Journal of Education Management and Social Science Reviu Akuntansi, Manajemen, dan Bisnis
Dwi Sapto Febriantaka
Universitas Dian Nusantara, Jakarta, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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The Effect of Financial Literacy and Financial Inclusion on MSME Financing Access Mediated by Financial Technology: Evidence from AC Service Entrepreneurs under Democare in Meruya Utara Lutfi Alhazami; Dwi Sapto Febriantaka; Irma Rahmawati; Lisa Mangundap
Dinasti International Journal of Education Management and Social Science Vol. 7 No. 4 (2026): Dinasti International Journal of Education Management and Social Science (April
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijemss.v7i4.6785

Abstract

This study examines the effect of financial literacy and financial inclusion on MSME financing access, with financial technology (fintech) serving as a mediating variable among AC service entrepreneurs under Democare in Meruya Utara, West Jakarta. The research is motivated by limited formal financing for Indonesian MSMEs, which is only 38.4%, despite their 61.07% contribution to GDP. A quantitative approach using a cross-sectional survey was employed, involving 165 respondents selected via simple random sampling. Data were collected using a 5-point Likert scale questionnaire and analyzed with Partial Least Squares Structural Equation Modeling (PLS-SEM). Results indicate that financial literacy and financial inclusion positively and significantly influence MSME financing access. Fintech acts as a partial mediator, strengthening the effect of literacy and inclusion on financing access. These findings highlight the importance of enhancing financial literacy, financial inclusion, and fintech adoption to improve MSME access to capital.
Operating Cash Flow and Future ROE in Indonesia: The Moderating Role of Sales Growth Stella Stella; Nicken Destriana; Dwi Sapto Febriantaka
Reviu Akuntansi, Manajemen, dan Bisnis Vol 6 No 3 (2026): September
Publisher : Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/rambis.v6.n3.p17-32.2026

Abstract

Purpose: This study tests whether current sales growth moderates the link between prior operating cash-flow intensity and subsequent Return on Equity (ROE) in Indonesian non-financial companies, treating sales growth as a boundary condition for the profitability effect of internal cash generation.Research Methodology: We built a balanced panel of 163 consistently profitable companies (652 firm-year observations, 2020-2025), sequencing operating cash-flow intensity at t-1, sales growth at t, and ROE at t+1. We tested the hypotheses using two-way fixed-effects regression with firm-clustered standard errors, mean-centered interactions, simple-slope analysis, and cluster bootstrapping.Results: At average sales growth, prior operating cash-flow intensity correlated negatively with future ROE, while sales growth itself correlated positively with it. Their interaction was positive: higher growth weakened the negative relationship until it became statistically indistinguishable from zero. This moderation effect held within ordinary operating ranges but was sensitive to extreme-value treatment.Conclusion: Operating cash flow intensity alone does not guarantee higher shareholder profitability. Internal cash generation creates value when firms can utilize liquidity through productive sales expansion.Limitations: Several factors constrain causal interpretation and generalizability: a short pandemic-to-recovery window, a sample restricted to consistently profitable firms, reliance on accounting disclosures, residual cross-sectional dependence, and sensitivity to winsorization.Contribution: We introduce a temporally ordered moderation framework that identifies sales growth as an operating boundary condition, extending the Agency Theory-Free Cash Flow Hypothesis and Contingency Theory with cross-sector evidence from an emerging market. Operating cash generation benefits shareholders only when firms channel that liquidity into sales expansion.
Co-Authors Irma Rahmawati Lisa Mangundap Lutfi Alhazami Nicken Destriana STELLA STELLA