Article Per Year (5 Year)
p-Index From 2021 - 2026
0.408
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This Author published in this journals
All Journal Performance Fundamental and Applied Management Journal
Wiwiek Rabiatul Adawiyah
Jenderal Soedirman University
Economics, Econometrics & Finance Education Social Sciences

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From Financial Inclusion to Financial Vulnerability: The Role of Debt Pressure and Risk Awareness Among MSME Digital Lending Users Carolina Ety Widjayanti; Wiwiek Rabiatul Adawiyah; Sudarto
Fundamental and Applied Management Journal Vol. 4 No. 2 (2026): June
Publisher : Global Research Collaboration

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66314/famj.v4i2.903

Abstract

The rapid growth of digital lending has expanded financial inclusion among micro, small, and medium enterprises (MSMEs) by providing faster and more flexible access to financing. However, excessive reliance on digital lending may also increase financial vulnerability through rising repayment burdens and debt pressure. This study examines the effect of digital lending on MSME financial vulnerability, the mediating role of debt pressure, and the moderating role of risk awareness. Using a cross-sectional survey design, data were collected from 175 MSME owners who had experience using digital lending services. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that digital lending has a positive and significant effect on debt pressure, while debt pressure significantly increases financial vulnerability. The direct effect of digital lending on financial vulnerability remains significant, and the bootstrapped indirect effect through debt pressure is also significant (β = -0.247, p = 0.009), confirming the presence of partial mediation. Furthermore, risk awareness significantly moderates the relationship between debt pressure and financial vulnerability, weakening the negative impact of debt pressure on MSME financial conditions. These findings highlight the paradox of digital financial inclusion, in which easier access to financing may simultaneously create financial pressure and vulnerability when not accompanied by adequate risk awareness. The study contributes to the behavioral finance and financial vulnerability literature by integrating mediation and moderation mechanisms within a single framework and offers practical implications for MSME owners, fintech providers, and regulators in promoting responsible digital lending practices.
Understanding Customer Fatigue in Digital Marketing: A Stimulus–Organism–Response Perspective on Social Media Fatigue and Behavioral Consequences Chandra Hadi Prayoga; Wiwiek Rabiatul Adawiyah; Najmudin Najmudin; Sudarto Sudarto
Performance: Jurnal Personalia, Financial, Operasional, Marketing dan Sistem Informasi Vol 33 No 1 (2026): Performance
Publisher : Faculty of Economics and Business Universitas Jenderal Soedirman

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32424/1.jp.2026.33.1.19088

Abstract

Abstract Social media has become a central channel in digital marketing management for building customer engagement and sustaining long-term relationships. The intensity of interactions, dense information flows, and psychological pressures embedded in social media environments have introduced new challenges in the form of social media fatigue, which may undermine the quality of customer experience and engagement. This study aims to analyze the psychological mechanisms that link pressures in social media environments to various customer behavioral responses within the context of digital marketing. Adopting the Stimulus–Organism–Response (S-O-R) framework, this study positions Fear of Missing Out, privacy concern, and information overload as stimuli in the digital marketing environment; social media fatigue as the customer’s internal state; and discontinuance of usage, interaction engagement decrement, and fake news sharing as customer behavioral responses. Data were collected through a survey of 155 active social media users and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings indicate that Fear of Missing Out, privacy concern, and information overload significantly contribute to increased social media fatigue. Furthermore, social media fatigue is shown to increase tendencies toward usage discontinuance, reduced interaction engagement, and the sharing of unverified information. These results highlight the role of social media fatigue as a key mechanism linking pressures in digital marketing environments to diverse customer behavioral outcomes. This study contributes theoretically by extending the application of the S-O-R framework within the digital marketing literature and offers practical implications for platform managers and digital marketing practitioners in managing customer experience, sustaining engagement, and mitigating customer fatigue risks in increasingly complex social media ecosystems.
Co-Authors Carolina Ety Widjayanti Chandra Hadi Prayoga Najmudin Sudarto Sudarto Sudarto