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All Journal JDM (Jurnal Dinamika Manajemen) Forum Ekonomi : Jurnal Ekonomi, Manajemen dan Akuntansi JURNAL MANAJEMEN Jurnal Ekonomi & Keuangan Islam AFEBI Economic and Finance Review IJEBD (International Journal Of Entrepreneurship And Business Development) AFEBI Islamic Finance and Economic Review Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan ASEAN Journal on Science and Technology for Development Jurnal Abdimas Mandiri Ilomata International Journal of Tax and Accounting Journal of Management - Small and Medium Enterprises (SME's) Jurnal Manajemen Sains dan Organisasi (JMSO) Indonesian Journal of Engagement, Community Services, Empowerment and Development (IJECSED) International Journal of Social Science, Educational, Economics, Agriculture Research, and Technology (IJSET) Jurnal Locus Penelitian dan Pengabdian Jurnal Ilmu Manajemen Mulawarman (JIMM) Jurnal Ilmu Ekonomi Mulawarman (JIEM) Jurnal Pendidikan Indonesia (Japendi) Journal of Community Service and Society Empowerment FORUM EKONOMI: Jurnal Ekonomi, Manajemen dan Akuntansi
Musdalifah Azis
Universitas Mulawarman
Aerospace Engineering Agriculture, Biological Sciences & Forestry Humanities Automotive Engineering Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Public Health Social Sciences Other

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THE EFFECT OF FINANCIAL LITERACY, FINANCIAL INCLUSION, AND GENDER BEHAVIOR ON INVESTMENT DECISIONS WITH INVESTMENT EXPERIENCE AS A MODERATING Iwan Sujarwo; Musdalifah Azis; Wirasmi Wardhani
International Journal of Social Science, Educational, Economics, Agriculture Research and Technology (IJSET) Vol. 5 No. 4 (2026): MARCH
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.19362564

Abstract

This study investigates the determinants of investment decisions among culinary Micro, Small, and Medium Enterprises (MSMEs) in Balikpapan, Indonesia. It addresses the critical need to understand why MSMEs, vital to economic resilience, often underutilize formal investment channels despite growing financial access. The research specifically examines the direct effects of financial literacy, financial inclusion, and gender behavior on investment decisions, and tests whether investment experience moderates these relationships. Employing a quantitative explanatory approach, data were collected via surveys from 130 MSME owners/managers and analyzed using PLS-SEM. The findings reveal that financial literacy and investment experience have a significant positive direct impact on investment decisions. Contrary to expectations, financial inclusion and gender behavior showed no significant direct effects. Furthermore, investment experience did not function as a significant moderating variable. The study concludes that for culinary MSMEs in this context, practical knowledge and direct experience are paramount drivers of investment decision quality, overshadowing the role of their access to finance or gender-based behavioral predispositions. These results emphasize the importance of designing MSME support programs that prioritize experiential financial education over generic access expansion. The research contributes to behavioral finance literature by providing a nuanced, context-specific model for MSME investment behavior.
Co-Authors Aditya Wiranatha Ahyani Nhara Akhmad Tirta Yasa Anggara Ardi Nugroho Anis Rachma Utary Anis Rachma Utary Anis Rachma Utary Anis Rachma Utary ANITA KARLINA Ardi Paminto Ariesta Heksarini Asma Rian Sari Asnawati Asnawati Audita, Atika Yasyfa Azzam Fuadudin Dhiyaurrahman Darmalaksana, Dedy Defung, F. Devi Indra Wahyuni Dewi Indayati Diana Lestari Dio Caisar Darma Dirga Lestari Djoko Setyadi DODDY Doddy Adhimursandi Echa HIKMAWATI SUNDARI Eka Damayanti Eka Uhrotun Nisa Emil Salim Exsha Tri Tut Wuri Handayani Felisitas Defung Fithriana, Sulvi Hairunnisa Hairunnisa Hakim, Yundi Permadi Haribowo, Rio Haryanto Haryanto Heksarini, Ariesta Hervian Wahyudi Hidayat, La Rahmad Ichwan Nur Ihsan Ihsan, Ichwan Nur Ike Purnamasari, Ike Indah Fitriani Indra Rukmana Indriani, Henny Iwan Sujarwo Jaafar, Muhammad Sukar Justina Ade Judiarni Karni Sia La Rahmad Hidayat Mar'atus Salikah Marwah Marwah Megawati Megawati Michael Hadjaat Michael Hadjat Mochammad Arif Budiono Muhammad Gunawan Muhammad Herru Hendrawan Muhammad Qodri Muktiyanto, Ali Nensy Parabak NILAM KOROMPOT Noorlisa Noorlisa Nurpaisari Nurpaisari Purba, Pristisani PURWO HERIANTO Putra, Yoga Merdeka Resty Nurwinda Riska Riska Rizky Yudaruddin Rosita Wati ROTUA JUNIATI SITORUS Rusdiah Iskandar Sadaruddin, Nur Santhy Putri Arizandy Sesinoprita Idin Sidiq, Syahrurramadhan Siti Amalia Siti Maria Siti Saudah Suryaningsi Suryaningsi Syarifah Lubna Kautsar A Trimayu Novita Walikram, Abdullah Dzuljalali Wildania, Maulida Wirasmi Wardhani Yana Ulfah Yonathan Pongtuluran ZA, Saida Zainurossalamia Zainal Ilmi Zainal Ilmi Zainal Ilmi