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All Journal ESENSI: JURNAL BISNIS DAN MANAJEMEN Jurnal Ekonomi dan Bisnis Jagaditha AKSES: Jurnal Ekonomi dan Bisnis AJIE (Asian Journal of Innovation and Entrepreneurship) Proceeding SENDI_U Jurnal Manajemen dan Kewirausahaan (JMDK) Jurnal Ekonomi dan Bisnis EKONOMIS : Journal of Economics and Business DIJB (Diponegoro International Journal of Business) PERSPEKTIF International Journal of Business Studies Management Studies and Entrepreneurship Journal (MSEJ) BERNAS: Jurnal Pengabdian Kepada Masyarakat Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Jurnal Manajemen dan Kewirausahaan Jurnal Serambi Ekonomi dan Bisnis Journal of Advances in Accounting, Economics, and Management Jurnal Manajemen, Ekonomi dan Akuntansi PENG: Jurnal Ekonomi dan Manajemen Journal of Multidisciplinary Inquiry in Science, Technology and Educational Research Ekopedia: Jurnal Ilmiah Ekonomi
Hani Sirine
Universitas Kristen Satya Wacana
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Decision Sciences, Operations Research & Management Dentistry Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Mathematics Neuroscience Nursing Public Health Social Sciences Veterinary Other

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Journal : Journal of Advances in Accounting, Economics, and Management

 1 
When Money Isn’t Enough: Owner Psychological Capital as a Booster of Internal Funds for Digital Pivot Success Sirine, Hani
Journal of Advances in Accounting, Economics, and Management Vol. 3 No. 1 (2025): September
Publisher : Indonesian Journal Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47134/aaem.v3i1.825

Abstract

Digital‐pivot readiness—the capability of moving commerce and operations into fully digital channels has become a survival imperative for small and medium-sized enterprises (SMEs). Yet the engines that propel this transition extend far beyond balance-sheet figures. This study unpacks the intricate triad of internal capital, external capital, and owner Psychological Capital (PsyCap—hope, efficacy, resilience, optimism), revealing how the owner’s positive mind-set converts monetary slack into digital momentum. Addressing a literature dominated by simple linear finance–performance links, we explore the transformative role PsyCap plays in re-wiring financial resources for technology adoption. Drawing on survey and audited data from 250 Indonesian SMEs across Jakarta, Surabaya, Semarang, Salatiga, and Surakarta, we employ Partial Least Squares Structural Equation Modeling (SmartPLS 4; 5,000 bootstraps). Findings show that internal capital significantly boosts digital-pivot readiness (β = 0.196, p = 0.003), whereas external capital alone remains statistically inert (β = 0.119, p = 0.074). PsyCap not only exerts a robust direct effect (β = 0.312, p < 0.001) but also acts as a psychological leverage device: it magnifies the efficacy of internal funds (interaction β = 0.087, p = 0.042) while dampening dependence on external finance (interaction β = –0.116, p = 0.047). Collectively, the model explains 48 % of the variance in digital readiness, underscoring the power of intangible resources to reconfigure tangible ones. By weaving theoretical insight with actionable guidance, this research reframes capital as psychological armour rather than mere economic fuel. For policymakers and incubators, the message is clear: pairing funding with PsyCap-building interventions—resilience coaching, strengths-based mentoring—can accelerate SME digitalization in volatile emerging markets. The study thus positions psychological well-being not as an afterthought but as the cornerstone of technological agility and long-term competitiveness.
Co-Authors A Rony Yulianto Alvin Triantoro Anindya Fira Indriana Arif Julianto Sri Nugroho Arvy Zuriel Eldrid Riung Ayu Dewi Eka Putri Barnabas Theodore Pistos Utomo Kaya Darma Maraya Bangri, Abigael Dewi Hidayati Dian Fanesha Simanungkalit Dwi Setiyani Utami Elia Ardyan Elisabeth Penti Kurniawati Febrian Kresna Permana Gusti Made Cahyani Petrisia Hari Wijaya Hasri Nur Wicaksono Irene Gea Noviana Jocheline Surya Mayestika Josia Sanchaya Hendrawan Kristian Harefa, Peni Lieli Suharti Novia Tri Lestari Nur Wicaksono, Hasri Ozora, David Rivaldo Alessandro Azarya Paat Roos Kities Andadari Samuel Martono Sanny Fortunata Susanto, Sanny SATRIYAS ILYAS Septia Fira Rahmasari Setyawan, Michael Eden Allan Soetristijono, Yohana Eunike Sony Heru Priyanto Tiyas Maya Listyawati Uly Erianti Situmorang Waraney Alfonsus Matthew Punuh Widiana, Dinar Yuliyana Angganita Margaretha Yuniyanto, Herdian Rizky Yustina Erti Pravitasmara Dewi