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All Journal INTERNATIONAL JOURNAL OF SOCIAL, POLICY AND LAW (IJOSPL) International Journal of Economics and Management Research Proceeding of International Conference on Entrepreneurship (IConEnt)
Ciptawan Ciptawan
Universitas Pelita Harapan
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice

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Journal : INTERNATIONAL JOURNAL OF SOCIAL, POLICY AND LAW (IJOSPL)

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The Multifaceted Influence of Financial Literacy and Education on SME Financing Decisions in Different Economic Contexts Ciptawan Ciptawan
INTERNATIONAL JOURNAL OF SOCIAL, POLICY AND LAW Vol. 2 No. 2 (2021): April 2021
Publisher : INTERNATIONAL JOURNAL OF SOCIAL, POLICY AND LAW

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.8888/ijospl.v2i2.155

Abstract

This research delved into the multifaceted impact of financial literacy and education on Small and Medium-sized Enterprises (SMEs) financing decisions across diverse economic contexts. A systematic literature review examined 280 papers from top-tier "small business management" journals between 1986 and 2020. The analysis unveiled a complex relationship between financial literacy dimensions, such as numerical literacy, risk perception, product understanding, and SME financing choices. Financial education programs emerged as vital tools, increasing awareness of financing options, improving credit application procedures in the short term, and fostering improved decision-making capabilities and long-term financial resilience. The study further highlighted how contextual factors, including cultural norms, regional economic variations, and access to resources, significantly shaped the outcomes of financial education interventions. Additionally, the evolving landscape of digitalization and fintech adoption introduced new dynamics, with financial literacy proving essential for effectively utilizing digital financial tools. These findings underscore the critical role of financial literacy and education in empowering SMEs to make informed financing decisions, navigate challenges, and seize growth opportunities across diverse economic landscapes. Keywords — financial literacy, financial education, SME financing decisions, economic contexts, contextual factors, digitalization, fintech adoption
Co-Authors Melina Melina Melly Melly