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All Journal ETIKONOMI Journal Of Economic Sciences (Ekuisci)
Pitri Yanti
Universitas Pendidikan Indonesia
Economics, Econometrics & Finance

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Adaptation of Islamic Finance to the Performance of MSMEs in the Halal Food Industry Muji Gunarto; Pitri Yanti
ETIKONOMI Vol 23, No 2 (2024)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v23i2.34271

Abstract

Research Originality: The findings of this research will contribute to the Islamic finance literature by answering the research gap between the relationship between MSME adaptation of Islamic finance implementation and MSME performance and providing practitionerinsight for policymakers and MSMEs in the halal food industry.Research Objectives: This study aims to determine the adaptation of Islamic finance to the performance of MSMEs in the halal food industry. Research Methods: The method used a quantitative and explanatory approach. The number of samples in this study was 212 MSME units taken by simple random sampling (SRS). The number of samples in this study is based on the needs of the analytical tools used. The analysis technique used is the structural equation model (SEM) approach with the help of the LISREL program.Empirical Results: The main findings show that halal industry MSMEs that adapt to Sharia finance tend to have a higher level of innovation than those that do not. Data shows that financing by Sharia principles enables MSMEs to allocate their resources more effectively, strengthening their ability to innovate in products and services. Innovations carried out by halal industry MSMEs that adopt a Sharia financial approach are more consistent with Sharia values, which leads to increased acceptance by Muslim consumers.Implications: MSME halal industry managers may consider adopting Islamic finance strategies as part of their business plans. This adoption includes using Sharia financing, investing according to Sharia principles, and managing their finances according to Sharia values. Managers also need to actively develop networks and collaborate with other stakeholders, including Sharia financial institutions, educational institutions, and other companies in the halal industry ecosystem.JEL Classification: D14, G21, L25How to Cite:Gunarto, M., & Yanti, P. (2024). Adaptation of Islamic Finance to the Performance of MSMEs in the Halal Food Industry. Etikonomi, 23(2), 369 – xx. https://doi.org/10.15408/etk.v23i2.34271.
The Moderating Role of Financial Literacy and Gender on The Effect of Overconfidence And Present Bias on MSME Financial Decision-Making In Bandung City, Indonesia Heraeni Tanuatmodjo; Asep Kurniawan; Badria Muntashofi; Laely Purnamasari; Imas Purnamasari; Pitri Yanti
Jurnal Ekuisci Vol 3 No 6 (2026): Vol 3 No 6 July 2026
Publisher : Ann Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62885/ekuisci.v3i6.1246

Abstract

Background. Behavioral finance research has so far focused largely on capital-market investors in developed countries, while understanding of how overconfidence and present bias shape the financial decisions of Micro, Small, and Medium Enterprise (MSME) owners in developing countries particularly the protective role of financial literacy and gender as moderators remains limited and yields inconsistent findings across contexts. Aims. This study addresses that gap by examining the effect of overconfidence and present bias on financial decision-making among 388 MSME owners in Bandung City, Indonesia, with financial literacy and gender as moderating variables. Methods. Using Moderated Regression Analysis (MRA), the results show that overconfidence (β=-0.324, p<0.001) and present bias (β=-0.581, p<0.001) both have a significant negative effect on the quality of financial decision-making. Result. Financial literacy moderates the effect of overconfidence (β=-0.026, p=0.035) but does not moderate the effect of present bias (p=0.999)  a pattern that contrasts with some findings among individual investors in Pakistan and Saudi Arabia. Gender is not found to moderate either relationship (p>0.05), diverging from the classic finding of Barber and Odean (2001) in the United States investor context. Conclusion. These findings indicate that the effectiveness of financial literacy as a protective factor is bias-specific rather than bias-general, with important implications for the design of financial literacy interventions for the MSME sector in developing countries.
Co-Authors Asep Kurniawan Badria Muntashofi Heraeni Tanuatmodjo Imas Purnamasari Laely Purnamasari Muji Gunarto