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All Journal Jurnal Mirai Management JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) JURNAL LENTERA BISNIS JASF (Journal of Accounting and Strategic Finance) Community Engagement and Emergence Journal (CEEJ) Jurnal Manajemen Bisnis Journal Online Manajemen ELPEI (JOMEL) De Cive : Jurnal Penelitian Pendidikan Pancasila dan Kewarganegaraan Financial and Accounting Indonesian Research
Vebby Anwar
Universitas Pendidikan Muhammadiyah Sorong
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Health Professions Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Behavioral Drivers of Capital Structure and Their Impact on MSE Performance: Evidence from Indonesia Vebby Anwar; Andi Irwan; Muhammad Nabil Danial Bin Mohd Zaini; Rosdinaman Budi; Tasrim
JASF: Journal of Accounting and Strategic Finance Vol. 8 No. 1 (2025): JASF (Journal of Accounting and Strategic Finance) - June 2025
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v8i1.561

Abstract

Purpose: This study explores how financial behavior influences capital structure decisions and, in turn, affects firm financial performance and sustainable business growth among micro and small enterprises (MSEs) in Indonesia. Drawing on behavioral finance theory, the study examines the effects of three antecedents, financial literacy, risk tolerance, and behavioral biases on capital structure decisions. Furthermore, it investigates the mediating roles of access to finance and financial planning behavior, and the outcome effect of financial performance on long-term business growth. Method:Data was gathered from 420 MSE owner-managers across a variety of Indonesian sectors using a standardized questionnaire. Partial Least Squares Structural Equation Modeling (PLS-SEM) was used to examine the data. Findings: Results revealed that all three behavioral antecedents significantly influenced capital structure decisions. Capital structure, in turn, had both direct and indirect effects on firm financial performance, mediated through improved financial access and planning. Moreover, financial performance was found to positively influence sustainable business growth. Novelty/Value:By relating behavioral characteristics to organizational outcomes and financial decision-making in the setting of an emerging economy, the study adds to the body of literature. Targeted financial education and behavioral interventions are necessary to improve financing results for MSEs, among other practical implications.
Co-Authors Albert Nauw Amiruddin Amiruddin Amos Nauw Andi Irwan Andi Sismar Ariani Ariani Benyamin Susim Daniyati Daniyati Darmawati Darmawati Deliana Rahakbauw Ferry Anggro Golda Agustha Sagrim Ihsan Ihsan Indra Mulyana Jongki Koraag Muhamad Zulfian Muhammad Nabil Danial Bin Mohd Zaini Munzir Munzir Nelsan Mustamu Nurhaya Waroma Pahmi Pahmi Priskila Pasaribu Rosdinaman Budi Sadipun Komber, Mervin Irian Sisilia Sisilia Lidia Sonya E. Momot Talha Tri Rejeki Tasrim, Tasrim Wa Ode Likewati Waode Nurma Inda Aprilia Sari Yunus Yunus Yusron Difinubun