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All Journal Mabny : Journal of Sharia Management and Business Central Community Development Journal
Firdaus, Cecep Bryan
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Humanities Civil Engineering, Building, Construction & Architecture Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Public Health

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Journal : Central Community Development Journal

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Building financially sustainable MSMEs: Sequenced capability bundles that cut APR, lift liquidity, and truncate downside risk Firdaus, Cecep Bryan
Central Community Development Journal Vol. 4 No. 2 (2024): December 2024
Publisher : Privietlab

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55942/ccdj.v4i2.810

Abstract

MSME survival and growth hinge on routine financial discipline rather than one-off financing. Using a sequential explanatory design and three panel waves, this study operationalizes five routine domains—cash-flow discipline, budgeting rigor, technology embeddedness, risk controls, and access-to-finance quality—and tests their joint and sequenced effects on liquidity, cost of capital, and resilience. Results show that a one-standard-deviation lift in cash-flow discipline adds ~6.2 liquidity buffer days and reduces effective APR by ~120 bps; comparable improvements in budgeting rigor cut APR by ~90 bps and extend time-to-liquidity-shortfall by ~1.8 weeks. Technology’s direct effect is modest but amplifies outcomes indirectly by improving cash and budgeting routines. Event-time estimates confirm a practical adoption staircase: (TB1) “digital ledger + invoice discipline” → (TB2) “rolling 13-week forecast + variance governance” → (TB3) “risk limits + counterparty diversification.” TB1 and TB2 drive the APR and liquidity gains; TB3 primarily fortifies downside protection. Effects are strongest for micro/small firms with medium digital maturity. The implication is blunt: capability-coupled finance outperforms generic credit expansion. Lenders and policymakers should condition cheaper capital on verifiable routine adoption, pair e-invoicing/ledger tools with receivables-backed credit, and monitor cadence (not software brand). Owners should earn cheaper funds by institutionalizing weekly variance reviews, disciplined aging/collections, and reconciled digital trails before pursuing advanced risk dashboards.
Co-Authors Hakim, Faris Kurnia Nurhaliza Syarofi, Muhammad