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All Journal International Journal of Social Science, Educational, Economics, Agriculture Research, and Technology (IJSET) International Journal of Economic, Technology and Social Sciences (Injects)
Sophia Imari
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Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Public Health Social Sciences

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Financial Literacy and SME Financial Performance, The Mediating Roles of Marketing Capability and Human Capital Khairun Amala; Sophia Imari; Wirdah Irawati; Muhammad Basyir; Fakhri Ramadhan
International Journal of Economic, Technology and Social Sciences (Injects) Vol. 6 No. 2 (2025): October 2025
Publisher : CERED Indonesia Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53695/injects.v6i2.1553

Abstract

This study examines the effect of financial literacy on financial performance and the mediating roles of marketing capability and human capital. A quantitative cross-sectional survey was conducted with 124 respondents, and data were analyzed using PLS-SEM. The results show that financial literacy has a positive total effect on financial performance (? = 0.595). Financial literacy significantly enhances marketing capability (? = 0.446) and human capital (? = 0.396), which in turn positively influence financial performance. Human capital shows the strongest effect (? = 0.544), followed by marketing capability (? = 0.372). Mediation analysis confirms partial mediation, with indirect effects of 0.166 (marketing capability) and 0.215 (human capital). The model explains 63.2% of the variance in financial performance, indicating strong explanatory power. The findings suggest that financial literacy improves financial outcomes both directly and indirectly through capability development. This study contributes by integrating financial literacy theory, resource based view, and human capital theory into a unified mediation framework.
TESTING THE CAPITAL ASSET PRICING MODEL AND SENTIMENT ON STOCKS LISTED ON THE INDONESIA STOCK EXCHANGE Zainul, Zaida; Nurhalis; Fathurrahman Anwar; Sophia Imari
International Journal of Social Science, Educational, Economics, Agriculture Research and Technology (IJSET) Vol. 5 No. 1 (2025): DECEMBER
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.18639841

Abstract

The Capital Asset Pricing Model (CAPM) provides a strong theoretical foundation for understanding stock returns; however, the dynamics of modern financial markets indicate that stock price movements are influenced not only by market risk but also by psychological factors, particularly sentiment. This study aims to analyze the effects of market risk premium, investor sentiment, and market sentiment on excess stock returns of companies listed on the Indonesia Stock Exchange (IDX). The sample consists of 93 companies listed on the IDX during the 2013–2023 period. Panel data regression analysis using the Common Effect Model is employed to test the research hypotheses. The results show that the market risk premium and investor sentiment have a positive and significant effect on excess stock returns in Indonesia. However, market sentiment does not have a significant effect on excess stock returns. These findings enrich the theoretical understanding of the relevance of the Capital Asset Pricing Model and stock market behavior in Indonesia. For investors, investment timing strategies can be implemented based on changes in market sentiment and market risk premium conditions to maximize potential returns.
Co-Authors Fakhri Ramadhan Fathurrahman Anwar Khairun Amala Muhammad Basyir Nurhalis Wirdah Irawati Zainul, Zaida