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Wiga : Jurnal Penelitian Ilmu Ekonomi
Published by Institut Teknologi dan Bisnis Widya Gama
ISSN : 20880944     EISSN : 25495992     DOI : https://doi.org/10.30741/wiga
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
Wiga : Jurnal Penelitian Ilmu Ekonomi is published twice a year in March and September, published by Sekolah Tinggi Ilmu Ekonomi Widya Gama since March 2011. Wiga : Jurnal Penelitian Ilmu Ekonomi is intended as a forum for publishing scientific articles in the field of economics : Accounting, Banking, Taxation, Management, Marketing.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 431 Documents
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SMEs Success: Roles of Financial Literacy, Capital Structure, and Innovation Retno Cahyaningati; Alifi Tria Susanti; Kartika Ayu Kinanti
Wiga : Jurnal Penelitian Ilmu Ekonomi Vol. 16 No. 1 (2026): March 2026
Publisher : Institut Teknologi dan Bisnis Widya Gama Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30741/wiga.v16i1.1924

Abstract

This study examines the roles of financial literacy and capital structure in improving SME performance, with innovation as a mediating variable. Using a quantitative causal design, data were collected from 425 SME owners and analyzed with Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results show that financial literacy has a significant positive effect on innovation, but no direct effect on SME performance. In contrast, capital structure significantly affects both innovation and SME performance. Innovation also has a significant positive effect on performance and serves as a key mechanism in the model: it fully mediates the relationship between financial literacy and SME performance. It partially mediates the relationship between capital structure and SME performance. These findings contribute to the SME literature by showing that financial capability and financing decisions do not automatically improve performance unless they are translated into innovation. Practically, the study suggests that SME development programs should combine financial literacy training with innovation support. At the same time, financing policies should enable balanced capital structures that help SMEs invest in product, process, and service innovation. This study is limited by its cross-sectional design and self-reported data, which may restrict causal generalization over time.

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