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Economics Note
Published by Lembaga Penelitian dan Pendidikan (LPP) Kalibra
ISSN : -     EISSN : 31102514     DOI : https://doi.org/10.70716/econote
Core Subject : Economy,
Economics, Econometrics & Finance
Economics Note (ECONOTE) is a peer-reviewed open-access journal published by Lembaga Penelitian dan Pendidikan (LPP) Kalibra with registered number of e-ISSN 3110-2514, dedicated to advancing scholarly and practical knowledge in the field of economics. ECONOTE publishes both theoretical as well as empirical articles related to the development and the dynamics of the economy studies. Specific research areas or fields covered by ECONOTE include, but are not limited to: economic globalization challenges, digitalization of the economy, e-commerce and fintech, development of rural and village economies, development of creative economies, international trade and finance, public fiscal and finance, macroprudential and monetary economics, financial services institutions, financial penetration and financial inclusion, sharia economics and finance, Islamic economic studies, infrastructure and domestic connectivity, maritime economic development, revitalization of manufacturing and economic competitiveness, empowerment of SMEs and cooperatives, tourism development, and labor and demography.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 25 Documents
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The Impact of Cashless Payment Adoption on Sales Growth in Retail Microenterprises Aldo Prasetya; Nabila Rahmawati; Kevin Mahardika
Economics Note Vol. 2 No. 3 (2026): Economics Note, July 2026
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/econote.v2i3.347

Abstract

The rapid development of digital financial technology has accelerated the adoption of cashless payment systems among microenterprises, particularly in the retail sector. Digital payment platforms such as Quick Response Code Indonesian Standard (QRIS), electronic wallets, mobile banking, and debit or credit cards have transformed the way businesses conduct transactions by improving payment efficiency, reducing cash handling, and enhancing customer convenience. Despite the increasing implementation of cashless payment systems, empirical evidence regarding their impact on sales growth among retail microenterprises in Indonesia remains limited. This study aims to examine the effect of cashless payment adoption on sales growth in retail microenterprises. A quantitative explanatory research design was employed using a survey of 172 owners and managers of retail microenterprises operating in several regions of Indonesia. Cashless payment adoption was measured through transaction convenience, payment speed, security, accessibility, and customer acceptance, while sales growth was assessed using indicators of revenue growth, transaction frequency, customer acquisition, repeat purchases, and business expansion. The findings indicate that cashless payment adoption has a positive and statistically significant effect on sales growth. Retail microenterprises that actively implement digital payment systems experience higher transaction volumes, improved customer satisfaction, and stronger sales performance compared with businesses relying primarily on cash transactions. The study highlights the strategic role of digital payment adoption in strengthening business competitiveness and accelerating digital transformation among microenterprises. The findings provide practical implications for business owners, financial institutions, and policymakers in promoting broader adoption of cashless payment systems to support sustainable growth in Indonesia's retail microenterprise sector.
The Effect of Financial Literacy and Digital Financial Services on Financial Decision-Making Among Micro and Small Business Owners Ahmad Fauzan Rahman; Maria Cristina Santos
Economics Note Vol. 2 No. 3 (2026): Economics Note, July 2026
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/econote.v2i3.348

Abstract

Financial literacy and digital financial services have become strategic resources that support the sustainability and competitiveness of micro and small enterprises (MSEs) in the digital economy. Despite the rapid expansion of digital financial ecosystems, empirical findings concerning the interaction between financial literacy and digital financial services in shaping financial decision-making remain inconsistent, particularly among micro and small business owners in developing countries. This study aims to examine the direct and indirect effects of financial literacy and digital financial services on financial decision-making among micro and small business owners. A quantitative explanatory research design was employed using a cross-sectional survey involving 320 micro and small business owners operating in Indonesia. Data were collected through structured questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Financial literacy was measured through financial knowledge, budgeting capability, investment understanding, and risk management. Digital financial services were measured through accessibility, frequency of use, perceived usefulness, and digital transaction intensity. Financial decision-making was evaluated based on financing, investment, savings, and cash flow management decisions. The findings indicate that financial literacy has a significant positive effect on financial decision-making. Digital financial services also exert a significant positive influence while partially mediating the relationship between financial literacy and financial decision-making. Business owners possessing stronger financial knowledge demonstrate greater capability to evaluate financing alternatives, allocate business resources efficiently, and utilize digital financial platforms for operational decisions. The study contributes to the integration of the Theory of Planned Behavior, Technology Acceptance Model, and Resource-Based View by explaining how financial capability and digital technology jointly enhance managerial decision quality. The findings provide practical implications for policymakers, financial institutions, and MSME development agencies in designing integrated financial literacy and digital finance programs that strengthen sustainable business performance.
The Influence of Working Capital Management on Business Sustainability in Small and Medium Enterprises Rafi Akbar Nugraha; Nadia Maharani Putri
Economics Note Vol. 2 No. 3 (2026): Economics Note, July 2026
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/econote.v2i3.349

Abstract

Small and medium enterprises (SMEs) play a significant role in economic growth, employment generation, and regional development. Despite their contribution, many SMEs experience challenges in maintaining business sustainability due to inefficient financial management, particularly in managing working capital. This study aims to examine the influence of working capital management on business sustainability among SMEs in Indonesia. A quantitative explanatory research design was employed using a survey of 156 SME owners and managers selected through purposive sampling. Primary data were collected using a structured questionnaire based on a five-point Likert scale. Working capital management was measured through cash management, inventory management, accounts receivable management, accounts payable management, and liquidity management, while business sustainability was assessed through indicators of financial resilience, operational continuity, business growth, market competitiveness, and long-term viability. The data were analyzed using descriptive statistics, validity and reliability tests, classical assumption tests, and simple linear regression with IBM SPSS Statistics 27. The findings indicate that working capital management has a positive and statistically significant effect on business sustainability. SMEs with effective working capital practices demonstrate greater financial stability, improved operational efficiency, and stronger capacity to maintain business continuity in dynamic market conditions. The study highlights the importance of strengthening financial management capabilities among SME owners to enhance long-term business performance and sustainability. These findings contribute to the growing literature on SME financial management by providing empirical evidence from the Indonesian context and offer practical implications for business owners, financial institutions, and policymakers in designing programs that support sustainable SME development.
Determinants of Financial Performance in Family-Owned Businesses: Evidence from Indonesian SMEs Rizky Mahendra; Anisa Putri Lestari
Economics Note Vol. 2 No. 3 (2026): Economics Note, July 2026
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/econote.v2i3.350

Abstract

Family-owned businesses constitute a substantial proportion of small and medium enterprises (SMEs) in Indonesia and play a significant role in employment creation, economic growth, and regional development. Despite their contribution to the national economy, many family-owned SMEs continue to experience challenges in achieving sustainable financial performance due to limitations in managerial capability, financial knowledge, and access to external financing. While previous studies have primarily examined the influence of family ownership on firm performance in publicly listed companies, limited empirical evidence has explored the combined effects of family ownership, financial literacy, and access to finance on the financial performance of Indonesian family-owned SMEs. This study aims to analyze the determinants of financial performance in family-owned SMEs by examining the effects of family ownership, financial literacy, and access to finance. A quantitative explanatory research design was employed using a survey of 185 owners and managers of family-owned SMEs operating in various business sectors across Indonesia. Data were collected through structured questionnaires measured using a five-point Likert scale and analyzed using multiple linear regression with IBM SPSS Statistics 27. The findings indicate that family ownership, financial literacy, and access to finance each have a positive and significant effect on financial performance. Among the examined variables, financial literacy demonstrates the strongest influence, followed by access to finance and family ownership. The results suggest that effective family involvement supported by sound financial knowledge and adequate financing opportunities enables SMEs to improve profitability, operational efficiency, and business growth. The study contributes to the literature on family business management by providing empirical evidence from Indonesian SMEs and offers practical implications for entrepreneurs, financial institutions, and policymakers in strengthening the competitiveness and financial sustainability of family-owned enterprises.
Analysis of Capital Structure and Firm Value: The Moderating Role of Profitability in Manufacturing Companies Yudha Pratama; Nur Aini
Economics Note Vol. 2 No. 3 (2026): Economics Note, July 2026
Publisher : Lembaga Penelitian dan Pendidikan (LPP) Kalibra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/econote.v2i3.351

Abstract

Firm value reflects investors' perceptions of a company's future prospects and is an important indicator of corporate performance in capital markets. One of the financial decisions that may influence firm value is capital structure, as the proportion of debt and equity determines financing efficiency and financial risk. However, previous studies have reported inconsistent findings regarding the relationship between capital structure and firm value, suggesting that other factors may strengthen or weaken this relationship. Profitability is considered one of the key factors because highly profitable firms are generally more capable of utilizing debt effectively to generate greater returns and enhance shareholder wealth. This study aims to analyze the effect of capital structure on firm value and examine the moderating role of profitability in manufacturing companies listed on the Indonesia Stock Exchange (IDX). The study employed a quantitative approach using secondary data obtained from annual financial reports of manufacturing companies during the 2021–2024 period. A total of 60 companies meeting the purposive sampling criteria were selected, resulting in 240 firm-year observations. Capital structure was measured using the Debt-to-Equity Ratio (DER), firm value was proxied by the Price-to-Book Value (PBV), and profitability was measured using Return on Assets (ROA). Data were analyzed using descriptive statistics, classical assumption tests, and Moderated Regression Analysis (MRA) with IBM SPSS Statistics 27. The findings indicate that capital structure has a significant positive effect on firm value. Furthermore, profitability significantly strengthens the relationship between capital structure and firm value, indicating that companies with higher profitability are better able to optimize debt financing to create greater corporate value. These findings support the Trade-Off Theory and Signaling Theory, suggesting that an optimal capital structure combined with strong profitability enhances investor confidence and corporate market valuation. The study provides practical implications for corporate managers in determining financing strategies and emphasizes the importance of maintaining profitability to maximize firm value.

Page 3 of 3 | Total Record : 25

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