Financial Inclusion, Ethical Investment, And Corporate Social Responsibility: A Comprehensive Analysis Of Factors Affecting Sustainable Finance In Indonesian MSMEs
Keywords:
MSMEs, Financial Inclusion, Ethical Investment, Corporate Social Responsibility, Sustainable Finance
Abstract
Micro, Small, and Medium-Sized Enterprises (MSMEs) are essential to the Indonesian economy, yet they frequently encounter obstacles when trying to obtain financing and implement ethical business practices. This study looks into how MSME performance and sustainable financing in Indonesia are affected by financial inclusion, ethical investing, and corporate social responsibility (CSR). Using survey data from 287 Indonesian MSMEs, Structural Equation Modeling (SEM) with Partial Least Squares (PLS) analysis is used quantitatively. The findings show a strong positive correlation between sustainable finance, CSR, ethical investing, financial inclusion, and MSME performance. More specifically, enhanced MSME performance and sustainable finance outcomes are linked to increased financial inclusion, ethical investing practices, and participation in CSR initiatives. These results highlight the significance of encouraging equitable and conscientious approaches to economic growth to improve the competitiveness and long-term viability of MSMEs in Indonesia.
References
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[41] A. Demirgüç-Kunt and L. Klapper, “Measuring financial inclusion: Explaining variation in use of financial services across and within countries,” Brookings papers on economic activity, vol. 2013, no. 1, pp. 279–340, 2013.
[42] A. Kulal, N. Abhishek, S. Dinesh, and M. S. Divyashree, “Impact of Environmental, Social, and Governance (ESG) Factors on Stock Prices and Investment Performance,” Macro Management & Public Policies, vol. 5, no. 2, pp. 14–26, 2023.
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[45] I. Lomachynska, D. Khalieieva, and V. Shmagina, “CORPORATE SOCIAL RESPONSIBILITY AS A TOOL FOR ENSURING SOCIO-ECONOMIC SECURITY AND SOCIAL INCLUSION,” Market economy: modern management theory and practice, vol. 21, pp. 75–96, Mar. 2023, doi: 10.18524/2413-9998.2022.2(51).274364.
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[47] A. A. Adiningrat, I. Wahyuni, and Y. Ruhayu, “MSME Performance: Financial Information System, Work Productivity, and E-commerce,” Journal of Consumer Sciences, vol. 8, no. 2, pp. 204–219, 2023.
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[53] A. Marzuki, F. M. Nor, N. A. Ramli, M. Y. A. Basah, and M. R. A. Aziz, “The Influence of ESG, SRI, Ethical, and Impact Investing Activities on Portfolio and Financial Performance—Bibliometric Analysis/Mapping and Clustering Analysis,” Journal of Risk and Financial Management, vol. 16, no. 7, p. 321, 2023.
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[3] M. Amin, R. Saleh, M. Masitah, and N. Ufayani, “MICRO, SMALL, AND MEDIUM ENTERPRISES (MSMES) IN PROSPERITY BUSINESS ACTORS DURING THE COVID-19 PANDEMIC IN THE VILLAGE ANAIWOI,” International Journal of Business, Law, and Education, vol. 4, no. 2, pp. 336–351, 2023.
[4] M. A. Handayani, C. Amalia, and T. D. R. Sari, “Pengaruh Pengetahuan Keuangan, Sikap Keuangan dan Kepribadian Terhadap Perilaku Manajemen Keuangan (Studi Kasus pada Pelaku UMKM Batik di Lampung),” EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, vol. 10, no. 2, pp. 647–660, 2022.
[5] N. Rusliana, “Micro, Small, and Medium Enterprises (SMEs) Accessibility and Its Impact on Performance in Indonesia,” Saudi Journal of Business and Management Studies, vol. 8, pp. 46–54, Mar. 2023, doi: 10.36348/sjbms.2023.v08i03.002.
[6] M. Z. Almasah and T. Sirait, “FINANCIAL INCLUSION, ECONOMIC GROWTH AND POVERTY IN INDONESIA WITH PANEL SIMULTANEOUS MODELS APPROACH,” BAREKENG: Jurnal Ilmu Matematika dan Terapan, vol. 17, no. 2, pp. 1173–1182, 2023.
[7] M. Istan, “The Role of Government, Financial Literacy and Inclusion on MSME Finacial Performance,” Owner: Riset dan Jurnal Akuntansi, vol. 7, no. 2, pp. 1514–1525, 2023.
[8] I. W. Kerthayasa and N. P. A. Darmayanti, “Pengaruh Literasi Keuangan Dan Financial Technology Terhadap Inklusi Keuangan Di Desa Pengotan,” E-Jurnal Manajemen Universitas Udayana, vol. 12, no. 2, p. 137, 2023, doi: 10.24843/ejmunud.2023.v12.i02.p02.
[9] S. Sabilla, “THE ROLE OF PEER TO PEER LENDING IN FINTECH TOWARDS FINANCIAL INCLUSION IN INDONESIA,” Jurnal Darma Agung, vol. 31, no. 2, 2023.
[10] S. L. Esowe, “Financial Inclusion and its Impact on Poverty Alleviation amongst Micro and Small Enterprises in Cameroon,” Business and Economic Research, vol. 13, no. 2, pp. 170–182, 2023.
[11] Y. Sun and N. Scola, “Examining the Impact of Financial Inclusion on Unemployment in Africa (A Panel Data Analysis),” Ajrsp, vol. 5, no. 51, pp. 23–50, 2023.
[12] T. A. Fomum and P. Opperman, “Financial inclusion and performance of MSMEs in Eswatini,” Int J Soc Econ, no. ahead-of-print, 2023.
[13] S. Chavriya, G. D. Sharma, and M. Mahendru, “Financial inclusion as a tool for sustainable macroeconomic growth: An integrative analysis,” Annals of Public and Cooperative Economics, 2023.
[14] R. Fry, “ETHICAL INVESTMENT BY CHARITY TRUSTEES: SOME ANSWERS, NEW QUESTIONS,” The Cambridge Law Journal, vol. 82, no. 1, pp. 9–12, 2023.
[15] R. Sparkes, “Ethical investment: whose ethics, which investment?,” Business Ethics: A European Review, vol. 10, no. 3, pp. 194–205, 2001.
[16] A.-K. Itzenga, “Ethical investment and returns: evidence and comparison study of the USA, Germany and China.” University of West London, 2022.
[17] E. Erraitab and A. El Khamlichi, “Ethical and Conventional Stock Price Performance: An Empirical Investigation under CAPM-GARCH Models,” International Journal of Social and Administrative Sciences, vol. 7, no. 2, pp. 53–68, 2022.
[18] R. M. Lastra and M. Tsang, “Introductory comments: Ethical finance?,” in Research Handbook on Energy, Law and Ethics, Edward Elgar Publishing, 2022, pp. 124–139.
[19] M. Samy, G. Odemilin, and R. Bampton, “Corporate social responsibility: a strategy for sustainable business success. An analysis of 20 selected British companies,” Corporate Governance: The international journal of business in society, vol. 10, no. 2, pp. 203–217, 2010.
[20] M. A. Caratas, “Corporate social responsibility practices amid Political and Economic Transformation in Europe,” Technium Soc. Sci. J., vol. 43, p. 302, 2023.
[21] N. Sawant and S. Naik, “Impact of Corporate Social Responsibility Activities Communicating About a Brand,” International Journal for Research in Applied Science and Engineering Technology, vol. 10, pp. 1645–1653, Dec. 2022, doi: 10.22214/ijraset.2022.48310.
[22] T. Shawkat and B. Fatima, “Mediating Role Of Socially Responsible Identity In CSR And Organizational Performance,” MAIRAJ, vol. 1, no. 1, pp. 37–45, 2022.
[23] T. K. Vuong and H. M. Bui, “The role of corporate social responsibility activities in employees’ perception of brand reputation and brand equity,” Case Studies in Chemical and Environmental Engineering, vol. 7, p. 100313, 2023.
[24] L. Rosalina and D. Wahyuningsih, “Impact of financial inclusion and banking characteristics on banking stability in Indonesia,” Jurnal Perspektif Pembiayaan dan Pembangunan Daerah, vol. 11, no. 1, pp. 79–92, 2023.
[25] T. D. Pandey, “Impact of Financial Inclusion on Human Development Index: Special Reference to BRICS Countries,” BRICS Journal of Economics, vol. 4, no. 2, pp. 209–223, 2023.
[26] A. Saifurrahman and S. Kassim, “Enhancing the MSME Islamic financial inclusion in Indonesia: an institutional theory perspective,” Journal of Accounting and Finance, vol. 23, no. 2, pp. 6–25, 2023.
[27] A. Mubarok, B. Fanani, I. Muttaqin, and R. Raihan, “THEORY AND MODELS UNDERLYING ETHICAL INVESTMENT RESEARCH,” International Journal of Social Science, vol. 2, no. 1, pp. 1187–1192, 2022.
[28] G. Michalczuk and U. Konarzewska, “Socially responsible investing as the direction of capital market development,” Zeszyty Naukowe Szkoły Głównej Gospodarstwa Wiejskiego w Warszawie. Polityki Europejskie, Finanse i Marketing, no. 27 [76], 2022.
[29] S. Deer and J. Zarestky, “Balancing profit and people: Corporate social responsibility in business education,” Journal of Management Education, vol. 41, no. 5, pp. 727–749, 2017.
[30] S. Stephanie and W. R. Murhadi, “The Influence of Business Ethics, Organizational Governance, and Corporate Social Responsibility on the Financial Performance of Companies Listed on the Indonesia Stock Exchange,” Journal of Economics and Business UBS, vol. 12, no. 3, pp. 1978–1990, 2023.
[31] K. U. Hanifa and S. Atmini, “THE ROLE OF SOCIAL INVESTING EFFICACY IN MEDIATING THE EFFECT OF INDIVIDUAL VALUES ON ETHICAL INVESTMENT DECISIONS,” Jurnal Akuntansi dan Keuangan Indonesia, vol. 20, no. 1, p. 1.
[32] S. Sanusi and M. Kartini, “CORPORATE SOCIAL RESPONSIBILITY (CSR) AS A FORM OF IMPLEMENTING CORPORATE RESPONSIBILITY TO THE ENVIRONMENT AND SOCIAL COMMUNITY,” HERMENEUTIKA: Jurnal Ilmu Hukum, vol. 6, no. 2, pp. 283–291, 2022.
[33] N. DalevsNa, “Social responsibility as an element of the economic security system of business entities,” Наукові праці Донецького національного технічного університету. Серія: Економічна, pp. 100–105, 2021.
[34] M. Sarfraz and T. Choudhry, Corporate Social Responsibility in the 21st Century. BoD–Books on Demand, 2023.
[35] V. Shyshkin, O. Onyshchenko, V. Petrov, and T. Aliieva-Yaroshenko, “Corporate social responsibility system management of the modern enterprise,” Management and entrepreneurship: trends of development, vol. 4, no. 10, pp. 29–42, 2019.
[36] B. C. Patil and S. Farooqui, “Corporate Social Responsibility: A Review of Literature and an Empirical Study,” REVISTA GEINTEC-GESTAO INOVACAO E TECNOLOGIAS, vol. 11, no. 4, pp. 3876–3891, 2021.
[37] A. J. Putri and M. Y. R. Bangun, “Identifying Environmental, Social, and Governance (ESG) Implementation towards Growth and Sustainability: A Case Study at Assisted Micro, Small, and Medium Enterprise (MSME) by Bank Indonesia,” 2019.
[38] N. Hadi, K. Khanifah, and A. Triyani, “DISPARITIES CSR IMPLEMENTATION IN DEVELOPING COUNTRIES: CSR PRACTICES IN STATE-OWNED COMPANIES AT THE INDONESIAN STOCK EXCHANGE,” AKSES: Jurnal Ekonomi dan Bisnis, vol. 18, no. 1, 2023.
[39] D. M. Kristari and A. Y. Teruna, “The Effect of Carbon Emission Disclosure and Corporate Social Responsibility On The Financial Performance of Manufacturing Companies In Indonesia,” Asian Journal of Social and Humanities, vol. 1, no. 03, pp. 148–153, 2022.
[40] H. S. A. Geraldes, A. P. M. Gama, and M. Augusto, “Reaching financial inclusion: necessary and sufficient conditions,” Social Indicators Research, vol. 162, no. 2, pp. 599–617, 2022.
[41] A. Demirgüç-Kunt and L. Klapper, “Measuring financial inclusion: Explaining variation in use of financial services across and within countries,” Brookings papers on economic activity, vol. 2013, no. 1, pp. 279–340, 2013.
[42] A. Kulal, N. Abhishek, S. Dinesh, and M. S. Divyashree, “Impact of Environmental, Social, and Governance (ESG) Factors on Stock Prices and Investment Performance,” Macro Management & Public Policies, vol. 5, no. 2, pp. 14–26, 2023.
[43] D. Stiadi, “Moderating Environmental, Social, and Governance (ESG) risk in the relationship between investment decisions and firm value,” in IOP Conference Series: Earth and Environmental Science, IOP Publishing, 2023, p. 12007.
[44] & R. E. K. Motilewa, Bolanle D., Worlu, “Corporate Social Responsibility As a Tool for Gaining Competitive Advantage,” Internasional Journal Of Multidisciplinary Research And Review, vol. Vol 1, no. No 1, p. pp 16-24, 2015.
[45] I. Lomachynska, D. Khalieieva, and V. Shmagina, “CORPORATE SOCIAL RESPONSIBILITY AS A TOOL FOR ENSURING SOCIO-ECONOMIC SECURITY AND SOCIAL INCLUSION,” Market economy: modern management theory and practice, vol. 21, pp. 75–96, Mar. 2023, doi: 10.18524/2413-9998.2022.2(51).274364.
[46] I. Kotane, “DETERMINANTS, MEASUREMENT AND MANAGEMENT OF PERFORMANCE IN SMALL AND MEDIUM-SIZED ENTERPRISES,” Journal of Regional Economic and Social Development, vol. 14, pp. 54–70, 2022.
[47] A. A. Adiningrat, I. Wahyuni, and Y. Ruhayu, “MSME Performance: Financial Information System, Work Productivity, and E-commerce,” Journal of Consumer Sciences, vol. 8, no. 2, pp. 204–219, 2023.
[48] L. Rosalina, H. Kartodiharjo, and A. Sudjito, “Sustainable Finance in Financing Plantation Companies by Banking,” Jurnal Pengelolaan Sumberdaya Alam dan Lingkungan (Journal of Natural Resources and Environmental Management), vol. 13, no. 2, pp. 290–304, 2023.
[49] M. Hossain, N. Yoshino, and K. Tsubota, “Sustainable Financing Strategies for the SMEs: Two Alternative Models,” Sustainability, vol. 15, no. 11, p. 8488, 2023.
[50] D. Oktariani and S. Afif, “The Influence of Human Resource Competence and Financial Aspects on the Performance of MSMEs in the Cirendeu Village Area, South Tangerang,” ENDLESS: INTERNATIONAL JOURNAL OF FUTURE STUDIES, vol. 6, no. 2, pp. 278–287, 2023.
[51] M. Maswin and O. Y. Sudrajad, “Analysis of Financial Indicator Literacy Determinants on The Performance of Bandung City SMEs,” International Journal of Current Science Research and Review, vol. 06, no. 06, pp. 3792–3804, 2023, doi: 10.47191/ijcsrr/v6-i6-68.
[52] O. K. Loang, “The Road to Sustainable Investing: Corporate Governance, Sustainable Development Goals, and the Financial Market,” Institutions and Economies, pp. 33–57, 2023.
[53] A. Marzuki, F. M. Nor, N. A. Ramli, M. Y. A. Basah, and M. R. A. Aziz, “The Influence of ESG, SRI, Ethical, and Impact Investing Activities on Portfolio and Financial Performance—Bibliometric Analysis/Mapping and Clustering Analysis,” Journal of Risk and Financial Management, vol. 16, no. 7, p. 321, 2023.
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2024-07-08
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