Peran Moderasi Financial Access Pada Pengaruh Human Capital Dan Social Capital Terhadap Kinerja UMKM
Abstract
Although human capital, social capital, and financial access have been highlighted as critical resources that influence the performance of micro, small, and medium companies (MSME), little research has been done on these variables. This research investigates the specifics impact of human capital and social capital on company performance, with access to finance serving as a moderating factor. 378 MSME producing Jonegoroan Batik were used as samples for the study. The data gathered via area sampling was analyzed using Structural Equation Modelling with Partial Least Square (PLS) by Smart-PLS 3.0 software. The results indicated that human capital, social capital, and financial access does directly influence firm performance. Access on financial is proven to strengthen the influence of social capital on the performance of MSMEs. Meanwhile, financial access does not have a moderating role on the influence of human capital on the performance of MSMEs. It is suggested that entrepreneurs are encouraged to build more relationships within their networks. As well as trying to get access to capital either from banks or other financial institutions because financial access has been proven to have a positive impact on the performance of MSMEs. Furthermore, government agencies and financial institutions must devise measures to lower interest rates, allowing MSMEs to access capital.
References
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Boohene, R. (2018). Entrepreneur’s Social Capital and Firm Growth: The Moderating Role of Access to Finance. Journal of Enterprising Culture, 26(03), 327–348. https://doi.org/10.1142/s0218495818500127
Bourdieu, P. (1983). Forms of capital. Handbook of Theory and Research for the Sociology of Education. Greenwood Press.
Chenhall, R. (2005). Integrative strategic performance measurement systems, strategic alignment of manufacturing, learning and strategic outcomes: An exploratory study. Accounting, Organizations and Society, 30, 395–422. https://doi.org/10.1016/j.aos.2004.08.001
Chin, W. (2000). Partial Least Squares for IS Researchers: An Overview and Presentation of Recent Advances Using The PLS Approach. ICIS, 741–742.
Chin, Wynne, & Newsted, P. (1999). Structural Equation Modeling Analysis with Small Samples Using Partial Least Square. Statistical Strategies for Small Sample Research.
Coleman, J. (1988). Social Capital in The Creation of Human Capital. American Journal of Sociology, 95(1), 95–120.
Davidsson, P., & Honig, B. (2003). The Role of Social and Human Capital Among Nascent Entrepreneurs. Journal of business venturing, 18(3), 301–331.
Dimov, D. (2017). Towards a Qualitative Understanding of Human Capital in Entrepreneurship Research. International Journal of Entrepreneurial Behaviour and Research, 23(2), 210–227. https://doi.org/10.1108/IJEBR-01-2016-0016
Ferdinand, A. (2005). Keunggulan, Modal Sosial Dan Pemasaran, Bersaing: Wajah Sosial Strategi. Badan Penerbit Universitas Diponegoro.
Frese, M., & Gielnik, M. M. (2014). The Psychology of Entrepreneurship. Annual Review of Organizational Psychology and Organizational Behavior, 1, 413–438.
Fukuyama, F. (2001). Social Capital, Civil Society, and Development. Third Wolrd Quarterly, 22(1), 7–20.
Gray, D., Shaw, J., & Farrington, J. (2006). Community Transport, Social Capital and Social Exclusion in Rural Areas. Area, 38(1), 89–98.
Gupta, S. D. (2015). Comparative Advantage and Competitive Advantage: An Economic Prespective and a Syhthesis. Athens Journal of Business and Economics, 1(1), 9–22.
Hair, J. F., Babin, B. J., & Anderson, R. E. (2010). Multivaraite Data Analysis. Prentice Hall.
Jin, C. H. (2015). The Moderating Effect of Social Capital and Cosmopolitanism on Marketing Capabilities: A Comparison of Chinese and Korean Companies. Chinese Management Studies, 9(3), 441–466.
Khattak, M. S., & Hassan, K. U. (2019). The Impact of Management Capabilities on SMEs Financial Performance; the Moderating Role of Financial Access. NICE Research Journal, 12(1), 59–84. https://doi.org/10.51239/nrjss.v0i0.82
Liu, G., Pang, L., & Kong, D. (2017). Effects of Human Capital on The Relationship Between Export and Firm Innovation. Chinese Management Studies, 11(2), 322–345.
Ma, Z., Zhu, J., Meng, Y., & Teng, Y. (2019). The impact of overseas human capital and social ties on Chinese returnee entrepreneurs’ venture performance. International Journal of Entrepreneurial Behaviour and Research, 25(1), 67–83. https://doi.org/10.1108/IJEBR-07-2017-0246
Mones, S. D., Pop, M. D., & Rose, G. M. (2013). SME’s Performance. Management & Marketing, 8(1), 129–146.
Monroy, V. I. B., Solís, E. R. R., & Rodríguez-Aceves, L. (2015). Familiness and its relationship with performance in mexican family firms. Academy of Strategic Management Journal, 14(2), 1–22.
Mubarik, S., Devadason, E. S., & Chandran, V. (2016). Theoretical framework to analyze human capital – Performance relationship. International Journal of Economic Perspectives, 10(4), 157–165.
Muchammad, R. A. P., Firdausi Nuzula, N., & Khalid Mawardi, M. (2021). Pengaruh Orientasi Kewirausahaan Dan Akses Keuangan Terhadap Kinerja Usaha. Profit, 15(01), 84–94. https://doi.org/10.21776/ub.profit.2021.015.01.9
Nafziger, E. W., & Terrell, D. (1996). Entrepreneurial Human Capital and the Long-Run Survival of Firms in India. World Development, 24(4), 689–696. https://doi.org/10.1016/0305-750X(95)00161-5
Nesheim, T., Olsen, K. M., & Sandvik, A. M. (2017). Never walk alone: achieving work performance through networking ability and autonomy. Employee Relations, 39(2), 240–253. https://doi.org/10.1108/ER-09-2016-0185
Obeng, B. A. (2019). Strategic Networking and Small Firm Growth in An Emerging Economy. Journal of Small Business and Enterprise Development, 26(1), 43–66. https://doi.org/10.1108/JSBED-01-2018-0035
Parida, V., Pesämaa, O., Wincent, J., & Westerberg, M. (2017). Network capability, innovativeness, and performance: a multidimensional extension for entrepreneurship. Entrepreneurship and Regional Development, 29(1–2), 94–115. https://doi.org/10.1080/08985626.2016.1255434
Safii, A. A. (2016). Implementasi Qard Al-Hasan Sebagai Model Microfinance (Survei Pada Lembaga Keuangan Syariah Mikro di Kabupaten Bojonegoro). Jurnal Manajemen dan Penelitia Akuntansi (JUMPA), 9(2), 85–95.
Safii, A. A., & Rahayu, S. (2021). Human Capital and Social Capital as Determining Factors of The MSMEs Surviving Ability. Jurnal Ilmu Manajemen Advantage, 5(1), 1–9.
Safii, A. A., & Rahayu, S. (2020). The Role Of Social Capital And Owner Cosmopolitanism On Marketing Performance of Jonegoroan Batik MSMEs. Proceeding 1st International Conference on Business & Social Sciences (ICOBUSS), 1–10.
Safii, A. A., & Suwarno, T. (2018). Faktor-Faktor Yang Mempengaruhi Perolehan Kredit Oleh Pengusaha Mikro. JIEB: Jurnal Ilmiah Ekonomi Bisnis, 4(3), 330–341.
Sana Ullah, S. U., Wasim Arif, B., & Tariq Majeed, M. (2019). The Determinants of Firm Survival among Small Cluster Firms. the Lahore Journal of Economics, 24(1), 131–145. https://doi.org/10.35536/lje.2019.v24.i1.a6
Sanchez-Famoso, V., Mejia-Morelos, J. H., & Cisneros, L. (2020). New Insights into non-listed family SMEs in Spain: Board social capital, board effectiveness, and sustainable performance. Sustainability (Switzerland), 12(3). https://doi.org/10.3390/su12030814
Santarelli, E., & Tran, H. T. (2013). The interplay of human and social capital in shaping entrepreneurial performance: The case of Vietnam. Small Business Economics, 40(2), 435–458. https://doi.org/10.1007/s11187-012-9427-y
Sarapaivanich, N., & Kotey, B. (2006). The Effect of Financial Information Quality on Ability To Access External Funds and Performance of Smes in Thailand. Journal of Enterprising Culture, 14(03), 219–239. https://doi.org/10.1142/s0218495806000143
Shah, Z. A., & Ahmad, M. (2019). Entrepreneurial Orientation and Performance of Small and Medium-Sized Enterprises. Competitiveness Review: An International Business Journal.
Shane, Scott, & Venkataraman. (2000). The Promise of Entrepreneurship as a Field of Research. Academy of Management Review, 25(1), 217–226.
Simpson, M., Padmore, J., & Newman, N. (2012). Towards a New Model of Success and Performance in SMEs. International Journal of Entrepreneurial Behavior and Research, 20(6), 1373–1392.
Stam W., Arzalanian, S., & S.Elfiring. (2014). Social Capital of Entrepreneurs and Small Firm Performance: A Meta-Analysis of Contextual and Methodological Moderators. Journal of Business Venturing, 29(1), 152–173.
Talavera, O., Xiong, L., & Xiong, X. (2012). Social capital and Access to Bank Financing: The Case of Chinese Entrepreneurs. Emerging Markets Finance and Trade, 48(1), 55–69.
Tsai, W., & Ghosal, S. (1998). Social Capital and Value Creation: The Role of Intrafirm Networks. Academy of Management Journal, 41(4), 464–476.
Unger, J. M., Rauch, A., Frese, M., & Rosenbuch, N. (2011). Human Capital and Entrepreneurial Success: a Meta-Analytical Review. Journal of Business Venturing, 26(3), 341–358.
Walker, G., Kogut, B., & Shan, W. (1997). Social Capital, Structural Holes and The Formation of an Industry Network. Organisation Science, 8(2), 109–125.
Wang, R., Rafiq, M., Li, X., & Zheng, X. (2014). Entrepreneurial Preparedness: An Exploratory Case Study of Chinese Private Enterprises. International Journal of Entrepreneurial Behavior & Research, 20(4), 351–274.
Wang, W.-C., & Wang, W.-C. (2017). An Exploration of the Relationship between Financial Decision-Making and Operational Performance in the Panel Industry. Finance & Management Strategy, 12(2), 123–144.
Zainol, N. R., Mamun, A. Al, Ahmad, G., & Simpong, D. B. (2018). Human capital and entrepreneurial competencies towards performance of informal microenterprises in Kelantan, Malaysia. Economics and Sociology, 11(4), 31–50. https://doi.org/10.14254/2071-789X.2018/11-4/2
Anderson, J. C., & Gerbing, D. W. (1988). Structural Equation Modeling in Practice: a Review and Recommended Two-Step Approach. Psychological Bulletin, 103(3), 411.
Aqida, M. S. (2019). Pengaruh Akses Keuangan terhadap Pertumbuhan UMKM dengan Moderasi Literasi Keuangan di Kota Semarang. Ekonomika dan Bisnis, 8(2009), 1–15.
Batjargal, B. (2000). Social Capital and Entrepreneurial Performance in Russia.
Batjargal, B. (2007). Internet Entrepreneurship: Social Capital, Human Capital, and Performance of Internet Ventures in China. Research Policy, 36(5), 605–618.
Batjargal, Bat. (2003). Social capital and entrepreneurial performance in Russia: A longitudinal study. Organization Studies, 24(4), 535–556. https://doi.org/10.1177/0170840603024004002
Beck, T., & Demirguc-Kunt, A. (2006). Small and Medium-Size Enterprises: Access to Finance as a Growth Constraint. Journal of Banking and Finance, 30(11), 2931–2943. https://doi.org/10.1016/j.jbankfin.2006.05.009
Becker, G. S. (1993). Human Capital. Chicago Press.
Boohene, R. (2018). Entrepreneur’s Social Capital and Firm Growth: The Moderating Role of Access to Finance. Journal of Enterprising Culture, 26(03), 327–348. https://doi.org/10.1142/s0218495818500127
Bourdieu, P. (1983). Forms of capital. Handbook of Theory and Research for the Sociology of Education. Greenwood Press.
Chenhall, R. (2005). Integrative strategic performance measurement systems, strategic alignment of manufacturing, learning and strategic outcomes: An exploratory study. Accounting, Organizations and Society, 30, 395–422. https://doi.org/10.1016/j.aos.2004.08.001
Chin, W. (2000). Partial Least Squares for IS Researchers: An Overview and Presentation of Recent Advances Using The PLS Approach. ICIS, 741–742.
Chin, Wynne, & Newsted, P. (1999). Structural Equation Modeling Analysis with Small Samples Using Partial Least Square. Statistical Strategies for Small Sample Research.
Coleman, J. (1988). Social Capital in The Creation of Human Capital. American Journal of Sociology, 95(1), 95–120.
Davidsson, P., & Honig, B. (2003). The Role of Social and Human Capital Among Nascent Entrepreneurs. Journal of business venturing, 18(3), 301–331.
Dimov, D. (2017). Towards a Qualitative Understanding of Human Capital in Entrepreneurship Research. International Journal of Entrepreneurial Behaviour and Research, 23(2), 210–227. https://doi.org/10.1108/IJEBR-01-2016-0016
Ferdinand, A. (2005). Keunggulan, Modal Sosial Dan Pemasaran, Bersaing: Wajah Sosial Strategi. Badan Penerbit Universitas Diponegoro.
Frese, M., & Gielnik, M. M. (2014). The Psychology of Entrepreneurship. Annual Review of Organizational Psychology and Organizational Behavior, 1, 413–438.
Fukuyama, F. (2001). Social Capital, Civil Society, and Development. Third Wolrd Quarterly, 22(1), 7–20.
Gray, D., Shaw, J., & Farrington, J. (2006). Community Transport, Social Capital and Social Exclusion in Rural Areas. Area, 38(1), 89–98.
Gupta, S. D. (2015). Comparative Advantage and Competitive Advantage: An Economic Prespective and a Syhthesis. Athens Journal of Business and Economics, 1(1), 9–22.
Hair, J. F., Babin, B. J., & Anderson, R. E. (2010). Multivaraite Data Analysis. Prentice Hall.
Jin, C. H. (2015). The Moderating Effect of Social Capital and Cosmopolitanism on Marketing Capabilities: A Comparison of Chinese and Korean Companies. Chinese Management Studies, 9(3), 441–466.
Khattak, M. S., & Hassan, K. U. (2019). The Impact of Management Capabilities on SMEs Financial Performance; the Moderating Role of Financial Access. NICE Research Journal, 12(1), 59–84. https://doi.org/10.51239/nrjss.v0i0.82
Liu, G., Pang, L., & Kong, D. (2017). Effects of Human Capital on The Relationship Between Export and Firm Innovation. Chinese Management Studies, 11(2), 322–345.
Ma, Z., Zhu, J., Meng, Y., & Teng, Y. (2019). The impact of overseas human capital and social ties on Chinese returnee entrepreneurs’ venture performance. International Journal of Entrepreneurial Behaviour and Research, 25(1), 67–83. https://doi.org/10.1108/IJEBR-07-2017-0246
Mones, S. D., Pop, M. D., & Rose, G. M. (2013). SME’s Performance. Management & Marketing, 8(1), 129–146.
Monroy, V. I. B., Solís, E. R. R., & Rodríguez-Aceves, L. (2015). Familiness and its relationship with performance in mexican family firms. Academy of Strategic Management Journal, 14(2), 1–22.
Mubarik, S., Devadason, E. S., & Chandran, V. (2016). Theoretical framework to analyze human capital – Performance relationship. International Journal of Economic Perspectives, 10(4), 157–165.
Muchammad, R. A. P., Firdausi Nuzula, N., & Khalid Mawardi, M. (2021). Pengaruh Orientasi Kewirausahaan Dan Akses Keuangan Terhadap Kinerja Usaha. Profit, 15(01), 84–94. https://doi.org/10.21776/ub.profit.2021.015.01.9
Nafziger, E. W., & Terrell, D. (1996). Entrepreneurial Human Capital and the Long-Run Survival of Firms in India. World Development, 24(4), 689–696. https://doi.org/10.1016/0305-750X(95)00161-5
Nesheim, T., Olsen, K. M., & Sandvik, A. M. (2017). Never walk alone: achieving work performance through networking ability and autonomy. Employee Relations, 39(2), 240–253. https://doi.org/10.1108/ER-09-2016-0185
Obeng, B. A. (2019). Strategic Networking and Small Firm Growth in An Emerging Economy. Journal of Small Business and Enterprise Development, 26(1), 43–66. https://doi.org/10.1108/JSBED-01-2018-0035
Parida, V., Pesämaa, O., Wincent, J., & Westerberg, M. (2017). Network capability, innovativeness, and performance: a multidimensional extension for entrepreneurship. Entrepreneurship and Regional Development, 29(1–2), 94–115. https://doi.org/10.1080/08985626.2016.1255434
Safii, A. A. (2016). Implementasi Qard Al-Hasan Sebagai Model Microfinance (Survei Pada Lembaga Keuangan Syariah Mikro di Kabupaten Bojonegoro). Jurnal Manajemen dan Penelitia Akuntansi (JUMPA), 9(2), 85–95.
Safii, A. A., & Rahayu, S. (2021). Human Capital and Social Capital as Determining Factors of The MSMEs Surviving Ability. Jurnal Ilmu Manajemen Advantage, 5(1), 1–9.
Safii, A. A., & Rahayu, S. (2020). The Role Of Social Capital And Owner Cosmopolitanism On Marketing Performance of Jonegoroan Batik MSMEs. Proceeding 1st International Conference on Business & Social Sciences (ICOBUSS), 1–10.
Safii, A. A., & Suwarno, T. (2018). Faktor-Faktor Yang Mempengaruhi Perolehan Kredit Oleh Pengusaha Mikro. JIEB: Jurnal Ilmiah Ekonomi Bisnis, 4(3), 330–341.
Sana Ullah, S. U., Wasim Arif, B., & Tariq Majeed, M. (2019). The Determinants of Firm Survival among Small Cluster Firms. the Lahore Journal of Economics, 24(1), 131–145. https://doi.org/10.35536/lje.2019.v24.i1.a6
Sanchez-Famoso, V., Mejia-Morelos, J. H., & Cisneros, L. (2020). New Insights into non-listed family SMEs in Spain: Board social capital, board effectiveness, and sustainable performance. Sustainability (Switzerland), 12(3). https://doi.org/10.3390/su12030814
Santarelli, E., & Tran, H. T. (2013). The interplay of human and social capital in shaping entrepreneurial performance: The case of Vietnam. Small Business Economics, 40(2), 435–458. https://doi.org/10.1007/s11187-012-9427-y
Sarapaivanich, N., & Kotey, B. (2006). The Effect of Financial Information Quality on Ability To Access External Funds and Performance of Smes in Thailand. Journal of Enterprising Culture, 14(03), 219–239. https://doi.org/10.1142/s0218495806000143
Shah, Z. A., & Ahmad, M. (2019). Entrepreneurial Orientation and Performance of Small and Medium-Sized Enterprises. Competitiveness Review: An International Business Journal.
Shane, Scott, & Venkataraman. (2000). The Promise of Entrepreneurship as a Field of Research. Academy of Management Review, 25(1), 217–226.
Simpson, M., Padmore, J., & Newman, N. (2012). Towards a New Model of Success and Performance in SMEs. International Journal of Entrepreneurial Behavior and Research, 20(6), 1373–1392.
Stam W., Arzalanian, S., & S.Elfiring. (2014). Social Capital of Entrepreneurs and Small Firm Performance: A Meta-Analysis of Contextual and Methodological Moderators. Journal of Business Venturing, 29(1), 152–173.
Talavera, O., Xiong, L., & Xiong, X. (2012). Social capital and Access to Bank Financing: The Case of Chinese Entrepreneurs. Emerging Markets Finance and Trade, 48(1), 55–69.
Tsai, W., & Ghosal, S. (1998). Social Capital and Value Creation: The Role of Intrafirm Networks. Academy of Management Journal, 41(4), 464–476.
Unger, J. M., Rauch, A., Frese, M., & Rosenbuch, N. (2011). Human Capital and Entrepreneurial Success: a Meta-Analytical Review. Journal of Business Venturing, 26(3), 341–358.
Walker, G., Kogut, B., & Shan, W. (1997). Social Capital, Structural Holes and The Formation of an Industry Network. Organisation Science, 8(2), 109–125.
Wang, R., Rafiq, M., Li, X., & Zheng, X. (2014). Entrepreneurial Preparedness: An Exploratory Case Study of Chinese Private Enterprises. International Journal of Entrepreneurial Behavior & Research, 20(4), 351–274.
Wang, W.-C., & Wang, W.-C. (2017). An Exploration of the Relationship between Financial Decision-Making and Operational Performance in the Panel Industry. Finance & Management Strategy, 12(2), 123–144.
Zainol, N. R., Mamun, A. Al, Ahmad, G., & Simpong, D. B. (2018). Human capital and entrepreneurial competencies towards performance of informal microenterprises in Kelantan, Malaysia. Economics and Sociology, 11(4), 31–50. https://doi.org/10.14254/2071-789X.2018/11-4/2
Published
2029-05-29
How to Cite
Safii, A., & Anom, L. (2029). Peran Moderasi Financial Access Pada Pengaruh Human Capital Dan Social Capital Terhadap Kinerja UMKM. Jurnal Manajemen Dan Penelitian Akuntansi (JUMPA), 14(1), 36-49. https://doi.org/https://doi.org/10.58431/jumpa.v14i1.225
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Articles
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