THE INFLUENCE OF FINANCIAL INCLUSION AND FINANCIAL BEHAVIOR ON INVESTMENT DECISIONS
(SURVEY OF MSMEs IN WEST JAVA)
-
Yusup Maulana Nur Shidik(1*)
Managemet Study Program, Digital Technology University
-
Aceng Kurniawan(2)
Managemet Study Program, Digital Technology University
(*) Corresponding Author
Keywords:
Financial Inclusion, Financial Behavior, Investment Decisions
Abstract
The research aims to assess the influence of financial inclusion and financial behavior on investment decisions through a survey of MSMEs in West Java. The research method uses a quantitative and descriptive approach with a sample of 400 respondents selected through purposive sampling based on the formula in Slovin with an error tolerance level of 5%. Findings from the research results, both partial and simultaneous, show that financial inclusion and financial behavior positively and significantly influence MSME investment decisions in West Java. Practical implications: It is essential to increase financial inclusion and financial behavior for MSMEs to support more effective investment decisions through operational recommendations, including financial management training, utilization, use, and evaluation of financial product service technology. Theoretically, research is expected to provide benefits for the development of science by recommending verification of findings and expanding the applicability of research results with similar methods and different samples.
Keywords: Financial Inclusion; Financial Behavior; Investment Decisions
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References
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Oktaviani, D., & Sari, R. (2020). The Influence Of Financial Literacy, Use Of Financial Technology, And Gender On The Financial Behavior Of Accounting Students, Faculty Of Economics, Yogyakarta State University. Pofita Journal Of Accounting Studies. , 1 (7), 1–15.
Https://Journal.Student.Uny.Ac.Id/Index.Php/Profita/Article/View/16921/16337
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https://doi.org/10.1186/s13731-016-0041-0
Putri, A (2023). Number Of Msmes Reaches 8.71 Million, Could This Be A "Shield" For Recession? February 7, 2023.
Https://Www.Cnbcindonesia.Com/Research/20230207115843-128-411724/Besar-Umkm-Capai-871-Juta-Bisa-Jadi-Tameng-Resesi
Https://Doi.Org/10.36418/Syntax-Literate.V8i9.13461
Baker, H.K., & Nofsinger, J.R. (2010). Behavioral Finance: Investors, Corporations, And Markets. The Robert W. Kolb Series In Finance.
Dasra Viana, E., Febrianti, F., & Ratna Dewi, F. (2021). Financial Literacy, Financial Inclusion, And Investment Interest Generation Z's In Jabodetabek. Financial Literacy, Financial Inclusion, And Investment Interest Generation Z's In Jabodetabek. Journal Of Management And Organization (Jmo) , 12 (3), 252–264.
Coordinating Ministry For Economic Affairs. (2021). ‘Msmes Are An Important Pillar In The Indonesian Economy’,
Coordinating Ministry For Economic Affairs Of The Republic Of Indonesia .
Commission Ix. (2023). ‘The Level Of Financial Literacy And Inclusion In West Java Province Is Quite High’.
Https://Www.Dpr.Go.Id/Berita/Detail/Id/45068/T/Tingkat%20literasi%20dan%20inklusi%20keuangan%20provinsi%20jabar%20cukup%20tinggi
Financial Services Authority. (2017). 'Indonesia's National Financial Literacy Strategy (2017 Revisit)’ .
Https://Ojk.Go.Id/Id/Berita-Dan-Kegiatan/Publikasi/Pages/Strategi-Nasional-Literasi-Keuangan-Indonesia-(Revisit-2017)-.Aspx.
Financial Services Authority. (2022). ‘National Survey Of Financial Literacy And Inclusion 2022’.
Https://Ojk.Go.Id/Id/Berita-Dan-Kegiatan/Siaran-Pers/Pages/Survei-Nasional-Literasi-Dan-Inklusi-Keuangan- Tahun- 2022. Aspx
Ghozali, L. (2018). Multivariate Analysis Application with IBM SPSS Program. 25. Diponegoro University Publishing Agency.
Hartono, J. (2022). Portfolio And Investment Analysis Module Approach (1st Ed.). Cv Andi Offset.
Ika, S. (2021). Study Of Financial Inclusion For Justice And Prosperity Of The Indonesian People. December 30, 2021.
Https://Fiskal.Kemenkeu.Go.Id/Kajian/2021/12/30/2438-Kajian-Inklusi-Keuangan-Untuk-Keadilan-Dan-Makkmuran-Rakyat-Indonesia.
Iko, P.Y. W. (2019). The Influence Of Financial Inclusion And Financial Literacy On The Performance Of Msmes In Moyo Utara District. Journal Of Management And Business , 2 (1).
Https://Doi.Org/10.37673/Jmb.V2i1.305
Kasoga, P. S. (2021). Heuristic Biases And Investment Decisions: Multiple Mediation Mechanisms Of Risk Tolerance And Financial Literacy—A Survey At The Tanzania Stock Market. Journal Of Money And Business, 1 (2), 102–116. Https://Doi.Org/10.1108/Jmb-10-2021-0037
Laucereno, S.F. (2021). Indonesian People Who Are Financially Literate Are Still Less Than Malaysia And Singapore.December 13, 2021.
Https://Finance.Detik.Com/Moneter/D-5852452/Orang-Ri-Yang-Melek-Keuangan-Masih-Kalah-Dari-Malaysia-Dan-Singapura.
Leiwakabessy, A., Patty, M., & Titioka, B.M. (2021). Psychological Factors Of Millennial Investors In Stock Investment Decision Making (Empirical Study Of Millennial Investors In Ambon City). Journal Of Accounting And
Taxation, 22 (2), 476. Https://Doi.Org/10.29040/Jap.V22i2.3318
Loris, Rp, & Jayanto, Py (2021). The Effects Of Representativeness, Availability, Anchoring, Risk Perception, And Herding On Investors' Sharia Investment Decisions. Journal Of Accounting , 11 (1), 81–92.
Https://Doi.Org/10.33369/J.Akuntansi.11.1.81-92
Mauludiyan, A.P. (2023). Amelia Putri Maulidiyan_The Influence Of Financial Literacy, Financial Technology And Financial Inclusion On The Sustainability Of Aspikmas Msmes In Purwokerto.
Https://Repository.Uinsaizu.Ac.Id/View/Creators/Amelia_Putri=3amaulidiyan=3a=3a.Html
Mirdiyanttika, A., & Meiriyanti. (2023). The Influence Of Financial Literacy, Financial Inclusion, And Financial Technology On The Performance Of Msmes In Bulukumba District. Journal Of Management And Economic Research , 1 (2), 30–47.
Novieanggie, V., & Asandimitra, N. (2019). The Influence Of Behavioral Bias, Cognitive Bias, And Emotional Bias On Investment Decisions For College Students With Financial Literacy As The Moderating Variable. International Journal Of Academic Research In Accounting, Finance And Management Sciences, 7 (2), 92–97.
Nurhayati, H., & Nurodin, L. (2019). The Influence Of Financial Inclusion And Financial Literacy On Personal Financial Management In Sukabumi Regency. Proceedings Of Semnastera (National Seminar On Technology And Applied Research) , 1 (9), 167–175. Ac.Id/Index.Php/Semnastera/Article/View/28
Oktaviani, D., & Sari, R. (2020). The Influence Of Financial Literacy, Use Of Financial Technology, And Gender On The Financial Behavior Of Accounting Students, Faculty Of Economics, Yogyakarta State University. Pofita Journal Of Accounting Studies. , 1 (7), 1–15.
Https://Journal.Student.Uny.Ac.Id/Index.Php/Profita/Article/View/16921/16337
Osano, H. M., & Languitone, H. (2016). Factors influencing access to finance by SMEs in Mozambique: case of SMEs in Maputo central business district. Journal of Innovation and Entrepreneurship, 5(1), 13.
https://doi.org/10.1186/s13731-016-0041-0
Putri, A (2023). Number Of Msmes Reaches 8.71 Million, Could This Be A "Shield" For Recession? February 7, 2023.
Https://Www.Cnbcindonesia.Com/Research/20230207115843-128-411724/Besar-Umkm-Capai-871-Juta-Bisa-Jadi-Tameng-Resesi
Published
2025-03-01
How to Cite
Nur Shidik, Y., & Kurniawan, A. (2025). THE INFLUENCE OF FINANCIAL INCLUSION AND FINANCIAL BEHAVIOR ON INVESTMENT DECISIONS. Journal of Management : Small and Medium Enterprises (SMEs), 18(1), 301-314. https://doi.org/10.35508/jom.v18i1.16121
Section
Articles
