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Confirmatory Analysis as a Tool for Forming Financial Inclusion, Financial Well-being, and Business Sustainability of MSMEs in the East Java Handicraft Export Sector

In: Proceedings of the 4th Business Innovation Sustainability and Technology International Conference (BISTIC 2024)

Author

Listed:
  • Ratnawati Ratnawati

    (Wisnuwardhana University, Master of Management Study Program)

  • M. Taufiq Noor Rokhman

    (Wisnuwardhana University, Master of Management Study Program)

  • Ayu Agus Tya Ningsih

    (Wisnuwardhana University, Accounting Study Program, Faculty of Economics and Business)

Abstract

The contribution of small and medium firms to enhancing the economic wellbeing of the community is substantial. Micro, Small, and Medium Enterprises (MSMEs) are fundamental to the nation’s attainment of economic stability. Enhancing financial well-being and sustainability has emerged as a primary objective, necessitating a comprehensive understanding of financial inclusion. This research aims to analyse the determinants of financial inclusion, financial well-being, and company sustainability to inform model development. The research sample comprises 236 export-oriented MSME participants in East Java, distributed across five districts. The research utilised confirmatory factor analysis approaches through Structural Equation Modelling software for data analysis. The confirmatory factor analysis results indicated that the primary indicator influencing financial inclusion is the utilisation of financial products and services. In contrast, the most significant contributor to financial well-being is financial management skills, while the business environment condition indicator is the foremost contributor to business sustainability.

Suggested Citation

  • Ratnawati Ratnawati & M. Taufiq Noor Rokhman & Ayu Agus Tya Ningsih, 2024. "Confirmatory Analysis as a Tool for Forming Financial Inclusion, Financial Well-being, and Business Sustainability of MSMEs in the East Java Handicraft Export Sector," Advances in Economics, Business and Management Research, in: Ika Zutiasari & Dede Rusmana & Muhammad Fuad (ed.), Proceedings of the 4th Business Innovation Sustainability and Technology International Conference (BISTIC 2024), pages 151-159, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-576-8_13
    DOI: 10.2991/978-94-6463-576-8_13
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