A Conceptual Framework Of Entrepreneurial Orientation, Financial Literacy, And MSMEs Performance: The Role Of Access To Finance

Abstract

This article intended to address a research vacuum by identifying the elements that impact MSMEs' financial performance, including the importance of access to finance, and establishing a conceptual framework that explains the link between these factors. The author proposed a building conceptual framework of MSMEs finance classic phenomena. A qualitative analysis approach may be used to establish and construct conceptual frameworks. This paper has combined knowledge from various relevant and reputable literature sources to build a conceptual model. If empirically verified, the suggested framework might be a viable option for supporting MSME owners in more successfully growing their businesses.

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A CONCEPTUAL FRAMEWORK OF ENTREPRENEURIAL ORIENTATION,
FINANCIAL LITERACY, AND MSMEs PERFORMANCE: THE ROLE OF
ACCESS TO FINANCE
Hamdana1, Heri Pratikto2, Sopiah3
Malang State University1,2,3, Mulia University1
E-mail : hamdana@students.um.ac.id1,
heri.pratikto.fe@um.ac.id2, sopiah.fe@um.ac.id3
Keywords
Entrepreneurial
Orientation,
Financial Literacy,
Access to Finance,
MSMEs
Performance
Article Info
Accepted:
November, 24th
2021
Revised:
December, 4th
2021
Approved:
December, 13rd
2021
Abstract This article intended to address a research
vacuum by identifying the elements that impact MSMEs'
financial performance, including the importance of access
to finance, and establishing a conceptual framework that
explains the link between these factors. The author
proposed a building conceptual framework of MSMEs
finance classic phenomena. A qualitative analysis
approach may be used to establish and construct
conceptual frameworks. This paper has combined
knowledge from various relevant and reputable literature
sources to build a conceptual model. If empirically
verified, the suggested framework might be a viable
option for supporting MSME owners in more successfully
growing their businesses.
Introduction
MSMEs (Micro, Small, and Medium Enterprises) account for the majority of
enterprises in Indonesia. According to the Ministry of Cooperatives and Small
and Medium Enterprises' (Kementrian KUKM, 2021) report data on the
development of Micro, Small and Medium Enterprises (MSME) and Large
Enterprises in 2019, there are 65,465,497 MSME units out of a total of
65,471,134 MSME units and only 5,550 large enterprises. MSMEs control

Hamdana, Heri Pratikto, Sopiah
A Conceptual Framework of Entrepreneurial Orientation, Financial Literacy, and
MSMEs Performance: The Role of Access to Finance 68
around 98.67 percent of the market. Many MSMEs, with a rate of 96.92
percent, engage in labor absorption.
In comparison to major corporations, SMEs contribute the most to GDP. MSMEs
provide a major contribution to the Indonesian economy, according to these
figures. According to studies undertaken by (Mostapha, 2016), (Agyei, 2018),
and others, micro, small, and medium firms play a significant role in Indonesia
and other nations (Mor, Madan, Archer, & Ashta, 2020). According to
(Tambunan, 2019) MSMEs play an important role for a variety of reasons.
MSMEs, for example, thrive in rural regions and may boost the rural economy,
create jobs, and foster entrepreneurship, as well as provide women with
business prospects.
This does not mean that MSMEs have convenience in developing their business.
MSMEs still often experience delays in running their business. Many basic
issues, such as finance and other issues linked to company management, have
yet to be fully handled, making it difficult for MSMEs to compete with major
corporations. The existence of such intense competitive pressure has a direct or
indirect impact on the performance of MSMEs. Entrepreneurial orientation and
financial literacy are required in running a firm since these two factors are
thought to aid MSMEs in obtaining financing and increasing their performance.
Low financial literacy may be a factor in MSMEs' difficulties in acquiring
financing (Susan, 2020). This financial literacy is connected to MSME owners'
understanding of banking, such that MSME owners are unaware of the
procedures and methods for obtaining financing. In addition, the MSME
financial administration and management system has not been successfully
implemented. As a result, banks and other financial institutions are unable to
assess the financial health of SMEs.
Entrepreneurship is a creative and imaginative aptitude that is utilized as a
foundation and resource for pursuing business prospects. The ability to
innovate, the ability to take risks, and the proactive character are three
essential elements of organizational inclinations for entrepreneurial
management processes, according to some management literature.
Entrepreneurial orientation, in theory, refers to the policies and practices that
serve as the foundation for entrepreneurial decisions and activities.
Entrepreneurship orientation is defined as the process of developing

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entrepreneurial strategies that entrepreneurs employ to achieve their objectives,
preserve their vision, and gain a competitive edge. (Mason, Floreani, Miani,
Beltrame, & Cappelletto, 2015). The techniques for developing company
strategies that provide a framework for entrepreneurial choices and actions are
referred to as EO (Lumpkin & Dess, 1996). Entrepreneurial Orientation has five
aspects, according to (Lumpkin & Dess, 1996): Competitive Aggressiveness or
competitive aggressiveness, Autonomy or autonomy, Risk-taking or risk-taking,
Proactivity or proactiveness, and Competitive Aggressiveness of competitive
aggressiveness.
Entrepreneurship orientation is seen as the process of creating entrepreneurial
strategies used by entrepreneurs to set goals, maintain their vision, and create a
competitive advantage. So, talking about strategy, access to finance is an effort
to achieve a competitive advantage. Due to the scale of MSMEs, access to
financial capital is the thing that differentiates them from their competitors at
the same level. The nature of entrepreneurial orientation is strongly
emphasized on the willingness of MSMEs to innovate in it.
Most MSMEs rely on internal financing or the services of specialized financial
institutions. Internal borrowing sometimes involves the injection of new capital
from the owner's savings and retained or undistributed profits from the
business earned in previous years. Access to credit remains an obstacle for
MSMEs in terms of working capital. In RBV theory, financial resources
complement strategic management by concentrating the firm's efforts on asset
accumulation. Sufficient financial variables have a hugely beneficial impact on a
small firm's survival and growth, and without them, a small business would
struggle to survive. Financial resources were discovered to be critical for
MSMEs' survival. However, the lack of financial resources by entrepreneurs is
the most significant obstacle to business expansion and growth. MSMEs have
difficulty in acquiring financial resources to pursue growth prospects. These
various things have caused MSMEs in Indonesia to experience difficulties in
expanding to a global level. So that business performance both financially and
non-financially becomes a problem faced by MSMEs.
One of the most important aspects of financial inclusion is financial literacy
(Hasan, Le, & Hoque, 2021). Financial literacy is defined by the Organization for
Economic Co-operation and Development (OECD) as "a mix of awareness,
knowledge, skill, attitude, and behavior required to make smart financial
decisions and attain individual financial wellness" (OECD/INFE, 2018). Financial
literacy allows people who were previously illiterate or uneducated to become

Hamdana, Heri Pratikto, Sopiah
A Conceptual Framework of Entrepreneurial Orientation, Financial Literacy, and
MSMEs Performance: The Role of Access to Finance 70
highly educated, as well as increasing the number of people who utilize
financial goods and services. The owner's financial literacy has a significant
impact on MSME success (Satiti, 2020). Financial literacy helps business owners
prepare the business's financial strategies, improve business performance, and
acquire the right financial knowledge and skills to maintain sustainability.
According to (Eton, 2017) lack of assets and weak financial foundations often
make it difficult for MSMEs globally to conduct and expand market share, as a
result of which inadequate equity capital invested in MSMEs makes these
businesses more dependent on other sources such as bank loans and other
types of financial credit. Most SMEs depend on internal financing or the services
of specialized financial institutions. Internal borrowing sometimes involves the
injection of new capital from the owner's savings, and retained or undistributed
profits from the business earned in previous years. Access to credit remains an
obstacle for MSMEs in terms of working capital.
Credit is one source of funds that can be used by business actors in meeting
business operational needs. Some credit objectives are in the microeconomic
approach, the purpose of providing credit is to obtain added value for both the
customer (the debtor) and the bank as a creditor. For customers as debtors,
obtaining credit aims to overcome financing difficulties and increase business
and income in the future. For the bank itself, it is also expected that the
provision of credit will generate interest income as a substitute for the price of
the loan itself. In the macroeconomic approach, lending is one of the
instruments to maintain the balance of the money supply in the community.
The firm's aims of remaining standing or existing (Survive), earning a profit
(Benefit), and being able to develop (Growth) may all be met if the organization
performs well. Sales, profit, return on capital, turnover, and market share
earned by the company may all be used to assess its performance. Human
resources (owners, managers, and workers), financial elements, manufacturing
technical aspects, and marketing aspects all influence MSME success.
Management is required to increase returns for MSME owners, while also
improving employee welfare. This can only happen if MSMEs make a profit in
their business activities. Generally, financial performance is used as a basis for
measuring whether a company is healthy or not. The financial performance of a
corporation is used as a subjective measuring medium to describe the success
of a company's asset management in growing revenue. There is no consensus
on how to measure performance in MSMEs, which necessitates the
development of a method that can be used at the MSME level.

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The balanced scorecard (BSC) is one of the most commonly utilized strategies.
This is a performance measuring approach that takes into account both financial
and non-financial factors. It was created in 1996 by (Kaplan & Norton, 1992).
Unfortunately, because MSMEs' circumstances differ greatly from those of large
corporations, this strategy is not the ideal match for them (Rita & Thren, 2019).
(Aribawa, 2016) developed a non-cost performance metrics technique to assess
the financial and non-financial performance of MSMEs. Because the
measurement is easier (based on perception), it is hoped that it will be able to
provide an overview of the current state of MSMEs. In the future, education will
be required to assess the company's performance using simple indicators such as
business growth, total revenue (sales), total orders, and cash position. MSME
Performance can also be measured by finance (Hudson, Smart, Bourne, Hudson,
& Bourne, 2001), productivity (De Toni & Tonchia, 2001), quality (Hudson et al.,
2001); (De Toni & Tonchia, 2001), and customer satisfaction (Hudson et al.,
2001).
Research Method
This paper used a qualitative approach with the data analysis model from Miles
and Huberman which divides the data analysis activities from data collection,
data reduction, data display, and conclusion drawing or verification (Huberman,
1994). The following are the steps of the Miles and Huberman model data
analysis method: The main activity in each research is collecting data. Firstly, the
author selects the topic to get the article collected. This paper collects data by
searching for reputable international articles from Google Scholar and Library
Databases such as Springer, Science Direct, and Emerald using the variable
name as predetermined keywords.
Data reduction entails summarizing, selecting the essentials, focusing on the
most significant aspects, and searching for themes and patterns (Huberman,
1994). Because the amount of data collected in the field is substantial, it must
be meticulously recorded. By picking articles that meet the requirements and
are focused on the issue, the data was reduced.
A display is a well-organized, condensed collection of facts that enables
conclusions to be drawn and action to be taken (Huberman, 1994). Once data is
reduced, the author presents the data in the form of a matrix or article review
table. By presenting the data, it will be easier for the author to find research
gaps and plan further work. This stage is performed by presenting an organized
collection of information with the capacity to make conclusions, because the
material gathered during the process of qualitative research is generally in the

Hamdana, Heri Pratikto, Sopiah
A Conceptual Framework of Entrepreneurial Orientation, Financial Literacy, and
MSMEs Performance: The Role of Access to Finance 72
form of the story, needing simplicity without decreasing its contents. A
conclusion is made once the evidence has been presented.
As soon as the data is obtained, the qualitative analysis begins, looking for
regularities, patterns, explanations, alternative configurations, causal processes,
and assertions (Huberman, 1994). The next step is concluding the research gaps
and finding a new conceptual model framework that is expected to be used for
further research.
Result and Discussion
Based on the article search conducted by the author using the specified variable
keywords, the number of articles obtained is as follows:
Tabel 1. Data Collection of Articles
Keyword
Number of Research Articles
Google
Scholar
ScienceDirect
Emerald
Springer
Entrepreneurial
Orientation and
Access to Finance
MSME
12,800
368
77
13
Finance Literacy
and Access to
Finance MSME
7,270
35
30
27
Entrepreneurial
Orientation and
MSME
Performance
13,700
56
102
13
Finance Literacy
and MSME
Performance
6,530
27
30
19
Access to Finance
and MSME
Performance
14,100
160
176
85
Entrepreneurial
Orientation,
Access to Finance
and MSME
Performance
13,600
34
77
11
Finance Literacy,
Access to Finance
and MSME
5,960
25
30
18

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Performance
The authors filtered the articles found in the following way:
a. The article has variables related to the relationship variables used by the
author
b. The data are review articles and research articles
c. The data consists of articles from 2012-2021
d. International articles found to be reputable and indexed by Copernicus,
Sinta, or Scopus
e. Articles that have been found and then the author conducts a review by
looking at the influence of the related variables
By filtering the data above, the number of articles obtained are as follows:
Table 2. Data Reduction of Articles
Keyword
Number of
Research Articles
Entrepreneurial Orientation and Access to Finance
MSME
6
Finance Literacy and Access to Finance MSME
6
Entrepreneurial Orientation and MSME Performance
7
Finance Literacy and MSME Performance
7
Access to Finance and MSME Performance
5
Entrepreneurial Orientation, Access to Finance and
MSME Performance
3
Finance Literacy, Access to Finance and MSME
Performance
2
The following is the gap research table as data collection of article review
collected by the author.
Table 3. References of Research Article
No
Relationship Between
Variables
References

Hamdana, Heri Pratikto, Sopiah
:
A Conceptual Framework of Entrepreneurial Orientation, Financial Literacy, and
MSMEs Performance: The Role of Access to Finance 74
1
Entrepreneurial
Orientation and Access to
Finance
(Fatoki, 2012);(Sidek, Mohamad, &
Nasir, 2016); (Fatima & Bilal, 2020);
(Zarrouk, Sherif, Galloway, & El Ghak,
2020); (Rizki Agung Putra, Firdausi
Nuzula, & Khalid Mawardi, 2021);
(Khan, Salamzadeh, Kawamorita, &
Rethi, 2021)
2
Finance Literacy and
Access to Finance
(Adomako, Danso, & Ofori Damoah,
2016); (Dewi, 2018), (Hussain, Salia, &
Karim, 2018); (Ye & Kulathunga, 2019);
(Frempong et al., 2021); (Buchdadi,
Sholeha, Ahmad, & Mukson, 2020)
3
Entrepreneurial
Orientation and MSME
Performance
(Rita & Wahyudi, 2019); (Alvarez-
Torres, Lopez-Torres, & Schiuma, 2019);
(Isichei, Emmanuel Agbaeze, & Odiba,
2020); (Kiyabo & Isaga, 2020);
(Wijayanto, Wahyullah, & Aribawa,
2020); (Ardhi, Mulyo, & Irham, 2021);
(Ferreira, Fernandes, Kraus, &
McDowell, 2021)
4
Finance Literacy and
MSME Performance
(Mabula & Ping, 2018); (Wijayanto et
al., 2020); (Satiti, 2020); (Kulathunga,
Ye, Sharma, & Weerathunga, 2020);
(Utami, Aprilia, & Putra, 2021); (Nakita
Gusman, Subiakto Soekarno, 2021);
(Buchdadi et al., 2020)
5
Access to Finance and
MSME Performance
(Fatoki, 2012); (Mabula & Ping, 2018);
(Rajamani & A, 2019); (Buchdadi et al.,
2020);(Rizki Agung Putra et al., 2021);
6
Entrepreneurial
Orientation, Access to
Finance and MSME
Performance
(Sidek et al., 2016); (Zarrouk et al.,
2020); (Rizki Agung Putra et al., 2021);
7
Finance Literacy, Access to
Finance and MSME
Performance
(Dewi, 2018); (Buchdadi et al., 2020)
The following Figure 1 is the proposed conceptual framework:

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Figure 1. Proposed Conceptual Framework
Based on the conceptual framework, the hypothesis below were proposed:
H1: The link between entrepreneurial orientation and access to finance has a
beneficial effect
H2: The link between Financial Literacy and Access to Finance has a beneficial
effect
H3: The association between entrepreneurial orientation and MSME
performance has a beneficial effect
H4: The association between financial literacy and MSME performance has a
beneficial effect
H5: There is a favorable correlation between MSME performance and access to
finance
H6: With Access to Finance as a Mediating Variable, there is a favorable
influence in the link between Entrepreneurial Orientation and MSME
Performance
H7: With Access to Finance as a Mediating Variable, there is a beneficial
influence in the link between Financial Literacy and MSME Performance.
The design suggested by the author is an observational quantitative design with
a cross-sectional study approach. The data collection method that can be used is
a questionnaire distributed to MSME owners or managers. Future research can
use structural equation modeling to test the existing hypothesis. Each
dimension or variable indicator that can be used is obtained from the research

Hamdana1, Heri Pratikto2, Sopiah3:
A Conceptual Framework of Entrepreneurial Orientation, Financial Literacy, and
MSMEs Performance: The Role of Access to Finance 76
article with the table describing the variables below:
Table 4. Dimension or Indicator Based on References
No
Variable
Dimension or
Indicator
Measuring
Range
References
1
Entrepreneurial
Orientation
a. Pro-activeness
b. Risk Taking
c. Competitive
Aggressiveness
d. Autonomy
e. Innovativeness
5-point
Likert scale
(from
“strongly
disagree” =
1 to
“strongly
agree” = 5)
(Lumpkin &
Dess, 1996);
(Bolton & Lane,
2012); (Kiyabo
& Isaga, 2020)
2
Financial Literacy
a. We can prepare
monthly income
reports. We've gotten
bookkeeping training.
b. We are aware of the
paperwork necessary
to get a bank loan. We
are well-versed in
accounting and can
produce basic
bookkeeping. We can
figure out how much it
costs to borrow
money. I am aware of
the costs and
advantages of credit.
c. We have a savings
account for our
company. I can
accurately compute
interest rates and loan
installments. We have
the ability to reduce
losses by reducing
poor credit. We can
examine our accounts
frequently. We have
the expertise to
evaluate a company's
possibilities.
5-point Likert
scale (from
“strongly
disagree” = 1
to “strongly
agree” = 5)
(Volpe, 1998);
(Buchdadi et al.,
2020);

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3
Access to
Finance
a. The loan products
available are
those that are
required.
b. Bank loan
terms and
circumstances
are favorable to
us.
c. Bank-offered
savings products
are secure for
our company.
d. The bank's
financial services
have resulted in a
rise in our
business.
e. Our company is
covered by
official insurance.
f. The bank charges
a reasonable
account opening
cost.
g. I like to lend in
cooperatives
instead of banks.
5-point
Likert scale
(from
“strongly
disagree” =
1 to
“strongly
agree” = 5)
(Adomako
et al., 2016);
(Buchdadi
et al., 2020)
4
MSME
Performance
a. The business has
reached the
Break Event Point
(BEP)
b. Reducing
operational costs
c. Customer orders
are confirmed
quickly.
d. Fast confirmation
of customer
orders
e. Employees are at
ease at work
f. Employees share a
5-point
Likert scale
(from
“strongly
disagree” =
1 to
“strongly
agree” = 5)
(Hudson et
al., 2001);
(Buchdadi et
al., 2020)

Hamdana, Heri Pratikto, Sopiah
A Conceptual Framework of Entrepreneurial Orientation, Financial Literacy, and
MSMEs Performance: The Role of Access to Finance 78
same vision and
objective for the
company's
improvement.
g. Prompt reaction
to market
demand
h. Increase profit and
market share
through product
innovation.
Conclusion
MSMEs have an important role in the Indonesian economy because they make a
significant contribution, especially in the formation of gross domestic product
and employment. MSMEs are also seen to have strong economic resilience,
allowing them to contribute to the financial system's an economy's stability.
MSMEs, on the other hand, continue to encounter many challenges, one of
which is financial access. The authors show the importance of access to money
in mediating the link between entrepreneurial orientation, financial literacy, and
MSME success, based on a survey of related research. The authors conducted a
data analysis model from Miles and Huberman by collecting data, reducing data
drawing conclusions, and drawing conclusions/verification. After performing the
data analysis method, the authors formulated a conceptual framework with
seven hypotheses. The authors hope that the conceptual framework of the
formulated model can be adopted by further researchers to provide empirical
evidence of the model.
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