Jakman

Article Details

Vol. 7 No. 2 (2026): Maret

Articles

Integrative Model of Financial Literacy, Social Entrepreneurship, and Pentahelix Collaboration on MSME Performance

R Ratna Damayanti R Raisa Aribatul Hamidah K Kartika Hendra Titisari
09 March 2026 Vol. 7 No. 2 (2026): Maret https://doi.org/10.35912/jakman.v7i2.5542
Abstract

Purpose: This study aims to analyze the influence of financial literacy, social entrepreneurship, and Pentahelix collaboration on the performance of MSMEs in Karanganyar Regency, with business innovation as a mediating variable. This study aims to understand how internal and external factors interact to improve the performance and competitiveness of MSMEs in the era of digital economy transformation.

Research Methodology: A survey of 382 MSME actors in Ngargoyoso, Karangpandan, and Tawangmangu was conducted. Data were analyzed using SEM-PLS with SmartPLS software, testing the outer model, inner model, and mediation to assess direct and indirect relationships.

Results: Financial literacy and social entrepreneurship impact MSME performance, while Pentahelix collaboration does not. All three positively influence innovation, which enhances performance. Innovation mediates the relationship between financial literacy and Pentahelix collaboration, but not social entrepreneurship.

Conclusions: This study expands the application of the theory of Resource-Based View and open innovation theories by emphasizing that innovation is a strategic bridge between internal resources and external collaboration in strengthening MSME performance and sustainability.

Limitations: This study only covers three sub-districts in Karanganyar Regency; therefore, the generalization of results needs to be done carefully.

Contributions: This study provides insights into how financial literacy, social entrepreneurship, and pentahelix collaboration impact MSME performance, with business innovation as a mediator. It extends the Resource-Based View and open innovation theories, offering valuable implications for enhancing MSME competitiveness and sustainability in the digital economy.

Keywords: Business Innovation Financial Literacy MSME Performance Pentahelix collaboration Social Entrepreneurship
How to Cite
“
Damayanti, R., Hamidah, R. A., & Titisari, K. H. (2026). Integrative Model of Financial Literacy, Social Entrepreneurship, and Pentahelix Collaboration on MSME Performance. Jurnal Akuntansi, Keuangan, Dan Manajemen, 7(2), 157–171. https://doi.org/10.35912/jakman.v7i2.5542
Endnote/Zotero/Mendeley (RIS) BibTeX
References
  1. Adomako, S., Danso, A., & Ofori Damoah, J. (2016). The moderating influence of financial literacy on the relationship between access to finance and firm growth in Ghana. Venture Capital, 18(1), 43-61. doi:https://doi.org/10.1080/13691066.2015.1079952
  2. Agyapong, D., & Attram, A. B. (2019). Effect of owner-manager’s financial literacy on the performance of SMEs in the Cape Coast Metropolis in Ghana. Journal of Global Entrepreneurship Research, 9(1), 67.
  3. Al-Shami, S. A., Damayanti, R., Adil, H., & Farhi, F. (2024). Financial and digital financial literacy through social media use towards financial inclusion among batik small enterprises in Indonesia. Heliyon, 10(15). doi:https://doi.org/10.1016/j.heliyon.2024.e34902
  4. Aribawa, D. (2016). Pengaruh literasi keuangan terhadap kinerja dan keberlangsungan UMKM di Jawa Tengah. Jurnal siasat bisnis, 20(1), 1-13. doi:https://doi.org/10.20885/jsb.vol20.iss1.art1
  5. Arifuddin, A., Nurnaluri, S., & Intani, F. (2023). Pengaruh literasi keuangan dan financial technology terhadap kinerja keuangan UMKM (Studi kasus pada Cafe di Kota Kendari). Jurnal Akuntansi Dan Keuangan, 8(1), 298-310. doi:https://doi.org/10.33772/jak.v8i1.54
  6. Aryanti, A. N., Rahmi, P. P., Hendrayati, H., & Rahayu, A. (2023). Industri kreatif unggul melalui strategi inovasi dan pentahelix collaboration: langkah pemulihan bisnis di covid19. Inovasi: Jurnal Ekonomi, Keuangan, dan Manajemen, 19(1), 163-177. doi:https://doi.org/10.30872/jinv.v19i1.2469
  7. Awaluddin, M., Sule, E. T., & Kaltum, U. (2016). The influence of competitive forces and value creation on company reputation and competitive strategy: a case of digital creative industry in Indonesia with the implication on sustainable business performance. International Journal of Economics, Commerce and Management, 4(2), 201-234.
  8. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of management, 17(1), 99-120. doi:https://doi.org/10.1177/014920639101700108
  9. Carayannis, E. G., Barth, T. D., & Campbell, D. F. (2012). The Quintuple Helix innovation model: global warming as a challenge and driver for innovation. Journal of innovation and entrepreneurship, 1(2), 1-12.
  10. Etzkowitz, H., & Leydesdorff, L. (2000). The dynamics of innovation: from National Systems and “Mode 2” to a Triple Helix of university–industry–government relations. Research policy, 29(2), 109-123. doi:https://doi.org/10.1016/S0048-7333(99)00055-4
  11. Fu, Q., Sial, M. S., Arshad, M. Z., Comite, U., Thu, P. A., & Popp, J. (2021). The inter-relationship between innovation capability and SME performance: The moderating role of the external environment. Sustainability, 13(16), 9132. doi:https://doi.org/10.3390/su13169132
  12. Gumbo, L., Margaret, M., & Chagwesha, M. (2022). Personal financial management skills of university students and their financial experiences during the COVID-19 pandemic. International Journal of Financial, Accounting, and Management, 4(2), 129-143. doi:https://doi.org/https://doi.org/10.35912/iifam.v4i2.835
  13. Halibas, A. S., Sibayan, R. O., & Maata, R. L. R. (2017). the Penta Helix Model of Innovation in Oman: an HEI Perspective. Interdisciplinary Journal of Information, Knowledge & Management, 12, 159. doi:https://doi.org/https://doi.org/10.28945/3735
  14. Hoogendoorn, B., Van der Zwan, P., & Thurik, R. (2019). Sustainable entrepreneurship: The role of perceived barriers and risk. Journal of business ethics, 157(4), 1133-1154. doi:https://doi.org/10.1007/s10551-017-3646-8
  15. Indrayani, S., & Arman, A. (2025). The Role The Role of Innovation Mediation on the Influence of Digital Marketing Capabilities on MSME Marketing Performance in Makassar. Asian Journal of Management, Entrepreneurship and Social Science, 5(3), 920-940. doi:https://doi.org/10.63922/ajmesc.v5i03.1417
  16. Is, R., Kv, S., & Hungund, S. (2025). MSME/SME financial literacy: A systematic literature review and bibliometric analysis. Journal of the Knowledge Economy, 16(4), 14378-14405. doi:https://doi.org/10.1007/s13132-024-02472-0
  17. Jain, P., & Sharma, B. K. (2023). Impact of green banking practices on sustainable environmental performance and profitability of private sector banks. International Journal of Social Ecology and Sustainable Development (IJSESD), 14(1), 1-19. doi:https://doi.org/10.4018/IJSESD.330135
  18. Kaban, M. (2024). Understanding financial management as a determining factor for the success of MSMEs: A qualitative study. International Journal of Accounting and Management Information Systems, 2(1), 51-60. doi:https://doi.org/10.35912/ijamis.v2i1.3210
  19. Kasenda, B. S., & Wijayangka, C. (2019). Pengaruh literasi keuangan terhadap kinerja UMKM. Almana: Jurnal Manajemen Dan Bisnis, 3(1), 153-160. doi:https://doi.org/10.36555/almana.v3i1.459
  20. Kimunduu, G., Erick, O., & Shisia, A. (2016). A study on the influence of financial literacy on financial performance of small and medium enterprises in Ruiru Town, Kiambu County, Kenya. International Journal of Economics, Commerce and Management, 4(11), 416-433.
  21. Le Roy, F., & Czakon, W. (2016). Managing coopetition: the missing link between strategy and performance. Industrial Marketing Management, 53(1), 3-6. doi:http://dx.doi.org/10.1016/j.indmarman.2015.11.005
  22. Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of economic literature, 52(1), 5-44.
  23. Martini, E. (2023). A quintuple helix model for foresight: Analyzing the developments of digital technologies in order to outline possible future scenarios. Frontiers in Sociology, 7, 1102815.
  24. Medhika, N. G. A. J., Giantari, I. G. A. K., & Yasa, N. N. K. (2018). Peran keunggulan bersaing dalam memediasi orientasi pasar dan orientasi kewirausahaan dengan kinerja UKM. INOBIS: Jurnal Inovasi Bisnis Dan Manajemen Indonesia, 1(2), 183-195. doi:https://doi.org/10.31842/jurnal-inobis.v1i2.29
  25. Menike, L. (2018). Effect of financial literacy on firm performance of Small and Medium Enterprises in Sri Lanka. SSRN. doi:http://dx.doi.org/10.2139/%0Assrn.3306719
  26. Peredo, A. M., & McLean, M. (2006). Social entrepreneurship: A critical review of the concept. Journal of world business, 41(1), 56-65. doi:https://doi.org/10.1016/j.jwb.2005.10.007
  27. Putra, J. M., Karundeng, D. R., Gofur, A., Tresnadjaja, R., Suhara, A., Sukmayadi, S., & Sopyan, A. (2024). Entrepreneurship in the era of society 5.0: Navigating digitalization for innovation and growth. Journal of Sustainable Tourism and Entrepreneurship, 6(1), 1-13. doi:https://doi.org/10.35912/joste.v6i1.2224
  28. Salfore, N., Ensermu, M., & Kinde, Z. (2023). Business model innovation and firm performance: Evidence from manufacturing SMEs. Heliyon, 9(6). doi:https://doi.org/10.1016/j.heliyon.2023.e16384
  29. Seran, M. S. (2019). Kewirausahaan Sosial: Suatu Strategi Pengembangan Potensi Desa Melalui Program Dana Desa. Jurnal Poros Politik, 1(2), 21-25. doi:https://doi.org/10.32938/jppol.v1i2.452
  30. Sulaiman, E., Fitralisma, G., Fata, M. A., & Nawawi, R. (2024). Empowering local communities engagement: Rural tourism and business innovation for SDGs desa. Journal of Sustainable Tourism and Entrepreneurship, 5(1), 31-44. doi:https://doi.org/https://doi.org/10.35912/joste.v5i1.1968
  31. Towo, T., & Jonasi, K. (2024). The impact of financial literacy on financial preparedness for retirement among formally employed individuals in Zimbabwe. Annals of Management and Organization Research, 5(4), 285-295. doi:https://doi.org/10.35912/amor.v5i4.2015
  32. Usama, K. M., & Yusoff, W. (2019). The impact of financial literacy on business performance. International Journal of Research and Innovation in Social Science, 3(10), 84-91.
  33. Widayanti, R., Damayanti, R., & Marwanti, F. (2017). Pengaruh financial literacy terhadap keberlangsungan usaha (business sustainability) pada umkm desa jatisari. Jurnal Ilmiah Manajemen dan Bisnis, 18(2), 153-163.
License & Copyright
Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.