Tradition meets tomorrow: When do socioemotional wealth and long-term orientation relate to family control?

This study aims to explore the application of the Marketing 5.0 concept in Micro, Small, and Medium Enterprises (MSMEs) in Indonesia, with a focus on the challenges and strategies faced in adopting advanced technology in digital marketing. This study employs a descriptive–qualitative approach using a case study design in the city of Semarang, the research involved 10 participants (business owners, marketing managers, and digital marketing staff). Using thematic analysis, the study identifies key themes, including the adoption of basic digital technologies as the foundation of marketing; early use of AI such as customer service chatbots and automated product recommendations; utilisation of simple analytics from social media and e-commerce platforms to map consumer behaviour; and the strengthening of human-centred approaches through storytelling and personalised content. Practical examples include the use of simple IoT tools for stock monitoring and Instagram insights to determine optimal posting times. The findings reveal that major challenges, limited digital infrastructure, low technological literacy, and constrained human resources can be addressed through gradual technology adoption and external support, particularly government-led digital training and technical assistance from technology companies. The study underscores that a mindset shift towards greater openness to technology is essential for MSMEs to fully harness the potential of Marketing 5.0.

This study aims to examine the impact of MSME Credit and Interest Rates (BI Rate) on MSME Growth in Indonesia. Using panel data from five provinces during the 2019–2023 period, the study applies the Panel Least Squares method with White cross-section robust standard errors to obtain reliable estimates. The findings reveal that MSME Credit has a positive and significant effect on MSME Growth, confirming that access to productive financing plays a crucial role in enhancing the capacity and performance of micro, small, and medium enterprises. The BI Rate also shows a positive and significant effect, although its contribution is smaller compared to MSME Credit. The model explains 74.69% of the variation in MSME Growth, indicating that both variables serve as key determinants of MSME performance in Indonesia. These results imply the importance of expanding access to productive credit and maintaining monetary stability to support sustainable MSME development.

This study aims to analyze the effect of financial literacy on the financial performance of Micro, Small, and Medium Enterprises (MSMEs) with the utilization of Financial Technology (FinTech) as a moderating variable. The research is grounded in the importance of MSME actors’ ability to manage finances effectively and utilize digital innovation to enhance business competitiveness and sustainability in the digital economy era. A quantitative explanatory approach was employed, involving MSME owners in West Java Province as the study population, with a sample of 400 respondents determined using the Slovin formula at a 5% margin of error. Data were collected through Likert-scale questionnaires and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The findings show that financial literacy has a positive and significant effect on MSME financial performance, as indicated by an R² value of 0.582. This means that 58.2% of the variation in financial performance is explained by financial literacy and FinTech utilization, while the remaining 41.8% is influenced by other factors outside the model. Moreover, FinTech utilization also has a positive effect on financial performance and moderates the relationship between financial literacy and financial performance. Higher FinTech adoption strengthens the influence of financial literacy on MSME performance. These findings highlight the importance of synergy between financial education and digital technology adoption in promoting financial inclusion and supporting MSME growth in West Java.

The circular economy (CE) has been widely promoted as a strategy for sustainable development, yet evidence of its implementation among rural small and medium enterprises in developing countries remains limited. This study aims to examine how rural enterprises in Banyumas District, Central Java, Indonesia, adopt CE practices and to identify the challenges and opportunities associated with these practices. Data were collected through focus group discussions, semi-structured interviews and field observations involving 20 participants from various rural enterprises. The data were analyzed using thematic analysis to generate insights into innovative practices. The findings reveal that innovative practices include the use of organic materials, renewable energy generation, and the utilization of industrial by-products. However, significant challenges persist, including a shortage of natural dye raw materials, unstable color quality, high production costs, low local market demand, and limited technical maintenance in biogas facilities. Education, training, and cross-sector collaboration emerge as essential enablers for advancing CE practices in rural SMEs.

This research aims to map the knowledge architecture and research landscape regarding the adoption of financial technology by Micro, Small, and Medium Enterprises (MSMEs) in Indonesia. Although MSMEs are vital to the national economy, contributing 61% of the GDP, a comprehensive understanding of research trends, collaboration networks, and thematic gaps remains fragmented. To bridge this gap, this study presents a helicopter view thru a comprehensive literature synthesis. This research uses a bibliometric analysis design. Data was collected from the leading database Dimension.ai using specific keywords. Then, the data was analyzed to visualize citation networks, co-authorship, and keyword mapping using VOSviewer software. The results revealed that the research focus was divided into three main thematic clusters: Cluster Red (Islamic fintech, P2P lending), Cluster Green (digital economy, technology adoption), and Cluster Blue (MSME performance and risk management). The collaboration network shows a strong pattern, dominated by key authors affiliated with major universities in Indonesia, such as Airlangga University and the University of Indonesia. Nevertheless, reputable international journals (Heliyon, Sustainability) remain the primary citation references, highlighting a gap between national research productivity and global citation rates. This research theoretically confirms the shift in fintech adoption research by incorporating contextual and structural dimensions.

Predictors of financial distress: Differences between financial and non-financial small and medium-sized enterprises

Drought is a prolonged period of abnormally low precipitation, leading to a significant water deficit that adversely affects the environment, agriculture, and various socio-economic activities. Severe weather phenomena, including droughts, floods, wildfires and hurricanes inflict rapid and significant economic losses among businessmen and women. They interrupt commercial activities, harm critical infrastructure, wipe out agricultural production, and force many communities to relocate. The aim of this study was to assess the economic effects of drought and identify strategic adaptation mechanisms employed by Small and Medium Enterprises (SMEs) in Lusaka District, Zambia. A cross-sectional research design was used in this study. This study used a stratified random sampling method to select 384 participants (owners and managers of SMEs) from SMEs within such targeted sites as Town Centers, Soweto market, City Market, and Buseko Market. Approval was obtained from the University of Zambia Biomedical Research Ethics Committee (UNZABREC) REF. No. 5913-2024 and the Lusaka City Council to ensure ethical compliance for the study. Respondents were informed that participating in this study was completely voluntary and that, they were free to withdraw from the study at any time without any consequence. The participants were informed that taking part in the study would not put them at risk of harm and that they would not gain any immediate personal benefits from their involvement. Respondents were also assured that the collected data would not be disclosed to anyone and that confidentiality and anonymity would be maintained throughout the study. After all aspects of the study had been clearly explained and the participants had demonstrated understanding, written informed consent was obtained from each respondent prior to the commencement of data collection. Primary data was collected using a structured questionnaire with closed-ended questions. The collected primary data was analysed using SPSS version 28, and the analysed data were presented using pie charts and tables. The results from this study demonstrated that, most of the respondents (63.2%) reported that drought lead to reduced operational costs and increased profitability among Small and Medium Enterprises (SMEs) in Lusaka District. The study also found that, few study participants (20%) indicated that, drought decreased revenue, increased operational costs, and caused challenges to the continuity of businesses. The findings from this study found that, most of the respondents (52.1%) diversified their products and services to meet changing demands of their customers during droughts. In contrast, increasing staff wages emerged as the second most significant strategy adopted by 27.1% (104) of SMEs. The study further disclosed that, the majority of respondents (82.1%) reported that limited access to financial resources and credit facilities emerged as a major challenge faced by small and medium enterprises in implementing effective drought adaptation strategies in Lusaka District of Zambia. While the majority of SMEs reported increased profitability and reduced operational costs due to strategic adaptations, a notable minority highlighted challenges such as revenue loss, increased expenses, and operational disruptions. The author recommends that, to enhance resilience, SMEs in Lusaka District should build on adaptive strategies such as product diversification and wage adjustments, while policymakers and financial institutions should work to overcome the critical barriers of limited access to credit and financial resources.

The success of every organisation depends on her financial capacity, which plays a fundamental role in production. In recent time, poor financial capacity among industries in the Nigerian productive sector has resulted into poor internal Control policies. This study investigated the impact of internal control and financial performance on small and medium scale enterprises in Kebbi State, Nigeria. A descriptive survey design research was adopted. The estimated workers’ population of all respondents selected as of 2025 were 2,200 which consist of CEO’s, Managers, and Internal control units of the various SMEs in Kebbi State, Nigeria. A total of 338 respondents were sampled for the study using simple random sampling technique. A self-designed questionnaire was administered. The Pearson Product Moment Correlation Coefficient Analysis was employed to test the five hypotheses with a two-tailed test of significance at P<0.01 level. The results revealed that there is a significant relationship between individual internal control components and financial performance of small and medium enterprises in Kebbi state Nigeria. There also exists combined relationship between the internal control components (control environment, risk assessment, control activities, monitoring, information, and communication) and financial performance of small and medium enterprises in Kebbi state NNigeria. The study recommends regular and timely financial audits to help SMEs detect any gaps in their financial systems and financial performance. The management of the SME should conduct an annual evaluation of the financial reporting process and implement an internal audit system that permits monitoring of operational efficiency. The study also suggests that a frequent risk assessment be conducted so that SME management may determine whether or not their goals will be reached. In addition to implementing proper controls in the custody and disposal of assets, the management of a small to medium-scale enterprise (SME) should consider; control activities and information, and communication in order to improve financial performance.

The rapid growth of interconnected devices in small office and home networks has introduced heightened cybersecurity risks, yet traditional Intrusion Detection Systems (IDS) often demand extensive computational resources, making them unsuitable for deployment in resource-constrained environments. This study presents the design, implementation, and evaluation of a lightweight machine learning-based IDS optimized for small networks with limited processing power and memory. The research employed the CICIDS2017 dataset as the primary benchmark, subjecting it to comprehensive preprocessing, including data cleaning, normalization, encoding, feature scaling, and dimensionality reduction through Principal Component Analysis (PCA). Multiple classical Machine Learning algorithms, including Decision Tree, Random Forest (pruned), Naïve Bayes, K-Nearest Neighbors, and Ridge Classifier, were implemented and comparatively evaluated. Performance metrics such as accuracy, precision, recall, F1-score, CPU utilization, memory usage, and latency were used for assessment. Results indicated that the Random Forest achieved the best balance between accuracy and efficiency with low false positive rates, and minimal computational requirements suitable for lightweight environments. The Random Forest was integrated into a Flask-based RESTful API and a Streamlit dashboard. By bridging machine learning techniques with practical deployment frameworks, it contributes a resource-efficient, scalable, and user-friendly security solution tailored to small enterprises and personal network environments.

<p><em>Based on data from the Ministry of Cooperatives and SMEs, the Micro, Small and Medium Enterprises (MSMEs) sector in Indonesia reached 64.2 million units and contributed 61.07% to the Gross Domestic Product (GDP). West Java Province ranks first with the largest number of MSMEs, including the Jatinangor area which is experiencing rapid growth of MSMEs along with its development as an educational area. However, most MSME players in this region face obstacles in business development due to low financial literacy and limited access to formal financing, such as the People's Business Credit (KUR). Bank Mandiri, as one of the largest KUR channeling banks, has developed digital innovations and strategic partnerships to increase the financial inclusion of MSME players. This study aims to analyse the effect of KUR facilities and financial literacy on the welfare of MSME actors, with business productivity as a mediating variable. The research method used is quantitative with a Partial Least Square - Structural Equation Modeling (PLS-SEM) approach. Based on the results of the analysis of data obtained from MSME actors in Jatinangor, it was found that KUR and financial literacy have a direct and significant effect on productivity and welfare. In addition, productivity is proven to mediate the relationship between the two variables and welfare. The results of this study suggest that strengthening access to financing and improving financial literacy are key strategies in encouraging the productivity and welfare of MSMEs in a sustainable manner, especially in semi-urban areas such as Jatinangor.</em></p>

LALABO (Laundry Laboratory) is a laundry business model in Jakarta, characterized by its hypoallergenic and eco-friendly services, utilizing smart locker technology for drop points, mobile application, and personalized fragrance options. This study responds to the growing demand for skin-safe laundry services, driven by limited providers and increasing public awareness of skin health in Jakarta and other major Indonesian cities. Using a descriptive case study approach, data were collected through document analysis, observation, and organizational review. The analysis focused on designing a risk management model based on the ISO 31000:2018 framework. The findings indicate that structured risk identification, assessment, and treatment are essential for managing uncertainties in marketing, operations, human resources, and finance. LALABO can minimize potential risks and achieve operational excellence. Academically, this study expands the limited literature on ISO 31000 implementation in micro and small service enterprises, while practically it provides insights for entrepreneurs developing innovation-driven businesses.

Purpose The purpose of this study is to investigate the efficacy of the pre-packaged insolvency resolution process (PPIRP) introduced specifically for micro, small and medium enterprises (MSMEs) in India under the Insolvency and Bankruptcy Code (IBC), 2016. The study aims to address the gap in literature with respect to the real-world impact of the PPIRP by evaluating whether it achieves its intended goals of being a timely, cost-effective and stakeholder-friendly process for resolution of insolvency of MSMEs. The research has been motivated by the need to understand the practical challenges of PPIRP and compare it with the corporate insolvency resolution process (CIRP) to propose reforms for boosting its effectiveness. Design/methodology/approach This study adopts a qualitative, doctrinal methodology to assess the efficacy of the PPIRP under the IBC. The study involves a systematic interpretation of the statutory provisions and case laws as primary sources. The study is complemented by secondary sources such as articles, commentaries from leading firms and reports from IBBI. Because the PPIRP is a relatively new mechanism that was introduced in 2021, the research has emphasized on examining the legal and practical implications of the same in India. Apart from the regulatory analysis, the research also incorporates a comparative approach by evaluating the PPIRP process against the CIRP process to highlight the strengths, limitations and the scope of improvements in both. The study also incorporates case analysis method to provide insights into the ground reality of the successful or unsuccessful implementation of the PPIRP. The study also incorporates comparisons with similar processes adopted by jurisdictions such as the USA, the UK and Singapore to understand the distinctiveness of the Indian process. This multifaceted methodology ensures that there is a balanced and comprehensive assessment of the role of PPIRP in the insolvency resolution landscape in India. Findings The findings of this study reveal that though the PPIRP was anticipated to be a cost-effective, time-bound and debtor-in-control alternative for the MSMEs as against the traditional insolvency resolution mechanism, it has had limited practical impact. The rate of adoption of the PPIRP mechanism remains low with several structural and procedural challenges, which hinder the applicability of the PPIRP. These include a high default threshold, stringent eligibility criteria and a requirement for substantial approvals from creditors before the initiation of the process. Though the PPIRP process has been designed to expedite resolution and minimize the judicial intervention, the same is not achieved, and there are delays because of procedural complexities and hesitancy of stakeholders. The case studies present mixed outcomes, where, in some cases, the PPIRP enabled timely resolution of insolvency, while in the others, the process was either converted to CIRP or withdrawn as the creditors failed to achieve a consensus. While the PPIRP offers advantages in terms of a hybrid process that allows debtor control with creditor oversight and reduced costs, in comparison with the international pre-packaged systems, it lacks methods for stakeholder buy-in and flexibility. The research highlights the need for reforms to enhance stakeholder engagement, lower the entry barriers and align the PPIRP to global best practices to meet its full potential. Originality/value The study is, to the best of the authors’ knowledge, among the first few comprehensive doctrinal analyses into the effectiveness of the PPIRP in India. It offers a balanced view on the PPIRP process, highlighting both its strengths and weaknesses. The research provides a basis for suggesting changes for improving the PPIRP process and its implementation. The findings are valuable for insolvency professionals, policymakers and MSME stakeholders and lay the groundwork for any future empirical research to be conducted on PPIRP.

Purpose Drawing upon the theories of social exchange and social cognition, this study aims to comprehend the mechanism leading to Green Work Engagement (GWE) in organizations. The authors examine a model in which the impact of Green Leadership (GL) and Green Human Resources Management (GHRM) is observed on Green Work Engagement through the unique intervening mechanism of Environmental Awareness (EA). Design/methodology/approach A quantitative time-lagged cross-sectional survey was conducted through purposive sampling, where data were gathered from 318 managers of the manufacturing SMEs in the twin cities of Pakistan. The gathered data were analyzed via SPSS 29.0 and SmartPLS 4.1.0.8 software. Findings The relationship between GL and GWE was found to be positive and significant, as well as between GHRM and GWE. Additionally, the mediation of EA was found significant between GL and GWE, and insignificant between GHRM and GWE. Practical implications The results uniquely contribute to the existing literature and offer invaluable insights for decision-makers on how to foster an environmentally engaged workforce in the context of a deteriorating natural environment. Originality/value Several factors make this study distinct. First, it identifies and fills a gap concerning the determinants of GWE, which are very few in themselves. Second, it examines the intervening mechanism of EA, which, according to the authors’ knowledge, has never been explored in the constructs’ relationship before. Third, to the best of the authors’ knowledge, this is the first study of its kind to be conducted in the small and medium-sized manufacturing enterprises (SME’s) in the twin cities of Pakistan.

Purpose: This study investigated the influence of accounting activities outsourcing on accountability in small and medium-scale enterprises (SMEs) in Osogbo, Osun State, Nigeria. Methodology: The survey research design was employed for the study, with the population of the study consisting of 120 registered small and medium-scale enterprises (SMEs) operating in Osogbo. The convenience sampling technique is adopted in selecting 100 respondents from the SMEs to make up the sample size of the study. Data for the study were collected using questionnaires. The study adopted correlation and regression analysis to examine the relationship and effect of the explanatory variables on the dependent variables. Results and conclusion: The study found that accounting activities outsourcing has a positive significant effect on transparency while it has a negative effect on the relevance of financial activities. Also, accounting activities outsourcing has a non-significant effect on accountability. The study therefore recommends that SMEs should engage professional accounting services to improve transparency, ensure outsourced accounting functions are properly monitored to maintain relevance, and complement outsourcing with internal controls to enhance overall accountability. Implication of findings: The implication of this study is that outsourcing accounting activities can improve transparency in SMEs but may reduce the relevance of financial information if not properly managed. It also suggests that outsourcing alone does not guarantee accountability without adequate supervision. SMEs should therefore manage outsourced accounting functions strategically to enhance transparency, relevance, and accountability.

In this research paper, the monetary results of Rajasthan's Micro, Small, and Medium-Sized Enterprises (MSMEs), which currently employ over 9.2 million people throughout 4.37 million registered units and account for 38% of the state's GDP, is examined in relation to working capital management (WCM). Using structured questionnaires and SPSS-based multiple regression analysis, the study tested three hypotheses that linked WCM components (liquidity, receivables, payables, and inventory) to profitability, working capital efficiency, and operational performance. Stratified random sampling was used to select 400, 385 acceptable responses from manufacturing clusters such as Jaipur textiles and Bhilwara handicrafts. All null hypotheses are rejected by the results, which show that WCM accounts for 67.9% of the variance in operational efficiency (Ho3: R² = 0.679, β_payables = 0.35), shows substantial associations with working capital efficiency (Ho2: r = 0.65 - 0.82), and 72.8% of the variance in profitability (Ho1: R² = 0.728, β_liquidity = 0.42, p < 0.001). On the basis of demographics, small business CEOs are young (41.3% between the ages of 31 and 40), educated (33% postgraduates), and dependent on a variety of funding sources (52.7%). In regards to the study's findings, enhanced WCM greatly raises ROA/ROE and improves operational durability against issues related to Rajasthan, such as payment delays. The recommendations support government-backed loan guarantees through RIICO/NABARD, JIT inventory systems, ERP digitization, and financial literacy training. One of the limitations is the cross-sectional approach; multi-state and longitudinal analyses should be investigated in future studies.

The development of Islamic banking financing in Indonesia plays an important role in supporting the growth of the Micro, Small, and Medium Enterprises (MSMEs) sector. However, in practice, a phenomenon known as overcollateralization often occurs, where the value of collateral required exceeds the amount of financing provided to customers. This condition raises concerns regarding the balance of legal relations between Islamic financial institutions and customers, particularly MSME actors who generally have limited assets and relatively weaker bargaining positions. This study aims to analyze the legal regulation related to the practice of overcollateralization in sharia financing in Indonesia and to examine its legal implications for MSME customers from the perspective of Maqashid Sharia. The research uses a normative legal method with statutory, conceptual, and philosophical approaches, supported by field data obtained through interviews with twelve MSME actors who have received financing from Islamic financial institutions. The findings indicate that regulations concerning collateral in sharia financing have been recognized in the Sharia Banking Law, the Civil Code, and the fatwas issued by the National Sharia Council of the Indonesian Ulema Council. However, these regulations do not specifically regulate the proportionality between the value of collateral and the amount of financing. This situation creates room for overcollateralization practices which, although not explicitly unlawful, may potentially create an imbalance of risk for MSME customers. From the perspective of Maqashid Sharia, such practices may conflict with the objective of protecting wealth (ḥifẓ al-māl). Therefore, stronger regulations and more proportional financing policies are necessary to ensure fairness, balance, and benefit for all parties.

This study examines the strategic role of sarong Micro, Small, and Medium Enterprises (MSMEs) in promoting local economic growth in Gresik City, East Java. Using a qualitative descriptive approach, data were collected through interviews, observations, and documentation involving MSME owners, workers, and local consumers. The findings reveal that most sarong MSMEs are family-based businesses that create significant local employment and income opportunities. Through innovation and digital marketing especially via social media platforms these enterprises expand their market reach while preserving traditional weaving motifs unique to Gresik’s cultural identity. Sarong MSMEs not only strengthen the local economy by utilizing local raw materials and labor but also empower women and sustain cultural heritage. However, key challenges persist, including limited access to capital, inadequate managerial and digital skills, and competition from industrial and imported products. Strengthening government support, enhancing digital literacy, and expanding financing access are essential for ensuring their sustainable growth. Overall, sarong MSMEs serve as both economic and socio-cultural agents that significantly contribute to inclusive local development in Gresik City.

The introduction of the Goods and Services Tax (GST) in 2017 marked a significant reform in the Indian taxation system. GST replaced multiple indirect taxes levied by central and state governments and introduced a unified tax structure aimed at simplifying the tax regime, improving transparency, and creating a common national market. The reform has had a considerable impact on various sectors of the Indian economy, particularly Micro, Small and Medium Enterprises (MSMEs) and financial companies. MSMEs play a crucial role in economic development by contributing significantly to employment generation, industrial production, and exports. At the same time, financial institutions, including Non-Banking Financial Companies (NBFCs), play an important role in supporting MSME growth by providing credit and financial services. Therefore, understanding the effect of GST on both MSMEs and financial companies is essential for evaluating the broader economic impact of the reform. The main objective of this study is to compare the pre-GST and post-GST performance of MSMEs and financial companies in terms of profitability, compliance, and operational efficiency. The study also aims to evaluate the challenges and opportunities created by GST for MSMEs and financial institutions in India. The research adopts a descriptive and analytical research design and primarily relies on secondary data collected from annual reports, financial databases such as PROWESS and CMIE, government publications, and relevant academic literature. The period of study includes both pre-GST and post-GST years in order to assess the changes in business performance after the implementation of the new tax system. Various statistical tools such as descriptive statistics, correlation analysis, and regression analysis were used to analyse the data. The analysis was conducted using the Statistical Package for Social Sciences (SPSS). The results indicate that GST has improved tax transparency, increased compliance levels, and enhanced operational efficiency among businesses. Financial companies also benefited from improved documentation and financial reporting, which facilitated better credit assessment and lending decisions. However, the study also identifies certain challenges faced by MSMEs, including increased compliance costs, digital filing requirements, and working capital constraints during the transition period. Despite these challenges, the overall findings suggest that GST has contributed positively to the formalisation and growth of businesses in the long run. The study concludes that with appropriate policy support and simplified compliance mechanisms, GST can further strengthen MSME development and improve the performance of financial companies in India..

This article provides a comprehensive literature review on the impact of Enterprise Risk Management (ERM) implementation on the performance, resilience, and sustainability of Micro, Small, and Medium Enterprises (MSMEs). MSMEs are vital contributors to economic growth, employment, and innovation, yet they are particularly vulnerable to external shocks due to limited financial resources, weak internal controls, and dependence on owner-managers’ intuition. Traditional silo-based risk management approaches are considered inadequate in increasingly volatile and uncertain business environments. ERM is presented as an integrated and strategic framework that aligns risk management with corporate governance, objective setting, and performance management. The reviewed empirical evidence, especially from emerging economies, indicates that ERM adoption is generally associated with improved financial performance, sales growth, revenue stability, enhanced access to external financing, and stronger organizational resilience during crises such as global pandemics. However, the literature emphasizes that the benefits of ERM depend on the maturity level of implementation and the extent to which risk management is embedded in organizational culture and daily decision-making processes, rather than adopted merely as a formal compliance mechanism. The article also discusses commonly used ERM frameworks, determinants and barriers to adoption, including resource constraints and lack of expertise, and highlights managerial and policy implications. It concludes by identifying research gaps and calling for more longitudinal and cross-country studies to better understand the long-term value creation of ERM in MSMEs.