Peran Literasi Keuangan Terhadap Kinerja Keuangan UMKM Melalui Perilaku Keuangan Dimoderasi Oleh Lama Usaha dan Identitas Agama di Indonesia

Abstract

This research explores how financial literacy contributes to the improvement of financial performance among Indonesian MSMEs, utilizing financial behaviour as a mediator while assessing the moderating roles of business age and religious identity. Despite the strategic contribution of MSMEs to national economic growth, many enterprises continue to experience weak financial performance due to limited financial capabilities. This study models how behavioral mechanisms channel financial literacy into enhanced MSME performance. By employing a quantitative survey technique, this research engaged 255 MSME leaders across the most significant economic regions in Indonesia. Using a questionnaire-based approach, the collected data were analyzed through Partial Least Squares (PLS-SEM) software. Findings demonstrate that financial literacy significantly enhances both financial behavior and MSME financial performance. Financial behavior also significantly affects financial performance and partially acts as a mediator connecting financial literacy to performance. However, business age and religious identity do not significantly moderate either the direct or indirect relationships within the model. These findings indicate that financial literacy and financial behavior function as universal determinants of MSME financial performance, regardless of business experience or religious background. The study highlights the importance of strengthening practical financial behavior alongside financial knowledge to support MSME sustainability in the digital era.