The Effect of Financial Knowledge, Financial Self-Efficacy, and Financial Attitude on MSMEs’ Capital Budgeting Decisions

Alya Febbyyana Basuki Alya; Irawan; Sri Astuti

Authors

Alya Febbyyana Basuki Alya Department of Economics and Business, Lampung State Polytechnic, Indonesia
Irawan Department of Economics and Business, Lampung State Polytechnic, Indonesia
Sri Astuti Department of Economics and Business, Lampung State Polytechnic, Indonesia

Abstract

This study examines how financial knowledge, financial self-efficacy, and financial attitude affect capital budgeting decisions in micro, small, and medium enterprises (MSMEs) in Bandar Lampung. MSMEs play an important role in the Indonesian economy, but currently MSMEs still face challenges in financial management, especially in terms of capital budgeting. A quantitative method was used in this study, and primary data was collected from 398 MSME respondents selected through purposive sampling. The data were tested for validity, reliability, and classical assumptions before being analyzed using multiple linear regression. The results show that all three variables, both partially and simultaneously, have a positive impact. These findings support the Theory of Planned Behavior and emphasize the importance of improving financial knowledge, financial self-efficacy, and financial attitude for MSMEs to make rational, strategic, and sustainable decisions.

References

Agustin, N. S. (2023). Pengaruh Financial Attitude Dan Financial Knowledge Terhadap Keputusan Keuangan UMKM: Perspektif Behavioral Finance. Research Gate. https://rb.gy/xuxco4

Ajzen, I. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Processes, 50(4), 179.211. https://doi.org/http://dx.doi.org/10.1016/0749-5978(91)90020-T

Aprilia, E., & Kosadi, F. (2024). Pengaruh Financial Attitude, Financial Knowledge, dan Financial Self-Efficacy terhadap Keputusan Investasi (Studi Kasus pada Mahasiswa Universitas Indonesia Membangun). Jurnal Ilmu Sosial, Manajemen, Akuntansi, & Bisnis, 5(4), 2745–7273. https://journal.jis-institute.org/index.php/jismab/article/view/2258

Dinas Koperasi dan UKM Kota Bandar Lampung. (2023). Laporan Kinerja Instansi Pemerintah LAKIP tahun 2022 Dinas Koperasi dan UKM Kota Bandar Lampung. https://diskopukm.bandarlampungkota.go.id/diskopukm/home.php?act=dokumen&paging=3

Feonay, C. C. (2021). The Influence of Flow of Fund, Financial Knowledge, Financial Attitudes and Personality Towards Financial Management Behavior in the Owners MSMEs Kupang City. International Journal of Supply Chain Management, 10. https://ojs.excelingtech.co.uk/index.php/IJSCM/article/view/5817/3002

Handayati, P., Restuningdyah, N., Ratnawati, & Meldona. (2023). Confirmatory Factor Analysis of Self-efficacy and Financial Attitudes to Improve the Financial Well-Being of MSMEs. Proceedings of the International Conference on Language, Education, and Social Science (ICLESS 2022), 280–287. https://doi.org/10.2991/978-2-494069-15-2_30

Hasan, M., Jannah, M., Supatminingsih, T., Ahmad, M. I. S., Sangkala, M., Najib, M., & Elpisah. (2024). Understanding the Role of Financial Literacy, Entrepreneurial Literacy, and Digital Economic Literacy on Entrepreneurial Creativity and MSMEs Success: a Knowledge-Based View Perspective. Cogent Businessand Management, 11(1). https://doi.org/10.1080/23311975.2024.2433708

Herdinata, C., & Pranatasari, F. D. (2020). Literasi Keuangan Berbasis Fintech Bagi Usaha Mikro Kecil dan Menengah. Deepublish. https://dspace.uc.ac.id/bitstream/handle/123456789/5867/Buku5867.pdf?sequence=6&isAllowed=y

Hidayati, S. A., Wahyulina, S., & Suryani, E. (2020). Pengaruh Financial Attitude Dan Financial Knowledge Terhadap Keputusan Keuangan Pada Pemilik Usaha Kecil Dan Menengah (UKM) Di Pulau Lombok: Suatu Perspektif Behavioral Finance. Jurnal Sosial Ekonomi Dan Humaniora, 6(2), 166–178. https://doi.org/10.29303/jseh.v6i2.93

Kementrian Koordinator Bidang Perekonomian Republik Indonesia. (2025). Dorong UMKM Naik Kelas dan Go Export, Pemerintah Siapkan Ekosistem Pembiayaan yang Terintegrasi. www.ekon.go.id

Laila, N., Ismail, S., Hidzir, P. A. M., Ratnasari, R. T., & Alias, N. E. (2025). Impact of Social Trust, Social Networks, and Financial Knowledge on Financial Well-Being of Micro Entrepreneurs in Malaysia and Indonesia. Cogent Business and Management, 12(1). https://doi.org/10.1080/23311975.2025.2460614

Lestari, L., Setiawati, R., & Utama, A. N. B. (2024). Pengaruh Financial technology, Literasi Keuangan dan Financial Self Efficacy terhadap Pengelolaan Keuangan UMK Kuliner di Kota Jambi. Ekonomis: Journal of Economics and Business, 8(2), 1584. https://doi.org/10.33087/ekonomis.v8i2.2039

Majid, R., & Maulana, A. (2023). The Initial Discussions of MSMEs’ Green Sukuk Through Islamic Securities Crowdfunding: Behavioral Intentions Study of Prospective Investors. Proceedings of the 4th International Conference on Islamic Economics, Business, Philanthropy, and PhD Colloqium (ICIEBP 2022), 316–343. https://doi.org/10.2991/978-94-6463-176-0_21

Mateus, M. amado, Rincón, A. G., & Acosta, Y. A. C. (2024). Influence of Reputation, Innovation, and Knowledge on the Performance of MSMEs in the Orange Economy Sector. Cogent Business and Management, 11(1). https://doi.org/10.1080/23311975.2024.2388227

Nasution, M. F. L., Irawati, N., & Arief, A. (2024). The Influence of Financial Literacy, Financial Inclusion, and Financial Attitude on MSME Performance with Financial Self-efficacy as Intervening Variables During the Covid 19 Pandemic. Global Conference on Business, Management, and Entrepreneurship (GCBME 2022), 101–111. https://doi.org/10.2991/978-94-6463-234-7_11

Parwati, N. W. C. (2022). Pengaruh Financial Knowledge, Financial Attitude, dan Locus of Control Internal terhadap Financial Management Behavior pada Pelaku UMKM di Klungkung. https://repo.undiksha.ac.id/11007/

Prena, G. Das, & Kartika, N. M. L. (2021). Pengaruh Financial Knowledge, Locus of Control dan Financial Attitude Terhadap Keputusan Penganggaran Modal (Studi Kasus di Dinas Koperasi dan UMKM Provinsi Bali). WACANA EKONOMI (Jurnal Ekonomi, Bisnis Dan Akuntansi), 20(2), 94–109. https://doi.org/10.22225/we.20.2.2021.94-109

Putri, E., & Bandi. (2023). Financial Attitude, Marketing Strategy, Locus of Control, And Self-Efficacy on MSME Performance. The International Journal of Business Management and Technology, 7. www.theijbmt.com

Rahayu, F. S., Risman, A., Firdaus, I., & Haningsih, L. (2023). The Behavioral Finance of MSME in Indonesia: Financial Literacy, Financial Technology (Fintech), and Financial Attitudes. International Journal of Digital Entrepreneurship and Business, 4(2). https://doi.org/10.52238/ideb.v4i2.127

Ratnawati, K., Azzahra, N., & Dewanta, P. P. (2023). The Influence of Financial Literacy and Financial Attitude on Financial Management Behavior. International Journal of Research in Business and Social Science (2147- 4478), 12(1), 165–173. https://doi.org/10.20525/ijrbs.v12i1.2301

Reysa, R., Zen, A., & Widjanarko, W. (2023). Pengaruh Literasi Keuangan, Efikasi Keuangan Dan Pendapatan Terhadap Keputusan Investasi Pada Pedagang Di Pasar Baru Kota Bekasi. Jurnal Economina, 2(10), 2909–2919. https://doi.org/10.55681/economina.v2i10.924

Rizki, M. B., & Amna, L. S. (2025). The Influence Of Fintech Payment, Accounting Knowledge, And Financial Self-Efficacy On Financial Management Behavior. International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC), 3(3), 854–867. https://doi.org/10.61990/ijamesc.v3i3.494

Sholiha, M. (2023). Pengaruh Financial Self-Efficacy, Pemahaman Akuntansi Dan Sistem Informasi Akuntansi Terhadap Kualitas Laporan Keuangan Berbasis Sak EMKM Pada Umkm Kota Semarang. https://eprints.walisongo.ac.id/id/eprint/24235/

Sugiyono. (2023). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (2nd ed.). CV Alfabeta.

Suryadi, N., & Allyah, N. N. (2023). Analysis of Financial Self Efficacy Mediating The Influence of Financial Literacy, Financial Attitude on Financial Management Behavior in Waserda MSMEs in Pangkalan Lesung District. Proceeding of International Conference on Business Management and Accounting (ICOBIMA), 2(1), 179. https://doi.org/10.35145/icobima.v2i1.3547

Susilowati, H., Andriana, M., Hargyatni, T., & Widyaningsih, D. (2022). Business Performance Of Women MSMEs in Sukoharjo:The Role Of Attitute To Money And Institutional Support. International Journal of Economics,Businessand Accounting Research (IJEBAR), 6. https://doi.org/https://doi.org/10.29040/ijebar.v6i3.6358

Tang, S., Huang, S., Zhu, J., Huang, R., Tang, Z., & Hu, J. (2019). Financial Self-Efficacy and Disposition Effect in Investors: The Mediating Role of Versatile Cognitive Style. Frontiers in Psychology, 9(JAN). https://doi.org/10.3389/fpsyg.2018.02705

Tuti, M., Alfira, H., Paludi, S., Mutiara, G., & Tarigan, C. Y. (2025). Aspects of Self-Efficacy That Enhance the Competitiveness of MSME Enterprises When It Comes To Conducting Business Team Management. Pakistan Journal of Life and Social Sciences (PJLSS), 23(1). https://doi.org/10.57239/pjlss-2025-23.1.00507