Chalimatuz Sa’diyah

Micro, small, and medium-sized enterprises (MSMEs) are among the cornerstones of the Indonesian economy that managed to survive the world crisis. The development of MSMEs also demands that owners be ready to compete with other MSMEs. This study aims to analyze whether business sustainability is influenced by financial literacy with financial behavior and financial technology as mediators. The research sample includes owners and managers of MSMEs in Indonesia, totaling 342 respondents. Data collection methods used are non-probability sampling techniques by distributing questionnaires. This study uses SEM analysis with PLS analysis tools. It was found that financial literacy does not directly affect business sustainability but affects financial behavior and financial technology. Financial behavior and financial technology are proven to influence business sustainability. Furthermore, financial behavior and financial technology mediate the effect of financial literacy on business sustainability. The results of this study show that financial behavior and financial technology can fully mediate the relationship between financial literacy and business sustainability. Moreover, financial literacy cannot directly affect business sustainability, which must be fully mediated by financial behavior and financial technology. This study also provides practical value regarding the sustainability of MSMEs. Thus, companies can survive in the long term not only with a robust financial literacy foundation but they must be supported by good financial behavior and also be able to choose the right financial technology in their business activities.

The growing popularity of cryptocurrency as an investment choice among millennials demonstrates their inclination toward digital advancements and openness to exploring diverse investment opportunities. The study examines how financial literacy factors impact experience regret, investment decisions, and risk tolerance, while financial literacy also affects investment decisions, with experience regret and risk tolerance acting as a mediator. The study comprises 295 participants from the millennial demographic in Indonesia who are engaged in cryptocurrency investment. The data collection techniques employed in this study involve non-probability sampling methods through the distribution of questionnaires. The analysis in this study employs Structural Equation Modeling (SEM) in conjunction with Partial Least Squares (PLS) analysis tools. The results of this study suggest that financial literacy positively impacts regret experience, investment decisions, and risk tolerance with the respective sample values of 0.146, 0.397 and 0.449. Additionally, regret experience negatively influences investment decisions with a sample value of –0.385, while risk tolerance positively influences investment decisions with a sample value of 0.198. Financial literacy has a negative impact on investment decisions when regret experience acts as a mediator with a sample value of –0.056, but a positive impact when risk tolerance serves as a mediator with a sample value of 0.089. This complex relationship highlights the importance of considering multiple factors, including financial literacy, regret experience, and risk tolerance, in understanding and predicting investment decisions among individuals, particularly in the context of the millennial generation investing in cryptocurrency in Indonesia.