Nungky Viana Feranita

Pentagon capital is a term used to describe the five essential forms of capital: human, social, financial, physical, and intellectual. These five forms of capital play a crucial role in improving the performance of women entrepreneurs. Therefore, this study aims to analyze the effect of these five forms of capital on the performance of women entrepreneurs, both directly and indirectly, through the adoption of digital technology. The analysis was conducted in 38 regencies/cities located in East Java Province, Indonesia, and comprised 268 women entrepreneurs from various business sectors. Following this, the primary data source was collected through the distribution of questionnaires, and the partial least squares structural equation modeling (PLS-SEM) was utilized to assess both the direct and indirect effects of the observed capitals using SmartPLS 4.0 software. The results showed that only social capital had a direct and significant effect on the performance of women entrepreneurs. However, human, financial, physical, and intellectual capital were found to significantly affect the performance of entrepreneurs indirectly through the mediation of the adoption of digital technology. It is also expedient to acknowledge that among the observed variables, financial capital was found to be the most important (19%). These results offered practical understanding for women entrepreneurs on strategies to increase their business income and access loans from financial institutions and government assistance.

Acknowledgment
The authors are grateful to the Ministry of Education, Culture, Research, and Technology of Indonesia for funding this research.

Leadership has an important role in achieving the SMEs’ innovation and performance. One of the great concepts of leadership styles is the Burns’ (1978) concept, which divides leadership into two: transformational and transactional. This study analyzed the direct and indirect effect of transformational and transactional leadership on SMEs’ performance. This was conducted in seven regencies/cities in East Java Province, with 165 SMEs on superior indigenous food and beverage. The main research data were obtained by distributing the questionnaires. It uses path analysis to determine the direct and indirect effect using the LISREL software. The results showed that transformational leadership has a positive and significant effect on SMEs’ innovation and performance directly and indirectly. Transactional leadership has a direct positive and insignificant effect on SMEs’ innovation and performance. However, transactional leadership was found to have an indirect positive and significant effect on SMEs’ performance. In conclusion, transformational leadership is more important for improving SMEs’ performance in Indonesia than transactional. These results provide a practical contribution for SMEs’ leaders to improve transformational leadership, which is oriented towards charisma, intellectual stimulation, and individual consideration.

Acknowledgment
The researcher thanked the Ministry of Research, Technology and Higher Education, Republic of Indonesia, for funding this research.