Women in business: The impact of digital and financial literacy on female-owned small and medium-sized enterprises

The argument holds that visionary and dynamic small and medium enterprises (SMEs) tend to position growth at the centre of strategy. However, there has been a growing body of literature that has examined how financial literacy can support owner-managers
of SMEs in making solid financial decisions that will enhance the growth of their businesses. In the present study, financial literacy and financial resource availability were modelled as different antecedents of SMEs growth. Nevertheless, the boundary condition for such models has received very little attention in the context of Ghana. Accordingly, in regard to resource-based view (RBV) logic, the current research examined the implications of contingency variable financial literacy (proficiency) on the relationship between financial resource availability and SMEs growth, particularly in the context of Ghana. The findings of the current research revealed that high financial literacy led to more positive effect of financial resource availability on SMEs growth.

This study investigates the direct and indirect effects of financial capability, financial advice, financial anxiety, and the use of an electronic payment system (EPS) on financial satisfaction. In the current era of digitalization and financial innovations, it seems quite unlikely that an individual remains unaffected by its use. The research was conducted in northern India on individual level using a partial least square structural equation modeling statistical technique to analyze responses collected from a close-ended questionnaire using a 5-point Likert scale. The results show that financial capability, financial advice, financial anxiety, and EPS usage have a direct positive effect on an individual’s financial satisfaction. EPS usage plays a significant mediating role, as all the financial constructs depict a positive effect on financial satisfaction via EPS use. These findings contribute to the literature by offering an understanding of the determinants of financial satisfaction in the context of a low-income developing country, as well as the vital role of using EPS in an individual’s financial satisfaction in today’s digitally driven era. The results of this study could be a useful factor for policymakers and digital service providers for implementation and control.

Acknowledgement
“This paper was supported by Internal Grant Agency of FaME TBU No. IGA/FaME/2019/002”

The Kingdom of Saudi Arabia is strongly committed to stimulating savings culture in the local community by providing financial literacy in financial planning, investments, and budgeting. Inculcating the savings and investment behavior among the people will help materialize one of the elements of Saudi Vision 2030. Tadawul, being the most liquid stock market in the Middle East and North Africa, offers investors the ability to grow their capital with confidence through facilitating trading in different securities such as equities, debt instruments, and Exchange Traded Funds (ETFs). There is a great scope for investors to invest in the companies listed in Tadawul All Share Index (TASI) due to its strong economic fundamentals. The present study aims to apply the CAPM in Tadawul listed stocks, which will help in understanding the systematic and unsystematic risk associated with stocks, understanding their actual and theoretical return on stocks. The methodology adopted is the analysis of secondary data for all listed stocks in Tadawul using the Bloomberg terminal. The financial valuation includes elements like beta, alpha, correlation and standard deviation, expected return and actual return. The practical value obtained from the study will help investors go for undervalued stocks with lower beta, higher expected annual return, and lower systematic risks. Thus, the result shows the predicting power in KSA market and the scope for long-term investments by the investors to boost their savings and investment behavior and materialize one element of Vision 2030.

Acknowledgment
This research was funded by the Deanship of Scientific Research at Princess Nourah bint Abdulrahman University through the Fast-Track Research Funding Program.