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DIGITAL ADOPTION AND FINANCIAL PERFORMANCE: EVIDENCE
FROM INDONESIAN SMES IN FOOD AND BEVERAGE SECTOR
Kezia Audrey Sazkhya Sinaga
1*
, Jenni Irene
2
, Rossalina Christanti
3
Department of Accounting, Faculty of Business, Duta Wacana Christian University, Yogyakarta,
Indonesia
1,2,3
kezia.sinaga@students.ukdw.ac.id
1
, jenniirene07@gmail.com
2
, [email protected]kdw.ac.id
3
PAPER INFO ABSTRACT
Received: 02-03-2023
Revised:25-03-2023
Approved:15-04-2023
Digital adoption is now starting to be utilized by SMEs business actors. This
study aims to examine the impact of digital technology adoption on financial
performance. Data collection in this study used a survey of 520 SMEs in the food
and beverage sector in Indonesia, data analysis was carried out using the
purposive sampling method. The variables of concern in this study are digital
finance, digital payments, and digital marketing. Furthermore, financial literacy
and financial inclusion are proposed as moderation. The results show that digital
finance, digital payments and digital marketing have a positive and significant
influence on the financial performance of SMEs, so it can be concluded that
SMEs that adopt digital technology tend to have better performance.
Furthermore, moderation of financial literacy and financial inclusion are unable
to strengthen the relationship between digital finance, digital payments and
digital marketing to financial performance. The implication of this research is
that it is important for business owners to consider the adoption of digital
technology in order to improve financial performance. The number of businesses
that experience an increase in financial performance, will also be followed by an
increase in the Indonesian economy. The limitations during this study were
conducted, such as the number of large SMEs samples that were not comparable
to other groups, as well as research results that could not be widely applied to
other sectors.
Keywords: Digital Adoption; Financial Performance; Indonesian SMEs
INTRODUCTION
SMEs play a role as the main driver of economic growth because of their important role in
improving a country's economy (Charoenrat & Harvie, 2014). SMEs are a special concern for the
Government in various countries, one of which is in Indonesia. This attention, of course, is so that
the SMEs sector can carry out its role optimally as a supporter of the national economy. Based on,
(Hartarto, 2022) (ASEAN Investment Report 2022), the number of SMEs in Indonesia is 65,465.5
million. In fact, the role and contribution of SMEs in the economy can be proven from the
absorption of labor, the number of business units, and contributing to gross domestic product
(GDP). In Indonesia, the contribution of GDP is 60.5% while the contribution to employment is
96.9%. However, it is undeniable that in today's increasingly competitive business environment,
the competitiveness of SMEs, especially in developing countries, such as Indonesia, is strongly
influenced by their ability to adapt to technology (Najib & Kiminami, 2011). Therefore, it is very
important to know the adoption process and behavior of SMEs in Indonesia towards new
technologies (Najib & Fahma, 2020) . Digital adoption from this study focuses on three things,
namely digital marketing, digital payments and digital finance. First, digital finance, which is
digital financial services offered in digital channels such as PoS, ATMs, Cash Deposit Machines,
and others with internet facilities. With the use of these services, it is expected to ease SME
financing constraints. Second, digital payments. (Apasrawirote & Yawised, 2021) the use of
digital payments in SMEs is a supporting strategy tool that combines elements of marketing, sales,
and customer service. The adoption of digital payments plays an important role for consumers
and merchants in making payments and providing payment information (Igudia, 2018). Finally,
digital marketing which is a form of effort in marketing the products offered. Digital marketing
is considered capable of increasing product marketability, especially for SMEs (Purba et al.,
Digital Adoption and Financial Performance: Evidence From Indonesian SMES in Food and Beverage
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2021). Based on data from the official website of Kominfo, (Doni, 2022), the condition of SMEs
in Indonesia that have entered the digital ecosystem of around 8 million SMEs has gone online,
this increase is quite significant compared to the previous year. In the end, digital adoption can
provide benefits for both parties, for business owners in addition to increasing sales also allows
sellers to record every transaction made, on the other hand consumers feel comfortable with the
ease of placing orders and payment transactions.
With the development of the internet and other digital media, people have greater access in
developing their digital lives to various existing financial products and services, so that there is
a need for complex financial decision making by the community. To reduce financial errors,
people need to improve financial literacy to achieve better market efficiency and social welfare.
ADB (2016), indicating that low financial literacy and low awareness of digital financial channels
can reduce customer patronage of digital financial channels to conduct basic financial platforms.
Financial literacy is a source of knowledge to help businesses adapt to the changing business
environment and be able to take advantage of changes that occur (Ye & Kulathunga, 2019). The
goal of financial literacy is to provide the information needed to budget, save finances, and make
wise investment decisions (Adomako et al., 2016). (Hussain et al., 2018) states that knowledge
resources, such as financial literacy and business experience can maintain the performance of
SMEs well.
In addition to financial literacy, financial inclusion is believed to be able to develop SMEs
because business actors understand the basic concepts of financial products, carry out financial
planning and management well, as well as fraud and unhealthy businesses in the financial market
(OJK, 2016). This is also supported by research conducted by (Terzi, 2015) in the research shows
that the increasing financial inclusion by SMEs, it can make a positive contribution to the success
of SMEs and ultimately can increase a country's financial stability. The use of digital can
encourage inclusion to achieve sustainable development especially in developing countries
(Jamil, 2020). People's access to the use of technology is an important factor in improving the
quality of life because it provides opportunities to obtain useful information and services
(Ragnedda & Gladkova, 2020). Financial inclusion in SMEs has potential macrofinancial
benefits, such as economic growth (Manzoor et al., 2021), higher employment, poverty
alleviation, macroeconomic policy effectiveness and macrofinancial stability (Ahmed et al.,
2011).
From the exposure that has been explained, the study wants to discuss the role of digital
adoption on the financial performance of SMEs. This study is the latest research from previous
researchers (Daud et al., 2022). where this study focuses on the food and beverage sector in
Indonesia with moderation of financial literacy and financial inclusion. This gap raises three main
research questions: Can digital adoption by SMEs in the food and beverage sector improve SMEs
financial performance? Then does financial literacy have an important role in the relationship
between digital adoption and SMEs financial performance? Finally, does financial inclusion have
an important role in the relationship between digital adoption and SMEs financial performance?
The purpose of this study is to analyze the support of digital adoption of SMEs financial
performance with a focus on the food and beverage sector in Indonesia. The results of this research
are expected to provide benefits both theoretically and managerially.
Technology Acceptance Model (TAM)
Technology Acceptance Model (TAM) is a development of the previous theory, namely
Reason Action Theory (TRA) developed by Davis Buabeng-Andoh, (2018). TAM became one of
the most cited theoretical frameworks for studying the adoption of various technologies (De Luna
et al., 2019Madan & Yadav, 2016). . TAM, a theory that explains information user systems accept
and use technology “perceived usefulness" and "perceived ease of use" as a basis for accepting or
rejecting a particular technology (Aburahmah et al., 2016; Tahar et al., 2020) . TAM is considered
an established and powerful model in predicting the factors that influence technology acceptance
(Alalwan et al., 2018). Furthermore, (Thathsarani & Jianguo, 2022) the TAM model is considered
to be able to support financial inclusion and SMEs performance. TAM can be used to understand
individual behavior in adopting digital which is increasingly growing. In terms of financial
Digital Adoption and Financial Performance: Evidence From Indonesian SMES in Food and Beverage
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inclusion, TAM can be used to understand how individuals and SMEs access and receive digital
financial services. The purpose of this model is to find out what are its internal elements, external
factors can also influence individual beliefs and intentions, and are used according to technology
determined based on behavioral intentions.
The Effect of Digital Adoption on SMEs Financial Performance
The development of digital finance is believed to increase productivity and encourage
economic development (Demirgüç-Kunt et al., 2020). Furthermore, Huang et al (2022) explained
that digital finance can drive increased consumption of the population by expanding the scope of
financial services and optimizing the payment environment. (Ozili, 2018) Digital finance has
many benefits, such as digital finance can lead to greater financial inclusion, digital finance has
the potential to provide affordable, convenient, and safe banking services for poor individuals in
developing countries, digital finance also has benefits for financial and monetary system
regulators as full-scale adoption of digital finance can significantly reduce the circulation of
counterfeit (or counterfeit) money, and others. Then, in fact, if you have access to digital
financing, it will have an impact on business performance profits (Abbasi & Weigand, 2017;
Ozili, 2018) Finally, digital finance can improve SMEs operational efficiency, because it can
improve the quality of SMEs information disclosure, and build an effective information sharing
mechanism to improve SMEs operational efficiency.
Furthermore, the payment system is divided into two, namely digital payments and traditional
payments. Payments are traditionally made through cash, checks, or credit cards while digital
payments are made using certain software, payment cards, and electronic money (Noviana &;
Darma, 2020). The adoption of digital payments provides convenience compared to traditional
payments for users because users can pay without having to move places, and users can not have
to worry about changing money differences. (Prahiawan et al., 2021), the application of digital
payments can help manage their finances to achieve a goal or goal, which is to generate large
profits so that businesses become good and have the ability to determine and respond to changes
in the economy, business environment, finance and decision-making ability will create innovative
solutions for improving financial performance and business sustainability of SMEs activities
Finally, digital adoption, in the current era of digitalization, digital marketing adoption can
be used to market, communicate and make transactions at any time / real time. Social media
allows organic marketing at no cost or cheap, where companies create content and share it with
media users (Lipsman et al., 2012). Furthermore, through social media can be a place to find
information and insights about the market, competitors, and potential customers and their needs
(Parveen et al., 2016). In the business world, digital marketing strategies are believed to increase
sales turnover and can cause changes in consumer behavior in choosing and making buying and
selling transactions (Peter et al., 2020; Pollák &; Markovič, 2021; Putra & Santoso, 2020). From
these explanations, hypotheses are built, as follows:
H
1
: Digital finance has a significant and positive effect on the financial performance of SMEs
H
2
: Digital payments have a significant and positive effect on the financial performance of SMEs
H
3
: Digital marketing has a significant and positive effect on the financial performance of SMEs
The Power of Financial Literacy as Moderator
Financial literacy is considered a strong intellectual capital in the performance of SMEs. In
the world of SMEs, financing is one of the main problems faced by SMEs related to their
innovation activities (Brancati, 2015). For this reason, it is important to analyze the mechanisms
owned by SMEs managers to encourage access to financing and be able to carry out their
innovation activities (García-Pérez-de-Lema et al., 2021). (Bayrakdaroğlu & Şan, 2014) Good
financial literacy participates more actively in financial markets, then achieves more favorable
access to credit (Hakim et al., 2018). García-Pérez-de-Lema et al (2021) Financial literacy can
help in reducing financial constraints. Financial literacy is believed to improve the performance
of SMEs in the business environment by strengthening the organization's knowledge base
(Jappelli & Padula, 2013; Lusardi et al., 2014). Ye & Kulathunga (2019) Financial literacy is a
source of knowledge that determines the sustainability of SMEs. Therefore, increasing knowledge
about financial literacy is indeed very significant and imperative for the performance of SMEs.
Digital Adoption and Financial Performance: Evidence From Indonesian SMES in Food and Beverage
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H
4a
: Financial literacy moderates the relationship of digital finance to the financial performance
of SMEs
H
4b
: Financial literacy moderates the relationship of digital payments to the financial performance
of SMEs
H
4c
: Financial literacy moderates the relationship of digital payments to the financial performance
of SMEs
The Power of Financial Inclusion as Moderator
Globally, financial inclusion is one of the key issues for economies and the achievement of
inclusive growth in both developed and developing countries. Financial inclusion is a government
system for having real access to financial products and services. Universal access to financing
boosts economic activity and enables SMEs to thrive as well as create better opportunities and
incomes (Park & Mercado, 2015). Financial inclusion in SMEs has potential macroeconomic
benefits, including economic growth (Manzoor et al., 2021). Financial inclusion has been
recognized as an important economic goal and an important policy tool with important
implications for achieving the sustainable development goals (Klapper et al., 2016). Then, the
development of digital financial inclusion provides benefits for sustainable growth for businesses
and competitive markets (Yang & Zhang, 2020).
H
5a
: Financial inclusion moderates digital financial relations to SME financial performance
H
5b
: Financial inclusion moderates the relationship of digital payments to the financial
performance of SMEs
H
5c
: Financial inclusion moderates the relationship of digital payments to the financial
performance of SMEs
RESEARCH METHOD
This study was conducted to analyze the effect of digital adoption on the financial
performance of SMEs in Indonesia. This study used quantitative methods using Stata Ver 17. The
survey was conducted online and offline during January 2023 using purposive sampling. The
sample criteria determined are SMEs in the food and beverage sector that have adopted digital.
This study is only centered on the Indonesian island of Java which consists of the provinces of
Jakarta, West Java, D.I Yogyakarta, Central Java and East Java, as the study area, because this
region is the most populous island in Indonesia, about 56% of Indonesians live on this island and
it is also the center of government administration, business, and industry (Affandi et al., 2019).
.
Table 1
Characteristics of Respondents
Profile Demographics
Frequency
Percentage
Gender
Male
353
68%
Female
167
32%
N = 520
Age (Years)
20 - 30
147
28%
31 - 40
206
40%
41 - 50
132
25%
> 50
35
7%
N = 520
Recent Education
Elementary School
3
1%
Junior High School
65
13%
Senior High School
227
44%
Bachelor Degree
223
43%
Digital Adoption and Financial Performance: Evidence From Indonesian SMES in Food and Beverage
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Magister/Doktor –
Posgraduate
2
0%
N = 520
Domicile
Jakarta
111
21%
West Java
104
20%
D.I Yogyakarta
102
20%
Central Java
100
19%
East Java
103
20%
N = 520
Business Experience
(Years)
< 5
156
30%
5 - 10
261
50%
11 - 15
66
13%
> 15
37
7%
N = 520
Duration of Business
Operations
< 3
95
18%
3 - 5
236
45%
5 - 10
87
17%
> 10
102
20%
N = 520
Income (Rp)
< 10 million/month
295
57%
10 - 20 million/month
162
31%
21 - 30 million/month
52
10%
> 30 million/month
11
2%
N = 520
Source: Processed Data
RESULT AND DISCUSSION
In general, this study aims to examine the effect of digital adoption on financial
performance in SMEs using the lens of the Technology Acceptance Model (TAM) model. The
hypotheses formulated were tested on 520 SMEs in the food and beverage sector in Indonesia.
Digital adoption tested included digital finance, digital payments and digital marketing. This
research successfully found that digital finance, digital payments and digital marketing positively
and significantly affect the financial performance of SMEs in Indonesia.
Table 2
Validity and Reliability Test Results
Variable
Sig
Value
Cronbach
Digital Finance
0,000
0,65
Digital Payments
0,000
0,67
Digital Marketing
0,000
0,65
Financial Literacy
0,000
0,50
Financial Inclusion
0,000
0,46
Digital Adoption and Financial Performance: Evidence From Indonesian SMES in Food and Beverage
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Financial
Performance
0,000
0,75
Source: Processing Data
In Table 2. Test Validity and Reliability Sig value 0.000 < 0.05 then the independent
variables in the study passed the validity test and the value of Cronbach, alpha on each
independent variable > 0.60 so that the variables were reliable. However, the Cronbach value o
n the moderation variable showed a low reliability value, which was < 0.60.
Table 3
R-Square Adjusted Test
Variable
R-square adjusted
Financial
performance
0,4243
Source: Processing Data
In the table. 3 It can be explained that the adjusted R
value of 2
independent variables of digital
finance, digital payments, and digital marketing only contributed 42.43% and the remaining
57.57% was explained by other variables not explained in this study.
Table 4
Test the hypothesis
Variable
t
P>|t|
Conclusion
Digital Finance
6.42
0,000
Positive and Significant
Digital Payments
6.82
0,000
Positive and Significant
Digital Marketing
8.49
0,000
Positive and Significant
Source: Processing Data
In this study, digital adoption of digital finance has a positive and significant influence on
the financial performance of SMEs, according to the results of research that has been conducted
in the Table. 4 Sig value of 0.000 < 0.05, meaning that digital finance has a positive and significant
effect on financial performance. This research is in line with previous research (Daud et al., 2022).
Sharma & Sharma (2019), digital financial services as a key driver of use intention and
satisfaction in using mobile banking. By using digital financial technology, SMEs can increase
their efficiency and productivity in conducting financial transactions, including payments,
remittances, and overall financial management. Furthermore, the adoption of digital payments,
the value of Sig 0.000 < 0.05 means that digital payments have a positive and significant influence
on the financial performance of SMEs. These results are also in line with previous research (Daud
et al., 2022). Digital payments certainly make transactions safer, more practical, easier and more
efficient. With digital payment technology, business actors in real time can check payments when
transactions occur, so that business actors can record finances accurately, then sales money can
also be directly stored in the bank which can reduce the risk of losing money and lastly of course
can reduce the risk of receiving payments with counterfeit money. In fact, based on the official
website (Bank Indonesia, 2022) currently QRIS users have reached more than 16 million
merchants, 90% of which are SMEs. Finally, the adoption of digital marketing, has a sig value of
0.000 < 0.05, meaning that digital marketing has a positive and significant influence on financial
performance. These results are in line with previous research (Affandi et al., 2020; David et al.,
2022; Noviana & Darma, 2020). The rise of online food and beverage delivery services is considered
to contribute positively to SMEs. (Alvara Beyond Insight, 2022) OFD services contribute more
than half of the income of partnered SMEs, reaching 56.8% and the remaining 43.2% selling
Digital Adoption and Financial Performance: Evidence From Indonesian SMES in Food and Beverage
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offline. Interestingly, selling through digital platforms, OFD is proven to accelerate sales up to
1.9 times compared to only selling offline. Digital marketing can be done by business owners
through social media, web, and third-party ordering services (GrabFood, GoFood, ShopeeFood).
Delivery services allow consumers to be more flexible in ordering food, can provide feedback in
the form of comments, both excellence and anxiety in orders which can later be a reference for
business owners to improve their performance.
Table 5
Financial Literacy Moderation Test
Variable
t
P>|t|
Digital Finance
-1,23
0,22
Digital Payments
0,50
0,62
Digital Marketing
-2,03
0,04
Source: Processing Data
Furthermore, financial literacy is an ability to manage and solve financial problems, as well
as behaviors and mindsets that affect an individual's financial situation for the better.by (Angeles,
2022; Daud et al., 2022). In this study, financial literacy was unable to moderates the relationship
between digital adoption, namely digital finance and digital payments, on financial performance
as evidenced the results in the Table. 5, Sig value > 0.05. Digital financial literacy is not able to
moderates the relationship between digital finance and financial performance because business
actors most likely do not involve basic knowledge of financial management in responding to
finance (Shellyna &; Yuwono, 2022). Then, financial literacy is not able to moderates the
relationship between digital payments and financial performance, it is likely that business actors
already have an understanding of the importance of financial literacy in making a decision, often
this understanding is only contemporary (Mandell & Klein, 2007). Furthermore, in the results of
this study, financial literacy weakens the relationship between digital marketing and financial
performance as evidenced in the Table. 5, Sig value < 0.05 with t value -2.03. This result is not
in line with research (Gustika et al., 2021) which states that the implementation of financial
literacy can increase income through digital marketing for SMEs businesses. The moderation of
financial literacy which actually weakens the relationship between digital marketing and financial
performance shows the need to increase awareness of the benefits of digital marketing, where
digital marketing can help business actors to be efficient in marketing their products so that in the
end it will increase business income.
Table 6
Financial Inclusion Moderation Test
Variable
t
P >|t|
Digital Finance
-0,16
0,88
Digital Payments
0,50
0,61
Digital Marketing
-1,63
0,10
Source: Processing Data
In addition, moderation of financial inclusion is also unable to moderates the relationship
between digital adoption and digital finance, digital payments, and digital marketing on financial
performance. It can be seen from the results of Table 6. Sig value > 0.05 This research conducted
in Java Island is that the majority of business actors have adopted digital, so they can better take
advantage of existing opportunities to improve their business performance. Financial inclusion is
unable to moderates the relationship between digital adoption and SMEs financial performance
Digital Adoption and Financial Performance: Evidence From Indonesian SMES in Food and Beverage
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because the implementation of good digital adoption has opened the mindset of SMEs actors to be
wider extent (Hilmawati & Kusumaningtias, 2021). Although the level of use of digital-based
financial services is getting higher, it does not support the achievement of financial inclusion
implementation (Irmawati et al., 2022). In addition in (Dermawan, 2019), financial inclusion
research does not have an influence on the financial performance of SMEs because the continuity
of a business lies in the hands of its owner, where when financial inclusion can bring great
benefits, business actors are interested in using it and vice versa.
CONCLUSION
This research successfully shows that digital adoption has a significant and positive effect
on SMEs in the food and beverage sector in Indonesia. The findings of this study show that SMEs
that adopt digital can have better financial performance. However, the results of this study show
that financial literacy and financial inclusion are not able to strengthen the relationship between
digital adoption and financial performance. The implication that can be applied is that business
actors should improve the quality of digital use which will continue to grow. Furthermore, the
government can also be more consistent in providing training on digital use to provide strong
support for SMEs. This research is limited by respondents used are SMEs that have adopted
digital. Future research may consider broader and more diverse sector coverage, other variables
influencing digital technology adoption, adopting other models, such as UTAUT, as well as
sample areas in cities from Sabang to Merauke to generalize these findings.
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