Malaysian SMEs’ Strategic Orientation and Access to Fintech Financing: Moderated by Entrepreneurial Innovativeness
Abstract
With the advent of Fintech financing, innovativeness plays a significant role in enhancing Small and medium-sized enterprises' (SMEs) access to financing. Three comprehensive constructs, namely, market orientation, learning orientation and technology orientation, are adopted to present a holistic picture of the effect of strategic orientation on Malaysian SMEs’ access to Fintech financing, moderated by entrepreneurial innovativeness. This study adopted a survey research design based on 221 Malaysian SMEs. The results indicate that strategic orientation influence SMEs’ access to Fintech financing. However, the moderating impact of entrepreneurial innovativeness is insignificant in the relationship between strategic orientation and access to Fintech financing. Technological innovation is re-shaping commerce and the economy across all sectors. SMEs need to access external sources of information, knowledge, expertise and technology in order to build their own innovative capability for accessing finance and to reach their markets over the long run.
References
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Agyekum, F.K., Reddy, K., Wallace, D., & Wellalage, N.H. (2021). Does Technological Inclusion Promote Financial Inclusion among SMEs? Evidence from South-East Asian Countries. Global Finance Journal, 53, 100618.
Al-Ansaari, Y., Bederr, H., & Chen, C. (2015). Strategic Orientation and Business Performance. Management Decision, 53, 2287-2302.
Al Mamun, A., Hayat, N., Fazal, S.A., Salameh, A.A., Zainol, N.R., & Makhbul, Z.K.M. (2022). The Mediating Effect of Innovation in Between Strategic Orientation and Enterprise Performance: Evidence From Malaysian Manufacturing Small-to-Medium-Sized Enterprises. Frontiers in Psychology, 13, 887895.
Aminu, I.M., & Shariff, M.N.M. (2014). Mediating role of access to finance on the relationship between strategic orientation and SMEs performance in Nigeria: A proposed research framework. International Journal of Management Research & Review, 4(11), 1023–1035.
Aminu, I.M., & Shariff, M.N.M. (2015). Influence of strategic orientation on SMEs access to finance in Nigeria. Asian Social Science, 11(4), 298–309.
Atina, S. (2019). The Role of Digital Finance to Strengthen Financial Inclusion and the Growth of SME in Indonesia. The 2nd International Conference on Islamic Economics, Business, and Philanthropy Theme: “Sustainability and Socio-Economic Growth”.
Baker, W.E., & Sinkula, J.M. (2009). The complementary effects of market orientation and entrepreneurial orientation on profitability in small businesses. Journal of Small Business Management, 47(4), 443–464.
Bamfo, B.A., & Kraa, J.J. (2019). Market orientation and performance of small and medium enterprises in Ghana: The mediating role of innovation. Cogent Business & Management, 6:1, 1605703.
Bank Negara Malaysia (2018). Financial Stability and Payment Systems Report 2018, Kuala Lumpur.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
Bartoloni, E., & Baussola, M. (2020). Is there a profit premium for market-oriented firms? A panel data investigation. Economics of Innovation and New Technology, 29(5), 501-521.
Bylon, A.B., & Jerry, J.K. (2019). Market orientation and performance of small and medium enterprises in Ghana: The mediating role of innovation. Cogent Business & Management, 6:1, 1605703.
Chandrayanti, T., Nidar, S.R., Mulyana, A., & Anwar, M. (2020). Impact of entrepreneurial characteristics on credit accessibility: Case study of small businesses in West Sumatera – Indonesia. Entrepreneurship and Sustainability Issues, 7(3), 1760-1777.
Costello, G.J. (2018). Proposing an innovation-based view of the firm. The Irish Journal of Management, 37(1), 65-79.
Covin, J.G., & Slevin, D.P. (1989). Strategic management of small firms in hostile and benign environments. Strategic management journal, 10(1), 75-87.
Dadzie, Z., Agyapong, A., & Suglo, A. (2021). The role of internationalization in entrepreneurial orientation performance link: Empirical study of SMEs in a developing nation perspective. Review of International Business and Strategy, 31(2), 257-280.
Day, G.S. (1994). The Capabilities of Market-Driven Organizations. Journal of Marketing, 58 (October), 37–52.
Ernst and Young (2019, June 25). Global Fintech Adoption Index Report. https://www.ey.com/en_gl/ey-global-fintech-adoption-index
European Central Bank (2021). European Central Bank Survey. Frankfurt am Main, Germany
Farika N., Sudarmiatin, Cipto W., Agus H., & Budi E.S. (2020). The role of SMES’ market orientation in developing countries: a general investigation in four countries. Innovative Marketing, 16(4), 1-12.
Fornell, C., & Larcker, D.F. (1981). Evaluating Structural Equation Models with Unobservable Variables and Measurement Error. Journal of Marketing Research 18(1), 39-50.
Foss, N.J. (2012). Entrepreneurship in the context of the resource-based view of the firm. In K. Mole, & M. Ram (Eds.), Perspectives in entrepreneurship: A critical approach (pp.120-133). United Kingdom: Palgrave Macmillan.
Gatignon, H., & Xuereb, J.M. (1997). Strategic orientation of the firm and new product performance. Journal of marketing research, 77-90.
Gerald, K.G., Godfrey, K., & Anne, M. (2022). Learning Organization Culture and Firm Performance: A Review of Literature. International Journal of Managerial Studies and Research, 10(2), 38-50
Gitahi, A.W., & K’Obonyo, P.O. (2018). The relationship between organizational resources and firm performance of companies listed on the Nairobi Securities Exchange. International Journal of Economics, Commerce and Management, 6(5), 540-555.
Gliem, J.A., & Gliem, R.R. (2003). Calculating, Interpreting, and Reporting Cronbach’s Alpha Reliability Coefficient for Likert-Type Scales, 2003 Midwest Research to Practice Conference in Adult, Continuing, and Community Education.
Grawe, S.J., Chen, H. & Daugherty, P.J. (2009). The Relationship between Strategic Orientation, Service Innovation, and Performance. International Journal of Physical Distribution & Logistics Management, 39, 282-300.
Hair, J.F., Ringle, C.M., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. The Journal of Marketing Theory and Practice, 19(2), 139-152.
Hair, J.F., Ringle, C.M., & Sarstedt, M. (2013). Partial least squares structural equation modeling: Rigorous applications, better results and higher acceptance. Long range planning, 46(1-2), 1-12.
Hair, J.F., Hult, G.T.M., Ringle, C.M., & Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM), 2nd Ed., Sage: Thousand Oaks.
Hakala, H. (2011). Strategic Orientations in Management Literature: Three Approaches to Understanding the Interaction between Market, Technology, Entrepreneurial and Learning Orientations. International Journal of Management Reviews, 13, 199-217.
Han, H., & Gu, X. (2021). Linkage between inclusive digital finance and high-tech enterprise innovation performance: role of debt and equity financing. Front. Psychol, 12, 814408.
He, J., Chen, H., & Tsai, F. (2020). Strategy Orientation, Innovation Capacity Endowment, and International R&D Intensity of Listed Companies in China. Sustainability, 12, 344.
Henseler, J., Hubona, G., & Ray, P.A. (2016). Using PLS path modeling in new technology research:updated guidelines. Industrial Management & Data Systems, 116(1), 2-20.
International Monetary Fund (2020). The promise of fintech: financial inclusion in the post COVID-19 era. Washington, DC.
Jerez-Gomez, P., Cespedes-Lorente, J., & Valle-Cabrera, R. (2005). Organizational learning capability: A proposal of measurement. Journal of Business Research, 58(6), 715–725.
Khana, M.P., Talibb, N.A., & Kowangc, T.O. (2020). The development of a sustainability framework via lean green six sigma practices in SMEs based upon RBV theory. Development, 12(5), 135-156.
Kiyabo, K., & Isaga, N. (2019). Strategic entrepreneurship, competitive advantage, and SMEs’ performance in the welding industry in Tanzania. Journal of Global Entrepreneurship Research, 9, 62.
Kumaraguru, S., Abdullah, A.M., Wan, M.N.b.W.M.N., & M. Dahlan b.I. (2015). Innovation, Strategic Orientation and Performance of Malaysian Manufacturing SMEs: A Conceptual Paper.
Laili, I. (2018, May 21). Fintech: Next wave of innovation to focus on B2B needs. https://www.theedgemarkets.com/article/fintech-next-wave-innovation-focus-b2b-needs
Li, E.Y. & Ko, S.F. (2021). Employee’s Market Orientation Behavior and Firm’s Internal Marketing Mechanism: A Multilevel Perspective of Job Performance Theory. Sustainability, 13, 6972.
Lu, L. (2018). Promoting SME Finance in the Context of the Fintech Revolution: A Case Study of the UK’s Practice and Regulation. Banking and Finance Law Review, 33(3), 317-343.
Lumpkin, G.T., & Dess, G.G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. The Academy of Management Review, 21, 135–172.
Martinez, J.E.V., Serna, M.D.C.M., & Montoya, N.P. (2020). Dimension of Learning Orientation and its impact on organizational performance and competitiveness in SMEs. Journal of Business Economics and Management, 21(2), 395-420.
Mohammed, U.D., & Obeleagu-nzelibe, C.G. (2014). Entrepreneurial skills and profitability of Small and Medium Enterprises: Resource acquisition strategies for new ventures in Nigeria. In 25th International Business Research Conference (pp. 1-21). Cape Town.
Narver, J.C., & Slater, S.F. (1990). The effect of a market orientation on business profitability. The Journal of Marketing, 1, 20-35.
Nasrul, H.G., & Takashi, Y. (2018). Awareness and Perception Analysis of Small Medium Enterprise and Start-up Towards FinTech Instruments: Crowdfunding and Peer-to-Peer Lending in Malaysia. International Journal of Finance and Banking Research, 4.
Nasution, H.N., & Mavondo, F.T. (2008). Organizational capabilities: Antecedents and implications for customer value. European Journal of Marketing, 42(3/4), 477–501.
Ndofor, H.A., Sirmon, D.G., & He, X. (2011). Firm resources, competitive actions and performance: Investigating a mediated model with evidence from the in-vitro diagnostics industry. Strategic Management Journal, 32(6), 640-657.
Nguli, J.N., & Odunga, R.M. (2019). Does Entrepreneur Innovativeness Moderate The Relationship Between Strategic Orientation And Financial Inclusion? SEISENSE Journal of Management, 2(6), 30-48.
Nguli, J.N., & Tarus, D.K. (2020). Effect of strategic orientation on financial inclusion among women owned enterprises in Kenya. International Journal of Comparative Management, 3(3), 157–182.
Quinton, S., Canhoto, A., Molinillo, S., Pera, R., & Budhathoki, T. (2018). Conceptualising a digital orientation: antecedents of supporting SME performance in the digital economy. Journal of Strategic Marketing. 26. 427-439.
Raft A., & Lord M. (2002). Acquiring new technologies and capabilities: a grounded model of acquisition implementation. Organization Science, 13 (4): 420-441.
Rahman, S. (2021). The Negative Effect of Market Orientation on SMEs' Marketing Performance in The Creative Economy Sector, and How Innovation Mediating it, 2(2), 327–340.
Rasheed, R., Siddiqui, S., Mahmood, I., & Khan, S. (2019). Financial Inclusion for SMEs: Role of Digital Micro-financial Services. Review of Economics and Development Studies. 5. 429.
Raymond, D., & Agus, Z.A. (2020). Strategic Orientation on Performance: The Resource Based View Theory Approach. Jurnal Akuntansi. 24(1), 131.
Rusetski, A. (2011). Getting proactive: Cultural and procedural drivers of managerial motivation to act. Journal of Business & Economics Research, 9(1).
Salleh, F., & Ibrahim, M. (2011). Demographic Characteristics Differences of Risk-Taking Propensity among Micro and Small Business Owners in Malaysia. International Journal of Business and Social Science. 2, 149.
Senge, P.M. (1990). The fifth discipline: art and practice of the learning organization. New York: Doubleday.
Siti, M.L. (2017). Risk-Sharing Securities: Accelerating Finance for SMEs. Islamic Economic Studies, 25(2), 35-55.
SME Bank (2018). BizPulse. https://www.smebank.com.my/images/Dec2018/BizPulse32.pdf
SME Corporation Malaysia (2012). 2012 Annual Report. Kuala Lumpur.
SME Corporation Malaysia (2019). 2018/2019 Annual Report. Kuala Lumpur.
Syahdan, R., Djaelani, Y., & Mahdi, S. (2020). Strategic orientation and the performance of SMEs in Indonesia: The mediating role of access to finance. Management Science Letters. 1151-1160.
Symonds, P.M. (1924). On the loss of reliability in ratings due to coarseness of the scale. Journal of Experimental Psychology, 7, 456-461.
Tracxn (2022, August 23). FinTech Startups in Malaysia. https://tracxn.com/explore/FinTech-Startups-in-Malaysia
The World Bank (2019, October 17). Small and Medium Enterprises Finance: Improving SMEs’ access to finance and finding innovative solutions to unlock sources of capital. https://www.worldbank.org/en/topic/smefinance
Tutar, H., Nart, S., & Bingol, D. (2015). The effects of strategic orientations on innovation capabilities and market performance: The case of ASEM. Procedia-Social and Behavioral Sciences, 207, 709-719.
Utts, J.M. & Heckard, R.F. (2002). Mind on Statistics. China Machine Press, Beijing, China.
Wan Mohd Nazdrol, B. W. M. N., Abdullah, A. M., & John, B. (2017). Strategic Orientation and Performance of SMEs in Malaysia. SAGE Open. 7(2), 1-13.
Werlang, N.B., & Rossetto, C.R. (2019). The effects of organizational learning and innovativeness on organizational performance in the service provision sector. Gestoo & Producao, 26(3), e3641.
Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171-180.
Winarsih, M.I. (2021). Impact of Covid-19 on Digital Transformation and Sustainability in Small and Medium Enterprises: A Conceptual Framework. Complex, Intelligent and Software Intensive Systems. CISIS 2020. Advances in Intelligent Systems and Computing, 1194 (Springer, Cham).
Agyekum, F.K., Reddy, K., Wallace, D., & Wellalage, N.H. (2021). Does Technological Inclusion Promote Financial Inclusion among SMEs? Evidence from South-East Asian Countries. Global Finance Journal, 53, 100618.
Al-Ansaari, Y., Bederr, H., & Chen, C. (2015). Strategic Orientation and Business Performance. Management Decision, 53, 2287-2302.
Al Mamun, A., Hayat, N., Fazal, S.A., Salameh, A.A., Zainol, N.R., & Makhbul, Z.K.M. (2022). The Mediating Effect of Innovation in Between Strategic Orientation and Enterprise Performance: Evidence From Malaysian Manufacturing Small-to-Medium-Sized Enterprises. Frontiers in Psychology, 13, 887895.
Aminu, I.M., & Shariff, M.N.M. (2014). Mediating role of access to finance on the relationship between strategic orientation and SMEs performance in Nigeria: A proposed research framework. International Journal of Management Research & Review, 4(11), 1023–1035.
Aminu, I.M., & Shariff, M.N.M. (2015). Influence of strategic orientation on SMEs access to finance in Nigeria. Asian Social Science, 11(4), 298–309.
Atina, S. (2019). The Role of Digital Finance to Strengthen Financial Inclusion and the Growth of SME in Indonesia. The 2nd International Conference on Islamic Economics, Business, and Philanthropy Theme: “Sustainability and Socio-Economic Growth”.
Baker, W.E., & Sinkula, J.M. (2009). The complementary effects of market orientation and entrepreneurial orientation on profitability in small businesses. Journal of Small Business Management, 47(4), 443–464.
Bamfo, B.A., & Kraa, J.J. (2019). Market orientation and performance of small and medium enterprises in Ghana: The mediating role of innovation. Cogent Business & Management, 6:1, 1605703.
Bank Negara Malaysia (2018). Financial Stability and Payment Systems Report 2018, Kuala Lumpur.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
Bartoloni, E., & Baussola, M. (2020). Is there a profit premium for market-oriented firms? A panel data investigation. Economics of Innovation and New Technology, 29(5), 501-521.
Bylon, A.B., & Jerry, J.K. (2019). Market orientation and performance of small and medium enterprises in Ghana: The mediating role of innovation. Cogent Business & Management, 6:1, 1605703.
Chandrayanti, T., Nidar, S.R., Mulyana, A., & Anwar, M. (2020). Impact of entrepreneurial characteristics on credit accessibility: Case study of small businesses in West Sumatera – Indonesia. Entrepreneurship and Sustainability Issues, 7(3), 1760-1777.
Costello, G.J. (2018). Proposing an innovation-based view of the firm. The Irish Journal of Management, 37(1), 65-79.
Covin, J.G., & Slevin, D.P. (1989). Strategic management of small firms in hostile and benign environments. Strategic management journal, 10(1), 75-87.
Dadzie, Z., Agyapong, A., & Suglo, A. (2021). The role of internationalization in entrepreneurial orientation performance link: Empirical study of SMEs in a developing nation perspective. Review of International Business and Strategy, 31(2), 257-280.
Day, G.S. (1994). The Capabilities of Market-Driven Organizations. Journal of Marketing, 58 (October), 37–52.
Ernst and Young (2019, June 25). Global Fintech Adoption Index Report. https://www.ey.com/en_gl/ey-global-fintech-adoption-index
European Central Bank (2021). European Central Bank Survey. Frankfurt am Main, Germany
Farika N., Sudarmiatin, Cipto W., Agus H., & Budi E.S. (2020). The role of SMES’ market orientation in developing countries: a general investigation in four countries. Innovative Marketing, 16(4), 1-12.
Fornell, C., & Larcker, D.F. (1981). Evaluating Structural Equation Models with Unobservable Variables and Measurement Error. Journal of Marketing Research 18(1), 39-50.
Foss, N.J. (2012). Entrepreneurship in the context of the resource-based view of the firm. In K. Mole, & M. Ram (Eds.), Perspectives in entrepreneurship: A critical approach (pp.120-133). United Kingdom: Palgrave Macmillan.
Gatignon, H., & Xuereb, J.M. (1997). Strategic orientation of the firm and new product performance. Journal of marketing research, 77-90.
Gerald, K.G., Godfrey, K., & Anne, M. (2022). Learning Organization Culture and Firm Performance: A Review of Literature. International Journal of Managerial Studies and Research, 10(2), 38-50
Gitahi, A.W., & K’Obonyo, P.O. (2018). The relationship between organizational resources and firm performance of companies listed on the Nairobi Securities Exchange. International Journal of Economics, Commerce and Management, 6(5), 540-555.
Gliem, J.A., & Gliem, R.R. (2003). Calculating, Interpreting, and Reporting Cronbach’s Alpha Reliability Coefficient for Likert-Type Scales, 2003 Midwest Research to Practice Conference in Adult, Continuing, and Community Education.
Grawe, S.J., Chen, H. & Daugherty, P.J. (2009). The Relationship between Strategic Orientation, Service Innovation, and Performance. International Journal of Physical Distribution & Logistics Management, 39, 282-300.
Hair, J.F., Ringle, C.M., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. The Journal of Marketing Theory and Practice, 19(2), 139-152.
Hair, J.F., Ringle, C.M., & Sarstedt, M. (2013). Partial least squares structural equation modeling: Rigorous applications, better results and higher acceptance. Long range planning, 46(1-2), 1-12.
Hair, J.F., Hult, G.T.M., Ringle, C.M., & Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM), 2nd Ed., Sage: Thousand Oaks.
Hakala, H. (2011). Strategic Orientations in Management Literature: Three Approaches to Understanding the Interaction between Market, Technology, Entrepreneurial and Learning Orientations. International Journal of Management Reviews, 13, 199-217.
Han, H., & Gu, X. (2021). Linkage between inclusive digital finance and high-tech enterprise innovation performance: role of debt and equity financing. Front. Psychol, 12, 814408.
He, J., Chen, H., & Tsai, F. (2020). Strategy Orientation, Innovation Capacity Endowment, and International R&D Intensity of Listed Companies in China. Sustainability, 12, 344.
Henseler, J., Hubona, G., & Ray, P.A. (2016). Using PLS path modeling in new technology research:updated guidelines. Industrial Management & Data Systems, 116(1), 2-20.
International Monetary Fund (2020). The promise of fintech: financial inclusion in the post COVID-19 era. Washington, DC.
Jerez-Gomez, P., Cespedes-Lorente, J., & Valle-Cabrera, R. (2005). Organizational learning capability: A proposal of measurement. Journal of Business Research, 58(6), 715–725.
Khana, M.P., Talibb, N.A., & Kowangc, T.O. (2020). The development of a sustainability framework via lean green six sigma practices in SMEs based upon RBV theory. Development, 12(5), 135-156.
Kiyabo, K., & Isaga, N. (2019). Strategic entrepreneurship, competitive advantage, and SMEs’ performance in the welding industry in Tanzania. Journal of Global Entrepreneurship Research, 9, 62.
Kumaraguru, S., Abdullah, A.M., Wan, M.N.b.W.M.N., & M. Dahlan b.I. (2015). Innovation, Strategic Orientation and Performance of Malaysian Manufacturing SMEs: A Conceptual Paper.
Laili, I. (2018, May 21). Fintech: Next wave of innovation to focus on B2B needs. https://www.theedgemarkets.com/article/fintech-next-wave-innovation-focus-b2b-needs
Li, E.Y. & Ko, S.F. (2021). Employee’s Market Orientation Behavior and Firm’s Internal Marketing Mechanism: A Multilevel Perspective of Job Performance Theory. Sustainability, 13, 6972.
Lu, L. (2018). Promoting SME Finance in the Context of the Fintech Revolution: A Case Study of the UK’s Practice and Regulation. Banking and Finance Law Review, 33(3), 317-343.
Lumpkin, G.T., & Dess, G.G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. The Academy of Management Review, 21, 135–172.
Martinez, J.E.V., Serna, M.D.C.M., & Montoya, N.P. (2020). Dimension of Learning Orientation and its impact on organizational performance and competitiveness in SMEs. Journal of Business Economics and Management, 21(2), 395-420.
Mohammed, U.D., & Obeleagu-nzelibe, C.G. (2014). Entrepreneurial skills and profitability of Small and Medium Enterprises: Resource acquisition strategies for new ventures in Nigeria. In 25th International Business Research Conference (pp. 1-21). Cape Town.
Narver, J.C., & Slater, S.F. (1990). The effect of a market orientation on business profitability. The Journal of Marketing, 1, 20-35.
Nasrul, H.G., & Takashi, Y. (2018). Awareness and Perception Analysis of Small Medium Enterprise and Start-up Towards FinTech Instruments: Crowdfunding and Peer-to-Peer Lending in Malaysia. International Journal of Finance and Banking Research, 4.
Nasution, H.N., & Mavondo, F.T. (2008). Organizational capabilities: Antecedents and implications for customer value. European Journal of Marketing, 42(3/4), 477–501.
Ndofor, H.A., Sirmon, D.G., & He, X. (2011). Firm resources, competitive actions and performance: Investigating a mediated model with evidence from the in-vitro diagnostics industry. Strategic Management Journal, 32(6), 640-657.
Nguli, J.N., & Odunga, R.M. (2019). Does Entrepreneur Innovativeness Moderate The Relationship Between Strategic Orientation And Financial Inclusion? SEISENSE Journal of Management, 2(6), 30-48.
Nguli, J.N., & Tarus, D.K. (2020). Effect of strategic orientation on financial inclusion among women owned enterprises in Kenya. International Journal of Comparative Management, 3(3), 157–182.
Quinton, S., Canhoto, A., Molinillo, S., Pera, R., & Budhathoki, T. (2018). Conceptualising a digital orientation: antecedents of supporting SME performance in the digital economy. Journal of Strategic Marketing. 26. 427-439.
Raft A., & Lord M. (2002). Acquiring new technologies and capabilities: a grounded model of acquisition implementation. Organization Science, 13 (4): 420-441.
Rahman, S. (2021). The Negative Effect of Market Orientation on SMEs' Marketing Performance in The Creative Economy Sector, and How Innovation Mediating it, 2(2), 327–340.
Rasheed, R., Siddiqui, S., Mahmood, I., & Khan, S. (2019). Financial Inclusion for SMEs: Role of Digital Micro-financial Services. Review of Economics and Development Studies. 5. 429.
Raymond, D., & Agus, Z.A. (2020). Strategic Orientation on Performance: The Resource Based View Theory Approach. Jurnal Akuntansi. 24(1), 131.
Rusetski, A. (2011). Getting proactive: Cultural and procedural drivers of managerial motivation to act. Journal of Business & Economics Research, 9(1).
Salleh, F., & Ibrahim, M. (2011). Demographic Characteristics Differences of Risk-Taking Propensity among Micro and Small Business Owners in Malaysia. International Journal of Business and Social Science. 2, 149.
Senge, P.M. (1990). The fifth discipline: art and practice of the learning organization. New York: Doubleday.
Siti, M.L. (2017). Risk-Sharing Securities: Accelerating Finance for SMEs. Islamic Economic Studies, 25(2), 35-55.
SME Bank (2018). BizPulse. https://www.smebank.com.my/images/Dec2018/BizPulse32.pdf
SME Corporation Malaysia (2012). 2012 Annual Report. Kuala Lumpur.
SME Corporation Malaysia (2019). 2018/2019 Annual Report. Kuala Lumpur.
Syahdan, R., Djaelani, Y., & Mahdi, S. (2020). Strategic orientation and the performance of SMEs in Indonesia: The mediating role of access to finance. Management Science Letters. 1151-1160.
Symonds, P.M. (1924). On the loss of reliability in ratings due to coarseness of the scale. Journal of Experimental Psychology, 7, 456-461.
Tracxn (2022, August 23). FinTech Startups in Malaysia. https://tracxn.com/explore/FinTech-Startups-in-Malaysia
The World Bank (2019, October 17). Small and Medium Enterprises Finance: Improving SMEs’ access to finance and finding innovative solutions to unlock sources of capital. https://www.worldbank.org/en/topic/smefinance
Tutar, H., Nart, S., & Bingol, D. (2015). The effects of strategic orientations on innovation capabilities and market performance: The case of ASEM. Procedia-Social and Behavioral Sciences, 207, 709-719.
Utts, J.M. & Heckard, R.F. (2002). Mind on Statistics. China Machine Press, Beijing, China.
Wan Mohd Nazdrol, B. W. M. N., Abdullah, A. M., & John, B. (2017). Strategic Orientation and Performance of SMEs in Malaysia. SAGE Open. 7(2), 1-13.
Werlang, N.B., & Rossetto, C.R. (2019). The effects of organizational learning and innovativeness on organizational performance in the service provision sector. Gestoo & Producao, 26(3), e3641.
Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171-180.
Winarsih, M.I. (2021). Impact of Covid-19 on Digital Transformation and Sustainability in Small and Medium Enterprises: A Conceptual Framework. Complex, Intelligent and Software Intensive Systems. CISIS 2020. Advances in Intelligent Systems and Computing, 1194 (Springer, Cham).
Published
2023-09-01
How to Cite
SAN, Chooi Wei; ZAKARIA, Zuriawati binti; CHIN, Kuah Yoke.
Malaysian SMEs’ Strategic Orientation and Access to Fintech Financing: Moderated by Entrepreneurial Innovativeness.
International Journal of Advanced Research in Economics and Finance, [S.l.], v. 5, n. 3, p. 124-140, sep. 2023.
ISSN 2682-812X.
Available at: <https://myjms.mohe.gov.my/index.php/ijaref/article/view/23274>. Date accessed: 06 dec. 2024.
Section
English Section
