Determinants of financial literacy: Empirical evidence from micro and small enterprises in India

Anshika,; Singla, Anju; Mallik, Girijasankar

doi:10.1016/j.apmrv.2021.03.001

Cited by 49 publications

(48 citation statements)

References 22 publications

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“…They know how and where to invest in periods of surplus and periods of a deficit; they know where to source funds to meet the shortfalls. This result is consistent with previous findings ( Anshika et al, 2021 ; Kass-Hanna et al, 2021 ; Wahyono and Hutahayan, 2021 ). According to Burchi et al (2021) , good knowledge of investment products gives the advantage of market timing and investment timing and appropriate investment vehicle to create wealth.…”

Section: Discussionsupporting

confidence: 94%

“…Financial literacy is defined by the World Bank (2009) as “the combination of consumers’/investors’ understanding of financial products, concepts, and their ability and confidence to appreciate financial risks and opportunities in order to make informed decisions, know where to seek help, and take other effective actions to improve their financial well-being” ( Anshika et al, 2021 ). The study of S&P global financial literature shows that financial literacy has a greater impact on the financial presence ( Grohmann et al, 2018 ).…”

Section: Theoretical Frameworkmentioning

confidence: 99%

“…This is especially true for SMEs, which are disproportionately affected by the credit crunch. In recent years, several research papers have been published on small business financing ( García-Quevedo et al, 2018 ; Zhu et al, 2020 ; Anshika et al, 2021 ). These papers have focused on testing the determinants and consequences of lending restrictions on firms since the onset of the financial crisis.…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

New Schemes for Investment in of Small and Medium-Sized Enterprises of China: Role of Access to Finance, Innovation, and Sustainability

Tang

2022

Front. Psychol.

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Firm innovation relies heavily on financing, which is why it is a hot topic in the fields of finance and innovation management. Organizations can make strategic investments in production factors to develop competitive advantages because they have access to financial resources. This study investigated how financial literacy, innovativeness, and environmental sustainability influence the sustainability of small and medium-sized enterprises (SMEs). This was set as the primary objective in order to better understand the nature of the impact of financial literacy and innovation on the sustainability of SME firms. To test the hypotheses, structural equation modeling (SEM) was applied using data collected from 300 small businesses firms in China. The results revealed that financial literacy and innovativeness significantly influence small firms’ sustainability. Additionally, social inclusion significantly affects small firms’ sustainability, and sequentially has a significant effect on their performance. Research findings suggested that small businesses incorporate sustainability models into their operations and enhance financial knowledge in order to maintain sustainability.

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Section: Discussionsupporting

confidence: 94%

Section: Theoretical Frameworkmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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New Schemes for Investment in of Small and Medium-Sized Enterprises of China: Role of Access to Finance, Innovation, and Sustainability

Tang

2022

Front. Psychol.

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“…Anshika et al [18] attempted to study different levels of financial literacy like general, specific, and overall levels among 309 Micro and small enterprises (SMEs) using the ordered logit model. The observations of this study revealed that the age of the entrepreneurs has a significant impact on the three levels of financial literacy.…”

Section: Review Of Literaturementioning

confidence: 99%

Factors Affecting Financial Literacy among Budding Entrepreneurs

Polisetty¹,

Lalitha²,

Singu³

2021

ujaf

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An entrepreneur is often driven by a quest for innovation and creativity in a market, thus creating competition. The competition will create wealth, leading to improved living standards for individuals and the economy at large. Moreover, innovation and creation result in new and superior products that enable modern markets to be developed. However, the enthusiasm to become an entrepreneur is not the sole driving factor. One must know the importance of financial literacy. Besides, the negative stigma due to the COVID-19 pandemic ruined many lives and impacted businesses with less money due to the reduction of clientele; also, it had impacted budding entrepreneurs (at early start-up stages, and hardly have had experience between 1-3 years) with fewer opportunities to make money. That reduced the willingness of entrepreneurs to invest capital in the business due to raging losses. The current article presents the importance of financial literacy for budding entrepreneurs. To find and measure the financial literacy among budding entrepreneurs, the data were distributed to 223 entrepreneurs; however, 179 were finally used for analysis due to several reasons mentioned in the research methodology. The data was collected from five districts of the South region of India (Kerala, Andhra Pradesh, Karnataka, Telangana, and Tamil Nadu) and the snowball technique is used in the analysis. The study revealed that most budding entrepreneurs lack proper financial literacy. The study found that Financial Skills, Financial Knowledge, Financial Attitude, Social Interactions & Past Experiences, Financial Support & Guidance directly influenced Financial Literacy levels among entrepreneurs. The study also suggests that aspiring entrepreneurs should be given practical financial training sessions; it should be made mandatory.

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“…Entrepreneurship programs and courses have mushroomed in colleges and universities all over the world due to this widely held belief (Mukonza, 2016 ; Huang et al, 2021 ). However, there is still much to learn about education and entrepreneurship training (Wang et al, 2020 ; Anshika and Mallik, 2021 ; Purwandari et al, 2022 ), as research in this area is still in its infancy. It is common knowledge that entrepreneurship is the process of conceptualizing, creating and running a new business, usually as a small business such as a start-up firm, to provide a good or service to the public (Cheng and Wang, 2022 ; He et al, 2022 ).…”

Section: Introductionmentioning

confidence: 99%

Assessing the management student's entrepreneurial intentions: Role of entrepreneurship education and technology transfer

Wang

Ortiz

2022

Front. Psychol.

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Entrepreneurship education is considered as an important way to influence the competitiveness of any country or industry. Therefore, entrepreneurship education provides opportunities to progress to a more competitive educational environment. This paper examines the impact of students' entrepreneurship education in China on their entrepreneurial intentions. Perceived entrepreneurial capacity, education in entrepreneurship, and attitudes toward entrepreneurship are all factors in the model developed to predict entrepreneurial intention. Structured equation modeling (SEM) is being used to test 98 management students from various universities in China. The findings show that there is statistically significant and positive relationship among entrepreneurship learning, entrepreneurial attitude, entrepreneurship education, and management students' entrepreneurial intention. Perceived behavioral control and perceive social rule significantly improve management students' entrepreneurial intention. Moreover, technology transfer correlates statistically with students' entrepreneurial intentions. Thus, universities are being encouraged to offer entrepreneurial training modules to increase their students' entrepreneurial intent.

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Determinants of financial literacy: Empirical evidence from micro and small enterprises in India

Cited by 49 publications

References 22 publications

New Schemes for Investment in of Small and Medium-Sized Enterprises of China: Role of Access to Finance, Innovation, and Sustainability

New Schemes for Investment in of Small and Medium-Sized Enterprises of China: Role of Access to Finance, Innovation, and Sustainability

Factors Affecting Financial Literacy among Budding Entrepreneurs

Assessing the management student's entrepreneurial intentions: Role of entrepreneurship education and technology transfer

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