Financial Resilience in Women Owned Micro Enterprises: Owner Agility as a Digital Capability Moderator

Authors

  • Vitalis Ari Widiyaningsih Bussines and Economica Faculty/Accounting, Universitas Pignatelli Triputra
  • Djoko Suhardjanto Bussines and Economic Faculty/Accounting, Universitas Sebelas Maret
  • Agung Nur Probohudono Bussines and Economic Faculty/Accounting, Universitas Sebelas Maret
  • Wahyu Widarjo Bussines and Economic Faculty/Accounting, Universitas Sebelas Maret

Abstract

Women-owned micro and small enterprises (MSEs) play a significant role in promoting inclusive economic growth, yet they remain highly vulnerable to financial instability caused by limited resources, weak financial management practices, and increasing environmental uncertainty. Strengthening financial resilience has therefore become essential to ensure business continuity and long-term sustainability. This study investigates the effects of financial record-keeping quality, owner financial literacy, and business digitalization on financial resilience among women-owned MSEs in Indonesia while examining the moderating role of owner agility. A quantitative survey was conducted involving 102 women entrepreneurs affiliated with the Women Small Business Network (JARPUK) in Surakarta, Indonesia. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that financial record-keeping quality significantly improves financial resilience, whereas financial literacy, business digitalization, and owner agility do not exert significant direct effects. However, owner agility significantly strengthens the relationship between business digitalization and financial resilience, indicating that digital technologies generate greater resilience benefits when accompanied by adaptive entrepreneurial capabilities. The study extends the Resource-Based View and Dynamic Capabilities Theory by demonstrating that financial resilience is created through the interaction between strategic organizational resources and owner capabilities rather than through resource availability alone. These findings provide practical implications for policymakers and business development organizations in designing integrated financial capability and digital transformation programs for women-owned MSEs.

 

Keywords:  Financial resilience, Women owned micro enterprises, Financial record keeping, Business digitalization, Owner agility



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Published

2026-09-27

Issue

Vol. 1 No. 1 (2026): International Conference IDEABI & BRIDA Central Java 2026

Section

Articles