The Moderating Role of Financial Accessibility in Relationship between

Resource Competence, Entrepreneurial Leadership, Good Governance

and Performance of Micro Small Medium Enterprises in Batam,

Indonesia

MAHDANI IBRAHIM1,*, JUMADIL SAPUTRA2, MUHAMMAD ADAM1, MUKHLIS YUNUS1

1Department of Management

Faculty of Economics and Business

Universitas Syiah Kuala

Darussalam, Banda Aceh, Aceh

INDONESIA

2Department of Economics,

Faculty of Business, Economics and Social Development

Universiti Malaysia Terengganu

21030 Kuala Nerus, Terengganu

MALAYSIA

Abstract: - The purpose of this study is to determine the relationship of resource competence, entrepreneurial

leadership and good governance towards business performance and examine the moderating role of financial

accessibility to the business performance of Micro Small Medium Enterprises (MSMEs). This quantitative

research involved 155 professional business women community (MSMEs), Batam, Riau, Indonesia. The data

collected through a survey questionnaire with a non-probability sampling technique. The data analysed by

using the structural equation modelling – partial least square (SEM-PLS). This study showed that resource

competence, entrepreneurial leadership, and good governance have a significant positive relationship with

Micro Small Medium Enterprises (MSMEs). Also, financial accessibility moderates the relationship between

entrepreneurial leadership and performance. In conclusion, this study has successfully identified the

determinant factors that affect the business performance and moderating role of financial accessibility on

business performance for Micro Small Medium Enterprises (MSMEs).

Key-Words: - Resource Competence, Entrepreneurial Leadership, Good Governance, Financial Accessibility,

Business Performance, Micro Small Medium Enterprises (MSMEs).

Received: June 30, 2021. Revised: December 11, 2021. Accepted: January 5, 2022. Published: January 7, 2022.

1 Introduction

Small and Medium Enterprises (SMEs) have a very

strategic role [1]. When the economic crisis

occurred in 1997, when many large-scale businesses

experienced stagnation and even stopped their

activities, the SMEs sector proved to be more

resilient in facing this crisis [2]. Today, the Micro

Small Medium Enterprises (MSMEs) have

contributed significantly to the Gross Domestic

Product (GDP) growth in the last 5 years. With the

large number of workers absorbed, the MSMEs

sector can increase people's income [3]. Therefore,

realising the importance of the contribution of

MSMEs in improving a positive economy in

Indonesia requires every city to try to empower

Cooperatives and Micro, Small and Medium

Enterprises in their respective cities, including

Batam City. Ironically, even though Small and

Micro Business Groups (MSMEs) exist as the motor

of economic power has gained legitimacy from Law

No. 9 of 1995 [4]. The weaknesses of SMEs often

constrain the enormous potential of these SMEs,

such as (a) limited capital, (b) low owner education,

competitiveness and professionalism of SME

management compared to with modern businesses,

WSEAS TRANSACTIONS on BUSINESS and ECONOMICS

DOI: 10.37394/23207.2022.19.9

Mahdani Ibrahim, Jumadil Saputra,

Muhammad Adam, Mukhlis Yunus

E-ISSN: 2224-2899

Volume 19, 2022

(e) difficulties in accessing finance and so on [5].

This situation requires every MSMEs IP Batam

Community to make efforts to secure their business

existence.

Efforts to improve the performance of MSMEs

are by paying attention to the competence of human

resources, leadership style. In other words, this

needs attention, namely in improving the quality of

human resources who have entrepreneurial

leadership characteristics. Strategic leadership with

a high sense of business and sense of change can act

proactively, creatively, and innovatively [6], [7]. As

an agent of change, it must have three main

characters, namely: (a) Creative and innovative, (b)

able to act as intrapreneurship and entrepreneurship

for the organisation, (c) have adequate capacity and

networking. In addition, it is also necessary to

increase the professionalism of the management of

the Batam Professional Women MSME Community

by implementing good governance in its

management. Although the concepts of Good

Corporate Governance (GCG).

Furthermore, Permatavitri, Gunarta &

Ciptomulyono [8] explained that one of the other

obstacles in developing micro and small businesses

is the limited funds. They have difficulty in

obtaining sources of funds that can be used as

capital to support business production and limited

access to financial institutions. MSMEs need

financial assistance for two basic purposes, namely:

(a) production cycle financing, (b) financing capital

expenditures in developing current businesses,

creating new ones or focusing only on maintenance

[9]. Therefore, the accessibility of business actors to

sources of financing is very important for the

survival and performance of MSMEs. This

condition (financing) is also felt by the MSME

Community of Professional Mothers of Batam.

2 Literature Review

2.1 Performance

Performance refers the result of the quality and

quantity of work achieved by an employee in

carrying out their duties with their responsibilities.

The quality of employee behaviour or the results

achieved is fundamentally determined by the skills

and abilities of the employees concerned [10] and

determined by motivation and opportunity [11].

There are various dimensions of performance, many

of them not interconnected. A person may be very

high in one aspect and low in various sizes. Three

factors affect performance: the first, individual

factors, namely ability, skills, family background,

work experience, social level, and demographic of a

person [12]. Second, psychological factors, namely

perception, role, attitude, personality, motivation

and job satisfaction [13] and third are organisational

factors, namely organisational structure, job design,

leadership, reward system (reward system) [14].

Buchori & Djaelani [15] stated that performance

is influenced by individual abilities, motivation,

support received, the existence of the work they do,

and their relationship with the organisation. Further,

company performance is a very determining factor

in the development of the company. According to

Marchington, Wilkinson, Donnelly & Kynighou

[16], performance can also be interpreted about

what is done and how to do it. The performance of a

business is the ability of a business to manage

existing resources so that it can provide value to the

business. In addition, the performance also refers to

the company's level of achievement within a certain

period of time.

Table 1. The Micro Small Medium Enterprises

Classification and Criteria

No.

Size of

Business

Criteria

Asset

Income (IDR)

Micro business

Max 50

million

Max 300

million

Small business

> 50 million -

500 million

> 300 million

– 2.5 billion

Medium

Enterprises

> 500 million

– 10 million

> 2.5 billion -

50 billion

Performance is the result of the work or

achievements of the company as a whole. It is

compared to work results, targets or criteria that

have been mutually agreed upon in a business entity

with the criteria for assets and turnover that have

been determined by law [17]. In addition,

performance is also related to the ability of a

company to manage existing resources to provide

added value to the business so that the company can

maintain the long-term viability of its business.

Syaifullah, Syaifudin, Sukendar & Junaedi [18]

stated four indicators that affect the performance of

MSMEs, namely: (1) financial perspective, (2)

customer perspective, (3) internal business

perspective, (4) growth and learning perspective.

2.2 Competence

Competence is the capacity of employees, leading to

behaviour that is according to job demands and in

accordance with organisational decisions, which

will bring the desired results [17]. Gangani,

McLean & Braden [19] added that competence is

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Mahdani Ibrahim, Jumadil Saputra,

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E-ISSN: 2224-2899

Volume 19, 2022

what a person brings to his work in the form of

different types and levels of behaviour. So,

competency is a minimum or basic capability

requirement and authority that an employee must

possess to carry out a job/professional task to

produce work according to standards according to

the work specifications of an organisation/company.

According to Palan [20], competence is a basic

characteristic possessed by an individual who is

causally related in fulfilling the criteria needed to

occupy a position. In addition, Fuller, Heijne-

Penninga, Kamans, van Vuuren, de Jong &

Wolfensberger [21] added that competence consists

of 5 characteristics, namely; motives (consistent

willingness as well as a cause of action), innate

factors (consistent character and response), self-

concept (self-image), knowledge (information in

certain areas) and skills (ability to carry out tasks). It

is in line with the opinion of Becker, Momm, Gigl,

Wagner & Baumgartner [22], which stated the

competency refers to an individual's knowledge,

skills, abilities or personality characteristics that

directly influence job performance. Competence

contains aspects of knowledge, skills (expertise) and

abilities or personality characteristics that affect

performance.

In general, competence is understood as a

combination of skills, personal attributes, and

knowledge reflected through job behaviour that can

be observed, measured, and evaluated. Competence

is the ability and characteristics possessed by a

person in the form of knowledge, skills and

behavioural attitudes needed in carrying out his / her

job duties so that they can carry out their duties

professionally, effectively and efficiently and

following the indicated performance standards.

2.3 Entrepreneurial Leadership

Entrepreneurial leadership is a distinctive leadership

style that can be presented in any organisation [23].

This concept shifts from the mentality of a leader

who only "commands" to a leader who is more

concerned with results. Entrepreneurial leadership is

based on leaders who create, identify and exploit

opportunities in innovative and risky ways [24].

Building an entrepreneurial leadership spirit

requires a change of action that leads to increased

creativity, innovation, intuition, leadership skills,

motivation, and courage to take risks in the

organisation.

According to Tarabishy [25], five indicators that

affect entrepreneurial leadership, namely: (1) Able

to motivate, (2) achievement orientated, (3)

persistent, (4) risk taking), (5) visionary (visionary)

2.4 Good Governance

The concept of Good Corporate Governance (GCG)

originated from large corporations, which originated

from problems resulting from the separation of

ownership and control of the company (control)

[26]. GCG appears as a solution to overcome these

problems. Organisational for Economic Corporation

and Development identified that governance as a

system in which a company or business entity is

directed and controlled [27]. Business actors in

Indonesia also agree that the implementation of

GCG as a system of good corporate governance is

an important matter, this is evidenced by the signing

of the Letter of Intent (LOI) agreement with the

IMF in 1998, one of which is the inclusion of a

schedule for improving the corporate governance in

Indonesia. It became the background for the birth of

the National Committee on Corporate Governance

(KNKCG) in 1999. According to Erkkilä, T., &

Piironen [28], they stated that there four indicators

that affect good governance, namely: (1) fairness,

(2) transparency, (3) accountability, (4)

responsibility).

2.5 Accessibility of Financing

According to Banking Law No. 10 (1998), financing

is the provision of money or claims equivalent to

this, based on an agreement or agreement between

the bank and another party that requires the financed

party to return the money or claim after a certain

period of time in exchange for profit sharing.

Financing can be defined as an activity of

channelling collected funds to members of the fund

user, selecting the type of business to be financed to

obtain a type of business that is productive,

profitable and managed by honest and responsible

members [29]. In addition, financing is also one of

the main points of a bank, namely providing

facilities for providing funds to meet the needs of

the deficit unit [30].

Meanwhile, according to the Big Indonesian

Dictionary (KBBI), access is a way of entry, or the

ability of individuals or entrepreneurs to borrow

from sources of financing. Small entrepreneurs are

said to have access to a source of funding. It can be

concluded that the accessibility of financing is the

ability of entrepreneurs / MSMEs to borrow without

constraints on sources of financing, especially

formal financing based on an agreement or

agreement between the bank and other parties that

require the party being financed to refund the money

or bill after a certain period of time, where the

financing is used to meet the needs of the party

deficit unit.

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Mahdani Ibrahim, Jumadil Saputra,

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E-ISSN: 2224-2899

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According to Muktar [31], indicators that affect

the accessibility of financing are (1) character, (2)

capacity, (3) capital and collateral.

2.6 Research Framework

Based on the background of the study, the proposed

research framework in this study, as seen in Figure 1

below.

Fig. 1: Research Framework.

2.7 Hypothesis

In line with previous discussion and elaboration,

several hypotheses have proposed:

H1: Resource Competence has a significant positive

relationship with performance.

H2: Entrepreneurial leadership has a significant

positive relationship with performance.

H3: Good Governance has a significant positive

relationship with performance.

H4: Financial Accessibility moderates the

relationship between Resource Competence and

performance.

H5: Financial Accessibility moderates the

relationship between entrepreneurial leadership and

performance.

H6: Financial Accessibility moderates the

relationship between good governance and

performance.

3 Methodology

The current study is designed using a quantitative

approach through cross-sectional data. The data

were collected by distributing the questionnaires.

There are four main variables in the question

section: Resource Competence, entrepreneurial

leadership, and good governance on the

performance of MSMEs through the accessibility of

financing. The sample determined by using a non-

probability sampling technique with a saturated

sampling method (census). Passmore & Baker [32]

defined the census as all members of the population

are sampled. It is often using when the population

are small. This quantitative research involved 155

professional business women community (MSMEs).

The data analysed by using path analysis with an

interaction test approach using the help of PLS

software. The data analysed by using the structural

equation modelling – partial least square (SEM-

PLS) assisted with SmartPLS-3.0.

4 Results and Findings

4.1 Measurement Model Analysis (Outer Model)

Analysis of the measurement model (outer model)

aims to evaluate the construct variables being

studied, namely the reliability (reliability) and

validity (accuracy) of a latent variable/construct

[33].

4.1.1 Validity and Reliability

Internal consistency is an analysis to assess the

validity of items and the reliability of measurements

[34]. This study uses Cronbach Alpha, Rho_A and

Composite reliability to identify whether the items

are valid and measurements are reliable [35]. In

addition, we utilise the convergence validity by

using Average Variance Extracted (AVE). It aims to

assess the discriminant validity based on the

following "rule of thumb": the positive square root

of the AVE for each of the latent variables. AVE

should be higher than the highest correlation with

any other latent variable [35], [36]. The criteria for

good construct reliability and validity are assessed

from the value of composite reliability > 0.60 [37]

and AVE > 0.50 [38].

Table 2. Internal Consistency Analysis

Variable

Rho_A

AVE

Competence

0.934

0.935

0.948

0.755

Entrepreneurial Leadership

0.891

0.900

0.920

0.646

Good Governance

0.888

0.889

0.915

0.642

Financial Accessibility

0.881

0.886

0.915

0.642

Performance

0.916

0.922

0.935

0.705

Table 2 displays the result of items validity and

reliability of measurement. The result indicated that

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Mahdani Ibrahim, Jumadil Saputra,

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the value of composite reliability (CR) value for

competency is 0.948. Then, Entrepreneurial

Leadership has a composite reliability value of

0.920. Good governance has a composite reliability

value of 0.915. Financial accessibility has a

composite reliability value of 0.915, and

performance has a composite reliability value of

0.935. Using the value of CR, we concluded that all

of the dimension/ variables are reliable. In addition,

to assess the discriminant validity, this study uses

AVE. The result of AVE indicated that all of the

dimension/ variables are valid. It can be seen from

the value of AVE with min is 0.642 and max are

0.755.

4.1.2 R-square Analysis

R-square analysis of changes in R-Squares values

can be used to explain the effect of exogenous latent

variables on whether endogenous latent variables

have substantive effects. R-Squares values of 0.75,

0.50, and 0.25 can reflect that the model is strong,

moderate, and weak. The following results of the R-

Square values from testing the research model can

be seen in the table below.

Table 3. R-Square

Variable

R-Square

Performance

0.820

Table 3 shows the result of coefficient

determination using (R-Square). The table above

depicted that Competence, Entrepreneurial

Leadership and Good Governance can be explained

its relationship to the business performance of

MSMEs as much as 82%. In comparison, other

variables explain the remaining 18% are not

included in this model. Thus, we can conclude that

Competence, Entrepreneurial Leadership and Good

Governance have a substantive effect and are

categorised as strong effects.

4.1.3 Hypothesis Testing

Hypothesis testing aims to answer the problem

formulation in Chapter I. Hypothesis testing is done

through the bootstrapping process with Smart PLS.

Hypothesis testing is accepted when using

probability (P-Values) <0.05. The results of the

bootstrapping process with SmartPLS, as seen in the

following Table 4:

Table 4. Hypothesis Testing (Direct Effect)

Variable

Coefficient

T-Stat

P-Values

Competence →

Performance

0.442

2.346

0.010

Entrepreneurial

Leadership→

Performance

0.102

1.988

0.024

Good

Governance →

Performance

0.110

1.867

0.031

Table 4 displays the result of hypothesis testing for

direct effect. This study found that Human resource

competence with performance has a P value of

0.045 <0.05 with a statistic of 2.039> 1.96, so HR

competence has a significant direct influence on the

performance of MSMEs. Entrepreneurial

Leadership with Managerial Performance has a P

value of 0.333> 0.05 with a statistic of 0.549 <1.96,

so Entrepreneurial Leadership has a direct and

insignificant effect on the performance of MSMEs.

Good Governance with MSME Performance has a P

value of 0.717> 0.05 with a statistic of 0363 <1.96,

so Corporate Governance has a direct and

insignificant effect on the performance of MSMEs.

Table 5. Hypothesis Testing (Moderating Effect)

Variable

Coefficient

T-Stat

P-Values

Competence *

Financial

Accessibility

→ Performance

0.230

0.969

0.333

Entrepreneurial

Leadership *

Financial

Accessibility

→ Performance

0.456

2.288

0.023

Good

governance *

Financial

Accessibility

→ Performance

0.264

1.363

0.173

Table 5 shows the result of the hypothesis for

testing the moderating role of Financial

accessibility. The relationship between Human

resource competence and performance of MSMEs

moderated by Financial Accessibility is t-stat =

0.969 or less than 1.96 and P-Value = 0.333 or

higher than 0.05 (5%). It means that Financial

Accessibility does not moderate the relationship

between resource competence on the performance of

MSMEs. Further, Entrepreneurial Leadership has

moderated by Financial Accessibility in its

relationship to the Performance of MSMEs with a P-

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DOI: 10.37394/23207.2022.19.9

Mahdani Ibrahim, Jumadil Saputra,

Muhammad Adam, Mukhlis Yunus

E-ISSN: 2224-2899

Volume 19, 2022

Value is 0.023 and t-stat are 2.288 or higher than

1.96. Also, the relationship between Corporate

Governance and business performance moderated

by Financial Accessibility showed that t-stat is

1.363 <1.96 and P-Value is 0.173 or higher than

0.05. Thus, Financial Accessibility does not

moderate the influence of Corporate Governance on

MSMEs Performance.

5 Conclusions and Suggestions

5.1 Conclusion

In conclusion, this study indicated resource

competence, entrepreneurial leadership, and good

governance have a significant positive relationship

with Micro Small Medium Enterprises (MSMEs).

Also, financial accessibility moderates the

relationship between entrepreneurial leadership and

performance. In conclusion, this study has

successfully identified the determinant factors that

affect the business performance and moderating role

of financial accessibility on business performance

for Micro Small Medium Enterprises (MSMEs).

5.2 Suggestion

On the basis of the discussion and conclusions

above, this study provides several suggestions,

including, professional business women community

(MSMEs) requires information about financial

performance so that it can be used to evaluate

whether the strategy, implementation and

implementation contributed or not to the increase in

MSMEs profits. In this case, professional business

women community (MSMEs) needs to attend

training on how to record, book, and report by

accounting standards to form complete financial

reports. The accounting information has a

significant influence on the achievement of business

success, including small businesses.

The need to increase the professionalism of the

management of professional business women

community (MSMEs)is to apply the principles of

good governance in its management. The

application of creativity and work motivation is

needed to improve the performance of MSMEs. In

addition, the professional business women

community (MSMEs) needs to fulfil the eligibility

of prospective borrowers (MSMEs) in obtaining

credit (credit-worthiness) or better known as the 5C

principle, namely (capacity, capital, capability,

collateral and condition).

For further research, this study suggested

choosing a more comprehensive number and

location of samples, such as using middle-upper

class business objects to get more accurate results.

In obtaining research data, this study suggests that

future research can carry out by distributing

questionnaires and directly obtaining data in

interviews with respondents so that the researcher

can obtain the real situation.

Acknowledgements:

We would like to thank Universitas Syiah Kuala and

Universiti Malaysia Terengganu for supporting this

research publication and one form of research

collaboration with the Universitas Syiah Kuala,

Banda Aceh, Indonesia.

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Contribution of Individual Authors to the

Creation of a Scientific Article (Ghostwriting

Policy)

Mahdani Ibrahim writing – original draft,

investigation, editing and supervision.

Jumadil Saputra writing – methodology, review,

editing, investigation, and data analysis.

Muhammad Adam methodology, review, and

editing.

Mukhlis Yunus writing – methodology, review, and

editing.

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(Attribution 4.0 International, CC BY 4.0)

This article is published under the terms of the

Creative Commons Attribution License 4.0

https://creativecommons.org/licenses/by/4.0/deed.en

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WSEAS TRANSACTIONS on BUSINESS and ECONOMICS

DOI: 10.37394/23207.2022.19.9

Mahdani Ibrahim, Jumadil Saputra,

Muhammad Adam, Mukhlis Yunus

E-ISSN: 2224-2899

Volume 19, 2022