Financial Inclusion on Creative Industry Performance: Evidence from Indonesia

Julita Julita, Edisah Putra Nainggolan

Abstract


This study aims to determine the performance of creative industries in Indonesia influenced by digital marketing and financial technology. This study also looks at the role of financial inclusion in mediating the influence of these two variables. This study uses an explanatory research approach. The sample of this research is 100 creative industry players in Indonesia. The sampling technique used is the purposive sampling method. The data analysis used is a Partial Least Square analysis. Based on the results of the discussion, it can be concluded that Digital Marketing has a significant effect on the Creative Industry. Financial Technology has a significant effect on the Creative Industry. Furthermore, the results of the study found that Financial Inclusion mediates the influence of Digital Marketing on the Creative Industry. Furthermore, the results of the study conclude that Financial Inclusion mediates the influence of Financial Technology on the Creative Industry.


Full Text:

PDF

References


Bekele, WD (2022). Determinants of Financial Inclusion: A Comparative Study of Kenya and Ethiopia. Journal of African Business . https://doi.org/10.1080/15228916.2022.2078938

Bentouhami, H., Casas, L., & Weyler, J. (2021). Reporting of “theoretical design†in explanatory research: A critical appraisal of research on early life exposure to antibiotics and the occurrence of asthma. Clinical Epidemiology, 13 . https://doi.org/10.2147/CLEP.S318287

Bilan, Y., Vasilyeva, T., Kryklii, O., & Shilimbetova, G. (2019). The creative industry as a factor in the development of the economy: Dissemination of European experience in countries with economies in transition. Creativity Studies, 12 (1). https://doi.org/10.3846/cs.2019.7453

Casey, E., & O'Brien, D. (2020). Sociology, Sociology and the Cultural and Creative Industries. Sociology, 54 (3). https://doi.org/10.1177/0038038520904712

Chen, X., Liu, C., Jiang, Y., & Gao, C. (2021). What causes the virtual agglomeration of creative industries? Sustainability (Switzerland), 13 (16). https://doi.org/10.3390/su13169232

Chuc, AT, Li, W., Phi, NTM, Le, QT, Yoshino, N., & Taghizadeh-Hesary, F. (2022). The necessity of financial inclusion for enhancing the economic impacts of remittances. Borsa Istanbul Review, 22 (1). https://doi.org/10.1016/j.bir.2020.12.007

Demir, A., Pesqué-Cela, V., Altunbas, Y., & Murinde, V. (2022). Fintech, financial inclusion and income inequality: a quantile regression approach. European Journal of Finance, 28 (1). https://doi.org/10.1080/1351847X.2020.1772335

In Novo, S., Fazio, G., Sapsed, J., & Siepel, J. (2022). Starving the golden goose? Access to finance for innovators in the creative industries. Journal of Cultural Economics, 46 (2). https://doi.org/10.1007/s10824-022-09448-5

Diez-Martin, F., Blanco-Gonzalez, A., & Prado-Roman, C. (2019). Research challenges in digital marketing: Sustainability. Sustainability (Switzerland), 11 (10). https://doi.org/10.3390/su11102839

Djakasaputra, A., Wijaya, OYA, Utama, AS, Yohana, C., Romadhoni, B., & Fahlevi, M. (2021). Empirical study of Indonesian SMEs sales performance in the digital era: The role of quality service and digital marketing. International Journal of Data and Network Science, 5 (3). https://doi.org/10.5267/j.ijdns.2021.6.003

Gálvez-Sánchez, FJ, Lara-Rubio, J., Verdú-Jóver, AJ, & Meseguer-Sánchez, V. (2021). Research advances on financial inclusion: A bibliometric analysis. Sustainability (Switzerland), 13 (6). https://doi.org/10.3390/su13063156

Gao, Y., & Jin, S. (2022). Corporate Nature, Financial Technology, and Corporate Innovation in China. Sustainability (Switzerland), 14 (12). https://doi.org/10.3390/su14127162

Giantari, IGAK, Yasa, NNK, Suprasto, HB, & Rahmayanti, PLD (2022). The role of digital marketing in mediating the effect of the COVID-19 pandemic and the intensity of competition on business performance. International Journal of Data and Network Science, 6 (1). https://doi.org/10.5267/J.IJDNS.2021.9.006

Girón, A., Kazemikhasragh, A., Cicchiello, AF, & Panetti, E. (2022). Financial Inclusion Measurement in the Least Developed Countries in Asia and Africa. Journal of the Knowledge Economy, 13 (2). https://doi.org/10.1007/s13132-021-00773-2

Gunawan, A., Jufrizen, & Pulungan, DR (2023). Improving MSME performance through financial literacy, financial technology, and financial inclusion. International Journal of Applied Economics, Finance and Accounting, 15 (1). https://doi.org/10.33094/ijaefa.v15i1.761

Gupta, U., Agarwal, B., & Nautiyal, N. (2022). Financial Technology Adoption — A Case of Indian MSMEs. Finance: Theory and Practice, 26 (6). https://doi.org/10.26794/2587-5671-2022-26-6-192-211

Hartini, SA, Premananto, G., & Sulistyawan, J. (2018). IDX for Creative Industry in Indonesia. Journal of Economics, Business & Accountancy Venture, 21 (1). https://doi.org/10.14414/jebav.v21i1.1140

Harwiki, W., & Malet, C. (2020). Quintuple helix and innovation on the performance of SMEs within the ability of SMEs as a mediator variable: A comparative study of the creative industry in Indonesia and Spain. Management Science Letters, 10 (6). https://doi.org/10.5267/j.msl.2019.11.018

Jatmiko, B., Handayani, SD, Udin, U., Suryandani, E., Kusumawati, R., Laras, T., & Raharti, R. (2022). Key-Factor Strategy of Creative Industry in Channel Distribution: A SWOT Analysis Method. International Journal of Sustainable Development and Planning, 17 (6). https://doi.org/10.18280/ijsdp.170624

Khan, MS, Rabbani, MR, Hawaldar, IT, & Bashar, A. (2022). Determinants of Behavioral Intentions to Use Islamic Financial Technology: An Empirical Assessment. Risks, 10 (6). https://doi.org/10.3390/risks10060114

Khlystova, O., Kalyuzhnova, Y., & Belitski, M. (2022). The impact of the COVID-19 pandemic on the creative industries: A literature review and future research agenda. Journal of Business Research, 139 . https://doi.org/10.1016/j.jbusres.2021.09.062

Kiroff, L. (2020). Nexus between creative industries and the built environment: Creative placemaking in inner Auckland. Frontiers of Architectural Research, 9 (1). https://doi.org/10.1016/j.foar.2019.08.004

Åasak, P. (2022). The role of financial technology and entrepreneurial finance practices in funding small and medium-sized enterprises. Journal of Entrepreneurship, Management and Innovation, 18 (1). https://doi.org/10.7341/20221811

Li, F. (2020). The digital transformation of business models in the creative industries: A holistic framework and emerging trends. Technovation, 92–93 . https://doi.org/10.1016/j.technovation.2017.12.004

Liu, H., Yao, P., Latif, S., Aslam, S., & Iqbal, N. (2022). Impact of Green financing, FinTech, and financial inclusion on energy efficiency. Environmental Science and Pollution Research, 29 (13). https://doi.org/10.1007/s11356-021-16949-x

Machmud, A., & Sumawidjaja, RN (2020). The influence of co-creation on the creative industry performance in Indonesia. WSEAS Transactions on Environment and Development, 16 . https://doi.org/10.37394/232015.2020.16.33

Malik, AH, Md Isa, AH bin, Jais, M. bin, Ur Rehman, A., & Ali Khan, M. (2022). Financial stability of Asian Nations: Governance quality and financial inclusion. Borsa Istanbul Review, 22 (2). https://doi.org/10.1016/j.bir.2021.05.005

Masrianto, A., Hartoyo, H., Hubeis, AVS, & Hasanah, N. (2022). Digital Marketing Utilization Index for Evaluating and Improving Company Digital Marketing Capability. Journal of Open Innovation: Technology, Market, and Complexity, 8 (3). https://doi.org/10.3390/joitmc8030153

Mhlanga, D. (2020). Industry 4.0 in finance: the impact of artificial intelligence (ai) on digital financial inclusion. International Journal of Financial Studies, 8 (3). https://doi.org/10.3390/ijfs8030045

Muhammad Yousaf. (2019). Explanatory Research Definition, Explanatory Research Types, Comparison, Advantages, disadvantages. Scholarship Fellows .

Murinde, V., Rizopoulos, E., & Zachariadis, M. (2022). The impact of the FinTech revolution on the future of banking: Opportunities and risks. International Review of Financial Analysis, 81 . https://doi.org/10.1016/j.irfa.2022.102103

Prasnowo, MA, Adriansyah, G., & Hidayat, K. (2019). What is the Best Strategy to Develop Creative Industry in Indonesia? Eleven March Business Review, 3 (2). https://doi.org/10.20961/smbr.v3i2.13410

Nainggolan, EP (2023). Balance: Journal of Accounting and Management The Role of Financial Inclusion Mediation on Financial Literacy and MSME Performance in Deli Serdang Regency. In Balance: Journal of Accounting and Management (Vol. 2, Issue 1).

Rashdan, A., & Eissa, N. (2020). The determinants of financial inclusion in Egypt. International Journal of Financial Research, 11 (1). https://doi.org/10.5430/ijfr.v11n1p123

Rizvanović, B., Zutshi, A., Grilo, A., & Nodehi, T. (2023). Linking the potentials of extended digital marketing impact and start-up growth: Developing a macro-dynamic framework of start-up growth drivers supported by digital marketing. Technological Forecasting and Social Change, 186 . https://doi.org/10.1016/j.techfore.2022.122128

Sakyi-Nyarko, C., Ahmad, AH, & Green, CJ (2022). The Gender-Differential Effect of Financial Inclusion on Household Financial Resilience. Journal of Development Studies, 58 (4). https://doi.org/10.1080/00220388.2021.2013467

Saura, JR (2021). Using Data Sciences in Digital Marketing: Framework, methods, and performance metrics. Journal of Innovation and Knowledge, 6 (2). https://doi.org/10.1016/j.jik.2020.08.001

Sultoni, MH, Sudarmiatin, Hermawan, A., & Sopiah. (2022). Digital marketing, digital orientation, marketing capability, and information technology capability on marketing performance of Indonesian SMEs. International Journal of Data and Network Science, 6 (4). https://doi.org/10.5267/j.ijdns.2022.5.013

Suryono, RR, Budi, I., & Purwandari, B. (2021). Detection of fintech P2P lending issues in Indonesia. Heliyon, 7 (4). https://doi.org/10.1016/j.heliyon.2021.e06782

Tay, LY, Tai, HT, & Tan, GS (2022). Digital financial inclusion: A gateway to sustainable development. In Heliyon (Vol. 8, Issue 6). https://doi.org/10.1016/j.heliyon.2022.e09766

Vo, DH, Nguyen, NT, & Thi-Hong Van, L. (2021). Financial inclusion and stability in the Asian region using bank-level data. Borsa Istanbul Review, 21 (1). https://doi.org/10.1016/j.bir.2020.06.003

Vollrath, MD, & Villegas, SG (2022). Avoiding digital marketing analytics myopia: revisiting the customer decision journey as a strategic marketing framework. Journal of Marketing Analytics, 10 (2). https://doi.org/10.1057/s41270-020-00098-0

Widyastuti, M., & Hermanto, YB (2022). The effect of financial literacy and social media on micro capital through financial technology in the creative industry sector in East Java. Cogent Economics and Finance, 10 (1). https://doi.org/10.1080/23322039.2022.2087647

Wijngaarden, Y., Hitters, E., & V. Bhansing, P. (2019). 'Innovation is a dirty word': contesting innovation in the creative industries. International Journal of Cultural Policy, 25 (3). https://doi.org/10.1080/10286632.2016.1268134

Yudaruddin, R. (2023). Financial technology and performance in Islamic and conventional banks. Journal of Islamic Accounting and Business Research, 14 (1). https://doi.org/10.1108/JIABR-03-2022-0070




DOI: https://doi.org/10.32535/jicp.v6i3.2482

Refbacks

  • There are currently no refbacks.


Copyright (c) 2023 Julita Julita, Edisah Putra Nainggolan

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Flag Counter

Published by:

AIBPM Publisher

Editorial Office:

JL. Kahuripan No. 9 Hotel Sahid Montana, Malang, Indonesia
Phone:+62 341 366222
Email: journal.jicp@gmail.com
Website:http://ejournal.aibpmjournals.com/index.php/JICP

Supported by: Association of International Business & Professional Management

If you are interested to get the journal subscription you can contact us at admin@aibpm.org.

ISSN 2622-0989 (Print)
ISSN 2621-993X (Online)

DOI:Prefix 10.32535 by CrossREF

Journal of International Conference Proceedings (JICP) INDEXED:

 

In Process


This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.