Determinants of Business Resilience Framework for Small Businesses: Moderating Effects of Financial Literacy

Nadiah Hamid · Soliha Sanusi · Saifulrizan Norizan · Sharina Tajul Urus · Elissa Dwi Lestari

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SMEs Development and Digital Marketing Financial Literacy and Behavior Supply Chain Resilience and Risk Management

Abstract

Covid-19 has significantly disrupted and devastated the world's economy.Data from Malaysia shows that more than 30,000 companies have closed their operations since the movement control order (MCO) implementation due to Covid-19 that began in March 2020.However, the effects on small businesses are especially severe, mainly due to the higher vulnerability levels and lower resilience related to their size.This study provides an empirical analysis of the key drivers leading to the business resilience of small businesses in Malaysia that have survived the Covid-19 pandemic.Data from 215 small businesses were collected physically and online across Malaysia from May 2021 to December 2021.Structural Equation Modeling (SEM) using Smart PLS 3.2.4 was used to analyse the data, whereby nine hypotheses were tested in the current study.The results showed that technology acceptance, government support, and financial literacy significantly influence business resilience among small businesses in Malaysia.The results also indicated that financial literacy moderates the relationship between compliance cost and government support with business resilience.Thus, the findings revealed three important determinants of small businesses' resilience framework, namely technology acceptance, government support, and financial literacy.The study recommends a dynamic, resilient framework to adopt in the "new normal" situation for the successful navigation of small businesses in the future.Moreover, the study provides insight into the key drivers for business resilience factors that small businesses must be concerned with, as the framework can be used to deal with not only the global pandemic but also uncertain conditions.

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2014A new criterion for assessing discriminant validity in variance-based structural equation modeling 1970Determining Sample Size for Research Activities 1993Research methods for business: A skill building approach 2014Partial least squares structural equation modeling (PLS-SEM)2014The Economic Importance of Financial Literacy: Theory and Evidence 2020Effects of COVID-19 on business and research 2019Rethinking some of the rethinking of partial least squares 2011Resilience: the concept, a literature review and future directions

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