Navigating the digital financial landscape: unraveling the impact of financial behavior traits on women-owned enterprises in the new normal perspective

Figures & data

Figure 1. Conceptual framework. Source: Author creation, 2023.

Table 1. Five-point scale, mean range, and its verbal interpretation .

Weight	Mean range	Verbal interpretation
5	4.51–5.00	Strongly agree
4	3.51–4.50	Agree
3	2.51–3.50	Slightly agree
2	1.51–2.50	Disagree
1	1.00–1.50	Strongly disagree

Source: Author creation, 2023.

Table 2. Level of financial decision-making of women entrepreneur.

Factors	Mean	Verbal interpretation
Independent variable
Entrepreneurial digital financial literacy
Entrepreneurial digital financial awareness (EDFa)	3.47	Slightly agree
Entrepreneurial digital financial experience (EDFe)	3.50	Slightly agree
Entrepreneurial digital financial knowledge (EDFk)	3.87	Agree
Entrepreneurial financial capability (EFC)	3.57	Agree
Entrepreneur financial skills (EFS)
Entrepreneurial financial skill_ analytical (EFS_a)	3.83	Agree
Entrepreneurial financial skill_ budgeting (EFS_b)	3.78	Agree
Entrepreneurial financial skill_ acumen (EFS_ac)	3.90	Agree
Mediator variable
Entrepreneur financial decision making (EFDM)	3.73	Agree

Source: Author creation, 2023.

Table 3. Validity and reliability of the item.

Factors		Factor loading
Entrepreneurial digital financial literacy
Entrepreneurial digital financial awareness (α = .862)
EDFa1	Awareness of digital financial risk- legality of the fintech provider	0.910
EDFa2	Awareness of potential digital financial risk- interest rate	0.743
EDFa3	Awareness of potential digital financial risk- transaction fee	0.733
Entrepreneurial digital financial experience (α =.833)
EDFe1	Having experience in using digital payment	0.790
EDFe2	Having experience in financing loans	0.793
EDFe3	Having experience in financing Asset management	0.836
Entrepreneurial digital financial knowledge (α =.917)
EDFk1	Having a good understanding of Digital payment product	0.909
EDFk2	Having a good understanding of digital asset management product	0.849
EDFk3	Having a good understanding of digital alternative	0.762
EDFk4	Having a good understanding of digital insurance	0.813
EDFk5	Having a good understanding of customer rights and protection	0.762
Entrepreneurial financial capability (α =.949)
EFC1	I am very organized in managing finance.	0.731
EFC2	I keep a close watch on business financial affairs.	0.719
EFC3	I always ensure I have money saved up for emergencies.	0.738
EFC4	I do a good job of balancing income and expenses.	0.756
EFC5	I feel confident about the financial decisions I make	0.845
EFC6	I make certain I understand the commitments I agree to in financial contracts.	0.875
Entrepreneur financial skill
Entrepreneurial financial skill_ analytical (α =.707)
EFS_a1	I can identify risks and inconsistencies.	0.815
EFS_a2	I can recognize a good financial investment.	0.729
EFS_a3	I can comprehend the underlying meaning of numerical data.	0.758
Entrepreneurial financial skill_ budgeting (α =.744)
EFS_b1	I can efficiently allocate resources within a specified timeframe.	0.815
EFS_b2	I can accurately forecast future cash availability.	0.763
EFS_b3	I can forecast expenses to prevent impulsive purchases.	0.771
Entrepreneurial financial skill_ acumen (α =.730)
EFS_ac1	I possess the skill to comprehend financial metrics effectively.	0.725
EFS_ac2	I understand the factors behind cash flow and profits.	0.665
EFS_ac3	I understand the financial statement and performance metrics.	0.762
Entrepreneurial financial decision making (α =.895)
EFDM 1	I changed my financial decisions as per the circumstances.	0.738
EFDM 2	Appraise of personal risk helps me in better financial decision-making.	0.815
EFDM 3	I make sound financial decisions by comparing results over time.	0.845
EFDM 4	I make sound financial decisions by comparing results with expenses.	0.756
EFDM 5	I search for economic options during financial decision-making	0.729
EFDM 6	I foresee the consequences of the financial decisions	0.875
EFDM 7	Previously used strategies helped me in better financial decision-making	0.763

Source: Author creation, 2023.

Table 4. Demographic characteristics.

4.1 Enterprise profile
Characteristics		Frequency	Percentage
Ownership type	Sole proprietorship	129	58
	Limited company	24	11
	Co-operative	26	12
	Partnership	44	20
	Total	223	100
No of employee	One person	69	31
	2–9 person	128	57
	10–19 person	11	5
	20–49 person	15	7
	Above 50 person	0	0
	Total	223	100
Sector	Agriculture, forestry, and fishing	1	0
	Manufacturing	13	6
	Construction and real estate	3	1
	Wholesale and retail trade	22	10
	Transportation, shipping, storage	0	0
	Accommodation, food and beverage services	12	5
	Personal services (education, health, beauty, repairs, laundry)	148	66
	Information and communication	7	3
	Business services such as legal, accounting, advertising, cleaning	17	8
	Total	223	100
Export	Yes	10	4
	No	213	96
	Total	223	100
4.2 Entrepreneur profile
Age	18–35	103	46
	35–50	85	38
	Above 50	35	16
	Total	223	100
Education	Graduation	89	40
	Postgraduation	134	60
	Total	223	100
Commerce education	Yes	91	41
	No	132	59
	Total	223	100
Entrepreneurial experience	Less than one year	42	19
	1–2 years	60	27
	2–5 years	72	32
	5–10 years	28	13
	>10 years	21	9
	Total	223	100
Enterprising family	Yes	106	48
	No	117	52
	Total	223	100

Source: Author creation, 2023.

Table 5. Hypothesis testing.

Hypothesis	Standardized coefficient	SE	t-value	p Value	Results
H1a EDFa ->EFDM	0.34	0.060	4.38	.00	Supported
H1b EDFe -> EFDM	0.53	0.050	0.84	.40	Not supported
H1c EDFk -> EFDM	0.50	0.051	7.04	.00	Supported
H2a EFC-> EFDM	0.92	0.028	34.09	.00	Supported
H3a EFS_a->EFDM	0.36	0.050	6.64	.00	Supported
H3b EFS_b->EFDM	0.38	0.044	7.86	.00	Supported
H3c EFS_Ac->EFDM	0.27	0.047	5.89	.00	Supported
H4 EFDM->EFP	0.62	0.086	11.72	.00	Supported

Source: Author creation, 2023.

Table 6. Hierarchical regression of the level of financial decision-making of women entrepreneurs depending upon the influential factors EDFL, EFC, EFS .

Predictor	Beta	p Value
Entrepreneur digital financial literacy (EDFL)  Step 1 (R^2 = 0.73; ΔR^2 = 0.73; F (3,219) = 200.85; Sig. = 0.000)
EDFa	0.298	.000
EDFe	0.131	.137
EDFk	0.463	.000
Entrepreneur financial competency (EFC) Step 2 (R^2 = 0.89; ΔR^2 = 0.162; F (1,218) = 335.96; Sig. = 0.000)
EDFa	0.059	.277
EDFe	0.035	.532
EDFk	0.278	.000
EFC	0.640	.000
Entrepreneur financial skill (EFS) Step 3 (R^2 = 0.95; ΔR^2 = 0.061; F (3,215) = 335.96; Sig. = 0.000)
EDFa	−0.010	.778
EDFe	−0.014	.692
EDFk	0.075	.047
EFC	0.552	.000
EFS_	0.241	.000
EFS_b	0.257	.000
EFS_ac	−0.025	.363

Source: Author creation, 2023.

Table 7. Hypothesis test result for mediation analysis.

Relationship	Total effect (c)	Direct effect (c’)	Indirect effect (a*b)	Confidence interval		t-statistics	Conclusion
EDFa -> EFDM->EFP	0.35 (0.05)	0.28 (0.05)	0.07	0.0008	0.564	1.977	Partial mediation
EDFe -> EFDM->EFP	0.06	0.05	0.011	−0.174	0.277	0.448	No mediated
EDFk -> EFDM->EFP	0.44 (0.000)	0.34 (0.000)	0.093	0.0876	0.6015	2.643	Partial mediation
EFC -> EFDM->EFP	0.92 (0.000)	−0.25	1.17	−0.694	0.184	−1.145	No mediation
EFS_a -> EFDM->EFP	0.52 (0.000)	0.47  (0.000)	0.05	0.148	0.800	2.867	Partial mediation
EFS_B -> EFDM->EFP	0.28 (0.05)	0.23	0.0502	−0.0697	0.5226	1.5068	No mediation
EFS_Ac -> EFDM->EFP	0.30 (0.05)	0.27 (0.10)	0.0395	−0.0278	0.5631	1.7857	No mediation

Source: Author creation, 2023.

Table

Entrepreneurial digital financial literacy
Entrepreneurial digital financial awareness
EDFa1	Awareness of digital financial risk- legality of the fintech provider
EDFa2	Awareness of potential digital financial risk- interest rate
EDFa3	Awareness of potential digital financial risk- transaction fee
Entrepreneurial digital financial experience
EDFe1	Having experience in using digital payment
EDFe2	Having experience in financing loans
EDFe3	Having experience in financing Asset management
Entrepreneurial digital financial knowledge
EDFk1	Having a good understanding of digital payment product
EDFk2	Having a good understanding of digital asset management product
EDFk3	Having a good understanding of digital alternative
EDFk4	Having a good understanding of digital insurance
EDFk5	Having a good understanding of customer rights and protection
Entrepreneurial financial capability
EFC1	I am very organized in managing finance.
EFC2	I keep a close watch on business financial affairs.
EFC3	I always ensure I have money saved up for emergencies.
EFC4	I do a good job of balancing income and expenses.
EFC5	I feel confident about the financial decisions I make
EFC6	I make certain I understand the commitments I agree to in financial contracts.
Entrepreneur financial skill
Entrepreneurial financial skill_ analytical
EFS_a1	I can identify risks and inconsistencies.
EFS_a2	I can recognize a good financial investment.
EFS_a3	I can comprehend the underlying meaning of numerical data.
Entrepreneurial financial skill_ budgeting
EFS_b1	I can efficiently allocate resources within a specified timeframe.
EFS_b2	I can accurately forecast future cash availability.
EFS_b3	I can forecast expenses to prevent impulsive purchases.
Entrepreneurial financial skill_ acumen
EFS_ac1	I possess the skill to comprehend financial metrics effectively.
EFS_ac2	I understand the factors behind cash flow and profits.
EFS_ac3	I understand the financial statement and performance metrics.
Entrepreneurial financial decision making
EFDM 1	I changed my financial decisions as per the circumstances.
EFDM 2	Appraise of personal risk helps me in better financial decision-making.
EFDM 3	I make sound financial decisions by comparing results over time.
EFDM 4	I make sound financial decisions by comparing results with expenses.
EFDM 5	I search for economic options during financial decision-making
EFDM 6	I foresee the consequences of the financial decisions
EFDM 7	Previously used strategies helped me in better financial decision-making

Data availability statement

Available upon request through an email to the corresponding author.