FINANCIAL LITERACY OF OWNER AND MANAGER IN SMALL

MEDIUM ENTERPRISE COMMUNITY PHARMACY:

A NARATIVE REVIEW

Rahzopan Seraguma
¹Program Studi Magister Manajemen Farmasi, Fakultas Farmasi,
Universitas Gadjah Mada (rahzopanseraguma@gmail.com /082243106421)

ABSTRAK

Introduction : SMEs are form a business that plays a major role in influencing the economic
condition of a nation, especially for developing countries. SMEs become a model of economic
development that drives domestic production and job creation. In developing country Small
Medium Enterprises (SMEs) have important role at economic growth, but it has limited ed
financing.
Method : A narrative literature review has been carried out to discuss financial literacy of owner
and manager and its role to improve the performance of SMEs. The extant review of literature has
been undertaken using sources database Science Direct.
Results : Articles in this literature review is limited to only articles published in the last 5 years,
with subject areas business, management, accounting, economics and finance. The types of articles
that are include in the review are only research articles with the open access type. Of the 2259
articles screened, 2249 articles was exclude, mainly due to topic, metodology or setting
mismatches. Consequently, founded 10 papers that fit with research focus..
Conclusion : Financial literacy equips enterpreneurs with deeper insight regarding corporate
goals and strategies. It also serves to make SMEs owner and manager familiar about availability
of various financing options and support services..

Keywords: Financial Literacy, Small Medium Enterprise, Community Pharmacy

INTRODUCTION literate (Susan, 2020).
Community Pharmacy is one of millions The objectives of this studies are to collect
SMEs in Indonesia, has generate job creation some important insight from financial literacy of
and economic growth. Based on regulation of owners and managers to establish the basis on which
Online Single Submission (OSS), in Indonesia we build a review on SMEs community pharmacy.
community pharmacy as SMEs are managed
and owned by pharmacists. As a SMEs the METHOD
problem in several countries are more or less The Narrative Review
the same, one of the problems is limited A narrative literature review has been carried
financing capacity (Yoshino, 2016). SMEs out to discuss financial literacy of owner and
should have various capabilities if they want manager and its role to improve the performance of
their business to survive. Like the ability of SMEs. The extant review of literature has been
financial literacy, it is a major factor in undertaken using sources database Science Direct.
determining the economic and financial With the following keywords have been searched to
stability of SMEs (Hamdana et al., 2022). access the studies:
Financial literacy implies the ability of SMEs 1) Financial literacy
owner and manager in the financial decision 2) Small medium enterprise
making process (Ripain et al., 2017). 3) Financial literacy AND Small medium
Financial literacy is a source of enterprise
knowledge that determines the sustainability Rules for inclusion. The first group of keywords used
of SMEs (Ye and Kulathunga, 2019). Financial in the search strategy was related to the concept of
literacy shows an important role for Financial Literacy. The second group of keywords
sustainability of SMEs in both developed and addressed small medium companies. To be include
developing countries (Wise, 2013). SMEs with in the review an articel was required to have a
good financial literacy have better insight into combination of keywords from two groups,
aspects of strategic financial issues, so their namely, those related to Financial Literacy and
performance is better (Hamdana et al., 2022), those related to small medium enterprise, in its title,
and SMEs with low financial literacy often abstract or keywords. Search for articles in this
experience errors in financial management literature review is limited to only articles
(Lusardi and Mitchell, 2014). In SMEs, it is published in the last 5 years, with subject areas
important for owners and managers to have business, management, accounting, economics and
financial literacy, because SMEs owners and finance. The types of articles that are include in the
managers play a central role (Hamdana et al., review are only research articles with the open
2022). Indonesian government concerns with access type.
national issue related to a lacking level of
Rules for exclusion. Of the 2259 articles screened, 2249
financial literacy. The national survey of
articles was exclude, mainly due to topic,
financial literacy results in 2016 showed that
metodology or setting mismatches. Consequently,
only 29,66% of Indonesian society was well
founded 10 papers that fit with research focus.
 Identification of studies via databases
Identification

Records identified from Databases

(n = 2259)

Records excluded by automation

Records screened
tools
(n = 2259)
(n = 2183)

Reports sought for retrieval Reports not retrieved

(n = 76) (n = 49 )
Screening

Reports assessed for eligibility

(n = 27) Reports excluded:
Not Midle Income Area (n = 5)
Topic Mismatches (n = 7)
Metodology not Identification
(n = 5)

Studies included in review

Included

(n =10 )

Gambar 1. PRISMA 2020 flow diagram for new systematic reviews

No Title Author, year Country Purpose of Study Type of Study Setting Research Variable Data Collection Method Major Finding

1 The Roles of Yanto, Heri at all, Indonesia Berupaya untuk Observational, UMKM Jawa Tengah Business Random sampling dengan Analisis deskriptif menunjukan
Entrepreneurial 2022 mengidentifikasi faktor- Analysis sustainability, merepresentasikan dari setiap bisnis sustainability dari MSME
Skills, Financial faktor yang mempengaruhi financial litaracy, distrik di jawa tengah, relatif rendah dan Financial
Literacy, and keberlangsungan UMKM digital literacy, health menggunakan Google form Literacy yang rerata. Dan hasil
Digital Literacy in di masa pandemi and safety measures, untuk mengumpulkan data analisis Path menunjukan bahwa
Maintaining and entrepreneurial Financial Literacy dari Owner atau
MSMEs During skills manager memiliki significant
The Covid-19 influence terhadap sustainability
Pandemic UMKM selama pandemik

2 Financial Sumani at all, 2022 Indonesia Untuk menganalisis Qualitative Coffe Farming Jember N/A Data Primer didapatkan dari Hasil penelitian menunjukan; (a)
Literation financial litaracy dan Exploratory Research persepsi responden melalui level financial literacy dalam
Analysis, strategi marketing kopi di FGD yang dianalisis validitas mengakses sumber pembiayaan
Marketing jember dan reliabilitas menggunakan masih sangat rendah; (b) skema
Strategies, and Triangulation. Sementara Data pembiayaan mudharabah dan
Institutional Sekunder di dapatkan dari musyakarah lebih banyak dan lebih
Models of Coffe perkembangan petani kopi, layak untuk KSU Ketakasi gunakan
Farming Creation data dari produksi kopi, data untuk membiayai petani kopi; (c)
volume penjualan, dan data KSU Ketakasi telah menerapkan
pendapatan dari bisnis kopi bauran pemasaran 4 P

3 Impact of Banthia and Dey, 2021 India Untuk menganlisis dan Analytical Masyarakat distrik Financial Knowledge, Kuesioner Survey Pengaruh FK terhadap FL adalah
Financial mengetahui hubungan Khordha dan distrik Financial Attitude, positif dan signifikan. Pengaruh FA
Knowledge, Financial Literacy dengan Cuttack Financial Behaviour, terhadap FL adalah positif namun
Financial Attitude Financial Knowledge, dan Financial Literacy tidak signifikan. Pengaruh FB
and Financail Financial Attitude dan terhadap FL adalah negatif dan
Behaviour on Financial Behaviour di tidak signifikan.
Financial Odisha, India
Literacy:
Structural
Equitation
Modeling
Approach

4 The effects of Hamdana et al, 2022 Indonesia Untuk Menganalisis Analytical SMEs Jawa Timur Financial Literacy, Kuesioner Survey Terdapat hubungan langsung
financial and pengaruh apakah SMEs Technology Literacy, diantara FL, TL and SCP terhadap
technology dapat Sustainable dengan Supply Chain sustainablenya SMEs.
literacy on the melibatkat literacy dan Practices dan SMEs
sustainability of supply chain skills Sustainability
Indonesian SMEs:
Mediating role of
supply chain
practice
5 The nexus Munyuki and Jonah, South Africa Untuk mengeksplorasi Qualitative: Mix Pengusaha Muda di N/A Data Kuantitatif di dapatkan Pengusaha memahami konsep dari
between 2021 hubungan antara Financial Method daerah dengan structured interviews Financial Literacy yang mana
financiall literacy Literacy dengan berpenghasilan melalui kuesioner yang mana ditunjukan dari pengukuran nilai
and keberhasilan usaha di rendah Cape Town responden dipilih rata-rata FL adalah 59,03 dimana
entrpreneurial kalangan pengusaha muda (Khayelitsha) menggunkan snowball nilai tersebut diatas nilai rata-rata
success among dalam komunitas low sampling technique.Untuk Data Nasional (54,00). Hasil penelitian
young economy di Cape Town, Kualitatif dikumpulkan juga menunjukan bahwa adanya
entrepreneurs Afrika Selatan melalui diskusi depth interview pengaruh positif diantara Financial
from a low- yang mana responden dipilih Literacy dan sukses berwirausaha.
income menggunkan purposive Oleh karena itu, tingkat Financial
community in sampling. Literacy yang tinggi menghasilkan
Cape Town: a peningkatan keberhasilan bisnis.
mixed-method
analysis
6 Financial Literacy Susan, 2020 Indonesia Untuk menganalisis Descriptive analysis UMKM Jawa Barat Financial Literacy, Kuesioner Survey Hasil analisis menunjukan
 and Growth of financial literacy dari Access to Finance and Financial literacy owner dan
Micro, Small, and MSMEs yang dilihat dari Growth manajer MSMEs di jawa barat
Medium sudut pandang owner atau diatas rata-rata. Dalam perspektif
Enterprises in manajer dan dampaknya FB owner dan manajer
West Java, pada pertumbuhan MSMEs menganalisis Financial
Indonesia Performance secara periodik,
membayar hutang dan membayar
asuransu. Dari perspektif FA
mereka memperhatikan pinjaman
operasiobal harus sesuai dengan
kebutuhan. Dari perspektif FK
mereka memiliki pengetahuan
dasar akuntansi.
7 Financial Rahim and Balan, Malaysia Untuk mengetahui Descriptive analysis Pengusaha SMEs di Financial Knowledge, Kuesioner Survey FK hampir setengah dari SME
Literacy: The 2020 Financial Knowledge, Kuching Financial Behaviour, sumber modal usaha bergantung
Impact on Financial Behaviour dan Financial Attitude dan pada pinjaman bank dan ada
Profitability of Financial Attitude SME Profitability indikasi kurangnya kesadaran
SMEs in Kuching dikalangan pengusaha disversifikasi bisnis dan keuangan.
SMEs di Kuching, FB lebih dari 85% owner dan
Malaysia. Serta untuk manajer mengakui pentingnya
melihat bagaimana faktor 3 analisis keuangan untuk mengelola
hal diatas dalam pengeluaran, namun 23,8%
mempengaruhi menyatakan tidak melunasi tagihan
Profitabilitas pada tepat waktu secara rutin. Hal yang
perusahaan SMEs. mejadi kekhawatiran adalah 78,3%
dari mereka berbagi dengan
tabungan pribadi yang mana dapat
berdampak pada bisnis jika terjadi
keadaan darurat. FA secara umum
owner dan manajer terbuka untuk
belajar dan membuat keputusan
bisnis melalui pengalaman yang
cukup. SMEs pun
memperhitungkan resiko, dengan
lebih dari 80% menunjukan
preferensi untuk melakukan
investasi daripada pengeluaran
konsumtif. Profitability hampir
sepermempat owner SMEs
menyatakan keuntungan aktual
mereka di bawah target mereka.
8 Financial literacy Tumba et al, 2022 Nigeria Untuk Survey Design, Pengusaha kecil Financial Education, Kuesioner Survey Financial Education memiliki
and business menguji/menganalisis Analytical Inferensial perempuan di timur Cash Forecasting, kontribusi yang paling besar
performance pengaruh dari Financial laut Nigeria Book keeping dan terhadap Business Performance di
among female Literacy terhadap kinerja Business Performance ikuti oleh bookkeeping dengan
micro- usaha/bisnis pada kalangan pengaruh moderate dan Cash
entrepreneurs pengusaha kecil Forecasting dengan efek paling
perempuan lemah. Namun secara umum dari
penelitian ini semua dimensi dari
Financial Literacy tersebut
memiliki korelasi yang signifikan
terhadap performa bisnis pada
pengusaha perempuan
9 FACTORS Khuc et al, 2022 Vietnam Untuk melihat dan Qualitative: Mix Pengusaha di daerah Financial Knowledge, Qualitative pengumpulan Qualitative results menunjukan (1)
INFLUENCING menganalisis levels Method pedesaan yang miskin Financial Behaviour, data melalui depth interviews. pengukuran financial literacy
FINANCIAL dampak dari faktor-faktor Financial Attitude Quantitatif data meliputi tiga faktor: financial
LITERACY OF Financial Literacy pada dikumpulkan melalui knowledge, financial attitude dan
THE POOR IN pada wilayah miskin kuesioner survey financial behaviour (2) faktor yang
RURAL AREAS: dengan pendekatan kasus mempengaruhi financial literacy
EMPIRICAL negara berkembang diantaranya usia, gender,
RESEARCH pendidikan dan pendapatan.
WITH THE CASE Quantitative results FK, FB dan FA
OF VIETNAM mencerminkan Financial Literacy
di daerah miskin pedesaan
Vietnam. Dari penelitian ini kita
dapat melihat bahwa FK menjadi
lebih penting di daerah pedesaan
Vietnam. meningkatkan FK dapat
membantu orang-orang untuk
memahami, memperhitungkan dan
mempertimbangkan bagaimana
cara menggunakan finance

10 How Does Ye and Kulathunga, Sri Lanka Untuk menganlisis dan Analytical CFOs UKM Sri Lanka Financial Literacy, Kuesioner Survey Financial Literacy memiliki efek
Financial Literacy 2019 menguji Financial Literacy Access to Finance, langsung terhadap sustainability.
Promote di SMEs dan untuk Financial Risk Access to Finance dan Financial
Sustainability in mengatasi kesenjangan Attitude dan Attitude yang baik akan
SMEs? A dalam Literacy Sustainability of SMEs mendorong sustainability, tetapi
Developing pengaruh FA lebih besar dari AF
Country
Perspective

Tabel 1. Data Ekstraksi untuk Systematic Review

 DISCUSSION performance. Majority all components of Financial
To identify and calssify Financial Literacy Literacy have direct effect of SME performance
measures in an SME setting, from data extraction and also levels of Financial Literacy owner and
used the concepts and labels associated with manager dertermining results of SME
Financial Literacy. Author find from data Performance. But, some of components have
extraction three core component construct indirect effect in SME Performance. Dimensions of
Financial Literacy. Financial Literacy have big effect of SMEs
1) Financial Knowledge Performance is Financial Knowledge, because
Financial knowledge is characterized as the with increace Financial Knowledge to higher
comprehension of key budgetary terms and ideas levels can help people to understand, calculate
needed to work on dialy basis. Also define as a and consider how to use finance. Also, if people or
particular sort of invesnment obtained throghout specificly owner and manager of SMEs
life via the capacity to manage salary, expenses, Community Pharmacy have high level of
and savings safely (Shafinah Rahim and Vinod Financial Knowledge that make them good with
Raj Balan, 2021). Financial Attitude dan Financial Behavior. Thats
mean they have good Financial Literacy which
2) Financial Behaviour
important to improves SMEs performance and
Financial behaviour is the subject’s effects on the
sustainability.
fluctuations of the surrounding economy. That
mean knowledge has no value without
SUGGESTIONS AND CONCLUSION
experience. Financial behaviour, however often is
Financial literacy equips enterpreneurs
divided into saving behaviour, and invesmnet
with deeper insight regarding corporate goals
behavior (Khuc et al., 2022).
and strategies. It also serves to make SMEs
3) Financial Attitude owner and manager familiar about availability
Financial attitude are an individual’s thoughts or of various financing options and support
beliefs about financial matters that influence the services. Hence, this study explored the literatur
individual’s behavior decision making. to study level of financial literacy of
At the end, levels of Financial Knowledge, enterpreneurs and relations between SMEs
Financial Behaviour and Financial Attitude performance and financial literacy. In the end,
determining Indiviuals Financial Literacy (Khuc the author feels that it is necessary to measure
et al., 2022). financial literacy for pharmacists in community
SME Performance from the review shows direct pharmacy, because pharmacy are SMEs and
relation between Financial Literacy and SME pharmacists are entrepreneurs.
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Farmasi. 2013;3(4): 283 – 290.

(Julius Tumba et al., 2022)

(Sumani et al., 2022)

(Banthia and Dey, 2022)

(Munyuki and Jonah, 2022) (Yanto et al., 2022)