JEFMS Journal

ABSTRACT:

This study aims to determine the ability of MSME actors to manage their knowledge about the concept of knowledge- based business, to the sustainability of their business in the current new normal. This study uses quantitative methods. Data collection techniques are carried out by surveys and literature studies.This study uses a sample of 300 SMEs in Indonesia. The data analysis used was validity test, reliability test, descriptive statistical test, and SEM (Structural Equation Modeling) analysis test.The results of the survey and test data found that knowledge acquisition, knowledge conversion, and knowledge protection had no effect on MSME business sustainability as measured by the quality of their products. Meanwhile, the application of knowledge has an effect on the sustainability of MSME businesses as measured by the quality of their products. Knowledge acquisition, knowledge conversion, and knowledge application have no effect on MSME business sustainability measured through product innovation. Meanwhile, knowledge protection has an effect on the sustainability of MSME businesses as measured by product innovation.MSME actors currently really need the help of knowledge to design new business concepts as well as large enough capital to be able to bounce back.

KEYWORDS:

management accounting, knowledge management, business suitability.

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32) Mention, AL, & Bontis, N. (2013). Intellectual capital and performance within the banking sector of Luxembourg and Belgium. Journal of Intellectual Capital, 14(2), 286–309. https://doi.org/10.1108/14691931311323896

33) Mills, AM, & Smith, TA (2011). Knowledge Management and Organizational Performance: a Decomposed View. Journal of Knowledge Management, 15(1), 156–171.

34) Moustaghfir, K., Schiuma, G., Moustaghfir, K., Schiuma, G., & Schiuma, G. (2013). Knowledge, learning, and innovation: Research and perspectives. Journal of Knowledge Management, 17(4), 495–510. https://doi.org/10.1108/JKM-04-2013- 0141

35) Muchran. (2020). Effect of intellectual capital on sustainable financial performance of Indonesian pharmaceutical firms with moderating role knowledge management. Systematic Reviews in Pharmacy, 11(1), 203–212. https://doi.org/10.5530/srp.2020.1.27

36) Muthuveloo, R., Shanmugam, N., & Teoh, AP (2017). The impact of tacit knowledge management on organizational performance: Evidence from Malaysia. Asia Pacific Management Review, 22(4), 192–201.

37) Nemati, AR, Bhatti, AM, Maqsal, M., Mansoor, I., & Naveed, F. (2010). Impact of Resource Based View and Resource Dependence Theory on Strategic Decision Making. International Journal of Business and Management, 5(12), 110–115. https://doi.org/10.5539/ijbm.v5n12p110

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43) Ratnawati, K. (2020). The Impact of Financial Inclusion on Economic Growth, Poverty, Income Inequality, and Financial Stability in Asia. The Journal of Asian Finance, Economics and Business, 7(10), 73–85. https://doi.org/10.13106/jafeb.2020.vol7.no10.073

44) Rexhepi, G., Ibraimi, S., & Veseli, N. (2013). Role of Intellectual Capital in Creating Enterprise Strategy. Procedia - Social and Behavioral Sciences, 75(April), 44–51. https://doi.org/10.1016/j.sbspro.2013.04.006

45) Riahi-Belkaoui, A. (2005). Intellectual Capital and Firm Performance of US Multinational Firms: A Study of the Resource- Based and Stakeholder Views. SSRN Electronic Journal, (December 2002). https://doi.org/10.2139/ssrn.365580

46) Sahela, KZ, Susanti, R., & Adjie, AR (2021). The Influence of Government Dimension on Financial Education and Empowerment of Micro-, Small and Medium-Sized Enterprises in Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 637–643. https://doi.org/10.13106/jafeb.2021.vol8.no3.0637

47) Saini, N., & Singhania, M. (2019). Performance relevance of environmental and social disclosures: The role of foreign ownership. Benchmarking, 26(6), 1845–1873. https://doi.org/10.1108/BIJ-04-2018-0114

48) Salam, IEE (2017). The impact of knowledge management capability, organizational learning, and supply chain management practices on organizational performance. The Business & Management Review, 8(5), 37–51.

49) Sardo, F., & Serrasqueiro, Z. (2017). A European empirical study of the relationship between firms' intellectual capital, financial performance and market value. Journal of Intellectual Capital, 18(4), 1469–1930. https://doi.org/http://dx.doi.org/10.1108/MRR-09-2015-0216

50) Schiuma, G., & Lerro, A. (2008). Intellectual capital and company's performance improvement. Measuring Business Excellence, 12(2), 3–9. https://doi.org/10.1108/13683040810881153

51) Schneider, L., Günther, J., & Brandenburg, B. (2010). Innovation and skills from a sectoral perspective : a linked employer – employee analysis. Economics Of Innovation and New Technology, (October 2012), 37–41.

52) Seleim, AAS, & Khalil, OEM (2011). Understanding the knowledge management-intellectual capital relationship: A two- way analysis. Journal of Intellectual Capital, 12(4), 586–614. https://doi.org/10.1108/14691931111181742

53) Serenko, A., Hardie, T., Bontis, N., Booker, L., & Sadeddin, K. (2010). A scientometric analysis of knowledge management and intellectual capital academic literature (1994 2008). Journal of Knowledge Management, 14(1), 3–23. https://doi.org/10.1108/13673271011015534

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55) Soewarno, N., & Tjahjadi, B. (2020). Mediating effect of strategy on competitive pressure, stakeholder pressure and strategic performance management (SPM): evidence from HEIs in Indonesia. Benchmarking, 27(6), 1743–1764. https://doi.org/10.1108/BIJ-06-2019-0292

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65) Agostini, L., Nosella, A., & Filippini, R. (2017). Does intellectual capital allow improving innovation performance? A quantitative analysis in the SME context. Journal of Intellectual Capital, 18(2), 400–418. https://doi.org/10.1108/JIC-05- 2016-0056

66) Andreeva, T., & Garanina, T. (2016). Do all elements of intellectual capital matter for organizational performance? Evidence from Russian context. Journal of Intellectual Capital, 17(2), 397–412. https://doi.org/10.1108/JIC-07-2015-0062

67) Andrew Huang, T. Te, Chen, L., & Stewart, RA (2010). The moderating effect of knowledge sharing on the relationship between manufacturing activities and business performance. Knowledge Management Research and Practice, 8(4), 285– 306. https://doi.org/10.1057/kmrp.2010.21

68) Ardhiani, MR, & Nasih, M. (2019). Intellectual capital mediation effect in Indonesia's banking industries. International Journal of Innovation, Creativity and Change, 9(7), 342–354.

69) Barney, J. (1997). Gaining and Sustaining Competitive Advantage. New York: Addison –Wesley Publishing Company.

70) Baroroh, N. (2014). Analysis of the Effect of Intellectual Capital on the Financial Performance of Manufacturing Companies in Indonesia. Journal of Accounting Dynamics, 5(2), 172–182. https://doi.org/10.15294/jda.v5i2.2997

71) Bonn, I., & Fisher, J. (2011). Sustainability: the missing ingredient in strategy. Journal of Business Strategy, 32(1), 5–14. https://doi.org/10.1108/02756661111100274

72) Burcher, SA, Serido, J., Danes, S., Rudi, J., & Shim, S. (2021). Using the Expectancy-Value Theory to Understand Emerging Adult's Financial Behavior and Financial Well-Being. Emerging Adulthood, 9(1), 66–75. https://doi.org/10.1177/2167696818815387

73) Bushman, R., Chen, Q., Engel, E., & Smith, A. (2004). Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting and Economics (Vol. 37). https://doi.org/10.1016/j.jacceco.2003.09.005

74) Castelo, BM (2013). Sustainability Reporting Guidelines. Encyclopedia of Corporate Social Responsibility, 2389–2395. https://doi.org/10.1007/978-3-642-28036-8_619

75) Chang, AY, & Cheng, YT (2019). Analysis model of the sustainability development of manufacturing small and medium- sized enterprises in Taiwan. Journal of Cleaner Production, 207, 458–473. https://doi.org/10.1016/j.jclepro.2018.10.025

76) Chang, S., & Lee, M. (2008). The Linkage between Knowledge Accumulation, Capability and Organizational Innovation. Journal of Knowledge Management, 12(1), 3–20. https://doi.org/https://doi.org/10.1108/13673270810852359

77) Detienne, KB, & Jackson, LA (2001). Knowledge management: Understanding theory and developing strategy. Competitiveness Review, 11(1), 1–11. https://doi.org/10.1108/eb046415

78) Durst, S., & Edvardsson, IR (2012). Knowledge management in SMEs: A literature review. Journal of Knowledge Management, 16(6), 879–903. https://doi.org/10.1108/13673271211276173

79) Durst, S., & Ferenhof, H. (2014). Knowledge Leakages and Ways to Reduce Them in Small and Medium-Sized Enterprises (SMEs). Information, 5(3), 440–450. https://doi.org/10.3390/info5030440

80) Erkan, TE, LAWSON, B., SAMSON, D., Sullivan, PH, ataś, R., Walasek, D. ... Nasih, M. (2019). Analysis of the Human Capital Measurement Model in Organizations. Ethics, 3(1), 1–10. https://doi.org/10.1108/14691930010359234

81) Gogan, LM, Artene, A., Sarca, I., & Draghici, A. (2016). The Impact of Intellectual Capital on Organizational Performance. Procedia - Social and Behavioral Sciences, 221(0), 194–202. https://doi.org/10.1016/j.sbspro.2016.05.106

82) Hidajat, T. (2015). An Analysis of Financial Literacy and Household Saving among Fishermen in Indonesia. Mediterranean Journal of Social Sciences, 6(5), 216–222. https://doi.org/10.5901/mjss.2015.v6n5s5p216

83) Holland, J., Henningsson, J., Johanson, U., Koga, C., & Sakakibara, S. (2012). Use of IC information in Japanese financial firms. Journal of Intellectual Capital, 13(4), 562–581. https://doi.org/10.1108/14691931211276133

84) Hosain, A., & Khani, A. (2011). The Impact of Intellectual Capital on performance of Iranian food firms. Interdiciplinary Journal of Contemporary Research in Business, 2(10), 315–327.

85) Hsu, CH, Chang, AY, & Luo, W. (2017). Identifying key performance factors for sustainability development of SMEs – integrating QFD and fuzzy MADM methods. Journal of Cleaner Production, 161, 629–645. https://doi.org/10.1016/j.jclepro.2017.05.063

86) Hudson, M., Smart, A., Bourne, M., Hudson, M., & Bourne, M. (2001). Theory and practice in SME performance measurement systems - 2001 - International Journal of Op.pdf. International Journal of Operations & Production Management, 21(8), 1096–1115.

87) Divine, ME, Soewarno, N., & Jaya, IMLM (2021). The Effect of Intellectual Capital and Financial Services Knowledge on Financial Inclusion. Journal of Asian Finance, Economics and Business, 8(1), 247–255. https://doi.org/10.13106/jafeb.2021.vol8.no1.247

88) Jardon, CM, & Martos, MS (2012). Intellectual capital as competitive advantage in emerging clusters in Latin America. Journal of Intellectual Capital, 13(4), 462–481. https://doi.org/10.1108/14691931211276098

89) Jaya, IMLM (2019). The Impact of Financial Inclusion on Public Financial Services Education through Financial Technology in Sleman Regency, Indonesia. Essence: Journal of Business and Management, 9(2), 155–174. https://doi.org/10.15408/ess.v9i2.13576

90) Likert, R. (1932). Technique for the measurement of attitudes. Archives of Psychology, (140), 1–55.

91) Manning, P. (2010). Explaining and developing social capital for knowledge management purposes. Journal of Knowledge Management, 14(1), 83–99. https://doi.org/10.1108/13673271011015589

92) Marr, B., Gupta, O., Pike, S., & Roos, G. (2003). Intellectual capital and knowledge management effectiveness. Management Decisions, 41(8), 771–781. https://doi.org/10.1108/00251740310496288

93) Matos, F., Vairinhos, V., Selig, PM, & Edvinsson, L. (2018). Intellectual capital management as a driver of sustainability: Perspectives for organizations and society. Intellectual Capital Management as a Driver of Sustainability: Perspectives for Organizations and Society, (January), 1–242. https://doi.org/10.1007/978-3-319-79051-0

94) Mcelroy, M.W. (2002). Social innovation capital. Journal of Intellectual Capital, 3(1), 30–39. https://doi.org/10.1108/14691930210412827

95) Mention, AL, & Bontis, N. (2013). Intellectual capital and performance within the banking sector of Luxembourg and Belgium. Journal of Intellectual Capital, 14(2), 286–309. https://doi.org/10.1108/14691931311323896

96) Mills, AM, & Smith, TA (2011). Knowledge Management and Organizational Performance: a Decomposed View. Journal of Knowledge Management, 15(1), 156–171.

97) Moustaghfir, K., Schiuma, G., Moustaghfir, K., Schiuma, G., & Schiuma, G. (2013). Knowledge, learning, and innovation: Research and perspectives. Journal of Knowledge Management, 17(4), 495–510. https://doi.org/10.1108/JKM-04-2013- 0141

98) Muchran. (2020). Effect of intellectual capital on sustainable financial performance of Indonesian pharmaceutical firms with moderating role knowledge management. Systematic Reviews in Pharmacy, 11(1), 203–212. https://doi.org/10.5530/srp.2020.1.27

99) Muthuveloo, R., Shanmugam, N., & Teoh, AP (2017). The impact of tacit knowledge management on organizational performance: Evidence from Malaysia. Asia Pacific Management Review, 22(4), 192–201.

100) Nemati, AR, Bhatti, AM, Maqsal, M., Mansoor, I., & Naveed, F. (2010). Impact of Resource Based View and Resource Dependence Theory on Strategic Decision Making. International Journal of Business and Management, 5(12), 110–115. https://doi.org/10.5539/ijbm.v5n12p110

101) Nimtrakoon, S. (2015). The relationship between intellectual capital, firms' market value and financial performance Empirical evidence from the ASEAN. Journal of Intellectual Capital, 16(3), 1469–1930. https://doi.org/http://dx.doi.org/10.1108/MRR-09-2015-0216

102) Nonaka, I., & Takeuchi, H. (1995). The knowledge-creating company: How Japanese companies create the dynamics of innovation. Oxford university press.

103) Pham, MH, & Doan, TPL (2020). The impact of financial inclusion on financial stability in Asian countries. Journal of Asian Finance, Economics and Business, 7(6), 47–59. https://doi.org/10.13106/JAFEB.2020.VOL7.NO6.047

104) Rahimli, A. (2012). Knowledge Management and competitive advantage . Iiste, 2(7), 37–43. Retrieved from http://www.iiste.org/Journals/index.php/IKM/article/view/3255

105) Rahman, MRCA, Saleh, NM, & Hassan, MS (2008). Ownership structure and intellectual capital performance in Malaysia. Governance An International Journal Of Policy And Administration, 1–29. Retrieved from http://ssrn.com/abstract=1153908

106) Ratnawati, K. (2020). The Impact of Financial Inclusion on Economic Growth, Poverty, Income Inequality, and Financial Stability in Asia. The Journal of Asian Finance, Economics and Business, 7(10), 73–85. https://doi.org/10.13106/jafeb.2020.vol7.no10.073

107) Rexhepi, G., Ibraimi, S., & Veseli, N. (2013). Role of Intellectual Capital in Creating Enterprise Strategy. Procedia - Social and Behavioral Sciences, 75(April), 44–51. https://doi.org/10.1016/j.sbspro.2013.04.006

108) Riahi-Belkaoui, A. (2005). Intellectual Capital and Firm Performance of US Multinational Firms: A Study of the Resource- Based and Stakeholder Views. SSRN Electronic Journal, (December 2002). https://doi.org/10.2139/ssrn.365580

109) Sahela, KZ, Susanti, R., & Adjie, AR (2021). The Influence of Government Dimension on Financial Education and Empowerment of Micro-, Small and Medium-Sized Enterprises in Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 637–643. https://doi.org/10.13106/jafeb.2021.vol8.no3.0637

110) Saini, N., & Singhania, M. (2019). Performance relevance of environmental and social disclosures: The role of foreign ownership. Benchmarking, 26(6), 1845–1873. https://doi.org/10.1108/BIJ-04-2018-0114 111) Salam, IEE (2017). The impact of knowledge management capability, organizational learning, and supply chain management practices on organizational performance. The Business & Management Review, 8(5), 37–51.

112) Sardo, F., & Serrasqueiro, Z. (2017). A European empirical study of the relationship between firms' intellectual capital, financial performance and market value. Journal of Intellectual Capital, 18(4), 1469–1930. https://doi.org/http://dx.doi.org/10.1108/MRR-09-2015-0216

113) Schiuma, G., & Lerro, A. (2008). Intellectual capital and company's performance improvement. Measuring Business Excellence, 12(2), 3–9. https://doi.org/10.1108/13683040810881153

114) Schneider, L., Günther, J., & Brandenburg, B. (2010). Innovation and skills from a sectoral perspective: a linked employer – employee analysis. Economics of Innovation and New Technology, (October 2012), 37–41.

115) Seleim, AAS, & Khalil, OEM (2011). Understanding the knowledge management-intellectual capital relationship: A two- way analysis. Journal of Intellectual Capital, 12(4), 586–614. https://doi.org/10.1108/14691931111181742

116) Serenko, A., Hardie, T., Bontis, N., Booker, L., & Sadeddin, K. (2010). A scientometric analysis of knowledge management and intellectual capital academic literature (1994 2008). Journal of Knowledge Management, 14(1), 3–23. https://doi.org/10.1108/13673271011015534

117) Singh, S., Olugu, EU, & Musa, SN (2016). Development of Sustainable Manufacturing Performance Evaluation Expert System for Small and Medium Enterprises. Procedia CIRP, 40, 608–613. https://doi.org/10.1016/j.procir.2016.01.142

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