Microfinance Services and MSE Growth in Pakistan: The Mediating Perspective of Social and Psychological Capital

• Autorzy: Muhammad Farhan Jalil , Azlan Ali , Zeeshan Ahmed
• Języki publikacji: EN

Abstrakty

EN

PURPOSE: In the era of globalization and competition in a vigorous market, micro and small enterprises (MSEs) look for sustainable growth by consuming diverse resources. Previous studies have identified that financial services of microfinance are essential drivers for SMEs' survival. Yet, the feature role of other microfinance services, such as micro-credit, micro-savings, micro-insurance, training, and social networking, to achieve substantial growth of the MSE sector is still lacking, which explains why MSEs make such a small contribution to Pakistan's economy. Therefore, the main purpose of the research is to consider the impact of microfinance services on the growth of MSEs in Pakistan, as MSEs are the most vulnerable group in the country and throughout the world. Moreover, this study also identified the mediating role of social and psychological capital in enhancing the productivity of microfinance services for MSEs. METHODOLOGY: 770 respondents from metropolitan cities in Pakistan were contacted for the survey, and the response rate was 64%. After screening the data, only 357 questionnaires appeared to be completed in all respects, so they were initially fed into the computer spread and then imported for further analysis.Structured questionnaires were used to collect the data from 357 micro and small enterprises operating in the developing market of Pakistan. Derived hypotheses were verified through Structural Equation Modelling (SEM) using AMOS 21. FINDINGS: The study's findings revealed that microfinance services have an essential role in promoting MSE growth. Microfinance institutions' services, such as micro-credit, micro-savings, micro-insurance, and training, play an important role in the development of MSEs. Moreover, social and psychological capital are the crucial factors that partially mediate the relationship between microfinance services and MSE growth in Pakistan. The limitation of this study is the adaptation of a cross-sectional design to collect the data. Longitudinal research at different time frames may present diversified results. IMPLICATIONS: The study gives the impression that institutions of microfinance, practitioners, and other policymakers should enhance their perimeter to offer microfinance services and support group-based lending or training to maximize their social and psychological capital, through which MSEs may be able to attain substantial growth. ORIGINALITY/VALUE: This empirical study contributes to the literature on microfinance services and MSE growth by focusing on the mediating effect of social and psychological capital, and providing the foundation for further studies. (original abstract)

CEL: W dobie globalizacji i konkurencji na prężnie rozwijającym się rynku, mikro i małe przedsiębiorstwa (MSE) poszukują zrównoważonego rozwoju poprzez konsumpcję różnorodnych zasobów. Wcześniejsze badania wykazały, że usługi finansowe i mikrofinansowania są podstawowymi czynnikami przetrwania MŚP. Jednak nadal brakuje charakterystycznej roli innych usług mikrofinansowych, takich jak mikrokredyty, mikrooszczędności, mikroubezpieczenia, szkolenia i sieci społecznościowe, w osiąganiu znacznego wzrostu sektora MSE, co wyjaśnia, dlaczego MSE tworzą tak mały wkład w gospodarkę Pakistanu. Dlatego głównym celem badania jest rozważenie wpływu usług mikrofinansowych na rozwój MSE w Pakistanie, ponieważ MSE są najbardziej wrażliwą grupą w kraju i na całym świecie. Ponadto badanie to określiło również pośredniczącą rolę kapitału społecznego i psychologicznego w zwiększaniu produktywności usług mikrofinansowych dla MŚP. METODYKA: Skontaktowano się z 770 respondentami z miast metropolitalnych w Pakistanie, a odsetek odpowiedzi wyniósł 64%. Po przejrzeniu danych tylko 357 kwestionariuszy zostało wypełnionych pod każdym względem, więc zostały one początkowo wprowadzone do programu komputerowego, a następnie zaimportowane do dalszej analizy. Ustrukturyzowane kwestionariusze posłużyły do zebrania danych od 357 mikro i małych przedsiębiorstw działających na rozwijającym się rynku Pakistanu. Wyprowadzone hipotezy zweryfikowano za pomocą modelowania równań strukturalnych (SEM) przy użyciu AMOS 21. WYNIKI: Wyniki badania wykazały, że usługi mikrofinansowe odgrywają zasadniczą rolę w promowaniu rozwoju MSE. Usługi instytucji mikrofinansowych, takie jak mikrokredyty, mikrooszczędności, mikroubezpieczenia i szkolenia, odgrywają ważną rolę w rozwoju MŚP. Ponadto kapitał społeczny i psychologiczny są kluczowymi czynnikami, które częściowo pośredniczą w związku między usługami mikrofinansowymi a wzrostem MSE w Pakistanie. Ograniczeniem tego badania jest dostosowanie projektu przekrojowego do zbierania danych. Badania podłużne w różnych ramach czasowych mogą dawać zróżnicowane wyniki. IMPLIKACJE: Badanie sprawia wrażenie, że instytucje mikrofinansowe, praktycy i inni decydenci powinni poszerzyć swój zasięg, aby oferować usługi mikrofinansowe i wspierać pożyczki lub szkolenia grupowe, aby zmaksymalizować swój kapitał społeczny i psychologiczny, dzięki któremu MŚP mogą w stanie osiągnąć znaczny wzrost. ORYGINALNOŚĆ/WARTOŚĆ: To badanie empiryczne wnosi wkład do literatury na temat usług mikrofinansowych i wzrostu MSE, koncentrując się na pośredniczącym efekcie kapitału społecznego i psychologicznego oraz zapewniając podstawę do dalszych badań. (abstrakt oryginalny)

Słowa kluczowe

EN

Microfinance; Social capital; Psychological capital; Structural Equation Modeling; Micro-enterprise

PL

Mikrofinanse; Kapitał społeczny; Kapitał psychologiczny; Modelowanie równań strukturalnych; Mikroprzedsiębiorstwo

• Czasopismo: Journal of Entrepreneurship, Management and Innovation (JEMI)
• Rocznik: 2022
• Tom: 18
• Numer: nr 1 Entrepreneurship and Innovation in the Age of Digital Transformation
• Strony: 93--129

Twórcy

autor

Muhammad Farhan Jalil

• University of Technology Sarawak, Malaysia

autor

Azlan Ali

• University of Technology Sarawak, Malaysia

autor

Zeeshan Ahmed

• University of Lahore, Pakistan

Bibliografia

• Aaltonen, K., & Turkulainen, V. (2018). Creating relational capital through socialization in project alliances. International Journal of Operations & Production Management, 38(6), 1387-1421. https://doi.org/10.1108/IJOPM-02-2017-0091
• Adomako, S., Danso, A., Boso, N., & Narteh, B. (2018). Entrepreneurial alertness and new venture performance: Facilitating roles of networking capability. International Small Business Journal, 36(5), 453-472. https://doi.org/10.1177/0266242617747667
• Agbeko, D., Blok, V., Omta, S. W. F., & Van der Velde, G. (2017). The impact of training and monitoring on loan repayment of microfinance debtors in Ghana. Journal of Behavioral and Experimental Finance, 14, 23-29. https://doi.org/10.1016/j.jbef.2017.03.002
• Agbola, F. W., Acupan, A., & Mahmood, A. (2017). Does microfinance reduce poverty? New evidence from Northeastern Mindanao, the Philippines. Journal of Rural Studies, 50, 159-171. https://doi.org/10.1016/j.jrurstud.2016.11.005
• Ahmad, Z. A., & Rusdianto, R. (2020). Impact of transparency and accountability on trust and intention to donate cash Waqf in Islamic microfinance institutions. Shirkah: Journal of Economics and Business, 5(2), 197-227. https://doi.org//10.22515/shirkah.v5i2.317
• Ahmad, Z., & Yaseen, M. R. (2018). Moderating role of education on succession process in small family businesses in Pakistan. Journal of Family Business Management, 8(3), 293-305. https://doi.org/10.1108/JFBM-12-2017-0041
• Akhter, P. (2018). A study on the factors affecting the performance of microfinance institutions in Bangladesh. Pacific Business Review International, 10(11), 124-132. https://doi.org/10.1016/j.jrurstud.2016.11.005
• Akotey, J. O., & Adjasi, C. K. (2016). Does microcredit increase household welfare in the absence of microinsurance? World Development, 77(1), 380-394. https://doi.org/10.1016/j.worlddev.2015.09.005
• Aksoy, L., Alkire, L., Choi, S., Kim, P. B., & Zhang, L. (2019). Social innovation in service: A conceptual framework and research agenda. Journal of Service Management, 30(3), 429-448. https://doi.org/10.1108/JOSM-11-2018-0376
• Aladejebi, O. (2019). The impact of microfinance banks on the growth of small and medium enterprises in Lagos Metropolis. European Journal of Sustainable Development, 8(3), 261-261. https://doi.org/10.14207/ejsd.2019.v8n3p261
• Alhassan, A. L., & Magazi, N. (2020). Microinsurance and household asset welfare in South Africa. The Geneva Papers on Risk and Insurance-Issues and Practice, 7(2), 1-25. https://doi.org/10.1057/s41288-020-00199-y
• AlQershi, N., Abas, Z., & Mokhtar, S. (2021). The intervening effect of structural capital on the relationship between strategic innovation and manufacturing SMEs' performance in Yemen. Management Science Letters, 11(1), 21-30. https://doi.org/10.5267/j.msl.2020.8.034
• Alshebami, A. S., Morsi, S. A., Raza, M., & Aziz, A. (2020). Exploring the potential of microinsurance for challenging the vulnerabilities in poverty sector of Yemen: An empirical study from demand-side perspectives. International Journal of Disaster and Business Continuity, 11(1), 1288-1302. https://doi.org//10.22515/shirkah.v5i2.317
• Andri, N., Ronauli, P. T., & Riyanti, B. P. D. (2019). Psychological capital and business success of Chinese, Minangnese, and Javanese entrepreneurs. International Research Journal of Business Studies, 12(2), 157-166. https://doi.org/10.21632/irjbs.12.2.157-166.
• Anglin, A. H., Short, J. C., Drover, W., Stevenson, R. M., McKenny, A. F., & Allison, T. H. (2018). The power of positivity? The influence of positive psychological capital language on crowdfunding performance. Journal of Business Venturing, 33(4), 470-492. https://doi.org/10.1016/j.jbusvent.2018.03.003
• Antwi, S. K., & Hamza, K. (2015). Qualitative and quantitative research paradigms in business research: A philosophical reflection. European Journal of Business and Management, 7(3), 217-225. https://doi.org/10.7176/EJBM
• Awan, A. G., & Juiya, M. J. I. (2015). Role of microfinance in poverty alleviation: Evidence from Pakistan. American Journal of Trade and Policy, 2(1), 37-44. https://doi.org/10.18034/ajtp.v2i1.381
• Awang, Z., Afthanorhan, A., & Asri, M. A. M. (2015). Parametric and non parametric approach in structural equation modeling (SEM): The application of bootstrapping. Modern Applied Science, 9(9), 58-67. http://dx.doi.org/10.5539/mas.v9n9p58
• Ayub, M. S., Harun, M. A., Mifli, M., & Majid, A. (2020). The role of business grant assistance, micro saving and financial knowledge towards Bumiputera SME business performance in Sabah. Asian Journal of Entrepreneurship, 1(4), 172-186. https://doi.org/10.1016/j.jbusvent.2018.03.003
• Babajide, A. A. (2012). Effects of microfinance on micro and small enterprises (MSEs) growth in Nigeria. Asian Economic and Financial Review, 2(3), 463-477. http://eprints.covenantuniversity.edu.ng/id/eprint/2456
• Badullahewage, S. U. (2020). Reviewing the effect of microfinance programmes for alleviating poverty among microenterprises in Sri Lanka. International Journal of Management Studies and Social Science Research, 2(2), 45-64. https://www.ijmsssr.org/paper/IJMSSSR00112.pdf
• Baluku, M. M., Kikooma, J. F., Bantu, E., & Otto, K. (2018). Psychological capital and entrepreneurial outcomes: The moderating role of social competences of owners of micro-enterprises in East Africa. Journal of Global Entrepreneurship Research, 8(1), 1-23. https://doi.org/10.1186/s40497-018-0113-7
• Banerjee, A., Duflo, E., Glennerster, R., & Kinnan, C. (2015). The miracle of microfinance? Evidence from a randomized evaluation. American Economic Journal: Applied Economics, 7(1), 22-53. https://doi.org/10.1257/app.20130533
• Baron, R. A., Franklin, R. J., & Hmieleski, K. M. (2016). Why entrepreneurs often experience low, not high, levels of stress: The joint effects of selection and psychological capital. Journal of Management, 42(3), 742-768. https://doi.org/10.1177/0149206313495411
• Bashir, R., & Hassan, A. (2018). A qualitative analysis of microfinance institutions in poverty alleviation and societal wellbeing of Pakistan. Global Management Journal for Academic & Corporate Studies, 8(2), 80-87. https://gmjacs.bahria.edu.pk/index.php/ojs/article/view/65
• Bennet, J. A. (2000). Focus on research methods mediator and moderator variables in nursing research: Conceptual and statistical differences. School of Nursing, San Diego State University, San Diego, CA. https://doi.org/10.1002/1098-240x(200010)23:5<415::aid-nur8>3.0.co;2-h
• Bernard, D. K., Kevin, L. L. T., & Khin, A. A. (2016). Entrepreneurial success through microfinance services among women entrepreneurs in Sri Lanka: A pilot study and overview of the findings. International Journal of Economics and Financial Issues, 6(3), 1144-1150. https://www.econjournals.com/index.php/ijefi
• Bernard, D. T. (2020). Entrepreneurial success for women through microfinance and effect of education: Evidence from Sri Lanka. Journal of Economics and Business, 3(3), 1187-1208. https://doi.org/10.31014/aior.1992.03.03.274
• Bockorny, K., & Youssef-Morgan, C. M. (2019). Entrepreneurs' courage, psychological capital, and life satisfaction. Frontiers in Psychology, 10, 789-794. https://doi.org/10.3389/fpsyg.2019.00789
• Bongomin, G. O. C., Ntayi, J. M., Munene, J. C., & Akol, C. M. (2017). Financial intermediation and financial inclusion of poor households: Mediating role of social networks in rural Uganda. Cogent Economics & Finance, 5(1), 136-154. https://doi.org/10.1080/23322039.2017.1362184
• Brown, A., Garguilo, S., & Mehta, K. (2011). The relentless pursuit of financial capital for micro-enterprises: Importance of trust and social capital. International Journal for Service Learning in Engineering, Humanitarian Engineering and Social Entrepreneurship, 6(2), 78-97. https://doi.org/10.24908/ijsle.v6i2.3660
• Byrne, B. M. (2013). Structural equation modeling with Mplus: Basic concepts, applications, and programming. Routledge. New York. https://doi.org/10.4324/9780203807644
• Carter, S. R. (2016). Using confirmatory factor analysis to manage discriminant validity issues in social pharmacy research. International Journal of Clinical Pharmacy, 38(3), 731-737. https://doi.org/10.1007/s11096-016-0302-9
• Ceci, F., Masciarelli, F. and Poledrini, S., 2019. How social capital affects innovation in a cultural network: Exploring the role of bonding and bridging social capital. European Journal of Innovation Management, 23(5), 895-918. https://doi.org/10.1108/EJIM-06-2018-0114
• Chen, J., Chang, A. Y., & Bruton, G. D. (2017). Microfinance: Where are we today and where should the research go in the future? International Small Business Journal, 35(7), 793-802. https://doi.org/10.1177/0266242617717380
• Crépon, B., Devoto, F., Duflo, E., & Pariente, W. (2011). Impact of microcredit in rural areas of Morocco: Evidence from a Randomized Evaluation (No. 6659). MIT Working paper. Retrieved from https://doi.org/10.1.1.664.5773&rep=rep1&type=pdf
• Dalla Pellegrina, L., Di Maio, G., Landoni, P., & Rusinà, E. (2021). Money management and entrepreneurial training in microfinance: Impact on beneficiaries and institutions. Economia Politica, 1-37. https://doi.org/10.1007/s40888-021-00217-9.
• Demirgüç-Kunt, A., Peria, M. S. M., & Tressel, T. (2020). The global financial crisis and the capital structure of firms: Was the impact more severe among SMEs and non-listed firms? Journal of Corporate Finance, 60(1), 101-115. https://doi.org/10.1016/j.jcorpfin.2019.101514
• Demming, C. L., Jahn, S., & Boztuğ, Y. (2017). Conducting mediation analysis in marketing research. Marketing: ZFP-Journal of Research and Management, 39(3), 76-93. https://www.jstor.org/stable/26426855
• Diaz-Serrano, L., & Sackey, F. G. (2018). Microfinance and credit rationing: Does the microfinance type matter? Journal of Sustainable Finance & Investment, 8(2), 114-131. https://doi.org/10.1080/20430795.2017.1403181
• Digan, S. P., Sahi, G. K., Mantok, S., & Patel, P. C. (2019). Women's perceived empowerment in entrepreneurial efforts: The role of bricolage and psychological capital. Journal of Small Business Management, 57(1), 206-229. https://doi.org/10.1111/jsbm.12402
• Dutta, A., & Banerjee, S. (2018). Does microfinance impede sustainable entrepreneurial initiatives among women borrowers? Evidence from rural Bangladesh. Journal of Rural Studies, 60(1), 70-81. https://doi.org/10.1016/j.jrurstud.2018.03.007
• Ekpe, I., Razak, R. C., Ismail, M., & Abdullah, Z. (2015). Entrepreneurial skill acquisition and youth's self-employment in Malaysia: How Far? Mediterranean Journal of Social Sciences, 6(4), 150-154. https://doi.org/10.5901/mjss.2015.v6n4p150
• Estrin, S., Gozman, D., & Khavul, S. (2018). The evolution and adoption of equity crowdfunding: entrepreneur and investor entry into a new market. Small Business Economics, 51(2), 425-439. https://doi.org/10.1007/s11187-018-0009-5
• Etikan, I., & Bala, K. (2017). Sampling and sampling methods. Biometrics & Biostatistics International Journal, 5 (6), 215-217. https://doi.org/10.15406/bbij.2017.05.00149
• Farooq, B. A. S. D. S. (2020). The indispensable role of financial, psychological and social capabilities for micro-entrepreneurs: A qualitative analysis of microfinance in Pakistan. Pakistan Social Science Review, 4(2), 959-977. https://doi.org/pssr.org.pk/issues/v4/2
• Feigenberg, B., Field, E. M., & Pande, R. (2010). Building social capital through microfinance (No. w16018). National Bureau of Economic Research. https://doi.org/10.3386/w16018.
• Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39-50. https://doi.org/10.1177/002224378101800104
• Friedrich, R. J. (1982). In defense of multiplicative terms in multiple regression equations. American Journal of Political Science, 797-833. https://doi.org/10.2307/2110973
• Galvão, A. R., Marques, C. S., Ferreira, J. J., & Braga, V. (2020). Stakeholders' role in entrepreneurship education and training programmes with impacts on regional development. Journal of Rural Studies, 74(1), 169-179. https://doi.org/10.1016/j.jrurstud.2020.01.013
• Garrity, P., & Martin, C. (2018). Developing a microfinance model to break the cycle of poverty. Business Horizons, 61(6), 937-947. https://doi.org/10.1016/j.bushor.2018.07.002
• Ghalib, A. K., Malki, I., & Imai, K. S. (2015). Microfinance and household poverty reduction: Empirical evidence from rural Pakistan. Oxford Development Studies, 43(1), 84-104. https://doi.org/10.1080/13600818.2014.980228
• Hair Jr, J. F., Babin, B. J., & Krey, N. (2017). Covariance-based structural equation modeling in the Journal of Advertising: Review and recommendations. Journal of Advertising, 46(1), 163-177. https://doi.org/10.1080/00913367.2017.1281777
• Haji, L., Valizadeh, N., & Karimi, H. (2020). The effects of psychological capital and empowerment on entrepreneurial spirit: The case of Naghadeh County, Iran. International Journal of Finance & Economics. https://doi.org/10.1002/ijfe.2152.
• Hameed, W. U., Haseeb, M., Iqbal, J., Mihardjo, L. W., & Jermsittiparsert, K. (2020). Environmental disaster and women self-sustainability-A survey study on microfinance female clientele in Pakistan. International Journal of Finance & Economics. https://doi.org/10.1002/ijfe.2340.
• Han, S. H., Chae, C., & Passmore, D. L. (2019). Social network analysis and social capital in human resource development research: A practical introduction to R use. Human Resource Development Quarterly, 30(2), 219-243. https://doi.org/10.1002/hrdq.21341
• Helmy, I., & Wiwoho, G. (2020). The link between individual factors and salesperson performance in microfinance institutions. Management Science Letters, 10(14), 3387-3394. https://doi.org/10.5267/j.msl.2020.5.040
• Hizam-Hanafiah, M., Yousaf, S. U., & Usman, B. (2017). The influence of psychological capital on the growth intentions of entrepreneurs: A study on Malaysian SME entrepreneurs. Business and Economic Horizons (BEH), 13(1232-2019-722), 556-569. https://www.ceeol.com/search/article-detail?id=665518
• Huis, M., Lensink, R., Vu, N., & Hansen, N. (2019). Impacts of the Gender and Entrepreneurship Together Ahead (GET Ahead) training on empowerment of female microfinance borrowers in Northern Vietnam. World Development, 120, 46-61. https://doi.org/10.1016/j.worlddev.2019.04.001
• Hussain, J., Mahmood, S., & Scott, J. (2019). Gender, microcredit and poverty alleviation in a developing country: The case of women entrepreneurs in Pakistan. Journal of International Development, 31(3), 247-270. https://doi.org/10.1002/jid.3403
• Ismail, K., Khurram, W., Abadi, M. D., & Jafri, S. K. A. (2017). Sustained competitive advantage of Malaysian born global SMEs: Role of international entrepreneurial capability and positive psychological capital. Advanced Science Letters, 23(9), 8924-8928. https://doi.org/10.1166/asl.2017.9996
• Jin, C. H. (2017). The effect of psychological capital on start-up intention among young start-up entrepreneurs: A cross-cultural comparison. Chinese Management Studies, 11(4), 707-729. https://doi.org/10.1108/CMS-06-2017-0162
• Kakembo, S. H., Abduh, M., Hj, P. M. H. A. P., & Salleh, M. (2021). Adopting Islamic microfinance as a mechanism of financing small and medium enterprises in Uganda. Journal of Small Business and Enterprise Development, 28(4), 537-55. https://doi.org/10.1108/JSBED-04-2019-0126
• Kala Kamdjoug, J. R., Gueyie, J. P., & Kengne, L. E. (2020). Factors influencing customers' decision to save with microfinance institutions: the case of Advans Cameroon. Transnational Corporations Review, 12(4), 379-391. https://doi.org/10.1080/19186444.2020.1843329
• Kamukama, N., & Natamba, B. (2013). Social capital: Mediator of social intermediation and financial services access. International Journal of Commerce and Management, 23(3), 204-215. https://doi.org/10.1108/IJCoMA-02-2012-0013
• Kar, A. K. (2016). Measuring competition in microfinance markets: A new approach. International Review of Applied Economics, 30(4), 423-440. https://doi.org/10.1080/02692171.2015.1106445
• Khan, N. U., Li, S., Safdar, M. N., & Khan, Z. U. (2019). The role of entrepreneurial strategy, network ties, human and financial capital in new venture performance. Journal of Risk and Financial Management, 12(1), 41-62. https://doi.org/10.3390/jrfm12010041
• Kim, N., & Shim, C. (2018). Social capital, knowledge sharing and innovation of small-and medium-sized enterprises in a tourism cluster. International Journal of Contemporary Hospitality Management, 30(6), 2417-2437. https://doi.org/10.1108/IJCHM-07-2016-0392
• Kisaka, S. E., & Mwewa, N. M. (2014). Effects of micro-credit, micro-savings and training on the growth of small and medium enterprises in Machakos County in Kenya. Research Journal of Finance and Accounting, 5(7), 43-49. https://core.ac.uk/download/pdf/234629864.pdf
• Kline, T. (2005). Psychological testing: A practical approach to design and evaluation. Sage. London, UK.
• Kock, N., Avison, D., & Malaurent, J. (2017). Positivist information systems action research: Methodological issues. Journal of Management Information Systems, 34(3), 754-767. https://doi.org/10.1080/07421222.2017.1373007
• Krejcie, R. V., & Morgan, D. W. (1970). Determining sample size for research activities. Educational and Psychological Measurement, 30(3), 607-610. https://doi.org/10.1177/001316447003000308
• Kwak, S. K., & Kim, J. H. (2017). Statistical data preparation: Management of missing values and outliers. Korean Journal of Anesthesiology, 70(4), 407-411. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5548942/
• Liu, W., Sidhu, A., Beacom, A. M., & Valente, T. W. (2017). Social network theory. The International Encyclopedia of Media Effects, 6(2), 1-12. https://doi.org/10.1002/9781118783764.wbieme0092
• Luthans, F. (2002). The need for and meaning of positive organizational behavior. Journal of Organizational Behavior: The International Journal of Industrial, Occupational and Organizational Psychology and Behavior, 23(6), 695-706. https://doi.org/10.1002/job.165
• Luthans, F., Avey, J. B., Clapp-Smith, R., & Li, W. (2008). More evidence on the value of Chinese workers' psychological capital: A potentially unlimited competitive resource? The International Journal of Human Resource Management, 19(5), 818-827. https://doi.org/10.1080/09585190801991194
• Manaf, H. A. (2017). Impact of microcredit scheme on the development of entrepreneurship skills among low income households in a developing country context. International Journal of Economics and Financial Issues, 7(1). https://dergipark.org.tr/en/download/article-file/364243
• Margaça, C., Hernández-Sánchez, B. R., Sánchez-García, J. C., & Cardella, G. M. (2020). The roles of psychological capital and gender in university students' entrepreneurial intentions. Frontiers in Psychology, 11(1), 38-47. https://doi.org/10.3389/fpsyg.2020.615910
• Mohiuddin, M., Mazumder, M. N. H., Al Mamun, A., & Su, Z. (2020). Evolution of social microenterprises from rural to the urban area: A study on income-generating micro-entrepreneurs in an urban context. Strategic Change, 29(4), 435-446. https://doi.org/10.1002/jsc.2355
• Mosley, P. (2001). Microfinance and poverty in Bolivia. Journal of Development Studies, 37(4), 101-132. https://doi.org/10.1080/00220380412331322061
• Mueller, R. O., & Hancock, G. R. (2018). Structural Equation Modeling (pp. 445-456). Routledge. New York. https://doi.org/10.4324/9781315755649
• Naala, M. N. I. (2016). Moderating and mediating roles of human capital and competitive advantage on entrepreneurial orientation, social network and performance of SMEs in Nigeria (Doctoral dissertation, Universiti Utara Malaysia). https://core.ac.uk/download/pdf/268143032.pdf
• Nahapiet, J., & Ghoshal, S. (1998). Social capital, intellectual capital, and the organizational advantage. Academy of Management Review, 23(2), 242-266. https://doi.org/10.5465/amr.1998.533225
• Naveed Aslam, M. (2014). Role of Islamic microfinance in poverty alleviation in Pakistan: An empirical approach. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(4), 112-132. https://ssrn.com/abstract=3314558
• Newman, A., Schwarz, S., & Ahlstrom, D. (2017). Microfinance and entrepreneurship: An introduction. International Small Business Journal, 35(7), 787-792. https://doi.org/10.1177/0266242617719314
• Newman, A., Schwarz, S., & Borgia, D. (2014). How does microfinance enhance entrepreneurial outcomes in emerging economies? The mediating mechanisms of psychological and social capital. International Small Business Journal, 32(2), 158-179. https://doi.org/10.1177/0266242613485611
• Nordin, N., Siti-Nabiha, A. K., & Kamalia, Z. (2019). Microfinancing influence on micro-entrepreneurs business growth: Mediating role of psychological and social capital. Journal of Entrepreneurship, Business and Economics, 7(2), 130-161. http://scientificia.com/index.php/JEBE/article/view/116
• Obeng, A. F., Zhu, Y., Quansah, P. E., Ntarmah, A. H., & Cobbinah, E. (2021). High-performance work practices and turnover intention: Investigating the mediating role of employee morale and the moderating role of psychological capital. SAGE Open, 11(1), 55-72. https://doi.org/10.1177/2158244020988557
• Ojong, N., & Simba, A. (2019). Fostering micro-entrepreneurs' structural and relational social capital through microfinance. Journal of Small Business & Entrepreneurship, 31(1), 1-20. https://doi.org/10.1080/08276331.2017.1423161
• Pallant, J. (2020). SPSS Survival Manual: A Step by Step Guide to Data Analysis Using IBM SPSS. New York: Routledge.
• Panda, D. K. (2016). Trust, social capital, and intermediation roles in microfinance and microenterprise development. VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations, 27(3), 1242-1265. https://doi.org/10.1007/s11266-015-9678-8
• Piperopoulos, P., Kafouros, M., Aliyev, M., Liu, E. Y., & Au, A. (2021). How does informal entrepreneurship influence the performance of small formal firms? A cross-country institutional perspective. Entrepreneurship & Regional Development, 6(1), 1-20. https://doi.org/10.1080/08985626.2021.1887371
• Qu, W., Liu, H., & Zhang, Z. (2020). A method of generating multivariate non-normal random numbers with desired multivariate skewness and kurtosis. Behavior Research Methods, 52(3), 939-946. https://doi.org/10.3758/s13428-019-01291-5
• Raza, S., Minai, M. S., Zain, A. Y. M., Tariq, T. A., & Khuwaja, F. M. (2018). Dissection of small businesses in Pakistan: Issues and directions. International Journal of Entrepreneurship, 22(4), 1-13. https://d1wqtxts1xzle7.cloudfront.net/64376462
• Ribeiro, N., Gupta, M., Gomes, D., & Alexandre, N. (2021). Impact of psychological capital (PsyCap) on affective commitment: mediating role of affective well-being. International Journal of Organizational Analysis. https://doi.org/10.1108/IJOA-04-2020-2122
• Rosenberg, M. (1968). The Logic of Survey Analysis. Basic Books. New York, NY. https://doi.org/10.3102/00028312006004685
• Rungani, E. C., & Potgieter, M. (2018). The impact of financial support on the success of small, medium and micro enterprises in the Eastern Cape province. Acta Commercii, 18(1), 1-12. https://doi.org/10.4102/ac.v18i1.591
• Sani, H., Mohd-Khan, S. J. B., & Noor, M. S. Z. B. (2019). Do social capital and small and medium enterprise factors influence the performance of small businesses? Empirical evidence from emerging economy. Academic Journal of Economic Studies, 5(4), 78-88. https://doi.org/10.1177/2158244020988557
• Santoso, D. B., Gan, C., Revindo, M. D., & Massie, N. W. G. (2020). The impact of microfinance on Indonesian rural households' welfare. Agricultural Finance Review, 80(4), 491-506. https://doi.org/10.1108/AFR-11-2018-0098
• Sanyal, P. (2015). Group-based microcredit & emergent inequality in social capital: Why socio-religious composition matters. Qualitative Sociology, 38(2), 103-137. https://doi.org/10.1007/s11133-015-9301-8
• Shaw, E., Marlow, S., Lam, W., & Carter, S. (2009). Gender and entrepreneurial capital: Implications for firm performance. International Journal of Gender and Entrepreneurship, 1(1), 25-41 https://doi.org/10.1108/17566260910942327
• Shirali, G., Shekari, M., & Angali, K. A. (2018). Assessing reliability and validity of an instrument for measuring resilience safety culture in sociotechnical systems. Safety and Health at Work, 9(3), 296-307. https://doi.org/10.1016/j.shaw.2017.07.010
• Siwale, J., & Okoye, N. (2017). Microfinance regulation and social sustainability of microfinance institutions: The case of Nigeria and Zambia. Annals of Public and Cooperative Economics, 88(4), 611-632. https://doi.org/10.1111/apce.12165
• Smith, J. D., & Hasan, M. (2020). Quantitative approaches for the evaluation of implementation research studies. Psychiatry Research, 283(1), 112-131. https://doi.org/10.1016/j.psychres.2019.112521
• Tasos, S., Ahmed, I., Awan, M. S., & Waqas, M. (2020). Poverty alleviation and microfinance for the economy of Pakistan: A case study of Khushhali Bank in Sargodha. Economies, 8(3), 63-79. https://doi.org/10.3390/economies8030063
• Ul-Hameed, W., Mohammad, H., & Kadir Shahar, H. (2018). Microfinance institute's non-financial services and women-empowerment: The role of vulnerability. Management Science Letters, 8, 1103-1116. http://doi.org/10.5267/j.msl.2018.7.001
• Vassallo, J. P., Prabhu, J. C., Banerjee, S., & Voola, R. (2019). The role of hybrid organizations in scaling social innovations in bottom-of-the-pyramid markets: Insights from microfinance in India. Journal of Product Innovation Management, 36(6), 744-763. https://doi.org/10.1111/jpim.12504
• Venkatesh, V., Brown, S. A., & Sullivan, Y. W. (2016). Guidelines for conducting mixed-methods research: An extension and illustration. Journal of the Association for Information Systems, 17(7), 2-19. https://doi.org/10.17705/1jais.00433
• Wakunuma, K., Siwale, J., & Beck, R. (2019). Computing for social good: Supporting microfinance institutions in Zambia. The Electronic Journal of Information Systems in Developing Countries, 85(3), 120-129. https://doi.org/10.1002/isd2.12090
• Worokinasih, S., & Potipiroon, W. (2019). Microfinance repayment performance of SMEs in Indonesia: Examining the roles of social capital and loan credit terms. The Journal of Behavioral Science, 14(1), 28-45. https://so06.tci-thaijo.org/index.php/IJBS/article/view/150625
• Yan, Y., & Guan, J. (2018). Social capital, exploitative and exploratory innovations: The mediating roles of ego-network dynamics. Technological Forecasting and Social Change, 126(1), 244-258. https://doi.org/10.1016/j.techfore.2017.09.004
• Zakaria, M., Manaf, K. A., Nafi, M. N. A., Prawidya, R. S., & Yusuf, S. N. S. (2020). Evaluating the effectiveness of a microcredit program in the elevation of borrowers 'quality of life in Malaysia. Polish Journal of Management Studies, 22(1), 626. https://doi.org/10.17512/pjms.2020.22.1.40
• Zhiri, D. D. (2017). Impact of micro-finance services on performance of small and medium scale enterprises (SMEs) In Zaria metropolis. International Journal of Scientific Research in Social Sciences & Management Studies, 2(1), 49-65. http://www.internationalpolicybrief.org/images
• Zikmund, W. G., Babin, B. J., Carr, J. C., & Griffin, M. (2003). Research methods. Health Economics Research Method, 2. http://pioneer.chula.ac.th/~ppongsa/2900600/LMRM02.pdf

Identyfikatory

DOI

https://doi.org/10.7341/20221814