Abstract
The sustainability of micro, small and medium enterprises (MSMEs) in the marine and fisheries sector is critical for regional economic development, yet empirical understanding of its determinants remains limited. This study analyzes the influence of financial literacy, financial technology (fintech) and social capital on MSME sustainability, with financial inclusion as a mediating variable. A quantitative census approach was employed, surveying all 110 MSMEs registered with the Marine and Fisheries Service of East Kalimantan Province, Indonesia. Data were collected through face-to-face interviews using a structured questionnaire with a five-point Likert scale and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The measurement model demonstrated excellent validity and reliability, with AVE values ranging from 0.713 to 0.969 and composite reliability between 0.909 and 0.995. Path analysis revealed that financial literacy, fintech and social capital positively and significantly influenced financial inclusion (β = 0.302; 0.164; 0.711; p < 0.01). However, only social capital had a significant direct effect on MSME sustainability (β = 0.097; p = 0.011), while the direct effects of financial literacy and fintech were insignificant. Financial inclusion demonstrated a strong effect on MSME sustainability (β = 0.854; p < 0.001) and served as the principal mediator, with the model achieving an R² of 0.971. These findings confirm that financial inclusion constitutes a critical transmission mechanism linking financial literacy, fintech and social capital to MSME sustainability, offering important policy implications for strengthening inclusive financial ecosystems in the marine and fisheries sector.
Keywords: Financial Literacy, Inclusion, MSME, Social Capital, Technology.