P-ISSN: 2808-0467

E-ISSN: 2808-5051

Homepage: https://iss.internationaljournallabs.com/index.php/iss

1031 This work is licensed under CC BY-SA 4.0

CONCEPT MODEL RESEARCH OF FINANCIAL PSYCHOLOGY TO

SME BUSINESS SUSTAINABILITY

Dony Oktariswan

, Adler Haymans Manurung, I Gusti Ketut Agung Ulupui, Agung

Dharmawan Buchdadi

State University of Jakarta, East Jakarta, DKI Jakarta, Indonesia

donny.oktariswan@yahoo.com

PAPER INFO ABSTRACT

Received: May

2022

Revised: May

2022

Approved: May

2022

Background: The study of Financial Psychology to SME Business

Sustainability is one of the most efficient methods to improve Financial

Psychology in doing business.

Aim: The purpose of this study is to review and analyze the development of

article publications with the evolution of research on Financial Psychology

to SME Business Sustainability published from 2019-2021.

Method: Article analysis and search involves only themes with titles,

abstracts, and keywords related to Financial Psychology and SME Business

Sustainability from 2019-2021. Searches through the Scpous database are

performed using TITLEABS-KEY. Article selection is adjusted by

eliminating duplicates in the list of article type documents sourced from

journals taken from the database using Harzing's Publish or Perish (PoP) and

VOSviewer software.

Findings: Based on the results of the analysis obtained research concept

models in Financial Psychology formed from Financial Planning (Social

factors and Economic factors), Behavior Finance (Psychological &

Emotional and Factors Situational stimuli), Financial Literacy (Financial

Knowledge and Household finance), Financial Inclusion (Government policy

& regulation and Bank Stability). While Implementation Accounting from

application, and SME Business Sustainability formed from SME

Sustainability Performance. The subject area on the concept of the model was

obtained from the disciplines of Economic, Econometrics and finance as

many as 34 (42.5%) and Business, Management & Accounting amounted to

33 (41.25%).

KEYWORDS

financial psychology, SME business sustainability, bibliometric analysis,

VOSviewer, Harzing's Publish or Perish

INTRODUCTION

Business sustainability has received considerable attention in academia and industry

(Wong & Ngai, 2021). Business sustainability is a well-practiced area in large organizations.

However, the literature shows that in the case of SMEs, the situation is different (Das,

Rangarajan, & Dutta, 2020). The ability to quickly and successfully move to new business

models is an important source of sustainable competitive advantage and a key influence for

improving the sustainability of organizational performance. However, research shows that

many business model innovations fail so that efforts to survive in the midst of environmental

changes pose uncontrollable challenges for the business world (Geissdoerfer, Vladimirova, &

Evans, 2018), especially Small and Medium Enterprises (SMEs) and entrepreneurs (Ufua,

Osabohien, Imhonopi, Olujobi, & Ogbari, 2020). Literature that reveals that SMEs in

developing countries challenges that hinder business sustainability are mainly financial

challenges (Amoah et al., 2021; Kwaku Amoah, 2018); To that end, behavioral finance and

Concept Model Research of Financial Psychology to SME Business Sustainability

1032 Interdisciplinary Social Studies, 1(8), May 2022

behavioral economics together are rapidly growing fields of research, which include academia

and business related to Financial Psychology (Calzadilla, Bordonado-Bermejo, & González-

Rodrigo, 2021). Financial Psychology refers to psychological theories relating to the process

of change to adapt intervention approaches that successfully motivate financial action

(Horwitz, Klontz, & Zabek, 2019), therefore Financial Psychology is drawn from behavioral

finance and other areas of psychology to help relieve financial pressures and promote healthy

financial behavior (Chaffin, 2018).

Knowledge in structured form has become one of the most important assets for companies

and business organizations (Upadhyay & Kundu, 2020), but the relationship between business

sustainability and knowledge risk has so far not been established in the literature as the possible

impact of various knowledge risks on business sustainability and offers a potential way to

manage and address risks (Durst & Zieba, 2020). Therefore, this study intends to test the

severity of the financial constraints of Micro, Small and Medium Enterprises (MSMEs) on the

growth of the company's business, in terms of sales, profitability, and asset growth, this study

is an effort to study the influence of owners and company attributes as determinants of financial

constraints faced by MSMEs (Mittal & Raman, 2022).

Financial literacy practices and financial capabilities have a significant positive impact on

the sustainability of small businesses (Babajide et al., 2021). Research signals that a well-

regulated company can show long-term financial results and sustainable growth (Singh &

Pillai, 2022). Research shows the success of every small and medium-sized enterprise (SME)

has been linked to the ability of entrepreneurs to be financially literate in managing financial

problems (Ali et al., 2018; Agnew et al., 2018) as well as information technology and financial

technology infrastructure is a significant predictor of business sustainability among young and

female entrepreneurs and recent literature has emphasized the need for research examining the

causes of women in general having lower levels of financial literacy than men (Orobia et al.,

2020; Agnew et al., 2018) because higher levels of financial literacy have a beneficial effect

and encourage better financial inclusion (Grohmann, Klühs, & Menkhoff, 2018) so that risk

preferences and financial literacy have a close relationship with each other as well as affect

individuals who become entrepreneurs (Riepe, Rudeloff, & Veer, 2022). Entrepreneurs who

have a high level of financial literacy contribute to the success of the business financially and

non-financially (Usama & Yusoff, 2018).

Based on a systematic literature review of Goyal et al. (2022), there are various factors

that affect Personal Financial Management Behavior (PFMB), such as demographics, socio-

economic, psychological, social, cultural, financial experience, financial literacy (FL) and

technological factors. Prominent results from PFMB include financial satisfaction, relationship

satisfaction, quality of life, financial success, happiness, financial vulnerability/resilience, and

financial well-being. Future research, psychological factors and future-oriented financial well-

being should be included, and its relationship to subjective well-being can be further analyzed

(Riitsalu & Murakas, 2019). Bibliometric analysis of Financial Literacy revealed several

studies were conducted on relevant subjects between 1996 and 2006, whereas there was a large

increase in the number of studies after 2006 of which most of the research was conducted in

the United States and articles were mostly published in journals on social science education

and literacy (Dere & Ateş, 2022).

Concept Model Research of Financial Psychology to SME Business Sustainability

1033 Interdisciplinary Social Studies, 1(8), May 2022

Based on the description above, the purpose of this study is to examine and analyze the

development of a systematic literature and bibliometric analysis in Financial Psychology with

keywords financial planning, behavioral finance, Financial Literacy, financial inclusion,

implementation accounting, and business sustainability then. The key word is to get articles

published from 2018-2021. Research Questions (RQ) developed to guide a systematic literature

and bibliometric analysis of Financial Psychology are compiled as follows:

1) RQ1: What types of documents and sources are often used in atikel publications?

2) RQ2: What is the most common language used for the publication of such articles?

3) RQ3: What are the fields related to the study of Financial Psychology and SME

Business Sustainability?

4) RQ4: How does the article publish trend every year?

5) RQ5: Educational Institutions That Publish Articles By Country?

6) RQ6: Which sources are most active in publishing articles?

7) RQ7: The most popular article and has the highest citation?

8) RQ8: Factors Forming Financial Psychology and SME Business Sustainability?

9) RQ9: The Concept of Financial Psychology model and SME Business Sustainability?

10) RQ10: What are the most popular author keywords in article publishing?

METHOD

This study used quantitative research types reviewed from a systematic literature and

bibliometric analysis to analyze the development of publications on Financial Psychology and

SME Business Sustainability during the period 2018-2021 which were analyzed using

mathematical and statistical approaches to explore trends in article publications.

The collection of article documents from the Scopus database was carried out on April 9,

2022. Document data search is focused on document types, sources, languages, fields, years,

countries, institutions, well-known authors, most active sources, popular articles, and

keywords. Article analysis and search involves only themes with titles, abstracts, and keywords

related to Financial Psychology from 2018-2021. Searches through the Scopus database are

performed using TITLEABS-KEY. Article selection is adjusted by eliminating duplicates in

the list of article type documents sourced from journals taken from the database. A total of 100

articles from various journals are stored in the research information systems (.ris) of the Scopus

database. Files (.ris) are analyzed using Harzing's Publish or Perish (PoP) and VOSviewer

software. VOSviewer software is used to perform visualization analysis of data mapping.

Descriptive data is analyzed using Microsoft Excel and citation analysis using Harzing's PoP

software. Figure 1 illustrates the search for documents for this study using the guides compiled

in the flowchart below.

Concept Model Research of Financial Psychology to SME Business Sustainability

1034 Interdisciplinary Social Studies, 1(8), May 2022

Topic Financial Psychology

Database : Scopus H-Index

Search Field : TITLE -ABS-KEY

Time Periode : 2018-2021

Languange : All

Source type : Journal

Document Type : Article

TITLE -ABS-KEY (“financial planning”) or

(“behavioral finance”) or (“Financial Literacy”) or

“financial inclusion”) or (“implementation

accounting”) or (“business sustainability ”)

Scope & Coverage

Keywords & Search

String

Date Extraded

Record Identified &

Screened

Record Removed

Record Included for

Bibliometric Analysis

19 April 2022

Financial planning n = 100

Behavioral finance n = 100

Financial Literacy n = 100

Financial inclusion n = 100

Implementation accounting n = 100

Business sustainability n = 100

Financial planning n = 92

Behavioral finance n = 94

Financial Literacy n = 68

Financial inclusion n = 76

Implementation accounting n = 92

SME Business sustainability n = 98

n = 80

Dibatasi hanya pada

h-index scopus

Topic, Scope & Eligability

Screening

Included

Figure 1. Bibliometric FlowChart

RESULTS AND DISCUSSION

The development of the publication of articles on Financial Psychology and SME Business

Sustainability based on H-index and Scopus published from 201 8-2021 in accordance withthe

research participation (Research Questions / RQ) described below.

RQ1 Results on Types of Documents and Sources Often Used in Publication Articles

Only article-type documents and journal sources that focus specifically on the search for

TITLE-ABS-KEY ("Financial Psychology and SME Business Sustainability") were included

in the study. Based on descriptive analysis, only 100 document types of articles and journal

sources were identified from 2018-2021.

RQ2 Results on the Most Commonly Used Languages for Article Publication

The most common language used for the publication of articles 2018-2021 based on an h-

index of 100 using English. The results of bibiliometrics show English is the most preferred

publication language because it is an international communication language. The use of English

in article publications extends the reach of articles to readers from all over the world. The use

of widely accepted language can increase citations and further increase the "h" index.

RQ3 Results on Fields Related to the Study of Financial Psychology and SME Business

The fields related to the subject area "Financial Psychology and SME Business" based on

Bibliometric Analysis use Harzing's Publish or Perish based on the publication of the 2018-

2021 article on the h-index of which Scopus amounts to 80 shown in the table below.

Concept Model Research of Financial Psychology to SME Business Sustainability

1035 Interdisciplinary Social Studies, 1(8), May 2022

Table 1. Subject Area

Subjet Area

Number of Publications

Percentage (%)

Business, Management and Accounting

41,25

Economics, Econometrics and Finance

42,5

Social Sciences

7,5

Mathematics

2,5

Computer Science

2,5

Medicine

1,25

Arts and Humanities

1,25

Engenering

1,25

Based on the Subject Area with the aim to choose a journal based on the subject or

discipline of Financial Psychology and SME Business Sustainability obtained by Business,

Management and Accounting a total of 33 (41.25%), economic, econometrics and finance

disciplines amounted to 34 (42.5%), and the discipline of Social Sciences amounted to 6

(7.5%). While the disciplines of Arts & Humanities, Medicine, and Engenering are at least

1.25% related to the disciplines of Financial Psychology and SME Business Sustainability.

RQ4 Results on Trends in Publication of Financial Psychology articles and SME Business

Sustainability Every Year

To find out based on the trend of publication of Financial Psychology and SME Business

Sustainability articles that were netted in 2018-2021 based on the most publication trends in

2018 a total of 41 publications, in 2019 a total of 18 publications, in 2020 a total of 15

publications, and in 2021 a total of 6 publications.

Tabel 2. Year of Publication

Year

Total

Publications

Number of

Publications

Cited

Number

Citations

Average

Citations

per

Publication

Average

Citations per

Published

e = d/b

f = d/c

2021

261

406

67,67

1,55

2020

1084

1453

96,87

1,34

2019

1336

2223

123,5

1,66

2018

2696

3323

81,05

1,23

Concept Model Research of Financial Psychology to SME Business Sustainability

1036 Interdisciplinary Social Studies, 1(8), May 2022

Figure 2. Number of Publications and Citations By Year

Based on the trending images of financial psychology and SME business sustainability

articles that were netted in 2018-2021 showed an increase in studies on Financial Psychology

and SME Business Sustainability.

RQ5 Results on Educational Institutions that Publish Articles by Country

Educational Institutions that Publish Financial Psychology articles and SME Business

Sustainability based on h-indexes that are included in the category of Scopus in 2018-2021

according to the most published countries in the U.S. State amounting to 13 education

institutions even. While the second most publications in the State of India, Africa 8 institutions,

and German 6 institutions. The rest is under 3 articles.

Table 3. Educational Institutions that Publish Financial Psychology

Country

Educational and Publication Institutions on

Financial Psychology

Number of Educational

Institutions That Publish

Financial Psychology

England

Birmingham City University, Durham

University Business School, Queen Mary

University of London, Bangor University,

Loughborough University

China

Beijing University of Technology, Sichuan

University

German

German Institute, Goethe University Frankfurt,

Justus-Liebig-University Giessen, University of

Marburg, Chemnitz University of Technology,

University of Greifswald

Australia

The University of Western Australia, Royal

Melbourne Institute of Technology,

University of Western

USA

Brown University and NBER, The George

Washington University, Butler University,

Harvard Business School, Louisiana State

Concept Model Research of Financial Psychology to SME Business Sustainability

1037 Interdisciplinary Social Studies, 1(8), May 2022

Country

Educational and Publication Institutions on

Financial Psychology

Number of Educational

Institutions That Publish

Financial Psychology

University, University of Nebraska,

Southwestern University, Northern Kentucky

University, Oklahoma State University, Walden

University, The Ohio State University,

University of Arkansas, University of Colorado,

India

School of Management National Institute of

Technology Warangal, Amity University,

Rajagiri College of Social Science, M.S.

Ramaiah Institute of Technology, Guru

Jambheshwar University of Science &

Technology, Malaviya National Institute of

Technology Jaipur (2), Kakatiya University,

University of Petroleum & Energy Studies,

University of Hyderabad, University of Jammu

Faculty of Business Studies, Symbiosis

International University

Brazil

Federal University of Lavras, Federal

University, Universidade Presbiteriana

Mackenzie

Russia

Moscow School of Management

Korea

Yonsei University

Ghana

University of Ghana

Africa

Makerere University, Nelson Mandela

University, University of Johannesburg,

Kenyatta University, Spiritan University

College, Al Maali Institute, Landmark

University, University of Dar es Salaam

Malaysia

University of Malaya, International Centre for

Education in Islamic Finance (INCEIF)

Malaysia

Palestine

Palestine Technical University

Austria

Business Analytica and Data Science Center

Jordan

Al-Ahliyya Amman University

Colombia

University of Missouri, Universidad EAFIT

Jordan

College of Business, Middle East University

Sweden

Linköping University

France

Toulouse School of Economics

Turkey

Balikesir University, Istanbul Bilgi Universites,

Karatekin University

Taiwan

National Dong Hwa University

Concept Model Research of Financial Psychology to SME Business Sustainability

1038 Interdisciplinary Social Studies, 1(8), May 2022

Country

Educational and Publication Institutions on

Financial Psychology

Number of Educational

Institutions That Publish

Financial Psychology

Switzerland

University of St. Gallen

Belgium

Catholic University of Louvain,

Japan

Hiroshima University, Ritsumeikan University,

Kobe University

Bangladesh

Begum Rokeya University

Scotland

University of Glasgow,

United Arab

Emirates

University of Sharjah, Al-Zaytoonah University

Finland

University of Vaasa, Hanken School of

Economics

Ghana

Kwame Nkrumah University

Iraq

University of Kufa

Iran

University of Mohaghegh Ardabili

Italy

University of Rome

Japan

Nagoya University

Vietnam

Ton Duc Thang University, Ton Duc Thang

University

Greek

University of Piraeus

India

Indian Institute of Technology

Indonesian

University of Brawijaya,

RQ6 Results on the Most Active Sources To Publish Articles

The most active source published articles in 2018-2021 based on h-index with Scopus

criteria in the International journal of social economics with Publisher Emerald Group

Publishing Ltd a total of 5 publications with 305 citations, Journal of Behavioral and

Experimental Economics with Publisher Elsevier BV a total of 4 publications with 50 citations.

Tabel 4. Most Influential Institutions

Active Source Title

Publications

Publisher

Citations

International Journal of Pure and

Applied Mathematics

Academic Publications

Ltd.

ACRN Journal of Finance and

Risk Perspectives

ACRN Oxford Ltd

Academy of Accounting and

Financial Studies Journal

Allied Business

Academies

150

Journal of Pension Economics &

Finance

Cambridge University

Press

460

International Journal of Economics

and Financial Issues

Econ Journals

100

Concept Model Research of Financial Psychology to SME Business Sustainability

1039 Interdisciplinary Social Studies, 1(8), May 2022

Active Source Title

Publications

Publisher

Citations

Journal of Behavioral and

Experimental Finance

Elsevier B.V.

157

Pacific-Basin Finance Journal

Elsevier B.V.

Journal of Behavioral and

Experimental Economics

Elsevier B.V.

Journal of Banking & Finance

Elsevier B.V.

138

Journal of Economic Psychology

Elsevier B.V.

Journal of Economic Behavior &

Organization

Elsevier B.V.

Journal of Environmental

Economics and Management

Elsevier B.V.

Journal of Asian Economics

Elsevier B.V.

International journal of

information management

Elsevier B.V.

159

Journal of business Research

Elsevier B.V.

European Journal of Operational

Research

Elsevier B.V.

International Journal of

Accounting Information Systems

Elsevier B.V.

Journal of Cleaner Production

Elsevier B.V.

International journal of sociaL

economics

Emerald Group Publishing

Ltd

305

Journal of Small Business and

Enterprise Development

Emerald Group Publishing

Ltd

International Journal of Emerging

Markets

Emerald Group Publishing

Ltd

RAUSP Management Journal

Emerald Group Publishing

Ltd

International Journal of Bank

Marketing

Emerald Group Publishing

Ltd.

102

Journal of Financial Economic

Policy

Emerald Group Publishing

Ltd.

163

"international Journal of Islamic

and Middle Eastern Finance and

Management"

Emerald Group Publishing

Ltd.

ISRA International Journal of

Islamic Finance

Emerald Group Publishing

Ltd.

Journal of Accounting &

Organizational Change

Emerald Group Publishing

Ltd.

Journal of Accounting in Emerging

Economies

Emerald Group Publishing

Ltd.

Concept Model Research of Financial Psychology to SME Business Sustainability

1040 Interdisciplinary Social Studies, 1(8), May 2022

Active Source Title

Publications

Publisher

Citations

International Journal of

Management (IJM)

International Journal of

Mathematical,

Engineering and

Management Sciences

(IJMEMS)

Journal of International

Development

John Wiley and Sons Ltd

Electronic Journal of Information

Systems in Developing Countries

(EJISDC)

John Wiley and Sons Ltd

Journal of Asian Finance,

Economics and Business

Korea Distribution

Science Association

(KODISA)

International Journal of Financial

Studies

MDPI Multidisciplinary

Digital Publishing

Institute

Journal of Consumer Research

Oxford University Press

Journal of Risk Research

Routledge

Journal of African Business

Routledge

328

International Journal of Financial

Research

Sciedu Press

Journal of Business Economics

Springer International

Publishing AG

Journal of Family and Economic

Issues

Springer International

Publishing AG

Journal of cross-cultural

gerontology

Springer New York

Swiss Journal of Economics and

Statistics

Springer Open

274

Journal of Economic Structures

Springer Open

Journal of Financial Counseling

and Planning

Springer Publishing

Company

International Journal of Public

Administration

Taylor and Francis Ltd.

Malaysian Online Journal of

Educational Management

University of Malaya

Australasian Accounting, Business

and Finance Journal

University of Wollongong

Journal of Marriage and Family

Wiley-Blackwell

Publishing Ltd

Journal of Economic Surveys

Wiley-Blackwell

Publishing Ltd

Concept Model Research of Financial Psychology to SME Business Sustainability

1041 Interdisciplinary Social Studies, 1(8), May 2022

Active Source Title

Publications

Publisher

Citations

International Journal of Civil

Engineering and Technology

(IJCIET)

Wiley-Blackwell

Publishing Ltd

International Journal of Consumer

Studies

Wiley-Blackwell

Publishing Ltd

253

Journal of Consumer Affairs

Wiley-Blackwell

Publishing Ltd

105

Journal of the European Economic

Association

Wiley-Blackwell

Publishing Ltd

126

Journal of International

Development

Wiley-Blackwell

Publishing Ltd

RQ7 results on the most popular articles and have the highest citations

The most popular articles and the highest citations based on the top 5 articles on Financial

Psychology and SME Business Sustainability from the results of Bibliometric Analysis are

shown in the table below.

Tabel 5. Articles with the Most Citations

Authors

Title

Year

Citations

Citation

per Year

Financial Planning

(Kumar et al.,

2019)

Women’s financial planning for

retirement: Systematic literature

review and future research agenda

2018

9,75

(France &

Hershey, 2018)

Financial Preparation for Retirement

in Brazil: a Cross-Cultural Test of

the interdisciplinary Financial

Planning Model

2018

5,75

(Selvadurai et

al., 2018)

Financial literacy education and

retirement planning in Malaysia

2018

4.50

(Surendar &

Subramanya

Sarma, 2018)

Financial Literacy And Financial

Planning Among Teachers of Higher

Education A Study of Critical

Factors of Select Variables

2018

4.00

(Snider &

Davies, 2018)

Success strategies for small financial

planning firms

2018

3.50

Behavior Finance

(Costa et al.,

2019)

Behavioral economics and

behavioral finance: a bibliometric

analysis of the scientific fields

2019

25.33

Concept Model Research of Financial Psychology to SME Business Sustainability

1042 Interdisciplinary Social Studies, 1(8), May 2022

(Königstorfer

& Thalmann,

2020)

Applications of Artificial

Intelligence in commercial banks–A

research agenda for behavioral

finance

2020

24.50

(Boda &

Sunitha, 2018)

Investor's psychology in investment

decision making: A behavioral

finance approach

2018

9.00

(Areiqat et al.,

2019)

Impact of behavioral finance on

stock investment decisions applied

study on a sample of investors at

Amman stock exchange

2019

9.33

(Fan &

Chatterjee,

2018)

Application of situational stimuli for

examining the effectiveness of

financial education: A behavioral

finance perspective

2018

4,75

Financial Literacy

(Hastings &

Mitchell, 2020)

How financial literacy and

impatience shape retirement wealth

and investment behaviors

2020

343

171.50

(Lusardi, 2019)

Financial literacy and the need for

financial education: evidence and

implications

2019

274

91.33

(Garg & Singh,

2018)

Financial literacy among youth

2018

180

45.00

(Grohmann,

2018)

Financial literacy and financial

behavior: Evidence from the

emerging Asian middle class

2018

152

38.00

(Skagerlund et

al., 2018)

Financial literacy and the role of

numeracy–How individuals' attitude

and affinity with numbers influence

financial literacy

2018

151

37.75

Financial Inclusion

(Ahamed &

Mallick, 2019)

Is financial inclusion good for bank

stability? International evidence

2019

207

69.00

(Schuetz &

Venkatesh,

2020)

Blockchain, adoption, and financial

inclusion in India: Research

opportunities

2020

159

79.50

(Okello

Candiya

Bongomin et

al., 2018)

Mobile money and financial

inclusion in sub-Saharan Africa: the

moderating role of social networks

2018

147

36.75

(Abor et al.,

2018)

Mobile telephony, financial

inclusion and inclusive growth

2018

128

32.00

Concept Model Research of Financial Psychology to SME Business Sustainability

1043 Interdisciplinary Social Studies, 1(8), May 2022

(Sethi &

Acharya, 2018)

Financial inclusion and economic

growth linkage: Some cross country

evidence

2018

114

28.50

Implementation Accounting

(Kwilinski,

2019)

Implementation of blockchain

technology in accounting sphere

2019

122

40.67

(Gotthardt et

al., 2020)

Current state and challenges in the

implementation of smart robotic

process automation in accounting

and auditing

2020

31.00

(2019)

A conceptual foundation of design

and implementation research in

accounting information systems

2019

14.00

(d'Arcy &

Tarca, 2018)

Reviewing IFRS goodwill

accounting research: Implementation

effects and cross-country differences

2018

8.50

(Hameedi et

al., 2021)

Financial performance reporting,

IFRS implementation, and

accounting information: Evidence

from Iraqi banking sector

2021

30.00

SME Business Sustainability

(Rakshit et al.,

2021)

Mobile apps for SME business

sustainability during COVID-19 and

onwards

2021

12.00

(Pudjowati et

al., 2019)

The Influence of Business Network

and SME Empowerment Towards

Business Sustainability (Study of

Handmade Mangrove Batik SME

Surabaya

2019

0.67

RQ8 Results on Factors Forming Financial Psychology and SME Business Sustainability

The factors forming Financial Psychology and SME Business Sustainability from the top

5 articles are compiled in the table below.

Table 6. Factors Forming Financial Psychology and SME Business Sustainability

Authors

Title

Variable Forming Factors

Financial Planning

(Kumar et al.,

2019)

Women’s financial planning

for retirement: Systematic

literature review and future

research agenda

1) Socio-demographic

factors;

2) Psychological factors;

3) Financial literacy;

4) Social factors;

5) Circumstantial factors;

Concept Model Research of Financial Psychology to SME Business Sustainability

1044 Interdisciplinary Social Studies, 1(8), May 2022

6) Economic factors

(France &

Hershey, 2018)

Financial Preparation for

Retirement in Brazil:

a Cross-Cultural Test of the

Interdisciplinary Financial

Planning Model

1) Retirement;

2) Financial planning;

3) Psychology;

4) Cross-cultural;

5) Planning

(Selvadurai et

al., 2018)

Financial literacy education

and retirement planning in

Malaysia

1) Financial Literacy;

2) Elderly People;

3) Retirement Planning;

4) Education

(Surendar &

Subramanya

Sarma, 2018)

Financial Literacy And

Financial Planning Among

Teachers of Higher Education

A Study of Critical Factors of

Select Variables

1) Financial Literacy;

2) Financial Planning;

3) Critical Factors;

4) Teacher of Higher

Education

(Snider &

Davies, 2018)

Success strategies for small

financial planning firms

1) Financial planning;

2) Entrepreneurship;

3) Strategic advantage;

4) Porter’s five forces

Behavior Finance

(Costa et al.,

2019)

Behavioral economics and

behavioral finance: a

bibliometric analysis of the

scientific fields

1) Behavioral economics;

2) Behavioral finance

(Königstorfer

& Thalmann,

2020)

Applications of Artificial

Intelligence in commercial

banks–A research agenda for

behavioral finance

1) Behavioral finance;

2) Financial service;

3) Commercial banks

(Boda &

Sunitha, 2018)

Investor's psychology in

investment decision making:

A behavioral finance

approach

1) Behavioral Finance;

2) Decision Making;

3) Investor’s Behavior;

4) Psychology;

5) Psychological and

Emotional Factors

(Areiqat et al.,

2019)

Impact of behavioral finance

on stock investment decisions

applied study on a sample of

investors at Amman stock

exchange

1) Behavioral Finance;

2) Stock Investment

Decisions;

3) Loss Aversion

Concept Model Research of Financial Psychology to SME Business Sustainability

1045 Interdisciplinary Social Studies, 1(8), May 2022

(Fan &

Chatterjee,

2018)

Application of situational

stimuli for examining the

effectiveness of financial

education: A behavioral

finance perspective

1) Financial education;

2) Financial knowledge;

3) Situational stimuli;

4) Financial information

processing;

5) Financial market

volatility;

6) Peer effects

Financial Literacy

(Hastings &

Mitchell, 2020)

How financial literacy and

impatience shape retirement

wealth and investment

behaviors

1) Household finance;

2) Pensions;

3) Present bias;

4) Financial literacy.

(Lusardi, 2019)

Financial literacy and the need

for financial education:

evidence and implications

1) Financial literacy;

2) Financial education

(Garg & Singh,

2018)

Financial literacy among

youth

1) Financial literacy youth;

2) Financial Knowledge;

3) Financial Attitude;

4) Financial Behaviour

(Grohmann,

2018)

Financial literacy and

financial behavior: Evidence

from the emerging Asian

middle class

1) Financial literacy;

2) Saving;

3) Borrowing;

4) Household finance

(Skagerlund et

al., 2018)

Financial literacy and the role

of numeracy–How

individuals' attitude and

affinity with numbers

influence financial literacy

1) Financial literacy;

2) Numeracy;

3) Cognitive abilities

Financial Inclusion

(Ahamed &

Mallick, 2019)

Is financial inclusion good for

bank stability? International

evidence

1) Financial inclusion;

2) Bank stability;

3) Institutional quality;

4) Government policy and

regulation

(Schuetz &

Venkatesh,

2020)

Blockchain, adoption, and

financial inclusion in India:

Research opportunities

1) Blockchain;

2) Adoption;

3) Financial inclusion;

4) Research opportunities

Concept Model Research of Financial Psychology to SME Business Sustainability

1046 Interdisciplinary Social Studies, 1(8), May 2022

(Okello

Candiya

Bongomin et

al., 2018)

Mobile money and financial

inclusion in sub-Saharan

Africa: the moderating role of

social networks

1) Mobile money services;

2) Financial inclusion;

3) Network ties

(Abor et al.,

2018)

Mobile telephony, financial

inclusion and inclusive

growth

1) Mobile telephony;

2) Financial inclusion;

3) Inclusive growth

(Sethi &

Acharya, 2018)

Financial inclusion and

economic growth linkage:

Some cross country evidence

1) Economic development;

2) Financial markets;

3) Macro economy

Implementation Accounting

(Kwilinski,

2019)

Implementation of blockchain

technology in accounting

sphere

1) Blockchain Technology;

2) The Quality of

Accounting Information;

3) Accounts;

4) Transaction;

5) Cloud Storage

(Gotthardt et

al., 2020)

Current state and challenges

in the implementation of

smart robotic process

automation in accounting and

auditing

1) Robotic Process

Automation;

2) Artificial Intelligence;

3) Financial technologies;

4) Accounting;

5) Auditing;

6) Technology

implementation

(2019)

A conceptual foundation of

design and implementation

research in accounting

information systems

Accounting Information

System

(d'Arcy &

Tarca, 2018)

Reviewing IFRS goodwill

accounting research:

Implementation effects and

cross-country differences

1) Business combinations;

2) Intangible assets;

3) Goodwill;

4) Impairment;

5) IFRS 3;

6) IAS 36;

7) IASB post

implementation review

(Hameedi et

al., 2021)

Financial performance

reporting, IFRS

implementation, and

accounting information:

1) IFRS;

2) Performance Reporting;

3) Accounting Information;

Concept Model Research of Financial Psychology to SME Business Sustainability

1047 Interdisciplinary Social Studies, 1(8), May 2022

Evidence from Iraqi banking

sector

4) Value Relevance

SME Business Sustainability

(Rakshit et al.,

2021)

Mobile apps for SME

business sustainability during

COVID-19 and onwards

1) Theory of Consumption

Values;

2) Theory of Planned

Behavior;

3) Mobile-App-Based

Business Process;

4) SME Sustainability

Performance

(Pudjowati et

al., 2019)

The Influence of Business

Network and SME

Empowerment Towards

Business Sustainability (Study

of Handmade Mangrove Batik

SME Surabaya

1) Business network;

2) SME empowerment;

3) Business sustainability

Based on the table of factors forming Financial Psychology and SME Business

Sustainability, research titles related to Financial Psychology were obtained with keywords

financial planning, behavioral finance, Financial Literacy, financial inclusion, implementation

accounting, and business sustainability in research, Selvadurai et al., (2018), and directly

related to financial planning and financial literacy. (Kumar et al., 2019)(Surendar &

Subramanya Sarma, 2018)

RQ9 Results on The Concept of Financial Psychology Model and SME Business

Sustainability

Based on the concept approach of the Financial Psychology and SME Business

Sustainability literature, the research model concept is compiled in the figure below.

Financial Planning

Dimensi

1. Social factors

2. Economic factors

Financial Psychology

Behavior Finance

Dimensi

1. Psychological and

Emotional Factors

2. Situational stimuli

Financial Literacy

Dimensi

1. Financial Knowledge

2. Household finance

Financial Inclusion

Dimensi

1. Government policy and

regulation

2. Bank Stability

Implementation

Accounting

SME Business

Sustainability

Dimensi

SME Sustainability

Performance

SME Business

Sustainability

Mediation

Figure 3. Financial Psychology and SME Business Sustainability Model Concept

RQ10 Results on the Most Popular Author Keywords in Article Publishing

Summary of the author's keywords in five clusters in red, green, blue, and yellow clusters,

from the results of meta analysis compiled in the table below.

Concept Model Research of Financial Psychology to SME Business Sustainability

1048 Interdisciplinary Social Studies, 1(8), May 2022

Table 7. Top Author Keywords By Cluster

Keywords

Occurrences

Red Cluster

Behavior

Financial behavior

Financial inclusion

102

Financial literacy

120

Knowledge

Green Cluster

Accounting

Financial planning

Personal financial planning

Retirement

Blue Cluster

Behavioral finance

Finance

Investment decision

Yellow Cluster

Behavioral finance perspective

Financial education

Figure 4. VOSviewer Visualization

Based on the results of bibliometric analysis on the study of Financial Psychology and

SME Business Sustainability in 2018-2021 showed an increase, but very few researched about

Financial Psychology related to SME Business Sustainability. These results indicate the

existence of current research related to the issue of the problem. The subject area netted by

Bibliometric Analysis is obtained from the disciplines of Economic, Econometrics and finance

and Business, Management & Accounting.

Concept Model Research of Financial Psychology to SME Business Sustainability

1049 Interdisciplinary Social Studies, 1(8), May 2022

The most common language used for the publication of articles 2019-2021 based on an h-

index of 100 uses English. The results of bibiliometrics show English is the most preferred

publication language because it is an international communication language. From the results

of the selection of article data on financial planning, behavioral finance, Financial Literacy,

financial inclusion, implementation accounting, and business sustainability, 80 h-index articles

were obtained in Scopus.

Based on the table of factors forming Financial Psychology and SME Business

Sustainability, research titles related to Financial Psychology were obtained with keywords

financial planning, behavioral finance, Financial Literacy, financial inclusion, implementation

accounting, and business sustainability in Kumar et al., (2019), Selvadurai et al., (2018), and

Surendar & Subramanya Sarma (2018) directly related to financial planning and Financial

literacy used in the development of research concept models. In addition, Behavior Finance

was developed from Boda & Sunitha research (2018) and Fan & Chatterjee research, (2018)

using situational stimuli. Financial Literacy was developed from the research of Garg & Singh,

(2018) and Hastings & Mitchell, (2020). Financial Inclusion was developed from research

Ahamed & Mallick (2019) from Government policy & regulation and Bank Stability. While

other articles that are netted in Bibliometric Analysis are more towards Financial Psychology

about retirement and managing investments.

CONCLUSION

Based on the results of bibliometric análysis in the study of Financial Psychology and SME

Business Sustainability in 2018-2021 showed an increase, but very few researched about

Financial Psychology related to SME Business Sustainability and the limitations of this

research. These results indicate the existence of current research related to the issue of the

problem. The subject area netted by Bibliometric Analysis is obtained from the disciplines of

Economics, Econometrics & finance and Business, Management & Accounting.

REFERENCES

Abor, Joshua Yindenaba, Amidu, Mohammed, & Issahaku, Haruna. (2018). Mobile

Telephony, Financial Inclusion and Inclusive Growth. Journal of African Business, 19(3),

430–453. https://doi.org/10.1080/15228916.2017.1419332

Ahamed, M. Mostak, & Mallick, Sushanta K. (2019). Is financial inclusion good for bank

stability? International evidence. Journal of Economic Behavior and Organization, 157,

403–427. https://doi.org/10.1016/j.jebo.2017.07.027

Ali, Husniyati, Omar, Emi Normalina, Nasir, Hanisah Abu, & Osman, Muhamad Rahimi.

(2018). Financial Literacy of Entrepreneurs in the Small and Medium Enterprises.

Proceedings of the 2nd Advances in Business Research International Conference, 31–38.

https://doi.org/10.1007/978-981-10-6053-3_4

Amoah, John, Belás, Jaroslav, Khan, Khurram Ajaz, & Metzker, Zdenko. (2021). Antecedents

of Sustainable SMEs in the Social Media Space: A Partial Least Square-Structural

Equation Modeling (PLS-SEM) Approach. Management and Marketing, 16(1), 26–46.

https://doi.org/10.2478/mmcks-2021-0003

Concept Model Research of Financial Psychology to SME Business Sustainability

1050 Interdisciplinary Social Studies, 1(8), May 2022

Areiqat, Ahmad Yousef, Abu-Rumman, Ayman, Al-Alani, Yousef Satea, & Alhorani, Alaa.

(2019). Impact of behavioral finance on stock investment decisions applied study on a

sample of investors at Amman Stock Exchange. Academy of Accounting and Financial

Studies Journal, 23(2), 1–16.

Babajide, Abiola, Osabuohien, Evans, Tunji-Olayeni, Patience, Falola, Hezekiah, Amodu,

Lanre, Olokoyo, Felicia, Adegboye, Folashade, & Ehikioya, Benjamin. (2021). Financial

literacy, financial capabilities, and sustainable business model practice among small

business owners in Nigeria. Journal of Sustainable Finance & Investment, 12(2).

Boda, Jhansi Rani, & Sunitha, G. (2018). Investor’S Psychology in Investment Decision

Making: a Behavioral Finance Approach. International Journal of Pure and Academic

Mathematics, 119(7), 1253-undefined.

Calzadilla, J. F., Bordonado-Bermejo, M. J., & González-Rodrigo, E. (2021). A systematic

review of ordinary people, behavioural financial biases. Economic Research-Ekonomska

Istrazivanja , 34(1), 2767–2789. https://doi.org/10.1080/1331677X.2020.1839526

Chaffin, Charles R. (2018). Client Psychology. New Jersey: John Wiley & sons, inc.

Costa, Daniel Fonseca, Carvalho, Francisval de Melo, & Moreira, Bruno César de Melo.

(2019). Behavioral Economics and Behavioral Finance: a Bibliometric Analysis of the

Scientific Fields. Journal of Economic Surveys, 33(1), 3–24.

https://doi.org/10.1111/joes.12262

d’Arcy, Anne, & Tarca, Ann. (2018). Reviewing IFRS Goodwill Accounting Research:

Implementation Effects and Cross-Country Differences. International Journal of

Accounting, 53(3), 203–226. https://doi.org/10.1016/j.intacc.2018.07.004

Das, Maitreyee, Rangarajan, K., & Dutta, Gautam. (2020). Corporate sustainability in small

and medium-sized enterprises: a literature analysis and road ahead. Journal of Indian

Business Research, 12(2), 271–300. https://doi.org/10.1108/JIBR-09-2017-0166

Dere, İlker, & Ateş, Yakup. (2022). Studies on Literacy Skills in Social Studies Education: A

Systematic Literature Review (1996-2020). Scandinavian Journal of Educational

Research. https://doi.org/Scandinaviahttps://doi.org/10.1080/00313831.2021.2021439

Fan, Lu, & Chatterjee, Swarn. (2018). Application of situational stimuli for examining the

effectiveness of financial education: A behavioral finance perspective. Journal of

Behavioral and Experimental Finance, 17, 68–75.

https://doi.org/10.1016/j.jbef.2017.12.009

França, Lucia H. F., & Hershey, Douglas A. (2018). Financial Preparation for Retirement in

Brazil: a Cross-Cultural Test of the Interdisciplinary Financial Planning Model. Journal

of Cross-Cultural Gerontology, 33(1), 43–64. https://doi.org/10.1007/s10823-018-9343-

Garg, Neha, & Singh, Shveta. (2018). Financial Literacy among Younth. International Journal

of Social Economics Iss International Journal of Social Economics, 45(1), 173–186.

Geissdoerfer, Martin, Vladimirova, Doroteya, & Evans, Steve. (2018). Sustainable business

model innovation: A review. Journal of Cleaner Production, 198, 401–416.

https://doi.org/10.1016/j.jclepro.2018.06.240

Gotthardt, Max, Koivulaakso, Dan, Paksoy, Okyanus, Saramo, Cornelius, Martikainen, Minna,

& Lehner, Othmar. (2020). Current state and challenges in the implementation of smart

Concept Model Research of Financial Psychology to SME Business Sustainability

1051 Interdisciplinary Social Studies, 1(8), May 2022

robotic process automation in accounting and auditing. ACRN Journal of Finance and

Risk Perspectives, 9(1), 90–102. https://doi.org/10.35944/JOFRP.2020.9.1.007

Goyal, Kirti, Kumar, Satish, & Xiao, Jing Jian. (2022). Antecedents and consequences of

Personal Financial Management Behavior: a systematic literature review and future

research agend. International Journal of Bank Marketing, 39(7), 1166–1207.

https://doi.org/https://doi.org/10.1108/IJBM-12-2020-0612

Grohmann, Antonia. (2018). Financial literacy and financial behavior: Evidence from the

emerging Asian middle class. Pacific Basin Finance Journal, 48(July 2017), 129–143.

https://doi.org/10.1016/j.pacfin.2018.01.007

Grohmann, Antonia, Klühs, Theres, & Menkhoff, Lukas. (2018). Does financial literacy

improve financial inclusion? Cross country evidence. World Development, 111, 84–96.

https://doi.org/10.1016/j.worlddev.2018.06.020

Hameedi, Karrar Saleem, Al-Fatlawi, Qayssar Ali, Ali, Maher Naji, & Almagtome, Akeel

Hamza. (2021). Financial Performance Reporting, IFRS Implementation, and Accounting

Information: Evidence from Iraqi Banking Sector. Journal of Asian Finance, Economics

and Business, 8(3), 1083–1094. https://doi.org/10.13106/jafeb.2021.vol8.no3.1083

Hastings, Justine, & Mitchell, Olivia S. (2020). How financial literacy and impatience shape

retirement wealth and investment behaviors. Journal of Pension Economics and Finance,

19(1), 1–20. https://doi.org/10.1017/S1474747218000227

Horwitz, Edward J., Klontz, Bradley T., & Zabek, Faith. (2019). A Financial Psychology

Intervention for Increasing Employee Participation in and Contribution to Retirement

Plans: Results of Three Trials. Journal of Financial Counseling and Planning, 30(2), 262–

276. https://doi.org/10.1891/1052-3073.30.2.262

Kocsis, David. (2019). A conceptual foundation of design and implementation research in

accounting information systems. International Journal of Accounting Information

Systems, 34(xxxx). https://doi.org/10.1016/j.accinf.2019.06.003

Königstorfer, Florian, & Thalmann, Stefan. (2020). Applications of Artificial Intelligence in

commercial banks – A research agenda for behavioral finance. Journal of Behavioral and

Experimental Finance, 27, 100352. https://doi.org/10.1016/j.jbef.2020.100352

Kumar, Satish, Tomar, Sweta, & Verma, Deepak. (2019). Women’s financial planning for

retirement: Systematic literature review and future research agenda. International Journal

of Bank Marketing, 37(1), 120–141. https://doi.org/10.1108/IJBM-08-2017-0165

Kwilinski, Aleksy. (2019). Implementation of Blockchain Technology In Accounting Sphere.

Cademy of Accounting and Financial Studies Journal, 23(2), 1–6.

Lusardi, Annamaria. (2019). Financial literacy and the need for financial education: evidence

and implications. Swiss Journal of Economics and Statistics, 155(1), 1–8.

https://doi.org/10.1186/s41937-019-0027-5

Mittal, Vibhuti, & Raman, T. V. (2022). Examining the determinants and consequences of

financial constraints faced by Micro, Small and Medium Enterprises’ owners. World

Journal of Entrepreneurship, Management and Sustainable Development, 17(3), 560–

581. https://doi.org/https://doi.org/10.1108/WJEMSD-07-2020-0089

Okello Candiya Bongomin, George, Ntayi, Joseph M., Munene, John C., & Malinga, Charles

Akol. (2018). Mobile Money and Financial Inclusion in Sub-Saharan Africa: the

Concept Model Research of Financial Psychology to SME Business Sustainability

1052 Interdisciplinary Social Studies, 1(8), May 2022

Moderating Role of Social Networks. Journal of African Business, 19(3), 361–384.

https://doi.org/10.1080/15228916.2017.1416214

Orobia, Laura A., Tusiime, Immaculate, Mwesigwa, Rogers, & Ssekiziyivu, Bob. (2020).

Entrepreneurial framework conditions and business sustainability among the youth and

women entrepreneurs. Asia Pacific Journal of Innovation and Entrepreneurship, 14(1),

60–75. https://doi.org/10.1108/apjie-07-2019-0059

Pudjowati, Juliani, Suman, Agus, Rachmad, Krisna Sakti, & Adi, S. Putu Mahardika. (2019).

The Influence of Business Network and SME Empowerment Towards Business

Sustainability (Study of Handmade Mangrove Batik SME Surabaya. Journal of

Engineering and Applied Sciences, 14(8), 6625–6633.

Rakshit, Sandip, Islam, Nazrul, Mondal, Sandeep, & Paul, Tripti. (2021). Mobile apps for SME

business sustainability during COVID-19 and onwards. Journal of Business Research,

135(January), 28–39. https://doi.org/10.1016/j.jbusres.2021.06.005

Riepe, Jan, Rudeloff, Michelle, & Veer, Theresa. (2022). Financial literacy and entrepreneurial

risk aversion. Journal of Small Business Management, 60(2), 289–308.

https://doi.org/10.1080/00472778.2019.1709380

Riitsalu, Leonore, & Murakas, Rein. (2019). Subjective financial knowledge, prudent

behaviour and income: The predictors of financial well-being in Estonia. International

Journal of Bank Marketing, 37(4), 934–950.

https://doi.org/https://doi.org/10.1108/IJBM-03-2018-0071

Schuetz, Sebastian, & Venkatesh, Viswanath. (2020). Blockchain, adoption, and financial

inclusion in India: Research opportunities. International Journal of Information

Management, 52(April), 1–8. https://doi.org/10.1016/j.ijinfomgt.2019.04.009

Selvadurai, Visyalini, Kenayathulla, Husaina Banu, & Siraj, Saedah. (2018). Financial literacy

education and retirement planning in Malaysia. Malaysian Online Journal of Educational

Management, 6(2), 41–66. https://doi.org/10.22452/mojem.vol6no2.3

Sethi, Dinabandhu, & Acharya, Debashis. (2018). Financial inclusion and economic growth

linkage: some cross country evidence. Journal of Financial Economic Policy, 10(3), 369–

385. https://doi.org/10.1108/JFEP-11-2016-0073

Singh, Kuldeep, & Pillai, Deepa. (2022). Corporate governance in small and medium

enterprises: a review. Corporate Governance, 22(1), 23–41.

https://doi.org/https://doi.org/10.1108/CG-10-2020-0470

Skagerlund, Kenny, Lind, Thérèse, Strömbäck, Camilla, Tinghög, Gustav, & Västfjäll, Daniel.

(2018). Financial literacy and the role of numeracy–How individuals’ attitude and affinity

with numbers influence financial literacy. Journal of Behavioral and Experimental

Economics , 74(March), 18–25. https://doi.org/10.1016/j.socec.2018.03.004

Snider, Joanne H., & Davies, Kevin J. (2018). Success Strategies for Small Financial Planning

Firms. International Journal of Applied Management and Technology, 17(1), 22–34.

https://doi.org/10.5590/ijamt.2018.17.1.02

Surendar, G., & Subramanya Sarma, V. V. (2018). Financial literacy and financial planning

among teachers of higher education - a study of critical factors of select variables.

International Journal of Pure and Applied Mathematics, 118(18), 1627–1649.

Ufua, Daniel, Osabohien, Romanus, Imhonopi, David, Olujobi, Joshua, & Ogbari, M. (2020).

Change Management and Capacity Utilisation: A Critical Requirement for Business

Concept Model Research of Financial Psychology to SME Business Sustainability

1053 Interdisciplinary Social Studies, 1(8), May 2022

Sustainability among Small and Medium-Sized Enterprises (SMEs) in Nigeria.

International Journal of Innovation, Creativity and Change, 14(10), 438–458.

Wong, David T. W., & Ngai, Eric W. T. (2021). Economic, organizational, and environmental

capabilities for business sustainability competence: Findings from case studies in the

fashion business. Journal of Business Research, 126(December 2020), 440–471.

https://doi.org/10.1016/j.jbusres.2020.12.060