BizNOMICS: International Journal of Business and Economics

The Impact of Product Innovation and Digital Financial Inclusion on The Financial Performance of Smes With Human Capital as a Moderator

Nurul Hayati Ayu Mulyani, Vũ Thị Kim Uyên, Suyanto Suyanto — Wed, 01 Apr 2026 00:00:00 +0700

Purpose: This study aims to determine the effect of product innovation, digital financial inclusion, and human capital on the financial performance of MSMEs.

Method: This study used a quantitative approach with primary data collection through the distribution of Google Form based questionnaires to MSME actors in the Special Region of Yogyakarta. Of the total 213 respondents who filled out the questionnaire, 194 data sets were deemed suitable for use as research samples.

Finding: The results show that product innovation and digital financial inclusion have a positive and significant effect on the financial performance of MSMEs in Yogyakarta. Both factors are able to increase competitiveness, productivity, and financial stability of businesses. Meanwhile, human capital does not play a role as a moderating variable in both relationships. The quality of MSME human resources, which is still focused on basic operational capabilities, makes it unable to optimally support innovation and the use of digital financial services.

Novelty: The integration of digital financial inclusion variables into an analytical model that examines the financial performance of MSMEs. Different from previous studies that focused more on financial literacy, technology adoption, or digital innovation in general, this study specifically includes digital financial inclusion.

Bibliometrics of Research on Sustainability of MSMEs in Indonesia

Beni Handoyo, Aulia Nur Fadhilah — Wed, 01 Apr 2026 00:00:00 +0700

Purpose: This study aims to analyze the development, structure, and thematic evolution of scientific publications related to the sustainability of Micro, Small, and Medium Enterprises (MSMEs) in Indonesia during the period 2017–2025.

Method: The research employs a bibliometric analysis approach using quantitative descriptive and evaluative techniques. Bibliographic data were collected from the Dimensions database, covering journal articles and review papers relevant to MSME sustainability within the specified period. The dataset was analyzed and visualized using VOSviewer to examine publication trends, keyword co-occurrence, bibliographic coupling, and collaboration patterns among authors, institutions, and countries.

Finding: The results reveal a significant and consistent increase in publications on MSME sustainability, particularly after 2020, indicating growing academic attention to sustainability reporting, performance, and Indonesia-specific contexts. Dominant themes include sustainability reporting, performance, and empirical evidence, while emerging topics such as financial sustainability, COVID-19 impacts, and MSMEs have gained prominence in recent years. However, topics such as ESG integration, green finance, circular economy, and advanced bibliometric studies remain relatively underexplored.

Novelty: This study provides a comprehensive and up-to-date bibliometric mapping of MSME sustainability research in Indonesia, highlighting intellectual structures, research trends, and gaps that have not been systematically examined in previous studies, thereby offering valuable insights for future research directions and policy formulation.

Keyword:
Bibliometric analysis; MSMEs sustainability; Sustainability reporting; Indonesia; ESG

The Effect of Financial Performance on Profitability: a Systematic Review and Multidimensional Synthesis

Novita Kurnia Ayuningtyas, Dewi Anjani, Risti Wahyu Budiwati — Wed, 01 Apr 2026 00:00:00 +0700

Purpose:This Systematic Literature Review (SLR) study aims to identify and critically evaluate global empirical evidence on the relationship between various financial performance indicators (liquidity ratio, solvency, efficiency, and profitability) with the level of company profitability and conduct a multidimensional synthesis to map the inconsistencies in the findings and identify contextual factors (sector, geography, methodology) that moderate the relationship.

Method:This study adopted a Systematic Literature Review (SLR) methodology following the PRISMA guidelines. The study population comprised all relevant scientific publications from the Scopus academic database between 2020 and 2025. The study sample consisted of 52 articles selected from empirical studies that met strict inclusion criteria. Multidimensional Qualitative Synthesis and thematic mapping were used as analytical tools to systematically integrate the results.

Finding:The synthesis results show that operational efficiency indicators (Total Asset Turnover) and optimal debt management are the most consistently positive predictors of profitability (Return on Assets/Equity). However, significant inconsistencies were found, particularly regarding the impact of liquidity ratios, which were often negative or insignificant. These inconsistencies are largely due to industry context (different sensitivity in the service vs. manufacturing sectors) and differences in regulatory frameworks across countries, highlighting the need for context-specific interpretation of the results.

Novelty:The main novelty of this research is the application of Multidimensional Synthesis to not only summarize but also explain the root causes of variations and inconsistencies in existing findings in the literature. This research produces a more detailed theoretical framework by explicitly identifying key moderating variables that researchers and practitioners should consider to holistically understand the complexity of the Financial Performance–Profitability relationship.

Bibliometrik Analysis Of Green Accounting

Elysa Dea Amanda, Sri Rahayu Saragih, Antica Mey Wulandari — Wed, 01 Apr 2026 00:00:00 +0700

Purpose: The purpose of this investigation is to delineate the evolutionary trajectory of Green Accounting discourse within academic scholarship from 2015 to 2025 using a bibliometric lens and to reconstruct the thematic architecture of the field.

Method: This study employs a qualitative-descriptive framework and bibliometric analysis tools, specifically VOSviewer and Microsoft Excel. The research population and sample consist of 96 scholarly works indexed in the Scopus database.

Finding: The results unveil a sharp escalation in academic interest, culminating in a productivity peak in 2024. Furthermore, the literature is categorized into four distinct conceptual clusters, ranging from practical integration to its nexus with corporate financial outcomes.

Novelty: The study’s primary contribution lies in the discovery of an empirical vacuum concerning "Environmental Information" and "Environmental Accounting" within the current discourse, offering a strategic roadmap for future investigators to explore these underdeveloped niches.

Disruptive Innovation in Sustainable Tourism: Rethinking Business Models and Sustainability Accounting Practices

Indrian Supheni, Azizah Saban, Antonius Singgih Setiawan — Wed, 01 Apr 2026 00:00:00 +0700

Purpose: The purpose of this paper is to explore how disruptive innovation reshapes business models in the tourism industry and how sustainability accounting practices can serve as an integrative mechanism to ensure the achievement of sustainable tourism goals.

Method: This study employs a conceptual approach by synthesizing the literature on disruptive innovation, sustainable tourism, and sustainability accounting. A theoretical framework is proposed to illustrate the interrelationships between business model transformation, sustainability performance, and accounting practices.

Finding: The findings indicate that disruptive innovation drives significant changes in tourism business models, creating both opportunities and challenges for achieving sustainability. Sustainability accounting emerges as a strategic tool to measure, monitor, and report sustainability performance, thereby ensuring that disruptive innovation contributes to sustainable value creation rather than exacerbating social and environmental risks.

Novelty: This study offers a novel perspective by connecting disruptive innovation with sustainability accounting in the tourism sector. It contributes to the literature by proposing an integrative framework that highlights accounting’s role in translating innovation into sustainable outcomes.