THE ROLE OF FINANCIAL TECHNOLOGY, PRODUCT INNOVATION AND WORKING CAPITAL MANAGEMENT IN THE FINANCIAL PERFORMANCE OF MSMES ASSISTED BY THE MEDAN CITY COOPERATIVE AGENCY
Keywords:
Financial Technology, Product Innovation, Working Capital Management, Financial Performance, MSMEsAbstract
This research is motivated by the importance of improving the financial performance of Micro, Small, and Medium Enterprises (MSMEs) through the management of strategic factors that support business sustainability. This study aims to analyze the influence of financial technology, product innovation, and working capital management on the financial performance of MSMEs assisted by the Department of Cooperatives of Medan City. This research employed a quantitative approach using a survey method through questionnaires distributed to 100 MSME actors and analyzed using multiple linear regression analysis. The results showed that product innovation and working capital management partially had a positive and significant effect on MSMEs' financial performance, while financial technology had a positive but insignificant effect. Simultaneously, the three variables had a positive and significant effect on MSMEs' financial performance. The main finding of this study indicates that working capital management provides the most dominant contribution compared to other variables. The advantage of this research lies in examining these three factors comprehensively within culinary sector MSMEs assisted by the local government, thereby providing a more comprehensive understanding of factors influencing MSMEs' financial performance. The implications of this study indicate that MSMEs need to strengthen working capital management, enhance product innovation, and optimize the utilization of financial technology to support sustainable business growth.
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