Business Sustainability of Women Entrepreneurs in the Digital Era: The Role of Spiritual Capital, Financial Literacy, Management Skills, and Family Support with Digital Capital Access as a Moderator

Abstrak

This study aims to analyze the role of spiritual capital in enhancing women entrepreneurs’ business sustainability in the digital era, particularly within the context of grassroots digital financial ecosystems such as Amartha. A quantitative approach was employed using a survey of 250 women entrepreneurs in Indonesia’s culinary sector who actively utilize digital technology and participate in community-based digital financial platforms. Purposive sampling was applied, and the data were analyzed using Structural Equation Modeling (SEM). The results indicate that spiritual capital has a positive and significant effect on business sustainability. Spiritual capital also positively influences digital financial literacy and business management skills. While digital financial literacy does not directly affect business sustainability, it serves as an enabling capability through which spiritual capital contributes to sustainable business development. Business management skills demonstrate a significant positive effect on business sustainability, highlighting the importance of managerial competence in supporting women-led businesses. Furthermore, digital capital access moderates the relationship between business management skills and business sustainability, indicating that managerial capabilities become more effective when supported by digitally integrated financial ecosystems. Business sustainability in this study adopts the Triple Bottom Line perspective encompassing economic, social, and environmental dimensions. This study contributes to the women entrepreneurship and digital sustainability literature by proposing an integrated framework that combines spiritual capital, managerial capability development, and ecosystem-based digital financial access to support sustainable women-led businesses in the digital era.