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Vol 40 No 2 (2025): May

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Nov 20, 2023
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May 28, 2025
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Determinants of Indonesian SMEs’ Intentions to Adopt Fintech: an Innovation Diffusion Theory Perspective

https://doi.org/10.22146/jieb.v40i2.10843
Muhsin N. Bailusy
muhsin.bailusy@unkhair.ac.id
Management Study Program, Faculty of Economics and Business, Khairun University, Ternate, 97719, Indonesia
Julien Pollack
The John Grill Institute of Projects, School of Project Management, Faculty of Engineering, the University of Sydney, K06A - 21 Ross St Building, Glebe, New South Wales, Australia
Johan Fahri
Management Study Program, Faculty of Economics and Business, Khairun University, Ternate, 97719, Indonesia
Dudi Amarullah
Management Study Program, Faculty of Economics and Business, Khairun University, Ternate, 97719, Indonesia
Irfandi Buamonabot
Management Study Program, Faculty of Economics and Business, Khairun University, Ternate, 97719, Indonesia

Corresponding Author(s) : Muhsin N. Bailusy

muhsin.bailusy@unkhair.ac.id

Journal of Indonesian Economy and Business, Vol 40 No 2 (2025): May

Abstract

Introduction/Main Objectives: Financial technology (Fintech) has become a solution for many SMEs seeking to improve business perfor­mance in an increasingly competitive business environment. Thus, it is important to investigate the factors underlying SMEs’ decision to adopt Fintech. Background Problem: Previous studies have applied various theoretical frameworks to explore Fintech adoption. Despite this, limited knowledge exists regarding the determinants influencing the adoption of Fintech among SMEs. Novelty: By using innovation diffusion theory, this study examines the underlying elements that contribute to the adoption of Fintech by SMEs. Research Methods: Data were collected using the survey approach. Self-administered question­naires were distributed to SMEs in Indonesia using purposive sampling, yielding 273 responses. The data were then analyzed using the partial least square structural equation modelling (PLS-SEM) method. Findings/Results: The results confirmed all hypotheses developed for the study. Specifi­cally, relative advantage, compatibility, complexity, and observability positively affect attitude towards Fintech adoption. In turn, positive attitude towards the adoption of Fintech has a significant impact on the intention to use Fintech. In addition, attitude mediates the relation­ship between IDT factors (relative advantage, compatibility, complexity, and observability) and Fintech adoption intention. Conclusion: Innova­tion diffusion theory is able to explain the factors that form SMEs' attitude and adoption intention toward Fintech. The outcomes of this research provide important implications both theoretically and practically.

Keywords

Financial technology innovation diffusion theory adoption intention
Bailusy, M. N., Pollack, J., Fahri, J., Amarullah, D., & Buamonabot, I. (2025). Determinants of Indonesian SMEs’ Intentions to Adopt Fintech: an Innovation Diffusion Theory Perspective. Journal of Indonesian Economy and Business, 40(2), 196 -. https://doi.org/10.22146/jieb.v40i2.10843
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Author Biographies

Muhsin N. Bailusy, Management Study Program, Faculty of Economics and Business, Khairun University, Ternate, 97719, Indonesia

Muhsin N. Bailusy is a lecturer and researcher at the Department of Management, Universitas Khairun, Indonesia where he has been a faculty member since 2005. He earned his Bachelor’s degree in Management at the Faculty of Business, Khairun University, Indonesia. He did his Master’s degree in Science Management at Padjadjaran University, Indonesia. His research interests lie in the areas of financial management, financial strategic, financial literacy and SMEs financial. He has collaborated actively with other researchers from various fields in many research projects. He successfully published many articles in different top tier publishers.

Julien Pollack, The John Grill Institute of Projects, School of Project Management, Faculty of Engineering, the University of Sydney, K06A - 21 Ross St Building, Glebe, New South Wales, Australia

Julien Pollack started working in project management in the Australian public sector delivering organizational change projects, where he completed an Action Research Ph.D. This research won national and international awards. Following this, he managed telecommunications and heavy engineering projects, before taking an academic position in 2011 to teach project management. He joined the University of Sydney in 2016. His research has focused on two broad themes: trends in project management research; and developing project management practice to meet the needs of projects that cannot be pre-defined in simple and stable terms. He has successively drawn on systems thinking, complexity theory, and change management to address this latter area of research, particularly focusing on the delivery of organisational change projects. His research in these areas has been frequently published in the leading project management journals and research conferences.

Johan Fahri, Management Study Program, Faculty of Economics and Business, Khairun University, Ternate, 97719, Indonesia

Johan Fahri is a lecturer and researcher at the Study Program of Management, Faculty of Economics and Business, Universitas Khairun (Unkhair), Indonesia, where he/she has been a faculty member since 2001. Johan earned his bachelor’s degree in Management at the Faculty of Economics, Department of Management, Universitas Khairun, North Maluku, Indonesia. Mr. Fahri did his Master’s degree in Project Management at the University of Technology, Sydney, Australia. He then completed his Ph.D. from the University of Sydney, Australia, in 2019. His research interests lie in Project Management, Strategic Management, and Marketing Management. His specialty is in conducting qualitative research in those areas. He has collaborated actively with other researchers from various fields in many research projects. He successfully published many articles in different top-tier international journals. He was also an active presenter, a panelist, and chair in several international conferences, including receiving the best presenter in the 2020 International Conference in Project Management.

Dudi Amarullah, Management Study Program, Faculty of Economics and Business, Khairun University, Ternate, 97719, Indonesia

Dudi Amarullah is a lecturer and researcher at the Faculty of Economics and Business, Khairun University, Indonesia, where he has been a faculty member since 2022. He earned his Bachelor’s degree in Management from the Faculty of Economics and Business, Khairun University, Indonesia. He did his Master’s degree in Science Management at Airlangga University, Indonesia. His research interests lie in the areas of marketing management, strategic management, and consumer behavior. He has collaborated actively with other researchers from various fields in many research projects. He successfully published many articles in different top-tier publishers, such as Emerald Publishing, Taylor and Francis, and Inderscience.

Irfandi Buamonabot, Management Study Program, Faculty of Economics and Business, Khairun University, Ternate, 97719, Indonesia

Irfandi Buamonabot is a lecturer and researcher at the Department of Management, Universitas Khairun, Indonesia where he has been a faculty member since 2020. He earned his Bachelor’s degree in Management at the Faculty of Business, Khairun University, Indonesia. He did his Master’s degree in Science Management at Gadjah Mada University, Indonesia. His research interests lie in the areas of organizational behavior, strategic management and marketing management. He has collaborated actively with other researchers from various fields in many research projects. He successfully published many articles in different top tier publishers, such as Inderscience, ACM United States and JIEB Gadjah Mada University.

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