Title: VIETNAM STOCK MARKET CRASHES, 2010-2025: A QUALITATIVE STUDY USING HISTORICAL-INTERPRETIVE ANALYSIS, CASE STUDIES AND THEMATIC ANALYSIS

Authors: Muliyani Mahmud and Nurharyati Panigoro

Abstract: Micro, Small, and Medium Enterprises (MSMEs) play an important role in supporting local economic activity, but their ability to sustain business operations is still influenced by their capacity to manage financial resources and adapt to technological developments. This study examines the effect of Accounting Information System (SIA) digitalization and financial literacy on MSME sustainability in Gorontalo City. A quantitative approach was employed using primary data collected through questionnaires from 100 MSME owners selected using purposive sampling. The respondents were MSMEs that had operated for at least one year and had conducted financial recordkeeping. The data were analyzed using multiple linear regression with IBM SPSS Statistics. The findings show that digitalization of SIA has a positive but statistically insignificant effect on MSME sustainability, while financial literacy has a positive and significant effect. The simultaneous test indicates that AIS digitalization and financial literacy jointly affect MSME sustainability. The model explains 73.2% of the variation in MSME sustainability. These findings suggest that the availability of digital accounting technology alone is not sufficient to strengthen business sustainability. From the Resource-Based View perspective, financial literacy represents an internal knowledge-based capability that can be utilized directly in managing financial resources and making business decisions. Therefore, strengthening MSME sustainability requires not only digital technology adoption but also the development of financial capabilities among business owners.

Keywords: Accounting Information System Digitalization; Financial Literacy; MSME Sustainability; Resource-Based View; Gorontalo City.

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