The role of risk management and technology adoption in enhancing the effect of human capital on financial performance

Evidence from village credit institution in Bali, Indonesia

Authors

  • I Gede Jananuraga Udayana University, Denpasar, Indonesia
  • Ni Luh Putu Wiagustini Udayana University, Denpasar, Indonesia
  • Ni Putu Ayu Darmayanti Udayana University, Denpasar, Indonesia
  • I Made Surya Negara Udayana University, Denpasar, Indonesia

Keywords:

Human Capital, Financial Performance, Risk Management, Technology Adoption, Village Credit Institution

Abstract

Village Credit Institutions (Lembaga Perkreditan Desa—LPDs) represent unique indigenous microfinance institutions operating within Balinese customary villages. Despite their significant contribution to rural financial inclusion and local economic development, disparities between asset growth and financial performance remain evident among many LPDs. This phenomenon suggests that financial sustainability depends not only on financial resources but also on strategic organizational capabilities, including human capital, effective risk management, and technology adoption. Grounded in the Resource-Based View (RBV) Theory and the Technology Acceptance Model (TAM), this study examines the direct effect of human capital on financial performance, the mediating role of risk management, and the moderating role of technology adoption. Using a quantitative explanatory approach, this study employs panel data collected from 81 Village Credit Institutions in Badung Regency during 2022–2024. Panel regression analysis is used to examine the proposed relationships among variables. The findings indicate that human capital significantly improves financial performance, while risk management also positively influences financial performance. However, risk management does not mediate the relationship between human capital and financial performance because human capital has no significant effect on risk management. Likewise, technology adoption fails to strengthen the relationship between human capital and financial performance. The findings reinforce the Resource-Based View by confirming that human capital remains the most valuable strategic resource in enhancing financial performance. Nevertheless, technology adoption alone cannot generate superior organizational performance without adequate organizational readiness, governance quality, and managerial capability. The study contributes to the literature on indigenous microfinance institutions by integrating strategic management and information systems perspectives within a unique socio-cultural organizational context.

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Published

2026-06-30

How to Cite

Jananuraga, I. G., Wiagustini, N. L. P., Darmayanti, N. P. A., & Negara, I. M. S. (2026). The role of risk management and technology adoption in enhancing the effect of human capital on financial performance: Evidence from village credit institution in Bali, Indonesia. International Journal of Economic Perspectives, 20(6), 705–739. Retrieved from https://ijeponline.org/index.php/journal/article/view/1353

Issue

Vol. 20 No. 6 (2026)

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Peer Review Articles
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Copyright (c) 2026 I Gede Jananuraga, Ni Luh Putu Wiagustini, Ni Putu Ayu Darmayanti, I Made Surya Negara

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