주관적 성과평가에서의 전이효과와 사업단위 특성의 조절효과

이경태,최병현,이상철 한국관리회계학회 2019 관리회계연구 Vol.19 No.2

[연구목적] 본 연구에서는 재무적 성과와 비재무적 성과로 구분한 객관적 성과가 주관적 성과평가에 미치는 효과를 살펴본다. 또한 비재무적 성과평가 점수의 가중치, 재무적 성과평가 측정치로 매출액을 사용했는지 여부, 사업단위의 성과등급이 낮은지 여부, 그리고 사업단위의 규모가 비재무적 성과와 주관적 성과평가 사이의 관계에 미치는 효과를 분석한다. [연구방법] 1999년부터 2003년까지 5개년 간 A기업의 287개 사업단위/년 자료를 최종 표본으로 선정하여 검증을 실시하였다. 본 연구의 종속변수는 주관적 성과평가 점수이며, 독립변수는 재무적 성과와 비재무적 성과로 구분된 객관적 성과평가 점수이다. 비재무적 성과평가 점수의 가중치, 재무적 성과평가 측정치로 매출액을 사용했는지 여부, 사업단위의 성과등급이 낮은지 여부, 그리고 사업단위의 규모를 조절변수로 사용하였다. 다중회귀분석을 사용하여, 객관적성과평가 점수와 주관적 성과평가 점수 사이의 관계를 검증하고, 이러한 관계에 영향을 미치는조절변수 효과를 분석하였다. [연구결과] 분석결과, 재무적 성과평가와 비재무적 성과평가로 구분한 객관적 성과평가는 주관적 성과평가에 모두 유의적인 양의 영향을 미치는 것으로 나타났다. 또한 재무적 성과평가의회귀계수와 표준화회귀계수가 비재무적 성과평가의 계수보다 더 크게 나타났다. 이러한 검증결과는 주관적 성과평가가 객관적 성과평가에 의해 영향을 받는 전이효과가 존재하며, 재무적 성과평가가 비재무적 성과평가보다 주관적 성과평가에 미치는 효과가 더 크다는 것을 의미한다. 비재무적 성과평가 점수의 가중치과 비재무적 성과평가 점수의 상호작용항의 회귀계수, 재무적 성과평가 측정치로 매출액을 사용했는지 여부와 비재무적 성과평가 점수의 상호작용항의 회귀계수, 그리고 사업단위의 규모와 비재무적 성과평가 점수의 상호작용항의 회귀계수는 유의적인양의 값을 갖는 것으로 나타났다. 반면, 사업단위의 성과등급이 낮은지 여부와 비재무적 성과평가 점수의 상호작용항의 회귀계수는 유의적인 음의 값을 나타내었다. 이러한 검증결과는 비재무적 성과평가 점수의 가중치가 높은 경우, 재무적 성과평가 측정치로 매출액을 사용하는 경우, 사업단위 성과가 높은 경우, 그리고 사업단위 규모가 큰 경우에 비재무적 성과평가가 주관적성과평가에 영향을 미치는 전이효과가 더 크게 나타난다는 것을 의미한다. [연구의 시사점] 본 연구는 실험에 의한 선행연구와 달리 객관적 성과평가가 주관적 성과평가에 영향을 미치는 전이효과를 실제 기업 자료를 이용하여 검증했음은 물론, 객관적 성과평가를재무적 성과평가와 비재무적 성과평가로 구분하여, 각각이 주관적 성과평가에 미치는 효과의차이를 검증하였다는 점에서 선행연구와 차별화되는 특징이 있다. 그리고 성과에 영향을 미치는 통제 불가능한 요인이외에 성과평가의 공정성이 요구되는 다양한 상황에 따라 비재무적 성과평가가 주관적 성과평가에 영향을 미치는 전이효과가 달라질 수 있다는 실증결과를 제시하였다. 그러므로 향후 전이효과와 관련한 실증연구를 진행하는데 도움을 줄 수 있는 근거자료로활용될 수도 있다는 점에서 학문적인 의의를 찾을 수 있다. 또한 실무적인 성과평가 과정에서이러한 전이효과를 줄일 수 있는 방안을 마련하기 위한 근거를 제시해 줄 수 있다는 점에... [Purpose] This study empirically examines the relationship between the objective performance and subjective performance evaluation. In addition, the study investigates the moderating effects of the weight of non-financial performance, use of sales or EVA as financial performance measures, performance of business units, and business unit size on the relationship between non-financial performance and subjective performance. [Methodology] This study samples 287 business unit data of a Korean company from 1999 to 2003. The dependent variable of this study is the subjective performance evaluation score, and the independent variables are both the financial performance and non-financial performance evaluation scores. At the same time, the moderating variables are the weight of non-financial performance, use of sales or EVA as financial performance measures, performance of business units, and business unit size. The study sets the multiple regression models including the interaction terms to test moderating effects on the association between non-financial performance and subjective performance. [Findings] Both financial performance and non-financial performance scores are positively related to subjective performance score. At the same time, financial performance scores are more influential to subjective performance evaluation than non-financial performance scores are. These findings indicate that subjective performance evaluation is directionally influenced by objective performance and financial performance score is more likely to be spilled over to subjective performance evaluation than non-financial performance score is. In addition, the weight of non-financial performance, use of sales or EVA as financial performance measures, and business unit size have significantly positive effects on subjective performance score. On the contrary, the performance of business units has negative impact on subjective performance score. These test results imply that when the weight of nonfinancial performance is high, sales is used as financial performance measures or the size of the business unit is large, non-financial performance is more likely to be spilled over to the subjective performance. On the other hand, when the performance of business units is high, non-financial performance is more likely to be spilled over to the subjective performance. [Implications] The academic significance of this study, which differentiates it from earlier studies, is that it has empirically verified not only the spillover effects of objective performance toward subjective performance evaluation, but also the characteristics that affect the spillover effects of non-financial performance toward subjective performance evaluation. Thus this study provides an empirical framework for explaining the effects of spillover effects and the differences in such effects depending on the business unit characteristics. As the practical implication of this study, it is expected that the analysis results regarding the characteristics affecting the spillover effects of non-financial performance toward subjective performance evaluation will serve as basic information for evaluating performance of business units fairly.

The Influence of Financial Inclusion on MSMEs’ Performance Through Financial Intermediation and Access to Capital

Kusuma RATNAWATI 한국유통과학회 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.11

This study aims to analyze the influence of financial inclusion on micro-, small-, and medium-sized enterprises’ (MSMEs) performance and examine the mediation role of financial intermediation and access to capital. The object of this study is MSMEs in Malang, Indonesia. The sample consists of 100 MSME actors in Malang City, which is determined using Roscoes theory. The data is collected using Simple Random Sampling method, by distributing questionnaire measured with Likert scales. The hypotheses proposed in this study are examined using Partial Least Square (PLS) model. The results of this study show that financial inclusion influences MSMEs’ performance both directly and indirectly through mediation from financial intermediation and access to capital. The direct influence means that the efforts to increase access to financial services, especially access to credit financing for MSMEs, will be able to increase market share, number of workers, sales, as well as profit of the MSMEs. Increased financial inclusion has a major impact on improving MSMEs’ performance through financial intermediation compared to access to capital. This means that the increase of financial access for MSMEs followed by an increase in financial intermediation in the form of a financial service approach to MSMEs will improve MSMEs’ performance.

기업수명주기별 재무유연성이 기업성과에 미치는 영향

장지화,중가,김민지 한국상업교육학회 2018 상업교육연구 Vol.32 No.6

Financial flexibility refers to the ability of enterprises to raise funds in time, to prevent uncertain events or capture valuable investment opportunities and maximize firm performance. The academic community had different opinions on the impact of financial flexibility on firm performance. Some researchers argued that financial flexibility helped companies improve their performance. Others have pointed out that excessive financial flexibility may cause agency problems. In order to confirm the relationship between financial flexibility and firm performance, and to understand the differences in each phase of the corporate lifecycle, this paper conducted the following research. First, We selected 3,534 manufacturing industry firms that issued 'A'stock and listed on China’s Shanghai and Shenzhen Stock Exchanges between 2010-2017 to analyze the relation between financial flexibility and firm performance. Second, We divided these enterprises into growth, maturity, and decline stage, and analyzed the relationship between financial flexibility and firm performance in different stages. The results showed that the financial flexibility and firm performance inverted U relations in total sample. Firm performance first increased with the increase in financial flexibility. In a inflection point, firm performance reached a maximum, and then firm performance decreased as financial flexibility increased. From the perspective of corporate life cycle, there was a significant positive relationship between financial flexibility and firm performance in growth stage, and an inverted U relations between financial flexibility and firm performance in maturity stage, but there was no significant relationship between financial flexibility and firm performance in decline stage.

Does Financial Performance Influence Credit Ratings?

Dafydd Mali(다피드 말리),Hyoungjoo Lim(임형주) 대한경영학회 2015 大韓經營學會誌 Vol.28 No.11

Does Financial Performance Influence Credit Ratings?: An Analysis of Korean KRX Firms

MALIDAFYDD SIRUS,임형주 대한경영학회 2015 大韓經營學會誌 Vol.28 No.11

Credit rating agencies offer information about default risk. Previous literature suggests that firm’s credit ratings are influenced by various metrics, specifically, numerous risk considerations such as size, leverage and growth. However, there is limited evidence to support the relationship between credit ratings and financial performance. Our research is motivated by this caveat. The purpose of this paper is to discover if financial performance measures can be included as an indicator for default risk since the relation between financial performance and default risk/credit rating is a question left unanswered in a South Korean context. In this paper, we empirically test if financial performance measures can provide additional information about credit ratings and credit rating changes. We perform a battery of tests to establish if the following financial performance measures: EPS, CPS, ROA, ROE, and ROS have any explanatory power in explaining credit ratings levels and credit rating changes. Using a sample from 2002 to 2013, we find that EPS and CPS has a statistically positive relation to credit ratings, suggesting that firms with higher credit ratings have higher levels of EPS and CPS compared to firms with lower credit ratings. Moreover, we find that firms with positive performance measured by EPS and CPS in period t have the potential to experience a credit ratings change in period t+1. However, in South Korea, the majority of firms do not experience a credit ratings change. When we estimate the financial performance of the firms that do not experience a credit ratings change, we find a statistically significant relation between credit rating and financial performance for EPS and CPS. The results suggest that credit ratings for firms with positive financial performance remain stable Finally, we examine the relation between performance in period t and credit ratings increase and decrease in period t+1. The results suggest that the credit ratings of firms with high level of financial performances increase or remain the same. We do not find a relation between financial performance and credit rating decreases; this result may be due to our small sample size. The previous literature has largely ignored the association between credit ratings and performance. Taken together, our results suggests that EPS and CPS can be used as financial performance measures by investors, government agencies and debt issuers as additional information about a firms credit rating levels, and subsequent changes. We contribute to the literature by providing empirical evidence of a relationship between performance metrics and credit ratings, specifically the link between EPS.

기업의 윤리 프로그램 실행이 이해관계자 만족과 재무성과에 미치는 영향에 관한 연구

양세영(Se Young Yang),박오수(Oh Soo Park) 한국경영학회 2010 경영학연구 Vol.39 No.6

Korean big companies have adopted and implemented ethics programs since financial crisis in 1997. Corporate ethics program is defined as values, policies and activities that impact the propriety of organization (Brenner. 1992). Ethics program can be classified into 2 groups: one is explicit program and the other is implicit program. The explicit components of ethics programs include such as: codes of ethics, ethics training, ethics committees and officers. internal control system, help line etc. Implicit parts of ethics program include such as: leadership, corporate culture. communication, performance measurement systems etc. This study suggests that implicit program needs to be defined in terms of ethical context such as ethical culture and climate, ethical leadership. etc. Despite increasing interest in the importance of business ethics, there are very few empirical studies on the effectiveness of ethics program, specially on the relationship between ethics program and performance. The purpose of this research is to ascertain whether ethics programs Korean companies have implemented are effective or not. The specific objectives of this study are to: 1) examine whether ethics programs have positive effect on financial performance and non-financial performance(stakeholder`s satisfaction)2) identify mediation effect of stakeholder`s satisfaction between ethics program and financial performance 3) investigate which program is more effective in ethical management. Based on literature survey and preliminary interview with 10 ethics officers of Korean big companies, the hypotheses which were tested in this study are framed as follows: HI: Explicit ethics program will have a positive impact on the satisfaction of stakeholders. H2: Explicit ethics program will have a positive impact on the financial performance. H3: The satisfaction of stakeholders will mediate the relationship between explicit ethics program and financial performance. H4: Implicit ethics program will have a positive impact on the satisfaction of stakeholders. H5: Implicit ethics program will have a positive impact on the financial performance. H6: The satisfaction of stakeholders will mediate the relationship between implicit ethics program and financial performance. To test these hypotheses. survey using questionnaires with related items was conducted and data were collected from 80 Korean large companies. The results analyzed by hierarchical polynomial regression procedures are as follows. Period of ethics office operation among explicit ethics programs only has a positive impact on the satisfaction of stakeholders and financial performance, while all parts of implicit ethics program have a positive impact(H1, H2 partly accepted. H4. H5 fully accepted). Explicit ethics program(except for period of ethics office operation) and financial performance are not mediated by satisfaction of stakeholders, while implicit ethics program and financial performance are mediated partly by satisfaction of stakeholders. These outcomes provide no support for H3. while part support for H6. The results are significant in three aspects. First, this study showed relationship between ethical management and performance in a degree through empirical analysis on Korean companies. Second. this study proves mediation effect of stakeholders satisfaction between ethics program and financial performance in empirical way. This result is in accordance with existing stakeholder theories. Third. this study makes sure that ethics programs Korean companies have implemented since 1997 are effective to some extent. This study has several implications like followings. First, Ethical management of Korean corporates had a fruitful outcome to a certain degree in the ethics practices focusing on operating ethics programs since 1997. Second. in working level, corporates need to make an effort more on satisfying various stakeholders in ethical management. Third, companies should also focus more on such progra

우리나라 재정성과 향상에 관한 연구 : 복지와 IT분야를 중심으로

깅영철,박경돈,이재원,임준형 한국행정연구원 2009 기본연구과제 Vol.2009 No.-

I. Research Background and Objective□Background of the Research○Performance evaluation of public finance is a changing discipline. As governmental evaluation systems change, the implications for financial performance information do as well. Evaluating the performance of governmental activities should not neglect public finance and budgeting. To take full advantage of the evaluation system, scholars and students always should pay careful attention to performance budgeting and financial accountability. In some sense, their work has been successful in setting a more simplified structure of performance evaluation rather than implementing the flexible performance system in practical detail.○However, they often overlook the particular features of individual governmental work and function. In other words, Korean governments are disproportionately stuck in the earlier stages of performance evaluation, which is intended to make a monolitic evaluation tool that can help review all the functional policy areas in government.○One of the well- known problems in Korean governments is that they have failed to consider the differential aspect of individual government function. This perspective includes some criticism on the relevancy of use data, evaluative tools, and evaluation processes. When governments try to overcome the weaknesses in financial management, their actions toward an integrated evaluation system are not adequate to accomplish an effective financial performance measurement tool. In particular, there has been no consideration of how to review governmental performance that cannot be brought into the overall performance system.□Objective of the Research○In this regard, the study aims to provide governmental agencies with an alternative to a performance evaluation system for financial performance. In consideration of public financial efficiency with respect to specific features of each policy area, this study started with the basic idea that a current financial evaluation system should not be designed for tracking and reviewing the entire functional area of governmental service.○This study covered the broad scope of a performance system and provided an alternative way of viewing financing accountability, one that has not previously been within the realm of policy implementation. A critical purpose of this research is to provide a new way of looking at performance evaluation.II. Main Research Questions and Analysis Results□In the main body of this project, most chapters are devoted to explaining the problems of the current financial system, performance budgeting, finance implementation theory, and model. Furthermore, the separation of an evaluation system tailored to each governmental function area - especially Welfare Policy and Information Technology Policy - is extensively discussed. Given the discrepancy between a monolithic evaluation system and separated evaluation system, performance data are needed to transition to a new evaluation system that will highlight performance information of real situations and performance accountability.○As a result, this research was organized as follows:○Chapter I outlined the whole structure of this project and raised a key question.○Chapter II examined theoretical models in performance evaluation with respect to performance budgeting, performance management, financial evaluation, and study model. This chapter also introduced the current financial performance system, focusing on the Financial Assessment Rating Tool and the problems of a departmental performance system. This chapter gave special emphasis to the connections of performance evaluation, financial management, and budgeting in government.○Chapter III reviewed traditional performance evaluation in the Social Welfare function and provided new dimensions with improvement systems such as a voucher system, so- called intergovernmental fiscal relations, welfare fiscal project, welfare performance information, financial discretion, and special accounting. In this chapter, the results for better financial performance were drawn from on- site and on- line surveys of public employees in the subareas of Social Welfare policy.○Chapter IV focused on the individual performance system dealing with information lifetime, IT multi- dimensionality, and organization context, centering on the On- Nara e- government system for performance evaluation. Surveys of system users or public employees were utilized. In Chapters III and IV, an effective and relevant way of evaluating an agency`s financial performance that has a different meaning for policy implementation was considered.○Chapter V summarized and discussed the lessons and policy proposals for a better performance evaluation system and its implications for individual policy areas. Individual performance factors in each realm should be associated with the particular features of a policy nature -per se- and policy implementation. Making a heterogeneous performance system can help government and its employees work better and become more satisfied with the results.III. Policy Recommendations□The analysis of individual functional areas such as Social Welfare and Information Technology in government provides the following implications:○Performance information should facilitate a linkage between budgeting and evaluation.○Performance evaluation in social welfare should be aligned with a goals system involving integrated visions and objectives in financial efficiency.○Performance evaluation in IT should face no significant cultural impediments in public organizations.□More specifically, the current financial statement and performance review could neither disclose the actual quality of agency performance nor provide an overall picture of the financial efficiency in the government and its agencies. Thus, a new strategy is requested to enable scholars and related persons to measure financial performance more comprehensively and accurately by reviewing performance information in individual policy areas. In the meantime, the conclusion drawn from the analysis is that the performance evaluation of output- oriented policy areas should not be applied to those of non- output- oriented realms.□There has been a noticeable incongruence in accepting the ramifications from performance evaluations, even though the government employed the same measurement tool to review policy implementation. This implies that in government a comparability- centered evaluation approach of financial performance evidently has more weaknesses than a functionalcentered evaluation approach.□However, all of the above proposals are insufficient to assure that performance evaluation and consequent evaluation are the most efficient and accountable. Some obstacles in performance evaluation could arise over the years to hinder progress. An alternative evaluation approach based on each policy- tailored performance measurement contains a detailed and proper review and evaluation. So, it should be realized that the implementation of desirable performance management should not be a short- term effort. In summary, it is necessary that all concerned scholars and individuals pay serious consideration to making a differentiated approach to evaluating performance in their respective policy spheres, accordingly as individual policy is implemented.

기업의 무형식 학습이 비재무적 성과를 매개로 재무적 성과에 미치는 영향

박선민 ( Seon Min Park ),박지혜 ( Ji Hye Park ) 한국인력개발학회 2012 HRD연구 Vol.14 No.1

This study aimed to examine the difference between non-financial performance and financial performance according to the level of the implementation of informal learning and also the mediating effect of non-financial performance on the relationship between informal learning and financial performance. To attain this goal, this study used data about 386 corporate and 4,797 workers from the Human Capital Corporate Panel (HCCP) released in 2009 by the Korea Research Institute for Vocational Education & Training. One-way ANOVA and Dunnett`s post-test were employed in order to examine the difference between non-financial performance and financial performance according to the level of the implementation of informal learning. In addition, Baron and Kenny`s regression analysis and sobel test were employed to analyze the mediating effect. The result showed that both non-financial performance and financial performance of companies increase as they adopt more various types of informal learning, It was also found that non-financial performance plays a mediating role partially in the relationship between informal learning and financial performance. The results imply that companies need to make an effort to adopt a variety of informal leaning activities in order to enhance both their financial and non-financial performances.

컨테이너 정기선사의 전략적 제휴 특성이 재무적 성과와 비재무적 성과에미치는 영향

Jong-Sub Lim 한국유통과학회 2016 유통과학연구 Vol.14 No.6

Purpose – The antecedent to the relationship between the effect of the characteristics of strategic alliances and the performance of container liner shipping companies has been investigated in this study as container liner shipping companies' strategic alliances. It affects positively and negatively home, partner, and the third parties' performance in container liner shipping companies. Extensive literature reviews on shipper's strategic alliances reveal that strategic alliances in financial and non-financial performance of container liner shipping companies show the performance such as economic effects, business performance, global supply chain management performance, customer satisfaction, and forward integration and backward integration performance. The purpose of this study is to test empirically that the relationship between the characteristics of strategic alliances and financial and non-financial performance in container liner shipping companies. Structured equation modeling and confirmatory factor analysis were used to test the hypothesis using AMOS statistics program. Most previous researches focused on the relationship between the characteristics of strategic alliances and alliance types. There are few empirical studies that focus on business performance data because it is difficult to collect data in container liner shipping companies. However, this research measures financial and non-financial performance differently compared with the previous researches focusing on the characteristics of strategic alliances and alliance types measurements. Research design, data, and methodology – The conceptual model for the study is based on the studies of Lim (2010), Chen & Zhen (2009), and Wang & Meng (2014). The model is built around the factors of characteristics of strategic alliances and business performance. Cost, marketing, and service factors are regarded as proxy for the characteristics of strategic alliances. The financial and non-financial performance are regarded as proxy for the performance of strategic alliances. Based on the analysis of one hundred cases such as forwarder, shipper, and liner shipping companies, this study uses structural equation modeling to verify the effects of the characteristics of strategic alliances on business performance. Conclusions – This study provides container liner shipping companies to get some policy and practical implications in terms of the characteristics of strategic alliances and business performance. First, the cost factor for alliances characteristics has a positively significant influence on the financial and non-financial performance of strategic alliances. The cost factor relationship between high and low performance group does not have a significant difference on the performance of strategic alliances. Second, the marketing factor of alliances characteristics has a positively significant influence on the financial and non-financial performance of strategic alliances. The high performance group's marketing factor has a great non-financial performance than low performance group, but the low performance group's marketing factor has a grater financial performance than high performance group factor does. Third, the service factor of alliances characteristics has a negative influence on the non-financial performance of strategic alliances. The high performance group's service factor has a great non-financial performance than low performance group. Based on the findings from this study, related implications and future avenues deserve to be discussed.

소상공인 여성 청년창업가 특성이 경영성과와사업지속의도에 미치는 영향: 자기효능감 조절효과

안시연 한국유통학회 2025 流通硏究 Vol.30 No.1

오늘날 우리나라의 여성청년은 청년의 고용시장 악화와 더불어 경제활동에서의 높은 유리천장, 남녀간 큰 임금격차,임신과 출산에 따른 경력단절을 겪는 열악한 상황에 놓여 있다. 국세통계포털에서 신규사업자의 남녀성비를 살펴보면, 다른 세대에 비해 청년창업에서 여성의 비율이 높은 것을 확인할 수 있는데, 이는 창업이 여성청년의 새로운 경제활동 대안이 되고 있음을 시사한다. 이에 본 연구는 여성 청년창업가의 특성이 경영성과와 사업 지속 의도에 미치는 영향을 살펴보고 이 과정에서 자기효능감의 조절 효과를 규명하고자 한다. 여성 청년창업가의 특성은 창업동기, 기업가정신, 배경적 특성로 하였고, 경영성과는 재무적 및 비재무적 성과로 하였다. 실증 분석을 위해 39세 이하 여성 청년창업가 중 창업 후 6개월 이상 7년 이하 사업체를 운영 중인 259명을 대상으로설문조사를 실시하였으며, AMOS를 활용한 구조 방정식 모형 분석을 통해 연구 가설을 검정하였다. 주요 결과로는 창업동기 중 자아실현 동기가 비재무적 성과에, 경제적 성취 동기가 재무적 성과에 긍정적인 영향을 미쳤다. 기업가 정신의진취성은 재무적 및 비재무적 성과 모두에 긍정적인 영향을 주었으며, 위험감수성은 비재무적 성과에만 영향을 미쳤다. 반면, 혁신성은 경영성과에 유의미한 영향을 미치지 않는 것으로 나타났다. 배경적 특성 중 다양한 경험은 재무적 및 비재무적 성과 모두에 긍정적 영향을 미쳤으며, 네트워크와 재무적 자원은 재무적 성과에만 긍정적 영향을 미치는 것으로확인되었다. 경영성과인 재무적 및 비재무적 성과 모두 사업지속의도에 긍정적인 영향을 미쳤으며, 자기효능감은 비재무적 성과와 사업지속의도간의 관계에서 긍정적인 조절 효과를 보였다. Purpose: This study aims to explore the influence of the characteristics of women entrepreneurs in smallbusinesses on their business performance and sustainability intentions. Specifically, it investigates howentrepreneurial motivations, entrepreneurial spirit, and background characteristics impact financial andnon-financial performance, and how these performance outcomes subsequently affect the intention to sustain thebusiness. Additionally, the study examines the moderating role of self-efficacy in the relationship betweennon-financial performance and sustainability intentions, providing insights into the unique dynamics of womenentrepreneurs in the small business sector. Research design, data, and methodology: This study employed a quantitative research design to analyze theimpact of women entrepreneurs' characteristics on business performance and sustainability intentions. Theresearch targeted women entrepreneurs under the age of 39 who had been operating their small businesses formore than six months but less than seven years. A structured survey was conducted with a sample of 259respondents to collect primary data. Business performance was measured in terms of financial and non-financialoutcomes, while the moderating role of self-efficacy was assessed in the relationship between non-financialperformance and sustainability intentions. The collected data were analyzed using structural equation modeling(SEM) with AMOS software to test the proposed hypotheses and validate the conceptual framework. Results: The analysis revealed that among entrepreneurial motivations, self-actualization motivation had asignificant positive impact on non-financial performance, while economic achievement motivation positivelyinfluenced financial performance. Regarding entrepreneurial spirit, proactivity positively affected both financialand non-financial performance, whereas risk-taking was significant only for non-financial performance. Innovativeness, however, did not show a significant effect on business performance. Among backgroundcharacteristics, diverse experiences positively influenced both financial and non-financial performance, whilenetworks and financial resources were significant only for financial performance. Both financial andnon-financial performance positively impacted business sustainability intentions. Additionally, self-efficacydemonstrated a moderating effect, strengthening the relationship between non-financial performance andsustainability intentions. Conclusions : This study highlights the critical role of entrepreneurial motivations, entrepreneurial spirit, andbackground characteristics in shaping the business performance and sustainability intentions of womenentrepreneurs in small businesses. The findings emphasize that self-actualization and economic achievementmotivations, as well as proactivity and diverse experiences, are pivotal for achieving both financial andnon-financial success. Furthermore, the moderating effect of self-efficacy underscores its importance inenhancing the relationship between non-financial performance and business sustainability intentions. Theseresults provide valuable insights for policymakers and practitioners to design targeted support programs thatfoster entrepreneurship among women, enhance their self-efficacy, and promote sustainable business practices.