{"id":"https://openalex.org/W7124708191","doi":"https://doi.org/10.28918/ijibec.v9i2.12504","title":"Capital Market Development, ICT Adoption, and Sustainable Growth of MSMEs in Nigeria: An ARDL Approach","display_name":"Capital Market Development, ICT Adoption, and Sustainable Growth of MSMEs in Nigeria: An ARDL Approach","publication_year":2025,"publication_date":"2025-12-19","ids":{"openalex":"https://openalex.org/W7124708191","doi":"https://doi.org/10.28918/ijibec.v9i2.12504"},"language":"en","primary_location":{"id":"doi:10.28918/ijibec.v9i2.12504","doi":"https://doi.org/10.28918/ijibec.v9i2.12504","is_oa":true,"landing_page_url":"https://doi.org/10.28918/ijibec.v9i2.12504","pdf_url":"https://e-journal.uingusdur.ac.id/Ijibec/article/download/12504/3352","source":{"id":"https://openalex.org/S4210209788","display_name":"International Journal of Islamic Business and Economics (IJIBEC)","issn_l":"2599-3216","issn":["2599-3216","2615-420X"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj"],"host_organization":"https://openalex.org/P4310315126","host_organization_name":"Sekolah Tinggi Agama Islam Negeri (STAIN) Pekalongan","host_organization_lineage":["https://openalex.org/P4310315126"],"host_organization_lineage_names":["Sekolah Tinggi Agama Islam Negeri (STAIN) Pekalongan"],"type":"journal"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Islamic Business and Economics (IJIBEC)","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://e-journal.uingusdur.ac.id/Ijibec/article/download/12504/3352","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5079689924","display_name":"Aisha Abdulaziz","orcid":"https://orcid.org/0000-0001-5619-2521","observed_orcids":["https://orcid.org/0000-0001-5619-2521","https://orcid.org/0009-0008-3285-4218"]},"institutions":[{"id":"https://openalex.org/I4210164620","display_name":"Skyline University Nigeria","ror":"https://ror.org/059s97738","country_code":"NG","type":"education","lineage":["https://openalex.org/I4210164620"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Aisha Abdulaziz","raw_affiliation_strings":["Department of Economics, Skyline University, Kano, Kano State Nigeria"],"raw_orcid":"https://orcid.org/0009-0008-3285-4218","affiliations":[{"raw_affiliation_string":"Department of Economics, Skyline University, Kano, Kano State Nigeria","institution_ids":["https://openalex.org/I4210164620"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5036402527","display_name":"Sudha Mavuri","orcid":"https://orcid.org/0000-0003-0346-3687","observed_orcids":["https://orcid.org/0000-0003-0346-3687"]},"institutions":[{"id":"https://openalex.org/I885392262","display_name":"GITAM University","ror":"https://ror.org/0440p1d37","country_code":"IN","type":"education","lineage":["https://openalex.org/I885392262"]}],"countries":["IN"],"is_corresponding":false,"raw_author_name":"Sudha Mavuri","raw_affiliation_strings":["GITAM Business School, GITAM University (Deemed), India"],"raw_orcid":"https://orcid.org/0000-0003-0346-3687","affiliations":[{"raw_affiliation_string":"GITAM Business School, GITAM University (Deemed), India","institution_ids":["https://openalex.org/I885392262"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5092307822","display_name":"Jamiu Adeniyi Yusuf","orcid":"https://orcid.org/0009-0000-3915-4347","observed_orcids":["https://orcid.org/0009-0000-3915-4347"]},"institutions":[{"id":"https://openalex.org/I4405255726","display_name":"Summit University, Offa","ror":"https://ror.org/03bhs4y95","country_code":"NG","type":"education","lineage":["https://openalex.org/I4405255726"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Jamiu Adeniyi Yusuf","raw_affiliation_strings":["Economics Department, Summit University, Offa"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Economics Department, Summit University, Offa","institution_ids":["https://openalex.org/I4405255726"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5054447112","display_name":"Agus Arwani","orcid":"https://orcid.org/0000-0001-5522-1749","observed_orcids":["https://orcid.org/0000-0001-5522-1749"]},"institutions":[{"id":"https://openalex.org/I4405260600","display_name":"Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan","ror":"https://ror.org/040k7wk82","country_code":"ID","type":"education","lineage":["https://openalex.org/I4405260600"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Agus Arwani","raw_affiliation_strings":["Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan","institution_ids":["https://openalex.org/I4405260600"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5016806562","display_name":"Happy Sista Devy","orcid":"https://orcid.org/0000-0002-2966-6389","observed_orcids":["https://orcid.org/0000-0002-2966-6389"]},"institutions":[{"id":"https://openalex.org/I4405260600","display_name":"Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan","ror":"https://ror.org/040k7wk82","country_code":"ID","type":"education","lineage":["https://openalex.org/I4405260600"]}],"countries":["ID"],"is_corresponding":false,"raw_author_name":"Happy Sista Devy","raw_affiliation_strings":["Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan","institution_ids":["https://openalex.org/I4405260600"]}]}],"institutions":[],"countries_distinct_count":3,"institutions_distinct_count":4,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":2.0189,"has_fulltext":true,"cited_by_count":3,"citation_normalized_percentile":{"value":0.88728524,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":96,"max":97},"biblio":{"volume":"9","issue":"2","first_page":"191","last_page":"207"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T13867","display_name":"Economic Growth and Development","score":0.961899995803833,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T13867","display_name":"Economic Growth and Development","score":0.961899995803833,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.015399999916553497,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14317","display_name":"Finance, Markets, and Regulation","score":0.003599999938160181,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-market-development","display_name":"capital market development","score":0.9649999737739563},{"id":"https://openalex.org/keywords/ict-adoption","display_name":"ICT adoption","score":0.9710000157356262},{"id":"https://openalex.org/keywords/micro-small-and-medium-enterprises","display_name":"micro, small and medium enterprises","score":0.9139999747276306},{"id":"https://openalex.org/keywords/msme-growth","display_name":"MSME growth","score":0.8980000019073486},{"id":"https://openalex.org/keywords/sustainable-development-goals","display_name":"Sustainable Development Goals","score":0.7649999856948853},{"id":"https://openalex.org/keywords/financial-inclusion","display_name":"financial inclusion","score":0.7850000262260437},{"id":"https://openalex.org/keywords/market-capitalization","display_name":"market capitalization","score":0.8140000104904175},{"id":"https://openalex.org/keywords/digital-transformation","display_name":"digital transformation","score":0.8339999914169312},{"id":"https://openalex.org/keywords/nigeria","display_name":"Nigeria","score":0.3019999861717224}],"concepts":[{"id":"https://openalex.org/C67363961","wikidata":"https://www.wikidata.org/wiki/Q5268834","display_name":"Information and Communications Technology","level":2,"score":0.6328999996185303},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.5663999915122986},{"id":"https://openalex.org/C145162277","wikidata":"https://www.wikidata.org/wiki/Q1751675","display_name":"Cointegration","level":2,"score":0.541100025177002},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5378000140190125},{"id":"https://openalex.org/C552854447","wikidata":"https://www.wikidata.org/wiki/Q131201","display_name":"Sustainable development","level":2,"score":0.4991999864578247},{"id":"https://openalex.org/C137176749","wikidata":"https://www.wikidata.org/wiki/Q4105337","display_name":"Psychological resilience","level":2,"score":0.4528999924659729},{"id":"https://openalex.org/C159009313","wikidata":"https://www.wikidata.org/wiki/Q5283159","display_name":"Distributed lag","level":2,"score":0.4521999955177307},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.40130001306533813},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.3953000009059906},{"id":"https://openalex.org/C48879800","wikidata":"https://www.wikidata.org/wiki/Q622439","display_name":"Small and medium-sized enterprises","level":2,"score":0.3873000144958496},{"id":"https://openalex.org/C134632028","wikidata":"https://www.wikidata.org/wiki/Q6134482","display_name":"Sustainable growth rate","level":2,"score":0.38670000433921814},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.38600000739097595},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.38600000739097595},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.37610000371932983},{"id":"https://openalex.org/C2776615708","wikidata":"https://www.wikidata.org/wiki/Q17121563","display_name":"Inclusive growth","level":3,"score":0.35510000586509705},{"id":"https://openalex.org/C74363100","wikidata":"https://www.wikidata.org/wiki/Q273005","display_name":"Economic system","level":1,"score":0.35249999165534973},{"id":"https://openalex.org/C139043278","wikidata":"https://www.wikidata.org/wiki/Q837171","display_name":"Financial services","level":2,"score":0.33709999918937683},{"id":"https://openalex.org/C2776034101","wikidata":"https://www.wikidata.org/wiki/Q1509347","display_name":"Commission","level":2,"score":0.323199987411499},{"id":"https://openalex.org/C44750222","wikidata":"https://www.wikidata.org/wiki/Q1897397","display_name":"Financial capital","level":3,"score":0.3133000135421753},{"id":"https://openalex.org/C2776943663","wikidata":"https://www.wikidata.org/wiki/Q165687","display_name":"Human capital","level":2,"score":0.30309998989105225},{"id":"https://openalex.org/C2779251847","wikidata":"https://www.wikidata.org/wiki/Q60852","display_name":"Financial inclusion","level":3,"score":0.2989000082015991},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.29820001125335693},{"id":"https://openalex.org/C126082660","wikidata":"https://www.wikidata.org/wiki/Q4252370","display_name":"Digital transformation","level":2,"score":0.29670000076293945},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.28600001335144043},{"id":"https://openalex.org/C197142791","wikidata":"https://www.wikidata.org/wiki/Q540626","display_name":"Bond market","level":2,"score":0.27900001406669617},{"id":"https://openalex.org/C2776076839","wikidata":"https://www.wikidata.org/wiki/Q5449705","display_name":"Financial deepening","level":3,"score":0.2694000005722046},{"id":"https://openalex.org/C81751973","wikidata":"https://www.wikidata.org/wiki/Q420062","display_name":"Capital accumulation","level":3,"score":0.2680000066757202},{"id":"https://openalex.org/C2779585090","wikidata":"https://www.wikidata.org/wiki/Q3457762","display_name":"Resilience (materials science)","level":2,"score":0.2653000056743622},{"id":"https://openalex.org/C121017731","wikidata":"https://www.wikidata.org/wiki/Q11661","display_name":"Information technology","level":2,"score":0.26420000195503235},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.26330000162124634},{"id":"https://openalex.org/C195534400","wikidata":"https://www.wikidata.org/wiki/Q641443","display_name":"Factor market","level":2,"score":0.2612000107765198},{"id":"https://openalex.org/C58202505","wikidata":"https://www.wikidata.org/wiki/Q5035700","display_name":"Capital formation","level":4,"score":0.2540999948978424},{"id":"https://openalex.org/C66204764","wikidata":"https://www.wikidata.org/wiki/Q219416","display_name":"Sustainability","level":2,"score":0.2524000108242035},{"id":"https://openalex.org/C2780838347","wikidata":"https://www.wikidata.org/wiki/Q1329252","display_name":"Intellectual capital","level":2,"score":0.2508000135421753},{"id":"https://openalex.org/C84309077","wikidata":"https://www.wikidata.org/wiki/Q3908516","display_name":"Entrepreneurship","level":2,"score":0.25060001015663147}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.28918/ijibec.v9i2.12504","doi":"https://doi.org/10.28918/ijibec.v9i2.12504","is_oa":true,"landing_page_url":"https://doi.org/10.28918/ijibec.v9i2.12504","pdf_url":"https://e-journal.uingusdur.ac.id/Ijibec/article/download/12504/3352","source":{"id":"https://openalex.org/S4210209788","display_name":"International Journal of Islamic Business and Economics (IJIBEC)","issn_l":"2599-3216","issn":["2599-3216","2615-420X"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj"],"host_organization":"https://openalex.org/P4310315126","host_organization_name":"Sekolah Tinggi Agama Islam Negeri (STAIN) Pekalongan","host_organization_lineage":["https://openalex.org/P4310315126"],"host_organization_lineage_names":["Sekolah Tinggi Agama Islam Negeri (STAIN) Pekalongan"],"type":"journal"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Islamic Business and Economics (IJIBEC)","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:75e265a06f14464383bb15269b0c5cbe","doi":null,"is_oa":true,"landing_page_url":"https://doaj.org/article/75e265a06f14464383bb15269b0c5cbe","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"International Journal of Islamic Business and Economics (IJIBEC), Vol 9, Iss 2, Pp 191-207 (2025)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.28918/ijibec.v9i2.12504","doi":"https://doi.org/10.28918/ijibec.v9i2.12504","is_oa":true,"landing_page_url":"https://doi.org/10.28918/ijibec.v9i2.12504","pdf_url":"https://e-journal.uingusdur.ac.id/Ijibec/article/download/12504/3352","source":{"id":"https://openalex.org/S4210209788","display_name":"International Journal of Islamic Business and Economics (IJIBEC)","issn_l":"2599-3216","issn":["2599-3216","2615-420X"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj"],"host_organization":"https://openalex.org/P4310315126","host_organization_name":"Sekolah Tinggi Agama Islam Negeri (STAIN) Pekalongan","host_organization_lineage":["https://openalex.org/P4310315126"],"host_organization_lineage_names":["Sekolah Tinggi Agama Islam Negeri (STAIN) Pekalongan"],"type":"journal"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Islamic Business and Economics (IJIBEC)","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Decent work and economic growth","score":1.0,"id":"https://metadata.un.org/sdg/8"},{"display_name":"Industry, innovation and infrastructure","score":1.0,"id":"https://metadata.un.org/sdg/9"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7124708191.pdf","grobid_xml":"https://content.openalex.org/works/W7124708191.grobid-xml"},"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W4386127352","https://openalex.org/W4385648730","https://openalex.org/W4417152472","https://openalex.org/W4308941337","https://openalex.org/W7166310745","https://openalex.org/W7101018270","https://openalex.org/W4414020298","https://openalex.org/W7097506929","https://openalex.org/W7128299197","https://openalex.org/W7055331729"],"abstract_inverted_index":{"This":[0],"study":[1,56],"examines":[2],"the":[3,17,32,35,41,55,73,83,86,115,123,161,196,199],"impact":[4],"of":[5,22,34,44,117,163,201],"capital":[6,59,206],"market":[7,60,101,126,170,207],"development":[8,21,127,176],"and":[9,11,19,25,51,62,69,75,97,108,131,148,156,172,192,209,218],"information":[10],"communication":[12],"technology":[13],"(ICT)":[14],"adoption":[15,151],"on":[16,135,181],"growth":[18,226],"sustainable":[20,175,224],"Micro,":[23],"Small,":[24],"Medium":[26],"Enterprises":[27],"(MSMEs)":[28],"in":[29,46,166,227],"Nigeria":[30,228],"within":[31],"framework":[33],"Sustainable":[36],"Development":[37],"Goals":[38],"(SDGs).":[39],"Given":[40],"critical":[42],"role":[43,162],"MSMEs":[45],"employment":[47],"creation,":[48],"income":[49],"generation,":[50],"inclusive":[52,211],"economic":[53,225],"growth,":[54,137],"investigates":[57],"whether":[58],"deepening":[61,205],"digital":[63,164],"transformation":[64],"significantly":[65],"enhance":[66,215],"enterprise":[67,146],"performance":[68],"long-term":[70,221],"viability.":[71],"Using":[72],"Securities":[74],"Exchange":[76],"Commission":[77],"(SEC)":[78],"as":[79],"an":[80],"institutional":[81],"reference,":[82],"analysis":[84],"employs":[85],"Autoregressive":[87],"Distributed":[88],"Lag":[89],"(ARDL)":[90],"cointegration":[91],"approach":[92],"to":[93,142,214,223],"estimate":[94],"both":[95],"long-run":[96,120],"short-run":[98],"relationships":[99],"among":[100,122],"capitalization,":[102],"ICT":[103,150,203],"penetration,":[104],"financial":[105,212],"inclusion,":[106],"inflation,":[107],"MSME":[109,136,182,216],"output.":[110],"The":[111],"empirical":[112],"findings":[113],"confirm":[114],"existence":[116],"a":[118,129,154,185],"stable":[119],"relationship":[121],"variables.":[124],"Capital":[125],"exerts":[128],"positive":[130,158],"statistically":[132],"significant":[133,157],"effect":[134],"indicating":[138],"that":[139],"improved":[140],"access":[141],"market-based":[143],"financing":[144],"supports":[145],"expansion":[147],"productivity.":[149],"also":[152],"demonstrates":[153],"strong":[155],"impact,":[159],"highlighting":[160],"technologies":[165],"enhancing":[167],"operational":[168],"efficiency,":[169],"access,":[171],"competitiveness.":[173],"However,":[174],"indicators":[177],"exhibit":[178],"mixed":[179],"effects":[180],"outcomes,":[183],"suggesting":[184],"misalignment":[186],"between":[187],"macro-level":[188],"SDG":[189],"implementation":[190],"strategies":[191],"enterprise-level":[193],"realities.":[194],"Overall,":[195],"results":[197],"underscore":[198],"importance":[200],"strengthening":[202],"infrastructure,":[204],"accessibility,":[208],"promoting":[210],"systems":[213],"resilience":[217],"ensure":[219],"their":[220],"contribution":[222]},"counts_by_year":[{"year":2026,"cited_by_count":3}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2026-01-20T00:00:00"}