severely undermine micro level performance, causing GVCs to financially underperform with respect to PVCs. This helped us to … understand that GVCs do not make investment decisions in the same way as PVCs, and what undermines the performance of GVCs …

performance of MSMEs. This research includes the type of associative research that is accompanied by hypothesis testing. This … significantly affect access to formal credit and MSME performance; formal credit access directly and significantly affects MSME … performance. Likewise, financial literacy and credit terms indirectly affect the performance of MSMEs. These results mean that …