Determinants of GIG Business Prospects for Achieving Financial Resilience: High Order SEM Analysis
DOI:
https://doi.org/10.53983/ijmds.v13n4.002Keywords:
GIG Economy, Financial Resilience, Entrepreneurs, Determinants, Technological Factors, Regulatory Environment, Social Support NetworksAbstract
The determinants of GIG business prospects for achieving financial resilience among 280 entrepreneurs in Rajasthan were investigated using convenient sampling. Through our analysis, we operationalized financial resilience using indicators such as income stability, savings accumulation, ability to withstand financial shocks, and overall economic well-being. Our findings underscore the critical role of independent variables in shaping GIG workers' financial resilience. Access to Resources emerged as a significant determinant, highlighting the importance of capital, tools, networks, and training opportunities in enhancing GIG business prospects and financial resilience. Additionally, Technological Factors played a crucial role, with the utilization of technology platforms, tools, and digital skills impacting GIG's business efficiency, reach, and competitiveness. Moreover, the Regulatory Environment significantly influenced GIG workers' financial resilience, emphasizing the implications of labor laws, tax policies, and regulatory frameworks governing GIG platforms. Furthermore, Social Support Networks emerged as a vital factor, with the availability of familial, peer, or professional support networks contributing to GIG workers' financial, emotional, and informational well-being.
Downloads
References
Alvarez de la Vega, J. C., Cecchinato, M. E., & Rooksby, J. (2020). The Gig Economy in Times of COVID-19 : Designing for Gig Workers' Needs. Microsoft Research Virtual Symposium on the New Future of Work, 5(7), 1–15. https://www.microsoft.com/en-us/research/uploads/prod/2020/07/NFW-Alvarez-de-la-Vega-et-al.pdf
Anurag Shukla, Manish Dadhich, Dipesh Vaya, A. G. (2024). Impact of Behavioral Biases on Investors' Stock Trading Decisions : A Comparehensive Quantitative Analysis. Indian Journal of Science and Technology, 17(8), 670–678. https://doi.org/10.17485/IJST/v17i8.2845
Caza, A. (2020). The Gig Economy's Implications for Management Education. Journal of Management Education, 44(5), 594–604. https://doi.org/10.1177/1052562920934150
Dadhich, Manish, Shalendra Singh Rao, Renu Sharma, R. M. (2023). Emerging Determinants and Analyatics of Off-balance Sheet Activities (OBSA) of Commercial Banks. Finance India, XXXVII(2), 383–400.
Dadhich, M., & Bhaumik, A. (2023). Demystification of Generative Artificial Intelligence (AI) Literacy, Algorithmic Thinking, Cognitive Divide, Pedagogical knowledge: A Comprehensive Model. 2023 IEEE International Conference on ICT in Business Industry & Government (ICTBIG), 1–5. https://doi.org/10.1109/ICTBIG59752.2023.10456172
Dadhich, M., Hiran, K. K., Rao, S. S., Sharma, R., & Meena, R. (2022). Study of Combating Technology Induced Fraud Assault (TIFA) and Possible Solutions: The Way Forward. In V. E. Balas, G. R. Sinha, B. Agarwal, T. K. Sharma, P. Dadheech, & M. Mahrishi (Eds.), Emerging Technologies in Computer Engineering: Cognitive Computing and Intelligent IoT (pp. 715–723). Springer International Publishing.
Dadhich, M., Shukla, A., Pahwa, M. S., & Mathur, A. (2024). Decentralized Disruptive Crypto Landscape: How Digital Currencies Are Shaking up Finance? In S. Rajagopal, K. Popat, D. Meva, & S. Bajeja (Eds.), Advancements in Smart Computing and Information Security (pp. 268–282). Springer Nature Switzerland.
Gaurav Kumar Singh; Manish Dadhich. (2023). Supply Chain Management Growth With the Adoption of Blockchain Technology (BoT) and Internet of Things (IoT). 2023 3rd International Conference on Advance Computing and Innovative Technologies in Engineering (ICACITE), 321–325. https://doi.org/10.1109/ICACITE57410.2023.10182619
Milkman, R., Elliott-Negri, L., Griesbach, K., & Reich, A. (2021). Gender, Class, and the Gig Economy: The Case of Platform-Based Food Delivery. Critical Sociology, 47(3), 357–372. https://doi.org/10.1177/0896920520949631
Purohit, H., Dadhich, M., & Ajmera, P. K. (2022). Analytical study on users' awareness and acceptability towards adoption of multimodal biometrics (MMB) mechanism in online transactions : a two-stage SEM-ANN approach. Multimedia Tools and Applications, 1, 1–25. https://doi.org/10.1007/s11042-022-13786-z
Sarstedt, M., Hair, J. F., Ringle, C. M., Thiele, K. O., & Gudergan, S. P. (2016). Estimation issues with PLS and CBSEM : Where the bias lies. Journal of Business Research, 69(10), 3998–4010. https://doi.org/10.1016/j.jbusres.2016.06.007
Singhvi, S., & Dadhich, M. (2023). FinTech Revolution and Future of Sustainable Banking: Opportunities and Risks Analysis. International Journal of Management and Development Studies, 12(04), 12–21. https://doi.org/10.53983/ijmds.v12n04.003
Sonali Bhati, Manish Dadhich, A. S. and A. A. B. (2024). Analysis of Rural Microfinance Sustainability: Does Local Insight Driven Governance Work ? RESEARCH REVIEW International Journal of Multidisciplinary, 9(4), 209–222. https://doi.org/10.31305/rrijm.2024.v09.n04.024
Balaram, B., Warden, J., & Wallace-Stephens, F. (2017). "Good GIGs: A Fairer Future for the UK's GIG Economy". RSA Action and Research Centre.
Codagnone, C., Abadie, F., & Biagi, F. (2016). "The Future of Work in the 'Sharing Economy'". Institute for Prospective Technological Studies, JRC Science for Policy Report.
De Stefano, V. (2015). "The Rise of the 'Just-in-Time Workforce': On-Demand Work, Crowdwork, and Labor Protection in the 'GIG-Economy'". Comparative Labor Law & Policy Journal, 37(3), 471-504.
Gray, M. L., & Suri, S. (2019). "Ghost Work: How to Stop Silicon Valley from Building a New Global Underclass". Houghton Mifflin Harcourt.
Kassi, O., & Lehdonvirta, V. (2018). "Online Labour Index: Measuring the Online GIG Economy for Policy and Research". Technological Forecasting and Social Change, 137, 241-248.
Manyika, J., Lund, S., Bughin, J., Robinson, K., Mischke, J., & Mahajan, D. (2016). "Independent Work: Choice, Necessity, and the GIG Economy". McKinsey Global Institute.
Schor, J. B. (2020). "After the GIG: How the Sharing Economy Got Hijacked and How to Win It Back". University of California Press.
Schmidt, F. A. (2017). "Digital Labour Markets in the Platform Economy: Mapping the Political Challenges of Crowd Work and GIG Work". Friedrich-Ebert-Stiftung.
