Akhmad Darmawan, Nurul Fadly Habidin, Untung Lasiyono, Bambang Agus Pramuka, Alfato Yusnar Kharismasyah
This study examines how reintegration policies shape sustainable return migrant entrepreneurship through financial inclusion and post-migration economic resilience. Drawing on Institutional Theory and the New Economics of Labor Migration (NELM), the study conceptualizes reintegration as a mechanism through which institutional support is translated into long-term economic outcomes. A quantitative survey was conducted among Indonesian return migrants who previously worked in Hong Kong. Data were analyzed using partial least squares structural equation modeling (PLS-SEM) to assess both direct and indirect relationships among the constructs. The results indicate that reintegration policy quality does not have a significant direct effect on productive entrepreneurship. Instead, its influence operates indirectly through financial inclusion and post-migration economic resilience. Financial inclusion significantly enhances economic resilience, which in turn strongly predicts entrepreneurial activity. The findings confirm an indirect-only mediation mechanism, suggesting that institutional interventions affect entrepreneurial outcomes through sequential economic processes. This study contributes to the literature by integrating Institutional Theory and NELM into a unified framework explaining post-migration economic transformation. It also offers policy implications by highlighting the importance of strengthening financial inclusion and economic resilience to support sustainable entrepreneurship among return migrants. © 2026 The Author(s)
Universitas Muhammadiyah Purwokerto, Indonesia; Universiti Pendidikan Sultan Idris, Malaysia; Universitas PGRI Adi Buana Surabaya, Indonesia; Universitas Jenderal Soedirman, Indonesia
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