Profil Keputusan Struktur Modal Pelaku Usaha Mikro, Kecil Dan Menengah
DOI:
https://doi.org/10.32670/coopetition.v13i2.474Abstract
Research on capital structure so far has often been studied in the context of large companies and there are still few studies that explain it in the context of Micro, Small and Medium Enterprises (MSMEs). Not only that, research on capital structure has so far been dominated by research with a regression-based model and focuses on business characteristics, not individuals. In addition, the development of capital structure in Indonesia is also dominated by research from Java. This has become the author's interest in researching the capital structure of MSMEs in areas outside Java, more precisely in East Sumba Regency, East Nusa Tenggara Province (NTT). By using quantitative descriptive data analysis techniques on 208 samples of actors as long as MSME owners in East Sumba Regency, the results show that the capital structure decision profile of MSME actors in East Sumba follows the pecking order theory pattern, where MSMEs prioritize internal funding over external funding. However, this theory is not the only one in explaining the profile of capital structure decisions, because the trade-off theory is also illustrated even though the percentage is small.
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References
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Badan Pusat Statistik Provinsi NTT. (2020). Provinsi Nusa Tenggara Timur Dalam Angka. http://library1.nida.ac.th/termpaper6/sd/2554/19755.pdf
Bajpai, N. (2017). Business Research Methods (2nd ed.). Pearson India. http://www.amazon.com/Business-Research-Methods-2nd-Edition/dp/1741032539
Baker, H. K., Kumar, S., & Rao, P. (2017). Financing preferences and practices of Indian SMEs. Global Finance Journal, 43(May), 1–16. https://doi.org/10.1016/j.gfj.2017.10.003
Bappenas. (2016). Penguatan UMKM Untuk Pertumbuhan Ekonomi Yang Berkualitas. Warta KUMKM, 36.
Bappenas. (2020). Perkembangan Ekonomi Indonesia Dan Dunia. Kedeputian Bidang Ekonomi Kementerian PPN/BAPPENAS, 3(4).
Borgia, D., & Newman, A. (2012). The influence of managerial factors on the capital structure of small and medium‐sized enterprises in emerging economies. Journal of Chinese Entrepreneurship, 4(3), 180–205. https://doi.org/10.1108/17561391211262148
Bourletidis, K., & Triantafyllopoulos, Y. (2014). SMEs Survival in Time of Crisis: Strategies, Tactics and Commercial Success Stories. Procedia - Social and Behavioral Sciences, 148, 639–644. https://doi.org/10.1016/j.sbspro.2014.07.092
Bremus, F., & Neugebauer, K. (2018). Reduced cross-border lending and financing costs of SMEs. Journal of International Money and Finance, 80, 35–58. https://doi.org/10.1016/j.jimonfin.2017.09.006
Brown, R., & Rocha, A. (2020). Entrepreneurial uncertainty during the Covid-19 crisis: Mapping the temporal dynamics of entrepreneurial finance. Journal of Business Venturing Insights, 14(May), e00174. https://doi.org/10.1016/j.jbvi.2020.e00174
Cumming, D., Deloof, M., Manigart, S., & Wright, M. (2019). New directions in entrepreneurial finance. Journal of Banking and Finance, 100, 252–260. https://doi.org/10.1016/j.jbankfin.2019.02.008
Cumming, D., & Groh, A. P. (2018). Entrepreneurial finance: Unifying themes and future directions. Journal of Corporate Finance, 50, 538–555. https://doi.org/10.1016/j.jcorpfin.2018.01.011
Cuong, L. K., & Hau, H. T. (2020). Does innovation promote access to informal loans? Evidence from a transitional economy. Finance Research Letters, January, 101718. https://doi.org/10.1016/j.frl.2020.101718
Daskalakis, N., Balios, D., & Dalla, V. (2017). The behaviour of SMEs’ capital structure determinants in different macroeconomic states. Journal of Corporate Finance, 46, 248–260. https://doi.org/10.1016/j.jcorpfin.2017.07.005
Djalante, R., Lassa, J., Setiamarga, D., Sudjatma, A., Indrawan, M., Haryanto, B., Mahfud, C., Sinapoy, M. S., Djalante, S., Rafliana, I., Gunawan, L. A., Surtiari, G. A. K., & Warsilah, H. (2020). Review and analysis of current responses to COVID-19 in Indonesia: Period of January to March 2020. Progress in Disaster Science, 6, 100091. https://doi.org/10.1016/j.pdisas.2020.100091
Doane, D. P., & Seward, L. E. (2016). Applied Statistics in Business and Economics (Fifth edit). Mc Graw Hill Education. https://doi.org/10.2307/2334043
Esubalew, A. A., & Raghurama, A. (2020). The mediating effect of entrepreneurs’ competency on the relationship between Bank finance and performance of micro, small, and medium enterprises (MSMEs). European Research on Management and Business Economics, 26(2), 87–95. https://doi.org/10.1016/j.iedeen.2020.03.001
Fachrudin, K. A. (2018). Determinan Preferensi Struktur Modal Usaha Mikro Dan Kecil. EKUITAS (Jurnal Ekonomi Dan Keuangan), 17(3), 318–336. https://doi.org/10.24034/j25485024.y2013.v17.i3.342
Gómez-mejía, L. R., Haynes, K. T., Núñez-nickel, M., Jacobson, K. J. L., Moyano-fuentes, J., Haynes, K. T., & Núñez-nickel, M. (2007). Socioemotional Wealth and Business Risks in Family-controlled Firms: Evidence from Spanish Olive Oil Mills. Administrative Science Quarterly, 52(1), 106–137. https://doi.org/10.2189/asqu.52.1.106
Hernández-Linares, R., Kellermanns, F. W., López-Fernández, M. C., & Sarkar, S. (2019). The effect of socioemotional wealth on the relationship between entrepreneurial orientation and family business performance. BRQ Business Research Quarterly. https://doi.org/10.1016/j.brq.2019.03.002
Hyun, J. (2017). Trade credit behavior of Korean small and medium sized enterprises during the 1997 financial crisis. Journal of Asian Economics, 50, 1–13. https://doi.org/10.1016/j.asieco.2017.02.005
Jaswadi, Iqbal, M., & Sumiadji. (2015). SME Governance in Indonesia – A Survey and Insight from Private Companies. Procedia Economics and Finance, 31(15), 387–398. https://doi.org/10.1016/s2212-5671(15)01214-9
Jindrichovska, I. (2014). Financial management in SMEs. European Research Studies Journal, 16(4), 79–95. https://doi.org/10.35808/ersj/405
Karadag, H. (2017). The impact of industry, firm age and education level on financial management performance in small and medium-sized enterprises (SMEs): Evidence from Turkey. Journal of Entrepreneurship in Emerging Economies, 9(3), 300–314. https://doi.org/10.1108/JEEE-09-2016-0037
Kelen, L. H. S. (2016). Teori Struktur Modal Di Indonesia Apakah Pecking Order, Trade-Off Atau Market Timing? Universitas Gadjah Mada.
Kementerian Koperasi dan UMKM Republik Indonesia. (2018). Perkembangan Data Usaha Mikro , Kecil , Menengah Dan Usaha Besar. In http://www.kemenkopukm.go.id/data-umkm.
Klein, L. S., O’Brien, T., & Peters, S. R. (2002). Debt Vs Equity Under Informtion Asymmetry: A Review. In The Financial Review (Vol. 37, Issue 3, pp. 317–350).
Kumar, S., Colombage, S., & Rao, P. (2017). Research on capital structure determinants: a review and future directions. International Journal of Managerial Finance, 13(2), 106–132.
Mac an Bhaird, C., & Lucey, B. (2011). An empirical investigation of the financial growth lifecycle. Journal of Small Business and Enterprise Development, 18(4), 715–731. https://doi.org/10.1108/14626001111179767
Machmud, Z., & Huda, A. (2011). Chapter 9. SMEs’ Access to Finance: An Indonesia Case Study. Small and Medium Enterprises (SMEs) Access to Finance in Selected East Asian Economies, September, 261–290.
Martinez, L. B., Scherger, V., & Guercio, M. B. (2019). SMEs capital structure: trade-off or pecking order theory: a systematic review. Journal of Small Business and Enterprise Development, 26(1), 105–132. https://doi.org/10.1108/JSBED-12-2017-0387
Mazzarol, T., & Rebound, S. (2020). Small Business Management Development. In Springer.
Michiels, A., & Molly, V. (2017). Financing Decisions in Family Businesses: A Review and Suggestions for Developing the Field. Family Business Review, 30(4), 369–399. https://doi.org/10.1177/0894486517736958
Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation FInance and The Theory of Investmen. The American Economic Review, 48(3), 261–297.
Moritz, A., Block, J. H., Golla, S., & Werner, A. (2020). Contemporary Developments in Entrepreneurial Finance. In Springer. https://doi.org/10.1007/978-3-030-17612-9_6
Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 574–592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
Keputusan Menteri Badan Usaha Milik Negara Nomor Kep-236 / MBU / 2003 Tentang Program Kemitraan Badan Usaha Milik Negara Usaha Kecil Dan Program Bina Lingkungan Menteri Badan Usaha Milik Negara, (2003).
Nkundabanyanga, S. K., Kasozi, D., Nalukenge, I., & Tauringana, V. (2014). Lending terms, financial literacy and formal credit accessibility. International Journal of Social Economics, 41(5), 342–361. https://doi.org/10.1108/IJSE-03-2013-0075
Nugroho, M. A. (2015). Impact of Government Support and Competitor Pressure on the Readiness of SMEs in Indonesia in Adopting the Information Technology. Procedia Computer Science, 72, 102–111. https://doi.org/10.1016/j.procs.2015.12.110
Nugroho, M. A., Susilo, A. Z., Fajar, M. A., & Rahmawati, D. (2017). Exploratory Study of SMEs Technology Adoption Readiness Factors. Procedia Computer Science, 124, 329–336. https://doi.org/10.1016/j.procs.2017.12.162
Undang-Undang Republik Indonesia Nomor 20 Tahun 2008 Tentang Usaha Mikro, Kecil, dan Menengah, Pub. L. No. 20 Tahun 2008 (2008).
Rasheed, R., & Siddiqui, S. H. (2019). Attitude for inclusive finance: influence of owner-managers’ and firms’ characteristics on SMEs financial decision making. Journal of Economic and Administrative Sciences, 35(3), 158–171. https://doi.org/10.1108/jeas-05-2018-0057
Renggo, Y. R. (2021). Tingkat ketimpangan antar kabupaten di kepulauan sumba Level of inequality in district in sumba islands. Forum Ekonomi, 23(1), 108–118.
Robb, A. M., & Robinson, D. T. (2014). The capital structure decisions of new firms. Review of Financial Studies, 27(1), 153–179. https://doi.org/10.1093/rfs/hhs072
Rosavina, M., Rahadi, R. A., Kitri, M. L., Nuraeni, S., & Mayangsari, L. (2019). P2P lending adoption by SMEs in Indonesia. Qualitative Research in Financial Markets, 11(2), 260–279. https://doi.org/10.1108/QRFM-09-2018-0103
Samuel Baixauli-Soler, J., Belda-Ruiz, M., & Sánchez-Marín, G. (2021). Socioemotional wealth and financial decisions in private family SMEs. Journal of Business Research, 123(October 2020), 657–668. https://doi.org/10.1016/j.jbusres.2020.10.022
Sekaran, U., & Bougie, R. (2016). Research Methods for Business. In Wiley (Seventh Ed). Wiley. https://doi.org/10.1007/978-94-007-0753-5_102084
Shyam-Sunder, L., & Myers, S. C. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219–244. https://doi.org/10.1016/s0304-405x(98)00051-8
Tambunan, T. T. H. (2011). Development of small and medium enterprises in a developing country: The Indonesian case. Journal of Enterprising Communities, 5(1), 68–82. https://doi.org/10.1108/17506201111119626
Trinh, H. T., Kakinaka, M., Kim, D., & Jung, T. Y. (2017). Capital Structure and Investment Financing of Small and Medium-Sized Enterprises in Vietnam. Global Economic Review, 46(3), 325–349. https://doi.org/10.1080/1226508X.2017.1340184
Uyar, A., & Guzelyurt, M. K. (2015). Impact of firm characteristics on capital structure choice of Turkish SMEs. Managerial Finance, 41(3), 286–300. https://doi.org/10.1108/MF-01-2014-0016
Vaznyte, E., & Andries, P. (2019). Entrepreneurial orientation and start-ups’ external financing. Journal of Business Venturing, 34(3), 439–458. https://doi.org/10.1016/j.jbusvent.2019.01.006
Wasiaturrahma, Sukmana, R., Ajija, S. R., Salama, S. C. U., & Hudaifah, A. (2020). Financial performance of rural banks in Indonesia: A two-stage DEA approach. Heliyon, 6(7), e04390. https://doi.org/10.1016/j.heliyon.2020.e04390
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2022-07-07
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Kelen, L., N. R. Hutar, A. ., D. Adindarena, V. ., & R. Renggo, Y. . (2022). Profil Keputusan Struktur Modal Pelaku Usaha Mikro, Kecil Dan Menengah . Coopetition : Jurnal Ilmiah Manajemen, 13(2), 319–334. https://doi.org/10.32670/coopetition.v13i2.474
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