Keputusan Pemberian Kredit Kepada UMKM Dalam Peer-To-Peer Lending: Faktor-Faktor Apa Saja Yang Dipertimbangkan Investor?
English
DOI:
https://doi.org/10.31539/costing.v7i4.10936Keywords:
Loan Decision Making, P2P Lending, SMEs, Logistic RegressionAbstract
This study aims to examine and demonstrate six factors influencing the decision to grant credit loans to MSMEs on the conventional Peer-to-peer (P2P) lending platforms Investree and Koinworks. These six factors are loan amount, loan term, credit rating, loan purpose, business duration, and financial statement information. A quantitative approach and secondary data from the publications of the Investree and Koinworks applications or websites were utilized in this research. A sample of 225 MSMEs was selected from a population of 267 using purposive sampling. Logistic regression analysis revealed that loan amount, credit rating, and loan purpose affect MSMEs on the Investree and Koinworks P2P lending platforms, while loan term, business duration, and financial statement information do not. These findings suggest that both P2P lending platforms consider various factors when evaluating MSME borrowers. The differences between Investree and Koinworks indicate distinct characteristics and appeals to MSMEs on each platform, which are also discussed in this study. The results of this research can assist MSMEs in preparing loan proposals to enhance credibility with lenders, provide better insights to lenders in decision-making, and serve as a reference for other P2P lending platforms in evaluating factors necessary for credit loan decision-making processes.
References
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Aprita, S. (2021). The Role of Peer to Peer Lending in Channeling Funding to Small and Medium Enterprises. Samudra Keadilan Law Journal, 16(1), 37-61. https://doi.org/10.33059/jhsk.v16i1.3407
Budiharto, Lestari, S. N., & Hartanto, G. (2019). the Legal Protection of Lenders in Peer to Peer Lending System. Law Reform: Journal of Legal Reform, 15(2), 275-289. https://doi.org/10.14710/lr.v15i2.26186
Bustami, A. W., Zulkarnain, I., Sarmigi, E., & Kerinci, I. (2022). The Effect of Length of Business and Interest Rates on the Decision of Micro, Small and Medium Enterprises (MSMEs) to Take Credit in Banks (Study of Hamparan Rawang District). Journal of Economic Appreciation, 10(2), 181-188. https://doi.org/https://doi.org/10.31846/jae.v10i2.456
Candraningrat, I. R., Intanie Dewi, V., Abundanti, N., Wayan Mujiati, N., & Zaman, B. (2022). The Micro, Small and Medium Enterprises Financing Based on Financial Technology. Scientific Journal of Accounting, 7(2), 329-345. https://doi.org/10.23887/jia.v7i2.52715
Chen, S., Gu, Y., Liu, Q., & Tse, Y. (2020). How do lenders evaluate borrowers in peer-to-peer lending in China? International Review of Economics and Finance, 69(July), 651-662. https://doi.org/10.1016/j.iref.2020.06.038
Chulawate, N., & Kiattisin, S. (2023). Success Factors Influencing Peer-to-Peer Lending to Support Financial Innovation. Sustainability (Switzerland), 15(5). https://doi.org/10.3390/su15054028
Dorfleitner, G., Oswald, E. M., & Zhang, R. (2021). From Credit Risk to Social Impact: On the Funding Determinants in Interest-Free Peer-to-Peer Lending. Journal of Business Ethics, 170(2), 375-400. https://doi.org/10.1007/s10551-019-04311-8
Edward, M. Y., Fuad, E. N., Ismanto, H., Atahau, A. D. R., & Robiyanto. (2023). Success factors for peer-to-peer lending for SMEs: Evidence from Indonesia. Investment Management and Financial Innovations, 20(2), 16-25. https://doi.org/10.21511/imfi.20(2).2023.02
Efriyanto, Aminah, & Ansori (2021). Determinants in the Decision to Use Peer to Peer Lending (Fintecht) by MSMEs in Depok City. Account, 8(2), 1560-1570. https://doi.org/10.32722/acc.v8i2.4417
Fatahuddin, A., & Sari, S. P. (2020). Determinants of Credit Risk on Online-Based Lending Platforms: A Review of Small and Medium Enterprises. UMMagelang Conference Series, 121-136. https://journal.unimma.ac.id/index.php/conference/article/view/4089
Fitriyah, N., Pusparini, H., & Nurabiah. (2021). Financial Accountability of Islamic Philanthropic Institutions in Indonesia. Journal of Accounting Research Aksioma, 20(1), 33-45. https://doi.org/10.29303/aksioma.v20i1.123
Gao, M., Leung, H., Liu, L., & Qiu, B. (2023). Consumer behavior and credit supply: Evidence from an Australian FinTech lender. Finance Research Letters, 57(March), 104205. https://doi.org/10.1016/j.frl.2023.104205
Ghozali, I. (2021). Application of Multivariate Analysis with the IBM SPSS 26 Program (10th ed.). Diponegoro University Publishing Agency.
Handayani, S. (2018). Analysis of Working Capital Lending Decisions to Small and Medium Enterprises (Case Study at PD BPR Bank Daerah Lamongan). Journal of Economic and Accounting Research, 3(2), 755-771. https://doi.org/10.30736/jpensi.v3i3.160
Huang, J., Sena, V., Li, J., & Ozdemir, S. (2021). Message framing in P2P lending relationships. Journal of Business Research, 122 (May 2019), 761-773. https://doi.org/10.1016/j.jbusres.2020.06.065
Ilmiddaviq, M. B. (2020). The Effect of Loan Term, Credit Rating and Loan Purpose on Financing Decisions with Intervening Loan Amounts. PRIVE: Journal of Accounting and Financial Research, 3(1), 39-46. http://ejurnal.unim.ac.id/index.php/prive/article/view/651
Kartika, R., Darna, N., & Setiawan, I. (2020). Analysis of Peer to Peer Lending in Indonesia. Accountability: Scientific Journal of Economic Sciences, 12(2), 75-86. https://doi.org/10.35457/akuntabilitas.v12i2.902
Kurniaditama, I. G. K. A. A., Bagaskara, M. C., Aditya, T., & Mahyuni, L. P. (2022). Education on Various Alternative Sources of Funding for MSME Development. Dinamisia: Journal of Community Service, 6(4), 1023-1032. https://doi.org/10.31849/dinamisia.v6i4.9377
Megantara, A. N. (2020). Analysis of Factors that Determine Lending Decisions for Micro, Small, and Medium Enterprises (MSMEs) at Peer to Peer Lending Financing Institutions. Faculty of Economics and Business, Universitas Brawijaya, 8(2), 1-16. https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/6489
Mukhtar, D. F., & Rahayu, Y. (2019). Analysis of MSME Capital Funding through Financial Technology Peer to Peer Lending (P2P). Journal of Accounting Science and Research, 8(5), 7. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/2029
Mukti Dian S, Afrizal, & PA, E. D. (2020). The Effect of Internal Conditions, Debtor Conditions and Environmental Conditions on Non Performing Loans (Npl) with the Mediating Variable of the Amount of Credit (Study at Bank Mandiri Sungai Bahar Branch). Accounting and Finance, 5(3), 169-180. https://online-journal.unja.ac.id/jaku/article/view/10813
Financial Services Authority. (2023). P2P Lending Statistics August 2023. https://ojk.go.id/id/kanal/iknb/data-dan-statistik/fintech/Pages/Statistik-P2P-Lending-Periode-Agustus-2023.aspx
Ratrini, G. A., & Suartana, I. W. (2021). January Effect in Indonesia for the Period 2017 - 2019. E-Journal of Accounting, 31(3), 756. https://doi.org/10.24843/eja.2021.v31.i03.p18
Rizaty, M. A. (2023). People's Business Credit Realization Data until September 2023. Dataindonesia.Id. https://dataindonesia.id/ekonomi/detail/data-realisasi-kredit-usaha-rakyat-hingga-september-2023
Sari, P. N., & Husadha, C. (2020). DISCLOSURE OF CORPORATE GOVERNANCE ON INDICATIONS OF FRAUD IN FINANCIAL REPORTING. Scientific Journal of Accounting and Management (JIAM), 16(1). https://doi.org/https://doi.org/10.31599/jiam.v16i1.108
Sugiyono. (2019). Quantitative, Qualitative, and R&D Research Methods. Alfabeta.
Suparnoh, S., Andrea Permana, Taim, & Ari Santoso. (2021). The Role of Business Length in Moderating the Effect of Social Media Communication Capabilities on Marketing Performance. MASTER: Journal of Entrepreneurship Strategic Management, 1(1), 79-90. https://doi.org/10.37366/master.v1i1.159
Syahrul, R. H., & Nurdin, N. (2020). Factors Affecting Micro, Small and Medium Enterprises (MSMEs) Lending Decisions at Peer to Peer Lending Microfinance Institutions at Koinworks in 2016-2017. Management Proceedings, 6(1), 147-151. https://doi.org/http://dx.doi.org/10.29313/.v6i1.19846
Tapokabkab, B. S., & Rosyati, T. (2023). The Effect of Corporate Social Responsibility (CSR), Leverage, and Non Performing Loan (NPL) on Stock Returns (Empirical Study of Banking Companies Listed on the Indonesia Stock Exchange for the 2016-2021 Period). Barelang Accounting Journal, 7(2), 10-24. https://doi.org/https://doi.org/10.33884/jab.v7i2.7148
Wang, C., Zhang, W., Zhao, X., & Wang, J. (2019). Soft Information in Online Peer-to-Peer Lending: Evidence from a Leading Platform in China. Electronic Commerce Research and Applications, 36(June), 100873. https://doi.org/10.1016/j.elerap.2019.100873
Wang, Z., Jiang, C., Zhao, H., & Ding, Y. (2020). Mining Semantic Soft Factors for Credit Risk Evaluation in Peer-to-Peer Lending. Journal of Management Information Systems, 37(1), 282-308. https://doi.org/10.1080/07421222.2019.1705513
Wulandari, P. P., Novianti, N., & Rahman, A. F. (2021). Determinants of Financial and Non-Financial Indicators in Credit Analysis in the Big Data Era (Study on P2P Lending). Tema, 22(1), 32-46. https://doi.org/10.21776/tema.22.1.32-46
Zebua, S. (2021). Decision Making on Lending Based on Accounting and Non-Accounting Information (Case Study: PT. BRI Gunung Sitoli Branch). Warta Dharmawangsa, 15(3), 348-357. https://doi.org/10.46576/wdw.v15i3.1356
Zhang, Y., Li, H., Hai, M., Li, J., & Li, A. (2017). Determinants of loan funded success in online P2P Lending. Procedia Computer Science, 122, 896-901. https://doi.org/10.1016/j.procs.2017.11.452.
Anggraini, S. D., & Widyastuti, I. (2020). The Effect of the 5C Concept on Lending Decisions at the Kud Karya Mukti Kuamang Kuning Saving and Loan Business Unit Muara Bungo. Business Management Analysis Journal (BMAJ), 3(2), 158-173. https://doi.org/10.24176/bmaj.v3i2.5221
Aprita, S. (2021). The Role of Peer to Peer Lending in Channeling Funding to Small and Medium Enterprises. Samudra Keadilan Law Journal, 16(1), 37-61. https://doi.org/10.33059/jhsk.v16i1.3407
Budiharto, Lestari, S. N., & Hartanto, G. (2019). the Legal Protection of Lenders in Peer to Peer Lending System. Law Reform: Journal of Legal Reform, 15(2), 275-289. https://doi.org/10.14710/lr.v15i2.26186
Bustami, A. W., Zulkarnain, I., Sarmigi, E., & Kerinci, I. (2022). The Effect of Length of Business and Interest Rates on the Decision of Micro, Small and Medium Enterprises (MSMEs) to Take Credit in Banks (Study of Hamparan Rawang District). Journal of Economic Appreciation, 10(2), 181-188. https://doi.org/https://doi.org/10.31846/jae.v10i2.456
Candraningrat, I. R., Intanie Dewi, V., Abundanti, N., Wayan Mujiati, N., & Zaman, B. (2022). The Micro, Small and Medium Enterprises Financing Based on Financial Technology. Scientific Journal of Accounting, 7(2), 329-345. https://doi.org/10.23887/jia.v7i2.52715
Chen, S., Gu, Y., Liu, Q., & Tse, Y. (2020). How do lenders evaluate borrowers in peer-to-peer lending in China? International Review of Economics and Finance, 69(July), 651-662. https://doi.org/10.1016/j.iref.2020.06.038
Chulawate, N., & Kiattisin, S. (2023). Success Factors Influencing Peer-to-Peer Lending to Support Financial Innovation. Sustainability (Switzerland), 15(5). https://doi.org/10.3390/su15054028
Dorfleitner, G., Oswald, E. M., & Zhang, R. (2021). From Credit Risk to Social Impact: On the Funding Determinants in Interest-Free Peer-to-Peer Lending. Journal of Business Ethics, 170(2), 375-400. https://doi.org/10.1007/s10551-019-04311-8
Edward, M. Y., Fuad, E. N., Ismanto, H., Atahau, A. D. R., & Robiyanto. (2023). Success factors for peer-to-peer lending for SMEs: Evidence from Indonesia. Investment Management and Financial Innovations, 20(2), 16-25. https://doi.org/10.21511/imfi.20(2).2023.02
Efriyanto, Aminah, & Ansori (2021). Determinants in the Decision to Use Peer to Peer Lending (Fintecht) by MSMEs in Depok City. Account, 8(2), 1560-1570. https://doi.org/10.32722/acc.v8i2.4417
Fatahuddin, A., & Sari, S. P. (2020). Determinants of Credit Risk on Online-Based Lending Platforms: A Review of Small and Medium Enterprises. UMMagelang Conference Series, 121-136. https://journal.unimma.ac.id/index.php/conference/article/view/4089
Fitriyah, N., Pusparini, H., & Nurabiah. (2021). Financial Accountability of Islamic Philanthropic Institutions in Indonesia. Journal of Accounting Research Aksioma, 20(1), 33-45. https://doi.org/10.29303/aksioma.v20i1.123
Gao, M., Leung, H., Liu, L., & Qiu, B. (2023). Consumer behavior and credit supply: Evidence from an Australian FinTech lender. Finance Research Letters, 57(March), 104205. https://doi.org/10.1016/j.frl.2023.104205
Ghozali, I. (2021). Application of Multivariate Analysis with the IBM SPSS 26 Program (10th ed.). Diponegoro University Publishing Agency.
Handayani, S. (2018). Analysis of Working Capital Lending Decisions to Small and Medium Enterprises (Case Study at PD BPR Bank Daerah Lamongan). Journal of Economic and Accounting Research, 3(2), 755-771. https://doi.org/10.30736/jpensi.v3i3.160
Huang, J., Sena, V., Li, J., & Ozdemir, S. (2021). Message framing in P2P lending relationships. Journal of Business Research, 122 (May 2019), 761-773. https://doi.org/10.1016/j.jbusres.2020.06.065
Ilmiddaviq, M. B. (2020). The Effect of Loan Term, Credit Rating and Loan Purpose on Financing Decisions with Intervening Loan Amounts. PRIVE: Journal of Accounting and Financial Research, 3(1), 39-46. http://ejurnal.unim.ac.id/index.php/prive/article/view/651
Kartika, R., Darna, N., & Setiawan, I. (2020). Analysis of Peer to Peer Lending in Indonesia. Accountability: Scientific Journal of Economic Sciences, 12(2), 75-86. https://doi.org/10.35457/akuntabilitas.v12i2.902
Kurniaditama, I. G. K. A. A., Bagaskara, M. C., Aditya, T., & Mahyuni, L. P. (2022). Education on Various Alternative Sources of Funding for MSME Development. Dinamisia: Journal of Community Service, 6(4), 1023-1032. https://doi.org/10.31849/dinamisia.v6i4.9377
Megantara, A. N. (2020). Analysis of Factors that Determine Lending Decisions for Micro, Small, and Medium Enterprises (MSMEs) at Peer to Peer Lending Financing Institutions. Faculty of Economics and Business, Universitas Brawijaya, 8(2), 1-16. https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/6489
Mukhtar, D. F., & Rahayu, Y. (2019). Analysis of MSME Capital Funding through Financial Technology Peer to Peer Lending (P2P). Journal of Accounting Science and Research, 8(5), 7. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/2029
Mukti Dian S, Afrizal, & PA, E. D. (2020). The Effect of Internal Conditions, Debtor Conditions and Environmental Conditions on Non Performing Loans (Npl) with the Mediating Variable of the Amount of Credit (Study at Bank Mandiri Sungai Bahar Branch). Accounting and Finance, 5(3), 169-180. https://online-journal.unja.ac.id/jaku/article/view/10813
Financial Services Authority. (2023). P2P Lending Statistics August 2023. https://ojk.go.id/id/kanal/iknb/data-dan-statistik/fintech/Pages/Statistik-P2P-Lending-Periode-Agustus-2023.aspx
Ratrini, G. A., & Suartana, I. W. (2021). January Effect in Indonesia for the Period 2017 - 2019. E-Journal of Accounting, 31(3), 756. https://doi.org/10.24843/eja.2021.v31.i03.p18
Rizaty, M. A. (2023). People's Business Credit Realization Data until September 2023. Dataindonesia.Id. https://dataindonesia.id/ekonomi/detail/data-realisasi-kredit-usaha-rakyat-hingga-september-2023
Sari, P. N., & Husadha, C. (2020). DISCLOSURE OF CORPORATE GOVERNANCE ON INDICATIONS OF FRAUD IN FINANCIAL REPORTING. Scientific Journal of Accounting and Management (JIAM), 16(1). https://doi.org/https://doi.org/10.31599/jiam.v16i1.108
Sugiyono. (2019). Quantitative, Qualitative, and R&D Research Methods. Alfabeta.
Suparnoh, S., Andrea Permana, Taim, & Ari Santoso. (2021). The Role of Business Length in Moderating the Effect of Social Media Communication Capabilities on Marketing Performance. MASTER: Journal of Entrepreneurship Strategic Management, 1(1), 79-90. https://doi.org/10.37366/master.v1i1.159
Syahrul, R. H., & Nurdin, N. (2020). Factors Affecting Micro, Small and Medium Enterprises (MSMEs) Lending Decisions at Peer to Peer Lending Microfinance Institutions at Koinworks in 2016-2017. Management Proceedings, 6(1), 147-151. https://doi.org/http://dx.doi.org/10.29313/.v6i1.19846
Tapokabkab, B. S., & Rosyati, T. (2023). The Effect of Corporate Social Responsibility (CSR), Leverage, and Non Performing Loan (NPL) on Stock Returns (Empirical Study of Banking Companies Listed on the Indonesia Stock Exchange for the 2016-2021 Period). Barelang Accounting Journal, 7(2), 10-24. https://doi.org/https://doi.org/10.33884/jab.v7i2.7148
Wang, C., Zhang, W., Zhao, X., & Wang, J. (2019). Soft Information in Online Peer-to-Peer Lending: Evidence from a Leading Platform in China. Electronic Commerce Research and Applications, 36(June), 100873. https://doi.org/10.1016/j.elerap.2019.100873
Wang, Z., Jiang, C., Zhao, H., & Ding, Y. (2020). Mining Semantic Soft Factors for Credit Risk Evaluation in Peer-to-Peer Lending. Journal of Management Information Systems, 37(1), 282-308. https://doi.org/10.1080/07421222.2019.1705513
Wulandari, P. P., Novianti, N., & Rahman, A. F. (2021). Determinants of Financial and Non-Financial Indicators in Credit Analysis in the Big Data Era (Study on P2P Lending). Tema, 22(1), 32-46. https://doi.org/10.21776/tema.22.1.32-46
Zebua, S. (2021). Decision Making on Lending Based on Accounting and Non-Accounting Information (Case Study: PT. BRI Gunung Sitoli Branch). Warta Dharmawangsa, 15(3), 348-357. https://doi.org/10.46576/wdw.v15i3.1356
Zhang, Y., Li, H., Hai, M., Li, J., & Li, A. (2017). Determinants of loan funded success in online P2P Lending. Procedia Computer Science, 122, 896-901. https://doi.org/10.1016/j.procs.2017.11.452.
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2024-07-07
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