Efforts to Support Economic Growth and Improve MSMEs’ Performance During the Pandemic
Journal Title: Opportunities and Challenges in Sustainability - Year 2022, Vol 1, Issue 2
Abstract
The purpose of this study is to find out whether micro-, small and medium-sized enterprises (MSMEs) can boost economic growth and achieve their sustainability during the COVID-19 pandemic by implementing financial technology innovations and the Resource Base Strategy (SRB) through crowdfunding and peer-to-peer lending (P2P lending). This study used a mixed approach, namely a combination of quantitative and qualitative methods. The population in this study were SMEs who used crowdfunding and P2P lending services, totaling 380 SMEs. Through calculation by the Slovin’s Formula, 192 SMEs were sampled. The results of this study are as follows: (1) the performance of MSMEs will be improved if MSMEs carry out internal improvements in the form of financial technology innovations using crowdfunding as an alternative to meet capital requirements; (2) the economic growth will be supported if MSMEs carry out internal improvements in the form of financial technology innovations using crowdfunding as an alternative to meet capital requirements; (3) the performance of MSMEs will be improved if MSMEs carry out internal improvements in the form of SRB using P2P lending as an alternative to meet capital requirements; (4) the economic growth will be supported if MSMEs carry out internal improvements in the form of SRB using P2P lending as an alternative to meet capital requirements; (4) the economic growth will be supported if MSMEs carry out internal improvements in the form of SRB using P2P lending as an alternative to meet capital requirements; (5) the performance of MSMEs will be improved if MSMEs carry out internal improvements in the form of financial technology innovations and SRB using crowdfunding as an alternative to meet capital requirements; (6) the economic growth will be supported if MSMEs carry out internal improvements in the form of financial technology innovations and SRB strategies using P2P lending as an alternative to meet capital requirements; (7) the performance of MSMEs will be improved if MSMEs carry out internal improvements in the form of financial technology innovations and SRB using crowdfunding and P2P lending as alternatives to meet capital requirements; (8) the economic growth will be supported if MSMEs carry out internal improvements in the form of financial technology innovations and SRB strategies using crowdfunding and P2P lending as alternatives to meet capital requirements; and (9) the improved performance and growth of MSMEs justifies the paradigm shift from the resource driven economic growth to the innovation driven one. This study helps MSMEs obtain the maximum investment so that they can create a great number of jobs to boost economic growth. The conclusions can be used by MSMEs in their business models to deal with the impacts from the Covid-19 pandemic.
Authors and Affiliations
Dwi Prastiyo Hadi, Agus Sutono, Endang Wuryandini, Riyanto, Fajar Darma Putra, Inayah Adi Sari
Keywords
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- EP ID EP732052
- DOI https://doi.org/10.56578/ocs010202
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