The Effect of Women’s Entrepreneurship Orientation and Local Wisdom on Capital Structure And SMEs Performance
Abstract
Tujuan dari penelitian ini adalah untuk menganalisis hubungan antara kewirausahaan perempuan dan nilai-nilai kearifan local dalam keputusan penggunaan hutang dan kinerja UKM di Bali. Penelitian ini mempergunakan data primer yang dikumpulkan dengan mempergunakan kuesioner dan indepth interview. Sampel penelitian terdiri dari 35 UKM dengan pemilik perempuan. Pengujian data menggunakan Partial Least Square (PLS). Hasil penelitian menunjukkan bahwa nilai-nilai kearifan lokal yang digali dari budaya Hindu di Bali yaitu Jengah, Menyama-braya dan Dana Puniasecara signifikan mampu meningkatkan keputusan penggunaan hutang UKM tetapi tidak berdampak signifikan terhadap peningkatan kinerja UKM. Ketika pemilik UKM menggunakan hutang yang tinggi, justru menurunkan kinerja UKM. Orientasi kewirausahaan yang tinggi pada kepemilikan perempuan telah mereduksi keputusan penggunaan hutang pada struktur modal usaha, tetapi meningkatkan kinerja UKM. Penelitian ini berkontribusi pada pengembangan teori keuangan khususnya teori struktur modal, bahwa kinerja bisnis tidak hanya ditentukan oleh faktor keuangan tetapi juga faktor non finansial yaitu nilai-nilai kearifan lokal dan orientasi kewirausahaan perempuan.
Downloads
Download data is not yet available.
References
Antonczyk, R.C. and Salzmann, A.J., 2014. Overconfidence and optimism: The effect of national culture on capital structure. Research in International Business and Finance 31, pp.132-151
Brigham, Eugene F. and Houston, Joel F. 2017. Fundamentals of Financial Management : Concise 9e. USA : Cengage Learning
Cawood, Gavin. 1997. Design Innovative and Culture in SMEs. Design Management Journal. 8(4),pp. 66-70
Covin, J. G. and Slevin, D. P. 1989. Strategic Management of Small Firms in Hostile and Benign Environments. Strategic Management Journal. Vol.10, Issue 1, pp.75-87
Covin, J. G. and Slevin, D. P. 1991. A Conceptual Model of Entrepreneurship as Firm Behavior. Entrepreneurship Theory and Practice 16, pp. 7-25.
Das, Chandrika Prasad and Swain, Rabindra Kumar. 2018. Influence of Capital Structure on Financial Performance. KIIT Journal of Management, Vol. 14(I).
Davydov, Denis. 2016. Debt Structure and Corporate Performance in Emerging Markets. Research in International Business and Finance. Vol 38, pp.299-311
Fauzi, Ahmad ; Suharjo, Budi dan Syamsun, Muhammad. 2016. Pengaruh Sumber Daya Finansial, Aset Tidak Berwujud dan Keunggulan Bersaing yang Berimplikasi terhadap Kinerja Usaha Mikro, Kecil dan Menengah di Lombok NTB. Manajemen IKM, journal.ipb.ac.id, Vol.11 Nol.2, p.151-158
Fleming, A. E. 2015. Improving Business Investment Confidence in Culture-Aligned Indigenous Economies in Remote Australian Communities: A Business Support Framework to Better Inform Government Programs. The International Indigenous Policy Journal 6(3).
Gupta, V.K. and Gupta, A., 2015. Relationship between entrepreneurial orientation and firm performance in large organizations over time. Journal of International Entrepreneurship, 13(1), pp.7-27.
Hogan, Suellen J. and Coote, Leonard V. 2014. Organizational culture, innovation, and performance: A test of Schein's model. Journal of Business Research, 67, Elsevier 1609–1621.
Jaisinghani, Dinesh and Kanjilal, Kakali. 2017. Non-linear dynamics of size, capital structure and profitability: Empirical evidence from Indian manufacturing sector. Asia Pacific Management Review 22. Elsevier, 159-165.
Kusuma, Gusti Agung Teja ; Wardana, Made ; Yasa, Ni Nyoman Kerti and Sukatmadja, Putu Gede. 2017. Exploring the Domains of Harmonious Culture-Based Corporate Social Responsibility (CSR). International Business Management, Vol.11, Issue.4, p.498-507
Lumpkin, G.T and Dess, Gregory G. 1996. Clarifying the Entrepreneurial Orientation Construct and Linking it to Performance. Academy of Management Review, Vol.21.,No.1
Magaji, M. Sanusi., Baba, Ricardo., and Entebang, Harry. 2017. Entrepreneurial Orientation and Financial Performance of Nigerian SMES: The Moderating Role of Environment. A Review of Literature. Journal of Management and Training for Industries, Vol.4, No.1.
Modigliani, Franco & Miller, Merton H. 1958 The Cost of Capital, Corporation Finance and the Theory of Invesment. The American Economics Review. Vol 48, No 3, pp. 261- 297
Myers, Stewart C and Majluf, Nicholas S. 1984. Corporate Financing and Investment Decisions When Firms have Information that Investors Do Not Have. Journal of Financial Economics. Vol.13. p.187-221
Naranjo-Valencia, J.C., Jiménez, DJ., and Valle, Raquel S. 2016. Studying the links between organizational culture, innovation, and performance in Spanish companies. Revista Latinoamericana de Psicología 48, Elsevier, 30-41
Ningsih, L. A. P., Wiagustini, N. L. P., Artini, L. G. S., and Rahyuda, H., 2015. Organizational Culture, Decision of Funding and Financial Performance: An Evidence from Small and Medium Enterprises. European Journal of Business and Management, Vol.7, No.32
Otoluwa, N.I., Alimuddin, I.K., Alamzah, N. and Nohong, M., 2018. Innovativeness and Competitiveness in Creative Industries: the Case of SMEs in Maros Regency. Hasanuddin Economics and Business Review, 1(3), pp.195-200.
Purbawangsa, Ida Bagus dan Suana, I Wayan. 2019. Karakteristik Perusahaan dan Struktur Kepemilikan sebagai Determinan Struktur Modal, Kinerja Keuangan serta Nilai Perusahaan. Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan. Vol 13, No 2, p.184-193
Rauch, Andreas., Wiklund, Johan and Lumpkin, G.T. 2009. Entrepreneurial Orientation and Business Performance : an Assessment of Past Research and Suggestions for Future. Entrepreneurship Theory and Practice. Vol 33, Issue 3,pp.761-787
Riana, Gede. 2011. Dampak Penerapan Budaya Tri Hita Karana Terhadap Orientasi Kewirausahaan Dan Orientasi Pasar Serta Konsekuensinya Pada Kinerja Usaha(Studi Pada Industri Kecil Menengah Kerajinan Perak di Bali). Jurnal Aplikasi manajemen (JAM), Nomor 2, Volume 9, Edisi Maret 2011.
Sitiari, N.W., Suprapti, N.W.S., Sintaasih, DK., Sudibya, GA. 2016. Exploration of Bali's Cultural Values and Entrepreneurial Orientation in Relation to Cooperative Managers in Bali. European Journal of Business and Management. Vol.8, No.14.
Sitiari, Ni Wayan., Ningsih, Ni Luh Anik Puspa., and Dharmanegara, I.B. Ag. 2020. Local Value-BasedOrganizational Culture : A Study of Balinese Cultural Values Effect on Cooperatives Employee Performance and Job Stress in Bali. PalArch’s Journal of Archaeology of Egypt/Egyptology. Vol 17, Issue 4,p.3209-3222
Taqi, Mohd., Ajmal, Mohd., Pervez, Asif. 2016. Impact of Capital Structure on Profitability of Selected Trading Companies of India. Arabian Journal of Business and Management Review. Vol. 6, No.3.
Timisela, Natelda R., Leatemia, Ester D., Polnaya, Febby F., and Breemer, Rachel. 2017. Analisis Kewirausahaan Agroindustri Pangan Lokal Sagu. Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan, Vol 11, No 2, p.166-177
Venkataraman, S. 2001. Stakeholder Value Equilibrium and the Entrepreneurial Process. Darden Business School Working Paper No. 01-04
Wiagustini, N.L.P., Ningsih, N.L.A.P. dan Artini, L.G.S. 2017. Budaya “Catur Purusa Artha “ dan Orientasi Kewirausahaan Sebagai Basis Keputusan Pendanaan dan Kinerja Keuangan. Proceeding Seminar Nasional AIMI Jambi, 27-28 Oktober 2017.
www.depkop.go.id
Yani, Dyah Fitri. 2016. Hutang Jangka Panjang dan Profitabilitas di Bank Syariah : Studi pada PT. Bank Muamalat Indonesia. Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan. Vol 10, No 1, p.52-63
Brigham, Eugene F. and Houston, Joel F. 2017. Fundamentals of Financial Management : Concise 9e. USA : Cengage Learning
Cawood, Gavin. 1997. Design Innovative and Culture in SMEs. Design Management Journal. 8(4),pp. 66-70
Covin, J. G. and Slevin, D. P. 1989. Strategic Management of Small Firms in Hostile and Benign Environments. Strategic Management Journal. Vol.10, Issue 1, pp.75-87
Covin, J. G. and Slevin, D. P. 1991. A Conceptual Model of Entrepreneurship as Firm Behavior. Entrepreneurship Theory and Practice 16, pp. 7-25.
Das, Chandrika Prasad and Swain, Rabindra Kumar. 2018. Influence of Capital Structure on Financial Performance. KIIT Journal of Management, Vol. 14(I).
Davydov, Denis. 2016. Debt Structure and Corporate Performance in Emerging Markets. Research in International Business and Finance. Vol 38, pp.299-311
Fauzi, Ahmad ; Suharjo, Budi dan Syamsun, Muhammad. 2016. Pengaruh Sumber Daya Finansial, Aset Tidak Berwujud dan Keunggulan Bersaing yang Berimplikasi terhadap Kinerja Usaha Mikro, Kecil dan Menengah di Lombok NTB. Manajemen IKM, journal.ipb.ac.id, Vol.11 Nol.2, p.151-158
Fleming, A. E. 2015. Improving Business Investment Confidence in Culture-Aligned Indigenous Economies in Remote Australian Communities: A Business Support Framework to Better Inform Government Programs. The International Indigenous Policy Journal 6(3).
Gupta, V.K. and Gupta, A., 2015. Relationship between entrepreneurial orientation and firm performance in large organizations over time. Journal of International Entrepreneurship, 13(1), pp.7-27.
Hogan, Suellen J. and Coote, Leonard V. 2014. Organizational culture, innovation, and performance: A test of Schein's model. Journal of Business Research, 67, Elsevier 1609–1621.
Jaisinghani, Dinesh and Kanjilal, Kakali. 2017. Non-linear dynamics of size, capital structure and profitability: Empirical evidence from Indian manufacturing sector. Asia Pacific Management Review 22. Elsevier, 159-165.
Kusuma, Gusti Agung Teja ; Wardana, Made ; Yasa, Ni Nyoman Kerti and Sukatmadja, Putu Gede. 2017. Exploring the Domains of Harmonious Culture-Based Corporate Social Responsibility (CSR). International Business Management, Vol.11, Issue.4, p.498-507
Lumpkin, G.T and Dess, Gregory G. 1996. Clarifying the Entrepreneurial Orientation Construct and Linking it to Performance. Academy of Management Review, Vol.21.,No.1
Magaji, M. Sanusi., Baba, Ricardo., and Entebang, Harry. 2017. Entrepreneurial Orientation and Financial Performance of Nigerian SMES: The Moderating Role of Environment. A Review of Literature. Journal of Management and Training for Industries, Vol.4, No.1.
Modigliani, Franco & Miller, Merton H. 1958 The Cost of Capital, Corporation Finance and the Theory of Invesment. The American Economics Review. Vol 48, No 3, pp. 261- 297
Myers, Stewart C and Majluf, Nicholas S. 1984. Corporate Financing and Investment Decisions When Firms have Information that Investors Do Not Have. Journal of Financial Economics. Vol.13. p.187-221
Naranjo-Valencia, J.C., Jiménez, DJ., and Valle, Raquel S. 2016. Studying the links between organizational culture, innovation, and performance in Spanish companies. Revista Latinoamericana de Psicología 48, Elsevier, 30-41
Ningsih, L. A. P., Wiagustini, N. L. P., Artini, L. G. S., and Rahyuda, H., 2015. Organizational Culture, Decision of Funding and Financial Performance: An Evidence from Small and Medium Enterprises. European Journal of Business and Management, Vol.7, No.32
Otoluwa, N.I., Alimuddin, I.K., Alamzah, N. and Nohong, M., 2018. Innovativeness and Competitiveness in Creative Industries: the Case of SMEs in Maros Regency. Hasanuddin Economics and Business Review, 1(3), pp.195-200.
Purbawangsa, Ida Bagus dan Suana, I Wayan. 2019. Karakteristik Perusahaan dan Struktur Kepemilikan sebagai Determinan Struktur Modal, Kinerja Keuangan serta Nilai Perusahaan. Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan. Vol 13, No 2, p.184-193
Rauch, Andreas., Wiklund, Johan and Lumpkin, G.T. 2009. Entrepreneurial Orientation and Business Performance : an Assessment of Past Research and Suggestions for Future. Entrepreneurship Theory and Practice. Vol 33, Issue 3,pp.761-787
Riana, Gede. 2011. Dampak Penerapan Budaya Tri Hita Karana Terhadap Orientasi Kewirausahaan Dan Orientasi Pasar Serta Konsekuensinya Pada Kinerja Usaha(Studi Pada Industri Kecil Menengah Kerajinan Perak di Bali). Jurnal Aplikasi manajemen (JAM), Nomor 2, Volume 9, Edisi Maret 2011.
Sitiari, N.W., Suprapti, N.W.S., Sintaasih, DK., Sudibya, GA. 2016. Exploration of Bali's Cultural Values and Entrepreneurial Orientation in Relation to Cooperative Managers in Bali. European Journal of Business and Management. Vol.8, No.14.
Sitiari, Ni Wayan., Ningsih, Ni Luh Anik Puspa., and Dharmanegara, I.B. Ag. 2020. Local Value-BasedOrganizational Culture : A Study of Balinese Cultural Values Effect on Cooperatives Employee Performance and Job Stress in Bali. PalArch’s Journal of Archaeology of Egypt/Egyptology. Vol 17, Issue 4,p.3209-3222
Taqi, Mohd., Ajmal, Mohd., Pervez, Asif. 2016. Impact of Capital Structure on Profitability of Selected Trading Companies of India. Arabian Journal of Business and Management Review. Vol. 6, No.3.
Timisela, Natelda R., Leatemia, Ester D., Polnaya, Febby F., and Breemer, Rachel. 2017. Analisis Kewirausahaan Agroindustri Pangan Lokal Sagu. Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan, Vol 11, No 2, p.166-177
Venkataraman, S. 2001. Stakeholder Value Equilibrium and the Entrepreneurial Process. Darden Business School Working Paper No. 01-04
Wiagustini, N.L.P., Ningsih, N.L.A.P. dan Artini, L.G.S. 2017. Budaya “Catur Purusa Artha “ dan Orientasi Kewirausahaan Sebagai Basis Keputusan Pendanaan dan Kinerja Keuangan. Proceeding Seminar Nasional AIMI Jambi, 27-28 Oktober 2017.
www.depkop.go.id
Yani, Dyah Fitri. 2016. Hutang Jangka Panjang dan Profitabilitas di Bank Syariah : Studi pada PT. Bank Muamalat Indonesia. Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan. Vol 10, No 1, p.52-63
Published
2022-02-27
How to Cite
NINGSIH, Ni Luh Anik Puspa; GIRI, Ni Putu Rediatni; ARTHA, Putu Hella Mey.
The Effect of Women’s Entrepreneurship Orientation and Local Wisdom on Capital Structure And SMEs Performance.
Matrik : Jurnal Manajemen, Strategi Bisnis, dan Kewirausahaan, [S.l.], p. 77-86, feb. 2022.
ISSN 2302-8890.
Available at: <https://ojs.unud.ac.id/index.php/jmbk/article/view/70842>. Date accessed: 21 nov. 2024.
doi: https://doi.org/10.24843/MATRIK:JMBK.2022.v16.i01.p06.
Section
Articles
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
