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Dharma, Budi, Marliyah, Marliyah, Syarbaini, Ahmad, Sufiawan, Nur. (1404). “Pinjol” is a Bad Way to Provide Short-Term Funding for Women Entrepreneurs. , (), -. doi: 10.22059/ijms.2025.379755.676891
Budi Dharma; Marliyah Marliyah; Ahmad Muhaisin B. Syarbaini; Nur Ari Sufiawan. "“Pinjol” is a Bad Way to Provide Short-Term Funding for Women Entrepreneurs". , , , 1404, -. doi: 10.22059/ijms.2025.379755.676891
Dharma, Budi, Marliyah, Marliyah, Syarbaini, Ahmad, Sufiawan, Nur. (1404). '“Pinjol” is a Bad Way to Provide Short-Term Funding for Women Entrepreneurs', , (), pp. -. doi: 10.22059/ijms.2025.379755.676891
Dharma, Budi, Marliyah, Marliyah, Syarbaini, Ahmad, Sufiawan, Nur. “Pinjol” is a Bad Way to Provide Short-Term Funding for Women Entrepreneurs. , 1404; (): -. doi: 10.22059/ijms.2025.379755.676891

“Pinjol” is a Bad Way to Provide Short-Term Funding for Women Entrepreneurs

Interdisciplinary Journal of Management Studies
مقالات آماده انتشار، پذیرفته شده، انتشار آنلاین از تاریخ 09 آذر 1404
نوع مقاله: Case study
شناسه دیجیتال (DOI): 10.22059/ijms.2025.379755.676891
نویسندگان
Budi Dharma* 1؛ Marliyah Marliyah2؛ Ahmad Muhaisin B. Syarbaini3؛ Nur Ari Sufiawan4
1Management, Faculty of Economic and Islamic Business, Universitas Islam Negeri Sumatera Utara, Medan, Indonesia
2Islamic Economics, Faculty of Economic and Islamic Business, Universitas Islam Negeri Sumatera Utara, Medan, Indonesia
3Faculty of Economic and Islamic Business, Universitas Islam Negeri Sumatera Utara, Medan, Indonesia
4Economic development, Faculty of economics and business, Universitas Andalas
چکیده
This study examines whether Pinjaman Online (Pinjol) helps or harms women micro-entrepreneurs in Medan, Indonesia. Using survey data from 302 borrowers, the study employs a two-stage design: Propensity Score Matching (PSM) to estimate the average treatment effect of Pinjol use on business outcomes, and Partial Least Squares Structural Equation Modeling (PLS-SEM) to analyze the behavioral and structural drivers of credit decisions. The findings show that Pinjol users experience short-term gains in sales compared to matched non-users; however, high borrowing costs and tight repayment cycles compress margins and weaken overall performance. Financial literacy and risk perception significantly reduce the likelihood of adopting Pinjol, while larger loan needs increase it; age and education condition these effects. The results indicate that demand-side factors and liquidity pressures have a more substantial influence on digital credit uptake than price awareness. Theoretically, the study integrates credit rationing and behavioral finance by demonstrating a shift from collateral-based exclusion in formal banking to literacy and risk-awareness constraints in fintech borrowing. Policy implications include transparent cost disclosure, repayment schedules aligned with micro-enterprise cash flows, gender-sensitive financial literacy programs, and pathways from high-cost digital credit to safer, lower-cost financing options.
کلیدواژه‌ها
Short-term capital؛ Pinjol؛ Women entrepreneurs؛ Financial inclusion؛ Funding innovation
آمار
تعداد مشاهده مقاله: 106





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