The urgency of foreign direct investment in micro, small, and medium enterprises financing framework: the case of Indonesia
Abstract
This research aims to check whether the rate of production growth in the MSME sectors open to foreign direct investment (FDI) was lower than in the closed MSME sectors before the policy in 2016 and whether the growth rate of the open MSME sectors’ production lower than the closed MSME sectors after the policy in 2016. The study covers a period of 9 years from 2011 to 2020 based on the data from Indonesian Statistics Bureau. Data used was industrial sectors’ performance, classified into closed and open for FDI sectors. The classification is defined based on Presidential Regulation No. 44 of 2016. In total there are 13 closed and 10 open sectors. We analyse the data using t-test analysis between closed and open FDI industrial sectors. The results of the study found that the performance of open MSMEs was significantly lower than the performance of closed MSMEs, both before and after the liberalization. Therefore, the government must relax the requirements given to investors to invest in open MSMEs.
Keyword : production index, investment liberalization, FDI, MSMEs, Indonesia
How to Cite
Kaukab, M. E. (2023). The urgency of foreign direct investment in micro, small, and medium enterprises financing framework: the case of Indonesia. Business: Theory and Practice, 24(1), 47–57. https://doi.org/10.3846/btp.2023.16930
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Bekraf, & BPS. (2017). Data Statistik dan Hasil Survei Ekonomi Kreatif [Creative Economy Statistics and Survey Results]. Bekraf.
Berrill, J., O’Hagan-Luff, M., & van Stel, A. (2020). The moderating role of education in the relationship between FDI and entrepreneurial activity. Small Business Economics, 54(4), 1041–1059. https://doi.org/10.1007/s11187-018-0121-6
Bianchi, C., & Wickramasekera, R. (2016). Antecedents of SME export intensity in a Latin American market. Journal of Business Research, 69(10), 4368–4376. https://doi.org/10.1016/j.jbusres.2016.02.041
Boshkov, T. (2016). Growing the global economy through SMEs international aspirations. LAP LAMBERT Academic Publishing.
Brown, M. B., & Forsythe, A. B. (1974). Robust tests for the equality of variances. Journal of the American Statistical Association, 69(346), 364–367. https://doi.org/10.1080/01621459.1974.10482955
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Castro, M. M. S., Calisto, E. O., & Cabello-Rosales, A. (2022). US equity market volatility index components, impact on the industrial production index and post Covid-19 forecasting: Relevance to Mexico. Contaduría y Administración, 65(5), 1–26.
Chevallier, J. (2021). COVID-19 outbreak and CO2 emissions: Macro-financial linkages. Journal of Risk and Financial Management, 14(1), 12. https://doi.org/10.3390/jrfm14010012
Cieślik, A., & Turgut, M. B. (2021). Estimating the growth effects of 2004 eastern enlargement of the European Union. Journal of Risk and Financial Management, 14(3), 128. https://doi.org/10.3390/jrfm14030128
Contractor, F. J., Dangol, R., Nuruzzaman, N., & Raghunath, S. (2020). How do country regulations and business environment impact foreign direct investment (FDI) inflows? International Business Review, 29(2), 101640. https://doi.org/10.1016/j.ibusrev.2019.101640
Cook, M., & Fallon, G. (2020). The determinants of services FDI location in the UK regions. International Journal of Management Practice, 13(6), 627–649. https://doi.org/10.1504/IJMP.2020.110695
Dao, L. (2022). Analyzing the differences in the impact of FDI and exports on labor productivity of enterprises: The case of Vietnam. In A. T. Nguyen & L. Hens (Eds.), Global changes and sustainable development in Asian Emerging Market Economies: Vol. 1. Proceedings of EDESUS 2019 (pp. 211–224). Springer International Publishing. https://doi.org/10.1007/978-3-030-81435-9
Dimovski, G. (2020). The role of foreign direct investments in the performance of small and medium enterprises in the Republic of Macedonia. DOCSMES.
Golob, T. (2017). Spillover effects through worker mobility: Evidence from Slovenian SMEs. Economic and Business Review, 19(3). https://doi.org/10.15458/85451.42
Hennart, J.-F. (1989). Can the “New Forms of Investment” substitute for the “Old Forms?” A transaction costs perspective. Journal of International Business Studies, 20(2), 211–234. https://doi.org/10.1057/palgrave.jibs.8490358
Hernandez, V., & Nieto, M. J. (2016). Inward-outward connections and their impact on firm growth. International Business Review, 25(1), 296–306. https://doi.org/10.1016/j.ibusrev.2015.05.009
Holl, A., & Rama, R. (2014). Foreign subsidiaries and technology sourcing in Spain. Industry and Innovation, 21(1), 43–64. https://doi.org/10.1080/13662716.2014.879254
Hosken, D. J., Buss, D. L., & Hodgson, D. J. (2018). Beware the F test (or, how to compare variances). Animal Behaviour, 136, 119–126. https://doi.org/10.1016/j.anbehav.2017.12.014
Hossain, S. M. K., Khan, M. R., & Haque, M. M. (2018). Corporate voluntary disclosure practices and its association with corporate attributes: An empirical investigation of listed and non-listed commercial banks in Bangladesh. International Journal of Managerial and Financial Accounting, 10(4), 331–351. https://doi.org/10.1504/IJMFA.2018.095972
Islam, K., & Chitakunye, D. (2019). Get organized or perish: Attracting FDI to grow small food enterprises in Bangladesh. Small Enterprise Research, 26(3), 268–287. https://doi.org/10.1080/13215906.2019.1668833
Jauhari, A., & Mohammed, N. (2021). Does Foreign direct investment promote skill upgrading in developing countries? Empirical evidence from Malaysia. Journal of Asian Finance, Economics and Business, 8(4), 289–306.
Kim, K. (2019). Moderating effects of legitimacy on the liability- and R&D investment-innovation relationships in manufacturing SMEs. Asian Journal of Technology Innovation, 27(1), 23–45. https://doi.org/10.1080/19761597.2019.1594321
Kurita, K., Monzen, M., & Rofik, K. (2017). FDI spillover effects on productivity varying from the size of firm and industries in Indonesia. International Journal of Small and Medium Enterprises and Business Sustainability, 2(3), 51–59.
Lembcke, A. C., & Wildnerova, L. (2020). Does FDI benefit incumbent SMEs?: FDI spillovers and competition effects at the local level (OECD Regional Developmental Working Paper). OECD.
Li, Y., & Hu, J.-L. (2013). R&D, FDI, and efficiencies of small and medium sized firms. Journal of Management Research, 13(3), 163–179.
Marchese, M., Giuliani, E., Salazar-Elena, J., & Stone, I. (2019). Enhancing SME productivity: Policy highlights on the role of managerial skills, workforce skills and business linkages (OECD SME and Entrepreneurship Papers, No. 16). OECD Publishing. https://doi.org/10.1787/825bd8a8-en
Meijer, L. L. J., Huijben, J. C. C. M., van Boxstael, A., & Romme, A. G. L. (2019). Barriers and drivers for technology commercialization by SMEs in the Dutch sustainable energy sector. Renewable and Sustainable Energy Reviews, 112, 114–126. https://doi.org/10.1016/j.rser.2019.05.050
Melane-Lavado, A., & Álvarez-Herranz, A. (2020). Cooperation networks as a driver of sustainability-oriented innovation. Sustainability, 12(7), 2820. https://doi.org/10.3390/su12072820
Melane-Lavado, A., Álvarez-Herranz, A., & González-González, I. (2018). Foreign direct investment as a way to guide the innovative process towards sustainability. Journal of Cleaner Production, 172, 3578–3590. https://doi.org/10.1016/j.jclepro.2017.03.131
Mendy, J., & Rahman, M. (2019). Application of human resource management’s universal model: An examination of people versus institutions as barriers of internationalization for SMEs in a small developing country. Thunderbird International Business Review, 61(2), 363–374. https://doi.org/10.1002/tie.21985
Myers, S., & Majiuf, N. S. (1984). Corporate financing and investment decision when firms have information the investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
O’Keeffe, J. M., Gilmour, D., & Simpson, E. (2016). A network approach to overcoming barriers to market engagement for SMEs in energy efficiency initiatives such as the Green Deal. Energy Policy, 97, 582–590. https://doi.org/10.1016/j.enpol.2016.08.006
Paul, J., & Benito, G. R. G. (2018). A review of research on outward foreign direct investment from emerging countries, including China: What do we know, how do we know and where should we be heading? Asia Pacific Business Review, 24(1), 90–115. https://doi.org/10.1080/13602381.2017.1357316
Paul, J., & Feliciano-Cestero, M. M. (2021). Five decades of research on foreign direct investment by MNEs: An overview and research agenda. Journal of Business Research, 124, 800–812. https://doi.org/10.1016/j.jbusres.2020.04.017
Peraturan Presiden Republik Indonesia. (2016). Peraturan Presiden Nomor 44 Tahun 2016 tentang Daftar Bidang Usaha yang Tertutup dan Bidang Usaha yang Terbuka dengan Persyaratan di Bidang Penanaman Modal [Presidential Regulation No. 44 of 2016 concerning the List of Closed Business Sectors and Open Business Sectors with Requirements in the Field of Investment].
Prahalad, C. K., & Hamel, G. (1990). The core competence of the corporation. Harvard Business Review, 79–90.
Prasanna, R., Jayasundara, J., Naradda Gamage, S. K., Ekanayake, E., Rajapakshe, P., & Abeyrathne, G. (2019). Sustainability of SMEs in the competition: A systemic review on technological challenges and SME performance. Journal of Open Innovation: Technology, Market, and Complexity, 5(4), 100. https://doi.org/10.3390/joitmc5040100
Quacoe, D., Wen, X., Quacoe, D., & Dodor, A. (2018). Firm size, compensation and firm deaths in SMEs: Evidence from America. British Journal of Interdisciplinary Research, 8(1), 10–19.
Spelta, A., & Pagnottoni, P. (2021). Mobility-based real-time economic monitoring amid the COVID-19 pandemic. Scientific Reports, 11(1), 13069. https://doi.org/10.1038/s41598-021-92134-x
Surianta, A., & Patunru, A. A. (2021). Repositioning Indonesia in the post-COVID-19 global value chains. In D. Singh & M. Cook (Eds.), Southeast Asian affairs 2021 (pp. 122–138). ISEAS – Yusof Ishak Institute. https://doi.org/10.1355/aa21-1h
Teece, D. J. (1986). Transactions cost economics and the multinational enterprise: An assessment. Journal of Economic Behavior and Organization, 7(1), 21–45. https://doi.org/10.1016/0167-2681(86)90020-X
van der Ven, C. (2018). Inclusive industrialization: The interplay between investment incentives and SME promotion policies in Sub-Saharan Africa. Law and Development Review, 11(2), 557–587. https://doi.org/10.2139/ssrn.3226933
Vladimirov, Z. (2018). Does the SME development in the new member states needs a different EU industrial policy? In K. Todorov & K. Kolarov (Eds.), The international entrepreneurship: Trends, challenges, achievements (pp. 34–46). Bulgarian Association for Management Development and Entrepreneurship.
Yang, E., & Zheng, S. (2018). Optimal capital structure, subsidy and the unexpected debt-equity swap policy. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3202020
Yue, L., Huang, C., & Cao, Y. (2022). The impact of FDI technology spillover on the innovation quality of Chinese enterprises: A microperspective based on geographic proximity. European Journal of Innovation Management. https://doi.org/10.1108/EJIM-04-2022-0189
Zoia, M. G., Barbieri, L., & Bagnato, L. (2019). An insight into the Italian economy from an analysis based on the industrial production index in both frequency and time domains. Metroeconomica, 70(4), 688–710. https://doi.org/10.1111/meca.12248
Alqaralleh, H., & Adayleh, R. (2019). The dynamics of the economic cycle with duration dependence: Further evidence from Jordan. Cogent Economics & Finance, 7(1), 1565609. https://doi.org/10.1080/23322039.2019.1565609
Badan Koordinasi Penanaman Modal. (2019). Pemberdayaan Usaha Nasional Melalui Kemitraan Usaha antara PMA/PMDN dengan UMKM [The empowerment of national business through the partnership between foreign/local investment with MSME]. BKPM.
Badan Pusat Statistik. (2020a). Indeks Industri UMKM Indonesia 2011–2019 [Industry Index of Indonesian SME 2011–2019]. BPS.
Badan Pusat Statistik. (2020b). Pertumbuhan Produksi Tahunan Y on Y Menurut 2-Digit KBLI (Persen) [Annual Production Growth Y on Y According to 2-Digit Indonesian Business Standard Classification (Percentage)]. BPS.
Badan Pusat Statistik. (2021). Indeks produksi triwulanan menurut 2-Digit KBLI 2020 [Quarterly production index according to 2-Digit of IBFSC 2020]. BPS. https://www.bps.go.id/indicator/170/397/1/indeks-produksi-triwulanan-menurut-2digit-kbli.html
Badan Pusat Statistik. (2022). Angka Indeks Produksi Industri Manufaktur [Manufacture industries production index number]. https://sirusa.bps.go.id/sirusa/index.php/indikator/250
Bakhouche, A. (2021). Assessing the innovation-finance nexus for SMEs: Evidence from the Arab Region (MENA). Journal of the Knowledge Economy, 13, 1875–1895. https://doi.org/10.1007/s13132-021-00786-x
Bank Indonesia. (2020). Indonesia’s International Investment Position (in Million USD). Bank Indonesia.
Bekraf, & BPS. (2017). Data Statistik dan Hasil Survei Ekonomi Kreatif [Creative Economy Statistics and Survey Results]. Bekraf.
Berrill, J., O’Hagan-Luff, M., & van Stel, A. (2020). The moderating role of education in the relationship between FDI and entrepreneurial activity. Small Business Economics, 54(4), 1041–1059. https://doi.org/10.1007/s11187-018-0121-6
Bianchi, C., & Wickramasekera, R. (2016). Antecedents of SME export intensity in a Latin American market. Journal of Business Research, 69(10), 4368–4376. https://doi.org/10.1016/j.jbusres.2016.02.041
Boshkov, T. (2016). Growing the global economy through SMEs international aspirations. LAP LAMBERT Academic Publishing.
Brown, M. B., & Forsythe, A. B. (1974). Robust tests for the equality of variances. Journal of the American Statistical Association, 69(346), 364–367. https://doi.org/10.1080/01621459.1974.10482955
Canale, R. R., & De Siano, R. (2021). Territorial pressure and tourism contribution to GDP: The case of Italian regions. International Journal of Tourism Research, 23(5), 891–900. https://doi.org/10.1002/jtr.2451
Castro, M. M. S., Calisto, E. O., & Cabello-Rosales, A. (2022). US equity market volatility index components, impact on the industrial production index and post Covid-19 forecasting: Relevance to Mexico. Contaduría y Administración, 65(5), 1–26.
Chevallier, J. (2021). COVID-19 outbreak and CO2 emissions: Macro-financial linkages. Journal of Risk and Financial Management, 14(1), 12. https://doi.org/10.3390/jrfm14010012
Cieślik, A., & Turgut, M. B. (2021). Estimating the growth effects of 2004 eastern enlargement of the European Union. Journal of Risk and Financial Management, 14(3), 128. https://doi.org/10.3390/jrfm14030128
Contractor, F. J., Dangol, R., Nuruzzaman, N., & Raghunath, S. (2020). How do country regulations and business environment impact foreign direct investment (FDI) inflows? International Business Review, 29(2), 101640. https://doi.org/10.1016/j.ibusrev.2019.101640
Cook, M., & Fallon, G. (2020). The determinants of services FDI location in the UK regions. International Journal of Management Practice, 13(6), 627–649. https://doi.org/10.1504/IJMP.2020.110695
Dao, L. (2022). Analyzing the differences in the impact of FDI and exports on labor productivity of enterprises: The case of Vietnam. In A. T. Nguyen & L. Hens (Eds.), Global changes and sustainable development in Asian Emerging Market Economies: Vol. 1. Proceedings of EDESUS 2019 (pp. 211–224). Springer International Publishing. https://doi.org/10.1007/978-3-030-81435-9
Dimovski, G. (2020). The role of foreign direct investments in the performance of small and medium enterprises in the Republic of Macedonia. DOCSMES.
Golob, T. (2017). Spillover effects through worker mobility: Evidence from Slovenian SMEs. Economic and Business Review, 19(3). https://doi.org/10.15458/85451.42
Hennart, J.-F. (1989). Can the “New Forms of Investment” substitute for the “Old Forms?” A transaction costs perspective. Journal of International Business Studies, 20(2), 211–234. https://doi.org/10.1057/palgrave.jibs.8490358
Hernandez, V., & Nieto, M. J. (2016). Inward-outward connections and their impact on firm growth. International Business Review, 25(1), 296–306. https://doi.org/10.1016/j.ibusrev.2015.05.009
Holl, A., & Rama, R. (2014). Foreign subsidiaries and technology sourcing in Spain. Industry and Innovation, 21(1), 43–64. https://doi.org/10.1080/13662716.2014.879254
Hosken, D. J., Buss, D. L., & Hodgson, D. J. (2018). Beware the F test (or, how to compare variances). Animal Behaviour, 136, 119–126. https://doi.org/10.1016/j.anbehav.2017.12.014
Hossain, S. M. K., Khan, M. R., & Haque, M. M. (2018). Corporate voluntary disclosure practices and its association with corporate attributes: An empirical investigation of listed and non-listed commercial banks in Bangladesh. International Journal of Managerial and Financial Accounting, 10(4), 331–351. https://doi.org/10.1504/IJMFA.2018.095972
Islam, K., & Chitakunye, D. (2019). Get organized or perish: Attracting FDI to grow small food enterprises in Bangladesh. Small Enterprise Research, 26(3), 268–287. https://doi.org/10.1080/13215906.2019.1668833
Jauhari, A., & Mohammed, N. (2021). Does Foreign direct investment promote skill upgrading in developing countries? Empirical evidence from Malaysia. Journal of Asian Finance, Economics and Business, 8(4), 289–306.
Kim, K. (2019). Moderating effects of legitimacy on the liability- and R&D investment-innovation relationships in manufacturing SMEs. Asian Journal of Technology Innovation, 27(1), 23–45. https://doi.org/10.1080/19761597.2019.1594321
Kurita, K., Monzen, M., & Rofik, K. (2017). FDI spillover effects on productivity varying from the size of firm and industries in Indonesia. International Journal of Small and Medium Enterprises and Business Sustainability, 2(3), 51–59.
Lembcke, A. C., & Wildnerova, L. (2020). Does FDI benefit incumbent SMEs?: FDI spillovers and competition effects at the local level (OECD Regional Developmental Working Paper). OECD.
Li, Y., & Hu, J.-L. (2013). R&D, FDI, and efficiencies of small and medium sized firms. Journal of Management Research, 13(3), 163–179.
Marchese, M., Giuliani, E., Salazar-Elena, J., & Stone, I. (2019). Enhancing SME productivity: Policy highlights on the role of managerial skills, workforce skills and business linkages (OECD SME and Entrepreneurship Papers, No. 16). OECD Publishing. https://doi.org/10.1787/825bd8a8-en
Meijer, L. L. J., Huijben, J. C. C. M., van Boxstael, A., & Romme, A. G. L. (2019). Barriers and drivers for technology commercialization by SMEs in the Dutch sustainable energy sector. Renewable and Sustainable Energy Reviews, 112, 114–126. https://doi.org/10.1016/j.rser.2019.05.050
Melane-Lavado, A., & Álvarez-Herranz, A. (2020). Cooperation networks as a driver of sustainability-oriented innovation. Sustainability, 12(7), 2820. https://doi.org/10.3390/su12072820
Melane-Lavado, A., Álvarez-Herranz, A., & González-González, I. (2018). Foreign direct investment as a way to guide the innovative process towards sustainability. Journal of Cleaner Production, 172, 3578–3590. https://doi.org/10.1016/j.jclepro.2017.03.131
Mendy, J., & Rahman, M. (2019). Application of human resource management’s universal model: An examination of people versus institutions as barriers of internationalization for SMEs in a small developing country. Thunderbird International Business Review, 61(2), 363–374. https://doi.org/10.1002/tie.21985
Myers, S., & Majiuf, N. S. (1984). Corporate financing and investment decision when firms have information the investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
O’Keeffe, J. M., Gilmour, D., & Simpson, E. (2016). A network approach to overcoming barriers to market engagement for SMEs in energy efficiency initiatives such as the Green Deal. Energy Policy, 97, 582–590. https://doi.org/10.1016/j.enpol.2016.08.006
Paul, J., & Benito, G. R. G. (2018). A review of research on outward foreign direct investment from emerging countries, including China: What do we know, how do we know and where should we be heading? Asia Pacific Business Review, 24(1), 90–115. https://doi.org/10.1080/13602381.2017.1357316
Paul, J., & Feliciano-Cestero, M. M. (2021). Five decades of research on foreign direct investment by MNEs: An overview and research agenda. Journal of Business Research, 124, 800–812. https://doi.org/10.1016/j.jbusres.2020.04.017
Peraturan Presiden Republik Indonesia. (2016). Peraturan Presiden Nomor 44 Tahun 2016 tentang Daftar Bidang Usaha yang Tertutup dan Bidang Usaha yang Terbuka dengan Persyaratan di Bidang Penanaman Modal [Presidential Regulation No. 44 of 2016 concerning the List of Closed Business Sectors and Open Business Sectors with Requirements in the Field of Investment].
Prahalad, C. K., & Hamel, G. (1990). The core competence of the corporation. Harvard Business Review, 79–90.
Prasanna, R., Jayasundara, J., Naradda Gamage, S. K., Ekanayake, E., Rajapakshe, P., & Abeyrathne, G. (2019). Sustainability of SMEs in the competition: A systemic review on technological challenges and SME performance. Journal of Open Innovation: Technology, Market, and Complexity, 5(4), 100. https://doi.org/10.3390/joitmc5040100
Quacoe, D., Wen, X., Quacoe, D., & Dodor, A. (2018). Firm size, compensation and firm deaths in SMEs: Evidence from America. British Journal of Interdisciplinary Research, 8(1), 10–19.
Spelta, A., & Pagnottoni, P. (2021). Mobility-based real-time economic monitoring amid the COVID-19 pandemic. Scientific Reports, 11(1), 13069. https://doi.org/10.1038/s41598-021-92134-x
Surianta, A., & Patunru, A. A. (2021). Repositioning Indonesia in the post-COVID-19 global value chains. In D. Singh & M. Cook (Eds.), Southeast Asian affairs 2021 (pp. 122–138). ISEAS – Yusof Ishak Institute. https://doi.org/10.1355/aa21-1h
Teece, D. J. (1986). Transactions cost economics and the multinational enterprise: An assessment. Journal of Economic Behavior and Organization, 7(1), 21–45. https://doi.org/10.1016/0167-2681(86)90020-X
van der Ven, C. (2018). Inclusive industrialization: The interplay between investment incentives and SME promotion policies in Sub-Saharan Africa. Law and Development Review, 11(2), 557–587. https://doi.org/10.2139/ssrn.3226933
Vladimirov, Z. (2018). Does the SME development in the new member states needs a different EU industrial policy? In K. Todorov & K. Kolarov (Eds.), The international entrepreneurship: Trends, challenges, achievements (pp. 34–46). Bulgarian Association for Management Development and Entrepreneurship.
Yang, E., & Zheng, S. (2018). Optimal capital structure, subsidy and the unexpected debt-equity swap policy. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3202020
Yue, L., Huang, C., & Cao, Y. (2022). The impact of FDI technology spillover on the innovation quality of Chinese enterprises: A microperspective based on geographic proximity. European Journal of Innovation Management. https://doi.org/10.1108/EJIM-04-2022-0189
Zoia, M. G., Barbieri, L., & Bagnato, L. (2019). An insight into the Italian economy from an analysis based on the industrial production index in both frequency and time domains. Metroeconomica, 70(4), 688–710. https://doi.org/10.1111/meca.12248