STUDI KASUS INTERVENSI PEMERINTAH BAGI USAHA MIKRO, KECIL, DAN MENENGAH DI MASA PANDEMI COVID-19
Article Sidebar
Published
Sep 30, 2021
Main Article Content
Abstract
This study investigates the impact of the COVID-19 pandemic on MSMEs and how Government intervention affects their capacity to survive. Through a survey of 368 respondents, namely debtors/beneficiaries, aid distributors, policymakers, and supervisors, this case study finds that the COVID-19 pandemic has resulted in business delays. The finding means that the government assistance schemes are the key to business continuity for MSMEs during the COVID-19 pandemic. With the help from the Government, the business actors in the sample of this study can maintain their business. Although some MSMEs reduced the number of workers employed, some MSMEs still survived, even increased their workers and business turnover. While the research identifies key success factors of Government programs, there are also some challenges in their implementation. This study recommends that the Government continues giving assistance programs for MSMEs. In addition, the Government should relax requirements while focusing on new beneficiaries. Building an integrated MSME database is also necessary, and in the future, the Government must integrate the assistance program with financial literacy and innovation programs. The policy implication of this research is that the future programs of government poverty alleviation need to focus on MSMEs.
Article Details
How to Cite
Harjowiryono, M., & Siallagan, W. (2021). STUDI KASUS INTERVENSI PEMERINTAH BAGI USAHA MIKRO, KECIL, DAN MENENGAH DI MASA PANDEMI COVID-19. Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara Dan Kebijakan Publik, 6(3), 263-287. https://doi.org/https://doi.org/10.33105/itrev.v6i3.425
Section
Articles
This work is licensed under a Creative Commons Attribution 4.0 International License.
Copyright notice can be accessed here
References
Abisuga-Oyekunle, O.A., Patra, W.K., & Michie, M. (2021) SMEs in sustainable development: Their role in poverty reduction and employment generation in sub-Saharan Africa, African Journal of Science, Technology, Innovation and Development, 12 (4), 1-15.
Adam, N. A., & Alarifi. G. (2021). Innovation practices for survival of small and medium enterprises (SMEs) in the COVID-19 times: the role of external support, Journal of Innovation and Entrepreneurship, 10 (15),1–22.
Adam, L., & Lestari, E. (2017). Indonesia's guaranteed microfinance programme (KUR): lessons from the first stage of implementation, Journal of Southeast Asian Economies, 34 (2), 322-344.
Alam, Md. K. (2021). A systematic qualitative case study: questions, data collection, NVivo analysis and saturation, Qualitative Research in Organizations and Management, 16 (1), 1-31.
Al-Hyari, K. (2020). Initial empirical evidence on how Jordanian manufacturing smes cope with the Covid-19 pandemic, Academy of Strategic Management Journal, 19 (Special Issue 1), 1-12.
Amankwah-Amoah, J. (2021). COVID-19 pandemic and innovation activities in the global airline industry: A review, Environment International, 156, 1-7.
Amuda, Y.J. (2020). Impact of Coronavirus On Small And Medium Enterprises (Smes): Towards PostCovid-19 Economic Recovery in Nigeria, Academy of Strategic Management Journal, 19 (6), 1-11.
Badan Pusat Statistik (BPS). (2021), Sensus Penduduk Indonesia. BPS.
Bai, C., Quayson, M., & Sarkis, J (2021). COVID-19 pandemic digitization lessons for sustainable development of micro-and small- enterprises, Sustainable Production and Consumption, 27 (10), 1989-2001.
Burhan, M., Salam, M. T.., Hamdan, O. A., & Tariq, H. (2021). Crisis management in the hospitality sector SMEs in Pakistan during COVID-19, International Journal of Hospitality Management, 98 (2001), https://doi.org/10.1016/j.ijhm.2021.103037
Belghitar, Y., Moro, A., & Radić, N. (2021). When the rainy day is the worst hurricane ever: the effects of governmental policies on SMEs during COVID-19. Small Business Economics, https://doi.org/10.1007/s11187-021-00510-8
Caballero-Morales, S. O. (2021). Innovation as recovery strategy for SMEs in emerging economies during the COVID-19 pandemic. Research in International Business and Finance, 57, 1-9. https://doi.org/10.1016/j.ribaf.2021.101396
Chandra, A.A., Paul, J., & Chavan, M. (2021). .Internationalization challenges for SMEs: evidence and theoretical extension. European Business Review, 33 (2), 316-344
Caraka, R. E., Kurniawan, R., Nasution, B. I., Jamilatuzzahro, J., Gio, P. U., Basyuni, M., & Pardamean, B. (2021). Micro, small, and medium enterprises’ business vulnerability cluster in indonesia: an analysis using optimized fuzzy geodemographic Clustering. Sustainability, 13(14), 7807. http://dx.doi.org/10.3390/su13147807
García-Pérez-de-Lema,D., Ruiz-Palomo, D., & Diéguez-Soto, J. (2021). Analysing the roles of CEO's financial literacy and financial constraints on Spanish SMEs technological innovation. Technology in Society, 64, 101519.
DJPb [Direktorat Jenderal Perbendaharaan]. (2020). Akselerasi Belanja K/L dan Program PEN, paparan Direktur Pelaksanaan Anggaran pada TownHall Meeting DJPb, Jakarta, 6 Agustus 2020.
Dorr, J. O., Licht, G., Murmann, S. (2021). Small firms and the COVID-19 insolvency gap. Small Business Economics, 1-31.
Effendi, M. I., Sugandini, D., & Istanto, Y. (2020). Social media adoption in SMEs Impacted by COVID-19: The TOE Model. Journal of Asian Finance, Economics and Business, (7), 11, 915-925.
Gregurec, I., Tomičić Furjan, M., & Tomičić-Pupek, K. (2021). The Impact of COVID-19 on sustainable business models in SMEs. Sustainability, 13(3), 1098. http://dx.doi.org/10.3390/su13031098
Hrivnák, M., Moritz, P., & Chreneková, M. (2021). What kept the boat afloat? sustainability of employment in knowledge-intensive sectors due to government measures during COVID-19 Pandemic. Sustainability, 13 (15),1-21.
Hutahayan, B., & Yufra, S. (2019). Innovation speed and competitiveness of food small and medium-sized enterprises (SME) in Malang, Indonesia: Creative destruction as the mediation. Journal of Science and Technology Policy Management, 10 (5), 1152-1173.
International Monetary Fund [IMF] (2020). Policy Tracker, https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19, diakses tanggal 21 Juni 2021.
Jahangiri, M., Azmon, H., Daneshvar, A., Keshmiri, H.K., Besharati, A., Daneshvar, S., Hassanipour, S., &
Malakoutikhah. (2019). Occupational health problems and safety conditions among small and medium-sized enterprises: a cross-sectional study in Shiraz, Iran. Annals of Global Health, (8)1, 1-51.
Kanwil DJPb DKI Jakarta, 2021, Laporan Hasil Quarterly Meeting: Dukungan Penyaluran KUR DKI Jakarta. Jakarta.
Kemenkeu (Kementerian Keuangan). (2021). Kewaspadaan di Tengah Optimisme Perbaikan Ekonomi, Kemenkeu Corporate University Talk, dalam Seminar “Peran FPP dalam Rekomendasi Kebijakan Makro Fiskal”, Jakarta- 2 Juni 2021.
Kementerian Keuangan. (2020). Mengawal Program PEN untuk UMKM: Upaya Pengawasan Internal dalam mendorong Aktivitas Sektor Riil, Kemenkeu Corpu Talk, 1 September 2020.
Kemenko Perekonomian (Kementerian Koordinator Bidang Perekonomian). (2020). Kredit Usaha Rakyat: Sosialisasi
Perubahan Kebijakan KUR tahun 2020, Slide presentasi, September 2020.
Kemenko Perekonomian (Kementerian Koordinator Bidang Perekonomian). (2016). Kemenko Perekonomian Adakan Workshop SIKP untuk Mendukung KUR, . https://ekon.go.id/publikasi/detail/2493/kemenko-perekonomian-adakan-workshop-sikp-untuk-mendukung-kur, diakses tanggal 20 Juli 2021.
Kementerian Perindustrian (Kemenperin). (2014). UMKM Luar Jawa Sulit Berkembang, https://kemenperin.go.id/artikel/9927/UMKM-Luar-Jawa-Sulit-Berkembang, diakses tanggal 30 Juli 2021.
Lampadarious, E., Kyriakidou, N., & Smith, D. (2017). Towards a new framework for SMEs success: a literature review, International Journal of Business and Globalisation, 18 (2), 194-232.
Lamoureux, S.M., Movassaghi, H., & Kasiri, N. (2019). The role of government support in smes’ adoption of sustainability. IEEE Engineering Management Review, 47(1), 110-114, doi: 10.1109/EMR.2019.2898635.
Lisa, O. (2019). The effect of entrepreneurial behavior and organizational innovation on msmes performance. JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen, 16 (2), 160-172.
Lu, L., Peng, J., Wu, J., & Lu, Y. (2021). Perceived impact of the Covid-19 crisis on SMEs in different industry sectors: Evidence from Sichuan, China. International Journal of Disaster Risk Reduction, 55 (24),1-9.
Lutfi, M., Buntuang, P.C.D., Kornelius, Y., Erdiyansyah, & Hasanuddin, B. (2020). The impact of social distancing policy in small and medium-sized (SMEs) in Indonesia, Problems and Perspectives in Management, 18 (3), 492-503.
Msomi, T., Olarewaju, O. (2021). Evaluation of access to finance, market and viability of small and medium-sized enterprises in South Africa, Problems and Perspectives in Management, 19 (1), 281-289.
Mukhtar, S, Putri, K. Y.s, Suseno, D., Wibowo, A, & Wardana, L. (2020). Influence of Information Technology towards the Development Economics of SMEs in Indonesia Humanities and Social Sciences Letters, (8)2, 280-291.
Ndiaye, N., Razak, L.A., Nagayev, R., & Ng, A. (2018), Demystifying small and medium enterprises‘ (SMEs) performance in emerging and developing economies. Borsa Istanbul Review 18, 269–281.
OECD. (2017). Enhancing the contributions of SMEs in a global and digitalized economy, Meeting of the OECD Council at Ministerial Level, Paris 7-8 June 2017.
Pakpahan, A.K., (2020). COVID-19 dan implikasi bagi usaha mikro, kecil dan menengah. Jurnal Ilmiah Hubungan Internasional, 59-64.
Patma, T. S., Wardana, L.W., Wibowo, A., & Narmaditya, B. S. (2020). The shifting of business activities during the COVID-19 pandemic: Does social media marketing matter? Journal of Asian Finance, Economics and Business, 7 (12), 283-292.
Park. S & Lee, I. H. (2019). Government support and small- and medium-sized enterprise (SME) performance: the moderating effects of diagnostic and support services. Asian Business & Management, 19, 213-238.
Prijadi, R., Wulandari, P., Desiana, P. M., Pinagara, F. A., & Novita, M. (2020). Financing needs of micro-enterprises along their evolution. International Journal of Ethics and Systems, 36(2), 263–284.
Priyono, A., Moin, A., & Putri, V.N.A.O. (2020), Identifying digital transformation paths in the business model of smes during the covid-19 pandemic. Journal of Open Innovation: Technology, Market and Complexity, 6 (124), 1-22.
Purwidianti, W., & Tubastuvi, N. (2019). The effect of financial literacy and financial experience on sme financial behavior in indonesia. Jurnal Dinamika Manajemen, 10(1), 40–45.
Ratnasingam, J., Khoo, A., & Jegathesan N. (2020). How are small and medium enterprises in Malaysia’s furniture industry coping with COVID-19 pandemic? early evidences from a survey and recommendations for policymakers. BioResources, (15), 5951-5964.
Razumovskaia, E., Yuzvovich, L., Kniazeva, E., Klimenko, M., & Shelyakin, V. (2020). The effectiveness of russian government policy to support SMEs in the COVID-19 pandemic. Jurnal of Open Innovation: Technology, Market, and Complexity, 6(160), 1-20.
Resmi, S., Pahlevi, R. W., & Sayekti, F. (2021). The effect of financial and taxation literation on competitive advantages and business performance: a case study in Indonesia. The Journal of Asian Finance, Economics and Business, 8(2), 963–971.
Romer, C. D., Romer, D.H. (2019). Fiscal space and the aftermath of financial crises: how it matters and why. Brookings Papers on Economic Activity, Spring, 239-331.
Ssenyonga, M. (2021) Imperatives for post COVID-19 recovery of Indonesia’s education, labor, and SME sectors. Cogent Economics & Finance, 9 (1), 1-91.
She, Q., Yu, Y., & Wu, K. (2020). Is “born global” a viable market entry mode for the internationalization of smes? evidence from China before COVID-19. Emerging Markets Finance and Trade, 56 (15), 3599-3612.
Susila, I. (2020). The influence of structure, resources, disposition and communication on small- and medium-sized enterprises’ empowerment policy implementation in Indonesia. Journal of Asian Finance, Economics and Business, 8 (6), 1213–1223.
Sun, Y., Zeng, X., Zhao, H., Simkins, B., & Cui, X., (2021). The impact of COVID-19 on SMEs in China: Textual analysis and empirical evidence. Finance Research Letters, 102-211.
Sistem Informasi Kredit Program (SIKP), 2021, DJPb Kemenkeu.
Tambunan, T. (2018). The performance of indonesia’s public credit guarantee scheme for msmes: a regional comparative perspective. Journal of Southeast Asian Economies, 35(2), 319-332.
Tran, H., Abbott, M., & Jin-Yap C. (2017). How does working capital management affect the profitability of Vietnamese small and medium sized enterprises? Journal of Small Business and Enterprise Development, 24(1),2-11.
Wang, Y. (2016). What are the biggest obstacles to growth of SMEs in developing countries?An emprirical evidence from an enterprise survey. Borsa Istanbul Review, 16 (3), 167-176.
Wang, S. S., Goh, J. R., Sornette, D., Wang, H. & Yang, E.Y. (2021). Government support for SMEs in response to COVID-19: theoretical model using Wang transform. China Finance Review International, 11 (3), 406-433.
Warsame, A. A. (2020). The impacts of COVID 19 on small and medium enterprises. European Journal of Business and Management, 12 (25), 96-105.
Zimon, G., Babenko, V., Sadowska, B., Chudy-Laskowska, K., & Gosik. B .(2021). Inventory management in SMEs operating in polish group purchasing organizations during the COVID-19 pandemic. Risks, (9)63, 1-16.
Adam, N. A., & Alarifi. G. (2021). Innovation practices for survival of small and medium enterprises (SMEs) in the COVID-19 times: the role of external support, Journal of Innovation and Entrepreneurship, 10 (15),1–22.
Adam, L., & Lestari, E. (2017). Indonesia's guaranteed microfinance programme (KUR): lessons from the first stage of implementation, Journal of Southeast Asian Economies, 34 (2), 322-344.
Alam, Md. K. (2021). A systematic qualitative case study: questions, data collection, NVivo analysis and saturation, Qualitative Research in Organizations and Management, 16 (1), 1-31.
Al-Hyari, K. (2020). Initial empirical evidence on how Jordanian manufacturing smes cope with the Covid-19 pandemic, Academy of Strategic Management Journal, 19 (Special Issue 1), 1-12.
Amankwah-Amoah, J. (2021). COVID-19 pandemic and innovation activities in the global airline industry: A review, Environment International, 156, 1-7.
Amuda, Y.J. (2020). Impact of Coronavirus On Small And Medium Enterprises (Smes): Towards PostCovid-19 Economic Recovery in Nigeria, Academy of Strategic Management Journal, 19 (6), 1-11.
Badan Pusat Statistik (BPS). (2021), Sensus Penduduk Indonesia. BPS.
Bai, C., Quayson, M., & Sarkis, J (2021). COVID-19 pandemic digitization lessons for sustainable development of micro-and small- enterprises, Sustainable Production and Consumption, 27 (10), 1989-2001.
Burhan, M., Salam, M. T.., Hamdan, O. A., & Tariq, H. (2021). Crisis management in the hospitality sector SMEs in Pakistan during COVID-19, International Journal of Hospitality Management, 98 (2001), https://doi.org/10.1016/j.ijhm.2021.103037
Belghitar, Y., Moro, A., & Radić, N. (2021). When the rainy day is the worst hurricane ever: the effects of governmental policies on SMEs during COVID-19. Small Business Economics, https://doi.org/10.1007/s11187-021-00510-8
Caballero-Morales, S. O. (2021). Innovation as recovery strategy for SMEs in emerging economies during the COVID-19 pandemic. Research in International Business and Finance, 57, 1-9. https://doi.org/10.1016/j.ribaf.2021.101396
Chandra, A.A., Paul, J., & Chavan, M. (2021). .Internationalization challenges for SMEs: evidence and theoretical extension. European Business Review, 33 (2), 316-344
Caraka, R. E., Kurniawan, R., Nasution, B. I., Jamilatuzzahro, J., Gio, P. U., Basyuni, M., & Pardamean, B. (2021). Micro, small, and medium enterprises’ business vulnerability cluster in indonesia: an analysis using optimized fuzzy geodemographic Clustering. Sustainability, 13(14), 7807. http://dx.doi.org/10.3390/su13147807
García-Pérez-de-Lema,D., Ruiz-Palomo, D., & Diéguez-Soto, J. (2021). Analysing the roles of CEO's financial literacy and financial constraints on Spanish SMEs technological innovation. Technology in Society, 64, 101519.
DJPb [Direktorat Jenderal Perbendaharaan]. (2020). Akselerasi Belanja K/L dan Program PEN, paparan Direktur Pelaksanaan Anggaran pada TownHall Meeting DJPb, Jakarta, 6 Agustus 2020.
Dorr, J. O., Licht, G., Murmann, S. (2021). Small firms and the COVID-19 insolvency gap. Small Business Economics, 1-31.
Effendi, M. I., Sugandini, D., & Istanto, Y. (2020). Social media adoption in SMEs Impacted by COVID-19: The TOE Model. Journal of Asian Finance, Economics and Business, (7), 11, 915-925.
Gregurec, I., Tomičić Furjan, M., & Tomičić-Pupek, K. (2021). The Impact of COVID-19 on sustainable business models in SMEs. Sustainability, 13(3), 1098. http://dx.doi.org/10.3390/su13031098
Hrivnák, M., Moritz, P., & Chreneková, M. (2021). What kept the boat afloat? sustainability of employment in knowledge-intensive sectors due to government measures during COVID-19 Pandemic. Sustainability, 13 (15),1-21.
Hutahayan, B., & Yufra, S. (2019). Innovation speed and competitiveness of food small and medium-sized enterprises (SME) in Malang, Indonesia: Creative destruction as the mediation. Journal of Science and Technology Policy Management, 10 (5), 1152-1173.
International Monetary Fund [IMF] (2020). Policy Tracker, https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19, diakses tanggal 21 Juni 2021.
Jahangiri, M., Azmon, H., Daneshvar, A., Keshmiri, H.K., Besharati, A., Daneshvar, S., Hassanipour, S., &
Malakoutikhah. (2019). Occupational health problems and safety conditions among small and medium-sized enterprises: a cross-sectional study in Shiraz, Iran. Annals of Global Health, (8)1, 1-51.
Kanwil DJPb DKI Jakarta, 2021, Laporan Hasil Quarterly Meeting: Dukungan Penyaluran KUR DKI Jakarta. Jakarta.
Kemenkeu (Kementerian Keuangan). (2021). Kewaspadaan di Tengah Optimisme Perbaikan Ekonomi, Kemenkeu Corporate University Talk, dalam Seminar “Peran FPP dalam Rekomendasi Kebijakan Makro Fiskal”, Jakarta- 2 Juni 2021.
Kementerian Keuangan. (2020). Mengawal Program PEN untuk UMKM: Upaya Pengawasan Internal dalam mendorong Aktivitas Sektor Riil, Kemenkeu Corpu Talk, 1 September 2020.
Kemenko Perekonomian (Kementerian Koordinator Bidang Perekonomian). (2020). Kredit Usaha Rakyat: Sosialisasi
Perubahan Kebijakan KUR tahun 2020, Slide presentasi, September 2020.
Kemenko Perekonomian (Kementerian Koordinator Bidang Perekonomian). (2016). Kemenko Perekonomian Adakan Workshop SIKP untuk Mendukung KUR, . https://ekon.go.id/publikasi/detail/2493/kemenko-perekonomian-adakan-workshop-sikp-untuk-mendukung-kur, diakses tanggal 20 Juli 2021.
Kementerian Perindustrian (Kemenperin). (2014). UMKM Luar Jawa Sulit Berkembang, https://kemenperin.go.id/artikel/9927/UMKM-Luar-Jawa-Sulit-Berkembang, diakses tanggal 30 Juli 2021.
Lampadarious, E., Kyriakidou, N., & Smith, D. (2017). Towards a new framework for SMEs success: a literature review, International Journal of Business and Globalisation, 18 (2), 194-232.
Lamoureux, S.M., Movassaghi, H., & Kasiri, N. (2019). The role of government support in smes’ adoption of sustainability. IEEE Engineering Management Review, 47(1), 110-114, doi: 10.1109/EMR.2019.2898635.
Lisa, O. (2019). The effect of entrepreneurial behavior and organizational innovation on msmes performance. JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen, 16 (2), 160-172.
Lu, L., Peng, J., Wu, J., & Lu, Y. (2021). Perceived impact of the Covid-19 crisis on SMEs in different industry sectors: Evidence from Sichuan, China. International Journal of Disaster Risk Reduction, 55 (24),1-9.
Lutfi, M., Buntuang, P.C.D., Kornelius, Y., Erdiyansyah, & Hasanuddin, B. (2020). The impact of social distancing policy in small and medium-sized (SMEs) in Indonesia, Problems and Perspectives in Management, 18 (3), 492-503.
Msomi, T., Olarewaju, O. (2021). Evaluation of access to finance, market and viability of small and medium-sized enterprises in South Africa, Problems and Perspectives in Management, 19 (1), 281-289.
Mukhtar, S, Putri, K. Y.s, Suseno, D., Wibowo, A, & Wardana, L. (2020). Influence of Information Technology towards the Development Economics of SMEs in Indonesia Humanities and Social Sciences Letters, (8)2, 280-291.
Ndiaye, N., Razak, L.A., Nagayev, R., & Ng, A. (2018), Demystifying small and medium enterprises‘ (SMEs) performance in emerging and developing economies. Borsa Istanbul Review 18, 269–281.
OECD. (2017). Enhancing the contributions of SMEs in a global and digitalized economy, Meeting of the OECD Council at Ministerial Level, Paris 7-8 June 2017.
Pakpahan, A.K., (2020). COVID-19 dan implikasi bagi usaha mikro, kecil dan menengah. Jurnal Ilmiah Hubungan Internasional, 59-64.
Patma, T. S., Wardana, L.W., Wibowo, A., & Narmaditya, B. S. (2020). The shifting of business activities during the COVID-19 pandemic: Does social media marketing matter? Journal of Asian Finance, Economics and Business, 7 (12), 283-292.
Park. S & Lee, I. H. (2019). Government support and small- and medium-sized enterprise (SME) performance: the moderating effects of diagnostic and support services. Asian Business & Management, 19, 213-238.
Prijadi, R., Wulandari, P., Desiana, P. M., Pinagara, F. A., & Novita, M. (2020). Financing needs of micro-enterprises along their evolution. International Journal of Ethics and Systems, 36(2), 263–284.
Priyono, A., Moin, A., & Putri, V.N.A.O. (2020), Identifying digital transformation paths in the business model of smes during the covid-19 pandemic. Journal of Open Innovation: Technology, Market and Complexity, 6 (124), 1-22.
Purwidianti, W., & Tubastuvi, N. (2019). The effect of financial literacy and financial experience on sme financial behavior in indonesia. Jurnal Dinamika Manajemen, 10(1), 40–45.
Ratnasingam, J., Khoo, A., & Jegathesan N. (2020). How are small and medium enterprises in Malaysia’s furniture industry coping with COVID-19 pandemic? early evidences from a survey and recommendations for policymakers. BioResources, (15), 5951-5964.
Razumovskaia, E., Yuzvovich, L., Kniazeva, E., Klimenko, M., & Shelyakin, V. (2020). The effectiveness of russian government policy to support SMEs in the COVID-19 pandemic. Jurnal of Open Innovation: Technology, Market, and Complexity, 6(160), 1-20.
Resmi, S., Pahlevi, R. W., & Sayekti, F. (2021). The effect of financial and taxation literation on competitive advantages and business performance: a case study in Indonesia. The Journal of Asian Finance, Economics and Business, 8(2), 963–971.
Romer, C. D., Romer, D.H. (2019). Fiscal space and the aftermath of financial crises: how it matters and why. Brookings Papers on Economic Activity, Spring, 239-331.
Ssenyonga, M. (2021) Imperatives for post COVID-19 recovery of Indonesia’s education, labor, and SME sectors. Cogent Economics & Finance, 9 (1), 1-91.
She, Q., Yu, Y., & Wu, K. (2020). Is “born global” a viable market entry mode for the internationalization of smes? evidence from China before COVID-19. Emerging Markets Finance and Trade, 56 (15), 3599-3612.
Susila, I. (2020). The influence of structure, resources, disposition and communication on small- and medium-sized enterprises’ empowerment policy implementation in Indonesia. Journal of Asian Finance, Economics and Business, 8 (6), 1213–1223.
Sun, Y., Zeng, X., Zhao, H., Simkins, B., & Cui, X., (2021). The impact of COVID-19 on SMEs in China: Textual analysis and empirical evidence. Finance Research Letters, 102-211.
Sistem Informasi Kredit Program (SIKP), 2021, DJPb Kemenkeu.
Tambunan, T. (2018). The performance of indonesia’s public credit guarantee scheme for msmes: a regional comparative perspective. Journal of Southeast Asian Economies, 35(2), 319-332.
Tran, H., Abbott, M., & Jin-Yap C. (2017). How does working capital management affect the profitability of Vietnamese small and medium sized enterprises? Journal of Small Business and Enterprise Development, 24(1),2-11.
Wang, Y. (2016). What are the biggest obstacles to growth of SMEs in developing countries?An emprirical evidence from an enterprise survey. Borsa Istanbul Review, 16 (3), 167-176.
Wang, S. S., Goh, J. R., Sornette, D., Wang, H. & Yang, E.Y. (2021). Government support for SMEs in response to COVID-19: theoretical model using Wang transform. China Finance Review International, 11 (3), 406-433.
Warsame, A. A. (2020). The impacts of COVID 19 on small and medium enterprises. European Journal of Business and Management, 12 (25), 96-105.
Zimon, G., Babenko, V., Sadowska, B., Chudy-Laskowska, K., & Gosik. B .(2021). Inventory management in SMEs operating in polish group purchasing organizations during the COVID-19 pandemic. Risks, (9)63, 1-16.