Pertumbuhan Pinjaman Peer-to-Peer (P2P) Terhadap Pertumbuhan Kredit Modal Kerja, Investasi, dan Konsumsi: Disruptif pada Perbankan di Indonesia-kah?
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Abstract
Tujuan dari penelitian ini adalah memperoleh bukti empiris mengenai pengaruh pertumbuhan pinjaman peer-to-peer (P2P) terhadap pertumbuhan kredit modal kerja, investasi, dan konsumsi di Indonesia. Penelitian ini mengajukan satu pandangan dari sudut pandang asimteri perbankan, bahwa pinjaman yang dibebani tingkat bunga yang tinggi dipandang mempunyai risiko asimetri informasi yang tinggi. Platform P2P dipandang berpotensi memasuki pasar low-end yang menghadapi risiko asimetri informasi yang lebih tinggi, yaitu: kredit konsumsi. Hasil penelitian menunjukkan bahwa pertumbuhan pinjaman P2P tidak berpengaruh pada pasar low end, tetapi pertumbuhan pinjaman P2P telah menjadi pengganggu atau disruptive di pasar utama perbankan, yaitu: kredit modal kerja.
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LPPM Politeknik Piksi Ganesha Indonesia
How to Cite
Kohardinata, C., & Widianingsih, L. P. (2023). Pertumbuhan Pinjaman Peer-to-Peer (P2P) Terhadap Pertumbuhan Kredit Modal Kerja, Investasi, dan Konsumsi: Disruptif pada Perbankan di Indonesia-kah? . Jurnal E-Bis, 7(1), 1-13. https://doi.org/10.37339/e-bis.v7i1.1139
References
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Hun, M. P. (2011). Practical Guides To Panel Data Modeling : A Step by Step Analysis Using Stata.
Jagtiani, J., & Lemieux, C. (2018). Do fintech lenders penetrate areas that are underserved by traditional banks ? Journal of Economics and Business, 100(March), 43–54. https://doi.org/10.1016/j.jeconbus.2018.03.001
Jiang, C., Xu, Q., Zhang, W., Li, M., & Yang, S. (2018). Does automatic bidding mechanism affect herding behavior ? Evidence from online P2P lending in China. Journal of Behavioral and Experimental Finance, 20, 39–44. https://doi.org/10.1016/j.jbef.2018.07.001
Kohardinata, C., Suhardianto, N., & Tjahjadi, B. (2020). Peer-to-peer lending platform: From substitution to complementary for rural banks. Business: Theory and Practice, 21(2), 713–722. https://doi.org/10.3846/btp.2020.12606
Lavryk, A. (2016). P2P lending as an alternative to bank lending in Ukraine. Banks and Bank Systems, 11(4), 20–30. https://doi.org/10.21511/bbs.11(4).2016.02
Li, H., Zhang, Y., Zhang, N., & Jia, H. (2016). Detecting the abnormal lenders from P2P lending data. Procedia - Procedia Computer Science, 91, 357–361. https://doi.org/10.1016/j.procs.2016.07.095
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Miyajima, K. (2020). What Influences Bank Lending in Saudi Arabia? Islamic Economic Studies, 27(2), 125–155. https://doi.org/10.1108/IES-07-2019-0018
Nguyen, T. Le, Vu Van, H., Nguyen, L. D., & Tran, T. Q. (2017). Does rising import competition harm Vietnam’s local firm employment of the 2000s? Economic Research, 30(1), 1882–1895. https://doi.org/10.1080/1331677X.2017.1392883
Okuyan, H. A. (2014). The effect of asymmetric information on turkish banking sector and credit markets. Revue Economique, 65(5), 699–708. https://doi.org/10.3917/reco.655.0699
Otoritas Jasa Keuangan. (2018). Ikhtisar Data Keuangan Fintech (Peer To Peer Lending) Periode Desember 2018. https://www.ojk.go.id/id/kanal/iknb/data-dan-statistik/fintech/Pages/Ikhtisar-Data-Keuangan-Fintech-(Peer-To-Peer-Lending)-Periode-Desember-2018.aspx
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Otoritas Jasa Keuangan. (2020). Ikhtisar Data Keuangan Fintech (Peer To Peer Lending) Periode Desember 2020.
Phan, D. H. B., Narayan, P. K., Rahman, R. E., & Hutabarat, A. R. (2019). Do financial technology firms influence bank performance? Pacific-Basin Finance Journal, November 2, 1–13. https://doi.org/10.1016/j.pacfin.2019.101210
Ramlall, I. (2018). FinTech and the Financial Stability Board. Understanding Financial Stability, 71–81. https://doi.org/doi.org/10.1108/978-1-78756-833-420181016
Romhadhoni, P., Faizah, D. Z., & Afifah, N. (2018). Pengaruh Produk Domestik Bruto, Inflasi Dan Rasio Gini Terhadap Pengangguran Terbuka Di Provinsi Dki Jakarta. Jurnal Matematika Integratif, 14(2), 115–121. https://doi.org/10.24198/jmi.v14.n2.2018.115-121
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Steijvers, T., & Voordeckers, W. (2009). Collateral and credit rationing: A review of recent empirical studies as a guide for future research. Journal of Economic Surveys, 23(5), 924–946. https://doi.org/10.1111/j.1467-6419.2009.00587.x
Stern, C., Makinen, M., & Qian, Z. (2017). FinTechs in China – with a special focus on peer to peer lending. Journal of Chinese Economic and Foreign Trade Studies, 10(3), 215–228. https://doi.org/10.1108/JCEFTS-06-2017-0015
Tang, H. (2019). Peer-to-Peer Lenders Versus Banks: Substitutes or Complements? Review of Financial Studies, 32(5), 1900–1938. https://doi.org/10.1093/rfs/hhy137
Thakor, A. V. (2020). Fintech and banking : What do we know ? Journal of Financial Intermediation, 41, 1–13. https://doi.org/10.1016/j.jfi.2019.100833
The Federal Reserve Bank of Dallas. (2020). Growth Rates Versus Levels. https://www.dallasfed.org /research/basics/growth.aspx
Tsionas, M. (2019). Panel Data Econometrics Theory (Vol. 53, Issue 9). Academic Press.
Ãœnvan, Y. A., & Yakubu, I. N. (2020). Do bank-specific factors drive bank deposits in Ghana? Journal of Computational and Applied Mathematics, 376, 112827. https://doi.org/10.1016/j.cam.2020.112827
Zalan, T., & Toufaily, E. (2017). The promise of fintech in emerging markets: Not as disruptive. Contemporary Economics, 11(4), 415–430. https://doi.org/10.5709/ce.1897-9254.253
Zhang, Z., Hu, W., & Chang, T. (2019). Nonlinear effects of P2P lending on bank loans in a Panel Smooth Transition Regression model. International Review of Economics and Finance, 59(August 2017), 468–473. https://doi.org/10.1016/j.iref.2018.10.010
Al-Homaidi, E. A., Tabash, M. I., Farhan, N. H. S., & Almaqtari, F. A. (2018). Bank-specific and macro-economic determinants of profitability of Indian commercial banks: A panel data approach. Cogent Economics and Finance, 6(1), 1–26. https://doi.org/10.1080/23322039.2018.1548072
Anagnostopoulos, I. (2018). Fintech and regtech: Impact on regulators and banks. Journal of Economics and Business, 100, 7–25. https://doi.org/10.1016/j.jeconbus.2018.07.003
Baltagi, B. H. (2015). The Oxford Handbook of Panel Data. Oxford University Press.
Bank Indonesia. (2023). Statistik Ekonomi dan Keuangan Indonesia - Maret 2023. https://www.bi.go.id/SEKI/tabel/TABEL1_26.pdf
Bharath, S. T., Sunder, J., & Sunder, S. V. (2008). Accounting quality and debt contracting. Accounting Review, 83(1), 1–28. https://doi.org/10.2308/accr.2008.83.1.1
Chauhan, Y., & Kumar, S. B. (2019). Does accounting comparability alleviate the informational disadvantage of foreign investors ? International Review of Economics and Finance, 60(December 2018), 114–129. https://doi.org/10.1016/j.iref.2018.12.018
Christensen, C. M. (1997). Innovator ’ s Dilemma. Harvard Business School Press.
Christensen, C. M., Altman, E. J., Mcdonald, R., & Palmer, J. (2016). Disruptive Innovation : Intellectual History and Future Paths (No. 17–057).
Christensen, C. M., Raynor, M., & McDonald, R. (2015). What Is Disruptive Innovation ? Harvard Business Review, December.
Clancy, B. (2014). Lending to “lemonsâ€: Adverse selection and the failure of New Bank Tokyo. Social Science Japan Journal, 17(2), 155–167. https://doi.org/10.1093/ssjj/jyu001
Crawford, G. S., Pavanini, N., & Schivardi, F. (2018). Asymmetric Information and Imperfect Competition in Lending Markets. American Economic Review, 108(7), 1659–1701. https://doi.org/https://doi.org/ 10.1257/aer.20150487
Dang, V. D. (2019). The effects of loan growth on bank performance: Evidence from Vietnam. Management Science Letters, 9, 899–910. https://doi.org/10.5267/j.msl.2019.2.012
Das, P. (2019). Econometrics in Theory and Practice. In Econometrics in Theory and Practice. Springer Nature Singapore Pte Ltd. https://doi.org/10.1007/978-981-32-9019-8
Dell’Ariccia, G., Friedman, E., & Marquez, R. (1999). Adverse Selection as a Barrier to Entry in the Banking Industry. The RAND Journal of Economics, 30(3), 515–534. https://doi.org/10.2307/2556061
Doan, T., Nguyen, S., Vu, H., Tran, T., & Lim, S. (2015). Does rising import competition harm local firm productivity in less advanced economies ? Evidence from the Vietnam ’s manufacturing sector. The Journal of International Trade & Economic Development, May, 37–41. https://doi.org/10.1080/09638199.2015.1035739
Ekananda, M. (2016). Analisis Ekonometrika Data Panel (2nd ed.). Mitra Wacana Media.
Erdogan, A. I. (2019). Determinants of perceived bank financing accessibility for SMEs: evidence from an emerging market. Economic Research-Ekonomska Istrazivanja , 32(1), 690–716. https://doi.org/10.1080/1331677X.2019.1578678
Gujarati, D. N. (2004). Basic Econometrics (4th ed.). The McGraw−Hil.
Gupta, A., & Xia, C. (2018). A Paradigm Shift in Banking: Unfolding Asia’s FinTech Adventures. In Banking and Finance Issues in Emerging Markets (pp. 215–254). Emerald Publishing Limited. https://doi.org/10.1108/S1571-038620180000025010
Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. Stata Journal, 7(3), 281–312. https://doi.org/10.1177/1536867x0700700301
Hoff, K., & Stiglitz, J. E. (1990). Introduction: Imperfect Information and Rural Credit Markets-Puzzles and Policy Perspectives. The World Bank Economic Review, 4(5), 235–250.
Hun, M. P. (2011). Practical Guides To Panel Data Modeling : A Step by Step Analysis Using Stata.
Jagtiani, J., & Lemieux, C. (2018). Do fintech lenders penetrate areas that are underserved by traditional banks ? Journal of Economics and Business, 100(March), 43–54. https://doi.org/10.1016/j.jeconbus.2018.03.001
Jiang, C., Xu, Q., Zhang, W., Li, M., & Yang, S. (2018). Does automatic bidding mechanism affect herding behavior ? Evidence from online P2P lending in China. Journal of Behavioral and Experimental Finance, 20, 39–44. https://doi.org/10.1016/j.jbef.2018.07.001
Kohardinata, C., Suhardianto, N., & Tjahjadi, B. (2020). Peer-to-peer lending platform: From substitution to complementary for rural banks. Business: Theory and Practice, 21(2), 713–722. https://doi.org/10.3846/btp.2020.12606
Lavryk, A. (2016). P2P lending as an alternative to bank lending in Ukraine. Banks and Bank Systems, 11(4), 20–30. https://doi.org/10.21511/bbs.11(4).2016.02
Li, H., Zhang, Y., Zhang, N., & Jia, H. (2016). Detecting the abnormal lenders from P2P lending data. Procedia - Procedia Computer Science, 91, 357–361. https://doi.org/10.1016/j.procs.2016.07.095
Milian, E. Z., Spinola, M. de M., & Carvalho, M. M. d. (2019). Fintechs: A literature review and research agenda. Electronic Commerce Research and Applications, 34(February). https://doi.org/10.1016/j.elerap.2019.100833
Miyajima, K. (2020). What Influences Bank Lending in Saudi Arabia? Islamic Economic Studies, 27(2), 125–155. https://doi.org/10.1108/IES-07-2019-0018
Nguyen, T. Le, Vu Van, H., Nguyen, L. D., & Tran, T. Q. (2017). Does rising import competition harm Vietnam’s local firm employment of the 2000s? Economic Research, 30(1), 1882–1895. https://doi.org/10.1080/1331677X.2017.1392883
Okuyan, H. A. (2014). The effect of asymmetric information on turkish banking sector and credit markets. Revue Economique, 65(5), 699–708. https://doi.org/10.3917/reco.655.0699
Otoritas Jasa Keuangan. (2018). Ikhtisar Data Keuangan Fintech (Peer To Peer Lending) Periode Desember 2018. https://www.ojk.go.id/id/kanal/iknb/data-dan-statistik/fintech/Pages/Ikhtisar-Data-Keuangan-Fintech-(Peer-To-Peer-Lending)-Periode-Desember-2018.aspx
Otoritas Jasa Keuangan. (2019). Perkembangan Fintech Lending Desember 2019.
Otoritas Jasa Keuangan. (2020). Ikhtisar Data Keuangan Fintech (Peer To Peer Lending) Periode Desember 2020.
Phan, D. H. B., Narayan, P. K., Rahman, R. E., & Hutabarat, A. R. (2019). Do financial technology firms influence bank performance? Pacific-Basin Finance Journal, November 2, 1–13. https://doi.org/10.1016/j.pacfin.2019.101210
Ramlall, I. (2018). FinTech and the Financial Stability Board. Understanding Financial Stability, 71–81. https://doi.org/doi.org/10.1108/978-1-78756-833-420181016
Romhadhoni, P., Faizah, D. Z., & Afifah, N. (2018). Pengaruh Produk Domestik Bruto, Inflasi Dan Rasio Gini Terhadap Pengangguran Terbuka Di Provinsi Dki Jakarta. Jurnal Matematika Integratif, 14(2), 115–121. https://doi.org/10.24198/jmi.v14.n2.2018.115-121
Scott, W. R. (2015). Financial accounting theory. In Prentice Hall Canada (7th ed.). Pearson Canada Inc. https://doi.org/10.1016/j.jbiomech.2013.09.028
Steijvers, T., & Voordeckers, W. (2009). Collateral and credit rationing: A review of recent empirical studies as a guide for future research. Journal of Economic Surveys, 23(5), 924–946. https://doi.org/10.1111/j.1467-6419.2009.00587.x
Stern, C., Makinen, M., & Qian, Z. (2017). FinTechs in China – with a special focus on peer to peer lending. Journal of Chinese Economic and Foreign Trade Studies, 10(3), 215–228. https://doi.org/10.1108/JCEFTS-06-2017-0015
Tang, H. (2019). Peer-to-Peer Lenders Versus Banks: Substitutes or Complements? Review of Financial Studies, 32(5), 1900–1938. https://doi.org/10.1093/rfs/hhy137
Thakor, A. V. (2020). Fintech and banking : What do we know ? Journal of Financial Intermediation, 41, 1–13. https://doi.org/10.1016/j.jfi.2019.100833
The Federal Reserve Bank of Dallas. (2020). Growth Rates Versus Levels. https://www.dallasfed.org /research/basics/growth.aspx
Tsionas, M. (2019). Panel Data Econometrics Theory (Vol. 53, Issue 9). Academic Press.
Ãœnvan, Y. A., & Yakubu, I. N. (2020). Do bank-specific factors drive bank deposits in Ghana? Journal of Computational and Applied Mathematics, 376, 112827. https://doi.org/10.1016/j.cam.2020.112827
Zalan, T., & Toufaily, E. (2017). The promise of fintech in emerging markets: Not as disruptive. Contemporary Economics, 11(4), 415–430. https://doi.org/10.5709/ce.1897-9254.253
Zhang, Z., Hu, W., & Chang, T. (2019). Nonlinear effects of P2P lending on bank loans in a Panel Smooth Transition Regression model. International Review of Economics and Finance, 59(August 2017), 468–473. https://doi.org/10.1016/j.iref.2018.10.010