Credit risk management based on harmonious cultural values to support microfinance institution performance in Indonesia
Abstract
Credit risk is important in developing the performance of a microfinance institution. The aim of this research was to analyze credit risk through a harmonious cultural approach to improve financial performance. Qualitative approach was used to explore the practice of harmonious culture in managing credit risk. The result of the qualitative study would be utilized to design a questionnaire for quantitative test. Ninety-four (94) companies were selected as the samples by using Slovin Method. The result of the qualitative study explained that harmonious culture-based credit risk was influenced by loan quality, collateral quality, customary rules, traditional leaders, and the belief in karma phala law. Quantitatively, it was found that loan quality, collateral quality, customary rules, traditional leaders, and the belief in karma phala law simultaneously influenced the financial performance. The research result had an implication to risk management in improving financial performance. It could also be used as a new strategy for managers to maintain good relationship with customers.
Keyword : credit risk, harmonious culture, performance
How to Cite
Astawa, I. P., Sukawati, T. G. R., & Dwiatmadja, C. (2020). Credit risk management based on harmonious cultural values to support microfinance institution performance in Indonesia. Business: Theory and Practice, 21(1), 340-347. https://doi.org/10.3846/btp.2020.9945
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Armenda´Riz De Aghion, B., & Morduch, J. (2010). The economics of microfinance. MIT Press. https://mitpress.mit.edu/books/economics-microfinance-second-edition
Astawa, P. I. (2013). Ownership in the perspective of ethnomethodology at the village credit institutional in Bali. Research Journal of Finance and Accounting, 4(8), 55–62. http://iiste.org/Journals/index.php/RJFA/issue/view/713
Astawa, P. I., Sudarma, M., Aisjah, S., & Djumahir, D. (2013). Institutional ownership and harmonious values in increasing financial performance of village credit institution (LembagaPerkreditan Rakyat/LPD) in Bali Province. Journal of Basic and Applied Scientific Research, 3(6), 813–824. http://www.textroad.com/JBASR-June,%202013(4).html
Astawa, P. I., Sukawati, T. G. R., Triyuni, N. N., & Abdi, I. N. (2016). Performance of microfinance institutions in harmony cultural perspective in Bali. Procedia Social and Behavioral Sciences, 219, 113–120. https://www.sciencedirect.com/science/article/pii/S1877042816300532
Astawa, P. I., & Sudika, P. (2014). The impact local culture on financial performance in property firms in Bali. Asia Pacific Management and Business Application, 3(2), 106–115. http://apmba.ub.ac.id/index.php/apmba/article/view/171
Astawa, I. P., & Sukawati, T. G. R. (2016). UbudGets the customer an ethnomethodology approach. International Journal of Economic Research, 13(7), 2681–2692. http://serialsjournals.com/articles.php?volumesno_id=1121& journals_id=41&volumes_id=845
Astawa, I. P., Sudana, I. M., & Murni, N. G. N. S. (2017). Non-financial; performance measures; local culture; microfinance institutions. Journal of Finance and Banking Review, 2(3), 29–35. http://gatrenterprise.com/GATRJournals/jfbr_vol2_2017_issue3.html
Baland, J. M., Gangadharan, L., Maitra, P., & Somanathan, R. (2017). Repayment and exclusion in a microfinance experiment. Journal of Economic Behavior & Organization, 137, 176–190. https://doi.org/10.1016/j.jebo.2017.02.007
Banerjee, A. (2013). Microcredit under the microscope: what have we learned in the past two decades, and what do we need to know? Annual Review of Economics, 5, 487–519. https://doi.org/10.1146/annurev-economics-082912-110220
Bank, P. D. B. (2016). Annual Report, Provinsi Bali. http://annualreport.id/annualreport/pt-bank-pembangunan-daerah-bali-laporan-tahunan-2016
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Barreto, I. (2010). Dynamic capabilities: a review of past research and an agenda for the future. Journal of Management, 36(1), 256–280. https://doi.org/10.1177/0149206309350776
Becker, G. S. (1993). Nobel lecture: the economic way of looking at behavior. Journal of Political Economy, 101(3), 385–409. https://doi.org/10.1086/261880
Boateng, G. O., Boateng, A. A., & Bampoe, H. S. (2015). Microfinance and poverty reduction in Ghana: evidence from policy beneficiaries. Review of Business and Finance Studies, 6(1), 99–108. ftp://ftp.repec.org/opt/ReDIF/RePEc/ibf/rbfstu/rbfs-v6n1-2015/RBFS-V6N1-2015-8.pdf
Bruett, T. (2004). Four risks that must be managed by microfinance institutions. Microfinance Experience Series: Recommendations for Profitable Growth, (2). http://www.microfinancegateway.org/sites/default/files/mfg-en-paper-four-risks-that-must-be-managed-by-microfinance-institutions-nov-2004.pdf
Castellani, D., & Cincinelli, P. (2015). Dealing with drought‐related credit and liquidity risks in MFIs: evidence from Africa. Strategic Change, 24(1), 67–84. https://doi.org/10.1002/jsc.1998
Chandrakumarmangalam, S., & Vetrivel, S. C. (2012). Impact of group-based microfinance on rural households in India. IUP Journal of Management Research, 11(2). https://www.questia.com/library/journal/1P3-2738480121/impact-of-group-based-microfinance-on-rural-households
Churchill, C., & Coster, D. (2001). Microfinance risk management handbook. Economic Development Unit, CAR. https://www.findevgateway.org/library/microfinance-risk-management-handbook
Creswell, J. W., & Clark, V. L. P. (2017). Designing and conducting mixed methods research. Sage publications. https://uk.sagepub.com/en-gb/asi/designing-and-conducting-mixed-methods-research/book241842
Ekunwe, P., Orewa, S., Abulu, M., & Egware, R. (2015). Micro-credit access and profitability in crop production in orhionmwon local government area of Edo State, Nigeria. Journal of Applied Science and Environment Management, 19(1), 81–87. https://www.ajol.info/index.php/jasem/issue/view/12246
Ghani, E. K., Tarmezi, N., Said, J., & Yuliansyah, Y. (2016). The effect of risk management and operational information disclosure practices on public listed firms’ financial performance. International Journal of Economics and Management, 10(S2), 235–252. http://www.econ.upm.edu.my/ijem
Glaser, B., & Strauss, A. (1967). The discovery of grounded theory. Weidenfield & Nicolson, London (pp. 1–19).
Hassan, A. (2014). The challenge in poverty alleviation: role of Islamic microfinance and social capital. Humanomics, 30(1), 76–90. https://www.emeraldinsight.com/toc/h/30/1
Helfat, C. E., & Peteraf, M. A. (2003). The dynamic resource‐based view: Capability lifecycles. Strategic Management Journal, 24(10), 997–1010. https://doi.org/10.1002/smj.332
Hermes, N., & Lensink, R. (2011). Microfinance: its impact, outreach, and sustainability. World Development, 39(6), 875–881. https://www.sciencedirect.com/journal/world-development/vol/39/issue/6
Hofstede, G. H. (1984). Culture’s consequences: international differences in work-related values. Sage Publications Inc, Thousand Oaks. https://doi.org/10.1002/job.4030030208
Hussain, R. I., Fareed, Z., Saleem, I., Hussain, S., & Adnan, S. (2012). Implementation of Basel II in microfinance sector of Pakistan. European Journal of Business and Management, 4(2), 64–71. https://iiste.org/Journals/index.php/EJBM/article/view/1035
Kanyurhi, E. B., Bugandwa, D., & Akonkwa, M. (2016). Internal marketing, employee job satisfaction, and perceived organizational performance in microfinance institutions. International Journal of Bank Marketing, 34(5), 123–146. https://doi.org/10.1108/IJBM-06-2015-0083
Khan, S., & Ashta, A. (2013). Managing multi‐faceted risks in microfinance operations. Strategic Change, 22(1–2), 1–16. https://doi.org/10.1002/jsc.1918
Kisielnicki, J. (2010). Friendly administration project of the procedure for personal income tax payment: suggested changes and the role of information technology. Polish Journal of Management Studies, 1(1), 17–24. https://pjms.zim.pcz.pl/resources/html/article/details?id=187033
Koohang, A., Paliszkiewicz, J., & Goluchowski, J. (2017). The impact of leadership on trust, knowledge management, and organizational performance: A research model. Industrial Management & Data Systems, 117(3), 521–537. https://www.emeraldinsight.com/toc/imds/117/3
Kotter, J. P., & Heskett, S. L. (1997). Corporate culture and performance. PT Prehallindo Simon & Schruster (Asia) Pte. Ltd.
Lay, C. (2016). Performance excellence by transformational leadership in developing collectivistic culture for indonesian companies. Pertanika Journal of Social Sciences & Humanities, 24, 19–32. http://www.pertanika.upm.edu.my/Pertanika%20PAPERS/JSSH%20Vol.%2024%20(S)%20Jun.%202016%20(View%20Full%20Journal).pdf
Loasby, B. J. (2010). Capabilities and strategy: problems avertis and prospects. Industrial and Corporate Change. Strategic Management Journal, 19(4), 1301–1316. https://doi.org/10.1093/icc/dtq032
Mariana, M., & Nowicka-Skowron, M. (2010). Costs related to the functions of company logistics. Polish Journal of Management Studies, 1(1), 25–35. https://pjms.zim.pcz.pl/resources/html/article/details?id=187034
Mitrovic, V. L. (2015). Resilience: detecting vulnerability in marginal groups, disaster prevention and management. An International Journal, 24(2), 185–200. https://doi.org/10.1108/DPM-05-2014-0096
Reed, L., Marsden, J., Ortega, A., Rivera, C., & Rogers, S. (2014). The state of the microloan summit campaign report 2014. Microloan Summit Campaign. https://www.findevgateway.org/library/resilience-state-microcredit-summit-campaign-report-2014
Rozzani, N., Mohamed, I. S., & Yusuf, S. N. S. (2017). Risk management process: profiling of islamic microfinance provider. Research in International Business and Finance, 6(1), 99–108. https://doi.org/10.1016/j.ribaf.2017.04.009
Said, J., Alam, M., Abdullah, N., Herda, N., Zulkarnain, N., & Anugerah, R. (2016). Innovation risk and sustainable competitive advantages: empirical assessment of government-linked companies in Malaysia. International Journal of Economics and Management, 10(S2), 253–265. http://econ.upm.edu.my/ijem/prev_issue.htm
Schein, E. H. (2004). Organizational culture and leadership. John Wiley and Sont.Inc.
Siagian, S. (2002). Strategic management. PT. Bumi Aksara, Jakarta.
Sugiyono, P. (2008). Educational quantitative, qualitative approach and R&D. Alfabeta, Bandung.
Sukawati, T. G. R., & Astawa, I. P. (2017). Improving performance by harmonious culture approach in internal marketing. Polish Journal of Management Studies, 6(1), 226–233. https://pjms.zim.pcz.pl/resources/html/article/details?id=158212
Supatmi, Sutrisno, T., Saraswati, E., & Purnomosidhi, B. (2019). The effect of related party transactions on irm performance: the moderating role of political connection in Indonesian banking. Business: Theory and Practice, 20, 81–92. https://doi.org/10.3846/btp.2019.08
Surya, I. B. K., Kesuma, I. K. W., Dewi, A. A. S. K., & Sriathi, A. A. A. (2017). The effect of Tri Hita Karana culture on the organizational commitment and performance of the company (a study on regional water company of Tabanan Regency). Udayana Journal of Social Sciences and Humanities, 1(1), 56–63. https://doi.org/10.24843/UJoSSH.2018.v02.i01
Thomson, J. J. (1990). The realm of rights. Harvard University Press.
Vanroose, A., & Espallier, B. D. (2013). Do microfinance institutions accomplish their mission? Evidence from the relationship between traditional financial sector development and microfinance institutions’ outreach and performance. Applied Economics, 45(15), 1965–1982. https://doi.org/10.1080/00036846.2011.641932
Windia, W., & Dewi, R. K. (2007). Business analysis based on tri hita karana. Publisher Universitas, Udayana, Denpasar.
Agbola, F. W., Acupan, A., Mahmood, A. (2017). Does microfinance reduce poverty? New evidence from Northeastern Mindanao, the Philippines. Journal of Rural Studies, 50, 159–171. https://doi.org/10.1016/j.jrurstud.2016.11.005
Allen, F., Otchere, I., & Senbet, L. W. (2011). African financial systems: a review. Review of Development Finance, 1(2), 79–113. https://doi.org/10.1016/j.rdf.2011.03.003
Alonso, A. D. (2015). Resilience in the context of two traditional Spanish rural sectors: an exploratory study. Journal of Enterprising Communities: People and Places in the Global Economy, 9(2), 182–203. https://www.emeraldinsight.com/doi/abs/10.1108/JEC-11-2014-0026
Amir, A., Auzair, S. M., & Amiruddin, R. (2016). Cost management, entrepreneurship and competitiveness of strategic priorities for small and medium enterprises. Procedia-Social and Behavioral Sciences, 219, 84–90. https://doi.org/10.1016/j.sbspro.2016.04.046
Armenda´Riz De Aghion, B., & Morduch, J. (2010). The economics of microfinance. MIT Press. https://mitpress.mit.edu/books/economics-microfinance-second-edition
Astawa, P. I. (2013). Ownership in the perspective of ethnomethodology at the village credit institutional in Bali. Research Journal of Finance and Accounting, 4(8), 55–62. http://iiste.org/Journals/index.php/RJFA/issue/view/713
Astawa, P. I., Sudarma, M., Aisjah, S., & Djumahir, D. (2013). Institutional ownership and harmonious values in increasing financial performance of village credit institution (LembagaPerkreditan Rakyat/LPD) in Bali Province. Journal of Basic and Applied Scientific Research, 3(6), 813–824. http://www.textroad.com/JBASR-June,%202013(4).html
Astawa, P. I., Sukawati, T. G. R., Triyuni, N. N., & Abdi, I. N. (2016). Performance of microfinance institutions in harmony cultural perspective in Bali. Procedia Social and Behavioral Sciences, 219, 113–120. https://www.sciencedirect.com/science/article/pii/S1877042816300532
Astawa, P. I., & Sudika, P. (2014). The impact local culture on financial performance in property firms in Bali. Asia Pacific Management and Business Application, 3(2), 106–115. http://apmba.ub.ac.id/index.php/apmba/article/view/171
Astawa, I. P., & Sukawati, T. G. R. (2016). UbudGets the customer an ethnomethodology approach. International Journal of Economic Research, 13(7), 2681–2692. http://serialsjournals.com/articles.php?volumesno_id=1121& journals_id=41&volumes_id=845
Astawa, I. P., Sudana, I. M., & Murni, N. G. N. S. (2017). Non-financial; performance measures; local culture; microfinance institutions. Journal of Finance and Banking Review, 2(3), 29–35. http://gatrenterprise.com/GATRJournals/jfbr_vol2_2017_issue3.html
Baland, J. M., Gangadharan, L., Maitra, P., & Somanathan, R. (2017). Repayment and exclusion in a microfinance experiment. Journal of Economic Behavior & Organization, 137, 176–190. https://doi.org/10.1016/j.jebo.2017.02.007
Banerjee, A. (2013). Microcredit under the microscope: what have we learned in the past two decades, and what do we need to know? Annual Review of Economics, 5, 487–519. https://doi.org/10.1146/annurev-economics-082912-110220
Bank, P. D. B. (2016). Annual Report, Provinsi Bali. http://annualreport.id/annualreport/pt-bank-pembangunan-daerah-bali-laporan-tahunan-2016
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Barreto, I. (2010). Dynamic capabilities: a review of past research and an agenda for the future. Journal of Management, 36(1), 256–280. https://doi.org/10.1177/0149206309350776
Becker, G. S. (1993). Nobel lecture: the economic way of looking at behavior. Journal of Political Economy, 101(3), 385–409. https://doi.org/10.1086/261880
Boateng, G. O., Boateng, A. A., & Bampoe, H. S. (2015). Microfinance and poverty reduction in Ghana: evidence from policy beneficiaries. Review of Business and Finance Studies, 6(1), 99–108. ftp://ftp.repec.org/opt/ReDIF/RePEc/ibf/rbfstu/rbfs-v6n1-2015/RBFS-V6N1-2015-8.pdf
Bruett, T. (2004). Four risks that must be managed by microfinance institutions. Microfinance Experience Series: Recommendations for Profitable Growth, (2). http://www.microfinancegateway.org/sites/default/files/mfg-en-paper-four-risks-that-must-be-managed-by-microfinance-institutions-nov-2004.pdf
Castellani, D., & Cincinelli, P. (2015). Dealing with drought‐related credit and liquidity risks in MFIs: evidence from Africa. Strategic Change, 24(1), 67–84. https://doi.org/10.1002/jsc.1998
Chandrakumarmangalam, S., & Vetrivel, S. C. (2012). Impact of group-based microfinance on rural households in India. IUP Journal of Management Research, 11(2). https://www.questia.com/library/journal/1P3-2738480121/impact-of-group-based-microfinance-on-rural-households
Churchill, C., & Coster, D. (2001). Microfinance risk management handbook. Economic Development Unit, CAR. https://www.findevgateway.org/library/microfinance-risk-management-handbook
Creswell, J. W., & Clark, V. L. P. (2017). Designing and conducting mixed methods research. Sage publications. https://uk.sagepub.com/en-gb/asi/designing-and-conducting-mixed-methods-research/book241842
Ekunwe, P., Orewa, S., Abulu, M., & Egware, R. (2015). Micro-credit access and profitability in crop production in orhionmwon local government area of Edo State, Nigeria. Journal of Applied Science and Environment Management, 19(1), 81–87. https://www.ajol.info/index.php/jasem/issue/view/12246
Ghani, E. K., Tarmezi, N., Said, J., & Yuliansyah, Y. (2016). The effect of risk management and operational information disclosure practices on public listed firms’ financial performance. International Journal of Economics and Management, 10(S2), 235–252. http://www.econ.upm.edu.my/ijem
Glaser, B., & Strauss, A. (1967). The discovery of grounded theory. Weidenfield & Nicolson, London (pp. 1–19).
Hassan, A. (2014). The challenge in poverty alleviation: role of Islamic microfinance and social capital. Humanomics, 30(1), 76–90. https://www.emeraldinsight.com/toc/h/30/1
Helfat, C. E., & Peteraf, M. A. (2003). The dynamic resource‐based view: Capability lifecycles. Strategic Management Journal, 24(10), 997–1010. https://doi.org/10.1002/smj.332
Hermes, N., & Lensink, R. (2011). Microfinance: its impact, outreach, and sustainability. World Development, 39(6), 875–881. https://www.sciencedirect.com/journal/world-development/vol/39/issue/6
Hofstede, G. H. (1984). Culture’s consequences: international differences in work-related values. Sage Publications Inc, Thousand Oaks. https://doi.org/10.1002/job.4030030208
Hussain, R. I., Fareed, Z., Saleem, I., Hussain, S., & Adnan, S. (2012). Implementation of Basel II in microfinance sector of Pakistan. European Journal of Business and Management, 4(2), 64–71. https://iiste.org/Journals/index.php/EJBM/article/view/1035
Kanyurhi, E. B., Bugandwa, D., & Akonkwa, M. (2016). Internal marketing, employee job satisfaction, and perceived organizational performance in microfinance institutions. International Journal of Bank Marketing, 34(5), 123–146. https://doi.org/10.1108/IJBM-06-2015-0083
Khan, S., & Ashta, A. (2013). Managing multi‐faceted risks in microfinance operations. Strategic Change, 22(1–2), 1–16. https://doi.org/10.1002/jsc.1918
Kisielnicki, J. (2010). Friendly administration project of the procedure for personal income tax payment: suggested changes and the role of information technology. Polish Journal of Management Studies, 1(1), 17–24. https://pjms.zim.pcz.pl/resources/html/article/details?id=187033
Koohang, A., Paliszkiewicz, J., & Goluchowski, J. (2017). The impact of leadership on trust, knowledge management, and organizational performance: A research model. Industrial Management & Data Systems, 117(3), 521–537. https://www.emeraldinsight.com/toc/imds/117/3
Kotter, J. P., & Heskett, S. L. (1997). Corporate culture and performance. PT Prehallindo Simon & Schruster (Asia) Pte. Ltd.
Lay, C. (2016). Performance excellence by transformational leadership in developing collectivistic culture for indonesian companies. Pertanika Journal of Social Sciences & Humanities, 24, 19–32. http://www.pertanika.upm.edu.my/Pertanika%20PAPERS/JSSH%20Vol.%2024%20(S)%20Jun.%202016%20(View%20Full%20Journal).pdf
Loasby, B. J. (2010). Capabilities and strategy: problems avertis and prospects. Industrial and Corporate Change. Strategic Management Journal, 19(4), 1301–1316. https://doi.org/10.1093/icc/dtq032
Mariana, M., & Nowicka-Skowron, M. (2010). Costs related to the functions of company logistics. Polish Journal of Management Studies, 1(1), 25–35. https://pjms.zim.pcz.pl/resources/html/article/details?id=187034
Mitrovic, V. L. (2015). Resilience: detecting vulnerability in marginal groups, disaster prevention and management. An International Journal, 24(2), 185–200. https://doi.org/10.1108/DPM-05-2014-0096
Reed, L., Marsden, J., Ortega, A., Rivera, C., & Rogers, S. (2014). The state of the microloan summit campaign report 2014. Microloan Summit Campaign. https://www.findevgateway.org/library/resilience-state-microcredit-summit-campaign-report-2014
Rozzani, N., Mohamed, I. S., & Yusuf, S. N. S. (2017). Risk management process: profiling of islamic microfinance provider. Research in International Business and Finance, 6(1), 99–108. https://doi.org/10.1016/j.ribaf.2017.04.009
Said, J., Alam, M., Abdullah, N., Herda, N., Zulkarnain, N., & Anugerah, R. (2016). Innovation risk and sustainable competitive advantages: empirical assessment of government-linked companies in Malaysia. International Journal of Economics and Management, 10(S2), 253–265. http://econ.upm.edu.my/ijem/prev_issue.htm
Schein, E. H. (2004). Organizational culture and leadership. John Wiley and Sont.Inc.
Siagian, S. (2002). Strategic management. PT. Bumi Aksara, Jakarta.
Sugiyono, P. (2008). Educational quantitative, qualitative approach and R&D. Alfabeta, Bandung.
Sukawati, T. G. R., & Astawa, I. P. (2017). Improving performance by harmonious culture approach in internal marketing. Polish Journal of Management Studies, 6(1), 226–233. https://pjms.zim.pcz.pl/resources/html/article/details?id=158212
Supatmi, Sutrisno, T., Saraswati, E., & Purnomosidhi, B. (2019). The effect of related party transactions on irm performance: the moderating role of political connection in Indonesian banking. Business: Theory and Practice, 20, 81–92. https://doi.org/10.3846/btp.2019.08
Surya, I. B. K., Kesuma, I. K. W., Dewi, A. A. S. K., & Sriathi, A. A. A. (2017). The effect of Tri Hita Karana culture on the organizational commitment and performance of the company (a study on regional water company of Tabanan Regency). Udayana Journal of Social Sciences and Humanities, 1(1), 56–63. https://doi.org/10.24843/UJoSSH.2018.v02.i01
Thomson, J. J. (1990). The realm of rights. Harvard University Press.
Vanroose, A., & Espallier, B. D. (2013). Do microfinance institutions accomplish their mission? Evidence from the relationship between traditional financial sector development and microfinance institutions’ outreach and performance. Applied Economics, 45(15), 1965–1982. https://doi.org/10.1080/00036846.2011.641932
Windia, W., & Dewi, R. K. (2007). Business analysis based on tri hita karana. Publisher Universitas, Udayana, Denpasar.