Economic Annals-XXI: Volume 214, Issue (3-4), Pages: 71-76
Citation information
Utomo, H., Safitri, M., Tongli, B., Muryani, & Haptari, V. D. (2025). Optimum financial management in small and medium-sized enterprises. Economic Annals-XXI, 214(3-4), 71-76. doi: https://doi.org/10.21003/ea.V214-10
Handayani Utomo
PhD (Economics),
Gunadarma University (Universitas Gunadarma)
100 Jl. Margonda Raya Str., Depok West Java, Depok, West Java, 16424, Indonesia
nday.cools@gmail.com
handayani_nday@staff.gunadarma.ac.id
ORCID ID: https://orcid.org/0009-0007-4576-0205
Maria Safitri
PhD (Financial Management),
Dian Nuswantoro University
(Universitas Dian Nuswantoro)
207 Jl. Imam Bonjol Str., Jawa Tengah, 50131, Indonesia
mariasafitri@dsn.dinus.ac.id
ORCID ID: https://orcid.org/0000-0003-2149-8939
Bernadeth Tongli
PhD (Management),
Atma Jaya Makassar University
(Universitas Atma Jaya Makassar)
23 Jl. Tanjung Alang Str., Kota Makassar, Sulawesi Selatan, 90224, Indonesia
bernadeth_tongli@lecturer.uajm.ac.id
ORCID ID: https://orcid.org/0000-0002-0907-8707
Muryani
PhD (Economics),
Airlangga University
3-4 Jl. Airlangga Str., Campus B, Gubeng, Surabaya, 60281, Indonesia
muryani2008@yahoo.co.id
ORCID ID: https://orcid.org/0000-0001-7832-9760
Vissia Dewi Haptari
PhD (Economics),
Polytechnic of State Finance STAN
(Politeknik Keuangan Negara STAN)
Jl. Bintaro Utama 5, Jurang Manggu Tim.,Banten 15222, Indonesia
vissiadewih@pknstan.ac.id
ORCID ID: https://orcid.org/0009-0001-3189-5981
Optimum financial management in small and medium-sized enterprises
Abstract. Small and medium-sized enterprises (SMEs) play a prominent role in promoting economic growth, reducing unemployment, advancing technology, and promoting exports of a country. Therefore, considering the importance of SMEs in the economy of any country, it is very necessary to provide a platform for the formation and, more importantly, the growth and sustainability of these enterprises. Lack of capital and lack of access to financial resources are among the problems that SMEs face. The aim of this article is to examine the factors affecting the access to financial resources of SMEs in Indonesian industrial estates, and this study seeks to answer this question by providing optimal financial resources and sensitivity analysis of these SMEs. This study examines the effect of different methods of financing, including short-term debt and long-term debt, on the growth of SMEs in Indonesian industries during the period of 2020-2023. This study was conducted using a panel data method. The results show that the variables of facility interest rate, firm size, firm age, loan amount, and time are among the most important factors affecting firms’ access to loans. Furthermore, the sensitivity analysis of the research model shows that if only the financial dimension, such as changes in total costs, is considered, the company is more sensitive to environmental uncertainty and the possibility of liquidity and profitability crises is greater, while integrated attention to the financial and physical dimensions, such as changes in demand, has shown that the company operates more stably in terms of profitability and liquidity under conditions of uncertainty.
Keywords: Financing; Small and Medium-Sized Enterprises; Industrial Companies; Optimal Supply; Supply and Demand
JEL Classifications: Е24; Е41; Е64; I18; J28; J31
Acknowledgements and Funding: The authors received no direct funding for this research.
Contribution: The authors contributed equally to this work.
Data Availability Statement: The dataset is available from the authors upon request.
DOI: https://doi.org/10.21003/ea.V214-10
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Received 3.02.2025
Received in revised form 19.02.2025
Accepted 24.02.2025
Available online 29.04.2025