A R TI CLE

Asia-Pacific Management
and Business Application
10 (2) 177-192
Loan Restructuring, Human Capital and Digital towards ©UB 2021
MSME Performance In the COVID-19 Pandemic University of Brawijaya
Malang, Indonesia
http://apmba.ub.ac.id

I Gusti Ayu Purnamawatia*

Gede Adi Yuniartab

a,b
Faculty of Economic, Universitas Pendidikan Ganesha, Bali, Indonesia

Abstract
The contribution of MSMEs in the Indonesian economic during the Covid-19 pandemic
contribute to the stability of the economic. The purpose of this study was to determine the effect
of restructuring people’s business loans (KUR/Kredit Usaha Rakyat), human capital and the
digital ecosystem on the performance of MSMEs during the COVID-19 pandemic. This
quantitative research method uses primary data obtained from questionnaire data and measured
by a Likert scale. The population of this research is SMEs using KUR in Bali Province as many
as 21,570, and the research sample obtained as many as 350 MSMEs samples. Questionnaires
as research data were collected and distributed online in the google form and processed by
multiple linear regression analysis using SPSS version 23. This study shows that the
restructuring of KUR, human capital and digital ecosystems has a positive and significant
impact on the performance of MSMEs during the pandemic COVID-19. They support its
performance, including MSMEs, which can have superior human resources or human capital,
to have a competitive advantage. Indicators of human capital that can improve MSME
performance, especially financial performance, are knowledge, abilities and skills. Government
regulations through the Financial Services Authority (OJK) have shown positive results. The
government is trying to ease the burden on MSMEs by providing credit restructuring, interest
subsidies, and loans through banks. Some MSMEs began to show improvement in their
performance, one of which was financial performance.

Keywords
Digital ecosystem; human capital; loan; MSME; restructuring
Received: 29 September 2021; Accepted: 25 October 2021; Published Online: 31 December 2021
DOI: 10.21776/ub.apmba.2021.010.02.5

Introduction

As is well known, one of the causes of surrounding community's needs. This

Indonesia's economic development is the phenomenon does not make MSMEs free
procurement of MSMEs. Rukayah (2018), from obstacles, namely the lack of market
through her research, said that MSMEs knowledge, the need for market product
have an important role in reducing poverty specifications that are not yet optimal, and
by creating jobs and reducing the lack of knowledge about strategies in
unemployment. MSMEs have a role in dealing with the market, as well as financial
economic equality that can reach all regions management that is not yet good (Lantu,
and even remote areas to meet the 2016).
*Corresponding author Email: [email protected] P-ISSN : 2252-8997
Asia-Pacific Management and Business Application, 10, 2 (2021): 177-192 E-ISSN: 2615-2010
178 I Gusti Ayu Purnamawati, et. al

In addition to the obstacles mentioned impact on financial performance and the

above, there are also complicated problems reduced ability of a person to fulfil
currently being faced by MSMEs where obligations or another financing.
MSMEs are facing the Covid-19 pandemic
situation. Why is it a strange problem? OJK regulations state that KUR
Several things link the role of MSMEs as restructuring is a program that can reduce
one of the sectors capable of reviving the interest rates, reduce outstanding principal
economy from adversity due to the COVID- and interest arrears, add credit and
19 pandemic. The Ministry of Cooperatives financing facilities that turn into temporary
and SMEs provided information regarding equity participation. KUR restructuring is
949 reports from cooperatives and SMEs currently the prima donna for MSMEs in
affected by the COVID-19 pandemic (Lia, helping their business finances. The
2021). Minister of Finance also ensures the
realization of the restructuring program for
Reports from the public mostly conveyed traders in traditional markets. The
complaints in the face of the pandemic, one restructuring program allows debtors to get
of which was the drastic decline in sales due interest payments for six months after
to time constraints, difficulty in obtaining approval of the proposal.
raw materials due to restrictions on export-
import activities, and obstacles in The government has made a relaxation
production and distribution activities. policy and additional financing for MSMEs
Market demand is also decreasing due to and cooperatives to overcome financial and
uncertain economic conditions, difficulties cash flow problems. Since the pandemic,
in implementing online promotional media the government also understands that many
by most MSMEs due to the lack of business actors have had difficulty
technological knowledge, and difficulties in financing their debt and interest
accessing capital. This problem is crucial instalments.
for the community because it will affect the
financial performance of MSMEs. It is However, some things are feared in the
necessary to implement strategies and KUR restructuring, namely the moral
solutions to improve the performance of hazard, the debtor acting outside the rules to
MSMEs so as not to go bankrupt. seek personal gain. KUR is usually
associated with productive credit financing.
Access to capital is indeed one of the MSMEs, until now, still often use KUR to
obstacles for MSMEs in dealing with the meet consumptive needs, so according to
Covid-19 pandemic situation, so this is the (Widianti, 2015), MSMEs are still not
government's contribution to dealing with effective in managing and using these
MSME constraints, which provides funds. This pattern indicates that many
convenience to MSMEs by providing KUR MSMEs actors still have high personal
restructuring, which is expected to help interests by using their business results to
MSMEs face the impact of this pandemic meet their daily needs. MSMEs use these
period. The government has issued funds for personal needs and not for
Regulation of the Financial Services business capital. The management and use
Authority of the Republic of Indonesia of KUR funds are less targeted, even though
Number 11/POJK.03/2020 of 2020 it should be the most important aspect to
concerning National Economic Stimulus as improve the performance of MSMEs. This
a Countercyclical Policy for the Impact of business credit does not only apply to
the Spread of the 2019 Coronavirus Indonesia, but also to China where it flows
Disease, one of which regulates credit credit funds by supporting the development
restructuring including KUR. This of a green industry and curbing emission
restructuring is given considering how the behavior from polluting companies so that
COVID-19 pandemic has had a global people can be protected from an

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Loan Restructuring, Human Capital and Digital towards MSME Performance In the COVID-19 Pandemic 179

unfavorable scope. The existence of this From this problem, it is stated that the
green credit has a clear output effect in the digital ecosystem is very influential on the
form of environmental, health and utility performance of MSMEs in competing with
welfare, which is conducive to the green other competitors.
improvement of the industrial structure and
can achieve a mutually beneficial output The Cooperatives and MSMEs Service is a
and environmental situation in China. This government business that has a program in
credit is able to maintain the activities of the the form of coaching and empowerment for
Chinese people (Liu & He, 2021). MSMEs that can compete with other
business actors and help improve MSME
Human capital is an indication of the efforts performance (Florita et al., 2019). The
of a business in finding the best solution performance of MSMEs is given
when facing problems through the skills and convenience in the use of capital in the form
knowledge of its members. The problems of of credit by providing a relatively low-
MSMEs in human capital are related to the interest rate which is still not sufficient in
lack of market knowledge, lack of improving the financial performance of
knowledge about the specifications of MSMEs.
market product needs, lack of ability to
enter, and lack of knowledge in facing The province of Bali was chosen as the
business competition. Finally, this is what research location based on the opinion
makes the use of human capital necessary in (Richard, 2020), which explained that one
improving the performance of MSMEs and of the regional banks in Bali (Bank BPD)
can also solve the problems faced by had difficulties in carrying out the KUR
MSMEs. Human capital also affects the restructuring program because of the moral
performance of MSMEs (Sari & Farah, hazard. Some debtors abuse the light
2014). relaxation policy. Socialization for MSMEs
in receiving KUR restructuring waivers is
The problems of MSMEs currently have a very lacking. The debtor immediately
close relationship with the digital avoided not paying the credit and asked for
ecosystem. There are still many MSME relief from the bank. Obstacles from debtors
actors who have little information about can interfere with the effectiveness of the
technology. The lack of information can KUR arrangement program activities. In
hinder manual promotion media to digital, addition, another reason for using Bali as a
which is used more effectively and research location is because it is known that
efficiently during a pandemic. The lack of Bali makes tourism its main commodity so
technology literacy due to lack of education that the impact of the pandemic is very
and socialization is one of the causes of the much felt for the Balinese economy and also
adaptation of MSME actors to use tourism actors in it, such as many tourism
technology. Research by (Ariani & Utomo, facilities being closed. This downturn has
2017) states that MSMEs are facing resulted in a decrease in people's income
problems where the current use of and increasing unemployment, so the
traditional facilities and infrastructure is government issued a policy by providing
because the understanding and knowledge assistance from various aspects, both social
of business actors regarding advanced and educational, one of which was
technology is still relatively low. The level providing a policy to MSMEs by
of initiative from business actors is still restructuring KUR. This restructuring is
lacking in carrying out business expected to provide space in the financial
development by utilizing technology. With stimulus for the Balinese people affected by
the demands of increasingly fierce the Covid-19 pandemic.The Bali Provincial
competition between business actors, it is Government needs to research to determine
expected and requires MSME actors to use the effectiveness of the restructuring
the best way in their business activities.

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180 I Gusti Ayu Purnamawati, et. al

implementation and its contribution to the According to (Ramadhan, 2018), financial

performance of MSMEs. performance states assessing business
conditions through financial analysis with
The KUR program provided by the good or bad categories. The analysis results
government is expected to increase can provide an overview of the achievement
significantly the number of MSMEs who of work performance in a certain period.
are promoted to grade. According to (Jayusman et al., 2019) stated that a
(Rochmah, 2016), when submitting their company has a good financial performance
application, MSMEs meet the requirements assessment or not. The measurement is
related to positive financial performance through the company's ability to meet its
and business development, increased obligations when they fall due (liquidity),
productivity, and increased competitive prepare a funding structure by comparing
initiatives. It is hoped that MSMEs will debt and capital (leverage), obtain profit
develop and increase productivity in their (profitability), develop (growth), and
business so that the use of KUR funds is manage assets optimally (activity).
right on target. This study differs from
previous research because it analyzes the Restructuring in its definition (Norley et al.,
restructuring of KUR to current government 2012) states restructuring as an action in
policies to assist MSME financial rearranging the structure, ownership, and
performance during the COVID-19 operations of a company to be more
pandemic. The digital ecosystem is one of profitable and better for current needs.
the obstacles in growing MSMEs and is a There is also an understanding of financial
novelty in this research. With previous restructuring, namely a substantial change
research. Based on the explanation above, in the company's financial structure or
the researchers researched the restructuring ownership or control, which is designed to
of KUR, human capital and the digital increase the company's value (Lal et al.,
ecosystem in dealing with the performance 2013). Restructuring in the bank concept is
of MSMEs during the COVID-19 pandemic a change in credit terms related to adding
in Bali Province. bank funds, transferring part/all of the
interest arrears into new loan principals, or
Literature Review transferring part/all of the credit to bank
participation or others (As’ ari et al., 2020).
This study uses Resource-Based Theory The government has made efforts to help
(RBT), with the understanding that MSMEs face the COVID-19 pandemic,
obtaining a competitive advantage and good namely, providing restructuring to debtors
financial performance by a business can be by providing facilities to reduce interest
done through merging, obtaining and using rates, reduce principal and interest arrears,
assets (Warnier et al., 2013). Strategically add credit facilities, and convert financing
achieve a competitive advantage and good temporary Finance. This program is
financial performance. In addition, RBT is expected to help debtors get relief by not
said to explain the theory in revealing the paying interest for six months after the
competitive advantage of a business. If used approval of the restructuring proposal
properly, it will give positive profits and (Boedirochminarni, 2020). The
financial performance (Kozlenkova et al., requirements for submitting a KUR
2014). (Malini & Herawati, 2021) states restructuring according to POJK number
that various theories are very important to 11/POJK.03/2020 are debtors affected by
build a performance model of MSMEs, and the spread of Covid-19, including MSMEs
one of them uses Resource-Based Theory. debtors, where debtors are experiencing
MSMEs will create a competitive difficulties in fulfilling obligations to the
advantage if they have good financial bank.
performance and take advantage of their
strategic assets.

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Loan Restructuring, Human Capital and Digital towards MSME Performance In the COVID-19 Pandemic 181

Human capital is stated by (Atmaja & survive in the competition by maximizing

Purnamawati., 2020) as capital that has an their ability to master digital devices
attachment to HR within the company's (Purwana et al., 2017).
scope by having expertise, motivation,
responsibility, and employee obedience. KUR funds as one of the largest sources of
When a company can manage and use its working capital in an MSME. Therefore,
members' existing knowledge, it will the government swiftly assists MSMEs
increase human capital (Purnami, 2021). during the pandemic by procuring KUR
The unification of human capabilities in an restructuring with the hope of being able to
organization in solving problems faced by ease the burden on MSMEs affected by the
business is also said to be an understanding Covid-19 pandemic so that they can affect
of human capital; besides, creativity and the financial performance of MSMEs,
innovation can also occur because of human which are getting better (Suparman, 2021).
capital in a company. Human capital This KUR restructuring can be provided
currently has a relationship with the with facilities in the form of reducing
problems of MSMEs, namely the lack of interest rates, arrears of principal and
market intelligence capabilities towards the interest, adding credit facilities, or
target market, knowledge of product converting financing into temporary equity
specifications according to market needs, participation by the regulations of the
knowledge of market entry rules, and Financial Services Authority (Disemadi,
business competitors (Osano, 2019). 2020). Research on KUR restructuring with
Components related to human capital, in the performance still shows inconsistencies.
form of knowledge, skills, and abilities used Previous research by (As’ari et al., 2019),
in assessing or measuring human capital in (Hidayati, 2021), (Hanim, 2021) found that
business actors, such as MSMEs. restructuring positively affected the
company's financial performance. Research
The digital ecosystem results from human (Iskandar et al., 2017) found that debt
engineering on delivering information from restructuring had a negative and
the sender to the recipient so that insignificant effect on financial
information delivery will be faster, wider in performance. Based on previous studies so
distribution, and longer stored. A digital that it can be concluded a hypothesis:
ecosystem is an adaptation of an ecosystem. H1: KUR Restructuring has a positive and
The ecosystem here can be interpreted as significant impact on MSMEs Performance
freedom in joining the environment in during the Covid-19 Pandemic
which some species are proactive to
information. Ecosystems have two In the RBT, it is stated that a company owns
important and complementary parts tangible and intangible assets to develop
(Sunarsi, 2020). The first is multi-species competitive advantages and high
interacting with each other to maintain a performance. One of the intangible assets in
balance, and the second is an environment the company is human capital. (Atmaja &
that supports species' needs to survive and Purnamawati, 2020) states that human
thrive. The characteristic of the digital capital is closely related to existing human
ecosystem here is that there is an activity for resources in the company by having
both parties who use digital where they have expertise, motivation, responsibility, and
participated and benefited (Nambisan et al., employee obedience. Research on human
2019). In addition, some processes are capital related to performance is still
interconnected and occur simultaneously in experiencing inconsistencies. Research
the digital ecosystem; this is based on conducted by (Wu & Sivalogathasan,
knowledge and cooperation. Both digital 2013), (Muda & Rahman, 2016), (Supeno,
ecosystems, digital species and digital 2018) shows that human capital has a
environments have become one unified positive effect on performance, while
digital system. MSMEs are expected to research by (Asnanda et al., 2020) shows

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182 I Gusti Ayu Purnamawati, et. al

that human capital does not affect via a google form. The questionnaire
organizational performance. Previous consists of four parts: KUR restructuring,
studies conclude the hypothesis, namely: human capital, digital ecosystem, and
H2: Human Capital has a positive and MSME performance in dealing with the
significant effect on MSMEs Performance Covid-19 pandemic. The scale used in the
during the Covid-19 Pandemic preparation of the research questionnaire is
a Likert scale of 1-5 points. Each question
MSMEs are currently said to have is given five alternative answers, each item
transformed into a digital ecosystem, even of the questionnaire has a different value, as
integrating online and offline marketing follows: 1 = strongly disagree, 2 = disagree,
(Priyono et al., 2020). This transformation 3 = neutral, 4 = agree, 5 = strongly agree.
is deemed unable to run as expected because
many companies or MSME business actors The population in this study is MSMEs in
are unfamiliar with using increasingly Bali Province that used KUR and recorded
sophisticated technology and have not been at the Dinas Perdagangan, Perindustrian,
able to do business digitally. The Koperasi dan Usaha Kecil Menengah in
digitization of MSMEs is strongly Bali Province in 2019 with a total of 21,570
influenced by optimism and the ability to MSMEs. The method used in collecting
use the internet by MSME actors samples in this study is the convenience
themselves (Purbasari et al., 2021). Another sampling method, a general term that
thing is that the level of comfort and safety includes various procedures for selecting
is also not expected to be too high. Should respondents. The sample used in this study
the greater the turnover generated, the was 350 SMEs based on the solving
MSME actors will be more prepared to face formula. The research instrument used in
and carry out digital transformation this study is a questionnaire based on a list
(Szalavetz, 2020). It can be proven the of questions distributed to all MSME
higher the index value because of the respondents in the face of the Covid-19
greater the turnover. MSMEs do not rule out pandemic.
the possibility of not doing their job well in
digital transformation. However, some Performance (Y)
obstacles will always be faced, such as the Performance as a level of success in
lack of knowledge in using the internet, the carrying out tasks and abilities in achieving
telecommunication infrastructure used is
the goals that have been set. Performance is
not good. Research on digital ecosystems is
related to performance, where previous declared good and successful if the desired
research by (Arianto 2020) and (Wijoyo, goals can be achieved properly (Aguinis,
2020) obtained the results that the digital 2019).
ecosystem has a positive influence on
company performance. Based on previous KUR restructuring (X1)
studies so that it can be concluded a KUR restructuring is a process used by
hypothesis:
companies, individuals, and even countries
H3: The digital ecosystem has a positive and
significant impact on the performance of to avoid the risk of defaulting on their
MSMEs during the Covid-19 pandemic existing debts, such as by negotiating lower
interest rates. Debt restructuring provides a
Research Methods less expensive alternative to bankruptcy
when a debtor is in financial turmoil, and it
The subjects of this research are micro, can work to the benefit of both borrower
small and medium enterprises in Bali
and lender (Carol, 2021).
Province. The primary data obtained is the
result of filling out questionnaires by
respondents, which is done online and sent

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Loan Restructuring, Human Capital and Digital towards MSME Performance In the COVID-19 Pandemic 183

Human capital (X2) Y = α + β1 X1 +β2 X2 + β3 X3 + ε

Human capital which characterizes human Information:
capital as the ability to perform productive Y = MSMEs Performance
tasks, considering the costs incurred in X1 = KUR Restructuring
education and training as investments in X2 = Human capital
human resources. Education and training X3 = Digital Ecosystem
are useful in increase one's productive α = constant / intercept
potential, so it should be considered as a β1, β2, β3 = Regression coefficient
human capital investment (Dovern-Pinger, ε = Error disturbance (confounding
2013). variable)

Digital Ecosystem (X3) Results and Discussion

The digital ecosystem is is a self-
organizing, sustainable system with digital Data collection is done by distributing
questionnaires online with google Forms to
platforms at the base, which form a single
MSMEs. The number of questionnaires
information environment where the filled in is 350 questionnaires. The
members of the ecosystem can interact description of the characteristics of the
when no hard functional ties between them respondents is as shown in table 1.
exist (Barykin, 2020).

Table 1. Characteristics of Respondents

Respondents Characteristics Total Percentage

Type of Business Number
Services 40 11,4%
Trade 277 79,2%
Manufacturing 33 9,4%
Total 350 100%
Gender
Male 260 74,3%
Female 90 25,7%
Total 350 100%
Owner's Age
25 Years 15 4,3%
26- 35 Years 105 30%
36-45 Years 132 37,7%
46-55 Years 63 18%
56 Years 35 10%
Total 350 100%
Business Age (Years)
1-5 268 76,6%
6-10 73 20,8%
11-15 5 1,4%
16-20 4 1,2%
Total 350 100%
Year of KUR Restructuring
2020 210 60%
2021 129 36,8%
KUR Un-Restructuring 11 3,2%
Total 350 100%

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184 I Gusti Ayu Purnamawati, et. al

Descriptive statistics describe average value independent variables used are KUR
(mean), standard deviation, highest value, restructuring, human capital and the digital
lowest value, and sum. The dependent ecosystem.
variable used in this study is the
performance of MSMEs, and the

Table 2. Descriptive Statistics

Std.
N Minimum Maximum Mean Deviation
KUR restructuring (X1) 350 12 24 18.16 2.369
Human capital (X2) 350 8 15 11.49 1.614
Digital Ecosystem (X3) 350 13 25 18.42 2.418
MSMEs Performance (Y) 350 12 25 18.17 2.356
Valid N (listwise) 350

The table above shows that N or the number of 350 data samples, have an average value
of data for each valid variable is 350. The greater than the standard deviation value, so
performance variables of MSMEs (Y), this indicates that the low data deviation and
KUR restructuring (X1), Human capital even distribution of data values.
(X2), Digital Ecosystem (X3), which consist

Table 3. Validity Test

Statement Pearson Sig (2-tailed) Description

Correlation
KUR restructuring
X1.1 0.698** 0.000 Valid
X1.2 0.717** 0.000 Valid
X1.3 0.603** 0.000 Valid
X1.4 0.633** 0.000 Valid
X1.5 0.598** 0.000 Valid
Human capital
X2.1 0.800** 0.000 Valid
X2.2 0.803** 0.000 Valid
X2.3 0.824** 0.000 Valid
Digital Ecosystem
X3.1 0.661** 0.000 Valid
X3.2 0.705** 0.000 Valid
X3.3 0.532** 0.000 Valid
X3.4 0.617** 0.000 Valid
X3.5 0.701** 0.000 Valid
MSMEs Performance
Y1 0.577** 0.000 Valid
Y2 0.734** 0.000 Valid
Y3 0.621** 0.000 Valid
Y4 0.642** 0.000 Valid
Y5 0.686** 0.000 Valid

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Loan Restructuring, Human Capital and Digital towards MSME Performance In the COVID-19 Pandemic 185

Table 3 shows that all questions related to namely MSMEs performance, can be valid
the independent variables, namely KUR because each question has a significance
restructuring, human capital and digital value below 0.05.
ecosystems, and the dependent variable,

Table 4. Data Reliability

Variable Cronbach’s Alpha Description

KUR restructuring (X1) 0.658 Reliable
Human capital (X2) 0.733 Reliable
Digital Ecosystem (X3) 0.651 Reliable
MSMEs Performance (Y) 0.676 Reliable

Table 4 shows that the variables of KUR means it is greater than 0.05 and free from
restructuring, human capital and digital heteroscedasticity symptoms. It can
ecosystems and the dependent variable, conclude that the regression model is free
namely the performance of MSMEs, from heteroscedasticity.
Cronbach's Alpha value is above 0.70,
which means that the value of each variable The next classic assumption test is the
is above reliable. multicollinearity test. It can explain that the
restructuring variable KUR (X1) has a
Furthermore, the classical assumption test is Tolerance value of 0.927 > 0.1 and a VIF
carried out with the first, namely the value of 1.078 < 10, which means the model
normality test. The normality test results of is free from multicollinearity. The human
the One-Sample Kolmogorov-Smirnov Test capital variable (X2) in this study has a
stated that the Asymp value. Sig (2-tailed) Tolerance value of 0.915 > 0.1 and a VIF
shows 0.122. The criteria used are if value of 1.089 < 10, which means it is free
Asymptotic Significant (probability) > from the symptoms of multicollinearity.
0.05, it means that it is normally distributed The digital ecosystem variable (X3) in this
(Santoso, 2016). Because of the Asymp.Sig study has a Tolerance value of 0.917 > 0.1
value from the results of the One-Sample and a VIF value of 1.089 < 10, which means
Kolmogorov-Smirnov Test is 0.122 > 0.05, it is free from multicollinearity symptoms.
so the data is normally distributed. So it can be concluded that there was no
multicollinearity between the independent
After conducting the normality test, then the variables in the regression model in this
heteroscedasticity test was carried out. study.
Based on the results of the
heteroscedasticity test, the restructuring The partial hypothesis test is used to
variable KUR (X1) has a significant value of determine the effect of each independent
0.706. This value is greater than 0.05, which variable, namely the restructuring of KUR,
indicates the data is free from human capital and the digital ecosystem on
heteroscedasticity symptoms. The human the dependent variable, namely the
capital variable (X2) has a significant value performance of MSMEs. This study used
of 0.604 which means it is greater than 0.05 350 samples so that the obtained df = n-k-1,
so that it is free from heteroscedasticity = 350-3-1, to obtain a t table with df = 346,
symptoms. The digital ecosystem variable which is 1.967. The following calculation
(X3) has a significant value of 0.971 which results are presented in Table 5.

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186 I Gusti Ayu Purnamawati, et. al

Table 5. Partial Significance

Standardized
Unstandardized Coefficients Coefficients
Model B Std. Error Beta t Sig.
1 (Constant) 4.082 1.123 3.633 0.000
X1 0.153 0.045 0.154 3.369 0.001
X2 0.376 0.067 0.257 5.605 0.000
X3 0.380 0.045 0.390 8.490 0.000
a. Dependent Variable: Y

By the hypothesis proposed in this study, X3 = Digital Ecosystem

based on table 5, the detailed tests are as α = Constant
follows. β1 =Regression coefficient of the
variable KUR Restructuring
The results of testing the first hypothesis β2 = Human capital variable regression
regarding the effect of the KUR coefficient
restructuring variable on the MSMEs β3 =Digital Ecosystem variable
performance variable obtained a tcount value regression coefficient
of 3.369 > t-table value of 1.967 and a ε =Error disturbance (disruption
significance value of 0.001 < 0.05 so that H1 variable)
is accepted. The restructuring of KUR has a
positive and significant effect on the The regression equation that has been
performance of MSMEs. formulated can be interpreted as follows:

The results of testing the second hypothesis The constant of 4.028 means that by putting
regarding the effect of the human capital aside the influence of the magnitude of the
variable on the MSMEs performance KUR Restructuring (X1), Human Capital
variable obtained a tcount value of 5.605 > (X2), and the digital Ecosystem (X3), the
ttable value of 1.967 and a significant value magnitude of MSME Performance (Y) is
of human capital of 0.000 < 0.05 so that H2 4.028.
is accepted. Human capital has a positive
and significant effect on the performance of The Effect of KUR Restructuring on MSMEs
MSMEs. Performance During the Covid-19
Pandemic
The results of testing the third hypothesis The results of the KUR restructuring
regarding the effect of digital ecosystem variable on the MSME performance
variables on MSMEs performance variables variable show that the t-count value is 3.369 >
obtained a t-count value of 8.490 > t-table value the ttable value is 1.967. The significance
of 1.967 and a digital ecosystem value is 0.001 < 0.05, indicating that the
significance value of 0.000 < 0.05 so H3 is KUR restructuring has a positive and
accepted. The digital ecosystem has a significant effect on the performance of
positive and significant impact on the MSMEs where this study is by what was
performance of MSMEs. done by (Amajihono, 2020), (Purboadji,
2021), (Ismiyanti, 2020), (Hendiarto,
Multiple regression equation in this study is 2021), (Adhikary et al., 2021), (Esubalew,
as follows: 2020) and (Mulyana et al., 2020). This
Y = 4.028 + 0.153X1 + 0.376X2 + 0.380X3 study shows that the higher MSMEs use and
utilize KUR restructuring, the higher the
Information :
performance of MSMEs as KUR users
Y = MSMEs Performance
within the scope of the Bali Province during
X1 = KUR Restructuring
the COVID-19 pandemic.
X2 = Human capital

Asia-Pacific Management and Business Application, 10, 2 (2021): 177-192

Loan Restructuring, Human Capital and Digital towards MSME Performance In the COVID-19 Pandemic 187

KUR restructuring as a variable in this study implemented is highly dependent on the

shows the results where KUR restructuring quality of the human capital owned. This
has a high category; this is because MSMEs research by (Hashim et al., 2018), (Effiom,
using KUR funds in the scope of the Bali 2020), (Ratten, 2020), (Sun, 2021), (Farace,
Province have used and utilized KUR 2015), (Syarifah et al., 2020), and (Wajdi,
restructuring in helping their business 2019) explains the influence of human
capital during the COVID-19 pandemic. capital on performance. The company's
Through the regulations contained in the condition can produce high enough
Financial Services Authority (OJK) performance, which usually has reliable
Regulation Number 11 of 2020 concerning human resources with high work motivation
National Economic Stimulus as a and a high commitment to work. Each
Countercyclical Policy for the Impact of the company with different human resources in
Spread of Corona Virus Disease 2019, the managing the same company assets will
government showed good results. In its produce different added value.
efforts to ease the burden on MSMEs by
providing credit restructuring, providing The Effect of the Digital Ecosystem on
interest subsidies and providing new loans MSMEs Performance During the Covid-19
through banks has begun to produce Pandemic
positive results. Some MSMEs began to The digital ecosystem variable on the
show improvement in their performance, MSME performance variable obtained a
one of which was financial performance. tcount value of 8.490 > a stable value of 1.967
Resources will provide maximum benefits and a digital ecosystem significance value
for the company when the management is of 0.000 < 0.05. The digital ecosystem has
right on target so that its chances of a positive and significant effect on the
achieving its goals will be even greater. performance of MSMEs. The development
of technology, information, and the web has
The Effect of Human Capital on MSMEs changed all levels of society, starting from
Financial Performance During the Covid- individuals, groups, and organizations
19 Pandemic gradually adapting from a traditional
The human capital variable on the MSMEs environment to a digital one. People live in
performance variable obtained a tcount value a digital environment that is open and in
of 5.605 > a stable value of 1.967, and a direct contact with a digital environment
significant value of human capital of 0.000 called a digital ecosystem. Digitalization is
<0.05. The research results of human capital said to require a business to be able to create
have a positive and significant effect on the a new strategy (El Sawy et al., 2016) and
performance of MSMEs. This study force all business activities from the
indicates that the higher the human capital operational level to management to be able
owned, the higher the financial performance to use digital (Chuang, 2015), (Akpan,
of MSMEs users of KUR funds in the scope 2021), (Sia et al., 2016). By implementing
of the Province of Bali. It supports the digitalization, business actors, including
company's performance, including MSMEs MSMEs, will improve company
that can have superior human resources or performance by changing old business
human capital, to have a competitive processes and replacing them with new
advantage. ones. automated processes, or replacing
human labour with automated machines
Indicators of human capital that can (Chae & An, 2018), and promoting business
improve MSMEs performance, especially to the media by utilizing technology
financial performance, are knowledge, through social media. (Benitez et al., 2018)
abilities and skills. Human capital can be states that digital transformation in business
said to be a pioneer even as a driver in all businesses can be transformed into
lines of the company's business strategy. competitive advantages and can improve
The success of the business strategy that is company performance, for example, by

Asia-Pacific Management and Business Application, 10, 2 (2021): 177-192

188 I Gusti Ayu Purnamawati, et. al

utilizing digitalization of business improve company performance in terms of

applications that enable better operational operations, finance and others.
implementation.
MSMEs that use KUR funds can take
Conclusion, Limitation and advantage of assistance from the
Recommendation government in the form of a KUR
restructuring program to ease the burden of
Resource-Based Theory discusses the credit payments during the COVID-19
resources owned by the company and how pandemic. Through these efforts, MSMEs
the company can develop a competitive can again manage their funding sources and
advantage from the resources it has. In this develop their companies effectively in
RBT theory, to develop a competitive terms of human resources and the digital
advantage, a company must have superior ecosystem. Further researchers can develop
resources and capabilities and exceed its other variables to expand the research
competitors to create value. So that in this results.
study, it contributes to the variables used in
the form of KUR restructuring, human Notes on Contributors
capital and digital ecosystems.
I Gusti Ayu Purnamawati is a lecturer in
This study discusses MSMEs that use KUR Economic and Accounting Program,
and get restructuring to deal with the Covid- Faculty of Economic, Universitas
19 pandemic. The maximum use of human Pendidikan Ganesha. Her research interest
capital in a company to maximize are Accounting, Business, Financial,
performance is also the focus of this Management, and Economics.
research and the existence of a digital
ecosystem for MSMEs in using technology Gede Adi Yuniarta is a lecturer in
to help sales. This policy for MSMEs needs Economic and Accounting Program,
improvement to encourage development Faculty of Economic, Universitas
and improve their financial performance, Pendidikan Ganesha. His research interest
especially during the current pandemic. are Accounting, Business, Financial,
Previous studies have corroborated the Management, and Economics.
results of this study that the studies
conducted showed positive and significant References
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