Determinasi Keputusan Pendanaan pada Perusahaan Startup Digital di Indonesia: Perspektif Pecking Order Theory
DOI:
https://doi.org/10.54259/akua.v5i1.7072Kata Kunci:
Digital Startups, Financing Decisions, Pecking Order Theory, Information Asymmetry, Multinomial LogitAbstrak
Penelitian ini bertujuan menganalisis determinan keputusan pendanaan pada perusahaan startup digital di Indonesia dalam kerangka Pecking Order Theory (POT). Secara teoritis, POT memprediksi urutan preferensi pendanaan dari dana internal, utang, hingga ekuitas. Namun, karakteristik startup digital yang didominasi aset tidak berwujud, arus kas fluktuatif, serta kebutuhan pertumbuhan cepat berpotensi memodifikasi pola tersebut. Penelitian ini menggunakan desain kuantitatif eksplanatori berbasis data sekunder dengan teknik purposive sampling pada startup yang memiliki informasi tahun berdiri, skala usaha, dan riwayat pendanaan yang dapat diverifikasi. Keputusan pendanaan diklasifikasikan menjadi pendanaan internal, utang, dan ekuitas, kemudian dianalisis menggunakan model multinomial logit. Variabel independen meliputi ukuran perusahaan, umur, tahap pertumbuhan, risiko bisnis, tangibility, kekuatan dana internal, financing deficit, serta riwayat pendanaan sebelumnya, dengan kontrol subsektor dan tahun. Hasil penelitian menunjukkan bahwa kekuatan dana internal menurunkan kecenderungan penggunaan pendanaan eksternal, sedangkan financing deficit meningkatkan peluang penggunaan utang maupun ekuitas. Ukuran perusahaan berpengaruh positif terhadap akses pendanaan eksternal, sementara umur dan tangibility lebih terkait dengan pilihan utang. Sebaliknya, fase scaling, risiko yang lebih tinggi, dan pengalaman pendanaan sebelumnya cenderung mendorong preferensi terhadap ekuitas. Temuan ini menunjukkan bahwa POT pada startup digital Indonesia berlaku secara kondisional, di mana transisi dari pendanaan internal langsung ke ekuitas lebih dominan pada fase pertumbuhan cepat.
Kata Kunci: startup digital, keputusan pendanaan, pecking order theory, asimetri informasi, multinomial logis
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Referensi
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