MODEL PERILAKU ADOPSI PRODUK DAN LAYANAN KEUANGAN SYARIAH OLEH UMKM: PENDEKATAN TEORI ISOMORFISME

Usman, NIM.: 1630316006 (2022) MODEL PERILAKU ADOPSI PRODUK DAN LAYANAN KEUANGAN SYARIAH OLEH UMKM: PENDEKATAN TEORI ISOMORFISME. Doctoral thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

This research is motivated by the low participation of Indonesia’s Micro, Small, and Medium Enterprises (MSMEs) in Islamic financial products and services, even though MSMEs have been proven to contribute greatly to the national economy. Increasing the adoption of Islamic financial products and services by MSMEs needs to be strived for so that the national Islamic finance landscape becomes better. So far, all previous studies on the behavioral determinants of the adoption of Islamic financial products and services by MSMEs have used the basis of individual cognitive theory. Considering that MSMEs are an organization, the use of an organizational perspective needs to be put forward as the basic framework for the investigation. This research is intended to fill research gaps in the area of determinants of the adoption of Islamic financial products and services from the demand side, especially by business organizations using an organizational perspective. The purpose of this study is to develop and validate a behavioral model for the adoption of Islamic financial products and services by MSMEs with an institutional theory approach and, at the same time, consider a more comprehensive realm. Through a comprehensive study, this study successfully constructed a conceptual model to predict the behavior of the adoption of Islamic financial products and services by MSMEs using the isomorphism theory framework. The developed model presents isomorphism pressures (coercive, mimetic, and normative) that represent the external characteristics of the organization, GCG, which represents the organization’s internal characteristics, and a new construct called Halal Self-Awareness (HSA) which represents the characteristics of leaders. The PLS-SEM analysis technique was used to validate the model. Data for the analysis was obtained from a survey by distributing questionnaires to MSMEs that met the sample criteria. Four districts/cities were designated as the target sub-populations: Semarang, Pekalongan, Jepara, and Cilacap. Questionnaires were distributed in the form of Google Forms and paper-based questionnaires. Of the 271 responses received, a total of 242 responses were declared good and were designated as samples. The results of this study indicate that this research model is good, where 60.5% of the behavioral variability of MSMEs to adopt Islamic financial products and services can be explained by this research model. The results of the analysis prove that coercive and mimetic pressures have a significant positive effect. However, normative pressure is not proven. HSA as a new construct does not have a role as a direct predictor of MSMEs adoption behavior. HSA is actually able to show its role as a moderator of the dependency relationship between coercive and mimetic pressures on the one hand and the adoption behavior of MSMEs on the other. The results of the analysis also show that there is a direct positive influence of Good Corporate Governance (GCG) on the behavior of the adoption of Islamic financial products and services by MSMEs. GCG is also able to moderate the dependency relationship between coercive and mimetic pressures on the one hand and the adoption behavior of MSMEs on the other. The results of this study contribute to the body of knowledge in the domain of MSMEs behavior studies and Islamic finance. The resulting model can be an alternative and even a substitute for an investigation framework in the area of behavioral adoption of Islamic finance by business organizations. The newly introduced HSA construct can be an alternative measure of individual characteristics in investigations related to the adoption of halal products or concepts. Overall, this research has paved the way for more comprehensive studies on institutional theory and MSMEs and their relation to product adoption behavior and halal concepts.

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