FAKTOR - FAKTOR PENENTU KEBERHASILAN PENGGALANGAN DANA PADA PERUSAHAAN CROWDFUNDING TERDAFTAR PADA OTORITAS JASA KEUANGAN
DOI:
https://doi.org/10.35794/jmbi.v12i2.63450Abstract
This study aims to analyze the influence of Return on Investment (ROI), Payback Period, Financial Risk, and Minimum Investment Amount on the success of crowdfunding campaigns by companies registered with the Financial Services Authority (OJK) in Indonesia during the 2019–2024 period. A quantitative approach was employed using purposive sampling, selecting 120 companies that issued equity through Securities Crowdfunding platforms. Logistic regression analysis was used to examine both partial and simultaneous effects among the variables. The results show that, simultaneously, the four independent variables significantly influence crowdfunding success. Partially, Financial Risk and Minimum Investment Amount have a significant impact—higher financial risk and lower investment thresholds increase the likelihood of campaign success. ROI shows a positive but statistically insignificant effect, while Payback Period does not show a meaningful influence. The developed regression model demonstrates strong predictive capability, with a classification accuracy of 88.3%. These findings offer practical implications for companies, investors, and regulators in designing more effective fundraising strategies in the digital era.
References
Aqiilah, M. R. H., & Gultom, E. R. (2023). Analisis Peraturan Lembaga Otoritas Jasa Keuangan No. 37/Pojk/2018 Mengenai Transaksi Jasa Keuangan Berbasis Teknologi Informasi (Crowdfunding). Moderat : Jurnal Ilmiah Ilmu Pemerintahan, 9(1), 138–150. https://doi.org/10.25157/moderat.v9i1.2875
Arifin, F., Widiyanti, M., & Andriana, I. (2024). Faktor-faktor Keberhasilan Crowdfunding : Informasi Keuangan dan Keuangan Periklanan. Konferensi Ekonomi, Akuntansi, Dan Bisnis, 2024(8), 702–717. https://doi.org/10.18502/kss.v9i14.16139
Arisanti, I., & Oktavendi, T. W. (2022). Menganalisis Faktor-Faktor Penentu Pendanaan Kecepatan pada Crowdfunding Ekuitas. Jurnal Akuntansi Dan Auditing Indonesia, 26(2), 112–118. https://doi.org/https://doi.org/10.20885/jaai.vol26.i ss2.art1
Badrova, A., Nec-Iporuka, M., & Lubloy, A. (2024). Faktor-Faktor Keberhasilan Crowdfunding Real Estat Proyek: Bukti dari Spanyol. Management and Entrepreneurship Journal, 46(4), 194–217. https://doi.org/10.1556/204.2023.00025
Bakti, Y. P., Pranata, R. I., & Anwar, M. S. R. (2021). Sistem Investasi Equity Crowdfunding Pada UMKM di Indonesia Studi Pada Platfrom Bizhare PT. Investasi Digital Nusantara. ITS, 11(2), 308–323. https://doi.org/10.24252/assets.v11i2.20956
Barthelemy, F., & Irwansyah. (2019). Strategi Komunikasi Crowdfunding melalui Media Sosial Crowdfunding Communication Strategy through Social Media. IPTEK-KOM, 21(2), 155–168. https://doi.org/https://dx.doi.org/10.33164/iptekkom.21.2.2019
Borchers, S., Bjornsen, M., Dority, B., & Hayes, S. (2024). Memprediksi Keberhasilan Crowdfunding Ekuitas: Sebuah Pemeriksaan Penawaran Amerika Serikat menggunakan Analisis Sentimen. JABM, 31(April), 65–79. https://doi.org/https://doi.org/10.31966/jabminternational.v31i1.980
Dambanemuya, H. K., & Horvat, E.-A. (2021). A Multi-Platfrom Study Crowd Associated With Successful Fundraising. Proceedigs of the ACM on Human-Computer Interaction, 5(CSCW1), 1–19. https://doi.org/https://doi.org/10.1145/3449189
Edward, M. Y., Ismanto, H., Fu’ad, E. N., Atahau, A. D. R., & Robiyanto. (2018). Crowdfunding di Indonesia. In P. A. Wibowo & G. M. D. Pratama (Eds.), Universitas Islam Nahdlatul Ulama Jepara (1st ed., Vol. 3, Issue 1). Universitas IslamNahdlatul Ulama Jepara. https://doi.org/https://medium.com/@arifwicaksanaa/pengertian-use-case-a7e576e1b6bf
Erlina, A. A. A. I. R. D. (2023). Analisis Faktor-Faktor yang Mempengaruhi Keberhasilan Pendanaan dalam Equity Crowdfunding yang Terdaftar di Otoritas Jasa Keuangan di Indonesia. Jurnal Penelitian Dan Tinjauan Internasional, 10(5), 512–522. https://doi.org/https://doi.org/10.52403/ijrr.20230559
Ferreira-schenk, S., & Dickason-koekemoer, Z. (2023). Analysing the Factors Affecting the Long-term Investment Intention of Investors. International Journal of Economics, 13(1), 112–120. https://doi.org/https://doi.org/10.32479/ijefi.13640
Fitriasuri, & Simanjuntak, R. M. A. (2022). Pengaruh pengetahuan investasi, manfaat motivasi, dan modal minimal investasi terhadap keputusan investasi di Pasar Modal. OWNER, 6(4), 3333–3343. https://doi.org/https://doi.org/10.33395/owner.v6i4.11186 Pengaruh
Gai, A. M., Putri, A. N., Hamzah, Z. Z., & Sukriyah. (2024). Manajemen Resiko Keuangan (A. P. Hawari (ed.); 1st ed.). PT Media Penerbit Indonesia.
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 Edisi 9. Badan Penerbit Universitas Diponegoro.
Gupta, S. K., Gunasekaran, A., Antony, J., Gupta, S., & Surajit Bag, D. R. (2019). Systematic literatur review of project failures : Current trends and scopefor future research. Computers and Industrial Enginering, 127(12), 274–285. https://doi.org/10.160/j.cie.2018.12.002
Hayes, S. K., Dority, B. L., & Borches, S. J. (2020). Sukses Penggalangan Dana Ekuitas : Pemeriksa Penawaran Judul II. Sciendo, 13(308), 9–25. https://doi.org/10.1515/rebs-2020-0101
Herispon. (2018). Analisis Laporan Keuangan (Issue July). STIE Riau.
Jakfar, & Kasmir. (2012). Studi Kelayakan Bisnis (Kencana (ed.); Delapan). Prenada Media Group.
Kaihatu, T. S. (2023). The Influence of Tam Factors on The Interest of Pay Later Users. JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi)., 10(1), 162–173.https://doi.org/10.35794/jmbi.v10i1.47351
Kasmir. (2014). Analisis Laporan Keuangan. Raja Grafindo Persada.
Keuangan, O. J. (2024). Capital Market Fact Book 2024. 2024. https://ojk.go.id/en/Statistik/Pasar-Modal/Laporan-Tahunan/Default.aspx
Kleemann, F., & Rieder, K. M. (2016). Un(der)Paid Innovators: The Commercial Utilization of Consumer Work through Crowdsourcing. Science, Technology & Innovation Studies, 4(8), 5–26. https://doi.org/10.17877/DE290R-12790
Kosasih, Paramarta, V., & Aripin, Z. (2022). Potensi Dan Keberhasilan Equity Crowdfunding di Indonesia : Menjelajahi Hipotesis Sinyal Dan Literasi Keuangan. Journal Of Jabar Economic, 1(2), 1–15. https://doi.org/https://orcid.org/0000-0002-8527-9631
Kusumanigrum, S. D., Risfandy, T., Purnomowati, N. H., & Hartomo, D. D. (2023). Sumber Daya Manusia dan Keberhasilan Pendanaan: Bukti dari Sebuah Studi Crowdfunding Ekuitas Indonesia. Manajemen Teknologi Asia, 16(1), 52–64. https://doi.org/10.12695/ajtm.2023.16.1.4
Latinovic, M., & Arsic, V. B. (2019). Faktor-faktor yang menentukan keberhasilan crowdfunding ekuitas. Atlantis Press, 108(Senet), 151–155. https://doi.org/10.2991/senet-19.2019.24
Lestari, P., Saladin, H., & Oktariansyah. (2024). Analisis Pengetahuan Investasi , Risiko Investasi Dan Modal Minimal Terhadap Minat Investasi Di Pasar Modal ( Studi Kasus Mahasiswa Universitas PGRI Palembang ). Jurnal Ekonomi, Bisnis Dan Akuntansi, 23(2), 131–145. https://doi.org/https://doi.org/10.22225/we.23.2.2024.131-145
Li, Y., Cao, H., & Zhao, T. (2018). Faktor Mempengaruhi Keberhasilan Equity Crowdfundig. Journal of Mathematical Finance, 8(1), 446–456. https://doi.org/10.4236/jmf.2018.82028
Nitani, M., Berkuda, A., & He, B. (2019). Tentang Crowdfunding ekuitas: Rasionalitas Investor dan Faktor- Faktor Keberhasilan. Internasional Keuangan Wirausahaa, 3(21), 243–272. https://doi.org/https://www.tandfonline.com/loi/tvec20%0A
Pemarah, M., Brem, A., Kraus, S., & Petrus, A. (2017). Pendanaan Start-up melalui Equity Crowdfunding di Jerman – Analisis Kualitatif Faktor-faktor Keberhasilan Pendanaan Start-up melalui Equity Crowdfunding di Jerman – Analisis Kualitatif. JEF, 1(19), 1–36. https://doi.org/hep://digitalcommons.pepperdine.edu/jef/vol19/iss1/1
Pendeven, B. Le, & Schwienbacher, A. (2023). Equity Crowdfunding: The Influence of Perceived Innovativeness on Campaign Seccess. Hal Open Science, 34(1), 280–298. https://doi.org/https://hal.science/hal-03948381v1
Permatasari, A. F., Ulum, I., & Arisanti, I. (2022). Crowdfunding Sukses di Indonesia Berdasarkan Proyeksi Finansial dan Investor Daya Tarik : Studi Empiris pada Usaha Mikro , Kecil dan Menengah ( UMKM ) di Platform Bizhare. Jurnal Akuntansi Dan Investasi, 23(2), 1–13. https://doi.org/10.18196/jai.v23i2.13427
Pons, P. S., Garzón, D., & Revilla-Camacho, M.-Á. (2024). Memacu kesuksesan dalam equity crowdfunding: strategi membangun kepercayaan melalui pemberian sinyal. Review of Managerial Science, 2(18), 2699–2721. https://doi.org/https://doi.org/10.1007/s11846-024-00734-4
Razan, K. F., & Widyastuti, A. (2022). Menggali Faktor-Faktor Keberhasilan Crowdfunding Ekuitas di Indonesia Abstrak. Digital Innovation Studies, 1(1), 21–38. https://doi.org/https;//doi.org/10.24198/digits.v1i1.38468
Reichenbach, F., & Walther, M. (2021). Sinyal dalam crowdfunding berbasis ekuitas dan risiko kegagalan. Inovasi Kuangan, 1(1), 1–30. https://doi.org/10.1186/s40854-021-00270-0
Santoso, T. (2020). Memahami Modal Sosial. CV Saga Jawadwipa.
Saputra, E. Z., & Purba, D. (2019). Pengaruh Motivasi Dan Modal Minimal Terhadap Minat Investasi Saham Mahasiswa di Batam. Batam, 1(1), 1–10. https://doi.org/https://doi.org/10.33395/owner.v6i4.11186%250
Spence, M. (2018). Job Market Signaling. Quarterly Journal of Economics, 3(87), 355–374. https://doi.org/https://www.jstor.org/stable/1882010
Sugiyono. (2013). Metode Penelitian Kuantitatif Kualitataif dan R&D. Alfabeta, CV.
Suliyanto. (2018). Metode Penelitian Bisnis : Untuk Skripsi, Tesis, dan Disertasi. Yogyakarta Andi.
Sultoni, M. H. (2020). Studi Kelayakan Bisnis (A. Yakin (ed.)). Penerbit IAIN Madura Press.
Sumiyati, Nizarudin, A., Fakturrachman, A. A., & Vetiara, V. (2025). The Succes Factor Of Equity Crowdfunding And Rural Banks. JIMEA, 9(1), 1090–1111. https://doi.org/https://doi.org/10.20473/baki,v10i1.50956
Swacha-Lech, M., & Kurek, R. (2025). Pendorong Keberhasilan Kampanye Penggalangan Dana Ekuitas . Bukti Empiris Dari Polandia. Business Administration and Management, 28(1), 82–97. https://doi.org/10.15240/tul/001/2024-5-024
Tulung, J., & Ramdani, D. (2024). Political Connection and BPD Performance. International Research Journal of Business Studies, 16(3), 289-298.
