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All Journal Jurnal Pengabdian Kepada Masyarakat (Indonesian Journal of Community Engagement) IJBE (Integrated Journal of Business and Economics) Abdimas Talenta : Jurnal Pengabdian Kepada Masyarakat JIKA: Jurnal Ilmu Keuangan dan Perbankan Jurnal Disrupsi Bisnis Jurnal Ilmiah Wahana Pendidikan Transekonomika : Akuntansi, Bisnis dan Keuangan JOURNAL OF HUMANITIES, SOCIAL SCIENCES AND BUSINESS (JHSSB) Journal of Social Research Indonesian Journal of Business Analytics (IJBA) Jurnal Bisnis Administrasi (BIS-A) Formosa Journal of Applied Sciences (FJAS) CASHFLOW : CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Journal of Management, Accounting, General Finance and International Economic Issues (MARGINAL) Journal of Finance and Business Digital (JFBD) Journal of Management Analytical and Solution Jurnal Kajian Agraria dan Kedaulatan Pangan Regress: Journal of Economics & Management Journal of Economics and Business (JECOMBI) Jurnal Ekonomi Kreatif dan Manajemen Bisnis Digital (JEKOMBITAL) Research Horizon Jurnal Serambi Ekonomi dan Bisnis DFAME Digital Financial Accounting Management Economics Journal Journal of Islamic Digital Economics and Management Neraca Manajemen, Akuntansi, dan Ekonomi Jurnal Pengabdian Masyarakat dan Riset Pendidikan Journal Business Administration (JBA): Entrepreneurship and Creative Indutry Jurnal Intelek Insan Cendikia Journal Of Management Analytical and Solution (JoMAS) Jurnal Price : Ekonomi dan Akuntasi Jejak digital: Jurnal Ilmiah Multidisiplin Journal Arbitrase : Economy, Management and Accounting
Marpaung, Nicholas
Program Studi Ilmu Administrasi Bisnis, Fakultas Ilmu Sosial Dan Ilmu Politik, Universitas Sumatera Utara
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemistry Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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Journal : Journal of Management Analytical and Solution

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Hybrid Funding Innovation Based on Debt and Equity Collaboration for MSME Funding in North Sumatera Marpaung, Nicholas; Eriza, Faisal; Praise Manurung, Revivo; Luthfi Fauzan, Ahmad; Sitorus, Gira Madoli
Journal Of Management Analytical and Solution (JoMAS) Vol. 6 No. 1 (2026): Journal Of Management Analytical and Solution
Publisher : TALENTA Publisher, Universitas Sumatera Utara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32734/jomas.v6i1.24225

Abstract

Micro, small, and medium enterprises (MSMEs) in North Sumatera facepersistent financing constraints that limit their contribution to regional economiccompetitiveness. Despite the proliferation of peer-to-peer (P2P) lending andsecurities crowdfunding platforms, pure debt and pure equity models exhibitstructural limitations: P2P lending suffers from high default risk and informationasymmetry, while equity crowdfunding imposes excessive dilution costs andvaluation challenges for early-stage MSMEs. This conceptual paper proposes ahybrid debt-equity funding model that integrates complementary financinginstruments through digital platforms, addressing these limitations by optimizingrisk allocation, reducing information frictions, and matching investor preferencesto firm lifecycle stages. Grounded in Capital Structure Theory, FinancialIntermediation Theory, Information Asymmetry frameworks, and AgencyTheory, the model demonstrates theoretical superiority over single-instrumentapproaches. North Sumatera serves as a critical testing ground due to itssubstantial MSME sector (contributing 57.8% to regional GDP), documentedcapital access barriers (only 15.2% of MSMEs receive bank loans), andsupportive regulatory environment under Indonesia's OJK fintech framework.Through conceptual development and policy analysis, this study presents atheoretically robust framework, comparative performance analysis, andimplementation roadmap. The hybrid model offers a scalable solution to bridgethe MSME financing gap in emerging markets, with implications for financialinclusion policy and platform governance
Co-Authors Agus, Yizreel Firman Andalas, Yasir Artha Aprilia Tambunan Asbi, Erni Asneli Dasuha, Timothy W.S. Delicia Ruth Omeria Sihombing Dharmawan Sriyanto Diyanti Isnani Siregar, Diyanti Isnani Elda Triana Widya Elsinta Alvionika Sitepu Eriza, Faisal Ginting, M. Aditya Rifki Glenn Petrus Hardikusuma Hafiza Adlina Immanuel Cristwo Bangun Jonathan Liviera Marpaung Kirana, Tegar Levita Marentina Gultom Limbong, Gloria Virginta Loisa Theresia Hutagalung Lubis, Andrew Satria Lubis, Joshua Alexander Lumbanraja, Posma Luthfi Fauzan, Ahmad M. Aditya Rifki Ginting Madeliene Silalahi Marpaung, T.J. Marza Maulana Rughasy Muhammad Audri Muhammad Rozzaq Pane Muhammad Wisnu Wijaya Aditama Nainggolan, Fadila Rahma Nana Dyki Dirbawanto, Nana Dyki Nurmailiza Nursanti, Emmy Panjaitan, Simon Partahi Pardede, Franz Hariyanto Posma Lumban Raja Praise Manurung, Revivo Purba, Janwar Cristopan Raja, Posma Lumban Ramadhan, Anzala Sahru Raymondlee Febrianto Safitri, Gadis Ayu Santo Maulana Putra Sinaga Sari Siregar, Salwa Nurmala Sartika Dewi Setia, Nadia Sibarani, Doni Sihite, Fernando Simanjuntak, Eva Yohana Sinaga, Yusuf Efendi Sirait, Elsya Vidara Siregar, Onan M Siregar, Onan Marakali Sitinjak, Rihot Sitorus, Gira Madoli Sri Rezki Gultom Sumardy, Karina Dewi Tampubolon, Kevin Ariel Togu Bonardo Tri Danica Sinaga Triani, Emi Tulus Vannesia Guiness Widya, Elda Triana Wijaya Aditama, Muhammad Wisnu Yizreel Firman Agus Zein, Khairu