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THE ROLE OF HUMAN CAPITAL IN MODERATING THE INFLUENCE OF MSME INVESTMENT AND GROSS FIXED CAPITAL FORMATION ON INCLUSIVE ECONOMIC GROWTH IN INDONESIA Yusnidar, Yusnidar; Srinita, Srinita; Abrar, Muhammad
PROCEEDING OF INTERNATIONAL CONFERENCE ON EDUCATION, SOCIETY AND HUMANITY Vol 3, No 1 (2025): First International Conference on Education, Society and Humanity
Publisher : PROCEEDING OF INTERNATIONAL CONFERENCE ON EDUCATION, SOCIETY AND HUMANITY

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Abstract

This study investigates the short-run effects of Micro, Small, and Medium Enterprise (MSME) investment and Gross Fixed Capital Formation (GFCF) on inclusive economic growth in Indonesia, with human capital included as a moderating variable. Using annual time-series data from 1990 to 2024 sourced from the World Bank, the analysis applies Moderated Regression Analysis (MRA) to evaluate the interaction between investment and human capital. The empirical findings show that MSME investment and human capital exert strong and significant positive influences on inclusive growth, while GFCF demonstrates a positive but relatively modest direct impact. Furthermore, human capital significantly enhances the effects of both MSME investment and GFCF, emphasizing its role as a catalyst in improving investment productivity and inclusiveness. This study provides updated empirical evidence on Indonesia’s investment–growth nexus by applying an interaction-based MRA framework to long-term data, highlighting the strategic importance of integrating human capital development within investment-driven growth policies.
Co-Authors . Zulfan Abdul Karim, Bisyri Adam, Chaidir Adrinur, A. Imal Agus Haryono Al-Munawir, Al-Munawir Aliasuddin Aliasuddin Alifia Fadhilah, Devina Amalia, Nuelda Angga, Binanga Arafat, M. Y. Aulianur, Ahlul Corry Corvianawatie, Corry Darmawan Darmawan Diaz Cahyani, Rahma Duyo, Rizal Ahdiyat Firdaus, Adhityas Gatot Nazir Ahmad Geubrina, Yulia Hafitz, Hafitz Hanif, Andriyatno Harahap, Nurhaliza Hariyanti, Tika Ayu Idrus, Ilham Ihza, Muhammad Herizal Indraaryani Suryaalamsah, Inne Isnawati, Putri Karim, Firmansyah Khadijah, St Kunto Wibowo Kusumo, Suryo Laksmi Fitriyani, Sri Lawang, Hasanna Lefantri , Leo Luthfiah Azzahra, Fadhelina Mahmudah, Istiyati Maulana Maulana, Maulana Maulana, Harist Mauliani, Nina Mochammad Arifin Monicha, Miranda Muzzakar, Kahar NEVIATY PUTRI ZAMANI Ningsih, Febry Claudia Nirwana, Hafsah Nunung Cipta Dainy Oktaviani, Annisa Paipan, Sahrul Permana, Syeprianto Putra, Masteria Yunovilsa Putra, Wahyu Hanafi R, Mhd. Randa Haikal Raja Masbar Regina Rahmi Ridwang Ridwang, Ridwang Rikoh Manogar Siringoringo Rizkiansyah , Rikaz Rossanto Dwi Handoyo Rustam Effendi Safira, Sasha Safrirullah, Safrirullah Salatalohi, Abu Sam Wouthuyzen Sandi, Kurnia Saputra, Jumadil Sekar Maharani, Jihan Shanty Savitri Silvia, Vivi Sofyan Syahnur Srinita, Srinita Sulistyowati Sulistyowati Suprianto, Gaguk Suradi Suradi Surani Tahir, Ilyas Taufiq Carnegie Dawood Tri Aryono Hadi Umi Mardiyati Vivine Nurcahyawati Yanti, Rina Yanuar, Yogi Yennafri, Yennafri Yulianingsih, Kiki Yulianti, Reka Yusnidar Yusnidar Zamzamil, Mhd. Madil Zulha, Arienal Martha