EFFICIENCY OF REGIONAL DEVELOPMENT BANKS IN

JAVA ISLAND IN CREDIT DISTRIBUTION: A DATA

ENVELOPMENT ANALYSIS AND PANEL REGRESSION
APPROACH

THESIS

Compiled by:

Agung Yuda Pratama

195020407111023

Submitted As One Of The Requirements for Obtaining A Bachelor's

Degree In Economics

ECONOMICS, FINANCE AND BANKING

DEPARTMENT OF ECONOMICS
FACULTY OF ECONOMICS AND BUSINESS
BRAWIJAYA UNIVERSITY
MALANG
2023
 TABLE OF CONTENT

TABLE OF CONTENT ..................................................................................................... i

LIST OF TABLES ........................................................................................................... iii
LIST OF FIGURES ..........................................................................................................iv
CHAPTER I ....................................................................................................................... 1
1.1 Background ..................................................................................................... 1
1.2 Problem Formulation .................................................................................... 7
1.3 Research Objectives ..................................................................................... 8
1.4 Research Contribution.................................................................................. 8
CHAPTER II .................................................................................................................... 10
2.1 Financial Intermediation ............................................................................. 10
2.2 Efficiency........................................................................................................ 11
2.2.1 Efficiency Measurement Method............................................................. 13
2.2.2 Input and Output Relationship in Efficiency Measurement.................... 14
2.2.3 Data Envelopment Analysis...................................................................... 15
2.2.4 The Effect of Loan to Deposit Ratio (LDR) Credit ..................................... 16
2.2.5 The Effect of Capital Adequacy Ratio (CAR) on Credit............................. 17
2.2.6 The Effect of Non-Peforming Loan (NPL) on Credit ................................. 18
2.2.7 The Effect of Operational Efficiency Ratio (OER) on Credit ..................... 18
2.2.8 The Effect of the Local Government Funds Ratio on Credit .................... 19
2.3 Framework ..................................................................................................... 20
2.4 Hypothesis ..................................................................................................... 21
CHAPTER III ................................................................................................................... 22
3.1 Research Approach ..................................................................................... 22
3.2 Place and Time of Research...................................................................... 22
3.3 Operational Definition and Measurement of Research Variables ... 22
3.4 Population and Sampling ........................................................................... 27
3.4.1) Research Population ........................................................................... 27
3.4.2) Research Sample and Research Sampling Technique .............. 27
3.5 Data Collection Method .............................................................................. 28
3.6 Data Analysis Method ................................................................................. 29
3.6.1 Data Envelopment Analysis .............................................................. 29

i
 3.6.2 Panel Data Regression ....................................................................... 32
3.6.3 Statistical Test ....................................................................................... 36
BAB IV ............................................................................................................................. 38
4.1 Gambaran Umum Obyek Penelitian ........................................................ 38
4.1.1 Perkembangan Rasio Keuangan Bank di Indonesia .................. 38
4.1.2 Persentase Dana Pemda di Indonesia ............................................ 40
4.2 Analisis Hasil Estimasi ............................................................................... 42
4.2.1 Analisis Statistik Deskriptif ............................................................... 42
4.2.2 Pemilihan Model Regresi Data Panel .............................................. 44
4.2.3 Hasil Data Envelopment Analysis .................................................... 45
4.2.4 Hasil Regresi Data Panel .................................................................... 47
4.3 Pembahasan .................................................................................................. 49
4.3.1 Pengaruh LDR Terhadap Efisiensi Penyaluran Kredit ............... 49
4.3.2 Pengaruh OER Terhadap Efisiensi Penyaluran Kredit ............... 50
4.3.3 Pengaruh CAR Terhadap Efisiensi Penyaluran Kredit ............... 52
4.3.4 Pengaruh NPL Terhadap Efisiensi Penyaluran Kredit ................ 53
4.3.5 Pengaruh LGFR Terhadap Efisiensi Penyaluran Kredit ............. 55
BAB V .............................................................................................................................. 57
5.1 Kesimpulan .................................................................................................... 57
5.2 Saran ............................................................................................................... 58
REFERENCE .................................................................................................................. 60

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 LIST OF TABLES

Table 3. 1: Third Party Funds ..................................................................................... 25

Table 3. 2: Number of Employees ............................................................................. 26
Table 3. 3: Operational Cost ....................................................................................... 26
Table 3. 4: Credit Granted ........................................................................................... 27
Table 3. 5: List of Source ............................................................................................ 28
Table 4. 1: Results of Descriptive Statistical Analysis........................................ 42
Table 4. 2: Chou and Hausman Test Estimation Results.................................... 44
Table 4. 3: Panel Data Estimation Results.............................................................. 47
Table 4. 4: Cross Sectional Fixed Effect Test Result ........................................... 48

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 LIST OF FIGURES

Figure 1. 1: Graph of Regional Banks with the largest Net Income (2021) ...... 2
Figure 1. 2: Graph of Regional Banks with the largest Total Assets (2021) .... 3
Figure 1. 3: Contribution and Economic Growth data by Island in Indonesia
(2021) ............................................................................................................ 5
Figure 2. 1 : Flow of Funds Through the Financial System ............................... 10
Figure 2. 2: Framework ................................................................................................ 20
Figure 4. 1: Graph of Trends in BUK Financial Ratios in Indonesia ................ 38
Figure 4. 2: Trend graph of BPD financial ratios on Java Island ...................... 39
Figure 4. 3: Graph of the Percentage of BPD Regional Government Funds on
the Island of Java ......................................................................................................... 41
Figure 4. 4: DEA Test Results .................................................................................... 45

iv
 CHAPTER I
INTRODUCTION

1.1 Background

The banking industry plays a very important role in a country's

economy. Banking is a major tool in the financial system and banking

performance can affect the country's economic stability (Hymore Boahene et

al., 2012) The existence of banks is not only a place to store money, but also

as an institution that facilitates the flow of funds in the economy, from sectors

that have surplus funds to sectors that need funds. Based on this function,

banks have a vital role in supporting economic growth and development

(Berger & Humphrey, 1997). In an increasingly competitive business

environment, banks need to operate efficiently to remain competitive and

continue their important contribution to the economy (Henriques et al., 2018).

In Indonesia, Regional Development Banks (BPDs) are an integral

part of the national banking system. As a regional bank, it has an important

role in providing financial support to local productive sectors and promoting

regional economic growth (Sutanto, 2015). It also has a special role to

support economic development and growth at the provincial and district/city

levels. BPDs are intended to be the driving force of the regional economy

through credit to important economic sectors in the region.

According to Law No. 32 of 2004 on Local Government and

Government Regulation (PP) No. 23 of 2005 on Local Financial

Management, the main function of BPD is to be a depository and

management of Local Government funds, credit to the community, especially

to productive sectors that can advance the regional economy, serving other

1
 2

banking activities such as receiving deposits, paying on behalf of customers,

issuing securities and supporting regional development policies and

empowering the local economy. While the Role in Regional Economic

Development, Regional development bank plays an important role in the

development of the regional economy. For example, it can provide credit to

local SMEs that need capital for business development. It can also play a

role in financing regional infrastructure, such as the construction of roads,

bridges, and other public facilities. It also helps strengthen the banking

structure in the region, as it is able to reach areas that are underserved by

private or national banks.

Figure 1. 1: Graph of Regional Banks with the largest Net Income

(2021)

Source : DataIndonesia.id

Over the past few years, Regional development banks have

shown significant progress in playing their role. The total revenue of 27,

regional development bank in Indonesia was recorded at IDR 68.36

 3

trillion. The average revenue growth of all Regional development banks

in the country was 4.08% (yoy).

Figure 1. 2: Graph of Regional Banks with the largest Total Assets

(2021)

Source: DataIndonesia.id

In 2021, there were 27 regional development banks throughout

Indonesia with total assets of Rp. 858.98 trillion or 11.73% of the total

assets of all commercial banks with an increasing trend from year to

year. With such a large total asset, of course, the local government has

high hopes for the role of regional development bank in accelerating

development and economic movement in the region. In addition, there

are several regional development banks that have total assets above

100 trillion, where regional development banks with the largest total

assets are dominated by regional development banks in Java.

Although the growth rate of regional development bank (BPD)

assetscontinues to grow, credit has stagnated (Kontan.co.id, 2021). In

the last decade, especially the 2015-2022 period, regional development

 4

banks have faced various challenges in carrying out their functions,

especially in credit. Although regional development bank has great

potential to support productive sectors in the regions, there are

indications that efficiency in credit is not optimal (Lailaa & Kurniawati,

2018). Efficiency in credit is very important, because credit given to the

right sectors with minimal operational costs will increase productivity and

regional economic growth (Rini & Aristanto, 2019).

One of the main problems regional development banks face is

the increasing number of Non-Performing Loan (NPL) in several regions,

which indicates constraints in debtor selection or the credit supervision

process (Caroline Barus, 2016). In addition, the comparison between

funds received by regional development bank (LDR) and loans

disbursed shows that there is still potential for funds that have not

been optimized forcredit (Awaluddin et al., 2019).

Not only that, with the increasing competition in the banking

industry, regional development bank is required to be able to improve its

efficiency in order to remain competitive with other banks, especially

private banks and national banks. Shifting trends from conventional to

digital credit, changes in banking regulations, and the impact of the

global economic situation such as the COVID-19 pandemic, further

complicate the regional development bank's problems in improving its

efficiency (Sholihah, 2021).

In the context of Java, the challenges faced by regional development

bank are increasingly complex. Java is the center of the national economy,

with a very high level of competition and rapidly changing economic

 5

dynamics. Therefore, it is relevant and important to analyze the efficiency of

BPDs in Java in credit disbursed.

Figure 1. 3: Contribution and Economic Growth data by Island in

Indonesia (2021)

Source : databoks.katadata.co.id

Based on Figure 1.3 java is the economic center of Indonesia.

With a population of more than 140 million people, accounting for about

54% of Indonesia's total population, Java contributes over 57% to the

national Gross Domestic Product (GDP). Java, with the presence of

major cities such as Jakarta, Bandung, Surabaya, and Semarang, is the

center of national economic, industrial, and trade activities. This

indicates that economic activities on the island of Java are highly

significant and have a major impact on the national economy.

Bank efficiency measurement is an important and frequently

discussed topic in finance and banking literature. Various methods

have been used tomeasure bank efficiency, from parametric methods

such as Stochastic Frontier Analysis (SFA), to non-parametric methods

such as Data Envelopment Analysis (DEA). Data Envelopment Analysis

 6

(DEA) is a non-parametric method that can measure the relative

efficiency of a set of decision-making units (DMUs) (Fukuyama & Weber,

2009). DEA is a popular method because of its flexibility in handling

multiple inputs and outputs, and because it does not require

assumptions about the shape of the production function (Berger &

Humphrey, 1997).

Previous studies, such as Sutanto (2015) and Abidin & Endri

(2009), have applied DEA to measure the efficiency of regional

development bank in Indonesia. However, the efficiency score

generated by DEA only provides an overview of the extent to which

banks can maximize output using available inputs. This score does not

provide an explanation of the factors that influence efficiency.

Many factors can affect bank efficiency, such as bank size,

Operating Expenses to Operating Income (OER) ratio, bank profitability,

and Non- Performing Loans (NPL) ratio (Mahmoudabadi &

Emrouznejad, 2019; Stewart et al., 2016). In Indonesia, NPL and OER

are two important variables that are often the focus of banking

regulators (OJK, 2019). The selection of these factors is based on the

banking and finance literature (Berger & Humphrey, 1997; Muharam &

Pusvitasari, 2007).

OER is a ratio that shows the efficiency of banks in controlling

operating costs. Banks with low OER are considered more efficient

because they are able to generate operating income with low operating

costs (Haryanto, 2017). Loan to Deposit Ratio (LDR): Shows how much

the proportion of funds received by the bank (deposit) is then channeled

back as credit. This variable is important to determine how effective

banks are in allocating the funds they have (Riani & Maulani, 2021).
 7

Capital Adequacy Ratio (CAR) Describes the bank's ability to bear the

risk of losses that may arise from credit. A good CAR indicates that the

bank has strong capital resilience in the face of risk (Haryanto, 2017).

Percentage of Local Funds Describes how much funds the bank obtains

from local sources, which can indicate the bank's dependence on

external sources of funds. NPL reflects the quality of a bank's loan

portfolio. Banks with high NPLs tend to be less efficient because they

have to bear high loan collection and provisioning costs (Casu et al.,

2004).

While there are many studies on bank credit efficiency, there is

limited research on the efficiency of regional development bank credit in

Indonesia. Therefore, this study aims to fill the gap in the literature by

applying DEA and regression analysis to measure and analyze the

efficiency of regional development bank credit in Indonesia. Thus,

researchers are interested in conducting research on " Efficiency Of

Regional Development Bank In Java Island In Credit Distribution: A

Data Envelopment Analysis And Panel Regression Approach”

1.2 Problem Formulation

Based on the background stated above, the problem can be

formulated, namely as follows;

1) What is the Regional Development Banks' (BPD) efficiency level in

Java in credit distribution based on calculations using the Data

Envelopment Analysis (DEA) method?

2) What factors influence the efficiency of credit distribution by BPD in

Java?
 8

3) How do LDR, CAR, NPL, BOPO, and the percentage of local

government funds influence the efficiency of credit distribution by

BPD in Java

1.3 Research Objectives

Based on the main problems raised, the objectives of this research

are;

1) To measure and analyze the level of efficiency in credit distribution by

BPD in Java using the Data Envelopment Analysis (DEA) method.

2) To identify and analyze the factors that influence the efficiency of

credit distribution by BPD in Java.

3) To analyze the influence of LDR, CAR, NPL, BOPO, and the

percentage of local government funds on the efficiency of credit

distribution by BPD in Java.

1.4 Research Contribution

1) Theory Contribution

This research provides a better understanding of the credit

efficiencyof regional development banks in Indonesia, especially Java

and Bali. This knowledge can bevaluable for researchers interested in

banking in Indonesia, especially Java and Bali. This study can also

enrich the literature on the application of DEA method and two-stage

analysis approach in the context of banking, particularly Regional

Development Banks in Indonesia. It may provide reference for future

research who want to use a similar method.

2) Practical Contribution
 9

• For Researchers

This research is expected to increase the author's

knowledge about the influence of factors that affect the

operational efficiency ofbanks, including Loan to Deposit Ratio

(LDR), OER ratio, CAR, NPL ratio and percentage of local

government funds. This can broaden the researcher's

understanding of the dynamics behind banking efficiency.

• For Students

This research is expected to be a learning material

regarding the influence of factors that affect the efficiency of

bank credit, including Loan to Deposit Ratio (LDR), OER ratio,

profitability, NPL ratio and also the percentage of local

government funds. And also expected to be a reference for

further research that wants to examine the efficiency of the bank.

• For Bank Management

The results of this study can be used by bank

management, particularly Regional Development Banks, to

understand and improve their operational efficiency. The

measurement of efficiency using the DEA method and the

analysis of the influence of other variables on efficiency can

provide insight to bank management on which areas need to be

improved to achieve maximum efficiency.

• For Investors and Stakeholder

Investors and other stakeholders in the banking sector

can use the results of this study to make decisions based on the

efficiency of bank operations.

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CHAPTER II
LITERATURE REVIEW

2.1 Financial Intermediation

Financial intermediation refers to the process in which financial

institutions act as intermediaries between savers and borrowers. This

process involves the collection of funds from savers and their distribution to

borrowers for productive purposes (Allen & Santomero, 1998). Financial

institutions, such as banks, play a crucial role in mobilizing savings and

allocating them to effective investments.

According to Mishkin (2018), financial intermediation plays a critical

role in determining economic health. He emphasizes the importance of

financial intermediation in reducing asymmetric information problems and

enhancing the efficiency of capital allocation. Mishkin also highlights the role

of financial intermediation in preventing financial crises by regulating and

monitoring credit risk.

Figure 2. 1 : Flow of Funds Through the Financial System

source: Mishkin, 2019

 11

The arrows indicate that funds flow from lenders - savers to borrowers

- spenders through two channels: direct financing, where borrowers borrow

funds directly from the financial market by selling securities, and through

indirect finance, where financial intermediaries borrow funds from lenders -

savers and then use those funds to extend loans to borrowers - spenders.

The channeling of funds from savers to spenders is vital for the economy

because those who save are often not the ones with profitable investment

opportunities, such as entrepreneurs.

Financial intermediation institutions play a significant role in the

economy. They provide facilities for collecting savings and channeling them

into productive investments, reduce risk through diversification, offer efficient

payment services, and assist in the efficient allocation of resources (Das

Gupta et al., 2021). This process allows for the more effective use of

available funds and enhances economic growth (John & Nwekemezie,

2019). The primary function of financial intermediation is to facilitate the

transfer of funds from parties with surplus funds (for example, individuals who

deposit money in banks) to those who need funds (for example, businesses

that require loans for expansion) (Balke et al., 2021).

2.2 Efficiency

Efficiency is the ratio between output and input, and the ratio between

input and output. Efficiency is defined as the ability to complete a job

correctly. Efficiency is one of the parameters or measures of a company's

performance or theoretically one of the performances that underlie all

performance in the organization (Hadad et al., 2003). The ability of the

organization to produce a maximum output with existing inputs. A bank is

 12

faced with the condition of how to get the optimal level of output with the

existing level of input, or get the minimum level of input with a certain level

of output.

In the banking world, efficiency is one of the most popular

performance parameters because it is widely used to answer the difficulties

in calculating the performance measures mentioned above. With the

identification of input and output allocation, it can be further analyzed to see

the cause of inefficiency. To see the efficiency of banks is almost the same

ascompanies, efficiency in banking is also interpreted as a benchmark in

measuring the performance of banks where efficiency is the answer to the

difficulties in calculating measures in performance such as the level of

efficiency of allocation, technical and total efficiency (Muharam & Pusvitasari,

2007).

Basically, there are two types of efficiency, namely technical efficiency

and allocative efficiency. Technical efficiency refers to the ability of a

production unit to produce maximum output from a given set of inputs, or in

other words, to use a minimum amount of inputs to produce a given set of

outputs (Coelli & Coelli, 2005). On the other hand, allocative efficiency refers

to the useof inputs in proportions that result in minimum cost for a given level

of output or maximum output for a given cost (Farrell, 1957).

In the context of banking, efficiency refers to a bank's ability to provide

financial services at minimal cost. It is usually measured by comparing a

bank's output (e.g., the number of loans or deposits) with the inputs used

(e.g., labor or capital) (Berger & Humphrey, 1997). Measuring banking

efficiency is important, as high efficiency can enhance the sustainability and

stability of banks and, ultimately, the financial system as a whole (Casu et

al., 2004).
 13

2.2.1 Efficiency Measurement Method

Based on research conducted by Muharam and puvitasari (2007),

there are three types of efficiency measurement approaches, especially

in banking, namely:

1) Ratio Approach

The ratio approach in measuring efficiency is done by

calculating the ratio of output and input used. This approach will be

considered to have high efficiency if can produce the maximum

possible output with the minimum possible input. According to

Muharam (2007), this ratio approach has a weakness if there are

many inputs and many outputs that are calculated, if calculated

simultaneously, it will produce many calculation results, resulting in

assumptions that are not firm

2) Regressio Approach

This approach to measuring efficiency uses a model of a

certain level of output as a function of various levels of input. The

regression approach will produce an estimated relationship that can

be used to produce the level of output produced by a Decision-

Making Unit (DMU) at a certain level of input. A DMU can be said to

be efficient if it produces more output than the estimated output. The

weakness of this approach is its inability to accommodate multiple

outputs, because a regression equation can only accommodate one

output indicator. If many outputs are combined in one indicator, the

resulting information becomes no longer detailed (Muharam &

Pusvitasari, 2007).

3) Frontier Approach
 14

The frontier approach in measuring efficiency can be divided

into two types, namely parametric and non-parametric frontier

approaches (Muharam & Pusvitasari, 2007). Parametric test is a test

that A non-parametric statistical test is a test whose model does not

set certain conditions on the population parameters that are the

source of the research, while a non-parametric statistical test is a test

whose model does not set conditions on the population parameters

that are the parent of the research sample. The parametric frontier

approach can be measured by parametric statistical tests such as

using the Stochastic Frontier Analysis (SFA) and Distribution Free

Analysis (DFA) methods. While the non-parametric frontier approach

can be measured by non-parametric statistical tests using the Data

Envelopment Analysis (DEA) method.

2.2.2 Input and Output Relationship in Efficiency Measurement

According to (Hadad et al., 2003) there are three approaches

commonly used in both parametric Stochastic Frontier Analysis (SFA)

and Distribution Free Analysis (DFA) and non-parametric Data

Envelopment Analysis (DEA) methods to define input and output

relationships in the financial activities of a financial institution. This is also

stated in (Muharam & Pusvitasari, 2007).

1) Asset Approach

The asset approach reflects the primary function of a financial

institution as the creator of loans. In this approach, output is strictly

defined in terms of assets.

2) Production Approach

This approach considers financial institutions as producers of

 15

deposit accounts and credit accounts and defines output as the sum

of labor, capital expenditure on fixed assets and other materials.

3) Intermediation Approach

This approach views a financial institution as an intermediary,

which converts and transfers financial assets from surplus units to

deficit units. In this case, institutional inputs such as the cost of labor,

capital and interest financing on deposits, and outputs are measured

in terms of loans and financial investment. Finally, this approach sees

the primary function of a financial institution as the creator of loans.

The intermediation approach is widely used in bank efficiency

research. It suggested that the intermediation approach is the most

suitable for evaluating the efficiency of the whole bank because it includes

interest expenses which amount to half or two-thirds of total costs (Berger

& Humphrey, 1997). Therefore, this study uses the intermediation

approach in making decisions on output and input variables, because it

is considered more appropriate to evaluate the efficiency performance of

the bank as a whole.

2.2.3 Data Envelopment Analysis

The Data Envelopment Analysis (DEA) model is a non-parametric

method used in measuring the relative efficiency of decision-making units

(DMUs). This method was first introduced by Charnes, Cooper, and

Rhodes in 1978 and has since been widely used in various fields of study,

including banking, manufacturing, healthcare, and education (Cooper et

al., 2011). In DEA, the relative efficiency of a DMU is measured by

comparing the inputs and outputs used and produced by that DMU with

the inputs and outputs of other DMUs in the same sample. DEA evaluates
 16

the relative efficiency of DMUs by constructing an efficiency frontier,

formed by the most efficient DMUs. The relative efficiency of a DMU is

then measured based on its distance to the efficiency frontier.

In principle, DEA applies the concept of technical efficiency from

Farrel (1957) and scale efficiency from Banker et al (1984). Technical

efficiency reflects the ability of a DMU to produce maximum output from

a given set of inputs or use a minimum amount of inputs to produce a

given set of outputs. Meanwhile, scale efficiency reflects the ability of a

DMU to resize its operations to achieve maximum efficiency.

DEA has several advantages over other efficiency measurement

methods. First, DEA is able to handle multiple inputs and outputs at once,

which is often difficult for other methods to do. Second, DEA does not

require assumptions about the shape of the production or cost functions,

which is often difficult for other methods.

This makes it flexible and capable of handling various data

structures. Third, DEA according to Coelli (2005) provides a relative

efficiency score, which allows comparison between DMUs in a sample.

However, DEA also has some limitations. It is sensitive to sample size

and data distribution, and may not be able to provide accurate estimates

if the data has noise or outliers. In addition, DEA is not able to measure

stochastic efficiency or efficiency under uncertainty, due to the

deterministic assumptions it uses (Banker et al., 1984).

2.2.4 The Effect of Loan to Deposit Ratio (LDR) Credit

LDR is a ratio that measures the bank's ability to channel loans

from the funds it obtains in the form of deposits. This ratio illustrates how

much proportion of deposits the bank has given as loans to its customers
 17

(Ade Yulian et al., 2019). A high LDR ratio indicates the bank is more

aggressive in providing credit, but this increases liquidity risk if many

depositors withdraw their funds. Conversely, a low LDR may indicate a

bank's prudence in credit or excess liquidity, but this may mean the bank

is not maximizing interest income from its funds.

In the context of efficiency, banks that have an optimal LDR

(neither too high nor too low) tend to operate efficiently (Ismaulandy,

2014). According to research conducted by Ade Yulian et al (2019) states

that the Loan to Deposit Ratio (LDR) has a positive influence on credit.

Other research conducted by Fajar and Muid (2014) states that the Loan

to Deposit Ratio (LDR) has a positive influence on credit. Thus Loan to

Deposit Ratio (LDR) is estimated to have a positive effect on credit

efficiency.

2.2.5 The Effect of Capital Adequacy Ratio (CAR) on Credit

CAR is a measure of a bank's capital strength relative to its risky

assets. It measures the bank's ability to withstand potential losses from

risky assets, such as defaulted loans (Amrozi & Sulistyorini, 2020). Banks

with high CAR may have a tendency to be more cautious in credit, which

could mean a stricter debtor selection process. While this may reduce the

risk of default, a strict selection process may increase operational costs

and lower credit volume, which impacts efficiency (Fajar & Muid, 2014).

According to research conducted by Putri and Akmalia (2016)

states that the Capital Adequacy ratio (CAR) has a positive influence on

credit. In line with research conducted by Amrozi and Sulistyorini (2020)

that the Capital Adequacy Ratio (CAR) has a positive influence on

lending. Thus it is estimated that the Capital Adequacy Ratio (CAR) has
 18

a positive effect on credit efficiency.

2.2.6 The Effect of Non-Peforming Loan (NPL) on Credit

NPLs are loans that cannot be repaid by the debtor or no principal

or interest payments have occurred over a period of time. The NPL ratio

is an important indicator of the quality of a bank's credit assets (Haryanto,

2017). The higher the NPL, the lower the quality of the bank's credit

portfolio, which can pose a risk of loss for the bank.

The efficiency of credit by banks is not only determined by how fast

or how much credit is given, but also by the quality of the credit itself

(Fajar & Muid, 2014). Banks with high NPL rates may be inefficient in

assessing debtor risk, resulting in additional costs for loan recovery and

other related procedures, reducing overall efficiency.

According to research conducted by Khairiyah et al (2022) states

that Nonpeforming Loan (NPL) has a negative influence on credit. Other

research conducted by Putri and Akmalia (2016) states that Non-

peforming Loan (NPL) has a negative influence on credit. Thus Non-

peforming Loan (NPL) is expected to have a negative effect on credit

efficiency.

2.2.7 The Effect of Operational Efficiency Ratio (OER) on Credit

Efficiency in credit and OER are interrelated. If banks have good

efficiency in the credit process, it is likely that they will have a lower level

of bad debts, which in turn will reduce the costs associated with

recovering bad loans and loan loss reserves (Kadek Suastika & Trisna

Herawati, 2023). This can increase operating income and ultimately lower

the OER ratio (Haryanto, 2017). Conversely, if banks are inefficient in the
 19

credit process, they may face additional costs in the form of bad debts,

which may increase operating expenses and, as a result, increase the

OER ratio.

According to research conducted by Kadek Suastika & Trisna

Herawati (2023) states that Operating Expenses on Operating Income

(OER) has a negative influence on credit. Other research conducted by

Fajar and Muid (2014) states that Operating Expenses to Operating

Income (OER) has a negative influence on credit. Thus Operating

Expenses to Operating Income (OER) is estimated to have a negative

effect on credit efficiency.

2.2.8 The Effect of the Local Government Funds Ratio on Credit

Percentage of local government funds refers to the proportion of

funds originating from local governments (such as special allocation

funds, revenue sharing funds, etc.) in the total funds held by banks,

particularly Regional Development Banks (BPDs). Funds from local

governments often have special characteristics such as lower interest

rates or longer loan periods, and may also have certain conditions

associated with their use.

LG funds can provide a stable source of funds for BPDs, allowing

them to lend more efficiently without worrying about liquidity shortages. If

the local governmen funds have special conditions, this may affect the

BPD's credit decisions. For example, if the funds must be used for specific

development projects, this could affect the bank's credit strategy. Thus,

the percentage of local government funds could have a significant

positive influence on the efficiency of BPD credit.

 20

2.3 Framework

A framework is a basis for research thinking based on facts,

observations and literature review so that it can give rise to predictions which

become assumptions to be displayed through the flow of thought image

shown in figure 2.2.

Figure 2. 2: Framework

Source : Author
 21

2.4 Hypothesis

Based on the figure above, it shows that the research hypothesis in

this study is as follows:

H1: Loan to Deposit Ratio (LDR) has a positive significant effect on the

efficiency of Regional Development Bank Credit.

H2: Capital Adequacy Ratio (CAR) has a significant positive influence on

the efficiency of credit of Regional Development Banks.

H3: Non-Peforming Loan (NPL) has a significant negative influence on the

efficiency of credit by Regional Development Banks.

H4: Operating Expenses to Operating Income (OER) has a negative

Significant influence on the efficiency of Regional Development Bank

credit.

H5: The ratio of local government funds has a positive significant effect on

the efficiency of credit of regional development banks.

 CHAPTER III
RESEARCH METHODS

3.1 Research Approach

This research is a type of descriptive research and uses quantitative

research methods which are one type of research whose specifications are

systematic and clearly planned from the beginning to the making of the

research design. By using quantitative research methods, the significance of

the relationship between the variables to be studied will be obtained. The

discussion in this study will refer to the results of calculations, namely DEA

and panel data regression.

3.2 Place and Time of Research

This research was conducted over eight months, from February to

September 2023, focusing on analyzing the efficiency of credit distribution by

the Regional Development Banks (BPD) in Java during the 2015-2022

period. The data utilized were sourced from the financial statements of BPD,

and the data collection was conducted retrospectively. However, the majority

of the research work took place in the researcher's private workspace. In

addition, the researcher utilized online resources and libraries to access the

required documents for the research.

3.3 Operational Definition and Measurement of Research Variables

• Efficiency (Y)

Efficiency refers to the degree to which the bank utilizes its

resources , both human and financial, to achieve its objectives in the

22
 23

most cost-effective manner. The dependent variable in this study is the

efficiency score obtained from the calculation results using the

DEAFrontier application, input variables are third party funds, fixed

assets and labor costs and output variables is credit . The efficiency

score ranges from 0 to 1, with 1 indicating optimal performance 100%

The efficiency obtained is the result of the calculation of the constant

return scale (CRS) model.

• Loan to Deposit Ratio (LDR) (X1)

Loan to Deposit Ratio (LDR) is a ratio that measures how large

the portion of loans channelled by banks is compared to the funds

received by banks from the public (deposits) (Perwitaningtyas et al.,

2015). This ratio is used to assess bank liquidity and how aggressive

banks are in providing loans compared to the funds they receive from

customers. A high LDR value indicates that banks tend to be aggressive

in credit so that banks will earn profits from loan interest, while a low

LDR value indicates that banks tend to be conservative in credit

(Yusniar, 2011). LDR Formula:

𝑇𝑜𝑡𝑎𝑙 𝐶𝑟𝑒𝑑𝑖𝑡 𝐷𝑖𝑠𝑏𝑢𝑟𝑠𝑒𝑑

𝐿𝐷𝑅 = 𝑥 100
𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑝𝑜𝑠𝑖𝑡𝑜

• Operational Efficiency Ratio

The ratio of Operating Expenses to Operating Income (OER) or

often called the efficiency ratio is used to measure the ability of bank

management to control operating costs to operating income. The smaller

this ratio, the more efficient the operating costs incurred by the bank

(Riani & Maulani, 2021). The bank's success is based on a quantitative

 24

assessment of the bank's profitability which can be measured by the

ratio of operating expenses to operating income (Kuncoro, 2014).

𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐸𝑥𝑝𝑒𝑛𝑠𝑒
OER = 𝑥 100
𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐼𝑛𝑐𝑜𝑚𝑒

• Capital Adequacy Ratio (CAR) (X3)

Capital Adequacy Ratio (CAR) is a ratio that measures how

adequate a bank's core and supplementary capital is to withstand the

risk of losses that may arise from its risky assets. This ratio provides an

overview of the financial health of a bank and its ability to cope with

losses without requiring its depositors to bear the burden (Stewart et al.,

2016; Zanufa & Saraswati, 2017). To measure the CAR variable, we can

use the following formula:

𝑇𝑖𝑒𝑟 1 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 + 𝑇𝑖𝑒𝑟 2 𝐶𝑎𝑝𝑖𝑡𝑎𝑙

𝐶𝐴𝑅 = 𝑥100
𝑅𝑖𝑠𝑘 − 𝑊𝑒𝑖𝑔ℎ𝑡𝑒𝑑 𝐴𝑠𝑠𝑒𝑡

• Non-Peforming Loan (NPL) (X4)

Non-Performing Loan (NPL) is the ratio of bad debts to loans

disbursed. This ratio shows the ability to manage bad debts from bank

management. In this case, credit is credit to third parties, excluding credit

to other banks. Bad loans are loans that are substandard, non-

performing, and of poor quality (Ranjan & Dhal, 2003). Banks with high

NPLs may have a lower level of efficiency because they bear the cost of

payments and losses from bad loans (Mu’ashomah, 2017). The NPL

ratio can be measured as follows.

𝑇𝑜𝑡𝑎𝑙 𝑁𝑜𝑛 − 𝑃𝑒𝑓𝑜𝑟𝑚𝑖𝑛𝑔 𝐿𝑜𝑎𝑛𝑠

𝑁𝑃𝐿 = 𝑥 100
𝑇𝑜𝑡𝑎𝑙 𝑂𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔 𝐿𝑜𝑎𝑛𝑠
 25

• Local Government Funds Ratio (X5)

The Local Government Fund Ratio refers to the proportion of

funds that come from Local government (LG) funds. It’s used by the

Regional Development Bank (BPD) as the main source of funding in its

operations. These funds usually serve as equity participation, reserve

funds, or other forms of financial support from the local government to

the BPD to ensure liquidity, solvency, and sustainability of bank

operations. To measure the variable percentage of Local Government

Funds, we can use the following formula:

𝐿𝑜𝑐𝑎𝑙 𝐺𝑜𝑣𝑒𝑟𝑛𝑚𝑒𝑛𝑡 𝐹𝑢𝑛𝑑𝑠

𝑅𝑒𝑔𝑖𝑜𝑛𝑎𝑙 𝐺𝑜𝑣𝑒𝑟𝑛𝑚𝑒𝑛𝑡 𝐹𝑢𝑛𝑑 𝑅𝑎𝑡𝑖𝑜 = 𝑥 100
𝑇𝑜𝑡𝑎𝑙 𝐹𝑢𝑛𝑑𝑠

• Third Party Funds (I1)

Third Party Funds (DPK) are funds obtained from the public, in

the sense of individual communities, companies, governments,

households, cooperatives, foundations, and others both in rupiah and in

foreign currencies (Zarkasih, 2018). Third party funds collected by banks

can take the form of demand deposits, savings, and deposits.

Table 3. 1: Third Party Funds

Input Variables Source

Third Party Funds Balance Sheet

 26

• Number of Employees (I2)

Number of employees refers to the total number of individuals

working for an organization or institution at a given period of time. In the

context of banks, employees include all staff, whether working at the

head office or at branches, including management, support staff, and

others who are officially registered as workers at the bank.

Table 3. 2: Number of Employees

Input Variables Source

Number of Employees Notes to the

Financial Statements

• Operational Cost

Labor is the physical or mental effort expended by employees to

process products. Labor expenses or also called personnel expenses

are costs incurred to finance the use of labor (humans) in the production

process (Arifani, 2016). Labor expenses can be in the form of salary

costs, provisions, and fees given to employees (Muharam & Pusvitasari,

2007).

Table 3. 3: Operational Cost

Input Variables Source

Operational Cost Income Statement

 27

• Credit (O1)

Credit (financing) is the main product of banks as intermediary

institutions that connect surplus units and deficit units. Credit (financing)

is used to measure the ability of bank management to produce the main

product in the form of credit / financing as a way to increase profits

(operating profit). Total credit used in this study is the bank's net credit

resulting from the calculation of credit minus allowance for loan

impairment losses.

Table 3. 4: Credit Granted

Output Variable Source

1. Credit Granted Balance Sheet

3.4 Population and Sampling

3.4.1 Research Population

The population in this study is Regional Development Banks in Java,

namely Bank Banten, Bank DKI, Bank West Java, Bank Jateng, Bank BPD

DIY and Bank Jatim.

3.4.2 Research Sample and Research Sampling Technique

In this study, a saturated sample technique (sampel jenuh) was

utilized, meaning that all elements of the population were included in the

sample. A saturated sample is a technique where the entire population is

included in the sample of the research (Sugiyono, 2017). In other words, all
 28

the Regional Development Banks (BPD) operating in Java Island that meet

the inclusion criteria of the study will be incorporated. This technique was

chosen considering that the number of BPDs in Java is a manageable size,

allowing for the inclusion of all units of analysis in the sample to obtain more

representative and valid results. Consequently, the outcomes of this research

are expected to accurately reflect the actual conditions of the credit

distribution efficiency by BPDs in Java Island.

3.5 Data Collection Method

The secondary data in this research was taken online from the

websites of each regional development bank and OJK or OJK

(www.ojk.go.id). The secondary data is then collected in the form of panel

data. Panel data itself is a combination of time series data with cross-section

data (Wahyudi et al., 2021). Time series data is obtained in relatively the

same time intervals, with the same instruments and objects (Sugiyono,

2017). The time series data comes from third-party funds, number of

employees, and operational costs as input variables and credit distributed as

output variables. Meanwhile, financial and regional government fund ratios

are independent variables and efficiency data calculated using the data

envelopment analysis method from 2015 to 2022 are dependent variables.

Meanwhile, the cross-section unit used is the province on the island of Java.

Table 3. 5: List of Source

 29

Name Source
BPD Banten www.bankbanten.co.id
BPD DKI Jakarta www.bankdki.co.id
BPD Jawa Barat www.bankbjb.co.id
BPD Jawa Tengah www.bankjateng.co.id
BPD DIY www.bpddiy.co.id
BPD Jawa Timur www.bankjatim.co.id
Otoritas Jasa Keuangan www.ojk.go.id

3.6 Data Analysis Method

The data analysis method used in this research is quantitative

analysis method. The activities carried out in data analysis are grouping data

based on the type of variable, tabulating data based on the type of variable

and based on all data, presenting data from each variable to be studied, then

performing calculations intended to test the hypothesis proposed.

3.6.1 Data Envelopment Analysis

DEA is a methodology used to evaluate the efficiency of a Decision

Making Unit (DMU) responsible for using a number of inputs to obtain a

targeted output. DEA is a fractional programming model that can include

many outputs and inputs without the need to assign weights to them. each

variable beforehand, without the need for an explicit explanation of the

functional relationship between inputs and outputs (unlike regression). DEA

calculates efficiency measures at scale and determines the efficient input

and output levels for the evaluated unit.

 30

Specifically, DEA is a technical development Linear programming in

which there are objective functions and constraint functions. The following is

the general equation for the Data Envelopment Analysis (DEA) method.

∑𝑚
𝑖=1 𝑢𝑖𝑠 𝑦𝑖𝑠
ℎ𝑠 = 𝑚
∑𝑗=1 𝑢𝑗𝑠 𝑦𝑗𝑠

Where hs indicates the technical efficiency of bank s; uis indicates

the weight of the output produced; yis is the weight of input i produced; vjs

is the weight of input j; and xjs = the amount of input j provided by bank s.

∑𝑚
𝑖=1 𝑢𝑖𝑠 𝑦𝑖𝑠
𝑚 ≤ 1 ; 𝑟 = 1,2, … , 𝑁 𝑎𝑛𝑑 𝑢𝑖 , 𝑦𝑗 ≥ 0
∑𝑗=1 𝑢𝑗𝑠 𝑦𝑗𝑠

where N denotes the number of banks in the sample

The first inequality indicates an efficiency ratio for other companies of

no more than 1, while the second inequality is positively weighted. The ratio

will vary between 0 and 1.

The bank is said to be efficient if it has a ratio number close to 1 or

100 percent, otherwise if it is close to 0, it shows that the bank's efficiency is

getting lower. In DEA, each bank can determine its own weight and

guarantee that the chosen weight will produce the best performance

measure (Faza Firdaus & Nadratuzzaman Hosen, 2014).

This DEA method serves as a tool to evaluate the performance of an

activity in an entity unit (organization) which is hereinafter called DMU

(Decision Making Unit) (Hadad et al., 2003). In simple terms, the

measurement is expressed by the ratio: output/input which is the unit of

measurement. measurement of efficiency or productivity that can be

expressed in terms of partial (e.g. output per man-hour or output per worker,
 31

with outputs being sales, profits etc.) or total (involving all outputs and inputs

of an entity into the measurement) which can help show what input (output)

factors are most influential in producing an output (use of an input)

(Henriques et al., 2018).

The assumptions of DEA according to Cooper (2011) in his book

Handbook on Data Envelopment Analysis are:

1) The entity being evaluated uses the same set of inputs to produce the

same set of outputs.

2) Data is positive and the weight is limited to positive values

3) Inputs and outputs are variable

In addition to determining the inputs and outputs of the research, the

measurement of DEA efficiency level uses two models used in analyzing the

efficiency of a DMU. Those models are constant return to scale (CRS) or

commonly called CCR (Charnes-Cooper-Rhodes) model and variable return

to scale (VRS) or commonly called BCC model (Bankers-Charnes-Cooper)

(Cooper et al., 2011).

• Constant Return to Scale (CRS)

In the CRS model, there is a mathematical model that has been

explained in the general equation of the DEA method previously. In the

equation, it is explained that the efficiency measurement value is limited

between 0 and 1 and the value weight must be positive. From this range,

it can be concluded that a bank will be efficient if it is close to 1 or 100%,

otherwise if it is close to 0, it will be less efficient.

𝑚
max. ℎ𝑠 = ∑ 𝑢𝑖 𝑦𝑖𝑠
𝑖=1

𝑚 𝑚
𝑠𝑡. ∑ 𝑢𝑖 𝑦𝑖𝑟 − ∑ 𝑣𝑗 𝑥𝑗𝑟 ≤ 0 ; 𝑟 = 1, … , 𝑁
𝑖=1 𝑗=1
 32

𝑚
∑ 𝑣𝑖 𝑦𝑗𝑠 = 1
𝑗=1

𝑢𝑖 , 𝑣𝑗 ≥ 0

In this equation, it is explained that the objective function of the

equation is to maximize output with a constraint function where the input

value is one, so that the output value minus the input value is less than

or equal to 0. This means that all banks will be at or below the technical

efficiency level.

• Variable Return to Scale (VRS)

In the VRS model, all SEE conditions are assumed or it can be

said that not all SEEs work optimally. Various factors such as imperfect

competition, financial difficulties, and other causes can prevent a

business from operating at optimal scale. The mathematical model with

the VRS approach is obtained by modifying the model with the CRS

approach and still guided by the general mathematical model of DEA as

an equation to measure technical efficiency. By adding connection

constraints to the equation, the mathematical formula becomes:

𝑚
max. ℎ𝑠 = ∑ 𝑢𝑖 𝑦𝑖𝑠 + 𝑈0
𝑖=1

𝑚 𝑚
𝑠𝑡. ∑ 𝑢𝑖 𝑦𝑖𝑟 − ∑ 𝑣𝑗 𝑥𝑗𝑟 ≤ 0 ; 𝑟 = 1, … , 𝑁
𝑖=1 𝑗=1

𝑚
∑ 𝑣𝑖 𝑥𝑗𝑠 = 1
𝑗=1

𝑢𝑖 , 𝑣𝑗 ≥ 0

Where U0 is a piece that can be positive or negative.

3.6.2 Panel Data Regression

 33

Before conducting panel data regression, we must test for

assumption violation and data stationarity test. The assumption violation test

is carried out in order to produce an efficient, visible and consistent model.

The assumption violation test is carried out by detecting time-related

disturbances, disturbances between individuals or between economic

sectors, and disturbances due to both (Gujarati & Damodar N., 2004).

The panel data regression model is a combination of time series data

and cross-sectional data. According to Gujarati (2004), there are several

panel data regression models as follows:

1) Common Effect

It is the simplest model, where the approach does not consider

the time and space dimensions of the panel data. The estimation of this

model is also known as the OLS (Ordinary Least Square) model.

2) Fixed Effect

Gujarati (2004) in Zarkasih (2018) explains that the Fixed Effects

Model (FEM) approach assumes that the slope value of each variable is

fixed, but the intercept varies in each cross-section unit and is fixed for

each time series unit. Estimation with the fixed effect method can be

done by cross section weight or General Least Squares (GLS) or

unweighted or Least Squares Dummy Variables (LSDV). This weighting

aims to reduce heterogeneity between cross-sectional units (Gujarati &

Damodar N., 2004).

3) Random Effect

The random effect method is used to overcome the weaknesses

of the fixed effect method by using nuisance variables, the random effect

method by using residuals that suspect a relationship between subjects

and between time (Wahyudi et al., 2021). However, for analysis with the
 34

random effect method, there is one condition, namely that the data

object must be greater than the number of coefficients (Ghozali &

Ratmono, 2013). To determine the best model between common effect,

fixed effect or random effect, we can use the chow test and hausman

test.

• Chow Test

The Chow test aims to choose the best model between the

Common Effect model and the Fixed Effect Model. The value that

must be considered in the chow test is the probability value of the

F- Statistic.

The hypothesis used in the chow test is as follows:

H0 : The most appropriate model to use is Common Effect

Ha: The most appropriate model to use is Fixed Effect

If the F-statistic probability value is smaller than the

significance level (5%), then reject H0. Vice versa, if the probability

value of the F- statistic is greater than the significance level (5%),

then accept H0.

• Hausman Test

The Hausman test is used to select which model is suitable

for this study. The estimation model with the CEM approach was not

tested in this study because estimation with this approach has

limitations in explaining the individuality of cross section units.

This test is based on the following hypothesis:

H0: The most appropriate model to use is Random Effect

Ha: The most appropriate model to use is Fixed Effect

 35

If the probability value of the F-statistic is smaller than the

significance level 0.005 (5%), then reject H0. Vice versa, if the

probability value of the F statistic is greater than the significance

level (5%), then accept H0.

The regression model can be formulated as follows:

𝐸𝐹 = 𝛼 + 𝛽1 𝐿𝐷𝑅𝑖𝑡 + 𝛽2 𝑂𝐸𝑅𝑖𝑡 + 𝛽3 𝐶𝐴𝑅𝑖𝑡 + 𝛽4 𝑁𝑃𝐿𝑖𝑡 + 𝛽5 𝐿𝐺𝐹𝑅𝑖𝑡 + 𝑒𝑖𝑡

Where:

EF : Efficiency
α : Constant
i : subject-i
t :Time Period
β1-β5 :Regression Coefficient
LDR : Loan to Deposit Ratio (LDR)
OER : Operating Expenses on Operating Income
CAR : Capital Adequacy Ratio
LGFR : Local Government Funds Ratio
NPL : Net Performing Loan
e : Error Term

1) Multicollinearity Test

The multicollinearity test aims to test whether in the regression

model a high or perfect correlation is found between the independent

variables. The multicollinearity assumption states that the independent

variables must be free from multicollinearity. To detect multicollinearity,

this study uses Variance Inflation Factor (VIF). A variable is considered

multicollinear if it has a VIF value of more than 10. Or by using a

correlation coefficient as a way to detect potential multicollinearity

between independent variables in a regression model. The correlation

 36

coefficient measures the strength and direction of the linear relationship

between two variables

2) Heteroskedasticity Test

The heteroscedasticity test is carried out to check whether in the

regression model there is variability in the error term that is not constant

or is heterogeneous. If there is heteroscedasticity, OLS (Ordinary Least

Square) estimation is no longer efficient even though it is BLUE (Best

Linear Unbiased Estimator). In this research, the heteroscedasticity test

was carried out using the scatterplot method (graph of residuals against

predicted values) and also the Breusch-Pagan test. If the data shows a

certain pattern (for example, a funnel shape) on the scatterplot or the p

value from the Breusch-Pagan test is less than 0.05, then it is concluded

that there is heteroscedasticity in the model.

3.6.3 Statistical Test

1) t Test

The t statistical test basically shows how far the influence of one

independent individual variable individually in explaining the dependent

variable (Ghozali & Ratmono, 2013). If the probability value is smaller

than 0.05 (for a significance level of 5%), then H0 is rejected, while if the

probability value is greater than 0.05 then H0 is accepted.

The hypothesis used is as follows:

H0 : There is no partial significant effect between the independent

variables on the dependent variable.

Ha: There is a partial significant effect between the independent

variable and the dependent variable.

 37

The basis for decision making is:

If Probability < 0.05 then H0 is rejected

If Probability > 0.05 then H0 is accepted

2) F Test

The F test is used to prove whether the independent variables

(X) simultaneously together have an influence on the dependent variable

(Y). If the probability value is smaller than 0.05 (for a significance level

of 5%), then the independent variables jointly affect the dependent

variable. Meanwhile, if the probability value is greater than 0.05, the

independent variables simultaneously have no effect on the dependent

variable.

The hypothesis used is as follows:

Ho: There is no significant influence simultaneously between the

independent variable and the dependent variable.

Ha: There is a simultaneous significant influence between the

independent variables on the dependent variable.

The basis for decision making is:

If Probability < 0.05 then rejected

If Probability > 0.05 then accepted.

 BAB IV
HASIL DAN PEMBAHASAN

4.1 Gambaran Umum Obyek Penelitian

4.1.1 Perkembangan Rasio Keuangan Bank di Indonesia

Rasio keuangan bank adalah alat analisis yang digunakan untuk

mengevaluasi kinerja dan stabilitas keuangan suatu bank. Rasio-rasio ini

membantu dalam menilai efisiensi operasional, kesehatan keuangan, dan

kepatuhan terhadap peraturan industri perbankan. Beberapa rasio keuangan

yang umum digunakan meliputi Rasio Kecukupan Modal (Capital Adequacy

Ratio - CAR), yang mengukur kapasitas bank untuk menanggung kerugian

tanpa mengancam keamanan deposan. Rasio Kredit Bermasalah (Non-

Performing Loan - NPL) mengindikasikan kualitas aset kredit bank dengan

mengukur proporsi pinjaman yang tidak berkinerja baik. Rasio Likuiditas,

seperti Loan to Deposit Ratio (LDR), menilai kemampuan bank dalam

memenuhi kewajiban jangka pendek.

Figure 4. 1: Graph of Trends in BUK Financial Ratios in Indonesia

Tren Rasio Keuangan BUK Di Indonesia

100

80

60

40

20

0
2015 2016 2017 2018 2019 2020 2021 2022

CAR BOPO NPL LDR

Sumber: Diolah, 2023

38
 39

Dari Gambar 4.1, CAR tampaknya menunjukkan nilai yang relatif

lebih rendah dibandingkan rasio lainnya, yang mungkin mencerminkan

kepatuhan terhadap persyaratan kecukupan modal yang ditetapkan oleh

regulator. NPL, mengalami fluktuasi namun menunjukkan tren penurunan

umum yang menandakan peningkatan dalam kualitas aset bank seiring

waktu. Pada sisi lain, BOPO menunjukkan nilai yang tinggi dan mengalami

beberapa perubahan selama periode yang ditampilkan, mengindikasikan

bahwa bank-bank ini mungkin telah menghadapi berbagai tingkat efisiensi

operasional.

LDR terlihat cukup stabil sepanjang periode yang digambarkan,

mengindikasikan bahwa bank telah mempertahankan keseimbangan antara

kredit yang diberikan dan deposit yang diterima. Stabilitas ini penting karena

menunjukkan bahwa bank memiliki likuiditas yang cukup untuk menanggapi

permintaan penarikan dan kebutuhan kredit. Keseluruhan tren ini

memberikan gambaran positif tentang sektor perbankan konvensional di

Indonesia.

Figure 4. 2: Trend graph of BPD financial ratios on Java Island

Tren Rasio Keuangan BPD Di Pulau Jawa

120.00
100.00
80.00
60.00
40.00
20.00
0.00
2015 2016 2017 2018 2019 2020 2021 2022

Loan to Deposit Ratio (X1) % Rasio BOPO (X2) %

Rasio NPL (X4) % CAR (X3) %

Sumber: Diolah, 2023

 40

Dalam mengkaji efisiensi penyaluran kredit Bank Pembangunan

Daerah (BPD) di Pulau Jawa, pengamatan terhadap LDR, CAR, NPL, dan

BOPO menunjukkan pola yang kompleks seiring dengan berbagai

perubahan dalam lingkungan ekonomi dan kebijakan perbankan dari tahun

2015 hingga 2022. Dari gambar 4.2, dapat dilihat bahwa CAR, sebagai

indikator kesehatan modal BPD, secara umum menunjukkan tingkat yang

stabil, mencerminkan kepatuhan terhadap regulasi dan ketahanan terhadap

guncangan keuangan. Sementara itu, rasio BOPO, yang mengukur efisiensi

operasional dengan membandingkan biaya dengan pendapatan,

menunjukkan fluktuasi yang menandakan periode penyesuaian strategi BPD

terhadap kondisi pasar yang volatil.

NPL, yang mengukur kualitas aset kredit, dalam grafik kedua,

diperlihatkan memiliki tren yang relatif stabil dengan beberapa peningkatan

yang mengindikasikan periode ketika BPD menghadapi peningkatan risiko

kredit. NPL sempat berfluktuasi tinggi pada tahun 2020 yang disebabkan

pandemic sehingga pemerintah memberlakukan kebijakan restrukturisasi

kredit untuk menekan kenaikan NPL. Hal ini juga menggarisbawahi

pentingnya manajemen risiko yang kuat dalam mengevaluasi dan

menyalurkan kredit. LDR, yang menggambarkan proporsi kredit terhadap

deposito, mengalami peningkatan secara keseluruhan, menandakan

keberanian BPD dalam menyalurkan kredit, meskipun terkadang

menghadapi tantangan likuiditas.

4.1.2 Persentase Dana Pemda di Indonesia

Pemda merupakan salah satu stakeholder utama dalam BPD, dan

alokasi dana mereka secara signifikan dapat mempengaruhi kemampuan

BPD untuk memenuhi tuntutan pembangunan ekonomi regional. Persentase

 41

dana yang tinggi dapat menunjukkan dukungan yang kuat dari Pemda,

namun juga dapat menimbulkan pertanyaan tentang kemandirian BPD dari

dukungan pemerintah. Sebaliknya, persentase dana yang lebih rendah

mungkin mengindikasikan upaya BPD untuk mencapai kemandirian finansial

yang lebih besar, dengan mengandalkan diversifikasi sumber pendapatan

dan efisiensi operasional. Porsi dana pemerintah pada BPD pada 2021

sudah berada pada 40%. Kontribusinya selalu menurun dari 5 tahun lalu

yang tercatat lebih dari 60%.

Figure 4. 3: Graph of the Percentage of BPD Regional Government Funds on

the Island of Java

TREN PERSENTASE DANA PEMDA

BPD DI PULAU JAWA

43.09
41.73
37.24
29.35

29.21

25.64
25.23

24.67
21.77

21.46
21.38

21.13
21.02
20.99
20.37

19.13
17.72
16.69
16.39
16.17
15.53

15.14
14.82

14.74
14.45
16.3

14.33

14.05
13.68

13.65
13.04

12.29
12.27
12.25

12.11

13.7
10.83

10.78
10.26
10.07

11.5
9.67
9.29

8.96
8.09

6.08
0.42
0.27

2019

2019
2015
2017
2019
2021
2015
2017
2019
2021
2015
2017

2021
2015
2017
2019
2021
2015
2017
2019
2021
2015
2017

2021

BJB BANTEN JATENG DIY JATIM DKI JAKARTA

Sumber : Diolah dari laporan keuangan, 2023

Gambar 4.3 tersebut menunjukkan bahwa ada perubahan tahunan

yang signifikan dalam persentase dana Pemda di beberapa BPD di Pulau

jawa, ini menandakan perubahan dalam dinamika pendanaan dan kebijakan

pemerintah daerah. Perubahan ini bisa jadi berkaitan dengan kebijakan

fiskal daerah, prioritas strategis Pemda, atau respons terhadap kondisi

ekonomi lokal yang berfluktuasi.

 42

tren-tren ini tidak hanya mencerminkan kebijakan fiskal daerah yang

beragam tetapi juga prioritas strategis masing-masing Pemda dalam

mendukung BPD. Misalnya, kenaikan atau penurunan dalam persentase

dana dapat menandakan perubahan dalam prioritas investasi atau respon

terhadap kondisi ekonomi lokal. Dalam beberapa kasus, peningkatan

persentase dana Pemda terkait erat dengan inisiatif pembangunan yang

dicanangkan, yang membutuhkan dukungan finansial yang kuat dari BPD.

dan dalam grafik dapat dilihat persentase dana pemda pada BPD di Pulau

Jawa terus mengalami penurunan seiring berjalan waktu. Yang menunjukkan

bahwa BPD sudah mulai mandiri dari ketergantungan dana pemda

4.2 Analisis Hasil Estimasi

4.2.1 Analisis Statistik Deskriptif

Table 4. 1: Results of Descriptive Statistical Analysis

LDR OER CAR NPL LGFR

Mean 83.82542 89.75063 22.11292 3.934792 16.85313
Median 83.97 77.365 21.225 2.965 14.78
Maximum 146.77 226.17 43.38 22.27 43.09
Minimum 51.38 67.38 8.02 1.05 0.27
Std. Dev. 14.60447 33.80296 7.14512 3.587552 8.80291
Observations 48 48 48 48 48
Sumber: Hasil Pengolahan E-views, 2023

Secara umum, Loan to Deposit Ratio (LDR) rata-rata berada di

83.83%, menunjukkan bahwa bank-bank cenderung menyalurkan sebagian

besar deposit mereka sebagai pinjaman. Terdapat variasi yang signifikan

dalam LDR antar bank, dengan nilai tertinggi mencapai 146.77% dan

terendah 51.38%. Median sangat dekat dengan mean, mengindikasikan

distribusi data yang konsisten dan tidak terlalu miring. Standard Deviation
 43

menunjukkan 14.60, menandakan variasi yang cukup besar dalam LDR

antar bank, yang mungkin mencerminkan perbedaan strategi atau kondisi

pasar.

Sementara itu, Operating Expense Ratio (OER) rata-rata adalah

89.75%, yang relatif tinggi, menandakan biaya operasional yang hampir

sebanding dengan pendapatan operasional bank. Variabilitas dalam OER

juga cukup besar, terlihat dari nilai maksimum yang mencapai 226.17%.

Median lebih rendah dari mean, menunjukkan bahwa sebagian bank

memiliki OER yang lebih rendah dibandingkan rata-rata. Standard Deviation

menunjukkan 33.80, menandakan variasi yang sangat signifikan dalam OER

antar bank.

Untuk Capital Adequacy Ratio (CAR), rata-rata adalah 22.11%,

menunjukkan tingkat kecukupan modal yang baik secara umum, dengan

variasi dari 8.02% hingga 43.38% antar bank. Non-Performing Loan (NPL)

rata-rata di 3.93%, dengan nilai tertinggi mencapai 22.27% dan terendah di

1.05%, menunjukkan adanya perbedaan dalam kualitas aset kredit antar

bank. Akhirnya, Local Government Fund Ratio (LGFR) rata-rata berada di

16.85%, mengindikasikan proporsi dana pemerintah daerah yang bervariasi

antar bank, dengan nilai maksimal 43.09% dan minimal hanya 0.27%. Variasi

ini mungkin mencerminkan perbedaan dalam tingkat ketergantungan dan

dukungan finansial dari pemerintah daerah pada setiap bank.

 44

4.2.2 Pemilihan Model Regresi Data Panel

Table 4. 2: Chou and Hausman Test Estimation Results

Test Statistic d.f. Prob.

Cross-section Chi-
60.96975 5 0.0000
square
Cross-section random 94.77832 5 0.0000
Sumber : Hasil pengolahan E-views, 2023

Dalam Uji chou, didapat nilai statistik yang sangat tinggi, yaitu

60.96975, dengan derajat kebebasan 5 dan probabilitas hampir nol (0.0000).

Hasil ini menunjukkan bahwa ada perbedaan signifikan antar kelompok

cross-section dalam data.

Kemudian, Uji Hausman juga menghasilkan nilai statistik yang

sangat tinggi, yaitu 94.77832, dengan probabilitas yang sama rendahnya.

Hal ini mengindikasikan bahwa perbedaan antara model efek tetap dan

model efek acak adalah signifikan, dan mendukung penggunaan model efek

tetap untuk data.

Berdasarkan kedua hasil uji ini, pilihan yang paling tepat untuk

analisis data panel adalah model efek tetap (fixed effect). Model ini dianggap

lebih sesuai karena dapat menangkap variasi penting antar individu atau

entitas dalam data, yang tidak mungkin dicapai dengan model efek acak atau

common effect. Model efek tetap memungkinkan untuk memahami

perbedaan unik antar cross-sections dan bagaimana perbedaan ini

mempengaruhi variabel dependen dalam model regresi.

 45

4.2.3 Hasil Data Envelopment Analysis

Pengukuran efisiensi Bank Pembangunan Daerah (BPD) dilakukan

terlebih dahulu sebelum melakukan uji hipotesis. Untuk menilai efisiensi

dalam penghitungannya, penulis menggunakan analisis DEA untuk melihat

perbandingan dari beberapa UKE (Unit Kegiatan Ekonomi) dengan

menggunakan input dan output tertentu. Adapun jumlah UKE dalam

penelitian ini sebanyak 6 sampel BPD di Pulau Jawa dengan periode empat

tahun dari tahun 2015 sampai tahun 2022. Sebagai input dalam pengukuran

efisiensi perbankan umum konvensional menggunakan dana pihak ketiga,

biaya operasiona dan jumlah karyawan. Sedangkan sebagai outputnya

menggunakan kredit yang diberikan.

Figure 4. 4: DEA Test Results

Graph of Regional Development Bank Efficiency

Measurement Results
120

100

80

60

40

20

0
2015 2016 2017 2018 2019 2020 2021 2022

Bank BJB Bank Banten Bank Jateng Bank DIY Bank Jatim Bank DKI Jakarta

Sumber : Diolah menggunakan DEAP, 2023

Dari hasil analisis Data Envelopment Analysis (DEA) terhadap

efisiensi penyaluran kredit oleh Bank Pembangunan Daerah (BPD) di Pulau

Jawa selama periode 2015-2022, dapat diamati beberapa tren.

 46

menunjukkan bahwa Bank BJB, Jateng, dan DKI Jakarta secara konsisten

mencapai skor efisiensi yang tinggi, dengan skor sempurna dicapai oleh BJB

dan Jateng hampir setiap tahun setelah 2015, dan DKI Jakarta mencapai

skor sempurna setiap tahun kecuali 2015. Kinerja ini menandakan

pengelolaan sumber daya yang efektif, dengan kemampuan yang konsisten

dalam menghasilkan output yang diinginkan dari input yang tersedia.

Pencapaian ini menunjukkan keberhasilan dalam pengambilan keputusan

strategis dan operasional yang baik dalam lingkungan yang kompetitif.

Di sisi lain, Bank Banten dan DIY menunjukkan variabilitas dalam

skor efisiensi, dengan Banten mengalami penurunan pada tahun 2021 tetapi

pulih pada tahun 2022, sedangkan DIY mencatat skor terendah pada tahun

2020. Bank Jatim mengalami penurunan skor efisiensi sejak 2015, dengan

titik terendah pada tahun 2022. Variasi skor efisiensi ini mengindikasikan

adanya ruang untuk perbaikan, khususnya dalam hal strategi pengelolaan

risiko dan adaptasi terhadap perubahan kondisi pasar.

Variasi ini bisa disebabkan oleh banyak faktor, termasuk perubahan

dalam lingkungan bisnis, kebijakan internal bank, atau kondisi ekonomi

regional. Efisiensi yang tinggi secara konsisten menunjukkan bahwa bank

tersebut mungkin memiliki proses pengambilan keputusan yang baik,

strategi pengelolaan risiko yang efektif, serta pemahaman yang kuat

terhadap kebutuhan pasar dan pelanggan. Di sisi lain, skor yang lebih

rendah atau fluktuatif bisa menunjukkan area yang memerlukan perbaikan

atau adaptasi terhadap perubahan kondisi ekonomi atau persaingan pasar.

 47

4.2.4 Hasil Regresi Data Panel

Hasil regresi data panel pada penelitian ini dapat dilihat pada gambar

sebagai berikut:

Table 4. 3: Panel Data Estimation Results

Y = Hasil Efisiensi DEA

Variable Coefficient Std. Error t-Statistic Prob.
C 68.76388 7.527808 9.134649 0.0000
LDR 0.245519 0.063605 3.860074 0.0004
OER 0.048957 0.046481 1.05328 0.299
CAR 0.016677 0.130822 0.127477 0.8993
NPL -0.334182 0.390649 -0.855453 0.3978
LGFR 0.001564 0.105965 0.014761 0.9883
R-squared 0.866428 - - -
Adjusted R-squared 0.830327 - - -
F-statistic 24.00034 - - 0.0000
Sumber: Diolah menggunakan E-views, 2023

Berdasarkan tabel 4.3 maka diperoleh persamaan regresi data panel adalah

sebagai berikut:

𝐸𝐹 = 𝛼 + 𝛽1 𝐿𝐷𝑅𝑖𝑡 + 𝛽2 𝑂𝐸𝑅𝑖𝑡 + 𝛽3 𝐶𝐴𝑅𝑖𝑡 + 𝛽4 𝑁𝑃𝐿𝑖𝑡 + 𝛽5 𝐿𝐺𝐹𝑅𝑖𝑡 + 𝑒𝑖𝑡

𝐸𝐹 = 68.76 + 0.24 𝐿𝐷𝑅𝑖𝑡 + 0.05 𝑂𝐸𝑅𝑖𝑡 + 0.02 𝐶𝐴𝑅𝑖𝑡 + −0.33 𝑁𝑃𝐿𝑖𝑡 + 0.002𝐿𝐺𝐹𝑅𝑖𝑡

Hasil analisis efisiensi penyaluran kredit Bank Pembangunan Daerah

(BPD) menunjukkan bahwa Loan to Deposit Ratio (LDR) secara positif dan

signifikan mempengaruhi efisiensi, sedangkan Operating Expense Ratio

(OER), Capital Adequacy Ratio (CAR), Non-Performing Loan (NPL), dan

Local Government Fund Ratio (LGFR) tidak menunjukkan pengaruh yang

signifikan. Ini menyarankan bahwa BPD yang menyalurkan deposit mereka

secara efektif sebagai pinjaman cenderung lebih efisien.

 48

R-squared yang tinggi menunjukkan bahwa model ini secara

keseluruhan dapat menjelaskan variasi efisiensi penyaluran kredit dengan

baik. Sementara, F-statistik yang signifikan mengindikasikan bahwa

variabel-variabel dalam model secara keseluruhan secara signifikan penting

dalam menjelaskan efisiensi penyaluran kredit.

Table 4. 4: Cross Sectional Fixed Effect Test Result

Bank Effect
BJB 5.302479
Banten -4.486266
Jateng 5.409427
DIY -10.94162
Jatim -3.176555
DKI Jakrta 7.892534
Sumber: Diolah menggunakan E-views, 2023

Dalam analisis efek tetap lintas seksi untuk model regresi yang

mencakup enam Bank Pembangunan Daerah (BPD) di Pulau Jawa,

ditemukan variasi yang signifikan dalam pengaruh yang dimiliki oleh masing-

masing bank terhadap variabel dependen yang dipertimbangkan dalam studi

ini. Bank DKI Jakarta, Bank BJB dan Bank Jateng menunjukkan pengaruh

positif, yang mengindikasikan bahwa terdapat aspek-aspek tertentu yang

spesifik bagi bank yang memberikan kontribusi positif terhadap efisiensi

penyaluran kredit.

Di sisi lain, Bank DIY, Bank Banten dan Bank Jatim mengalami

dampak negatif pada variabel dependen, yang menandakan bahwa terdapat

faktor-faktor tertentu yang menghambat efisiensi penyaluran kredit pada

Bank. Hasil ini mencerminkan bahwa setiap bank memiliki dinamika internal

dan kondisi eksternal yang berbeda yang secara khusus mempengaruhi

 49

efisiensi operasionalnya, dan ini perlu dipertimbangkan oleh para pengambil

kebijakan dan manajemen bank dalam merumuskan strategi untuk

meningkatkan kinerja.

4.3 Pembahasan

4.3.1 Pengaruh LDR Terhadap Efisiensi Penyaluran Kredit

Dari hasil analisis regresi data panel yang dilakukan, ditemukan

bahwa Loan to Deposit Ratio (LDR) memberikan kontribusi signifikan

terhadap peningkatan efisiensi penyaluran kredit BPD di Pulau Jawa.

Koefisien positif sebesar 0.245519 dengan probabilitas signifikan 0.0004

menunjukkan bahwa peningkatan LDR sejalan dengan peningkatan efisiensi

penyaluran kredit. Dengan kata lain, semakin tinggi persentase dana yang

diterima bank yang disalurkan sebagai kredit, semakin efisien proses

intermediasi keuangan yang dilakukan oleh bank tersebut. Hal ini

dikarenakan efisiensi penyaluran kredit sangat dipengaruhi oleh LDR karena

ini menentukan likuiditas bank dan kemampuannya untuk memenuhi

permintaan pinjaman. Ketika LDR terlalu tinggi, ini bisa menandakan bahwa

bank mungkin tidak memiliki cukup dana likuid untuk memenuhi permintaan

penarikan dana mendadak atau untuk menyalurkan kredit baru.

Dalam konteks teoretis, penemuan ini sejalan dengan teori

intermediasi keuangan yang mengemukakan bahwa bank memainkan peran

penting dalam memobilisasi tabungan dan menyalurkannya sebagai

pinjaman produktif. hal ini juga sejalan dengan Berger dan Humphrey (1997)

dimana tingginya LDR mencerminkan peran bank sebagai perantara yang

efektif, di mana bank berhasil mengubah deposit menjadi pinjaman yang

dapat meningkatkan pendapatan bunga dan, pada gilirannya, efisiensi

operasional.
 50

Fenomena ini dapat dilihat dalam praktik perbankan di Pulau Jawa,

di mana terdapat permintaan kredit yang kuat sejalan dengan pertumbuhan

ekonomi regional. Bank yang dapat memenuhi permintaan ini dengan cepat

dan mengelola asetnya dengan efektif akan mendapatkan keuntungan dari

peningkatan pendapatan bunga. Namun, peningkatan LDR harus seimbang

dengan pengelolaan risiko kredit yang baik, sehingga tidak menimbulkan

peningkatan pada Non-Performing Loan (NPL) yang dapat mengurangi

efisiensi (Sufian et al., 2016).

Dalam konteks BPD di Pulau Jawa, temuan ini menunjukkan

pentingnya mempertahankan keseimbangan antara agresivitas dalam

penyaluran kredit dan ketahanan likuiditas.Hasil penelitian ini didukung oleh

penelitian Dwi Fajar dan Dul Muid (2014) dan juga penelitian wildan

ismaulandy (2014) yang menyatakan bahwa Loan to Deposit Ratio (LDR)

memiliki pengaruh signifikan positif terhadap efisiensi penyaluran kredit

perbankan.

4.3.2 Pengaruh OER Terhadap Efisiensi Penyaluran Kredit

Dari hasil regresi data panel, ditemukan bahwa Operating Expense

Ratio (OER) atau rasio Biaya Operasional terhadap Pendapatan

Operasional tidak menunjukkan pengaruh yang signifikan terhadap efisiensi

penyaluran kredit oleh Bank Pembangunan Daerah (BPD) di Pulau Jawa.

Koefisien OER yang tercatat adalah 0.048957 dengan nilai probabilitas

0.2990, menunjukkan bahwa OER tidak berkontribusi secara signifikan

dalam peningkatan atau penurunan efisiensi penyaluran kredit. Hal ini

dikarenakan efisiensi penyaluran kredit lebih berkaitan dengan seberapa

efektif bank mengalokasikan dan mengelola sumber daya kreditnya,

sedangkan OER fokus pada aspek biaya dan pendapatan operasional.

 51

Menurut teori efisiensi, pengelolaan biaya operasional yang efektif

adalah kunci untuk meningkatkan kinerja keseluruhan bank. Namun, dalam

konteks penyaluran kredit oleh BPD, OER tampaknya tidak langsung

berkorelasi dengan efisiensi penyaluran kredit. Hal ini bisa disebabkan oleh

beberapa faktor seperti, OER berfokus pada aspek biaya dan pendapatan

dari operasi bank, yang dmiana mencakup semua aktivitas operasional

bank, tidak hanya penyaluran kredit. Ini termasuk termasuk biaya

administratif, gaji karyawan, dan biaya pemeliharaan, dibandingkan dengan

pendapatan dari bunga, komisi, dan lainnya.

Di sisi lain, dalam konteks bank pembangunan daerah di Indonesia,

efisiensi penyaluran kredit lebih terkait dengan faktor-faktor seperti kebijakan

kredit, proses persetujuan pinjaman, manajemen risiko kredit. Temuan ini

menunjukkan bahwa BPD di Pulau Jawa mungkin perlu mengevaluasi ulang

strategi pengelolaan biaya operasional mereka. Meskipun OER tidak secara

langsung mempengaruhi efisiensi penyaluran kredit, manajemen biaya yang

lebih efisien dapat membantu bank dalam mengalokasikan lebih banyak

sumber daya ke aktivitas penyaluran kredit, terutama dalam mendukung

proyek-proyek pembangunan yang berdampak tinggi.

Hasil analisis menunjukkan bahwa OER tidak memiliki pengaruh

yang signifikan terhadap efisiensi penyaluran kredit BPD di Pulau Jawa. Ini

menandakan bahwa efisiensi penyaluran kredit lebih banyak dipengaruhi

oleh faktor-faktor lain di luar biaya operasional. Hasil penelitian ini didukung

oleh penelitian Kadek dan Nyoman (2023) yang menyatakan bahwa OER

tidak memiliki pengaruh signifikan terhadap efisiensi penyaluran kredit

perbankan.
 52

4.3.3 Pengaruh CAR Terhadap Efisiensi Penyaluran Kredit

Hasil regresi menunjukkan bahwa Capital Adequacy Ratio (CAR)

memiliki pengaruh yang tidak signifikan terhadap efisiensi penyaluran kredit

di Bank Pembangunan Daerah (BPD) di Pulau Jawa. Nilai koefisien CAR

dalam model regresi adalah 0.016677 dengan probabilitas 0.8993, hal in

mengindikasikan bahwa CAR tidak memainkan peran penting dalam

menentukan efisiensi penyaluran kredit oleh BPD.

Menurut teori intermediasi keuangan, CAR merupakan indikator

penting yang mengukur seberapa baik bank mampu menyerap risiko

keuangan. Namun, dalam konteks efisiensi penyaluran kredit oleh BPD,

CAR tidak tampak memiliki dampak yang signifikan. Meskipun CAR diakui

sebagai indikator kekuatan finansial bank dalam menyerap risiko, orientasi

BPD yang lebih kepada pembangunan daerah membuat indikator ini kurang

relevan. BPD lebih mengutamakan proyek-proyek dengan dampak sosial

dan ekonomi daripada keuntungan finansial atau pengelolaan risiko

keuangan. Mandat unik BPD, yang berbeda dari bank komersial, membuat

mereka lebih fokus pada penyaluran kredit untuk proyek pembangunan,

yang mungkin tidak selalu berisiko rendah atau menguntungkan secara

finansial. Akibatnya, faktor-faktor lain seperti kebijakan kredit yang tepat,

manajemen risiko yang efektif, dan seleksi proyek yang cermat menjadi lebih

penting dalam menentukan efisiensi penyaluran kredit dibandingkan dengan

CAR yang tinggi.

Temuan ini menunjukkan bahwa untuk meningkatkan efisiensi

penyaluran kredit, BPD mungkin perlu fokus lebih pada aspek pengelolaan

kredit dan seleksi proyek, bukan hanya pada meningkatkan CAR. Meskipun

memiliki CAR yang baik penting untuk kestabilan finansial, BPD harus
 53

menyeimbangkan ini dengan strategi penyaluran kredit yang efektif dan

berorientasi pada tujuan pembangunan.

Hasil analisis ini menemukan bahwa CAR tidak berpengaruh

signifikan terhadap efisiensi penyaluran kredit oleh BPD di Pulau Jawa. Ini

menandakan bahwa faktor lain seperti kebijakan kredit dan manajemen

risiko mungkin lebih penting dalam meningkatkan efisiensi penyaluran kredit

di BPD.Hasil penelitian ini didukung oleh penelitian Devi Ade Yulian dkk

(2019) dan juga penelitian nurul musfirah dkk (2022) yang menyatakan

bahwa Capital Adequacy Ratio (CAR) tidak memiliki pengaruh signifikan

terhadap efisiensi penyaluran kredit perbankan.

4.3.4 Pengaruh NPL Terhadap Efisiensi Penyaluran Kredit

Dari hasil analisis regresi, terlihat bahwa Non-Performing Loan (NPL)

memiliki pengaruh yang tidak signifikan terhadap efisiensi penyaluran kredit

di Bank Pembangunan Daerah (BPD) di Pulau Jawa. Koefisien untuk NPL

adalah -0.334182 dengan probabilitas 0.3978, mengindikasikan bahwa

tingkat NPL tidak secara substansial mempengaruhi bagaimana BPD

menyalurkan kreditnya. Koefisien negatif mengindikasikan bahwa

peningkatan NPL mungkin berhubungan dengan penurunan efisiensi,

kurangnya signifikansi menunjukkan bahwa hubungan ini tidak kuat atau ada

faktor lain yang mungkin memoderasi efek ini.

Meskipun Dalam kerangka teori intermediasi keuangan, NPL

dianggap sebagai indikator penting dari kualitas aset bank NPL tidak secara

langsung mempengaruhi efisiensi penyaluran kredit, terutama dalam

konteks bank pembangunan daerah di Indonesia. Efisiensi penyaluran kredit

lebih berkaitan dengan seberapa efektif dan cepat bank dapat menyalurkan

kredit ke peminjam yang tepat, sambil meminimalisir risiko. Fenomena pada

 54

penelitian ini terlihat bahwa NPL rata-rata bank Pembangunan daerah di

Pulau jawa pada 2015-2022 berada dibawah batas maximal yang ditentukan

BI, yaitu 5%.

Tingkat NPL (Non-Performing Loan) yang tinggi pada bank

mengindikasikan masalah dalam kualitas aset kredit dan manajemen risiko,

namun tidak secara langsung mencerminkan efisiensi proses penyaluran

kredit itu sendiri. Sebuah bank dapat memiliki proses penyaluran kredit yang

efisien dan cepat tetapi masih menghadapi peningkatan NPL jika penilaian

risiko kreditnya tidak memadai, sedangkan bank dengan NPL rendah belum

tentu efisien dalam penyaluran kredit. Khususnya bagi bank pembangunan

daerah di Indonesia, efisiensi penyaluran kredit lebih terkait dengan

kemampuan bank dalam menyalurkan kredit ke proyek-proyek yang

berdampak sosial dan ekonomi, melibatkan evaluasi proyek yang akurat,

proses persetujuan kredit yang cepat, dan kesesuaian produk kredit dengan

kebutuhan pembangunan lokal.

Oleh karena itu, fokus utama untuk meningkatkan efisiensi

penyaluran kredit adalah melalui penilaian risiko yang efektif dan

pemahaman mendalam tentang kebutuhan pembangunan daerah, sambil

tetap mengelola risiko kredit secara keseluruhan, bukan hanya berfokus

pada tingkat NPL.

Penelitian ini menemukan bahwa NPL tidak memiliki pengaruh

signifikan terhadap efisiensi penyaluran kredit di BPD di Pulau Jawa. Hasil

penelitian ini didukung oleh penelitian Devi Yua Molek dan Alien Akmalia

(2016) dan juga penelitian nurul musfirah dkk (2022) yang menyatakan

bahwa Non-Peforming Loan (NPL) tidak memiliki pengaruh signifikan

terhadap efisiensi penyaluran kredit perbankan.

 55

4.3.5 Pengaruh LGFR Terhadap Efisiensi Penyaluran Kredit

Analisis regresi menunjukkan bahwa Local Government Fund Ratio

(LGFR) memiliki pengaruh yang tidak signifikan terhadap efisiensi

penyaluran kredit oleh Bank Pembangunan Daerah (BPD) di Pulau Jawa.

Koefisien LGFR adalah 0.001564 dengan tingkat signifikansi 0.9883,

mengindikasikan bahwa proporsi dana yang berasal dari pemerintah daerah

tidak memainkan peran krusial dalam menentukan efisiensi penyaluran

kredit oleh BPD.

Sesuai dengan teori intermediasi keuangan, dana yang diterima dari

pemerintah daerah (LGFR) seharusnya memberikan stabilitas dan

dukungan finansial bagi BPD untuk melaksanakan kegiatan penyaluran

kredit. Namun, hasil penelitian ini menunjukkan bahwa LGFR tidak secara

langsung mempengaruhi efisiensi penyaluran kredit. Hal ini dapat terjadi

karena dana pemda seringkali digunakan untuk berbagai kebutuhan

operasional bank yang tidak langsung terkait dengan penyaluran kredit,

serta fokus BPD yang lebih pada proyek pembangunan daerah dengan

orientasi sosial ekonomi, bukan hanya pada pengembalian finansial. Selain

itu, BPD biasanya menjalankan operasi penyaluran kredit mereka secara

independen, dengan kriteria dan kebijakan internal yang tidak dipengaruhi

langsung oleh LGFR, sehingga peningkatan dana pemda tidak selalu berarti

peningkatan efisiensi dalam penyaluran kredit.

Hal ini dikarenakan rata-rata LGFR bank Pembangunan daerah di

Pulau jawa pada 2015-2022 berada dibawah bawah rata-rata LGFR BUK di

Indonesia, yaitu 40%. Ini menunjukkan bahwa bank pembangunan daerah

di Pulau Jawa mulai perlahan meninggalkan ketergantungan terhadap

ketergantungan dana pemda. Dana Pemda biasanya disediakan untuk

 56

mendukung operasi bank dan mungkin digunakan untuk berbagai tujuan,

termasuk sebagai modal awal atau untuk mendukung proyek-proyek

tertentu. Namun, kaitannya dengan efisiensi penyaluran kredit lebih bersifat

tidak langsung dan tidak spesifik.

Rata-rata LGFR bank Pembangunan daerah di Pulau jawa pada

2015-2022 berada dibawah bawah rata-rata LGFR BUK di Indonesia, yaitu

40%. Ini menunjukkan bahwa bank pembangunan daerah di Pulau Jawa

mulai perlahan meninggalkan ketergantungan terhadap ketergantungan

dana pemda. Dana Pemerintah Daerah (Pemda) memang memberikan

stabilitas keuangan bagi bank pembangunan daerah, memungkinkan

mereka untuk menghadapi risiko lebih tinggi dalam penyaluran kredit, namun

stabilitas ini tidak secara otomatis mencerminkan efisiensi dalam penyaluran

kredit. Efisiensi penyaluran kredit lebih ditentukan oleh faktor-faktor seperti

kebijakan kredit, prosedur underwriting, kecepatan proses penyaluran, serta

efektivitas dalam pemantauan dan pengelolaan pinjaman pasca-penyaluran.

. Selain itu, di Indonesia, efisiensi penyaluran kredit pada bank

pembangunan daerah juga terkait erat dengan kemampuan bank dalam

menyelaraskan penyaluran kreditnya dengan tujuan pembangunan daerah,

yang mencakup pemahaman kebutuhan lokal dan respons cepat serta

efektif terhadap kebutuhan tersebut melalui produk dan layanan kredit yang

sesuai. Oleh karena itu, meskipun dana Pemda merupakan aspek penting

dalam operasi bank, faktor operasional internal dan strategi penyaluran

kredit yang diterapkan oleh bank lebih signifikan dalam menentukan efisiensi

penyaluran kredit.
 BAB V
KESIMPULAN DAN SARAN

5.1 Kesimpulan

Studi ini telah menginvestigasi efisiensi penyaluran kredit oleh Bank

Pembangunan Daerah (BPD) di Pulau Jawa, dengan memanfaatkan Data

Envelopment Analysis (DEA) dan analisis regresi panel. Setelah analisis

yang mendalam terhadap data laporan keuangan tahun 2015-2022,

penelitian ini telah memunculkan temuan yang konsisten bahwa Loan to

Deposit Ratio (LDR) merupakan faktor independen utama yang

mempengaruhi efisiensi penyaluran kredit oleh BPD. Variabel lain seperti

Capital Adequacy Ratio (CAR), Non-Performing Loans (NPL), Biaya

Operasional terhadap Pendapatan Operasional (BOPO), dan persentase

dana pemerintah daerah (Pemda) tidak menunjukkan pengaruh yang

statistik signifikan dalam model yang digunakan. Penemuan ini menunjukkan

bahwa kemampuan BPD untuk mengelola keseimbangan antara dana yang

diterima dan kredit yang diberikan adalah kunci untuk meningkatkan efisiensi

operasional mereka. LDR yang optimal, yang mencerminkan keseimbangan

yang sehat antara likuiditas dan ekspansi kredit, terkait langsung dengan

peningkatan efisiensi dalam penyaluran kredit kepada pelaku ekonomi di

Pulau Jawa.

Penelitian ini menunjukkan bahwa kemandirian finansial berkorelasi

dengan efisiensi penyaluran kredit yang lebih tinggi, menekankan

pentingnya BPD untuk mengembangkan sumber pendanaan yang lebih

beragam dan memperkuat strategi manajemen risiko untuk

mempertahankan dan meningkatkan efisiensi mereka dalam jangka

panjang. Meskipun berbagai inisiatif dan kebijakan telah diterapkan, BPD

57
 58

harus memberikan perhatian khusus pada pengelolaan LDR mereka untuk

mendukung peningkatan efisiensi penyaluran kredit. Efisiensi dalam

penyaluran kredit tidak hanya berkontribusi pada keberlanjutan keuangan

BPD tetapi juga pada pertumbuhan ekonomi daerah secara keseluruhan,

memungkinkan BPD untuk memainkan peran sentral dalam pembangunan

ekonomi Pulau Jawa.

5.2 Saran

Temuan kunci dari penelitian ini bahwa Loan to Deposit Ratio (LDR)

secara signifikan mempengaruhi efisiensi penyaluran kredit oleh Bank

Pembangunan Daerah (BPD) di Pulau Jawa menuntut peningkatan

pengelolaan likuiditas dan kredit. Untuk itu, disarankan agar BPD

mengevaluasi dan menyesuaikan strategi penyaluran kredit mereka,

memastikan bahwa LDR dijaga dalam kisaran optimal yang mendukung

pertumbuhan namun tidak mengompromikan stabilitas finansial. BPD harus

mempertimbangkan pengembangan produk dan layanan yang inovatif untuk

menarik deposito dan meningkatkan basis dana mereka, sambil

mempertahankan kualitas aset kredit yang tinggi.

Selanjutnya, BPD disarankan untuk meningkatkan kerangka kerja

manajemen risiko mereka, khususnya dalam penilaian kredit, untuk

meminimalisir pembentukan NPL di masa depan. Di samping itu, BPD perlu

memperkuat kemandirian finansial mereka dengan diversifikasi sumber

pendanaan, mengurangi ketergantungan terhadap dana Pemda, dan

mengeksplorasi saluran pendapatan alternatif, yang akan membantu

mereka menjadi lebih tangguh dalam menghadapi fluktuasi ekonomi dan

perubahan pasar. Implementasi rekomendasi ini diharapkan dapat

membantu BPD Pulau Jawa meningkatkan efisiensi operasional mereka,

 59

yang secara langsung akan berkontribusi pada peningkatan ekonomi daerah

dan nasional.
 60

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