ILUSI PERTUMBUHAN PENDAPATAN: ANALISIS KESENJANGAN ANTARA VISIBILITAS DIGITAL, ARUS KAS, DAN PROFITABILITAS RIIL INVESTASI BISNIS UMKM DI INDONESIA
DOI:
https://doi.org/10.58174/4mp05c46Keywords:
Digital Visibility; Cash Flow; Real Profitability; MSME Investment; Marginal Efficiency of InvestmentAbstract
The phenomenon of high digital visibility on social media platforms is often misperceived by Micro, Small, and Medium Enterprise practitioners as a definitive indicator of profitability, when in fact there is a significant conceptual and empirical gap between digital popularity, actual cash flow, and real investment profitability. This study aims to analyze the gap between digital visibility, cash flow, and real investment profitability of MSMEs in Indonesia using a descriptive quantitative approach based on secondary data and comparative case studies. Data were collected from 247 digital MSMEs in Indonesia and analyzed using multiple regression and investment feasibility comparative analysis based on Net Present Value and Internal Rate of Return. The results confirm a significant gap between the three dimensions: high digital visibility does not automatically generate positive cash flow (correlation r = 0.312), and positive cash flow does not automatically indicate feasible real investment profitability when considering the cost of capital, time value of money, and expansion risk. This study confirms that marginal efficiency of investment must remain the basis for digital MSME expansion decisions, not merely platform virality signals. These findings provide an analytical framework that MSME practitioners can directly use in evaluating the feasibility of expansion investment based on measurable and accountable financial data.
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Copyright (c) 2026 Muhammad Agung Hasbiyalla, Alika Dwi Apriliani, Naulia Rizki Prastika, Farhah 'Aqilah
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