Library/Journal of Economic Business & Accounting Research

The Hidden Liquidity Cost of Pawn Expansion: Evidence from Pegadaian (Journal of Economic Business & Accounting Research)

Research paperJournal of Economic Business & Accounting ResearchNovember 202617 pages26 min readZefanya Fernando BarolehOriginal source

Summary

The study analyzes 101 monthly observations from January 2017 to May 2025 to evaluate short-horizon liquidity dynamics at Pegadaian.p.1
Transformations and lag choices yield an effective sample size of 98 observations for the baseline dynamic regression.p.4

Key insights

Core pawn receivable growth is associated with a statistically significant same-month decline in Pegadaian's current ratio.p.1
Adding calendar-month indicators produces a contemporaneous pawn-receivable growth coefficient of -1.983 while month indicators remain jointly insignificant.p.10
An unknown-break Supremum Wald test identifies June 2023 as the peak statistic date without rejecting structural parameter stability.p.11
Both current assets and current liabilities expand contemporaneously with pawn growth, but the liability coefficient is numerically larger.p.12

Pages

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Topics and entities

Banking Private debt and venture debt Regulation SME finance and lending Bank Indonesia Otoritas Jasa Keuangan Pegadaian Statistics Indonesia

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