Stakeholder Role in Enhancing CSR Programs for MSME Performance in BUMN House

Studies Management and Finance Economics, of Journal 0504-2644 (online): ISSN 0490,-2644 (print): ISSN 5202 October 10 Issue 80 Volume 8.317 Factor: Impact ,39-i10-10.47191/jefms/v8 DOI: Article 6496 -6955 No: Page JEFMS, Volume 08 Issue 10 October 2025 www.ijefm.co.in Page 6955 Stakeholder Role in Enhancing CSR Programs for MSME Performance in BUMN House Afiffah Nur Arifin1*, Nurul Istiqomah2, Sarjiyanto3 1,2,3Faculty of Economics and Business, Universitas Sebelas Maret, Surakarta, Indonesia ABSTRACT: This study aims to analyze the role of stakeholders in enhancing the effectiveness of Corporate Social Responsibility (CSR) programs on the performance and sustainability of Micro, Small, and Medium Enterprises (MSMEs) in the Wonogiri BUMN House. The study addresses challenges such as the lack of continuous training, limited assistance, and restricted access to capital. A qualitative approach was applied using the MACTOR (Matrix of Alliances and Conflicts: Tactics, Objectives, and Recommendations) method. Stakeholder analysis involved the hexahelix elements: academics, business actors, BUMN House, community, financial institutions, government, and media. The findings indicate that Bank BNI, the BUMN House, and the Cooperatives & MSMEs Office hold the most significant influence due to their strategic roles in funding, infrastructure facilitation, training, partnerships, and local economic policy coordination. Strengthening stakeholder collaboration within CSR programs fosters MSME competitiveness, business sustainability, and local economic resilience, thereby contributing to inclusive economic growth and regional development. This study provides empirical evidence of stakeholder dynamics in CSR-based MSME development using the MACTOR approach, offering novel insights for optimizing CSR strategies in strengthening MSMEs’ role in local economic development. KEYWORDS: CSR, stakeholders, MSME performanse, MACTOR, hexahelix I. INTRODUCTION Corporate Social Responsobility (CSR) is an effort that must be carried out by companies to account for the impact of their operations on sustainable development which includes economic growth, environmental preservation, and social equality (Chan et al., 2025; Sakina & Assyifa, 2025). Companies that actively implement CSR programs form a positive reputation that encourages an increase in company value (Afifah et al., 2021). CSR practices in Indonesia are an important focus for companies, as they are regulated in several laws. CSR is a legal obligation that must be fulfilled by every company to build a harmonious relationship with society (Salsabila Rohadi et al., 2023). Regulations in Indonesia regarding CSR programs are regulated in Law Number 40 of 2007 article 74. Many state-owned companies have now implemented CSR as their social responsibility where CSR is a company's commitment to contribute to sustainable economic development. Improved MSME performance supports sustainability in MSMEs through innovation, market orientation and market competitiveness (Tingal & Situmorang, 2024). The existence of MSMEs is a strategic role in driving the rate of national economic growth (Laksmi et al., 2023). Evidenced by data from the Ministry of Cooperatives and SMEs, MSMEs in Indonesia amounted to 64.2 million units and contributed 61.07% to national GDP or around IDR 8,573.89 trillion. This sector absorbs 97% of the workforce and collects 60.4% of total national investment. In its development, MSMEs need support that involves the strategic role of government, educational institutions, and business actors to encourage growth and sustainability in business (Purnawati & Sulistiyasni, 2023). A number of empirical studies reveal that CSR programs have a positive impact on improving MSME performance through training, capital, and business assistance (Nurhidayah et al., 2022). The implementation of CSR through the MSME development approach has a positive impact on the performance of these MSMEs (Permatasari & Prabawani, 2020) , so that the standard of living of the community is increasing and welfare for the community has also increased (Abubakar et al., 2023). MSMEs are an important pillar in encouraging community welfare to be more independent, innovative and highly competitive amid economic challenges (Soetarto et al., 2024). Stakeholder Role in Enhancing CSR Programs for MSME Performance in BUMN House JEFMS, Volume 08 Issue 10 October 2025 www.ijefm.co.in Page 6956 Wonogiri is one of the regions in Central Java that is committed to implementing CSR and there is a program in collaboration with a state-owned company, namely Bank BNI, to establish the Wonogiri BUMN CSR House. Wonogiri BUMN CSR House was established in 2016 and now has a partnership of 497 MSMEs. Through this support, Bank BNI supports the government's efforts to create an inclusive business environment and contribute to the achievement of national economic development goals. Bank BNI's CSR initiatives are designed to help MSMEs overcome the impact of the pandemic, accelerate recovery from financial losses, and adjust to market changes. The main objective of this research is the absence of sustainable training, in addition to mentoring and access to capital. In addition, CSR practices contribute to the long-term sustainability of society (Ardiansyah & Alnoor, 2024). CSR can reduce credit risk in banks by strengthening corporate governance, attracting investors, and increasing market confidence (Elsayed & Ali, 2022). The urgency of the research is based on the decline in the number of MSME revenues after the Covid-19 pandemic due to difficulties in maintaining business continuity and lack of adaptation support. Improved MSME performance contributes positively to community welfare through increased income, job creation, and skills development. The role of SOE CSR Houses is important to revive MSMEs in Wonogiri, in line with the objectives of establishing SOEs that actively foster weak economic entrepreneurs, cooperatives, and communities (Prisintyas et al., 2021). However, in practice, the role of each stakeholder in supporting the effectiveness of CSR programs has not been optimal. There is potential for overlapping roles, limited coordination, and differences in priorities between actors, so that program effectiveness has not been maximized (Sella & Yusuf, 2020). Therefore, an in-depth analysis is needed to determine the extent of contributions, interests, and relationships between stakeholders. The method used is stakeholder analysis with MACTOR (Matrix of Alliances and Conflicts: Tactics, Objectives, and Recommendations) through a qualitative approach. The analysis focused on the role of stakeholders who are members of the ABCGM (Academics, Business, Community, Government, Media) element, including economic, social, environmental academics; craft, fashion, culinary MSME players; BUMN Houses; BNI Bank; Office of Cooperatives and SMEs; and the media. A. Corporate Social Responsibility (CSR) Agency theory states that social sustainability practices through corporate governance provide positive value for the company, in line with stakeholder theory which emphasizes strategic relationship management with support groups and CSR stakeholder management to anticipate adverse external influences on the company Freeman (1983) in (Yasah et al., 2024) . Positive relationships with stakeholders are a strategic factor in realizing long-term sustainability through active participation, application of organizational principles, and strengthening economic, social, and environmental dimensions (Naciti et al., 2023). In line with previous research, it is stated that the implementation of CSR in corporate sustainability strategies contributes to innovation, economic growth, job creation, and shared value that supports sustainable development (Samaibekova et al., 2021) and the implementation of CSR through collaboration with stakeholders is proven to strengthen strategic partnerships, create shared value, and encourage improved company performance (Awa et al., 2024). CSR implementation is a strategic effort to accommodate the interests of various stakeholders, which indirectly contributes to improving company performance through strengthening trust, loyalty, and long-term sustainability (Sabolak et al., 2024). CSR is based on the triple bottom line (3P) principle: Profit, People, and Planet, which means that CSR does not only pursue financial benefits, but also pays attention to the welfare of society and environmental sustainability (Masrunik et al., 2023). CSR is a form of corporate social responsibility towards stakeholders and the surrounding environment (Segun, 2020). CSR began to be recognized around the 1980s (Bunga Saravistha & Made Adi Widnyana, 2023), although the term appeared later, but the implementation has been done long before. In the past, CSR was known as CSA (Corporate Social Activity), which focused on the company's contribution in the social field and concern for the environment (Bunga Saravistha & Made Adi Widnyana, 2023). In Indonesia, the role of CSR not only strengthens the competitiveness of companies, but also encourages inclusive and sustainable economic development (Nopriyanto, 2024). B. Performance of Micro, Small and Medium Enterprises (MSMEs) Resource-Based View (RBV) theory states that business performance is influenced by superior internal resources and external factors, and has been shown to significantly improve the performance of MSMEs through optimizing internal resources that encourage employee motivation and business competitiveness. (Sianipar & Isbah, 2024; Syahyono et al., 2025). MSME performance is the ability of MSMEs to meet stakeholder needs, both in terms of financial and non-financial (Sholihah et al., 2023). Strong entrepreneurial competence can encourage business actors to achieve optimal MSME performance (Yuliasari, 2020). Improving knowledge and skills is a major factor in building human resource competencies to encourage MSME performance (Diana et al., 2022). Stakeholder Role in Enhancing CSR Programs for MSME Performance in BUMN House JEFMS, Volume 08 Issue 10 October 2025 www.ijefm.co.in Page 6957 MSME performance is a sector that plays an important role in maintaining the sustainability of the Indonesian economy, especially in expanding employment (Alfrian & Pitaloka, 2020). Various forms of support are expected to contribute to the sustainability and improvement of MSME performance (Orbaningsih et al., 2024). Good MSME performance requires support from the financial, production, distribution and marketing sectors to ensure business sustainability and strengthen its role in national economic growth (Malikhah et al., 2024). The role of MSMEs in economic activities is as follows: 1) Main Actors MSMEs function as the main actors in every economic activity in Indonesia. 2) Job Providers MSMEs provide jobs for the community. 3) Contribution to the economy plays a crucial role in driving economic growth, creating jobs, and improving the welfare of the community (According to UMKM Cooperative, 2008) . The performance of MSMEs can innovate by way of efficiency, and respond more effectively to market needs in order to facilitate business by combining digital technology and entrepreneurship, which creates new characteristics in business (Winas et al., 2024). MSME players need to collaborate with netizens through creative content to attract attention and promote MSME products online (Ansar Firman et al., 2021). Also, the role of the Government in strengthening the performance of MSMEs is important because it can provide support that will help small businesses face various challenges (Kaukab et al., 2020). C. The Role of Hexahelix in the Success of MSME Empowerment through CSR The concept of hexa-helix theory is a strategic approach that supports sustainable development by maximizing regional potential while minimizing barriers through synergies between actors (Fajarudin et al., 2024) . The hexa-helix model is an extension of the quadruple helix that involves six stakeholders: academia, business, government, community, media, and one additional actor according to the project context (Dias et al., 2023). In line with previous research, the Hexahelix Model has a positive effect on CSR through synergies between actors that make it more effective, accountable, sustainable, and have an impact on MSME performance and community welfare (Mukhlis et al., 2024). The importance of optimizing the role of stakeholders in the development of MSMEs lies in efforts to maintain business sustainability. II. METHODS This research method uses MACTOR (Matrix of Alliances and Conflicts: Tactics, Objectives, and Recommendations) is a method to analyze the relative strength between actors, similarities, and differences in views on certain issues and goals (Gambua et al., 2023). Research data was obtained through in-depth interviews with stakeholders, then organized into a matrix and processed using MACTOR software to produce various analysis results (Rahardjo et al., 2023). The following stages in stakeholder analysis using the MACTOR method include several strategic steps. First, conduct an initial identification of the issue or topic that is the focus of the study. Second, data collection is conducted through Focus Group Discussions (FGDs) with key informants consisting of strategic actors, such as academics, namely economics, social, and environment; business people, namely craft, fashion, and culinary; Community, namely Rukun Tetangga; financial institutions, namely Bank BNI, BUMN Houses; Government, namely the Office of Cooperatives and SMEs and the Media. Alternative data collection can be done through structured interviews, followed by identification of actors and objectives, then preparation of analysis instruments using Matrix of Direct Influence (MDI) and Matrix Actor-Objective (2MAO) to map the influence between actors (Fauzi, 2019). The Table 1 shows the function of each actor. Table 1. Function of Actors Actor Function Economics Academician Provide economic analysis, develop business and sustainability strategies. Social Academics Analyze social impacts, advocate for community participation and inclusiveness. Environmental Acdemia Assessing environmental impacts and encouraging environmentally friendly practices. BNI Bank Providing financing, capital assistance, and financial education (through CSR). BUMN House Training facilitator and liaison between MSMEs and stakeholders. MSMEs Craft sector businesses, beneficiaries of training and CSR assistance. Culinary MSMEs Food and beverage business actors, recipients of marketing and packaging interventions. Fashion MSMEs Clothing businesses, strategic partners in design innovation and promotion. Cooperative and SME Office Regulator, MSME advocate, policy director and business legality. Media Disseminator of information, amplifier of CSR program branding and exposure of MSMEs. Stakeholder Role in Enhancing CSR Programs for MSME Performance in BUMN House JEFMS, Volume 08 Issue 10 October 2025 www.ijefm.co.in Page 6958 III. RESULTS AND DISCUSSION A. Results Based on the criteria of authority, influence, strategic role, and development competence, the actors or organizations that are the source of research data are presented in Table 1 below is the implementation of stakeholder roles in supporting the effectiveness of CSR programs on the performance of MSMEs at home (BUMN) , in Figure 1, Figure 2, and Figure 3 the following are the results of the matrix analysis of the level of influence and dependence between actors: Figure 1. Inter-Actor Dependency Influence Map Source: MACTOR Analysis Results (2024) Based on the influence map of dependency between actors with the highest direct and indirect influence on the Li row, Bank BNI (114) acts as an initiator of CSR programs through funding, training, and strategic partnerships. The BUMN House (113) acts as a regulator and facilitator providing infrastructure for MSME development, sustainability training, and partnerships. The Office of Cooperatives and SMEs (108) acts as supporting coordination and strengthening local policies. Based on the dependency map, the actor with the highest influence (Di) is Rumah BUMN (109) because it acts as a facilitation center and main driver in implementing CSR programs and improving MSME performance. Meanwhile, Bank BNI has an influence of 105, followed by culinary MSMEs with 109. This shows that Rumah BUMN and Bank BNI play a role in determining the direction of CSR implementation, while MSMEs contribute to strengthening program implementation. The results are then displayed in a map of influence and dependency between actors that illustrates the relative position of actors based on the level of influence and dependency, both direct and indirect. This position is calculated automatically through the MACTOR software. The location of actors in each quadrant reflects their role and level of involvement in the system. To assess the effectiveness of stakeholder roles in supporting CSR programs on the performance of MSMEs in BUMN Houses, it can be seen in Figure 3. as follows: Figure 2. Inter-Actor Dependency Influence Map Source: Data Processed (2024) Stakeholder Role in Enhancing CSR Programs for MSME Performance in BUMN House JEFMS, Volume 08 Issue 10 October 2025 www.ijefm.co.in Page 6959 Quadrant I: High influence, and low dependence (Influential Stakeholders), Quadrant II: High influence, and high dependence (Relay Stakeholders), Quadrant III: Low influence, and high dependence (Dependent Stakeholders), Quadrant IV: Low influence, and low dependence (Autonomous Stakeholders). Based on the influence map, the dependency between actors in quadrant I has a high level of influence but low dependency, with the actors included in it being the Office of Cooperatives and SMEs. This agency acts as a policy director or main decision-maker in the development of MSMEs, with the potential to encourage inter-agency synergy and sustainability of CSR programs. This is because the Office of Cooperatives and SMEs has a strategic role in setting policy direction, coordinating stakeholders, and optimizing CSR programs to support strengthening the performance and competitiveness of MSMEs. The second position in Quadrant II with high influence and high dependency is the BUMN House and BNI Bank. Influence and dependence are high because policy makers and prime movers in the role of stakeholders in supporting the effectiveness of CSR programs on the performance of MSMEs at BUMN Houses. The role of these two actors is also the main figure in coordinating and providing information to MSME actors in other sectors. In line with research (SaThierbach et al., 2015) BNI's CSR implementation is directed at three strategic focuses, namely human resource development, increasing profitability, and environmental preservation, which are realized through the Partnership and Community Development Program (PKBL) by distributing assistance to sectors that have been determined according to company policy. Quadrant III is filled with actors/stakeholders of craft MSMEs, fashion MSMEs, and culinary MSMEs that have low influence but high dependency. These MSME groups require intervention in the form of mentoring, training, and facilitation of market access on an ongoing basis. Although they have significant potential in driving local economic strengthening, their success is strongly influenced by strategic support from actors in Quadrants I, II and IV. Due to limited resources, network access, and managerial capacity, they require knowledge transfer, capital support, and cross-actor collaboration to achieve optimal performance. Quadrant IV, which means the position of stakeholders with low influence and low dependence, is occupied by environmental academics, social academics, economic academics, neighborhood associations and the media because academics, neighborhood associations and the media have not developed well and there is no more sustainable interaction with MSMEs and only training assistance. Nevertheless, they contribute to strengthening the scientific basis, shaping public perception, and providing legitimacy to the program. Optimizing their role can be done through advocacy, research, and dissemination of information that supports policy sustainability. The competitiveness of actors from the level of influence, both directly and indirectly, on other actors is as follows: Figure 3. Histogram of Competitiveness between Actors Source: Data Processed (2024) Based on the histogram of competitiveness between actors, the highest competitiveness of actors/stakeholders is shown by Bank BNI, BUMN House and the Office of Cooperatives and SMEs with a value of 1.1. This value indicates that Bank BNI, BUMN House and the Office of Cooperatives and SMEs have a significant influence, both directly and indirectly, on other actors in the role of CSR programs that support the performance of MSMEs. This large influence reflects the important role of Bank BNI in funding, designing and directing various CSR programs that support the development of MSME performance, as well as its ability to mobilize resources to increase the capacity of MSMEs. As well as the strategic role of BUMN Houses in providing guidance, facilities and access to networks that support the sustainable development of MSMEs. The Office of Cooperatives and SMEs shows Stakeholder Role in Enhancing CSR Programs for MSME Performance in BUMN House JEFMS, Volume 08 Issue 10 October 2025 www.ijefm.co.in Page 6960 significant influence in the MSME environment. This score reflects the large capacity of the Office of Cooperatives and SMEs in strengthening the capacity and competitiveness of MSMEs, particularly through policies and programs that improve access to resources, training, and market opportunities. The office plays an important role in accelerating the growth of MSMEs through financing, human resource development, and expansion of business networks, as well as creating a climate that supports the sustainability and competitiveness of MSMEs at the local and national levels. Figure 4 shows a 1st order convergence map between actors that illustrates the level of similarity of interests or goal direction in the implementation of CSR programs. Figure 4. Graph of Convergence Mapping between Order 1 Actors Source: Data Processed (2024) The figure illustrates the level of convergence between actors in the MACTOR analysis, which is dominated by a very strong relationship (thick red line), especially between BUMN Houses, BNI Bank, RT, craft MSMEs, social and economic academics, as well as fashion and craft MSMEs and MSME players. This reflects high synergy in supporting MSME empowerment programs. Although no strong or weak convergence was found, some actors showed moderate convergence (thin blue line), such as the media, environmental academics, and the Cooperative Office, which tends to play a supporting role through information dissemination, regulation, and strengthening legitimacy. These findings indicate the need to optimize collaboration among actors with less-thanoptimal convergence relationships to strengthen overall program effectiveness, as increasing the intensity of interaction and alignment of goals among these actors will expand the reach of program benefits, reduce potential role gaps, and ensure sustainability in MSME performance. Figure 5 shows the 2nd and 3rd order convergence maps between actors that illustrate the level of common interest or goal direction in the implementation of CSR programs. Figure 5. Convergence Mapping between Order 2 Actors Source: Data Processed (2024) Stakeholder Role in Enhancing CSR Programs for MSME Performance in BUMN House JEFMS, Volume 08 Issue 10 October 2025 www.ijefm.co.in Page 6961 Figures of convergence order 2 and 3 show similar patterns of synergy between actors in supporting the effectiveness of CSR programs on the performance of MSMEs in BUMN Houses. The highest convergence (red line) occurs between Rumah BUMN, Bank BNI and economic academics, reflecting the similarity of interests and a very strong orientation in improving the performance of MSMEs based on the environment and sustainability. Strong to moderate convergence (blue line) is seen between Rumah BUMN, RT, Bank BNI and craft MSMEs, indicating important synergies in the coordination and implementation of MSME empowerment programs. Strong synergies between these actors allow for effective coordination, alignment of objectives and optimization of resources in the implementation of CSR programs, thereby supporting sustainable improvements in the capacity and competitiveness of MSMEs. Overall, this collaboration pattern is dominated by actor clusters that focus on environmental issues and strengthening MSME performance, in line with the findings of Sani et al. (2024) and Permatasari & Prabawani (2020), which emphasize the importance of role alignment and active involvement of all stakeholders in the success of CSR programs. Divergence between actors in the MACTOR analysis indicates differences in goals and positions, which have the potential to cause conflict due to different views regarding the goals set in this study. Here, efforts need to be made to reduce these divergences in order to create more effective synergies. Figure 6. Graph of Divergence Mapping between Order 1 Actors Source: Data Processed (2024) The divergence image of order 1, shows that there are actors who have very strong divergence marked with red lines, namely social academics, environmental academics, media, culinary MSMEs, cooperative and SME offices. This shows that there is a potential for interest in the implementation and strategy aspects of CSR programs. Meanwhile, other actors such as BUMN House, BNI Bank, and RT tend to have a weak level of divergence, indicating a higher similarity of orientation than actors with significant differences. Thus, it can be concluded that the critical point of coordination is in the MSME sector and its supporting institutions, so more intensive synergy is needed to minimize conflicts of interest. The following shows a map of divergence order 2 and 3 between actors that illustrates the level of similarity of interests or goal direction in the implementation of CSR programs. Figure 7. Convergence Mapping Graph between Order 2 and 3 Actors Source: Data Processed (2024) Stakeholder Role in Enhancing CSR Programs for MSME Performance in BUMN House JEFMS, Volume 08 Issue 10 October 2025 www.ijefm.co.in Page 6962 The order 2 and 3 divergence graphs show that the strongest divergence of interests occurs between the media and the Cooperative Office, while moderate divergence is seen in culinary MSMEs, craft MSMEs, environmental academics, and Bank BNI. Most of the other actors such as BUMN Houses, neighborhood associations and social academics have weak divergence and are therefore relatively aligned in their goals. This confirms that the main potential obstacle lies in the coordination between the media, the Cooperative Office and some MSMEs. Table 7 shows that the most significant divergence of interests (marked by the red line) occurs between social academics and Rumah BUMN, reflecting substantive differences in orientation in the implementation of CSR programs and MSME development strategies. Blue line. This finding is in line with (Chaerani et al., 2024) which states that disagreements between actors in CSR implementation can hinder program effectiveness due to misalignment of objectives. Therefore, an effective coordination and dialogue mechanism is needed to prevent overlapping roles and ensure the program runs synergistically and has an optimal impact. B. Discussion The analysis of the role of stakeholders in the optimization of Corporate Social Responsibility (CSR) programs shows that the quality of interactions between actors is very influential on the performance of beneficiary MSMEs. The synergy built through coordinated cooperation encourages increased capacity, productivity, and competitiveness of MSMEs, which in turn contributes to local economic growth and improved social conditions. Figure 8. Role and Interactions of Stakeholders This diagram illustrates the roles and interactions of stakeholders in the implementation of CSR programs that focus on improving MSME performance and community welfare, with the division of roles based on their main functions: Bank BNI as a regulator has an indispensable strategic role because in addition to being the main funding provider, BNI also has the capacity, network and infrastructure to reach MSME players widely. As the executor of the CSR program, BNI ensures the effectiveness and efficiency of implementation through training, mentoring, and empowerment of MSMEs, while strengthening the synergy between businesses, government, academics, banks, and communities. Rumah BUMN, an initiative of Bank BNI, acts as an executor that focuses on the implementation of CSR programs directly in the field, providing facilities, infrastructure, and infrastructure to support the development of MSMEs. Academics in economics, environment, social, neighborhood, media, and the Office of Cooperatives and SMEs act as supporting institutions by supporting end users of craft, fashion, and culinary MSMEs through academic support, information, and relevant policies. End users focus on improving product quality, digital market expansion, access to capital, and business networking. Interactions between actors encourage efficiency, CSR collaboration, job creation, strengthening MSME capacity, and sustainability training that improves business performance and sustainability, while MSMEs need to actively participate in training, innovate, utilize digital platforms, and establish cross-actor collaboration in order to increase capacity, expand market opportunities, and maintain business sustainability. CONCLUSIONS Synergistic interactions between regulators, executors, supporting institutions, and MSME actors significantly strengthen the effectiveness of CSR programs. A clear division of roles will enable the results of optimizing the resources and expertise of each actor, because it can improve product quality, expand market access, and facilitate access to capital for MSMEs. 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