Accoun and Financial Managemen Jou nal e-ISSN: 2456-3374
Volume 10 Issue 10 Oc obe 2025, Page No.-3766-3770
DOI: 10.47191/a mj/ 10i10.05, Impac Fac o : 8.167
© 2025, AFMJ
3766
Eka Adhi Wibowo1, AFMJ Volume 10 Issue 10 Oc obe 2025
The Impac o Digi aliza ion and CSR O MSMEs on Social Capi al
Accumula ion
Eka Adhi Wibowo1, Jona han He dioko2
1Accoun ing P og am, Du a Wacana Ch is ian Uni e si y, Yogyaka a, Indonesia
2Managemen P og am, Du a Wacana Ch is ian Uni e si y, Yogyaka a, Indonesia
ABSTRACT: This s udy was conduc ed o es and unde s and he impac o digi aliza ion and Co po a e Social Responsibili y
(CSR) o Mic o, Small and Medium En e p ises (MSMEs) on he accumula ion o social capi al in socie y. The digi aliza ion
a iable was chosen conside ing ha he business wo ld has begun o en e he indus ial e a 4.0 massi ely and on a la ge scale. The
change in business models om con en ional o digi al has also changed he ace o MSMEs in hei business ope a ions.
Meanwhile, CSR was chosen as pa o a business's decision o be in ol ed in c ea ing a sus ainable business. Social capi al is he
dependen a iable because social capi al is a de e mining elemen in how a business can un because he basis o social capi al is
us , which is an absolu e equi emen o a business and economy o un. MSMEs we e chosen because hey a e he business g oup
ha in e ac s he mos wi h he communi y bo h in e ms o quan i y and quali y. This s udy will use a quan i a i e me hod h ough
a su ey using a social capi al ques ionnai e ha has been launched by he Wo ld Bank, coupled wi h in e iews wi h esponden s
as iangula ion. Th ough his s udy, he esea che hopes ha MSMEs can inc easingly adap o digi aliza ion condi ions and
pa icipa e in sus ainabili y de elopmen .
KEYWORDS: CSR; Digi aliza ion; Social Capi al; MSMEs.
1 INTRODUCTION
The COVID-19 pandemic has been a signi ican ca alys in
accele a ing digi al ans o ma ion ac oss sec o s. Social
es ic ions and lockdowns imposed in coun ies including
Indonesia ha e pushed people o adap o a new way o li e
ha elies mo e on digi al echnology. This has inc eased he
demand o digi al solu ions and pushed companies o adap
o he digi al wo ld, including Small, Mic o and Medium
En e p ises (SMEs).
Indonesia, as a de eloping coun y, has a ai ly high po en ial
o economic g ow h. One o he ac o s ha suppo s his
po en ial is he Mic o, Small, and Medium En e p ises
(MSMEs) sec o . Acco ding o da a om he Minis y o
Coope a i es and SMEs in 2022, he numbe o MSMEs in
Indonesia has eached 8.71 million uni s. The con ibu ion o
MSMEs o G oss Domes ic P oduc (GDP) is also qui e
signi ican , which is a ound 60%, wi h a wo k o ce
abso p ion a e eaching 96% o he o al na ional wo k o ce
(da a om he Minis y o Finance, 2022). This g ea
po en ial means ha i will inc ease he demand o MSMEs
o be able o inc ease digi aliza ion o he de elopmen o
hei businesses, including buying and selling pla o ms,
paymen sys ems (e-walle s), and a ious o he digi aliza ion
unc ions, ease o ansac ions, speed in making paymen s,
and mo e e icien ans e cos s.
Mic o, Small, and Medium En e p ises (MSMEs) ha e a
signi ican ole in he Indonesian economy. In he mids o he
e a o globaliza ion and igh compe i ion, MSMEs need o
con inue o imp o e hei compe i i eness and image in he
eyes o he public. In ac , in he pas pandemic e a, MSMEs
we e businesses ha we e able o su i e
(h ps://dik i.kemdikbud.go.id/kaba -dik i/kampus-
ki a/be ahan-di- engah-pandemi-umkm-wajib-cakap-
digi al/). One way ha can be done is by implemen ing
Co po a e Social Responsibili y (CSR). Co po a e Social
Responsibili y is a company's commi men o in eg a ing
social, en i onmen al, and economic aspec s in i s ope a ions
and in e ac ions wi h s akeholde s. The pu pose o CSR i sel
is o imp o e he quali y o li e o he communi y and
con ibu e o sus ainable de elopmen .
Al hough CSR may no be a special conce n o MSMEs, in
eali y, MSME ansac ion ac i i ies wi h he communi y a e
qui e high, bo h in e ms o quan i y and quali y. We can
obse e i om ou su oundings; we can e en calcula e how
many imes we ha e ansac ed wi h MSMEs in one day. The
high in e ac ion be ween he communi y and MSMEs
ce ainly has bo h posi i e and nega i e impac s, which
means ha MSMEs should also ca e abou he impac s on he
su ounding en i onmen . I can be said ha MSMEs also s ill
need o ca y ou CSR e en hough i may be on a small scale,
he goal is o inc ease social capi al ( us ), us om he
consume communi y which is no less impo an o he
de elopmen o MSMEs in he u u e besides inancial
capi al.
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Business in MSMEs canno ope a e well wi hou social
capi al ( us ) om he communi y. T us in social capi al is a
undamen al elemen ha suppo s he success o a business.
T us be ween indi iduals and o ganiza ions in a business
ne wo k ac s as a lub ican ha acili a es a ious in e ac ions
and ansac ions. High us can educe business cos s,
inc ease e iciency, and po en ially inc ease p o i abili y o
MSMEs. Scien i ic esea ch shows ha social capi al has a
signi ican impac on business cos s, especially con ol and
supe ision cos s. When us be ween indi iduals and
o ganiza ions is high, he need o con ol and supe ision is
educed. This is because he e is an expec a ion ha all pa ies
will ac wi h in eg i y and in acco dance wi h ag eed no ms.
Social capi al is also an indica o o ac o s in o he ields,
such as he economy on a ious scales including he mic o
scale. This can be in e p e ed ha social capi al also has an
impac on how echnical p ac ices and accoun ing epo ing
a e ca ied ou . Villie s, 2022 s a es ha he e a e wo main
ques ions in e ms o accoun ing analysis and social capi al:
1. How is social capi al concep ualized and heo ized in
accoun ing esea ch?
2. How is social capi al used in he concep o u u e
accoun ing esea ch?
Accoun ing is expec ed o be a ool o keep social capi al om
dec easing o being educed, because in accoun ing all
in o ma ion ega ding business sus ainabili y and
de elopmen is disclosed o s akeholde s including in MSME
business ac i i ies (including CSR epo s). O in o he
wo ds, accoun ing has he ask o main aining us om
s akeholde s.
As he main d i e o he coun y's economy, i would be e y
app op ia e o analyze i om social capi al, conside ing ha
in e ms o capi al (cash and cash equi alen s) MSMEs ha e
been egula ed by egula ions in he amoun o capi al, wha
abou social capi al which is no less impo an in suppo ing
MSME ope a ions? This ques ion is he main p oblem in his
s udy.
S a ing om he p oblems in he backg ound, he p oblems
in his s udy a e o mula ed in he ollowing ques ions:
a. Does he digi aliza ion o MSMEs a ec he Accumula ion
o Social Capi al?
b. Does CSR disclosu e in MSMEs ha e a signi ican e ec
on he Accumula ion o Social Capi al?
This s udy uses a quan i a i e me hod, wi h p ima y da a
h ough ques ionnai es gi en o esponden s. In his s udy,
esponden s we e MSMEs and he Gene al Public who a e
consume s o MSMEs. The da a sou ces used a e p ima y
da a h ough ques ionnai es, as well as quali a i e da a in he
o m o in e iews wi h esponden s selec ed acco ding o
p ede e mined c i e ia. Resea ch analyzing social capi al is
s ill lacking in Indonesia (Social Capi al S a is ics, 2021 p.7).
S ill epo ed om he same sou ce, i s a es ha he e has no
been a single su ey, s udy, o discussion ha is se ious and
la ge-scale ha has e e been ca ied ou , ei he by he
go e nmen o by p i a e esea ch ins i u ions. The s udies o
social capi al ha ha e been ca ied ou so a end o lead o
hypo he ical si ua ions ha come om daily obse a ions o
people's social beha io . The e is no a single sou ce o
in o ma ion ha can be used as a e e ence ega ding he
si ua ion and de elopmen o measu able social capi al. Apa
om he discou se on mu ual us ha has been b ough o
he su ace by se e al social obse e s, o he elemen s a e s ill
el o be e y o eign and ha e ne e been se iously aised as
pa o he elemen s o social capi al ha need o be s udied
u he .
2 THEORY
2.1 MSMEs Digi aliza ion
Digi aliza ion is a massi e change in he use o echnology
om analog echnology ha uses da a con inuously o e a
ce ain pe iod o ime, o digi al in he o m o echnology ha
has he ollowing ad an ages:
1. Ope a ional E iciency: Au oma ion o business and i s
p ocesses will help imp o e wo k p ocedu es, sa e cos s,
educe human e o and educe he isk o en i onmen al
damage (one o which is educing he use o pape and
plas ic).
2. Be e Expe ience: Digi al sys ems p o ide he possibili y
o a business o ca y ou be e ope a ions, mo e pe sonal
and espond quickly and p ecisely o cus ome s.
3. Compe i i eness: Digi aliza ion will p o ide he po en ial
o inc eased compe i i eness because i allows as and
accu a e in o ma ion p ocessing, o business decision
making.
4. Da a Access and Analysis: Digi aliza ion makes i easie o
eco d and il e da a needed o decision making in o de o
imp o e be e business s a egies.
5. Easie Ma ke ing: Digi aliza ion will make i easie o
companies o ca y ou ma ke ing conside ing ha
digi aliza ion is connec ed o he in e ne ne wo k ha is
al eady global.
2.2 CSR (Co po a e Social Responsibili y)
Co po a e Social Responsibili y (CSR) no only ocuses on
en i onmen al p ese a ion and social de elopmen , bu also
plays an impo an ole in empowe ing Mic o, Small, and
Medium En e p ises (MSMEs). S a egic collabo a ion
be ween la ge companies and MSMEs can be he key o
d i ing inclusi e and sus ainable people's economic g ow h.
Howe e , MSMEs expe ience se e al obs acles in ca ying
ou CSR.
a. Regula o y ambigui y: Lack o clea egula ions ela ed o
CSR and MSMEs can hampe he e ec i eness o
empowe men p og ams.
b. Resou ce limi a ions: La ge companies may ha e limi ed
esou ces o un comp ehensi e CSR p og ams.
c. Minimal MSME in ol emen : Lack o awa eness and
pa icipa ion o MSMEs in CSR p og ams can hampe he
achie emen o p og am objec i es.
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2.3 Social Capi al
Social Capi al is de ined as a se ies o human ela ionship
p ocesses suppo ed by ne wo ks, no ms and social us ha
enable e icien and e ec i e coo dina ion and coope a ion o
achie e sha ed p ospe i y (Cox, 1995). Fu he mo e,
Fukuyama (1995, 2003) emphasizes social capi al in a
b oade dimension, namely e e y hing ha mo i a es people
o wo k oge he ha is bound by a se o alues, no ms and
ules ha g ow and a e obeyed (Coleman, 1988). Based on
his s a emen , i canno be denied ha he ounda ion o
social capi al begins wi h a sense o us in one ano he .
Fu he mo e, in he con ex o social capi al, he e is s ill a
gap be ween heo y and empi ical esea ch, as well as how o
measu e i (Pax on 1999; Po es 1998; S one 2001; S one and
Hughes 2001). The p inciples o a oiding hese p oblems
can be summa ized in ou poin s (S one and Hughes 2001).
Fi s , he measu emen and “p ac ice” o social capi al need
o be heo e ically in o med. O he wise, any hing will be
labeled as social capi al, and old ideas and concep s will be
epackaged in new guises.
Second, social capi al mus be unde s ood as a esou ce o
collec i e ac ion. I we wan o de e mine whe he social
capi al p oduces a ange o desi ed social and economic
ou comes, such as ib an communi ies, we mus a oid he
au ological ap o con la ing social capi al wi h social ac ion
o o he ou comes.
Thi d, empi ical esea ch mus ecognize ha social capi al is
a mul idimensional concep . We mus unde s and how he
a ious dimensions o social capi al ela e o each o he and
o he concep as a whole be o e we can unde s and how hey
ela e o he o he ou comes o in e es .
Fou h, we mus ecognize ha social capi al will a y ac oss
ne wo k ypes and social scales. Dimensions o social capi al
in one ne wo k may no co espond o di e en dimensions
o social capi al in ano he ne wo k, o o ou comes ha may
be measu ed a di e en o di e en scales.
In his s udy i sel , he main con ex ha is analyzed is he
basic ac o o social capi al, in his case us . The subjec o
his s udy ocuses on MSMEs which a e e iewed om he
digi al in e ac ion model wi h consume s and om he CSR
pe spec i e.
2.4 Accoun ing and Social Capi al
In heo y, accoun ing has indeed been ca ego ized as a social
p ac ice. Resea ch conduc ed in he ield o accoun ing has
p o en ha accoun ing is a p oduc o social ac i i y pa e ns
in he socie y whe e accoun ing is p ac iced. In ac , qui e a
lo o esea ch has been done o unde s and and measu e he
ex en o he ole o accoun ing in socie y. Howe e , in he
con ex o social capi al being de eloped in accoun ing, i is
s ill no enough i no a li le (Villie s, To e, Bo es, 2022).
P ac i ione s and academics (eg, Eccles & K uz, 2010; Eccles
& Sal zman, 2011; King & Robe s, 2015; Nussbaum, 2013),
p ac i ione s (KPMG, 2013; PWC, 2015) and s akeholde
o ganiza ions (Global Repo ing Ini ia i e (GRI)), 2010;
In e na ional In eg a ed Repo ing Council (IIRC), 2013)
analyze he weaknesses in adi ional inancial epo ing,
while examining al e na i es o be e accoun abili y. I is
now inc easingly ecognized ha he u u e p ospec s o
o ganiza ions a e no longe de e mined by hei physical
asse s, bu depend hea ily on ne wo ks and ela ionships
(Deloi e, 2013).
Mo eo e , in he e a o indus y 4.0 which is massi e in
echnology and digi aliza ion, a concep called he sha ing
economy has eme ged, which changes he ace o business
whe e he alue o a company is no measu ed by he size o
he asse s owned, bu how he asse s a e "cha ged" o pa ne s
bu ollowed by p o i sha ing. The concep o p o i sha ing
is called o mo e popula ly called he sha ing economy
equi es s onge us be ween business pa ne s. This
de elopmen has gi en ise o a new o m o MSMEs
(Khasali, 2022), whe e businesses may no appea
con en ionally bu he business exis s and consume s can
o de i h ough he applica ion. T us is he mains ay in he
new business modeling o hese MSMEs, conside ing ha he
exis ence o an "in e media y" applica ion o consume s and
MSME p oduce s minimizes di ec ace- o- ace ansac ions.
This modeling is a challenge o accoun ing p ac ices, which
can change acco ding o exis ing business model pa e ns. In
heo y, accoun ing is impo an o main ain he us o all
s akeholde s ela ed o he business, including MSME
businesses.
The nex de elopmen is he exis ence o Sus ainabili y
De elopmen Goals, o sus ainable de elopmen , whe e
companies a e egula ed o ca y ou Co po a e Social
Responsibili y (CSR). CSR ac i i ies ce ainly ha e an
in luence on accoun ing p ac ices, a leas on CSR cos
accoun s. Resea ch in he ield o inance has also begun o
make CSR one o he ac o s ha de e mines he alue o a
company. Fo MSMEs, CSR is a sepa a e s a egy ha is
e ec i e in encou aging he g ow h o he people's economy.
Wi h syne gis ic collabo a ion be ween la ge companies and
MSMEs, as well as suppo om he go e nmen and o he
s akeholde s, CSR p og ams can ha e a signi ican posi i e
impac on he de elopmen o MSMEs and imp o ing
communi y wel a e. Ano he challenge ha a ises in he issue
o CSR in MSMEs is in i s epo ing in inancial epo s. In
p inciple, inancial epo s a e p epa ed based on he needs o
s akeholde s o he ope a ions o a business. This p inciple
has been widely implemen ed in la ge companies, especially
hose ha go public. Wha abou MSMEs? Do MSMEs ha e
a pa adigm ha CSR epo ing is a necessi y ha will
ul ima ely s eng hen he us o he communi y (consume s)
in using hei p oduc s? These ques ions a e he ques ions ha
his s udy seeks o answe .
To measu e social capi al in accoun ing, he cos s incu ed by
he company a e used. As ound by Pu nam (2000) who s a ed
ha he main elemen in measu ing social capi al is us ,
including us in secu i y in unning a business. Pu nam's
s a emen can be explained ope a ionally as ollows: he
lowe he le el o us , he highe he cos s incu ed o
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secu i y. Likewise, he highe he le el o us , he lowe he
secu i y cos s incu ed o secu i y.
3 METHODOLOGY
3.1 Resea ch Me hodology
The me hodology used in his s udy is a mix me hod ha
combines quan i a i e me hods wi h quali a i e me hods as
an explana ion. The quan i a i e app oach uses su eys
conduc ed on si e and online, o esponden s who a e MSME
ac o s and he Consume Communi y o MSME p oduc s.
The quali a i e app oach is ca ied ou by ield obse a ion
and conduc ing in e iews wi h MSMEs and hei
Consume s. The selec ion o his mix me hod is ca ied ou o
ob ain a deep unde s anding o he esul s o he quan i a i e
es .
3.2 Sample and Popula ion
This s udy uses p ima y da a h ough a su ey o esponden s
supplemen ed by obse a ion and in e iews wi h selec ed
esponden s. The esea ch loca ion is p io i ized in he
Special Region o Yogyaka a and i s su oundings.
Da a collec ion using ques ionnai es dis ibu ed bo h di ec ly
and online. The a ge esponden s a e 100 MSMEs and 100
MSME Consume s, loca ed in he DIY P o ince.
Measu emen using a Like scale wi h 5 scales. The esul s
will be iangula ed wi h a quali a i e app oach h ough
obse a ion and in e iews wi h selec ed esponden s aimed
a unde s anding he pa e n o opinions on Digi aliza ion and
CSR o MSMEs and how hey impac he accumula ion o
social capi al.
3.3 Ope a ional Va iables
The ques ions and s a emen s as indica o s ha will be
p esen ed in his esea ch include:
a. Responden p o iles include
1. Gende
2. Age
3. Mon hly income ( ange)
4. Mon hly expenses ( ange)
5. Occupa ion
6. Type o MSME ( o en ep eneu s)
7. MSME consume s ( o consume s)
b. Dependen Va iable
Social capi al is measu ed by us , whe e Fukuyama (2014)
s a es ha us is he d i ing capi al ha is analogous o
lub ican o economic ac i i y machines. In his s udy, us
is measu ed by a su ey o he le el o us o MSMEs and
MSME consume s in all s akeholde s in unning hei
businesses.
In his s udy, he analy ical hinking used is ha he highe he
le el o us , he mo e i will inc ease secu i y and a sense o
secu i y in he ope a ion o a business, he measu emen in
his case in accoun ing is by analyzing secu i y cos s.
c. Independen Va iables
The independen a iables in his s udy a e digi aliza ion and
Co po a e Social Responsibili y. The app oach used is a cos
accoun ing app oach speci ically he cos s incu ed as
secu i y cos s, using a a io app oach be ween CSR and
Secu i y Cos s.
Ra io: CSR/(Secu i y cos s)
3.4 Resea ch Design
F om he cha abo e, i can be explained abou he ini ial
s a emen why he o mula ion o he p oblem usually e e s
o he ques ions ha ha e been asked in he con ex o he
esea ch. Based on he o mula ion o he p oblem, including:
H1: The e is an in luence o digi aliza ion on Social Capi al
H2: The e is an in luence o CSR disclosu e on Social Capi al
3.5 Da a Collec ion Me hods and Da a Measu emen
Scales
Ques ionnai es a e used in obse a ion and da a collec ion.
Acco ding o Sugiyono (2017), ques ions a e made in he
o m o choices om indi iduals who answe in a ce ain a ea
and a ce ain amoun wi h an open o closed me hod. To
answe each ins umen i em, his esea ch ques ionnai e uses
a Like scale. S ill acco ding o Sugiyono (2017) s a es " he
Like scale is used o measu e he a i udes, opinions, and
pe cep ions o a pe son o g oup o people abou social
phenomena".
4 RESULT AND ANALYSIS
4.1 Resul
The esul s o he eg ession es be ween a iable X1
(Digi aliza ion) show a coe icien o -0.219 wi h a s anda d
de ia ion o 0.05 (Table 1). This coe icien p o es ha he e
is no signi ican ela ionship be ween digi aliza ion and he
le el o us which is an indica o o social capi al, meaning
ha hypo hesis 1 is ejec ed. Nex , he esul s o he
eg ession es o a iable X2 (CSR) show a coe icien o
5.676 wi h he same s anda d de ia ion. This p o es ha he e
is a signi ican ela ionship and in luence be ween CSR and
he le el o social capi al, in he sense ha he g ea e he cos
o CSR which is in e sely p opo ional o he cos o secu i y,
he g ea e he inc ease in Social capi al ( us ). This means
ha CSR has a signi ican in luence on inc easing he
accumula ion o social capi al in socie y.
4.2 Analysis
Digi aliza ion acili a es human ela ions including in
business ac i i ies, including in MSMEs, i 's jus ha his
digi aliza ion is like a double-edged swo d on he one hand
o e ing con enience, bu also has he po en ial o educe
social in e ac ion, whe eas acco ding o Pu nam social
Digi aliza ion
CSR
Social Capi al
(T us )
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in e ac ion is a equi emen o inc ease mu ual us which is
he ounda ion o social capi al.
I is di e en wi h CSR which is indeed no o mally an
obliga ion o a business a he MSME le el. Howe e , CSR
emains a means o "b ing close " MSMEs o he communi y
ha is he ma ke sha e, especially hose a ound he business
loca ion. I is p o en ha CSR has a signi ican in luence on
he accumula ion o social capi al ( us ) which is a suppo in
business ac i i ies, because he highe he social capi al
means he highe he le el o us , he highe he le el o us
will po en ially educe he cos s o doing business o
MSMEs such as he lowe cos s incu ed o ensu e business
secu i y, he da a o which was also collec ed in his s udy.
5 CONCLUSION
Digi aliza ion on he one hand makes i easie o MSMEs o
un hei businesses bu has he po en ial o u he educe
in e ac ion wi h s akeholde s. This means ha digi aliza ion
has he po en ial o e ode social capi al. Meanwhile, CSR has
he po en ial o b ing MSMEs close o he communi y. This
phenomenon can p o ide an unde s anding o he need o a
balance be ween digi aliza ion and CSR so ha social capi al
in socie y is no u he e oded.
This esea ch can be de eloped wi h a ious iews and
analyses, including:
Fi s , es ing esponden s' unde s anding o social capi al,
conside ing ha social capi al is s ill qui e o eign in he ield
o accoun ing.
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