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"Penelitian ini bertujuan untuk menyelidiki faktor-faktor yang mempengaruhi Return on Investment (ROI) pada UKM di Indonesia yang menggunakan equity crowdfunding sebagai metode pendanaan. Penelitian ini menggunakan pendekatan kuantitatif dengan tujuan mendeskripsikan hubungan antara variabel-variabel yang diteliti, yaitu hubungan antara equity crowdfunding dan kinerja keuangan UKM di Indonesia. Populasi dalam penelitian ini mencakup semua UKM di Indonesia yang telah melakukan equity crowdfunding hingga tahun 2023. Sampel sebanyak 31 UKM dipilih untuk penelitian ini. Teknik analisis data melibatkan pengujian model penelitian untuk memastikan penerimaan dan menghasilkan temuan yang valid serta dapat diandalkan. Proses pengujian ini meliputi beberapa langkah penting, yaitu uji asumsi klasik, uji F, dan uji t. Hasil penelitian menunjukkan bahwa durasi kampanye dalam equity crowdfunding memiliki hubungan yang signifikan dengan Return on Investment (ROI) yang diperoleh oleh UKM. Variabel 'Skor Durasi Kampanye' menunjukkan hubungan yang signifikan secara statistik, mendukung hipotesis bahwa semakin lama durasi kampanye, semakin tinggi ROI yang dapat dicapai. Ini menunjukkan bahwa kampanye yang lebih lama memberikan waktu lebih banyak bagi investor untuk melakukan penelitian dan membuat keputusan investasi yang lebih baik, yang pada akhirnya meningkatkan tingkat kepercayaan dan potensi ROI. Jumlah dana yang terkumpul selama kampanye equity crowdfunding tidak memiliki hubungan yang signifikan dengan ROI yang diperoleh oleh UKM. Variabel 'Log Dana Terhimpun' tidak menunjukkan signifikansi statistik, menantang asumsi bahwa jumlah dana yang terkumpul merupakan faktor kunci dalam menentukan ROI. Ini menunjukkan bahwa faktor lain seperti penggunaan dana yang efisien, strategi bisnis pasca-pendanaan, dan kondisi pasar mungkin memiliki pengaruh yang lebih besar terhadap kesuksesan keuangan UKM setelah crowdfunding. Sektor industri di mana UKM beroperasi memiliki dampak signifikan terhadap ROI. Variabel 'Skor Industri' menunjukkan dampak negatif yang signifikan terhadap ROI, terutama untuk UKM di sektor Restoran/Makanan & Minuman dibandingkan dengan sektor lainnya. Hal ini menekankan pentingnya konteks industri dalam menentukan kinerja keuangan setelah memperoleh pendanaan melalui equity crowdfunding. Sektor Restoran/Makanan & Minuman mungkin menghadapi tantangan tambahan seperti persaingan yang ketat, margin keuntungan yang lebih rendah, dan fluktuasi permintaan konsumen, yang dapat mengurangi potensi ROI.

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This research aims to investigate the factors influencing Return on Investment (ROI) in SMEs in Indonesia utilizing equity crowdfunding as a funding method. This research employs a quantitative approach with the aim of describing the relationship between the variables under examination, namely the relationship between equity crowdfunding and the financial performance of SMEs in Indonesia. The population in this study includes all SMEs in Indonesia that have engaged in equity crowdfunding up to the year 2023. A sample of 31 SMEs was selected for the study. Data analysis techniques involved testing the research model to ensure its acceptance and produce valid and reliable findings. This testing process included several essential steps, namely classic assumption tests, F-tests, and t-tests. The results of the study indicate that the campaign duration in equity crowdfunding has a significant relationship with the Return on Investment (ROI) obtained by SMEs. The variable 'Campaign Duration Score' shows a statistically significant relationship, supporting the hypothesis that the longer the campaign duration, the higher the ROI that can be achieved. This suggests that longer campaigns provide investors with more time to research and make better investment decisions, ultimately increasing trust levels and potential ROI. The amount of funds raised during the equity crowdfunding campaign does not have a significant relationship with the ROI obtained by SMEs. The variable 'Log Raised Funds' does not show statistical significance, challenging the assumption that the amount of funds raised is a key factor in determining ROI. This indicates that other factors such as efficient fund usage, post-funding business strategies, and market conditions may have a greater influence on SMEs' financial success post-crowdfunding. The industry sector in which SMEs operate has a significant impact on ROI. The variable 'Industry Score' shows a significant negative impact on ROI, especially for SMEs in the Restaurant/Food & Beverage sector compared to other sectors. This emphasizes the importance of industry context in determining financial performance after obtaining funding through equity crowdfunding. The Restaurant/Food & Beverage sector may face additional challenges such as intense competition, lower profit margins, and consumer demand fluctuations, which can reduce ROI potential."

"Continuing to expand the middle level education is partly as an objective of education policy to fulfill equity in developing countries, like m Indonesia. The quantitative objective of equity is already stated in the long-term development plan of education- where at least 80% of younger age population aged from 16-18 years are enrolled in middle level education- levels of education are for general and vocational objectives. To meet the equity objectives of the development plan, the number of general and vocational schooling has growing very fast throughout the country. The question is that whether in the labor market, the returns of schooling were predictable, and whether these signals ware taken as a consideration as the basis to expand the expansion of education According to available evidences from the developed countries studies, returned to schooling of middle levels is quite low. The Mincerian Hypothesis will be used to observe the returns to schooling based on the Susenas 2001 with the sample data West Sumatera. The data shows that the returns to middle level education are relatively low -ranges from 4-17%. Vocational school graduates much higher than these general school graduates. Female graduates were also higher their return to schooling then their male counterparts. The implication of this study is discussed."