ANALISIS PENGARUH PENGANGGARAN MODAL TERHADAP SISA HASIL USAHA DALAM MENGHASILKAN MANFAAT JANGKA PANJANG (Studi Pada Koperasi Serba Usaha Sadamora Kabupaten Konawe)

Abstract

The purpose of this study is to analyse capital budgeting implementation and evaluate long-term benefits in the Sadamora Multi-Purpose Cooperative (KSU Sadamora) in Konawe Regency for optimising the Surplus of Business Results (SHU). A structured capital budgeting process is crucial for mitigating earnings volatility and investment uncertainty in micro-cooperatives. This quantitative research utilised a Likert-scale questionnaire survey administered to 68 purposively selected members and management. Data analysis was conducted using SPSS, encompassing validity testing, reliability testing (Cronbach's Alpha = 0.950), classical assumption tests, simple linear regression, and investment feasibility evaluations (NPV, IRR, Payback Period). The results reveal a statistically significant positive effect of capital budgeting on SHU with a t-statistic of 10.491 (p < 0.001) and a coefficient of determination (R-squared) of 0.625. This indicates that 62.5% of the variance in SHU is explained by capital budgeting decisions. Although pure financial metrics yielded a negative NPV of -Rp125,863,023 and an IRR of 7.98%, the long-term investment is deemed viable and efficient due to a payback period of 4.13 years (shorter than the 5-year benchmark) and its substantial social-economic value creation under the Triple Bottom Line framework.

Keywords: Capital Budgeting, Surplus of Business Results (SHU), Cooperative, Payback Period, Triple Bottom Line