THE ROLE OF DEBT REFINANCING IN BUSINESS SUSTAINABILITY BASED ON NGAYAH IN BALI: A LITERATURE REVIEW BASED ON TPB
Keywords:
Ngayah, Debt Refinancing, Going Concern, Theory of Planned Behavior (TPB)Abstract
This study examines debt refinancing decisions in Balinese companies influenced by the social obligation of ngayah, a tradition of voluntary community service without compensation. While ngayah strengthens social cohesion, it can pressure companies facing financial difficulties, creating challenges for maintaining business continuity. In such conditions, debt refinancing becomes a strategic option to restore liquidity and stabilize operations, despite its inherent risks. Using a descriptive qualitative literature review, this study analyzes how refinancing decisions are shaped by cultural obligations through the lens of the Theory of Planned Behavior (TPB). Attitude, subjective norms, and perceived behavioral control are explored to understand managerial intentions when refinancing within the ngayah context. The findings show that refinancing decisions are not based solely on economic considerations but are significantly influenced by social expectations and cultural norms. This research highlights the unique role of local tradition in shaping financial decision-making—an area rarely addressed in previous studies. It concludes that companies practicing ngayah must adopt refinancing strategies that balance financial needs with social responsibilities. The study provides insights for policymakers and business leaders on designing refinancing approaches that respect cultural values while supporting sustainable going concern.
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