Impact of the Covid-19 Pandemic on Micro Finance Income
APRIATNI E. P., NGATNO NGATNO
Department of Business Administration,
Diponegoro University,
Semarang,
INDONESIA
Abstract: - The purpose of this study was to examine the impact of the COVID-19 pandemic on the income of
microfinance institutions (MFIs) in Indonesia. Using a sample of 181 microfinance institutions using financial
report data for 2017–2019 (before the pandemic) and 2020–2021 (during the pandemic). Data were analyzed
using a non-parametric test (Wilcoxon signed ranks test). The results show that all elements of income (interest
income, fee, and commission income, operating income, and non-operational income) decreased significantly.
On the other side of the impact of the COVID-19 pandemic on expenses, several elements of expenses have
decreased significantly (interest expense, depreciation, and amortization expense, marketing expense,
administration, and general expense, operational expense, and non-operational expense). As for fee and
commission expenses, research and development expenses, and an impairment charge on loans, they decrease
insignificantly.
Key-Words: - Covid-19, income. expense, microfinance
Received: December 25, 2022. Revised: April 11, 2023. Accepted: May 12, 2023. Published: June 6, 2023.
1 Introduction
The outbreak of the new coronavirus (COVID-19)
not only has an impact on health but also has an
impact on the economy in various industries and
regions. The population quarantine policy causes a
decrease in mobility, which in turn can stagnate
economic activity. The COVID-19 pandemic
caused a global recession; many countries went
bankrupt and lost their jobs, [1]. On a micro-scale,
the COVID-19 outbreak has affected the
performance of companies in large industries, [1],
and MSMEs in the ASEAN region, [2]. Therefore,
it is necessary to evaluate the impact of COVID-19
on performance during these difficult economic
times, especially in the microfinance institution
(MFI) sector, because these financial institutions
are an element of the national economy. In
addition, microfinance institutions (MFIs) function
as intermediaries between funders and users of
funds. This MFI must function as an institution that
collects and distributes public funds. Effective and
efficient management of public funds can be
measured by their ability to earn profits. The
profitability of MFIs depends on the success or
failure of their operations. A microfinance
institution (MFI) can succeed if it is profitable in its
operational activities and will fail if its operations
suffer losses or even go bankrupt.
The global crisis can affect the activities of the
banking industry in every country, including
Indonesia. As the pandemic pushes aggregate
demand, production, trade, and economic activity
slow and unemployment rises, financial institutions
in almost every country are concerned about the
increased risk of falling without government
support, [3]. Of course, this situation has an impact
on the performance of financial institutions. The
main impact on financial institutions is the decline
in deposits and decreased profits. Several previous
studies have examined the impact of this economic
crisis [4], [5], [6]. These studies show that the
economic crisis affects the performance of financial
institutions in areas such as capital structure, non-
performance loans, and profitability. However,
other studies have shown that the COVID-19
pandemic did not trigger the explosion of non-
performing loans but was related to bank
illiquidity, [7]. Furthermore, the findings from a
study of 30 commercial banks in Bangladesh show
that all banks tend to see a decline in the value of
risk-weighted assets, capital adequacy ratios, and
interest income, [8]. However, estimates suggest
that larger banks are relatively more vulnerable.
Meanwhile, other research shows that the
COVID-19 pandemic has a significant effect on
decreasing bank income but does not affect credit
performance or capital structure, [9]. Furthermore,
WSEAS TRANSACTIONS on ENVIRONMENT and DEVELOPMENT
DOI: 10.37394/232015.2023.19.51
Apriatni E. P., Ngatno Ngatno
E-ISSN: 2224-3496
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Volume 19, 2023
research on 13 commercial banks in Indonesia
shows that the impact of the COVID-19 pandemic
on bank profitability as measured by return on
equity (ROE) and net operating margin (NOM) has
a significant effect (below 10%), but neither on
return on assets (ROA) nor operational expense to
income ratio (OEIR), [10].
In the previous study, there were several gaps,
including the impact of COVID-19 on banking
performance, which was not always negative and
significant; the object was only a commercial bank;
and it did not review the elements of operating
income and expenses. Therefore, this study aims to
fill this void by focusing on microfinance
institutions (MFIs), which have different customers
than large financial institutions. The MFI's
customers are in the lower middle class, so they are
the most affected by the COVID-19 pandemic. The
negative impact of COVID-19 on performance is
more pronounced in companies with a smaller
investment scale or lower sales revenue, [11]. This
study examines the effect of COVID-19 on the
elements of operating income and expenses of
MFIs.
2 Literature Review
2.1 Microfinance Institutions in Indonesia
In Indonesia, there are three types of microfinance
institutions: bank institutions, cooperatives, and
non-bank/non-cooperative institutions. Banking
institutions include commercial banks that provide
micro-credit or have micro units, Islamic banks,
and Islamic units. MFIs in the form of banks called
Rural Banks are a form of Indonesian microfinance
institutions that have roots in the socio-economic
conditions of rural Indonesian communities. The
operational business of a rural bank is to collect
funds from the public in the form of deposits in the
form of time deposits, savings, or other equivalent
forms; give credit; provide coaching and placement
of funds; and place the funds in the form of Bank
Indonesia certificates, time deposits, certificates of
deposit, and savings in other banks. Rural banks
provide services for the needs of banking services
for the lower economic community or small and
micro businesses. The role of the rural bank is very
beneficial in increasing financing for micro and
small businesses so that they can contribute more to
the Indonesian national economy.
2.2 Operating Expenses and Operating
Income of MFI
Based on the rural bank accounting guidelines,
[12], operational expenses are all expenses incurred
for usual activities as a rural bank business. These
expenses include interest, allowance of losses,
marketing, research and development,
administration, and general expenses. Interest
expenses are expenses paid to customers or other
parties related to fundraising activities and
receiving loans. Interest expenses arise from
financing activities in the form of fundraising
activities and receiving loans, such as savings and
time deposits, including deposit guarantee
premiums, cashback rewards, and deposit prizes.
Furthermore, marketing costs consist of gifts,
advertising, promotions, and unapproved credit
costs. Research and development costs are costs
related to expenses for research and development.
While administrative and general expenses are
various burdens that arise to support the operational
activities of MFIs, they consist of labor expenses,
education expenses, rent expenses, and insurance
premiums. On the other hand, operating income is
the bank's prime income. Based on the accounting
guidelines, operating income is all income derived
from the main activities of the MFIs, [12].
Operating income consists of (1) interest income,
which is income earned from investing MFI funds
in productive assets, where interest income includes
fewer costs directly related to lending (transaction
costs); and (2) other operating revenues, which are
various incomes arising from activities that support
MFI's operational activities.
2.3 Impact of Covid-19 on MFI's Income
According to factual options theory, managers tend
to delay investments when uncertainty increases,
which can cause the loss of profitable projects,
[13]. COVID-19 carries higher external risks,
which has led managers to increase their cash
holdings in the event of an emergency. More cash
retention consumes investment funds and reduces
the company's sustainable development
momentum. More cash retention consumes
investment funds and reduces the company's
sustainable development momentum. Based on
Maslow's hierarchy of needs, consumer demand for
health and safety is more pressing than social
contact during a pandemic, [14]. These factors lead
to a decrease in the company's revenue and a
decrease in the company's performance. The
company's productivity and revenue fell sharply
due to the implementation of quarantine measures,
which inevitably led to a decline in performance.
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Apriatni E. P., Ngatno Ngatno
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Volume 19, 2023
SMEs are the sector most affected by this
pandemic. Our analysis reveals that this sector has
been the most severely affected by COVID-19
compared to other industries, [11]. The COVID-19
pandemic has had a significant negative impact on
performance by reducing investment scale and
reducing total revenue, [15]. In the banking sector,
the primary source of income is interest income.
Almost all banks have experienced a decline in
interest income due to the COVID-19 pandemic,
[8]. Besides, the ratio of profitability and activity
before the COVID-19 pandemic differed
significantly from that during the pandemic, [16]. It
was this financial sector that experienced a
decrease in the ratio of liquidity and the ratio of
profitability. Based on this analysis, we
hypothesize:
H1: COVID-19 has an impact on reducing the
income of microfinance institutions: (a)
interest income (II), (b) fee and commission
income (FCI), (c) other income (OI), and (d)
non-operational income (NOI).
2.4 Impact of Covid-19 on MFI's Expenses
The COVID-19 crisis could significantly increase
the cost of credit losses for European banks in the
form of their provision for credit losses, [17].
Furthermore, total operational and investment costs
have seen an average increase of around 3.5% in
other administrative expenses, [18]. The COVID-
19 pandemic will increase interest, transaction, and
administration expenses and ultimately reduce the
return on equity (ROE) and net operating margin
(NOM), [19]. However, rural banks are trying to
suppress all elements of expenditure and be more
selective in extending their loans in line with the
impact of the COVID-19 pandemic. Because BPRs
have to save costs during the COVID-19 pandemic,
based on this analysis, we hypothesize:
H2: COVID-19 has an impact on reducing
expenses for microfinance institutions: (a)
interest expense (IE), (b) fee and commission
expense (FCE), (c) impairment charge on
loans (ICL), (d) depreciation and amortization
expense (DAE), (e) marketing expense (ME),
(f) research and development expense (RDE),
(g) administration and general expense
(AGE), (h) others expense (OE), (i) non-
operational expense (NOE), (j) earnings
before income tax (EBIT), (k) income tax (IT),
and (l) earnings after tax (EAT).
3 Methodology
This study used a sample of 181 MFIs in the form
of banks. The data collected is in the form of
income statements from the end of December 2018
to 2019 (before the COVID-19 pandemic) and the
end of December 2020 and September 2021 (during
the COVID-19 pandemic), which are accessed
through the Financial Services Authority's web site.
Hypothesis testing using year-on-year (YOY) data
with non-parametric tests (Wilcoxon signed ranks
test). The formula for calculating Z is as follows:
𝑍 = 𝑇 − 1
4𝑁(+1)
√1
24𝑁(𝑁+2𝑁+1)
N = the number of data points that change after
being given a different treatment.
T = the number of rankings of negative differences
(if the number of positive differences is greater
than the number of negative differences).
T = the number of positive difference rankings (if
the number of negative differences is greater than
the number of positive differences).
4 Result and Discussion
4.1 Descriptive Statistics
Table 1 shows the difference in the mean and
standard deviation of elements of microfinance
income and expense before and during the
pandemic. The results of the descriptive analysis of
the impact of the COVID-19 pandemic on the cost
and income elements of MFIs are as follows:
First, the average value of interest income (II)
before the COVID-19 pandemic was IDR
14,104.30 million, while the average value of II
during the COVID-19 pandemic was IDR 12,73144
million. The current decline in II from before the
COVID-19 pandemic to during the COVID-19
pandemic is IDR -1,372.86 million (-9.73%). This
decrease in average shows that the COVID-19
pandemic has harmed the company's income when
viewed from changes in II. Figure 1 shows an
average decreasing trend II from 2018 to 2021.
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Fig. 1: Growth of II from 2018 – 2021
Average FCI during the pandemic decreased by
10.86% (from IDR 1,064.48 million to IDR 948.89
million). This decrease in average shows that the
pandemic negatively affects FCI. Furthermore, the
mean of OI decreased by 4.00% (from IDR
1,226.71 million to IDR 1,177.67 million) during
the COVID-19 pandemic. This decline indicates
that the COVID-19 pandemic had a detrimental
effect on other income.
Table 1. Descriptive Statistics
N
Max
Mean
SD
II
During
181
299,334.78
12,731.44
2,655.45
Before
181
361,537.13
14,104.30
31,346.18
FCI
During
181
17,955.01
948.89
1,779.01
Before
181
24,367.72
1,064.48
2,196.52
OI
During
181
23,854.11
1,177.67
2,546.15
Before
181
22,698.77
1,226.71
2,451.29
NOI
During
181
1,452.33
82.28
167.06
Before
181
3,434.13
133.21
335.07
IE
During
181
132,215.52
5,200.53
11,801.00
Before
181
133,065.01
5,421.59
12,133.09
FCE
During
181
4,763.25
49.90
366.02
Before
181
4,702.08
50.95
358.61
ICL
During
181
100.60
1.23
8.93
Before
181
45.23
0.51
4.35
DAE
During
181
27,771.57
936.57
2,528.29
Before
181
24,533.20
914.92
2,300.98
ME
During
181
5,166.10
200.08
600.57
Before
181
6,434.15
259.64
800.09
RDE
During
181
171.81
1.96
14.24
Before
181
173.82
1.63
13.86
AGE
During
181
122,112.61
5,592.81
10,289.98
Before
181
125,336.85
5,789.75
10,657.36
OE
During
181
5,192.51
249.43
580.88
Before
181
5,766.72
268.82
670.94
NOE
During
181
1,694.56
74.64
177.27
Before
181
3,326.49
112.74
306.22
EBIT
During
181
58,306.81
2,671.32
6,025.48
Before
181
108,288.31
3,385.75
9,365.19
IT
During
181
14,379.25
513.45
1,408.24
Before
181
27,228.98
757.50
2,366.69
EAT
During
181
43,927.56
2,158.69
4,635.11
Before
181
81,059.34
2,629.83
7,000.38
Valid
N
181
The average NOI before the pandemic was IDR
133,214,049.72, while the average NOI during the
pandemic was IDR 82,276,803.87. The average
decrease in NOI was IDR -50,937,245,86 (-
38.24%). This average decline shows that the
pandemic has hurt the company's income when
viewed from the perspective of changes in NOI.
Figure 2 illustrates the average growth of FCI, OI,
and NOI from 2018 to 2021.
Fig. 2: Growth of FCI, OI, and NOI from 2018 –
2021
Second, the expenditure side of IE shows that
the pandemic has increased interest expenses.
Average IE during the pandemic increased by
4.08% (from IDR 5,421.59 million to IDR 5,200.53
million). On the other hand, the average FCE
decreased by 2.05% (from IDR 50.95 million to
IDR 49.90 million). This decrease did not harm the
company in terms of changes in fees and
commission fees. Figure 3 illustrates the growth of
IE and AGE from 2018 to 2021, where there is a
tendency to increase IE and AGE from 2018 to
2019, but after that, it decreases.
Fig. 3: Growth of IE and AGE from 2018 – 2021
Average ICL, DAE, and RDE have increased
during the pandemic. ICL during the pandemic
increased by 139.04% (from IDR 0.51 million to
IDR 1.23 million). Meanwhile, DAE increased by
2.37% (from IDR 914.92 million to IDR 936.57
million). Furthermore, RDE increased by 20.51%
(from IDR 1.63 million to IDR 1.96 million). In
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Volume 19, 2023
contrast, the average ME, AGE, OE, and NOE
decreased during the pandemic. ME during the
pandemic decreased by 22.94% (from IDR 259.64
million to IDR 200.08 million). Meanwhile, AGE
decreased by 3.40% (from IDR 5,789.75 million to
IDR 5,592.81 million). Furthermore, OE decreased
by 7.21% (from IDR 268.82 million to IDR 249.43
million). Finally, NOE decreased by 33.80% (from
IDR 112.74 million to IDR 74.64 million). Figure 4
shows the growth of FCE, DAE, ME, and NOE
from 2018 to 2021. This figure shows that these
cost elements have decreased from 2020 to 2021,
except for DAE.
Fig. 4: Growth of FCE, DAE, ME, NOE from 2018
– 2021
The third element in the income and expenses of
an MFI is earnings before income tax (EBIT),
income tax (IT), and earnings after tax (EAT).
These three elements show a decline during the
pandemic. EBIT decreased by 21.10% (from IDR
3,385.75 million to IDR 2,671.33 million). Then IT
decreased by 32.22% (from IDR 757.50 million to
IDR 513.45 million). Meanwhile, EAT decreased
by 17.92% (from IDR 2,629.84 million to IDR
2,158.69 million). Figure 5 shows that after 2019,
there was a decline in EBIT, IT, and EAT. This
figure shows that the COVID-19 pandemic can
reduce these three elements of costs and income.
Fig. 5: Growth of EBIT, IT, and EAT from 2018 –
2021
Furthermore, Table 2 shows the frequency with
which the distribution of companies based on
income and expenses changes. This table shows
that the COVID-19 pandemic has not consistently
reduced the revenues and costs of MFIs. The
frequency of MFIs whose income decreased (II,
FCI, OI, and NOI) was more frequent than the
increase. Likewise, the frequency of MFIs whose
expenditure decreased (IE, DAE, ME, AGE, OE,
and NOE) was greater than that of MFIs whose
expenditure increased.
Table 2. Frequency distribution of companies based
on changes in the elements of income and expenses
Item
Increase
Decrease
Not
Change
Total
f
%
f
%
f
%
f
%
II
51
28.17
130
71.82
0
0.00
181
100.00
FCI
54
29.83
127
70.17
0
0.00
181
100.00
OI
85
41.44
96
58.56
0
0.00
181
100.00
NOI
69
38.12
108
59.67
4
2.21
181
100.00
IE
63
34.81
118
65.19
0
0.00
181
100.00
FCE
40
22.10
44
24.31
97
53.59
181
100.00
ICL
10
5.52
3
1.66
168
92.82
181
100.00
DAE
86
47.51
95
52.49
0
0.00
181
100.00
ME
38
20.99
134
74.03
9
4.97
181
100.00
RDE
7
3.87
6
3.31
168
92.82
181
100.00
AGE
71
39.23
110
60.77
0
0.00
181
100.00
OE
66
36.46
114
62.98
1
0.55
181
100.00
NOE
66
36.46
114
62.98
1
0.55
181
100.00
EBIT
67
37.02
114
62.98
0
0.00
181
100.00
IT
55
30.39
120
66.30
6
3.31
181
100.00
EAT
70
38.67
111
61.33
0
0.00
181
100.00
4.2 Hypothesis Testing
To test the effect of the COVID-19 pandemic on
BPR income and expenses, a non-parametric test
(Wilcoxon signed rank test) was carried out.
Furthermore, to determine the acceptance of the
hypothesis using a significance level of 5% (0.05)
and the Z test = 1.960. Table 3 shows the results of
hypothesis testing. All elements of income
decreased significantly, including II (interest
income), FCI (fee and commission income), OI
(others income), and NOI (non-operational
income). These four elements have a negative
statistical Z value that is smaller than the table Z
value (-1.960), and the significance level is smaller
than 0.05. Therefore, H1a, H1b, H1c, and H1d are
supported, which means that the COVID-19
pandemic has significantly reduced the income
elements of the MFIs. This result supports the
previous research that the COVID-19 pandemic can
reduce interest rates at almost all banks, [8], [9].
These results also support previous research that
the COVID-19 pandemic can reduce bank
profitability, [20], [21]. The explanatory variables
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Volume 19, 2023
used in this study have short-term and long-term
effects on bank profitability. The impact is not
uniform across various measures of bank
profitability. In the short term, bank profitability is
generally negative and significant. Conversely, in
the long term, the effect of the COVID-19
pandemic on bank income is uncertain.
Table 3. Non-parametric Tests (Wilcoxon Signed
Ranks Test).
N
Mean
Rank
Sum of
Ranks
Z
Sig.
II_YOY_after –
II_YOY_before
163a
92.77
15121.50
-9.755
.000
18b
74.97
2696.00
0c
FCI_YOY_after –
FCI_YOY_before
154a
95.69
14736.00
-9.209
.000
27b
64.26
1735.00
0c
OI_YOY_after –
OI_YOY_before
143a
96.33
13775.00
-7.848
.000
38b
70.95
2612.50
0c
NOI_YOY_after –
NOI_YOY_before
104a
86.22
8966.50
-2.035
.042
70b
89.41
6258.50
7c
IE_YOY_after –
IE_YOY_before
167a
93.02
15535.00
-10.341
.000
14b
66.86
936.00
0c
FCE _YOY_after –
FCE _YOY_before
52a
43.54
2264.00
-1.070
.285
37b
47.05
1741.00
92c
ICL _YOY_after –
ICL _YOY_before
0a
.00
.00
-1.826
.068
4b
2.50
10.00
177c
DAE _YOY_after –
DAE_YOY_before
106a
92.46
9800.50
-2.365
.018
74b
87.70
6489.50
1c
ME _YOY_after –
ME_YOY_before
130a
84.70
11011.50
-6.972
.000
34b
74.07
2518.50
17c
RDE _YOY_after –
RDE_YOY_before
2a
1.50
3.00
.000
1.00
0
1b
3.00
3.00
178c
93.20
15658.00
AGE _YOY_after –
AGE_YOY_before
168a
62.54
813.00
-10.515
.000
13b
96.17
0c
OE _YOY_after –
OE_YOY_before
130a
96.17
12502.50
-6.406
.000
49b
73.62
3607.50
2c
NOE _YOY_after –
NOE _YOY_before
103a
90.62
9333.50
-2.134
.033
74b
86.75
6419.50
4c
EBIT _YOY_after –
EBIT _YOY_before
142a
86.26
12248.50
-5.685
.000
39b
108.27
4222.50
0c
IT _YOY_after – IT
_YOY_before
119a
82.58
9827.00
-3.328
.001
55b
98.15
5398.00
7c
EAT _YOY_after –
EAT _YOY_before
139a
84.45
11739.00
-4.963
.000
42b
112.67
4732.00
0c
a. YOY_after < YOY_before.
b. YOY_ before < YOY_ after.
c. YOY_after = YOY_before.
The test results on the expense elements in
Table 3 show that not all expense elements have a
significant decrease. The interest expense (IE),
depreciation and amortization expense (DAE),
marketing expense (ME), administration and
general expense (AGE), other expenses (OE), and
non-operational expense (NOE) have significantly
decreased. Thus H2a, H2d, H2e, H2g, H2h, and
H2i are supported. While there is an insignificant
decrease in fee and commission expense (FCE),
impairment charge on loans (ICL), and research
and development expense (RDE), H2b, H2c, and
H2f are not supported.
These results illustrate that the COVID-19
pandemic can significantly reduce spending
elements, as well as interest expenses, depreciation
and amortization expenses, marketing expenses,
general administration expenses, non-operational
expenses, and other expenses. This result is not in
line with previous research that showed that the
COVID-19 pandemic did not reduce spending,
[21]. It is also not in line with previous research
showing that COVID-19 has made it impossible for
corporate debt, interest, and other expenses to stop
until this period is about to end, [19].
Finally, the net results of MFI's business
activities are earnings before income tax (EBIT),
income tax (IT), and earnings after tax (EAT). The
test results for these three elements decrease
significantly. Thus H2j, H2k, and H2l are
supported.
5 Conclusion
Most companies have been badly affected by the
COVID-19 pandemic, including microfinance
institutions (MFIs). Especially for microfinance
institutions (MFIs) in the form of rural banks, in
terms of income, it can be concluded that all
income elements that are affected by the COVID-
19 pandemic decreased significantly: a) interest
income (II), b) fee and commission income (FCI),
c) operational income (OI), and d) non-operational
income (NOI). On the other hand, the impact of the
COVID-19 pandemic on several elements of the
burden has decreased significantly. These elements
include interest expenses (IE), depreciation and
amortization expenses (DAE), marketing expenses
(ME), administrative and general expenses (AGE),
operating expenses (NOE), and non-operating
expenses (NOE). Meanwhile, fees and
commissions (FCE), research and development
expenses (RDE), and loan impairment costs (ICL)
showed insignificant decreases. Thus, it can be
concluded that the COVID-19 pandemic can reduce
WSEAS TRANSACTIONS on ENVIRONMENT and DEVELOPMENT
DOI: 10.37394/232015.2023.19.51
Apriatni E. P., Ngatno Ngatno
E-ISSN: 2224-3496
530
Volume 19, 2023
the net income of MFIs due to all elements of
income. Although MFIs have overcome the effects
of the COVID-19 pandemic by reducing the
element of expenditure, this reduction is no greater
than the decline in income. The results of this study
can provide suggestions for the government to
provide interest subsidies to MFI customers so that
loan installments run smoothly and ultimately
increase interest income. This study has limitations
in the sample used, which included 181 MFIs in
Central Java. In future research, it can be expanded,
and the sample used can be multiplied so that the
level of generalization is stronger. In addition, it is
necessary to study the impact of COVID-19 on the
congestion of loans that have been distributed.
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WSEAS TRANSACTIONS on ENVIRONMENT and DEVELOPMENT
DOI: 10.37394/232015.2023.19.51
Apriatni E. P., Ngatno Ngatno
E-ISSN: 2224-3496
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Contribution of Individual Authors to the
Creation of a Scientific Article (Ghostwriting
Policy)
-Ngatno: Analyze, interpret, and create research
articles.
-Apriatni E.P., collected and analyzed data
-Saryadi: Collected and analyzed data
Sources of Funding for Research Presented in a
Scientific Article or Scientific Article Itself
No funding was received for conducting this study
Conflict of Interest
The authors have no conflict of interest to declare.
Creative Commons Attribution License 4.0
(Attribution 4.0 International, CC BY 4.0)
This article is published under the terms of the
Creative Commons Attribution License 4.0
https://creativecommons.org/licenses/by/4.0/deed.e
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WSEAS TRANSACTIONS on ENVIRONMENT and DEVELOPMENT
DOI: 10.37394/232015.2023.19.51
Apriatni E. P., Ngatno Ngatno
E-ISSN: 2224-3496
532
Volume 19, 2023