The Impact of Digital Inclusivity and Human Development Index (HDI) on Gross Regional Domestic Product (GRDP): The Mediating Role of Peer-to-Peer (P2P) Lending in Indonesia
DOI:
https://doi.org/10.33019/equity.v14i2.875Keywords:
Digital Inclusivity, Human Development Index, Peer-to-Peer Lending, Gross Regional Domestic Product, DigitalizationAbstract
Digital transformation and improvements in human resource quality play a crucial role in driving regional economic growth. However, levels of access to and use of digital technology and technology-based financial services still vary across Indonesia's provinces. This study aims to analyze the effects of digital inclusivity and the Human Development Index (HDI) on Gross Regional Domestic Product (GRDP), with Peer-to-Peer (P2P) Lending as the mediating variable. Digital inclusivity is measured by the Indeks Masyarakat Digital Indonesia (IMDI), while P2P lending is measured by the volume of financing disbursed in each province. The study uses panel data from 34 provinces in Indonesia for the 2023–2025 period. The analysis was conducted using panel data regression with the Fixed Effects Model (FEM) and the Sobel mediation test. The results show that digital inclusivity and P2P lending have a positive and significant effect on GRDP. In contrast, the Human Development Index (HDI) has no significant direct effect. However, the HDI and digital inclusivity have a positive and significant effect on P2P lending. The mediation test indicates that P2P lending mediates the effects of the HDI and digital inclusivity on GRDP. These findings confirm that the digital economy drives regional economic growth both directly and by expanding access to digital financing. Therefore, strengthening digital infrastructure and improving the quality of human resources must be pursued simultaneously to optimize P2P lending's role in supporting regional economic activities.
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