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Finance, Accounting and Business Analysis 
Volume 4 Issue 2, 2022 

http://faba.bg 

The Analysis of Transaction Costs and Revenue of Cayenne Pepper 

Farming: An Empirical Study in Semarang District 

Sucihatiningsih Dian Wisika Prajanti1*, Etty Puji Lestari2, Fauzul Adzim3  

1Department of Economics Development, Faculty of Economics, Universitas Negeri Semarang, Indonesia 
2Department of Economics Development, Faculty of Economics, Universitas Terbuka, Indonesia 
3Master Program in Economics and Development Studies, Faculty of Economics and Business, 

Universitas Diponegoro, Indonesia 

Info Articles  
 

Abstract 

Keywords:  
transaction costs, chilli, farming, 
income 

 This study aims to analyze transaction costs and its effect on chili farming income in 

Semarang Regency. This study used a quantitative descriptive approach. The 
location of this study was in Semarang Regency. The population in this study were 
all cayenne pepper farmers in Semarang Regency, which amounted to about 1,345 
people. The sampling technique in this study was simple random sampling with a 
total sample of 70 people. This study used two methods of data analysis, namely 1) 
analysis of transaction costs of cayenne pepper farming, 2) analysis of cayenne 

pepper farming income. The transaction costs of cayenne pepper farming consist of 
4 (four) namely input procurement transaction costs, farming processing transaction 
costs (farming), output sales transaction costs, and transaction costs for supporting 
institutions. The highest transaction cost for Cayenne pepper farming is found in the 
Total Input Procurement Transaction Cost, which is Rp. 452,000 while the lowest is 

in the farming process of Rp. 197,000. The monitoring cost incurred by farmers is 

Rp. 45,000. The revenue of Cayenne pepper farming is Rp. 70,000,000/ha with the 
price of Rp. 35,000/kg. The use of pesticides to prevent pest and disease attacks. In 
Cayenne Pepper farming, the pesticides used by Cayenne pepper farmers are 
herbicides and insecticides. Herbicides are used to eradicate weeds and insecticides 
are used to eradicate pests. Pests that attack Cayenne pepper plants are red mites. 

The total pesticide cost incurred by farmers is Rp. 300,000/ha. The suggestion that 
can be given in this study is that the government needs to map and ensure the 
balance of supply and demand so that the price of cayenne pepper remains stable. It 
is necessary to conduct socialization with farmers when planting chilies so they do 
not lose money. There is a need for subsidies, especially for fertilizers, which have a 
very important role in increasing chili productivity.  

 

  

   

*Address Correspondence:   
E-mail: dianwisika@mail.unnes.ac.id 

 

 



Finance, Accounting and Business Analysis 4 (2) 2022 

84 

 

INTRODUCTION 

 
Agriculture is one of the sectors that has an important role and contribution to the national economy. 

In addition to contributing to Gross Domestic Product (GDP), the agricultural sector also plays a role in 

national food availability. However, the price of agricultural commodities that are uncertain and often 

fluctuate can have a negative impact on inflation. One of the agricultural commodities that experience 
price fluctuations the most is cayenne pepper. This is due to cayenne pepper farming is very risky to 

various risks. Semarang Regency is one of the areas in Central Java that has great potential in cayenne 

pepper farming as can be seen in the following Figure:  

 

 
Source: Central Bureau of Statistics of Central Java, 2022 

Figure 1. Harvested Area (Ha) and Production (Kw) of Cayenne Pepper in Semarang Regency for the 

2018-2020 Periods 
 

Figure 1 explains that the area of harvested chili in Semarang Regency during the 2018-2020 periods 

tended to increase. However, the production of cayenne pepper actually decreased. The rise and fall of 
chili production will certainly affect prices in the market and will have an impact on the income of chili 

farmers. The income of chili farmers can also be influenced by the size of the transaction costs in chili 

farming. 

Transaction costs are part of institutional economics (Sultan, H., & Rachmina, 2016) which cannot be 
avoided in the economic activities of farmers, giving rise to economic impacts for farmers such as the 

transfer of surplus from farmers to other parties. Directly, farmers' income (benefits) can be reduced due to 

transaction costs (Saidah, 2018). Even though it is unavoidable, transaction costs can be reduced to an 
efficient level so that the profits obtained are maximized (Haryono et al., 2021). Transaction cost is a 

factor that affects farming income (Darwanto et al., 2014), this is due to conditions of uncertainty that give 

rise to a cost of uncertainty. Uncertainty conditions often occur in micro-businesses such as farming 

(Sucihatiningsih & Waridin, 2015). Transaction cost is a factor that affects income, this is since there is no 
concentration of economic activity at one point (agglomeration) resulting in market failure. Transaction 

costs appear in the input market and output market (Zulkarnain et al., 2021), this is in line with 

Kurniawan's research, (2021) which states that transaction costs are found in activities such as obtaining 
financing, obtaining production facilities (inputs) and marketing production results (output). Therefore, it 

requires fees when exchanging goods or services. The costs incurred are not production costs but non-

production costs used to obtain goods or services that meet the criteria as transaction costs (Budiman, 

2016). 
Transaction costs prevent farmers from obtaining maximum income. Therefore, the challenge for 

farmers is to reduce transaction costs when obtaining goods or services (Sultan, 2015). Transaction costs in 

farming activities cannot be avoided. Farming activities are formed in an agribusiness system such as input 

subsystems, farming subsystems, output subsystems, and supporting subsystems (Dhiarto, 2022). In each 
stage of the subsystem, there are transaction costs incurred by farmers to obtain a product or service. 

Transaction costs are costs that are not included in the price of an item or service (Saidah, 2018). The 

emergence of transaction costs occurs because there is imperfect information (Wicaksono and Sakti, 2016) 
and limited access to information (Rosanti et al., 2020). Therefore, economic actors are faced with 

incomplete information or information uncertainty (Fallo et al., 2020). Transaction costs are costs incurred 

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Harvested Area Production

2018 2019 2020



Finance, Accounting and Business Analysis 4 (2) 2022 

85 

 

other than production costs.  
The existence of transaction costs can increase the total costs incurred in a business. The high costs 

incurred by business actors can result in price differences at the consumer level and the producer level 

(Sultan, 2015). Difficulties in identifying transaction costs can reduce the income of business actors as they 

do not realize that they have incurred other costs other than production costs that are not considered 
previously (Setiani and Prasetyo, 2020) so that low transaction costs indirectly increase revenue. The 

increase in transaction costs reduces the level of income, therefore transaction costs ultimately lead to 

inefficiency in farming. Transaction costs cannot be eliminated but can be minimized. Minimizing 
transaction costs to achieve a broader goal, namely community welfare (Zulkarnain et al., 2021). 

Transaction costs are formed due to transactions in obtaining goods or services (Dhiarto et al., 2021), so 

that transaction costs need to be included in farming income. Income is obtained from revenues and 

production costs, where increasing farmers' income is the main key to improving farmers' welfare. Without 
realizing it, the welfare of farmers has not received maximum results. This is due to transaction costs that 

are not considered by farmers. Thus, basically, the costs obtained in the field as transaction costs are costs 

that arise in order for an exchange to occur. This study aims to analyze transaction costs and their effect on 
chili farming income in Semarang Regency. 

 

METHODS 

 

This study used a quantitative descriptive approach. The location of this study was in Semarang 

Regency. There were two kinds of data used in this study, namely primary data and secondary data. 
Primary data were obtained by questionnaires and interviews. Meanwhile, secondary data were obtained 

from literature studies such as journals, publication reports, and so on. The population in this study were 

all cayenne pepper farmers in Semarang Regency, which amounted to about 1,345 people. The sampling 

technique in this study was simple random sampling with a total sample of 70 people. 
This study used two methods of data analysis, namely 1) analysis of transaction costs of cayenne 

pepper farming, 2) analysis of cayenne pepper farming income. The analysis of the Transaction Costs of 

Cayenne Pepper Farming. The transaction costs experienced by farmers differ according to the conditions 
of farming management. These differences are caused by several things, namely social conditions, property 

rights, and market conditions (Saidah, 2018). To get concrete transaction costs for Cayenne pepper 

farming, it is necessary to look at transaction costs starting from input, farming, output, and support. 

Systematically, transaction costs (TrC) according to North and Thomas (1973), are as follows: 
TrCtotal = TrC1(input)+ TrC2(farming)+ TrC3(output) + TrC4(support) 

Explanation:  

TrCtotal = Transaction costs of Cayenne pepper farming (Rp.)  
TrC1(input) = Input procurement transaction costs (Rp.)  

TrC2(farming) = Farming process transaction costs (Rp.)  

TrC3(output) = Output sales transaction costs (Rp.)  

TrC4(support) = Supporting institution transaction costs (Rp.) 
Analysis of Cayenne Pepper Farming Income. To find out the income of Cayenne pepper farming, an 

income analysis is carried out according to the instructions (Soekartawi 2016). Systematically, income 

analysis (π) is as follows:  
π = TR – TC  

Thereafter, the existence of transaction cost, then systematically, the income analysis (π) is as follows:  

π = TR – TC  

π = P.Q – ((FC+VC) + TrC) 
Explanation: 

 π = Farming Income (Rp.)  

TrC = Transaction Cost (Rp.)  
TR = Total Revenue (Rp.)  

P = Price (Rp.) 

TC = Total Cost (Rp.)  

Q = Quantity (Rp.)  
The Criteria for R/C ratio  

R/C > 1 : Profitable Farming 

R/C < 1 : Detrimental Farming. 

 

RESULTS AND DISCUSSIONS 

 

The Analysis of Transaction Costs for Cayenne Pepper Farming 



Finance, Accounting and Business Analysis 4 (2) 2022 

86 

 

Cayenne Pepper farming transaction costs consist of 4 (four) namely input procurement transaction 
costs, farming processing transaction costs, output sales transaction costs, and transaction costs for 

supporting institutions. The total transaction costs of Cayenne pepper farming are presented in Table 1 as 

follows: 

 

Table 1. Transaction costs of cayenne pepper farming in Semarang Regency 

Transaction Costs of Cayenne Pepper Farming Unit  Total 

I Input Procurement Transaction Costs   
Transaction Costs for Procurement of Farm Seeds, Fertilizers, and Pesticides   

a. Information Cost Rp 35000 

b. Coordination Cost Rp 95000 
Total Transaction Costs Rp 130000 

Transaction Costs for Procurement of Farming Workers   

a. Negotiation Fee Rp 96000 

Total Transaction Costs Rp 96000 
Total Input Procurement Transaction Costs Rp 452000 

II Transaction Costs for Farming Process    

Farming Planning Transaction Costs   
a. Coordination Cost Rp 89000 

b. Information Cost Rp 43000 

Total Transaction Costs for Farming Implementation  Rp 132000 

a. Monitoring Cost Rp 45000 
b. Transportation Cost  Rp 20000 

Total Transaction Costs Rp 65000 

Total Transaction Costs for Farming Process Rp 197000 
III Output Sales Transaction Costs   

Cayenne Pepper Sales Transaction Costs   

a. Information Cost Rp 60000 

b. Transportation Cost Rp 35000 
c. Negotiation Fee Rp 86000 

d. Contract Enforcement Cost Rp 79000 

Total Transaction Costs Rp 260000 
Total Output Sales Transaction Costs Rp 260000 

IV Supporting Institution Transaction Costs   

Credit Transaction Costs (Farming Capital)   

a. Information Cost Rp 32000 
b. Implementation Cost Rp 78000 

c. Monitoring Cost Rp 64000 

d. Coordination Cost Rp 25000 
e. Contract Enforcement Cost Rp 36000 

Total Transaction Costs Rp 235000 

Total Transaction Costs for Supporting Institutions Rp 235000 

Total Transaction Costs of Cayenne Pepper Farming Rp 692000 

Source: Primary Data (processed), 2022 
  

Based on table 1, it can be explained that the transaction costs of cayenne pepper farming consist of 4 

(four) namely input procurement transaction costs, transaction costs for farming process, output sales 

transaction costs, and transaction costs for supporting institutions. The total transaction costs of Cayenne 
pepper farming are presented in Table 1. Table 1 shows that the highest transaction cost for Cayenne 

pepper farming is found in the Total Input Procurement Transaction Cost, which is Rp. 452,000 while the 

lowest is in the farming process of Rp. 197,000. According to Tran et al. (2014), the transaction cost 
incurred by farmers in farming is Rp. 1,545,466, when compared to the transaction cost incurred by 

farmers in the research location, is still small, which is Rp. 732,725,17. Output sales transaction costs are 

in the form of sales transaction costs consisting of information costs, transportation costs, negotiation 

costs, and contract enforcement costs. The cost of information aims to find a place of sale that provides a 
better price with low refraction, while the places of sale of Cayenne Pepper are stalls, agents, and factories. 

The cost of information issued is Rp. 60000 in the form of buying pulses to call the place where to sell 

Cayenne Pepper. Transportation cost aims to go to the point of sale for those that cannot be contacted 
using two-wheeled vehicles. The transportation cost incurred is Rp. 35000 in the form of vehicle fuel 

purchases. Negotiation cost aims to get prices and reactions that meet farmers' expectations. The 



Finance, Accounting and Business Analysis 4 (2) 2022 

87 

 

negotiation cost incurred is Rp. 86,000 in the form of purchases of cigarettes or food, which will later be 
given to parties negotiating with farmers. In addition, there is a contract enforcement cost incurred by 

farmers of Rp. 79,000 which aims to strengthen the agreement between farmers and sellers, this is done by 

farmers with several parties such as agents. The contract enforcement costs are in the form of purchasing 

stamps and photocopies of documents. Input procurement transaction costs consist of transaction costs for 
the procurement of seeds, fertilizers, and pesticides; and labor transaction costs. The transaction costs that 

make the biggest contribution to the input subsystem, the first is the procurement of seeds, fertilizers, and 

pesticides of Rp. 130,000 and the second is the procurement of labor for Rp. 96,000. For transaction costs 
for the procurement of seeds, fertilizers, and pesticides, farmers incur transaction costs such as information 

costs and coordination costs. The coordination cost is the biggest in obtaining production facilities, which 

is Rp. 89,000, while the transportation cost is the small one incurred by the farmer, which is Rp. 20,000. 

Coordination costs and information costs aimed at obtaining production facilities in the form of seeds, 
fertilizers, and pesticides at agricultural stalls or shops in the form of communication costs (phone/short 

messages), transportation costs (fuel), and consumption costs (eating/drinking/cigarettes).  

For transaction costs on labor procurement, farmers incur transaction costs such as negotiation fees. 
Negotiation fee of Rp. 96,000, which aims to maintain the labor that will be used by farmers who plant, is 

in the form of communication costs (telephone/short messages) and costs for leaving work. The 

transaction costs of farming processes consist of transaction costs of farming planning and transaction 

costs of the implementation of farming. The transaction costs that provide the largest contribution to the 
farming process are first farming planning, which amounted to Rp. 132,000, and the second is the 

implementation of farming of Rp. 197,000. Farming planning transaction costs are incurred by farmers in 

the form of coordination costs and information costs. Of the two costs, the coordination cost is the most 
incurred by farmers, namely Rp. 65,000, which is in the form of meeting costs for members' meetings to 

discuss the beginning of the planting season, harvesting, and obstacles in obtaining production facilities, 

while the information cost incurred by farmers is Rp. 35,000 in the form of purchasing pulses to contact 

members for meetings. The meeting is held by members 2 times, which is at the time of entering the 
planting and harvesting seasons. Farming implementation transaction costs incurred by farmers are in the 

form of monitoring costs and transportation costs. The monitoring cost incurred by farmers is Rp. 45,000 

in the form of village fees, which are carried out voluntarily to protect the village and the plants in the 
village. In addition, there is a transportation fee of Rp. 20,000 which is in the form of purchasing fuel 

which is used to see the Cayenne Pepper plants that will be harvested. 

 

The Analysis of Cayenne Pepper Farming Income  

 
Table 2. The Calculation of cayenne pepper farming income per hectare 

Description Unit  Physique Price (Rp) Value (Rp) 

Revenue     

Production kg 20000 35000 70000000 

Production Cost     
1. Cash Fee     

Seeds bunch 3000 1000 3000000 

Urea Fertilizer kg 180 2500 450000 
NPK Fertilizer kg 150 3500 525000 

SP 36 Fertilizer kg 90 3000 270000 

Manure kg 3 8000 24000 

Pesticide kg   300000 
Labour Outside Family HOK 20 70000 1400000 

Plow the Land Rp   550000 

Taxes Rp   80000 
Freight Cost Rp   1500000 

Total Cash Cost    8099000 

II. Cost Calculated     

Labour in the Family HOK 8 65000 520000 
Equipment Depreciation Rp   200000 

Land Lease Rp   5500000 

Total Cost Calculated Rp   6220000 
Total Production Cost Rp   14319000 

Profit     

Profit over Cash Costs Rp   61901000 

Profit over Total Costs Rp   55681000 



Finance, Accounting and Business Analysis 4 (2) 2022 

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Description Unit  Physique Price (Rp) Value (Rp) 

R/C Ratio     

R/C on cash cost Rp   8.64 

RC/ on the total cost Rp   4.88 

Source: Primary Data (processed), 2022. 

 

 Based on table 2, it can be explained that the revenue of Cayenne Pepper farming is Rp. 

70,000,000/ha with the price of Cayenne Pepper of Rp. 35,000/kg. The total production of Cayenne 
Pepper produced by farmers is 20 tons/ha). The total Cayenne pepper production is still not maximized 

when compared to the national productivity standard of 41 tons/ha (Ministry of Agriculture 2016), 23.87 

ton/ha. Demir (2016) Cayenne pepper productivity is low due to the inefficient production input factors 
used and the influence of the weather. According to Gameiro et al. (2016), increasing the production of 

Cayenne Pepper through extensification and intensification approaches. Cayenne Pepper farming cash 

costs consist of transportation costs (21.44%), tax costs (0.87%), plow costs (7.78%), labour costs outside 

the family (24.86%), pesticide costs (3.15%), fertilizer costs (32.36%), and seed costs (9.54%). The cost of 
fertilizer is the biggest in the Cayenne Pepper production process. This is because fertilizer can increase 

soil fertility. Cayenne Pepper farmers have started using organic/manure fertilizers so that they can reduce 

the use of chemical fertilizers that have a negative impact on the soil. According to (Schmidt, 2019), the 
provision of organic/manure fertilizers aims to increase commodity production and production quality. 

Labor activities for Cayenne pepper farming are in the form of land processing, planting, fertilizing, 

eradicating HPT, weeding, harvesting, and post-harvesting. Harvesting costs are the biggest costs. 

Harvesting must be done quickly since the Cayenne Pepper plant is bulky (Nandi et al., 2017). 
The use of pesticides to prevent pest and disease attacks. In Cayenne Pepper farming, the pesticides 

used by chili farmers are herbicides and insecticides. Herbicides are used to eradicate weeds and 

insecticides are used to eradicate pests. Pests that attack Cayenne pepper plants are red mites. Total 
pesticide cost incurred by farmers is Rp. 300,000/ha. The number of Cayenne pepper seeds used is 3000 

bunches for Rp. 1000/bundle. The selection of high-yielding varieties can increase the production of 

Cayenne Pepper (Ariningsih, 2018) with the seeds used are the cassesa variety and the Thai variety. The 

calculated costs consist of land leases, equipment depreciation, and labor in the family. The cost of land 
lease is a calculated cost of Rp. 5,500,000/ha. According to Schmidt, (2019), the cost of land lease is Rp. 

3,750,932/ha, the cost of renting the land is still relatively cheap, this is since the location of the land is 

quite far from road infrastructure. Most of the lands are obtained from parental grants (Zulkarnain et al., 
2021). A large planting area can increase production and income (Nandi et al., 2017). In addition to land 

rental costs, there is labor cost in the family of Rp. 520,000. Then, the depreciation cost of the equipment is 

Rp. 200,000. Cayenne Pepper Farmers use labor in families more. Cayenne Pepper farmers earn income 

per hectare on cash costs of Rp. 61,901,000 and for a total cost of Rp. 55,681,000. This condition shows 
that Cayenne Pepper farming is profitable in line with the research conducted by (Pramesti, Rahayu, and 

Agustono, 2017). Seen from the ratio of the revenue of Cayenne Pepper farmers to cash costs (R/C) of 

8.64. This ratio can be interpreted as every Rp. 1,000.00 cash costs incurred will receive an acceptance of 
Rp. 8,640.00. The calculation of the revenue ratio on cash costs shows that it is greater than one (R/C > 

1). This means that the farming carried out by Cayenne Pepper farmers is profitable and in line with 

previous research. 

 

CONCLUSION 

  
Based on the results and discussions, it can be explained that the transaction costs of cayenne pepper 

farming consist of 4 (four) namely input procurement transaction costs, farming processing transaction 

costs (farming), output sales transaction costs, and transaction costs for supporting institutions. The 

highest transaction cost for Cayenne pepper farming is found in the Total Input Procurement Transaction 
Cost, which is Rp. 452,000 while the lowest is in the farming process of Rp. 197,000. The cost of 

information incurred is Rp. 60000. Transaction costs on labor procurement, farmers incur transaction costs 

such as negotiation costs. The negotiation fee is Rp. 96,000. Farming implementation transaction costs are 
incurred by farmers in the form of monitoring costs and transportation costs. The monitoring cost incurred 

by farmers is Rp. 45,000. The revenue of Cayenne pepper farming is Rp. 70,000,000/ha with the price of 

Rp. 35,000/kg. The total production of Cayenne Pepper produced by farmers is 20 tons/ha). The use of 

pesticides to prevent pest and disease attacks. In Cayenne Pepper farming, the pesticides used by Cayenne 
pepper farmers are herbicides and insecticides. Herbicides are used to eradicate weeds and insecticides are 

used to eradicate pests. Pests that attack Cayenne pepper plants are red mites. The total pesticide cost 

incurred by farmers is Rp. 300,000/ha. The number of Cayenne Pepper seeds used is 3000 bunches for Rp. 
1000/bundle. Cayenne Pepper farmers earn income per hectare on cash costs of Rp. 61,901,000 and for a 



Finance, Accounting and Business Analysis 4 (2) 2022 

89 

 

total cost of Rp. 55,681,000. 
 A suggestion that can be given in this study is that cayenne pepper farming is one of the farming 

that has an important role in meeting basic needs. However, chili farming which has many risks makes the 

price of cayenne pepper very volatile. Therefore, the government needs to map and ensure the balance of 

demand and supply so that the price of cayenne pepper remains stable. There needs to be socialization 
among farmers when planting chilies so they do not lose money. There is a need for subsidies, especially 

for fertilizers, which have a very important role in increasing chili productivity.  

 

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