Journal Description: The Indonesia Economic Review publishes original research papers on the economy of Indonesia, and its relation to the world economy. The journal seeks to meet the growing need for comprehensive and scientific study of the development process and Performance of Indonesian economy. Manuscripts are invited and subjected to double blind review. Since April 2020, the Ministry of Education, Culture, Research, and Technology of the Republic of Indonesia has awarded The Indonesia Economic Review as one of the reference publications (accredited Sinta 5) based on the Decree of the Director General of Higher Education, Research, and Technology No. 177/E/KPT/2024 concerning the Accreditation Ranking of Scientific Journals Period II of 2024. This official recognition is valid until Volume 6 Number 2 of 2026. Publication Frequency: Indonesian Economic Review published twice a year on February and August
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The Urgency of BMT in Building Economic Independence in Islamic Boarding School Communities in Gresik
Baitul Maal wat Tamwil (BMT) is a sharia microfinance institution that has a strategic role in supporting the economic independence of Islamic boarding school communities. This study aims to conceptually analyze the urgency of BMT in building the economic independence of Islamic boarding school communities in Gresik Regency. The research method used is a descriptive qualitative approach with a literature study method. Data were obtained from textbooks, articles, scientific journals, research reports, and online media. The results of the discussion indicate that BMT plays an important role through its tamwil function in providing financing for productive businesses for Islamic boarding schools, students, and the surrounding community, as well as its maal function in managing zakat, infaq, and alms funds for the economic empowerment of the community. However, optimizing the role of BMT still faces various obstacles, especially in the aspects of unintegrated regulations, limited human resources, capital, and suboptimal sharia governance and supervision. Therefore, a strategy is needed to strengthen the role of BMTs through institutional improvements, human resource enhancements, integration with Islamic boarding school business units, optimization of social functions, increased Islamic financial literacy, and enhanced collaboration with the government and related institutions. With this strengthening, BMTs are expected to become a key pillar in realizing Islamic boarding school economic independence and contribute to strengthening the local Sharia-based economy in Gresik Regency.
Copyright (c) 2026 Indonesian Economic Review https://creativecommons.org/licenses/by-sa/4.0
Digital Fundraising Innovation in an Islamic Philanthropic Institution: The Case of LAZ Yatim Mandiri
The Islamic philanthropy sector in Indonesia is undergoing a significant transformation driven by rapid advancements in information technology. This study explores the innovation of digital fundraising at LAZ Yatim Mandiri within the context of digital transformation. Using a qualitative approach with a case study design, this research examines how the institution integrates technological innovation with conventional services to optimize the collection of Zakat, Infaq, Alms, and Waqf (ZISWAF). The results indicate that LAZ Yatim Mandiri implements a comprehensive hybrid strategy that combines a self-developed digital ecosystem, such as the Prima application and QRIS integration, with a physical presence of 46 service offices across 14 provinces. A key finding is the strategic application of the AISAS (Attention, Interest, Search, Action, Share) communication model, which effectively manages the donor journey from initial awareness to active participation. Digital platforms, including Instagram, TikTok, and the official website, are utilized not only for promotion but also as vital tools for transparency and community engagement through real-time reporting. This multidimensional approach demonstrates that digital fundraising is not merely a technical adjustment but a fundamental shift in organizational culture and governance. The study concludes that the success of digital innovation in zakat institutions depends on the ability to balance technological sophistication with local social relations and public accountability, thereby ensuring sustainable growth in a competitive philanthropic landscape.
Social Media Marketing Dynamics Towards User Generated Content : A Qualitative Approach to Content Reach, Paid Advertising, Endorsements , and Hashtags at Dairyland On The Valley
The development of social media has transformed tourism marketing strategies into participatory and experience-based communication. User Generated Content (UGC) plays a crucial role as it is perceived as more authentic and credible than official promotional content. This study aims to analyze the dynamics of social media marketing in encouraging UGC creation at Dairyland On The Valley, focusing on content reach, paid advertising, endorsements, and hashtag utilization. A qualitative case study approach was employed through in-depth interviews, observation, and social media content analysis. The findings reveal that content reach remains fluctuating and momentum-dependent. Paid advertising and endorsements increase visibility but have not effectively encouraged sustainable user participation. The official hashtags are not consistently used, limiting structured UGC aggregation. Supporting factors include the destination's visual appeal and interactive experience, while inhibiting factors include low user awareness and limited participatory strategies. The study concludes that social media marketing success depends not only on visibility but also on participatory integration strategies
The Influence of Digital Promotion on Digital Repurchase Intention with Digital Brand Awareness as a Mediating Variable in the Fashion Industry on Social Media
This study aims to analyze the effect of digital promotion on digital repurchase intention, with digital brand awareness as a mediating variable in the fashion industry on social media. The background of this study is based on the increasing digital promotional activities carried out by fashion brands through various social media platforms such as Instagram, TikTok, and Facebook, which utilize interactive visual content to build brand awareness and encourage consumer repurchase intentions. This study uses a quantitative approach with an explanatory research method. Data were obtained through the distribution of online questionnaires to 150 Generation Z respondents aged 18-35 years who actively use social media and have purchased fashion products online. Data analysis was carried out using Structural Equation Modeling (SEM) based on Partial Least Square (PLS) with the help of the SmartPLS program. The results of this study are expected to explain the extent of the influence of digital promotion on consumer repurchase intentions, as well as how digital brand awareness mediates this relationship. These findings are expected to provide theoretical contributions to the development of digital marketing literature, as well as practical benefits for fashion business actors in designing effective digital promotional strategies to build brand awareness and increase purchasing loyalty of Generation Z.
Analysis of the Altman Z-Score and Springate Methods for Predicting Financial Distress at PT Adhi Karya (Persero) TBK for the Period 2019-2024
This study aims to analyze the potential level of financial distress at PT Adhi Karya (Persero) Tbk during the period 2019–2024 using two prediction methods, namely Altman Z-Score and Springate. This research also aims to compare the differences in results between the two methods in predicting financial distress conditions. Financial distress is an early stage prior to bankruptcy that may cause significant losses if not properly anticipated. Therefore, an analysis that provides early warning signals regarding a company’s financial condition is required. The research method employed is a descriptive and comparative quantitative approach using secondary data in the form of annual financial statements of PT Adhi Karya (Persero) Tbk obtained from the company’s official website, www.adhi.co.id. The results indicate that based on the Altman Z-Score method, PT Adhi Karya (Persero) Tbk is classified in the grey area, which means the company is in a risky condition but has not yet been categorized as bankrupt. Meanwhile, based on the Springate method, the company is identified as experiencing financial distress. Based on descriptive statistical analysis, the differences in results produced by both methods indicate that no single approach is fully capable of representing the company’s financial condition comprehensively. Each method has its own characteristics and limitations. Therefore, the use of more than one analytical method is necessary to obtain a more comprehensive understanding of the company’s financial health
Consumer Evaluation of Digital Health Information Credibility in Online Consultation Decision-Making
The rapid​ development of digital technology has led people to increasingly rely on the internet as an initial source of health information before making medical decisions. However, the varying quality of digital health information requires consumers to evaluate its credibility before using it as a basis for decision-making, including decisions to use online health consultation services. This study aims to understand how consumers evaluate the credibility of digital health information and how this evaluation process influences their decisions to use telemedicine services. This research employed a qualitative approach with a phenomenological perspective. Data were collected through in- depth interviews with participants who had searched for health information online and had experience using online medical consultation services. Participants were selected purposively, and the number of participants was determined based on the principle of data saturation. The data were analyzed using thematic analysis to identify patterns of experience and meaning constructed by participants when assessing information credibility. The findings reveal that credibility evaluation is a complex and contextual process influenced by personal experiences and emotional conditions. Consumers assess credibility based on source authority, consistency of information across sources, and prior usage experiences. Emotions such as anxiety also shape how individuals interpret information. Information perceived as credible increases confidence and reduced perceived risk, thereby encouraging the decision to use online consultation services. conversely, information perceived as less credible leads to confusion and delays in decision-making. These findings highlights that the credibility of digital health information serves as a psychological foundation for building trust in telemedicine services.
Analysis of Purchase Intention Towards MS Glow Skincare Products
The rapid expansion of Indonesia's cosmetic industry has intensified market competition, where MS Glow has emerged as a dominant player despite facing challenges related to negative digital sentiment regarding product quality. This phenomenon is particularly relevant in the context of Cilacap City, characterized by consumers who are price-sensitive yet highly responsive to digital trends. Consequently, this study aims to comprehensively analyze the influence of price perception, social media exposure, and celebrity endorser appeal on consumer purchase intention for MS Glow skincare products in this specific region. Employing a quantitative explanatory approach, primary data were gathered through questionnaires distributed to 97 respondents, selected via purposive sampling criteria based on product awareness and domicile in Cilacap. The data were analyzed using multiple linear regression assisted by SPSS version 25 to test the hypotheses. Empirical findings reveal that price exerts a negative and significant effect on purchase intention, indicating that price increases substantially diminish buying interest. Conversely, social media and celebrity endorsers demonstrate positive and significant effects, with social media emerging as the dominant factor. Collectively, these independent variables contribute an Adjusted R Square of 73.2% to purchase intention. The study's managerial implications suggest that MS Glow should formulate more affordable pricing strategies tailored to regional markets, while simultaneously optimizing creative social media content and selecting relevant public figures to reinforce brand image and drive consumer purchasing decisions.
The Influence of Brand Image, Price, and Distribution on the Decision to Purchase Toyota Spare Parts at PT Tasti Anugrah Mandiri
The objectives of this study were: to determine whether brand image influences the purchasing decision for Toyota spare parts at PT Tasti Anugrah Mandiri, to determine whether price influences the purchasing decision for Toyota spare parts at PT Tasti Anugrah Mandiri, and to determine whether distribution influences the purchasing decision for Toyota spare parts at PT Tasti Anugrah Mandiri, both partially and simultaneously. The population in this study were consumers who purchased Toyota spare parts (Toyota Genuine Parts) through PT TASTI Anugrah Mandiri. The research sample was obtained from consumers who had previously made transactions and completed a research questionnaire, with a total of 97 respondents. Data collection used a questionnaire with a Likert scale. The collected data were analyzed using SPSS. The results showed that partially, the Brand Image variable significantly influenced the Purchasing Decision, the Price variable significantly influenced the Purchasing Decision, and the Distribution variable significantly influenced the Purchasing Decision.
The Role of Business Risk in the Capital Structure of Islamic Commercial Banks with Company Size as a Moderating Variable
This study aims to analyze the effect of business risk on capital structure with firm size as a moderating variable in Islamic Commercial Banks in Indonesia. Business risk is proxied by Non-Performing Financing (NPF), while capital structure is measured using the Capital Adequacy Ratio (CAR). The research population includes all Islamic Commercial Banks operating in Indonesia during the 2021–2024 period. Using a purposive sampling technique, eight Islamic Commercial Banks were selected as the research sample. Panel data regression analysis (pooled data) was employed as the analytical method using EViews 10 software. The results indicate that business risk, as measured by NPF, has no significant effect on capital structure (CAR). Furthermore, firm size does not moderate the relationship between business risk and capital structure. These findings suggest that the level of problematic financing does not play a decisive role in determining capital structure decisions in Islamic Commercial Banks during the observed period. This study contributes to the existing literature by extending empirical evidence on the direct relationship between business risk and capital structure in Islamic banking, an area that has not been extensively examined in previous studies. Practically, the results are expected to provide insights for bank management and regulators in formulating more effective risk management and capital adequacy policies.
Business Risk, Capital Structure, Firm Size, Islamic Commercial Banks, Capital Adequacy Ratio
The Influence of Taxpayer Awareness and Tax Incentives on Compliance in Paying Land and Building Tax (PBB) in Bekasi City in 2022-2024
Land and Building Tax is a potential source of regional revenue. This study aims to analyze the influence of taxpayer awareness and tax incentives on taxpayer compliance. The research method used a quantitative approach with a Likert-scale survey of 384 respondents. Data analysis was conducted using Pearson correlation tests, multiple linear regression, t-tests, F-tests, and the coefficient of determination (R²) using SPSS version 20. The results showed that taxpayer awareness and tax incentives simultaneously had a significant effect on taxpayer compliance (F = 314.023; p < 0.05). Partially, taxpayer awareness and tax incentives had a positive and significant effect on taxpayer compliance. The correlation test showed a positive and significant relationship between each independent variable and taxpayer compliance. The R² value of 0.622 indicates that 62.2% of taxpayer compliance can be explained by taxpayer awareness and tax incentives. In conclusion, taxpayer awareness and tax incentives play a significant role in increasing taxpayer compliance.
Analysis of the Implementation of PSAK 72 on the Current Ratio, Debt to Asset Ratio , and Net Profit Margin in Manufacturing Companies in the Basic Materials Sector Listed on the IDX for the 2015-2024 Period
This study aims to analyze the impact of the transition from PSAK 34 (Construction Contracts) and PSAK 23 (Revenue) to PSAK 72 (Revenue from Contracts with Customers) on the financial performance of basic materials sector manufacturing companies listed on the Indonesia Stock Exchange during 2015–2024. The research uses a comparative approach by examining company performance before and after the mandatory implementation of PSAK 72 in 2020. PSAK 72 replaces previous standards by introducing a unified revenue recognition model based on five stages that adopt IFRS 15 principles. The sample consists of 90 financial statements selected through purposive sampling. Since the data were not normally distributed, the study applied the Wilcoxon Signed Rank Test using SPSS version 31 to examine differences in financial performance. The analysis focuses on liquidity measured by the Current Ratio (CR), solvency measured by the Debt to Asset Ratio (DAR), and profitability measured by the Net Profit Margin (NPM). The results indicate that CR shows a significant difference after the implementation of PSAK 72 with an Asymp. Sig. (2-tailed) value of 0.002, while DAR shows no significant difference with a value of 0.315, and NPM also shows no significant difference with a value of 0.969. These findings suggest that PSAK 72 mainly affects liquidity due to account reclassification, including contract assets. Therefore, investors are encouraged to carefully evaluate current asset components, while company management is advised to improve contract disclosure transparency to reduce information asymmetry and maintain stakeholder confidence during the accounting standard transition.
Analysis of the Calculation of Profit Volume Costs, Break Even Points, Margin of Safety, and Contribution Margin on Profit Planning
The rapid growth of the coffee shop industry in Indonesia has transformed coffee shops into a "third place" for people's lifestyles. However, external pressures during the pandemic caused Coffee Shop X to fail in achieving its 2025 profit target due to operational restrictions. This study aims to evaluate the effectiveness of Cost-Volume-Profit (CVP) analysis as a strategic instrument in profit planning for 2026 to recover financial performance post-contraction. The research method employed is quantitative, utilizing the Least Square method to separate semi-variable costs. The results indicate that the company has a weighted-average contribution margin of IDR 11,256, with a Break-Even Point (BEP) of 19,413 units. To offset the losses incurred in 2025, the company has set a sales target of 29,094 units for 2026. Risk analysis reveals a Margin of Safety of 49.86% and a Degree of Operating Leverage of 4.5, indicating high profit sensitivity to changes in sales volume. In conclusion, CVP analysis provides an accurate foundation for MSME management in formulating profit planning strategies and mitigating operational risks more scientifically in the future.
Perception of Ease, Trust, and Payment Risk on Interest in Using the Gopay E-Wallet Among Economics Education Students at Sebelas Maret University, Surakarta
This research aims to analyze the influence of perceived ease of use, trust, and payment risk on the intention to use the GoPay e-wallet among Economics Education students at Universitas Sebelas Maret Surakarta. The background of this research is based on the increasing use of e-wallets among students and the importance of psychological and security factors in the adoption of digital financial technologies. This study employed a quantitative approach with a survey method using questionnaires distributed to 193 respondents selected through purposive sampling. Data analysis was conducted using multiple linear regression with the help of SPSS 26 software. The results showed that partially, perceived ease of use and trust have a positive and significant effect on the intention to use GoPay. On the other hand, perceived risk has a negative but significant effect. Simultaneously, all three independent variables have a significant influence on the intention to use GoPay. These findings support the Technology Acceptance Model (TAM) and Fintech (Finansial Technology), which suggests that ease of use are key determinants of technology acceptance, while perceived risk can serve as a psychological barrier reducing user intention. The study provides important implications for e-wallet service providers to enhance ease of use and security features in order to build trust and reduce users’ perceived risks, especially among university students.
Organizational Sustainability in the Era of Internal Auditing and Digital Accounting Information Systems
This research aims to examine the role of internal audit and digital-based accounting information systems in supporting organizational sustainability. The research approach uses a qualitative method with a literature study design. The research population includes international scientific articles that discuss internal auditing, digital accounting information systems, and sustainability, with a sample of Scopus Q1, Q2, Q3, and Q4 indexed articles and journals as well as reputable international journals. The data collection technique was carried out through a search of the Scopus and Google Scholar databases with publication inclusion criteria for the 2020–2025 period. The data analysis method uses thematic analysis and narrative synthesis to identify the relationship patterns, strategic roles, and contribution mechanisms of internal audit and digital accounting information systems to sustainability. The results of the study show that internal audits play a role in strengthening governance, risk management, and sustainable internal control, while digital accounting information systems improve the transparency, accuracy, and timeliness of financial information. The integration of the two strengthens data-driven decision-making and supports the achievement of economic, social, and environmental sustainability. The implications of this research provide a conceptual contribution to the development of a sustainability framework based on internal audit and accounting digitization and become a practical reference for organizations in designing sustainability-oriented control and reporting systems.
Copyright (c) 2025 Indonesian Economic Review https://creativecommons.org/licenses/by-sa/4.0
Analysis of Sharia Hotel Tourism Performance Factors in the Seribu Islands, DKI Jakarta in 2024
Sharia tourism has become one of Indonesia’s leading sectors contributing significantly to national foreign exchange earnings. In line with this development, the hospitality industry plays a strategic role in realizing competitive and sustainable sharia-based tourism. This study aims to analyze the determinants that influence the performance of sharia hotel tourism in Indonesia. A quantitative research approach was employed, utilizing Partial Least Squares (PLS) as the main analytical tool to test the proposed model and hypotheses. The findings indicate that the performance of sharia hotel tourism can be assessed through several key indicators, including employment absorption, improvement of community economic welfare, as well as environmental and socio-cultural sustainability. Furthermore, empirical evidence reveals that the performance of sharia hotel tourism is significantly affected by various factors such as environmental conditions, quality of services, governance systems, accessibility, infrastructure, facilities, and regulatory frameworks. Among these, regulatory factors demonstrate strong linkages with aspects of location, capital, and promotional efforts, which collectively determine the competitiveness and attractiveness of sharia-compliant hotels. The study emphasizes the importance of comprehensive governance and policy support in strengthening sharia tourism performance. Hence, effective collaboration among stakeholders, including government, hotel managers, and local communities, is crucial to enhance Indonesia’s position as a global center for sharia tourism.
The Influence of ShopeePay and Cashback Promotions on Consumptive Behavior Students of the State Islamic University Sulthan Thaha Saifuddin Jambi
This study investigates the influence of ShopeePay usage and cashback promotions on the consumptive behavior of university students. The research is motivated by the increasing popularity of digital payment systems and promotional strategies that encourage impulsive buying among young consumers. Using a quantitative research design, the study employs multiple regression analysis both partially and simultaneously to examine the relationship between ShopeePay, cashback promotions, and consumer behavior. The findings reveal that ShopeePay has a significant impact on students’ consumptive behavior; the easier and more convenient the transaction process, the higher the tendency of students to make purchases, including impulsive ones. Similarly, cashback promotions significantly affect students’ spending behavior, as attractive and transparent cashback offers motivate them to shop more frequently, even for non-essential products. When tested simultaneously, both ShopeePay usage and cashback promotions show a significant combined effect on consumptive behavior. These results indicate that the convenience of digital payment methods and the appeal of promotional incentives play a crucial role in shaping consumer tendencies that are emotional, impulsive, and lifestyle-driven. The implications of this study highlight the need for increased financial literacy and awareness among students to foster more rational and responsible consumption patterns in the digital era.
The Role of the Manufacturing Industry in the Economy of West Java Province : An Input-Output Analysis Approach
The West Java government is directing the development of an industrial-based economy. This study analyzes the relationship between the manufacturing industry sector and other economic sectors, identifying the multiplier effect and leading sectors in the manufacturing industry to be developed in West Java. This study is a quantitative descriptive study using the input-output analysis method in 2016. The results of the study indicate that the manufacturing industry sector can encourage the construction sector as its downstream sector and attract the wholesale and agricultural sectors as its upstream sectors. When viewed from the multiplier effect side, the manufacturing industry sector has not been able to become a sector with the highest income multiplier value and workforce multiplier in West Java. The manufacturing industry sub-sectors that are key sectors in the economy of West Java Province are the Textile and Apparel Industry; Metal Goods, Computers, Electronic Goods, Optics and Electrical Equipment Industry; Transportation Equipment Industry; Chemical, Pharmaceutical and Traditional Medicine Industry Sub-sector; Machinery and Equipment Industry (YTDL).
The Influence of Price Perception, Store Atmosphere, and Location on Purchasing Decisions at Alfar Banyudono Grocery Store
Technological and industrial developments have significantly impacted people's lives, particularly in the business world. The digitalization of services and the introduction of innovative solutions have facilitated faster and more efficient business growth, particularly in grocery stores. This study aims to explore the influence of price perception, store atmosphere, and location on purchasing decisions at Alfar Grocery Store. The study involved a total of 100 respondents, who are consumers of Alfar Grocery Store, with data collected using a non-probability sampling technique. The research method used is multiple linear regression analysis with quantitative research. The results show that price perception, store atmosphere, and location significantly influence purchasing decisions at Alfar Grocery Store. These three variables play a major role in shaping consumer decisions when shopping at the store. Based on these findings, the study provides recommendations for improving the shopping experience, such as enhancing the store's atmosphere to make it more comfortable for customers, providing updated price catalogs periodically to help buyers plan their purchases, and expanding parking facilities to ensure customer satisfaction with the store's location. Overall, this study emphasizes the importance of these factors in influencing consumer behavior and suggests that grocery stores, particularly Alfar Grocery Store, can improve sales and customer loyalty by addressing these key elements effectively.
The Influence of Distribution, Utilization of Zakat, Infaq, and Sadaqah (ZIS), and Religiosity on the Behavior of Mustahiq and Transparency as an Intervening Variable in Zakat Management Institutions in Tulungagung Regency
This research was motivated by the many problems regarding transparency, service and religiosity that occurred in the National Zakat Agency Tulungagung Regency, such as the management of the Tulungagung National Zakat Agency experienced a vacuum in management and in conducting its audits it was not consistent every quarter but only at the end of each year. This study uses a quantitative approach. The type of research used in this study is associative research. The data collection technique used in this study uses a questionnaire. The population in this study were all Mustahiq at the Tulungagung Zakat Collection Institution, totaling 2166 Mustahiq. Based on the determination of the number of Isaac and Michael samples from a population of 2166, the research sample was 241 respondents, but due to reasons of the suitability of filling out the complete questionnaire, 185 respondents filled out the questionnaire, so that in this study the sample taken was 185 respondents. So the sample in this study was 185 Mustahiq. The results of the study indicate that there is a significant influence of the distribution of Zakat, Infaq and Alms Funds on the behavior of Mustahiq at the Zakat Amil Institution in Tulungagung Regency; There is a significant influence of the utilization of Zakat, Infaq and Alms Funds on the behavior of Mustahiq at the Amil Zakat Institution in Tulungagung Regency; There is a significant influence of religiosity on the behavior of Mustahiq at the Amil Zakat Institution in Tulungagung Regency; There is a significant influence of transparency on the behavior of Mustahiq at the Amil Zakat Institution in Tulungagung Regency; There is no significant influence of the distribution of Zakat, Infaq and Alms Funds on the behavior of Mustahiq through transparency at the Amil Zakat Institution in Tulungagung Regency; There is an influence of the utilization of Zakat, Infaq and Alms Funds on the behavior of Mustahiq through transparency at the Amil Zakat Institution in Tulungagung Regency; There is an influence of religiosity on the behavior of Mustahiq through transparency at the Amil Zakat Institution in Tulungagung Regency.
Sharia Stock Returns of Infrastructure Companies Listed on the Indonesia Sharia Stock Index
The development of the Islamic capital market in Indonesia shows a positive trend, supported by an increase in market capitalization and investor confidence in Islamic stock indices such as ISSI. On the other hand, the infrastructure sector has also experienced significant growth as reflected in the increase in the JKINFRA index stock price in recent years. Stock returns as a return on investment are the main concern of investors in assessing a company's performance. This study aims to test the effect of return on equity, current ratio, and debt to equity ratio on stock returns, and to determine whether company size can moderate the relationship between these variables on stock returns. The research method used is quantitative with a multiple linear regression approach and Moderated Regression Analysis (MRA) analysis. The data used are secondary data from the company's financial statements for the period 2020–2023. The results of this study indicate that return on equity and current ratio partially do not have a significant effect on stock returns. Meanwhile, debt to equity ratio has a negative and significant effect on stock returns. Simultaneously, there is an influence between return on equity, current ratio, and debt to equity ratio on stock returns. Company size can strengthen the relationship between return on equity, current ratio, and debt to equity ratio on stock returns.
Legal Implications of Civil and Criminal Law on Investment Fraud Under the Guise of Online Business
The development of digital technology has opened new opportunities in online platform-based investments, but it has also increased the risk of fraud disguised as legal businesses. The prevalence of online investment fraud in Indonesia shows that national laws have not fully been able to respond to the complexity of increasingly sophisticated and cross-border digital crimes. This study aims to examine the legal implications, both civil and criminal, of online investment fraud practices and to propose an integrative and adaptive legal approach. The method used is Systematic Literature Review (SLR), by reviewing scientific articles, regulations, and relevant court decisions from 2014 to 2024, based on the PRISMA stages. Research findings indicate that perpetrators employ various modalities such as Ponzi schemes, illegal MLM, and cryptocurrency manipulation, targeting communities with low legal literacy. From the civil perspective, challenges arise regarding the validity of digital contracts and the execution of compensation, while from the criminal perspective, proving elements of fraud and tracking down offenders poses significant challenges. Additionally, the dualism of legal approaches weakens and makes victim protection ineffective. This study concludes that civil and criminal law must synergize through regulatory reform, strengthening institutions, and enhancing public legal literacy to ensure justice and security in digital investment. Legal reforms based on inter-institutional collaboration and responsive to digital dynamics are key to breaking the cycle of fraud that undermines public trust in the national legal and economic system.
Copyright (c) 2024 Indonesian Economic Review https://creativecommons.org/licenses/by-sa/4.0
Leadership in Startup Ecosystems and Unicorns: How Successful Startup Leaders Develop a Culture of Innovation and Exponential Growth
This research investigates the role of leadership in building a culture of innovation and driving rapid growth in startups and unicorn companies. The main objective of this research is to identify the principles of effective leadership as well as the challenges faced in creating a culture of innovation. The methodology used was a case study with a qualitative approach, which included literature analysis and in-depth interviews with leaders from various sectors. The research findings show that successful leaders in startups tend to create an environment that supports experimentation, integrate technology in the work process, and apply collaborative and inclusive leadership principles. In addition, a deep understanding of market dynamics is also an important factor in formulating innovative strategies. Key challenges faced include resistance to change, managing diverse teams, and pressure to adapt to rapid market changes. The article concludes that effective leadership, supported by good communication, adaptability, and collaboration, is a key element in achieving exponential growth and corporate sustainability. Therefore, it is important for organizations to provide training and development for leaders to enhance their skills, thereby creating a more innovative and productive work culture.
Immigration Policy Challenges and Opportunities in Facing Illegal Migration
Illegal migration is a global phenomenon that continues to be of concern to various countries because of its impact on social stability, the economy and national security. Immigration policy has an important role in managing illegal migration flows through various strategies, including border control, international cooperation, and the use of technology. However, policies that are too restrictive can cause negative impacts, such as increased human trafficking and exploitation of migrant workers. On the other hand, illegal migration also provides economic opportunities, such as meeting labor needs and increasing remittances for the country of origin. This research uses a qualitative approach with descriptive-analytical methods. Data was collected through a literature study which included analysis of immigration policy documents, reports from related institutions, as well as previous research on illegal migration. In addition, semi-structured interviews were conducted with various stakeholders, such as immigration officials, academics and international organizations working in the field of migration. The data analysis technique used is content analysis, which allows identifying patterns, trends and policy implications for the effectiveness of managing illegal migration. The research results show that effective immigration policies must balance law enforcement, protection of human rights, and the use of digital technology to improve immigration monitoring and services. With a comprehensive and adaptive approach, immigration policy can become a more effective instrument in facing the challenge of illegal migration in a sustainable manner.
Dynamics of Immigration Policy in Facing Global Mobility
Increasing global mobility due to globalization requires every country to have an adaptive and responsive immigration policy. Immigration policy plays a role in balancing national interests, security and openness to global dynamics. This study aims to analyze the dynamics of immigration policies in various countries in dealing with international migration flows and identify the challenges and implications of these policies on social, economic and political aspects. This research uses a qualitative approach with descriptive-analytical methods. Data was collected through a literature study which included analysis of immigration policy documents, international regulations, official government reports and related academic journals. Data analysis techniques are carried out by reducing data, presenting data, and drawing conclusions inductively to identify policy patterns implemented in various countries. In addition, this research applies source triangulation techniques to increase data validity by comparing various references from academic studies, government policies, and reports from international organizations such as IOM and UNHCR. The research results show that immigration policy continues to develop following global geopolitical, economic and social changes. Countries face a dilemma in balancing security aspects with openness to migrant workers and refugees. Some countries apply a selective, skills-based approach, while others focus more on protection and humanitarian aspects. This study emphasizes the importance of immigration policies that are flexible, evidence-based, and prioritize a balance between strict regulations and ease of mobility to support national stability and international cooperation.
Leadership in Smart Cities & Urban Innovation: The Role of Leadership in Creating a Smart City Based on Technology and Sustainability
Leadership role in realizing a sustainable and technology-based smart city. The smart city concept emphasizes the integration of information and communication technology (ICT) to improve efficiency, quality of life and sustainability in the urban environment. This study uses a literature study method by analyzing various academic and policy sources related to the implementation of smart cities in Indonesia. The research results show that transformational leadership has a crucial role in driving the success of smart cities, especially in the aspects of sustainability and human resource development. However, smart city implementation faces various challenges, such as resistance to change, limited resources, as well as data privacy and cybersecurity issues. To overcome these obstacles, effective collaboration between government, the private sector and society is very necessary. In addition, innovative and participative leadership strategies have been proven to increase the effectiveness of smart city implementation. With the right approach, smart cities can have a positive impact on the regional economy and improve the quality of public services.
Exploring The Link Between Counterproductive Work Behavior and Job Performance : Narrative Review
Counterproductive Work Behavior (CWB) has been widely recognized as a major challenge affecting job performance in organizations. This study provides a narrative review of existing literature to analyze the impact of CWB on different dimensions of job performance, including task performance, contextual performance, and adaptive performance. By synthesizing findings from various studies, this review identifies key factors influencing the relationship between CWB and job performance, such as organizational culture, leadership styles, and workplace justice. Additionally, the study highlights gaps in the literature and suggests future research directions to better understand and mitigate the negative effects of CWB.
Analysis Of The Effect Of Economic Growth and Capital Expenditures On Regional Financial Independence In Provinces On The Island Of Java
Regional autonomy gives regional governments the authority to manage finances independently, including in terms of fiscal decentralization. Over the last decade, Regional Original Income (PAD) in Indonesia has increased by 100%. However, to measure whether this increase is sufficient for regional needs, the Regional Financial Independence Ratio (RKKD) is calculated. This research aims to analyze the influence of economic growth and capital expenditure on regional financial independence in the provinces of Java Island during the 2013–2023 period. The method used is multiple linear regression analysis with panel data from six provinces on the island of Java. The research results show that partially, economic growth has a positive and significant effect on regional financial independence. However, capital expenditure does not have a significant effect. Simultaneously, economic growth and capital expenditure have a significant effect on regional financial independence. These findings indicate that increasing economic growth can strengthen regional fiscal independence, especially through optimizing taxes and levies. However, the effectiveness of capital expenditure still needs to be improved to better support regional independence. The government is expected to focus more on increasing regional revenues through more effective tax collection strategies and more productive allocation of capital expenditure. In addition, fiscal policy should consider differences in economic potential between regions so that the distribution of transfer funds is more targeted.
The Influence Of Brand Trust, Product Quality, and Consumer Satisfaction On Product Purchasing Decisions Sunscreen Wardah Based On an Islamic Business Perspective
The purchasing decision is the process carried out by individuals, groups, or organizations in selecting and purchasing products or services that they believe will fulfill their needs and desires. This process involves considering various factors, including price, brand trust, product quality, and satisfaction gained from the product or service. The higher the level of consumer trust in the brand, the quality of the product offered, and the level of consumer satisfaction, the greater the impact on the purchasing decision. This study aims to determine the influence of brand trust, product quality, and consumer satisfaction on Wardah sunscreen products from the perspective of Islamic business. The research methodology used is a descriptive quantitative method. The population in this study consists of Wardah sunscreen users from the 2021 batch of UIN Raden Intan Lampung, with a sample size of 98 respondents. The data analysis method used includes validity testing, reliability testing, hypothesis testing, and the coefficient of determination (R²). The results of the study show that: brand trust has a positive and significant effect on the purchasing decision of Wardah sunscreen products with a t-statistic value of 2,524 > 1,98 and a p-value of 0,012 < 0,05. Conversely, product quality does not have a positive and significant effect on the purchasing decision of Wardah sunscreen products, with a t-statistic value of 0,21 < 1,98 and a p-value of 0.817 > 0,05 and consumer satisfaction has a positive and significant effect on the purchasing decision of Wardah sunscreen products, with a t-statistic value of 8,705 > 1,98 and a p-value of 0.000 < 0,05.
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Business Management Strategies to Enhance MSME Competitiveness
This study aims to analyze the business management strategies employed by Micro, Small, and Medium Enterprises (MSMEs) in Pungpungan Village, Bojonegoro, with the goal of enhancing their competitiveness in the market. Utilizing a qualitative research approach, the study investigates the key factors influencing the success of local MSMEs and the challenges they face in a competitive market environment. Data was gathered through in-depth interviews with MSME owners, direct field observations, and document analysis, which focused on local government policies for MSME development. The results show that effective business management strategies adopted by successful MSMEs include product innovation, the use of digital marketing platforms, and the enhancement of human resource capacity through training and mentorship programs. Additionally, support from local governments and business communities has been identified as a vital factor in improving MSMEs’ access to capital and wider markets. Despite these positive strategies, the study also highlights significant challenges such as technological constraints, low levels of financial literacy, and difficulties in establishing a broad distribution network. These obstacles hinder the optimal growth and competitiveness of MSMEs. The research concludes that collaboration among government, academic institutions, and business actors is essential in creating a supportive ecosystem that ensures the sustainable growth of MSMEs. The findings of this study offer valuable insights for policymakers and can serve as a reference for formulating strategic policies aimed at enhancing the development of MSMEs, especially in rural areas.
Internet Banking Service Quality on Customer Satisfaction Levels PT Bank Mandiri (Persero) Tbk Medan Petisah Branch Office
The research entitled “The Effect of Internet Banking Service Quality on Customer Satisfaction of PT. Bank Mandiri (Persero) Tbk KCP Medan Petisah". This study aims to determine whether the quality of Internet Banking services affects the level of customer satisfaction at PT Bank Mandiri (Persero) Tbk KCP Medan Petisah. The data collection technique in this study was through a questionnaire. Data processing methods: Descriptive Analysis, Simple Linear Regression, Correlation Coefficient, and Coefficient of Determination. Based on the results of the regression equation y=0.52 – 0.88x, the Correlation Coefficient value of 0.68 means that the relationship between Internet Banking service quality and customer satisfaction is in the strong category, and the results of the calculation of the Coefficient of Determination; that 46.24% of customer satisfaction is influenced by the Analysis of Internet Banking Services and 53.76% is more influenced by other factors not examined by the author