Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS)

Ekonomi Islam: Jumlah Tenaga Kerja, Disparitas PAD Dan Jumlah Industri Besar Terhadap Aglomerasi Industri

2026-05-07T14:58:29+07:00

This research is motivated by the imbalance in industrial concentration in the Southern Sumatra (Sumbagsel) region which has the potential to hinder the realization of equitable economic development. The main problem studied is the influence of the number of workers, disparity in Regional Original Income (PAD), and the number of large industries on industrial agglomeration from an Islamic economic perspective. This study aims to analyze the relationship between these variables and formulate the implications of equitable and sustainable industrial development policies. The study uses an associative quantitative approach with panel data regression analysis techniques in five provinces in the Sumbagsel region during the period 2015–2024. Model selection was carried out through the Chow, Hausman, and Lagrange Multiplier tests, with the results showing that the Random Effect Model (REM) is the most appropriate model. The results show that simultaneously all independent variables have a significant effect on industrial agglomeration, with an F-statistic value of 21.54681 and a probability of 0.0000 (<0.05). However, partially, it was found that the number of workers had a negative and significant effect on industrial agglomeration (coefficient -0.011283; p < 0.05), indicating a mismatch in skills and a mismatch in the quality of the workforce with industrial needs. Meanwhile, the disparity in local revenue (coefficient 0.010390; p > 0.05) and the number of large industries (coefficient 0.000618; p > 0.05) did not show a significant effect. This finding confirms that the quality of the workforce is a more crucial determinant than quantity in encouraging the formation of efficient, inclusive, and sustainable industrial agglomeration.

Efektivitas Implementasi Aplikasi Sakti Dalam mendukung Digitalisasi Penyusunan Laporan Keuangan

2026-05-07T14:58:59+07:00

Digital transformation in public financial governance is an essential part of bureaucratic reform aimed at enhancing transparency and accountability. This study aims to analyze the effectiveness of the implementation of the SAKTI application in supporting the digitalization of financial statement preparation at the Regional Office of the National Land Agency (BPN) of Bengkulu Province. The research employs a qualitative approach with a descriptive design. Data were collected through in-depth interviews with eleven informants, including operators, validators, and approvers, and were strengthened by documentation and triangulation techniques to ensure data validity. The results indicate that the implementation of SAKTI is effective in improving the efficiency of reporting processes and the accuracy of financial records through automatic validation that minimizes input errors. Systemically, the application integrates all stages of financial management, from planning to accountability, within a single system equipped with a strong audit trail. Employees perceive this digitalization as a shift toward greater personal responsibility and increased compliance with procedures. Although technical issues such as network disruptions and centralized system maintenance were encountered, these were temporary and did not significantly hinder the reporting process. Overall, SAKTI has successfully strengthened the principles of good governance in technical government institutions.

Pengaruh Variabel Sosio-Ekonomi, Infrastruktur, Teknologi dan Kelembagaan Terhadap Pertumbuhan Ekonomi di Kawasan Ekonomi Khusus (KEK)

2026-05-07T14:59:08+07:00

Special Economic Zones (SEZs) were established to accelerate regional economic growth, which in the long term will not only impact the economy but also the welfare of the community. However, the welfare of people in provinces without SEZs is actually higher when compared to provinces with SEZs. In the establishment of SEZs, there is an exclusivity of growth that is only concentrated in SEZs alone, thus unable to increase the local society's GRDP per capita. This study aims to analyze the influence of social, economic, infrastructure, technological, and institutional variables on GRDP per capita. This research method uses a quantitative approach in 15 provinces with SEZs in Indonesia during the period 2016-2023. This research data is secondary data obtained from the Central Statistics Agency (BPS), Bank Indonesia (BI), and the Investment Coordinating Board (BKPM). The theories employed are Endogenous Growth Theory, New Institutional Economics, and Modernization Theory. The data were analyzed using the SEM-PLS (Structural Equation Modeling-Partial Least Squares) method with WarpPLS 8.0. The result of the study indicate that Domestic Investment and ICT Development Index have a positive effect on the Democracy Index. Conversely, Foreign Investment (FDI) and Road Length have a negative effect on the Democracy Index, while Average Years of Schooling and Workforces have no effect on the Democracy Index. On the other hand, Average Years of Schooling and Domestic Investment have a positive effect on GRDP per Capita. However, Workforces and FDI have a negative effect on GRDP per Capita, while the Democracy Index shows no effect on GRDP per Capita.

Perbandingan Performa dan Volatilitas JII dan IHSG Periode 2020-2025 di Indonesia

2026-05-07T14:59:28+07:00

The Indonesian capital market experienced significant pressure, particularly during the early period of the COVID-19 pandemic, followed by a recovery phase amid persistently high global economic uncertainty. These conditions affected the performance and volatility of stock indices, both conventional and Sharia-based indices. This study aims to analyze and compare the performance and volatility of the Composite Stock Price Index (IHSG) and the Jakarta Islamic Index (JII) during the 2020–2025 period in Indonesia. The novelty of this research lies in the integration of performance and volatility analysis within a single comparative framework, as well as its focus on both crisis and economic recovery phases simultaneously, which remains limited in previous empirical studies. This study employs a quantitative approach with a descriptive-comparative method using secondary data in the form of monthly closing prices of IHSG and JII. Index performance is measured using average monthly returns, while volatility is analyzed through variance and standard deviation. The results show that IHSG has an average monthly return of 0.005134, while JII records −0.001511. These findings indicate that IHSG demonstrates better performance compared to JII, as it yields a positive return, whereas JII shows a negative return during the study period. In terms of risk, JII exhibits a higher level of volatility compared to IHSG. These findings suggest that Sharia stock indices do not always have lower risk than conventional indices, particularly under conditions of economic uncertainty, and highlight the importance of considering index structure in investment decision-making. The implications of this study are that investors, both conventional and Sharia, need to conduct more in-depth analyses of the risk and return characteristics of each index before making investment decisions. Furthermore, this research contributes to regulators and index providers in evaluating the stability and competitiveness of Sharia indices within the dynamics of the global capital market.

Operating Expenses Ratio (OER) and Total Asset Turnover (TATO) to Return on Assets (ROA)

2026-05-07T14:59:50+07:00

This quantitative study investigates the "profitless growth" phenomenon to empirically examine the financial determinants of profitability within the food and beverage manufacturing subsector. Specifically, the research analyzes the extent to which the Operating Expense Ratio (OER) and Total Asset Turnover (TATO) impact Return on Assets (ROA). The study relies on secondary data derived from 13 companies listed on the Indonesia Stock Exchange (IDX), covering an observation period from 2014 to 2024. Data processing was executed using IBM SPSS Statistics software through a multiple linear regression model. The empirical results reveal that OER exerts a significant positive influence on ROA (Sig < 0.001), indicating that operational expenditures in this sector function as productive investments rather than mere costs. Similarly, TATO demonstrates a significant positive impact (Sig = 0.049), confirming that efficient asset utilization is crucial for maximizing earnings. Furthermore, the simultaneous analysis confirms that these independent variables collectively affect profitability, accounting for 62.5% of the variance in ROA ( = 0.625). These findings highlight the critical importance of synergizing strategic operational spending with aggressive asset rotation to sustain corporate profitability amidst economic volatility.

Pengaruh Tenaga Kerja, IPM, dan IPTIK Terhadap Ketimpangan Pendapatan di Indonesia Perspektif Ekonomi Islam

2026-05-07T14:59:58+07:00

Income inequality is still an important problem in Indonesia's economic development even though development continues to progress. This study aims to analyze the influence of labor, the Human Development Index (HDI), and the Information and Communication Technology Development Index (IP-ICT) on income inequality in Indonesia for the period 2018–2023 from an Islamic economic perspective. The data used is panel data from 34 provinces sourced from the Central Statistics Agency (BPS) and analyzed using a quantitative approach with the panel data regression method through EViews software. Based on the results of the t-test in this study, it is shown that partially labor has a positive and significant effect on income inequality with a probability value of 0.0140 (< 0.05). Meanwhile, the HDI variable had no significant effect on income inequality with a probability value of 0.7060 (> 0.05). The IP-ICT variable has a negative and significant effect on income inequality with a coefficient value of -0.008716 and a probability of 0.0019 (< 0.05). Simultaneously, labor, HDI, and IP-ICT have a significant effect on income inequality with an F-statistic value of 97.78723 and a probability of 0.000000 (< 0.05). From an Islamic economic perspective, income inequality is contrary to the principles of justice ('adl) and the equitable distribution of wealth as reflected in maqāṣid al-syarī'ah, so development policies need to be directed at improving the quality of labor, equitable distribution of education, and inclusive technology development to realize a fair and sustainable distribution of income.

Solvency vs Information Asymmetry vs Intellectual Capital: Who Wins in Earnings Manufacturing Management?

2026-05-07T15:01:33+07:00

This study addresses the research problem of inconsistent empirical findings regarding the determinants of earnings management, particularly the roles of information asymmetry, intellectual capital, and leverage in Indonesian manufacturing firms. Despite extensive prior research, limited consensus exists on how these factors simultaneously influence managerial discretion in financial reporting. This study aims to examine the interplay among these variables in shaping earnings management practices. Adopting a quantitative design, this study utilises balanced panel data from manufacturing companies listed on the Indonesia Stock Exchange over the period 2015–2024. The analysis employs a Fixed Effects Model, selected through Chow and Hausman tests, to control for unobserved heterogeneity across firms. The findings indicate that information asymmetry has a statistically significant negative effect on earnings management, suggesting that improved transparency constrains opportunistic reporting behavior, while intellectual capital and leverage exhibit statistically significant positive effects, indicating that firms with greater intangible resources and higher financial pressure are more likely to engage in earnings management practices. Overall, this study provides stronger empirical support that earnings management is shaped by informational conditions, firm capabilities, and financial constraints, offering important implications for strengthening corporate governance and enhancing the reliability of financial reporting in emerging markets.

Analysis of Factors Affecting Investment Decision-Making in the Indonesian Capital Market

2026-05-07T15:02:45+07:00

The Indonesian capital market has experienced significant investor growth, particularly among retail investors and younger generations. However, this increase in participation has not been fully accompanied by rational and high-quality investment decision-making. This study aims to analyze the factors influencing investment decision-making in the Indonesian capital market, with a particular focus on behavioral factors, financial literacy, and risk perception. The study employs a qualitative approach using a systematic literature review method, examining a curated sample of recent and relevant scholarly articles, academic books, and official institutional reports related to investment behavior and decision-making. The data were analyzed using descriptive qualitative analysis and content analysis to identify patterns and relationships among variables. The findings indicate that financial literacy is the most dominant factor in improving the quality of investment decisions, while overconfidence, herding behavior, and risk perception also significantly influence investor behavior. The interaction among these factors creates a complex pattern of investment decision-making. The novelty of this study lies in the development of an integrated analytical framework that simultaneously combines behavioral biases, financial literacy, and risk perception within a single model, particularly in the context of an emerging market such as Indonesia. This study contributes to the literature in three main ways. First, it provides a comprehensive synthesis of prior studies by integrating behavioral and cognitive perspectives into a unified framework. Second, it highlights the mediating role of risk perception and the moderating role of financial literacy in shaping investment decisions. Third, it offers contextual insights specific to the Indonesian capital market, where retail investor dominance and digital influence create unique behavioral dynamics. This study contributes theoretically by extending behavioral finance literature through a multidimensional perspective, and practically by providing insights for investors, regulators, and financial institutions to improve decision quality through a more holistic approach.

Pengaruh Literasi Ekonomi dan Peer Influence Terhadap Pembelian Impulsif dengan FOMO Sebagai Mediasi

2026-05-09T18:55:51+07:00

Technological advancements have driven changes in consumer behavior. One such development is the transformation of social media into social commerce, which has become an increasingly popular online shopping concept. This platform enables users to view and automatically add products to their shopping carts, thereby increasing the tendency toward impulsive buying, particularly among university students as primary users of digital media. This study aims to examine the effect of economic literacy and peer influence on impulsive buying, mediated by Fear of Missing Out (FOMO). The study sample consisted of 215 students and was analyzed using Structural Equation Modeling (SEM) based on Partial Least Squares (PLS). The results of this study indicate that economic literacy has a negative and significant effect on impulsive buying and FOMO, while peer influence has a positive and significant effect on impulsive buying and FOMO. Furthermore, FOMO has a positive and significant effect on impulsive buying and mediates the relationship between economic literacy and peer influence on impulsive buying. This study contributes by examining consumer behavior, particularly cognitive and social factors, in explaining impulsive buying while considering FOMO as a mediating variable that has not been comprehensively studied amid the rising trend of digital shopping.

Investment Model Design Based on Financial Behavior to Achieve Financial Independence in Gen-Z

2026-05-09T19:02:30+07:00

The financial crisis is prone to affect Gen-Z due to a consumptive lifestyle, which is both a problem and the background for conducting this research with the aim of designing financial behavior models and investment choice models that can be used to achieve the level of financial independence in the future. The study uses qualitative methodology with a design thinking approach; data collection was conducted through interviews, analyzed using triangulation techniques, with data being reduced, presented, and conclusions drawn. The validity was tested using member checking with eight informants who are working students, aged 20-25 years, with income ranging from Rp.1,000,000 to Rp.3,000,000 per month. The research findings indicate that 7 out of 8 informants tend to be consumptive, are cautious in making investment decisions, but have a target of achieving financial independence in the future. The results of this study are expected to provide a contribution as a basis for decision-making regarding changes in financial behavior patterns from consumptive to productive by allocating funds wisely to investment options that increase assets, in order to achieve the targeted financial independence in the future.

Faktor-Faktor Yang Mempengaruhi Kecenderungan Fraud Akuntansi di Pemerintahan Desa

2026-05-15T22:41:09+07:00

Accounting fraud is a serious problem that has occurred in both the business and public sectors from the past to the present. Accounting fraud is closely related to fraudulent practices. Since 2015, the central governmnet has allocated funds intended for villages and distributed them to all villages as an effort to improve community welfare and reduce poverty levels. However, in its implementation, there are still varios cases of misappropriation of village funds committed by village officials. Based on this condition, this study aims to examine and determine whether there is an effect of internal control effectivennes, organizational ethical culture, and individual morality on the tendency of accounting fraud. This study uses a quantitative approach with a sampling technique in the form of a census or total sampling method. Primary data were used in this study, obtained through the distribution of online questionnaires. The number of respondents in this study was 48 people, consisting of village heads, village secretaries, and heads of financial affairs of village governments in Wringinanom District, Gresik Regency. The data analysis technique used was multiple linear regression analysis. The partial result show that the internal control effectivennes variable has a significance value of 0,000 < 0,05 and a regression coefficient of -0,517, the organizational ethical culture variable has a significance value of 0,000 < 0,05 and a regression coefficient of -0,634, and the individual morality variable has a significance value of 0,000 < 0,05 and a regression coefficient of -0,770, this means that all independent variables in this study have a negative effect on the tendency of accounting fraud. Simultaneously, the significance value obtained is 0,000 < 0,05, indicating that internal control effectiveness, organizational ethical culture, and individual morality simultaneously have an effect on the endency of accounting fraud.

Pengaruh Nilai Perusahaan dan Financial Distress terhadap Harga Saham dengan Struktur Modal sebagai Moderasi

2026-05-15T22:52:37+07:00

This study is grounded in the volatility of LQ45 stock prices on the Indonesia Stock Exchange (IDX) during 2020–2024, influenced by global economic dynamics and post-pandemic conditions. This study aims to examine the impact of firm value and financial distress on stock prices, as well as to explore the role of capital structure as a moderating variable. The study employs a quantitative method with secondary data sourced from corporate financial reports. Purposive sampling technique yielded 9 companies with 45 observations. Data processing was conducted through PLS-SEM combined with Moderated Regression Analysis (MRA). The findings reveal that firm value has a positive and significant effect on stock prices (T-statistic = 5.912; p = 0.000), suggesting that higher company valuation leads to greater investor appreciation. In contrast, financial distress shows no significant effect on stock prices (β = 0.002; p = 0.990), as financial distress information for large-cap LQ45 issuers is already priced in early by investors. Capital structure successfully moderates the relationship between firm value and stock prices (T-statistic = 2.495; p = 0.013), indicating that an optimal financing composition strengthens the positive signal of firm value in the market. However, capital structure fails to moderate the impact of financial distress on stock prices (β = −0.189; p = 0.261), suggesting that market sentiment and external factors dominate stock price movements under financial pressure conditions. The overall model explains 55.1% of stock price variation. These results indicate that corporate financing decisions are more dominated by firm value and capital structure than by financial distress risk. This study provides managerial implications for investors and corporate management in designing increasingly accurate and strategic financial policies to enhance firm value and stock price stability in the capital market.

Pengaruh Kurs, Pasar Modal Konvensional dan Pasar Modal Syariah Terhadap Pertumbuhan Ekonomi Indonesia Tahun 2013 – 2024

2026-05-23T16:23:56+07:00

This research is motivated by the phenomenon of weakening economic growth in Indonesia, which often fails to align with financial sector dynamics due to exchange rate volatility. The primary problem addressed in this study is the extent to which exchange rate stability and capital market performance—both conventional and Sharia—serve as key determinants in driving national economic growth. This study aims to analyze the influence of the exchange rate, the conventional capital market (proxied by the Jakarta Composite Index or JKSE), and the Sharia capital market (jakarta islamic indeks JII ) on Indonesia’s ekonomic grwot ) for the 2013–2024 period. The research methodology employed is quantitative, using the Vector Error Correction Model (VECM) approach to capture both short-term and long-term relationships between variables. The results indicate that, partially, the exchange rate has a significant negative effect on Indonesia’s economic growth , while both conventional and Sharia capital markets show a significant positive influence. Simultaneously, these three independent variables contribute 89.4% to the variation in Indonesia’s economic grwoth, while the remaining 10.6% is explained by factors outside the model. These findings imply the importance of exchange rate stability policies to optimize the role of capital markets in accelerating the economy.

Implementasi Carbon Tax sebagai Strategi dalam Menekan Emisi Karbon: Dampaknya Bagi Corporate Sustainbility di Indonesia

2026-05-19T22:38:55+07:00

Carbon emissions are one of the causes of climate change in the world. Carbon emissions have a negative impact on the environment, health and economy. Intervention from the government is needed in order to reduce carbon emissions in Indonesia. The purpose of this study is to determine the effectiveness of carbon tax implementation in reducing carbon emissions and its impact on the industrial world. The method used in this research is to use a qualitative descriptive method. The results of the research show that the implementation of carbon taxes in Indonesia will raise pros and cons for the community. Implementation of a carbon tax will have an impact on reducing carbon emissions which have a negative impact on the environment. With the imposition of a carbon tax, the industry will reduce fuel consumption so that carbon emissions can be reduced. In addition, with the implementation of a carbon tax, government revenue from the tax sector will also increase so that it can be used by the government to finance sustainable programs that can help mitigate climate change.

Pengaruh Financial Distress, Financial Literacy, dan Lifestyle Terhadap Keputusan Penggunaan Paylater Pada Mahasiswa Akuntansi

2026-05-16T10:09:44+07:00

The development of fintech has led to many developments in payment services, including Paylater, which has gained popularity among the masses, particularly among generation Z. The objective of this study is to investigate the factors that affect the use of Paylater, which include Financial Distress, Financial Literacy, and Lifestyle in college students. The selection of college students was done because they belong to the young generation that utilizes many financial services through technology, and at the same time is subject to pressure from both the economy and consumption practices owing to technological advancements and future trends. In this study, the methodology used was SEM-PLS analysis method through the use of SmartPLS software version 4.0. This study gathered data by administering an online survey using Google Forms among 91 students from the Accounting Study Program in the 2022–2023 intake from UPN “Veteran” East Java. Based on the findings, this study concludes that Financial Distress, Financial Literacy, and Lifestyle have a significant positive effect on the intention to adopt Paylater among Accounting Students in the 2022–2023 intake from UPN “Veteran” East Java with the financial distress variable having a significance value of 0.042 <0.05 with a coefficient value of 0.180, the financial literacy variable having a significance value of 0.000 <0.05 with a coefficient value of 0.501, and the lifestyle variable having a significance value of 0.037 <0.05 with a coefficient value of 0.197.

Pengaruh Literasi Keuangan dan Kepercayaan Terhadap Minat Investasi Digital Mahasiswa

2026-05-19T22:55:08+07:00

The increasing accessibility of digital investment among university students has not been fully accompanied by a high level of investment interest. This study aims to analyze the effect of financial literacy and trust on students’ interest in digital investment in Palembang City. This research employs a quantitative approach with a sample of 400 students, and the data are analyzed using SPSS version 26. The results show that financial literacy and trust have a positive and significant effect on digital investment interest. Financial literacy has a t-value of 6.540 with a significance level of 0.000 (<0.05), indicating a strong influence, while trust also demonstrates a significant effect with a significance level of less than 0.05. These findings indicate that higher financial literacy enhances students’ understanding of investment instruments, risks, and returns, while greater trust in the security, transparency, and credibility of digital platforms increases their willingness to invest. The implications of this study highlight the importance of strengthening financial literacy education in higher education institutions and improving the security and transparency of digital platforms to build student trust. Therefore, a combination of strong financial literacy and trust can foster more rational and responsible digital investment behavior among young generations.

Pengaruh Literasi Keuangan, Fintech Payment, dan Gaya Hidup terhadap Perilaku Konsumtif Generasi Z

2026-05-19T23:05:37+07:00

The rapid development of financial technology and lifestyle changes in the digital era have increased consumptive behavior among Generation Z, potentially leading to long-term financial problems if not supported by adequate financial literacy. This study aims to analyze the effect of financial literacy, fintech payment, and lifestyle on the consumptive behavior of Generation Z in Palembang City. This research employs a quantitative method with a survey approach involving 145 respondents selected using purposive sampling techniques. Data were analyzed using multiple linear regression with the assistance of SPSS, including descriptive statistical analysis, classical assumption tests, and hypothesis testing (t-test and F-test). The results indicate that financial literacy has a negative and significant effect on consumptive behavior (p < 0.05), fintech payment has a positive and significant effect (p < 0.05), and lifestyle also has a positive and significant effect (p < 0.05). Simultaneously, all variables have a significant effect on consumptive behavior (F-test, p < 0.05). These findings highlight the importance of improving financial literacy and controlling fintech usage and lifestyle to reduce consumptive behavior among Generation Z.