Nomico is a peer-reviewed open access international journal with the aim of disseminating the results of research, study, and development in the economic and finance, particularly in the fields of (1) accounting, (2) management, (3) capital markets, (4) business law, (5) taxation, (6) information systems, as well as other areas of economics and finance. All submitted manuscripts will be reviewed by the editors and then evaluated by a minimum of two International Reviewers through a double-blind review process. This is to ensure the quality of manuscripts published in the journal. Journal title : Nomico Initials : NJ Frequency : 12 (twelve) times a year DOI : 10.62872 ISSN Online : 3046-6318 Editor in Chief : Dr. Ifada Rahmayanti, SE, MM Managing Editor : Muh. Adzam, S.Stat., M.Sc. Assistant Editor : Dr. Yusran Zainuddin. M. M Publisher : PT. Anagata Sembagi Education Accreditation : Index Copernicus International
Analysis of the Relationship Between Labor Force Size and BPJS Ketenagakerjaan Participation: A Case Study of North Sumatra Province
Labor force growth is one of the important indicators in observing the dynamics of employment in a region. However, an increase in the labor force is not always accompanied by an increase in participation in social security programs, particularly Social Security Administrator for Employment (BPJS Ketenagakerjaan). This study aims to analyze the relationship between the labor force and the level of participation in Social Security Administrator for Employment (BPJS Employment) in North Sumatra Province from August 2022 to February 2025. The study uses a quantitative method with a correlational approach, utilizing official data from the Central Statistics Agency (BPS) and Satu Data Ministry of Manpower. The analysis was conducted using manual calculations and SPSS software through Pearson's correlation test. The results of the study show a correlation coefficient value of 0.3927, indicating a moderate positive relationship between labor force growth and an increase in the number of BPJS Ketenagakerjaan participants. These findings show that although an increase in the labor force tends to be followed by an increase in the number of BPJS Ketenagakerjaan participants, other factors beyond the size of the labor force also play a role in shaping participation rates, such as the composition of formal and informal workers, economic dynamics, labor policies, and the level of corporate compliance. This study emphasizes the importance of a more targeted strategy in increasing the coverage of employment social security so that it can cover all workers, especially informal sector workers, who are dominant in North Sumatra.
Copyright (c) 2026 Nazwa Izmi Sachsiyyah, Nadia Salsabila Surbakti, Dinara Shabrina Wardhani, Jessica Catherine Oktavia Pasaribu (Author) https://creativecommons.org/licenses/by-sa/4.0
Digital Consumer Literacy as a Determinant of Trust in Digital Economic Transactions
This study examines the role of digital consumer literacy as a determinant of trust in digital economic transactions within the Indonesian context. The rapid expansion of the digital economy has increased reliance on online platforms, yet concerns regarding security, fraud, and data privacy continue to challenge consumer trust. Digital literacy is conceptualized as a cognitive and protective capability that enables consumers to evaluate information, understand digital risks, and engage safely in online transactions. This research employs a quantitative explanatory design using survey data collected from consumers who have conducted digital transactions in the past six months. Data were analyzed using Structural Equation Modeling (SEM) to assess the validity of constructs and to test the structural relationship between digital consumer literacy and trust. The findings indicate that digital consumer literacy has a positive and statistically significant effect on trust in digital economic transactions, with moderate explanatory power. Consumers with higher levels of digital literacy demonstrate stronger perceptions of platform integrity, security, and reliability. The discussion highlights that digital literacy reduces perceived risk and enhances confidence in digital systems. In conclusion, digital consumer literacy significantly contributes to the formation of trust and should be strengthened through integrated policy and educational strategies to support sustainable digital economic participation.
Copyright (c) 2026 Leonita Maharani, Sri Undartik, Muhandis Difa'iy Aziz (Author) https://creativecommons.org/licenses/by-sa/4.0
Energy Transition and Its Implications for the Structure of the National Economy
Energy transition has emerged as a central global agenda in response to climate change, decarbonization commitments, and sustainable development objectives. In fossil fuel–dependent economies, energy transition entails not only technological change but also profound structural transformations within the national economy. This study employs a qualitative descriptive–analytical approach grounded in political economy and public policy analysis to examine the implications of energy transition for national economic structures. Drawing on policy documents, academic literature, and institutional reports, the study analyzes how energy transition reshapes sectoral composition, labor markets, value distribution, and governance dynamics. The findings indicate that energy transition alters existing economic hierarchies, redistributes power among actors, and creates both opportunities for sustainable growth and risks of socio-economic disruption. The study argues that effective energy transition requires policy frameworks that integrate economic restructuring, social justice, and institutional coordination. It concludes that energy transition should be treated as a comprehensive structural economic policy to ensure equitable and sustainable national development.
Copyright (c) 2026 Loso Judijanto, Farkhatun Zaidah (Author) https://creativecommons.org/licenses/by-sa/4.0
Economic and Ecological Sustainability in Sustainable Development Planning: An Ecological Economics Approach
This study examines the integration of economic and ecological sustainability in sustainable development planning through the lens of ecological economics. Conventional development planning has historically prioritized economic growth, often neglecting ecological limits and resulting in systemic environmental degradation. Using a qualitative conceptual–normative approach, this research analyzes theoretical foundations, normative principles, and policy implications of ecological economics as an alternative development paradigm. The study draws on an in-depth review of classical and contemporary literature on sustainable development, ecological economics, and environmental policy. The findings indicate that ecological economics provides a more comprehensive framework for development planning by recognizing the economy as a subsystem of the ecosystem, emphasizing sustainable scale, equitable distribution, and ethical governance. This approach challenges growth-centered planning models and offers normative guidance for integrating ecological constraints into policy design. The study concludes that sustainable development planning requires a paradigm shift toward ecological economics to ensure long-term economic viability, environmental integrity, and social justice.
Copyright (c) 2026 Loso Judijanto, Tharienna Dhesta Kusuma Dewi (Author) https://creativecommons.org/licenses/by-sa/4.0
The Digital Circular Economy: Technological Innovation Strategies for Production and Concumption Efficiency
The increasing environmental and resource pressures associated with linear economic models have intensified interest in the circular economy as a pathway toward sustainable production and consumption. At the same time, rapid advances in digital technologies have transformed how economic systems operate, creating new opportunities to enhance efficiency through data-driven coordination and optimization. This study examines the digital circular economy as an integrated framework in which technological innovation strategies support both production and consumption efficiency. Using a qualitative descriptive–analytical approach with a conceptual–strategic perspective, the study analyzes academic literature, policy documents, and strategic reports on circular economy and digital innovation. The findings indicate that digital technologies play a critical role in enabling system-level efficiency by improving process optimization, reducing waste, enhancing transparency, and reshaping consumption behavior through digital platforms and feedback mechanisms. However, the study also finds that the transformative potential of the digital circular economy depends on the strategic integration of technology with circular principles, organizational practices, and governance frameworks. The research concludes that the digital circular economy offers a viable pathway toward sustainable efficiency only when digital innovation is aligned with systemic circular objectives rather than applied as isolated technological solutions
Copyright (c) 2026 Gusti Lanang Putu Tantra, Ngurah Wisnu Murthi (Author) https://creativecommons.org/licenses/by-sa/4.0
Financial technology-based management and finance integration strategy to realize organizational sustainability
This study aims to critically analyze the strategy of integrating financial technology-based management and finance in realizing organizational sustainability. Digital system integration is often perceived as a rational solution to fragmented organizational management, but empirical practice shows that integration does not always result in substantive strategic alignment. This study uses a qualitative approach with a theoretical-analytical qualitative design to explore the dynamics of integration, the quality of decision-making, organizational governance, and their implications for sustainability. Data were collected through in-depth interviews with strategic organizational actors, non-participatory observation, and document analysis, then analyzed using thematic and conceptual approaches. The results show that financial technology-based integration can improve operational efficiency, information transparency, and decision-making speed, but also has the potential to create an illusion of integration when focused solely on technical aspects. The dominance of financial logic, decision centralization, and systemic dependency emerge as consequences that narrow strategic flexibility. From a sustainability perspective, technological integration strengthens short-term operational resilience, but does not necessarily drive long-term strategic transformation. This study emphasizes that organizational sustainability requires a reflective, participatory, and balanced integration approach between efficiency, control, and adaptability, so that technology functions as a strategic enabler, not the ultimate goal of organizational management.
management integration, financial technology, organizational sustainability
Copyright (c) 2026 Elly Yuniar Nitawati, Nurul Iman, Noviandari (Author) https://creativecommons.org/licenses/by-sa/4.0
The Failure of Subsidy Policies In Conditions of Information Asymmetry : Theoretical and Empirical Analysis
Subsidy policy is an instrument of state intervention aimed at improving welfare distribution and correcting market failures. However, its effectiveness often does not align with its formulated normative objectives. This study aims to analyze the failure of subsidy policy by positioning information asymmetry as a key structural determinant influencing policy design, implementation, and outcomes. The research approach uses a theoretical-analytical qualitative method, combining studies of public economic theory, information asymmetry theory, and institutional perspectives, as well as a critical analysis of empirical findings from various policy documents and previous studies. The analysis shows that information asymmetry between the government, subsidy recipients, and intermediary actors results in inaccurate targeting, incentive distortion, and systemic opportunistic behavior. The gap between the normative design of the policy and the reality of empirical implementation is exacerbated by limited administrative capacity, institutional fragmentation, and weak public information systems. These conditions not only reduce the effectiveness of subsidy policy but also create a significant fiscal burden and hamper the sustainability of public policy. This study emphasizes the importance of reformulating subsidy policy through strengthening governance, integrating information systems, and shifting the paradigm towards recipient-based subsidies. The integration of theoretical and empirical analysis provides a more realistic conceptual basis for the formulation of adaptive, accountable, and sustainable subsidy policies.
Copyright (c) 2026 Ferizaldi Ferizaldi (Author) https://creativecommons.org/licenses/by-sa/4.0
The Potential of the Green Token Economy in Promoting Sustainable Investment in Indonesia
The transition toward sustainable development has intensified the demand for innovative green financing instruments capable of mobilizing investment while ensuring transparency and accountability. In this context, the green token economy has emerged as a digital finance innovation enabled by blockchain technology, offering new opportunities for sustainable investment. This study examines the potential of the green token economy in promoting sustainable investment in Indonesia through a qualitative descriptive–analytical approach with a normative–policy perspective. The analysis is based on regulatory documents, policy frameworks, and academic literature on sustainable finance, blockchain, and digital assets. The findings indicate that green tokens possess significant potential to enhance inclusivity, traceability, and efficiency in financing renewable energy and environmentally sustainable projects. By tokenizing green assets, this model enables broader investor participation and improves transparency in the allocation and monitoring of funds. However, the study also reveals substantial normative and policy challenges, including regulatory fragmentation, legal uncertainty, risks of greenwashing, and insufficient investor protection mechanisms. These constraints limit the institutional legitimacy and scalability of green tokens within Indonesia’s financial system. The study concludes that the green token economy can contribute meaningfully to sustainable investment only if supported by an integrated and adaptive regulatory framework. Aligning digital asset regulation with sustainable finance principles and environmental governance is essential to ensure that green tokens function as credible instruments for long-term sustainable development rather than speculative digital assets.
Copyright (c) 2026 Kamaludin (Author) https://creativecommons.org/licenses/by-sa/4.0
Industrial Relations Policy through Human Development and Talent Management during Tourism Occupancy Decline in Bali on Employee Well-Being
The decline in occupancy within Bali’s tourism industry has created significant pressure on organizations to adapt their industrial relations policies alongside human development and talent management (HD&TM) strategies in order to sustain employee well-being. Fluctuations in tourist arrivals not only affect company revenues, but also influence employment stability, work intensity, and psychological security among hospitality workers. According to the International Labour Organization, periods of economic uncertainty in tourism-dependent regions often lead to increased job insecurity and deteriorating working conditions if not managed through inclusive industrial relations frameworks. This study aims to analyze how the integration of industrial relations policies with HD&TM practices influences employee well-being in the Bali tourism sector. Industrial relations that emphasize fairness, transparency, and employee participation play a crucial role in maintaining trust between management and workers, particularly during periods of organizational restructuring. When such policies are aligned with structured human development initiatives such as continuous training, career planning, and talent retention programs organizations are better positioned to safeguard employee engagement and psychological well-being. The findings indicate that fair, transparent, and participatory industrial relations supported by systematic HD&TM practices enhance employee engagement, loyalty, and overall well-being, while simultaneously reducing turnover intention. This is consistent with Gallup’s (2023) report, which highlights that employees who perceive their organization as supportive of development and fair treatment are significantly more likely to demonstrate higher commitment and lower intention to leave. Therefore, the integration of industrial relations and HD&TM strategies is not merely a compliance mechanism, but a strategic approach to sustaining workforce resilience and organizational performance in Bali’s tourism industry.
Copyright (c) 2026 Desak Komang Febrianita, Budi Santoso (Author) https://creativecommons.org/licenses/by-sa/4.0
Risk Based Accounting in Realizing Reliable Financial Governance
Reliable financial governance is a fundamental prerequisite for organizational accountability and sustainability. However, conventional accounting practices that emphasize historical reporting and formal compliance have shown limitations in addressing the growing complexity of financial, operational, and compliance risks in modern governance. This study aims to analyze the concept of Risk Based Accounting and its role in realizing reliable financial governance. The study employs a qualitative normative–conceptual approach through a literature review of accounting standards, financial governance principles, risk management frameworks, and reputable academic sources. The analysis examines the conceptual relationship between risk, accounting practices, and reliable financial governance. The findings indicate that Risk Based Accounting reorients accounting from retrospective, compliance-based reporting toward a preventive and forward-looking risk-based approach. Integrating risk into accounting practices enhances the quality of financial information, strengthens substantive transparency, and supports more accountable financial decision-making and oversight. This study concludes that Risk Based Accounting constitutes a strategic instrument for strengthening reliable financial governance, provided that it is supported by a clear conceptual framework and consistent normative harmonization.
Copyright (c) 2026 Tharienna Dhesta Kusuma Dewi, Farkhatun Zaidah, Al Putri Oktavia (Author) https://creativecommons.org/licenses/by-sa/4.0
The Adoption of Digital Wallets and Their Influence on the Shopping Behavior of Urban Communities
The rapid development of financial technology has led to significant changes in urban payment systems, particularly through the adoption of digital wallets. This transformation in payment methods has the potential to influence consumer shopping behavior beyond transactional efficiency, affecting consumption patterns and tendencies. This study aims to analyze the influence of digital wallet adoption on the shopping behavior of urban communities. A quantitative approach with an explanatory design was employed using a survey method. Data were collected from urban residents who actively use digital wallets and analyzed using linear regression. The results indicate that digital wallet adoption has a positive and significant effect on shopping behavior among urban consumers. The coefficient of determination reveals that digital wallet adoption explains a substantial proportion of the variance in shopping behavior. These findings suggest that the convenience and efficiency of digital payments play an important role in shaping consumption patterns in urban settings. This study contributes empirically to the literature on digital economy and consumer behavior by highlighting digital payment systems as a key determinant of urban shopping behavior.
Copyright (c) 2026 R. Suprono Wahyujatmiko, Heru Kuncorowati, Chinthia Sari Yusriana (Author) https://creativecommons.org/licenses/by-sa/4.0
The Effect Of Tax Amnesty Policy, Exemption Of Transfer Fees, Tax Socialization, And Service Quality On Motor Vehicle Taxpayer Compliance In Madiun Regency
The government always strives to carry out national development in all fields. The goal of national development is to create a just and prosperous society. In this effort the community is expected to be able to participate voluntarily through taxes, because to support these efforts the Government requires large costs. Every year the Government tries to maximize tax revenues to finance state expenditures because, the higher the tax revenue, the higher the state's ability to finance national development. Efforts to increase potential sources of income are by encouraging public enthusiasm in fulfilling their obligations as taxpayers so that they can foster awareness and compliance in paying taxes. One of them is the East Java Provincial Government launching a Policy or Program to increase regional income while growing awareness and compliance in paying taxes. Given the arrears in East Java 1.9 million taxpayers while in Madiun District 35,388 taxpayers who are in arrears. The purpose of this study was to examine the effect of tax whitening policies, exemption from transfer fees, tax socialization and service quality on motor vehicle taxpayer compliance in Madiun Regency, either partially or simultaneously. This study uses respondents, namely taxpayers who are registered in the SAMSAT of Madiun Regency for the period 2020. The sampling technique in this study is incidental sampling using the formula for calculating the amount of Slovin. The results showed that simultaneously (simultaneously) the policy of tax whitening, exemption from transfer fees, tax socialization and service quality had an effect on the compliance of motorized vehicle taxpayers. While partially the tax whitening policy has a significant positive effect on motor vehicle taxpayer compliance, the exemption of transfer fees has a significant negative effect on motor vehicle taxpayer compliance, tax socialization has a significant positive effect on motor vehicle taxpayer compliance and service quality has a significant positive effect on mandatory compliance. vehicle tax.
Copyright (c) 2024 Taufiq Shiqdi Huda, Wijianto, Sri Hartono (Author) https://creativecommons.org/licenses/by-sa/4.0
The Influence of Food Quality, Service Quality, and Service Recovery on Consumer Satisfaction at Geprek Assalam 99 Plaosan Magetan
The business world has quite a variety of problems, especially in terms of the quality of what is marketed by business actors, for that researchers conduct in-depth research in terms of consumer satisfaction. This study took the object of Assalam 99 Plaosan Magetan geprek consumers. The method used in this study is a quantitative method using multiple linear regression analysis, with hypothesis testing and assisted by determination analysis and instrument testing in the form of validity and reliability. This research uses primary data with a tool in the form of a questionnaire which is distributed directly to related objects in this scientific research. Research shows that food quality has a significant effect on consumer satisfaction. Service quality has a significant effect on customer satisfaction. Service recovery has a significant effect on customer satisfaction.
Copyright (c) 2024 Afif Sultoni, Sri Hartono, Wijianto (Author) https://creativecommons.org/licenses/by-sa/4.0
The Influence of Sustainability-Driven Budgeting on Operational Efficiency and Competitive Advantage
Global pressure for sustainable business practices has encouraged firms to integrate sustainability principles into their budgeting systems as part of strategic management. Sustainability-driven budgeting is increasingly viewed not merely as a compliance mechanism, but as a potential driver of operational efficiency and competitive advantage. This study aims to examine the effect of sustainability-driven budgeting on operational efficiency and competitive advantage, as well as to test the mediating role of operational efficiency in this relationship. A quantitative explanatory survey design was employed. Data were collected from 210 managerial respondents directly involved in budgeting and strategic decision-making processes and analyzed using Partial Least Squares Structural Equation Modeling. The results reveal that sustainability-driven budgeting has a positive and significant effect on operational efficiency. Operational efficiency, in turn, significantly influences competitive advantage. Mediation analysis confirms that operational efficiency partially mediates the relationship between sustainability-driven budgeting and competitive advantage. These findings indicate that sustainability-oriented budgeting practices can generate strategic value by enhancing internal efficiency while strengthening firms’ long-term competitive positioning. This study contributes to the literature on business sustainability by highlighting budgeting as a core managerial mechanism and offers practical insights for managers in designing performance-oriented and sustainability-based budgeting policies.
Copyright (c) 2026 Eko Wiji Pamungkas, Dini Fitriani (Author) https://creativecommons.org/licenses/by-sa/4.0
The Influence of Population Size, Economic Growth, and Regional Minimum Wage on the Unemployment Rate in the Regencies and Cities of Bakorwil 1 Madiun
A resident is someone who has lived in a country for a long time. The problem that often occurs in a country is about unemployment. Unemployment is a problem that has not yet been resolved. The role of the government is urgently needed in reducing the unemployment rate. Population numbers that are not resolved properly can cause economic development goals to not be achieved. Economic success is seen from improving economic growth and decreasing inequality in a region. This study aims to examine the effect of Population Number, Economic Growth and Regional Minimum Wage on Unemployment Levels in the Regency/City of the Bakorwil 1 Madiun Region. This study uses quantitative methods. , where the required data is obtained from BPS. The results showed that the Independent Variable Population (X1) had no partial and significant effect on the unemployment rate, economic growth (X2) had a partial and significant effect on the unemployment rate, and the regional minimum wage (X3) had no partial and significant effect on the unemployment rate. the unemployment rate in the Regency/City of the Bakorwil 1 Madiun Region.
Copyright (c) 2024 Handri Dona, Sri Hartono, Wijianto (Author) https://creativecommons.org/licenses/by-sa/4.0
Capital Market Volatility and Global Energy Crisis: A VAR and VECM Analysis
The recent increase in global capital market volatility is closely associated with the escalation of the global energy crisis, characterized by surging energy prices, supply disruptions, and geopolitical tensions. This study aims to examine the impact of the global energy crisis on capital market volatility by distinguishing short-run dynamics and long-run relationships between the variables. A quantitative time series approach is employed using Vector Autoregression and Vector Error Correction Model. The data represent indicators of the global energy crisis and stock market volatility across periods before, during, and after the energy crisis. The stationarity tests indicate that all variables are integrated of order one, while the Johansen cointegration test confirms the existence of a long-run equilibrium relationship between energy markets and capital markets. The VECM estimation reveals that capital market volatility adjusts significantly to deviations from long-run equilibrium following energy-related shocks. The impulse response analysis shows that stock market volatility responds positively to energy shocks in the short run, although the effects gradually diminish over time. Furthermore, the variance decomposition results indicate that the contribution of energy shocks to capital market volatility increases in the medium term. Overall, the findings support the hypothesis that the global energy crisis is a key determinant of capital market volatility and acts as a persistent source of macroeconomic uncertainty in financial markets
Copyright (c) 2026 Vidya Ramadhan Putra Pratama (Author) https://creativecommons.org/licenses/by-sa/4.0
Sustainable Finance as A Moral Objective: An Islamic Economic Philosophy Perspective On The Optimization Of Sharia Fintechsuhardi
Sustainable finance is frequently reduced to an instrument for risk management or compliance with Environmental, Social, and Governance (ESG) standards. This article seeks to reframe this perspective by positioning sustainable finance as a moral objective within the framework of Islamic economic philosophy, particularly in the development and optimization of Islamic Fintech. This study adopts a qualitative approach based on a literature review, employing the Foundation–Accelerator–Impact analytical framework. The findings indicate that Islamic Fintech does not merely serve to enhance efficiency and financial inclusion, but also represents the implementation of Maqashid Shariah values. At the foundational level, sustainable finance is grounded in the principles of Tawhid and Khilafah, which affirm humanity’s role as trustees in the management of resources. At the accelerator level, financial technology facilitates the advancement of social justice and equitable economic distribution. At the impact level, the digitalization of Islamic finance is directed toward preventing fasad, ensuring environmental sustainability, and strengthening distributive justice. Accordingly, the optimization of Islamic Fintech within the sustainable finance paradigm underscores the orientation of Islamic economics toward not only economic growth, but also the comprehensive realization of moral and ethical objectives.
Copyright (c) 2026 Arif Rahman Hakim, Wahyu Amru Rofiqhoh, Nur siamah (Author) https://creativecommons.org/licenses/by-sa/4.0
SDGs-Based Economic Performance Measurement in the Green Tourism Sector
The growth of the tourism sector as an economic driver has increasingly been accompanied by environmental and social pressures, highlighting the need for sustainable green tourism approaches. However, sustainability claims in tourism are often not supported by structured economic performance evaluation frameworks aligned with sustainable development objectives. This study aims to analyze the economic performance of the green tourism sector using the Sustainable Development Goals (SDGs) as an evaluative framework. The study adopts a qualitative descriptive–analytical approach by examining the alignment between SDG-based economic indicators, green tourism policies, and implementation practices. The analysis is conducted through mapping relevant SDG economic indicators, reviewing tourism policy documents and official reports, and identifying gaps between economic performance outcomes and sustainability principles. The findings indicate that the SDGs framework enables a more comprehensive evaluation of green tourism economic performance than conventional approaches, particularly in assessing the quality and sustainability of economic impacts. The study also reveals misalignments between economic growth orientation and the achievement of sustainability goals in green tourism practices. This study concludes that SDGs provide a critical analytical framework for evaluating and guiding green tourism development toward sustainable economic outcomes.
Copyright (c) 2025 Yudhi Anggoro, Sarlotha Selan, Mahyadi Mahyadi (Author) https://creativecommons.org/licenses/by-sa/4.0
Platform Economics and Marketplace Dominance: Analysis of Marketplace Business Models in Global Competition
The expansion of the platform economy has fundamentally transformed global market competition by introducing new forms of dominance driven by data control, algorithms, and network effects. Digital platforms no longer operate merely as transaction intermediaries but function as market infrastructures that regulate access, value distribution, and economic behavior across industries. This study aims to examine how platform business models construct market dominance and how such dominance reshapes global competitive structures. The research adopts a qualitative approach through a systematic literature review and critical conceptual analysis of leading academic publications. Data were collected from high-impact international journals and analyzed using thematic synthesis and comparative interpretation. The findings reveal that platform dominance is produced through the interaction of subsidy wars, network effects, ecosystem integration, data ownership, and global expansion strategies. These mechanisms generate high entry barriers, intensify economic dependency on platforms, and weaken conventional competition mechanisms. The study concludes that the platform economy demands a new competition policy paradigm and digital market governance framework to ensure that technological innovation remains aligned with competitive fairness and long-term economic sustainability.
Copyright (c) 2025 Oktaviani Oktaviani (Author) https://creativecommons.org/licenses/by-sa/4.0
Circular Economy and Resource Efficiency in Industrial Competitiveness
The transition toward a low-carbon economy has pushed industries to adopt circular economy and resource efficiency not merely as environmental initiatives, but as strategic drivers of competitiveness. However, academic studies examining the relationship between circular economy, resource efficiency, and industrial competitiveness remain fragmented and report inconsistent findings. This study aims to systematically analyze the contribution of circular economy and resource efficiency to industrial competitiveness and to identify the key mechanisms underlying this relationship. A systematic literature review was conducted using an evidence-based industrial sustainability approach, synthesizing peer-reviewed journal articles published between 2020 and 2025 and selected through the PRISMA process. The findings indicate that circular economy enhances industrial competitiveness primarily through improvements in resource efficiency, leading to cost reduction, supply stability, productivity gains, and process innovation. Resource efficiency emerges as a critical mediating mechanism translating circular practices into measurable competitive advantages. Nevertheless, the strength of evidence varies across industrial sectors, firm sizes, and institutional contexts. This study concludes that circular economy and resource efficiency act as strategic enablers of industrial competitiveness when implemented systematically and contextually, rather than as universally applicable solutions.
Copyright (c) 2025 Marieska Lupikawaty (Author) https://creativecommons.org/licenses/by-sa/4.0
The Contribution of Sharia Investment Instruments to Economic Development in Indonesia: Opportunities and Challenges of Precious Metals
Global economic developments and increasing public awareness of halal finance are driving the growth of Islamic investment instruments in Indonesia. This study aims to analyze the contribution, opportunities, and challenges of Islamic investment instruments, including Islamic stocks, sukuk, Islamic mutual funds, and precious metal commodities, in the development of the Muslim economy. The research method used is a qualitative descriptive approach supported by quantitative data through documentation studies, content analysis, descriptive quantitative analysis, and SWOT analysis. The results indicate that Islamic investment instruments have a strategic role in strengthening the real sector, increasing financial inclusion and literacy among Muslims, and maintaining economic stability through the principles of justice, transparency, and sustainability in accordance with the maqasid al-shariah. Specifically, precious metals, especially gold, contribute as a hedging instrument, provide access to non riba financing, and strengthen the microeconomic resilience of the Muslim community. However, the development of Islamic investment instruments still faces challenges such as low Islamic financial literacy, limited product innovation, global market fluctuations, and suboptimal synergy among stakeholders. Therefore, strengthened regulations, public education, Islamic governance, and inclusive product innovation are needed so that Islamic investment instruments can function optimally as a driving force for equitable and sustainable Islamic economic development in Indonesia.
Copyright (c) 2025 Rukiah Rukiah (Author) https://creativecommons.org/licenses/by-sa/4.0
Research Title: The Effect of Financial Risk on the Profitability of Manufacturing Companies Listed on the IDX in 2020-2024
This study analyzes the effect of financial risk, as measured by the Debt to Asset Ratio and Debt to Equity Ratio, on profitability (Return on Assets - ROA) in manufacturing companies listed on the Indonesia Stock Exchange during the 2020-2024 period. Using multiple linear regression with SPSS software on 95 observations, descriptive statistics show an average DAR of 0.3686, DER of 0.8498, and ROA of 0.0953. The results of the simultaneous test (F test) show a Sig. value of 0.000, indicating that DAR and DER together have a significant effect on ROA. The coefficient of determination (Adjusted R Square) of 0.289 indicates that 28.9% of the variation in ROA is explained by the model. Partially (t-test), DAR (X1) has a negative and significant effect (Sig. 0.000, coefficient -0.325) on ROA, while DER (X2) has a positive and significant effect (Sig. 0.000, coefficient 0.074) on ROA. These findings highlight the complexity of the relationship between financial risk and profitability in the manufacturing sector.
Copyright (c) 2025 Kharimah Murni, Achmad Hizazi, Ratih Kusumastuti (Author) https://creativecommons.org/licenses/by-sa/4.0
The Impact of Environmental Externalities on Commodity Price Stability: GARCH (Generalized Autoregressive Conditional Heteroskedasticity) Volatility Analysis
Crude oil is a highly strategic global commodity whose price is extremely sensitive to external dynamics and economic shocks. This study aims to analyze the effect of environmental externalities on crude oil price volatility by applying the Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model. Secondary data consisting of daily West Texas Intermediate (WTI) crude oil prices from January 2015 to December 2024 were examined using the ADF test, ARCH–LM test, model selection based on AIC and BIC, and parameter estimation of GARCH(1,1). The results indicate that environmental externalities have a positive and significant effect on crude oil price volatility, as evidenced by the γ coefficient of 0.227 and the α + β value of 0.905, demonstrating long-term volatility persistence. These findings show that crude oil price stability is determined not only by traditional supply and demand factors but also by global environmental regulations, emission policies, and energy transition dynamics. This study provides empirical contributions to energy economics research and practical insights for policymakers in developing energy security strategies that are adaptive to the sensitivity of global commodity prices.
Copyright (c) 2025 Eki Dudi Darmawan (Author) https://creativecommons.org/licenses/by-sa/4.0
Green Economy and Carbon Investment: Business Strategies for Facing the Global Energy Transition
The global energy transition has reshaped business dynamics and capital markets through the rise of the green economy and carbon investment as the new foundation of corporate competitiveness. This study analyzes how companies in Indonesia formulate green business strategies while optimizing carbon investment to sustain competitive advantage during the global energy shift. A Systematic Literature Review (SLR) following PRISMA guidelines was employed to identify, screen, and synthesize 24 relevant scientific articles published between 2018 and 2025. The findings reveal that corporate sustainability strategies rely not only on low-carbon technological innovation, energy efficiency, and supply-chain transformation but also on the implementation of carbon investment, participation in carbon credit markets, and access to ESG-based financing. The integration of green economy and carbon investment enhances corporate market reputation, reduces regulatory risks, lowers capital costs, and creates new revenue opportunities through carbon asset monetization. This study concludes that the success of Indonesian companies in navigating the global energy transition is determined by their ability to position the green economy and carbon investment as the core of their long-term business strategies.
Copyright (c) 2025 Hamdani Hamdani, Firayani Firayani (Author) https://creativecommons.org/licenses/by-sa/4.0
Strategic Customer Engagement and Conditional Loyalty in Herbal E-Commerce: An Ethical SDL Perspective
Indonesia’s herbal e-commerce market presents a distinctive paradox: while exhibiting steady annual growth of 6.2% within the global wellness economy, the ecosystem grapples with a structural trust deficit stemming from the prevalence of product adulteration. Through the lens of Service-Dominant Logic (SDL), this qualitative interpretive study investigates how strategic engagement shapes loyalty within this high-risk context. Drawing on in-depth interviews with 18 consumers and sellers, the analysis demonstrates that successful market actors navigate this deficit not through transactional efficiency, but through Ethical Resource Integration establishing regulatory compliance as a moral value proposition—and Developmental Engagement, a mechanism that elevates consumer health literacy. This interaction fosters heteropatric value co-creation, culminating in a distinct state of Conditional Loyalty: a vigilant adherence where emotional attachment is contingent upon continuous safety validation. Theoretically, this study extends SDL by positioning ethical capabilities as critical antecedents to engagement in regulated health markets. From a managerial perspective, the findings suggest that sustainable value arises less from price competition and more from the seller's evolution into an ethical health advisor within a multi-actor governance ecosystem
Copyright (c) 2025 Abdul Rohman, Andreas Cahya U.R.P Saragih, Sosidah Sosidah, Selamet Riyadi (Author) https://creativecommons.org/licenses/by-sa/4.0
The Impact of Financial Inclusion on MSME Growth in Developing Countries: A Regional Comparative Study
This study aims to analyze the impact of financial inclusion on MSME growth in Bali, Indonesia, and Malaysia. Using Structural Equation Modeling (SEM), the study examines the relationship between financial inclusion, measured by access to financial services, financial literacy, and government policies, and MSME growth, measured by revenue, number of employees, and business expansion. The results show that financial inclusion positively impacts MSME growth in both countries, with a greater effect in Malaysia. In Bali, although financial inclusion has a positive effect, the impact is smaller due to lower financial literacy and limited access to financial services. In Malaysia, more advanced financial inclusion policies and broader fintech access contribute significantly to MSME growth. This study suggests that to foster MSME growth, more structured financial inclusion policies, as well as improving financial literacy and access to financial services, should be a primary focus
Copyright (c) 2025 Ida Ayu Putu Megawati, Made Ratih Nurmalasari, Putu Putri Prawitasari, Ni Putu Ari Krismajayanti, Ni Nengah Rupadi Kertiriasih (Author) https://creativecommons.org/licenses/by-sa/4.0
Sensing without Seizing: The Institutional Barriers to AI Adoption in Indonesian MSMEs
Despite strong policy support, the adoption of Artificial Intelligence (AI) among Indonesian Micro, Small, and Medium Enterprises (MSMEs) remains critically low, creating a notable "digital paradox." This study investigates the "gap between sensing and seizing," defined as the disparity between awareness of AI opportunities and deployment capability. Integrating Dynamic Capabilities Theory and Institutional Theory, we examine how internal organizational capabilities intersect with contextual barriers. Utilizing an interpretivist approach based on the Gioia Methodology, data were analyzed from 28 MSMEs in the Special Region of Yogyakarta through indepth interviews, focus group discussions, and document analysis. The analysis reveals that while sensing capability is widespread, it relies heavily on informal peer networks and is constrained by a cognitive mismatch regarding the relevance of AI for small businesses. Seizing capability is hampered less by financial constraints than by weak absorptive capacity and challenges in assessing return on investment. Transforming capabilities among early adopters are incremental and highly dependent on external ecosystem support. The study concludes that this adoption gap reflects institutional voids, specifically infrastructure inequality and regulatory uncertainty, rather than a lack of entrepreneurial will. These findings refine the theoretical understanding of technology adoption in developing economies and offer strategic guidance for policymakers and technology providers.
Copyright (c) 2025 Dadet Sugiarto, Eryco Muhdaliha, Jemmy Jemmy, Selamet Riyadi (Author) https://creativecommons.org/licenses/by-sa/4.0
The Role of Brand Image in Mediating Sales Promotion and Perceived Ease of Use Toward Purchase Decisions for Fashion Products Among Zalora Marketplace Consumers in Jember
This study aims to analyze the influence of sales promotion and perceived ease of use on purchasing decisions of fashion products among Zalora consumers in Jember, with brand image as a mediating variable. This research employs a quantitative approach by distributing questionnaires to respondents who have made purchases through the Zalora platform. Data were analyzed using Partial Least Square (PLS) to examine both the structural model and measurement model, enabling evaluation of direct and indirect relationships among the research variables. The results indicate that sales promotion and perceived ease of use have a positive and significant influence on purchasing decisions. Furthermore, sales promotion and perceived ease of use are found to positively affect brand image. The findings also show that brand image significantly influences purchasing decisions. Mediation testing confirms that brand image mediates the relationship between sales promotion and perceived ease of use on purchasing decisions, demonstrating the strategic role of brand image in strengthening the impact of marketing stimuli and digital platform experience on consumer purchasing decisions on Zalora in Jember.
Copyright (c) 2025 Ardini Manzilatun Nikmah, Raden Andi Sularso, Bambang Irawan (Author) https://creativecommons.org/licenses/by-sa/4.0
Circular Economy Practices and Profitability in Indonesian Manufacturing: Structural Enablers, Barriers, and Sectoral Divergence
The shift toward a circular economy has become increasingly important for Indonesia’s manufacturing industry as firms face rising material costs, environmental pressures, and global competitiveness demands. However, evidence on the profitability implications of circular practices remains fragmented and sector-dependent. This study examines how circular economy implementation influences profitability in Indonesian manufacturing firms through a Systematic Literature Review guided by the PRISMA 2020 protocol. Forty-two relevant studies were synthesized to evaluate the economic effects of practices such as recycling, remanufacturing, industrial symbiosis, eco-design, and service-based business models. The findings indicate that circular adoption enhances profitability mainly through cost efficiency, reduced reliance on virgin materials, operational stability, and new revenue creation. Nevertheless, profitability outcomes diverge across sectors and firm types, shaped by technological readiness, supply chain maturity, access to capital, regulatory certainty, and human capital capability. This review contributes by clarifying the structural conditions under which circular economy practices translate into financial gains in emerging manufacturing contexts.
Copyright (c) 2025 Fitria Husnatarina (Author) https://creativecommons.org/licenses/by-sa/4.0
Fiscal Efficiency and Public Service Innovation in the Era of Digitalization of Indonesian Government
This study examines how digital transformation influences fiscal efficiency and public service innovation in Indonesia by integrating global evidence with national policy analysis. Using a mixed method approach that combines conceptual frameworks with secondary data on Indonesia’s digital governance initiatives, the study finds that digital transformation contributes to fiscal optimization through administrative simplification, improved transparency, automated workflows and enhanced data integration. Innovations such as e procurement, online licensing and digital budgeting demonstrate measurable reductions in transaction costs and increased accountability in several regions. However, the effectiveness of these initiatives is constrained by structural barriers including unequal digital infrastructure, limited human resource capacity, fragmented interoperability, cultural resistance and inconsistent leadership commitment across administrative levels. Governance dynamics within Indonesia’s decentralized system produce variations in digital readiness, which in turn shape the extent of efficiency gains and service improvements. The study concludes that digital transformation can significantly enhance fiscal performance when supported by coordinated regulatory frameworks, strengthened institutional capacity, standardized data governance and sustained investment. These findings highlight the need for integrated national strategies that combine technological development with organizational reform to ensure inclusive and long term public sector modernization.
Copyright (c) 2025 Muh. Nur (Author) https://creativecommons.org/licenses/by-sa/4.0