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 : Olyvia Rosalia, S.E Managing Editor : Rosmaria Assistant Editor : Sefiani Dwi Azmi Publisher : PT. Anagata Sembagi Education Accreditation : Index Copernicus International
Evaluation of the Effectiveness of Post-Pandemic MSME Tax Incentives on Local Economic Performance
This study evaluates the effectiveness of post-pandemic tax incentives for micro, small, and medium enterprises in Indonesia and examines their impact on local economic performance. Using a combined conceptual and policy analysis approach, the research assesses how behavioural, structural, and institutional factors mediate the ability of MSMEs to convert tax relief into meaningful economic outcomes. The findings indicate that MSME responses to tax incentives are strongly influenced by business formality, liquidity constraints, digital readiness, sectoral composition, and information accessibility. Regions with stronger administrative capacity, higher digitalization, and greater purchasing power demonstrate more substantial improvements in employment recovery, business reopening rates, and local consumption. Structural factors such as regulatory clarity, financial inclusion, supply chain integration, human capital quality, and infrastructure development further shape the sustainability of tax incentive impacts. The study concludes that while tax incentives play an important role in supporting MSME recovery, their long-term effectiveness depends on broader institutional reforms that enhance administrative capability, promote digital access, strengthen financial systems, and improve local governance. Strengthening these structural conditions will expand the capacity of MSMEs to benefit from fiscal incentives and contribute to more resilient and inclusive local economic growth.
Copyright (c) 2025 Loso Judijanto (Author) https://creativecommons.org/licenses/by-sa/4.0
The Implications of the Global Minimum Tax on the Tax Strategies of Multinational Companies in Indonesia
This study analyzes the implications of the Global Minimum Tax for the tax strategies of multinational enterprises operating in Indonesia. Using a mixed conceptual policy approach, the research integrates doctrinal analysis of the Global Anti-Base Erosion framework with an economic evaluation of multinational behavioral responses. The findings show that the Global Minimum Tax fundamentally reshapes incentives for profit shifting, tax arbitrage, and the use of preferential regimes. Multinational enterprises are expected to revise strategies related to intellectual property placement, intra-group financing, and transfer pricing as low-tax structures lose effectiveness under top-up tax mechanisms. For Indonesia, the policy impact is substantial: traditional tax incentives such as holidays and special economic zone benefits become less attractive, prompting a shift toward expenditure-based and non-tax incentives. The study further reveals that Indonesia must strengthen regulatory certainty, administrative capacity, and digital tax infrastructure to implement the Global Minimum Tax effectively. Strategic adjustments are also required in investment policy, emphasizing infrastructure quality, human capital, and institutional stability as key competitiveness drivers. The research concludes that the Global Minimum Tax presents both opportunities and challenges for Indonesia, offering potential revenue gains while demanding comprehensive structural reforms to maintain investment attractiveness and align with global tax standards.
Analysis of Factors Affecting Tax Aggressiveness in Public Companies
This study analyses the factors that influence tax aggressiveness in public companies by examining the interaction between company financial characteristics, governance structure, and institutional environment. Using a quantitative panel data research design, this study evaluates 84 firm-year observations from Indonesia and Malaysia using fixed effects and random effects models to test how leverage, profitability, company size, ownership concentration, and governance quality influence tax aggressiveness as measured by cash effective tax rate and book-tax differences. The findings show that higher leverage and profitability increase tax aggressiveness, while greater board independence and better audit quality decrease it. Institutional factors such as regulatory enforcement, legal clarity, and audit intensity moderate corporate behaviour and shape the level of tax aggressiveness. The results of the study reveal that tax aggressiveness is not driven by a single variable, but is the result of a combination of financial incentives and institutional opportunities. Companies operating in a weak regulatory environment exhibit higher tax aggressiveness, confirming the role of institutional quality in shaping compliance. This study concludes that reducing tax aggressiveness requires comprehensive reforms that integrate the strengthening of corporate governance with improvements in law enforcement and regulatory clarity. These findings contribute by offering a multidimensional analysis that combines internal and external determinants of tax behaviour
Evaluation of Double Taxation Agreements (DTAs) in Preventing Double Taxation in the Digital Economy Era
This study analyzes the determinants of tax aggressiveness in public companies by examining the interaction between firm-level financial characteristics, corporate governance structures, and institutional environments. Employing a quantitative panel-data design, the study evaluates 84 firm-year observations from Indonesia and Malaysia, using fixed-effects and random-effects models to test how leverage, profitability, firm size, ownership concentration, and governance quality influence tax aggressiveness measured through cash effective tax rates and book-tax differences. The findings indicate that higher leverage and profitability significantly increase tax aggressiveness, while stronger board independence and higher audit quality reduce it. Institutional factors, including regulatory enforcement, legal clarity, and audit intensity, moderate firm behavior and shape the extent of aggressive tax practices. The results reveal that tax aggressiveness is not driven by isolated variables but emerges from combined financial incentives and institutional opportunities. Firms in weaker regulatory environments exhibit higher aggressiveness, demonstrating the role of institutional quality in shaping compliance. The study concludes that reducing tax aggressiveness requires comprehensive reforms that integrate improvements in corporate governance with strengthened enforcement and regulatory clarity. The findings contribute to the literature by offering a multidimensional analysis that bridges firm-level and institutional determinants of tax behavior
The Impact of Thin Capitalisation Rules on Corporate Tax Burden: Evidence from the Emergen Market
This study examines the impact of thin capitalization rules on corporate tax burdens in emerging markets, focusing on firm-level behavioural responses and policy effectiveness in Indonesia and Malaysia. Using a panel dataset of 78 firm-year observations drawn from 2015 to 2022, the study applies fixed-effects and random-effects regression models to assess changes in leverage, interest expenses, effective tax rates, and book tax differences following the implementation of thin capitalization rules. The findings indicate that the regulations significantly reduce corporate leverage and related-party interest expenses, consequently increasing cash effective tax rates among heavily leveraged firms. The results further show that firms engage in substitution toward non-debt tax planning channels when interest deductions are restricted, highlighting behavioural adaptability in response to regulatory pressure. Differences in regulatory effectiveness between Indonesia and Malaysia underscore the importance of enforcement capacity and administrative consistency in shaping compliance outcomes. The study concludes that thin capitalization rules contribute meaningfully to reducing debt-based profit shifting but require complementary tax governance reforms to maximize their impact. The results provide empirical insights relevant for policymakers seeking to strengthen corporate tax bases in emerging markets.
Digital Financial Risk Control: Challenges and Innovation In The Modern Financial System
The rapid expansion of Indonesia’s digital financial ecosystem has significantly advanced financial inclusion and innovation through the growth of fintech platforms, digital payments, and crypto-asset adoption. However, this transformation introduces multifaceted risks, including cyber threats, data breaches, digital fraud, regulatory uncertainty, and money-laundering vulnerabilities associated with crypto-assets and decentralized finance. This study employs a systematic literature review to examine the challenges and innovations in digital financial risk control within Indonesia’s fintech and digital asset sectors. Findings indicate that effective risk mitigation relies heavily on regulatory coordination, advanced supervisory technology, consumer digital literacy, and robust data protection practices. RegTech and SupTech innovations powered by artificial intelligence support real-time risk monitoring and enhance compliance with global standards such as FATF recommendations. Nevertheless, successful digital financial governance also requires algorithmic accountability and ethical technology deployment. This study underscores that safeguarding stability, trust, and consumer protection is essential to achieving a secure and inclusive digital financial system while enabling responsible innovation.
Copyright (c) 2025 Supiati Supiati (Author) https://creativecommons.org/licenses/by-sa/4.0
The Application of Blockchain Technology in Stock Trading Efficiency
Indonesia’s stock market has grown rapidly in volume and retail participation, creating increasing pressure on market infrastructures to deliver faster, more transparent, and more secure end-to-end processes. This study examines the potential of blockchain technology to enhance the efficiency of stock trading processes, covering trade execution at the Indonesia Stock Exchange, clearing performed by the Indonesia Clearing and Guarantee Corporation, and settlement and asset recording conducted by the Indonesian Central Securities Depository. Using a systematic literature review, the study synthesizes evidence from reputable academic databases and institutional publications through a structured selection approach and critical appraisal. The findings indicate that blockchain introduces substantial opportunities to accelerate transaction processing, strengthen data integrity, streamline clearing workflows, enable near real-time settlement, and automate corporate actions through smart contracts. Nevertheless, the study also reveals significant challenges, including limitations in scalability, infrastructure investment requirements, regulatory gaps, governance complexity, and the need for high-level technical readiness among market institutions. The study concludes that blockchain can serve as a transformative infrastructure for Indonesia’s capital market, provided its implementation follows a phased approach supported by rigorous pilot testing and clear regulatory frameworks.
Copyright (c) 2025 Vidya Ramadhan Putra Pratama (Author) https://creativecommons.org/licenses/by-sa/4.0
Financial Risk Management in Facing the Economic Crisis in Bangka Belitung Province
This research article discusses the importance of financial risk management in facing the economic crisis in Bangka Belitung Province, this region has great economic potential, especially in the mining and tourism sectors, but is also vulnerable to the global economic crisis, this study aims to analyze the condition of financial risk management in Bangka Belitung Province and identify the types of financial risks faced by companies and financial institutions. This study uses a case study method and secondary data analysis from provincial economic reports, the results of the study indicate that Bangka Belitung Province has relatively stable economic growth, but still faces significant financial risks, therefore effective financial risk management is needed to face the economic crisis. Effective financial risk management can help companies and financial institutions in Bangka Belitung Province to identify, measure and manage financial risks effectively, this can be done by developing appropriate risk management strategies, improving credit quality and strengthening the stability of the financial system. Thus, this study can contribute to the development of financial risk management in Bangka Belitung Province and help companies and financial institutions to face the economic crisis better, this study can also be a reference for local governments and related institutions in developing policies to improve the economic resilience of Bangka Belitung Province
Copyright (c) 2025 Suhardi Suhardi (Author) https://creativecommons.org/licenses/by-sa/4.0
Consumer Behavior toward Digital Transactions Using QRIS: A Technology Acceptance Model (TAM) Approach
This study aims to analyze consumer behavior toward digital transactions using the Quick Response Code Indonesian Standard (QRIS) through the Technology Acceptance Model (TAM) framework. A quantitative descriptive approach was applied to examine the relationships among perceived usefulness (PU), perceived ease of use (PEOU), attitude toward use (ATU), and behavioral intention (BI) in determining consumer acceptance of QRIS. Data were collected from active users of digital payment systems in Indonesia and analyzed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) method. The findings reveal that perceived usefulness and perceived ease of use significantly influence users’ positive attitudes toward QRIS, which subsequently enhance their behavioral intention to use. Trust and perceived security also play crucial roles in reinforcing the relationship between attitude and intention. Theoretically, this research confirms the robustness of the TAM framework within the context of financial technology adoption in developing economies. Practically, the study provides strategic implications for monetary authorities and digital payment providers to increase QRIS adoption through user experience enhancement, digital literacy programs, and stronger regulatory measures for transaction security.
Copyright (c) 2025 R. Suprono Wahyujatmiko (Author) https://creativecommons.org/licenses/by-sa/4.0
Corporate Social Responsibility (CSR) as an Instrument of Economic Justice
This study examines Corporate Social Responsibility (CSR) as a strategic instrument for achieving economic justice in the context of global corporate transformation. The research adopts a qualitative descriptive approach focusing on the economic institutional framework to analyze how CSR contributes to redistributive mechanisms, economic empowerment, and inclusive growth. Data were collected through semi-structured interviews with CSR managers from multinational companies in the energy, mining, and manufacturing sectors, complemented by secondary data from sustainability reports and global policy documents such as those by the OECD, UNDP, and GRI. The findings reveal that CSR has shifted from philanthropic activities toward a strategic economic mechanism capable of reducing inequality and fostering social inclusion. Firms that integrate CSR into their core economic strategy exhibit higher levels of supply chain resilience, stakeholder trust, and community welfare. The study also highlights that empowerment-based CSR programs, particularly those supporting local entrepreneurship and inclusive digitalization, significantly improve community income and business performance. Furthermore, CSR is found to drive long-term corporate transformation through sustainability-oriented innovation and stakeholder capitalism, aligning business profitability with distributive justice and institutional resilience. In conclusion, CSR functions not only as a moral obligation but also as a redistributive economic policy tool essential for achieving sustainable and equitable growth in the global economy.
Copyright (c) 2025 Berilian Ayu Kusuma, Sri Wahyuni Jumadi, Pramidazzura Alifa Rifqi (Author) https://creativecommons.org/licenses/by-sa/4.0
QRIS-Based Digital Marketing: Collaborative Strategies between Merchants and Financial Service Providers
This study aims to analyze the implementation of the Quick Response Code Indonesian Standard (QRIS) as a collaborative digital marketing strategy between merchants and financial service providers in Indonesia. Using a descriptive qualitative approach, this research explores the relationship between QRIS adoption, business collaboration, and its impact on transaction efficiency and MSME competitiveness in the digital economy. Data were collected through semi-structured interviews with MSME owners from the retail, culinary, and service sectors, as well as representatives from financial institutions involved in the QRIS ecosystem. The findings reveal that QRIS integration enhances transaction efficiency, strengthens consumer trust, and expands market access for small businesses. The collaboration between merchants and financial providers creates shared value through the utilization of transaction data as a foundation for marketing decision-making. Moreover, QRIS contributes to accelerating financial inclusion and reducing digital inequality across regions. Nonetheless, challenges remain, particularly in addressing limited digital literacy and infrastructure in rural areas. This study concludes that QRIS functions not only as a financial innovation but also as a strategic instrument for developing an inclusive, efficient, and sustainable digital marketing ecosystem for MSMEs in Indonesia.
Copyright (c) 2025 waqiah, Misfah Muslimawati, Farhatun Zaidah (Author) https://creativecommons.org/licenses/by-sa/4.0
Upper and Lower Auto Rejection (ARA-ARB) Policy on the Indonesia Stock Exchange: an Analysis of its Compliance with the Principles of Islamic Economic Law
High stock price volatility can trigger market instability and increase the risk of investor losses. To manage such fluctuations, the Indonesia Stock Exchange (IDX) implements the Auto Rejection Upper and Lower (ARA–ARB) policy as a daily price movement limit. In the context of the Islamic capital market, it is essential to examine whether this policy aligns with Islamic economic law and the objectives of maqāṣid al-sharī‘ah, particularly in promoting justice (‘adl), avoiding excessive uncertainty (gharar), and ensuring public welfare (maslahah). This study aims to analyze the conformity of the ARA–ARB mechanism with these principles. The research employs a normative-doctrinal approach through document analysis of regulatory texts, including IDX Board of Directors’ Decrees, OJK regulations, and DSN-MUI Fatwas, complemented by literature review and synthesis of empirical studies from 2020 to 2023. The findings indicate that, from a normative perspective, the ARA–ARB policy is consistent with maqāṣid al-sharī‘ah as it helps reduce extreme volatility, minimizes gharar, ensures fairness and transparency, and is free from elements of riba. Empirically, ARA–ARB provides positive signals toward abnormal returns under certain conditions, although often followed by a short-term decline in trading volume. This implies a trade-off between price stability and market liquidity. The study recommends regular sharia compliance evaluations, enhanced involvement of the Sharia Supervisory Board, and improved transparency and investor literacy to ensure that the implementation of ARA–ARB remains consistent with Islamic principles while supporting a stable and resilient capital market in Indonesia.
Copyright (c) 2025 Muflih Adi Laksono (Author) https://creativecommons.org/licenses/by-sa/4.0
MSME Price Adjustment Strategy in Local Market Competition in Surabaya: A Review of Price Theory
Micro, Small, and Medium Enterprises (MSMEs) in Surabaya face complex challenges in establishing competitive pricing strategies amid dynamic local market competition. This study uses a systematic literature review approach to identify relevant price theories, analyze the price adjustment practices of MSMEs, and map challenges and opportunities in the context of the Surabaya market. Of the 943 publications identified, 27 selected articles were analyzed using thematic synthesis. The findings show that the majority of MSMEs (68%) still apply the cost-plus pricing model because of its convenience, but the trend towards value-based pricing (22%) and dynamic pricing (8%) is starting to be seen in MSMEs with higher digital literacy. External factors such as digitalization, consumer behavior, and innovation-based competition are key determinants of the success of a pricing strategy. Pricing training and the adoption of predictive technology have been proven to increase the efficiency and competitiveness of MSMEs. This research provides theoretical contributions through the synthesis of pricing models in the context of local MSMEs, as well as practical contributions in the form of strategic recommendations for business actors and policymakers.
Copyright (c) 2025 Juliani Pudjowati, Susi Tri Wahyuni (Author) https://creativecommons.org/licenses/by-sa/4.0
Exploring the Role of HR Intervention Programs in Reducing the Impact of Toxic Leadership on Employee Switching Intentions
Toxic leadership is a phenomenon that has a serious impact on the psychological well-being of employees and increases the intention to change jobs. To answer this challenge, this study aims to analyze the role of HR intervention programs in mitigating the impact of toxic leadership on turnover intention. The study used a quantitative approach with a survey design, involving 300 respondents from various departments and departments in organizations that had implemented HR intervention programs. Data were collected through a Likert scale-based questionnaire and analyzed using multiple regression and bootstrap mediation tests. The results showed that toxic leadership had a significant positive effect on job transfer intention (β = 0.52; p < 0.001). In contrast, HR intervention programs had a significant negative effect on job transfer intention (β = –0.33; p < 0.01), with a model contribution of R² = 0.47. Furthermore, HR programs have been shown to partially mediate the relationship between toxic leadership and conversion intentions, so that while direct influence remains, the impact can be suppressed through HR mechanisms. In conclusion, HR interventions play an important role in increasing employee retention, but their effectiveness will be optimal when accompanied by leadership behavior transformation. These findings confirm that HR is not only administrative, but also strategic in maintaining organizational sustainability.
Copyright (c) 2025 Indra Pratama, Kholid Ansori (Author) https://creativecommons.org/licenses/by-sa/4.0
The Effectiveness of Digital Marketing in Increasing Sales on E-Commerce in Indonesia
This study aims to analyze the effectiveness of digital marketing in increasing sales in e-commerce in Indonesia. The background of the study is based on the increasing use of digital marketing strategies by business actors, but not all are able to experience a significant impact on sales results. This study used a descriptive qualitative method with data collection techniques such as in-depth interviews, observation, and documentation with e-commerce business actors, marketing managers, and consumers. Data analysis was conducted using the Miles and Huberman approach through data reduction, data presentation, and drawing conclusions. The results show that digital marketing strategies, specifically social media, SEO/SEM, and influencer marketing, have proven effective in increasing brand awareness and interaction with consumers. Significant sales increases are experienced by business actors who consistently implement these strategies, while MSMEs face obstacles such as limited resources, high advertising costs, and intense competition. Supporting factors for success include content creativity, utilization of analytical data, and direct interaction with consumers. This study confirms that the effectiveness of digital marketing is greatly influenced by the strategy, consistency, and capacity of business actors, as well as the need for ecosystem support for MSMEs to compete sustainably.
Copyright (c) 2025 Firmannudin Firmannudin (Author) https://creativecommons.org/licenses/by-sa/4.0
Green Financial Management: Environmentally Friendly Financing Strategies in Manufacturing Companies
The manufacturing industry plays a central role in economic growth but remains one of the largest contributors to carbon emissions, energy consumption, and environmental degradation. In response to growing sustainability pressures, this study investigates the development of a contextualized green financial management (GFM) framework for Indonesian manufacturing firms, emphasizing the integration of green financing instruments and technological innovation. A descriptive qualitative approach was employed, involving in-depth interviews with financial managers and environmental stakeholders, complemented by analysis of annual reports, sustainability disclosures, and government regulations. Data were processed through reduction, thematic categorization, and triangulation to ensure validity. The findings reveal that the adoption of green financial instruments such as green bonds, green loans, and sustainability-linked credits remains limited due to high issuance costs, regulatory uncertainty, and weak institutional support. However, firms implementing technological innovations including cleaner production technologies, renewable energy, and digital monitoring systems showed greater eligibility for green financing. Weaknesses in sustainability reporting and fragmented disclosure frameworks further hinder investor trust, while collaborative partnerships with government agencies, NGOs, and multilateral banks significantly improve access to sustainable capital. In conclusion, a GFM framework for Indonesian manufacturing firms should be built upon three pillars: accessible financing instruments, integration of technological innovation, and strengthened institutional ecosystems. This framework is expected to enhance competitiveness, attract sustainable investment, and accelerate the transition toward a low-carbon economy.
Copyright (c) 2025 Abdul Wahab (Author) https://creativecommons.org/licenses/by-sa/4.0
Financial Well-Being as a Management Strategy: Linking Employee Well-Being to Company Performance
Employee financial well-being is a strategic aspect of human resource management that directly impacts psychological stability, motivation, and individual performance. A stable financial condition reduces economic stress, allowing cognitive capacity to focus on achieving work targets and increasing productivity. This study used a qualitative method with a literature review approach to analyze the relationship between financial well-being and company performance, while also identifying effective implementation strategies. The results of the literature synthesis indicate that financial well-being contributes to reduced turnover rates, absenteeism, and work errors, as well as strengthening a positive work culture and team cohesion. Support programs such as financial literacy, access to soft financing, and insurance protection serve as psychological buffers and instruments for mitigating external risks. Integrating these concepts into HR policies supports the achievement of Sustainable Human Resource Management (SHRM) and internal Corporate Social Responsibility (CSR) goals. Furthermore, the positive reputation created strengthens employer branding, attracts quality talent, and creates a competitive advantage that is difficult to replicate. Thus, financial well-being is not merely a welfare policy, but rather a strategic foundation that synergizes an organization's economic, social, and cultural goals in a sustainable manner
Copyright (c) 2025 Adrian Eka Darma Serang, Nasrullah Djamil, Tiara Nirmala, IGP Ratih Andaningsih (Author) https://creativecommons.org/licenses/by-sa/4.0
The Linkage Between Blue Economy and Digital Tourism: Platform-Based Monetization Strategies for Marine Ecosystems
The integration of the blue economy and digital tourism has become a key driver of sustainable development in coastal regions. This study examines the interlinkage between these two concepts and explores platform-based monetization strategies for marine ecosystems. To quantitatively analyze the relationship between digital technology adoption, platform monetization efficiency, and the sustainability of marine ecosystems within the framework of the blue economy and digital tourism. This research employed a quantitative approach using Structural Equation Modeling (SEM) on 85 marine tourism destinations in Indonesia selected through purposive sampling. Data were collected through online surveys of tourism destination managers and secondary digital platform data spanning 2022–2024. The structural model demonstrated that digital technology adoption significantly influences monetization efficiency (β = 0.742, p < 0.001), which in turn positively impacts ecosystem sustainability (β = 0.631, p < 0.001). Digital platforms increased average revenue by 45–78% and operational efficiency by 32–56% across marine tourism destinations. Platform-based monetization strategies have proven effective in integrating the blue economy with digital tourism, though adequate infrastructure and skilled human resources remain prerequisites.
Copyright (c) 2025 Marvina Anan Dita (Author) https://creativecommons.org/licenses/by-sa/4.0
Simulation of a Cashless Future Economy: Implications for Monetary Stability and Financial Inclusion
This study analyzes the impact of the transition to a cashless economy on monetary stability and financial inclusion. Using a quantitative approach with secondary data analysis from 81 countries, the study evaluates the nonlinear relationship between financial inclusion and financial stability. The results indicate that the elimination of cash could enhance financial inclusion through digital technologies, but it also poses risks to monetary stability, particularly in countries with large informal sectors. A U-shaped relationship between financial inclusion and financial stability is observed, where early-stage inclusion stabilizes the financial system, but excessive inclusion without proper regulation can create new risks. Fintech technology plays a positive role in promoting inclusion with limited short-term risks to stability. The main barriers to financial inclusion include low financial literacy, high costs, lack of identity documents, and gender barriers. Effective solutions include service digitalization, financial education, and cross-sector collaboration. This study contributes to understanding the complex trade-off between stability and inclusion in the context of a digital economy.
Copyright (c) 2025 Aulia Nur Azizah (Author) https://creativecommons.org/licenses/by-sa/4.0
Local Economy Coinization: The Potential of Regional Cryptocurrency to Strengthen the Competitiveness of Traditional Markets
This research examines the potential implementation of regional cryptocurrency or local economic coinization as an innovative strategy to strengthen traditional market competitiveness. Through a systematic literature review of 30 recent studies, this research analyzes the opportunities, challenges, and impacts of regional crypto on transaction efficiency, financial inclusion, and economic diversification. Findings show that regional crypto can improve transparency, reduce overhead costs, and expand access to global markets. Case studies in Australia, Latin America, and Asia demonstrate that crypto adoption is driven by novelty effects, ease of adoption, and low transaction costs. However, implementation faces significant challenges including regulatory uncertainty, price volatility, lack of digital literacy, and consumer trust issues. This research finds that crypto can enhance economic competitiveness through blockchain technology innovation, increased competition, and GDP growth, but also brings risks of market manipulation, environmental impact, and economic instability. The research conclusion emphasizes that the success of local economic coinization depends heavily on adaptive regulation, improved digital literacy, and readiness of local technology ecosystems.
Copyright (c) 2025 Farkhatun Zaidah (Author) https://creativecommons.org/licenses/by-sa/4.0
The Influencer Economy and the Multiplier Effect on the Value Chain of Local Products
This research analyzes the impact of the influencer economy on the multiplier effect in the value chain of local products through a quantitative approach. Digital transformation and the role of digital influencers have transformed the dynamics of local product marketing, creating significant multiplier effects on regional economies. Using quantitative analysis methods, this study measures the magnitude of multiplier effects on various aspects of the local product value chain, including income, employment, and added value. The research results show that the influencer economy generates output multipliers of 1.4-1.6 for local products, with the most significant effects in the food sector and quality products with quality labels. Digitalization through short marketing channels and e-commerce platforms has been proven to strengthen local multiplier effects with LM3 values > 2. This research contributes to theoretical understanding of multiplier effect mechanisms in the digital era and provides practical implications for regional economic development through optimizing the role of digital influencers in local product marketing.
Green Economy and Its Influence on Foreign Direct Investment in Indonesia
This study aims to analyze the impact of green economy policies on Foreign Direct Investment (FDI) flows in Indonesia, focusing on sectors that support sustainability, such as renewable energy, green technology, sustainable agriculture, and waste management. The approach used was a data panel regression analysis, which examined the relationship between green economic policies (independent variables) and FDI flows (dependent variables), with controls for macroeconomic variables such as GDP and inflation. The data used are secondary, obtained from reliable sources such as the Investment Coordinating Board (BKPM) and Bank Indonesia, with a period of 2010-2023.The results of the regression analysis show that green economy policies, including renewable energy and sustainable agriculture policies, do not have a significant influence on FDI flows. The insignificant coefficient and p-value on most variables indicate that the policy has not been effective enough in attracting foreign investment. Nonetheless, sectors related to green policies show the potential to increase FDI with improved policies and regulations. The conclusion of this study is that Indonesia needs to strengthen green economy policies, increase incentives, and improve infrastructure and regulations to attract more FDI in the green sector.
Copyright (c) 2025 Ni Luh Ketut Ayu Sudha (Author) https://creativecommons.org/licenses/by-sa/4.0
Analysis of the Economic Impact of Sustainable Tourism on Increasing Regional Income
This study aims to analyze the economic impact of sustainable tourism on increasing regional income in Indonesia. Using a quantitative approach with a survey method, primary data was collected through questionnaires distributed to 150 tourism industry players, including hotel managers, restaurants, travel agents, and MSMEs directly involved in the tourism sector. This survey aims to measure the perception of industry players on the impact of sustainable tourism policies on their income. The results of multiple linear regression analysis showed that the variables of sustainable tourism adoption rate, number of tourists, and infrastructure investment had a significant influence on increasing regional income. In particular, the adoption rate of sustainable tourism contributes 45% to the increase in regional income, with an increase in the number of tourists and infrastructure investment also having a positive impact. In addition, the MSME sector that adopts sustainable tourism policies has experienced an increase in revenue, especially in handicrafts, restaurants, and tourist transportation businesses. However, challenges such as lack of coordination between relevant parties and limited infrastructure are still faced. This study recommends increased coordination and investment in infrastructure to strengthen the economic impact of sustainable tourism.
Copyright (c) 2025 Victor Pasalbessy (Author) https://creativecommons.org/licenses/by-sa/4.0
The Dynamics of an Electric Vehicle-Based Mobility Sharing Economy in Densely Populated Cities
Urban population growth in developing countries has intensified challenges in urban mobility, including traffic congestion, rising transportation costs, and worsening air pollution. Electric vehicle (EV)-based sharing mobility emerges as a promising alternative by combining the principles of the sharing economy with clean transportation solutions. This study aims to analyze the economic dynamics of EV-sharing in densely populated cities, focusing on cost efficiency, emissions reduction, local economic opportunities, and operational challenges. A qualitative descriptive approach was employed, combining systematic literature review of 2019–2025 scholarly works, institutional reports, and policy documents, complemented by case comparisons from Asia and Africa. Data were analyzed thematically and validated through triangulation across multiple sources. Findings indicate that EV-sharing reduces per-kilometer travel costs by lowering energy and maintenance expenses, while simultaneously cutting carbon emissions and improving urban air quality. Moreover, the system fosters local economic opportunities through new jobs in charging infrastructure, fleet management, and battery services, as demonstrated by cases such as Yulu in India and Oyika in Southeast Asia. Nonetheless, challenges persist, particularly limited charging infrastructure, grid instability, high initial investment, regulatory weaknesses, and socio-cultural adoption barriers. Overall, EV-sharing represents not only a sustainable transportation solution but also a catalyst for economic transformation in the clean energy transition era of developing cities.
Copyright (c) 2025 Amelia Hayati (Author) https://creativecommons.org/licenses/by-sa/4.0
Human Resource Management in “Freelance Economy” for Freelance Workers in Surabaya
This study aims to analyze how workers in the freelance economy manage time management, skills, income uncertainty, and provide labor protection. The freelance economy offers flexibility for freelancers in determining their own work schedules, but also presents challenges in terms of income stability and labor protection. This study focuses on freelance workers in Surabaya, with research subjects including freelance photographers, website developers, and Gojek drivers. The research method used a qualitative approach with in-depth interviews with freelance workers. The information obtained was analyzed using thematic analysis to identify patterns and strategies used by freelance workers in managing challenges in their work. The results show that freelance workers implement various strategies in facing their work challenges. In terms of time management, work flexibility allows them to set their own schedules, but without good time discipline, productivity can decline. In terms of skills management, freelance workers must continuously improve their skills through online courses or professional communities to remain competitive. In the face of income uncertainty, freelance workers adopt income diversification and financial planning strategies to mitigate financial risks. In addition, the lack of labor protection is a major problem, where freelance workers do not have access to social security and health insurance, forcing them to seek protection independently. This research has implications for freelance workers, digital platforms, and the government in building a more sustainable freelance economy ecosystem. Clearer regulations are needed to improve freelance worker protection, as well as more transparent policies from digital platforms regarding incentive and rating systems.
Copyright (c) 2025 emma maria rompas, jajuk Suprijati (Author) https://creativecommons.org/licenses/by-sa/4.0
Social Accountability in Non-Profit Institutions: The Stakeholder Theory Approach in Social Impact-Based Reporting
Social accountability is a key foundation for the legitimacy and sustainability of non-profit organizations. However, participatory and impact-based social reporting practices have not been fully adopted systematically. This study aims to analyze the influence of a stakeholder approach on the quality of social impact-based reporting in non-profit organizations. Using a quantitative approach and the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method, this study involved 127 respondents from various non-profit organizations in Indonesia that actively publish social reports. The analysis results show that a stakeholder approach that includes participation, dialogue, information disclosure, and responsiveness has a significant influence on the quality of social reporting (β = 0.681; p < 0.001; R² = 46.4%). This finding supports stakeholder theory and strengthens the argument that effective social reporting depends on the active involvement of stakeholders throughout the program management process. Practically, this study suggests the need to strengthen the capacity of participatory impact-based reporting and adopt stakeholder engagement mechanisms as part of organizational governance. Thus, social reporting is not only a technical instrument, but also a strategic means to build legitimacy, transparency, and sustainable relationships with the community.
Copyright (c) 2025 Ronald N Girsang (Author) https://creativecommons.org/licenses/by-sa/4.0
The Mediation Role of Job Satisfaction in the Relationship Between Compensation and Work Environment on Employee Performance at the YBE Bright Clinic, Semarang
This study aims to analyze the influence of compensation and work environment on employee performance with job satisfaction as a mediating variable at the YBE Bright Clinic in Semarang City. This study is based on Herzberg's Two-Factor Theory, which emphasizes the importance of motivation and hygiene factors in influencing job satisfaction and performance. This study used a quantitative method with 200 respondents who were permanent employees and selected through a census. Data were collected through a survey using a questionnaire and analyzed using the Structural Equation Modeling (SEM) method based on Partial Least Square (PLS). The results showed that compensation and work environment significantly influenced job satisfaction. Work environment and job satisfaction also had a positive effect on employee performance, while compensation did not have a direct effect on performance. Job satisfaction was proven to mediate the effect of compensation on employee performance. The research model was declared feasible with an SRMR value of 0.056, which is below the cut-off limit of 0.08. These findings emphasize the importance of building a conducive work environment and a supportive compensation system to improve employee satisfaction and performance.
Copyright (c) 2025 Christika Sandra Pramesti, Irawan Yuswono (Author) https://creativecommons.org/licenses/by-sa/4.0
The Effect of Global Commodity Price Volatility on Indonesia's Trade Balance
Indonesia is a country that is highly dependent on the export of primary commodities, such as crude oil, coal, and palm oil (CPO), so that global price fluctuations have a significant impact on the national trade balance. This study aims to analyze the effect of price volatility of these three main commodities on Indonesia's trade balance and evaluate the role of the exchange rate as a control variable. The method used is a quantitative approach with multiple linear regression analysis and the ARCH/GARCH volatility model, using annual data from 2010 to 2024. The results of the analysis show that crude oil price volatility has the largest and most significant impact on the decline in the trade surplus (coefficient -0.58, p < 0.01), followed by coal (-0.42, p < 0.05) and CPO (-0.29, p < 0.1). The GARCH(1,1) model confirms that price volatility is persistent, especially for oil and coal, which means that past price fluctuations influence future volatility. Furthermore, the rupiah exchange rate proved significant as a control variable (–0.37, p < 0.05), reinforcing the negative impact of price fluctuations on trade. The study's conclusions emphasize the importance of export diversification strategies, downstreaming commodity industries, and strengthening risk mitigation instruments such as hedging and exchange rate stabilization in maintaining Indonesia's trade resilience.
Copyright (c) 2025 Ummy Kalsum, Nasrullah Djamil, Tiara Nirmala, Septi wifasari, IGP Ratih Andaningsih (Author) https://creativecommons.org/licenses/by-sa/4.0
Pengathe Effect Of Human Resources Competence On Civil Servant Performance Mediated By Motivation At The Diskoperindag Of Bungo District
The purpose of this study is to analyze the influence of Human Resources (HR) Competence on Civil Servant (PNS) Performance mediated by Motivation at the Department of Cooperatives, SMEs, Industry and Trade of Bungo Regency. The research method used in this study is Descriptive Quantitative with a population and sample of 34 respondents (saturated sampling). Research data analysis was carried out using Partial Least Square (PLS) 4.0. The results of the study indicate that directly (direct effect) HR Competence has a significant effect on Performance HR Competence has a significant effect on Motivation Then Motivation has no significant effect on Performance While indirectly (Indirect Effect) obtained Motivation cannot mediate the influence of HR Competence on Civil Servant Performance at the Department of Cooperatives, SMEs, Industry and Trade of Bungo Regency.
Copyright (c) 2025 Misra Yeni, Erick Muhammad Henriza, Ida Zuliyana, Amran Amran (Author) https://creativecommons.org/licenses/by-sa/4.0
Diamond Fraud Analysis In Detecting Fraud In Financial Reports Using The Beneish M-Score Model (Empirical Study of LQ-45 Companies Listed on the Indonesia Stock Exchange 2018-2022)
This study aims to determine the effect of diamond Fraud on the occurrence of financial statement fraud in the company. Independent variables used in this study are Financial targets, Financial Stability, External Pressure, Opportunity, Rationalization, and Capability. In this study, Financial Statement fraud was measured using Beneish M-Score Model. The population used in this study is companies classified in LQ-45 listed on the Indonesia Stock Exchange (IDX) during the period 2018-2022. The method of determining the sample used in this study is to use purposive sampling method, samples obtained by 20 companies. The Data used is secondary data in the form of financial statements. Data analysis using logistic regression analysis with the help of SPSS software 29. The results of this study showed that the financial Target, Financial Stability, Opportunity, and Rationalization variables had no effect on the potential for financial statement fraud. while external Pressure and Capability variables affect the potential for financial statement fraud.
Copyright (c) 2025 Mairahni Dewi, Sri Wineh, Gita Suliska (Author) https://creativecommons.org/licenses/by-sa/4.0