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All Journal Grimsa Journal of Business and Economics Studies Proceeding Of International Conference On Education, Society And Humanity
Muhammad Abrar
Department of Economics, Faculty of Economics and Business, Universitas Syiah Kuala, Banda Aceh, Indonesia
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Energy Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences

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THE ROLE OF HUMAN CAPITAL IN MODERATING THE INFLUENCE OF MSME INVESTMENT AND GROSS FIXED CAPITAL FORMATION ON INCLUSIVE ECONOMIC GROWTH IN INDONESIA Yusnidar Yusnidar; Srinita Srinita; Muhammad Abrar
PROCEEDING OF INTERNATIONAL CONFERENCE ON EDUCATION, SOCIETY AND HUMANITY Vol 3, No 1 (2025): Three International Conference on Education, Society and Humanity
Publisher : PROCEEDING OF INTERNATIONAL CONFERENCE ON EDUCATION, SOCIETY AND HUMANITY

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Abstract

This study investigates the short-run effects of Micro, Small, and Medium Enterprise (MSME) investment and Gross Fixed Capital Formation (GFCF) on inclusive economic growth in Indonesia, with human capital included as a moderating variable. Using annual time-series data from 1990 to 2024 sourced from the World Bank, the analysis applies Moderated Regression Analysis (MRA) to evaluate the interaction between investment and human capital. The empirical findings show that MSME investment and human capital exert strong and significant positive influences on inclusive growth, while GFCF demonstrates a positive but relatively modest direct impact. Furthermore, human capital significantly enhances the effects of both MSME investment and GFCF, emphasizing its role as a catalyst in improving investment productivity and inclusiveness. This study provides updated empirical evidence on Indonesia’s investment–growth nexus by applying an interaction-based MRA framework to long-term data, highlighting the strategic importance of integrating human capital development within investment-driven growth policies.
The Effects of Manufacturing and Trade Sector Performance, Investment, and Minimum Wages on Open Unemployment in Indonesia Muhammad Ichsan Maulana; Taufiq C. Dawood; Muhammad Abrar
Grimsa Journal of Business and Economics Studies Vol. 4 No. 1 (2027): January 2027 (In Press)
Publisher : Graha Primera Saintifika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61975/gjbes.v4i1.138

Abstract

This study is motivated by the persistently high open unemployment rate (TPT) in Indonesia, which remains a significant labor market challenge despite continuous economic growth. This study examines how sectoral economic performance, investment, minimum wage policies, and demographic factors influence unemployment dynamics across Indonesian provinces. Specifically, this study aims to analyze the effects of Gross Regional Domestic Product (GRDP) and realized investment in the manufacturing and trade sectors, Provincial Minimum Wage (UMP), and population size on the Open Unemployment Rate in Indonesia. This study employs a quantitative approach using secondary panel data covering 34 provinces in Indonesia during the period 2010–2024. The analytical method applied is panel data regression, with the Fixed Effects Model (FEM) selected as the most appropriate estimation model based on model specification tests. The results indicate that all independent variables jointly have a significant effect on the Open Unemployment Rate, with the model explaining 66% of the variation in unemployment levels. Individually, manufacturing sector Gross Regional Domestic Product (GRDP) has a positive and significant effect on the Open Unemployment Rate, whereas realized investment in the manufacturing sector and the Provincial Minimum Wage have negative and significant effects. Meanwhile, trade sector GRDP, realized investment in the trade sector, and population size do not exhibit statistically significant effects. These findings suggest that manufacturing sector performance, manufacturing investment, and minimum wage policies play important roles in shaping unemployment dynamics, although their effects differ in direction. Therefore, employment policies should prioritize labor-absorbing investment, enhance productivity in the manufacturing sector, and ensure that economic growth is accompanied by the creation of quality employment opportunities while maintaining an appropriate balance between wage policies and labor market conditions.
Co-Authors Muhammad Ichsan Maulana Srinita Srinita Taufiq C. Dawood Yusnidar Yusnidar