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All Journal Indonesian Community Empowerment Journal Enigma in Economics
Muhammad Faiz
Department of Administrative Law, Seine Legal Institute, Manado, Indonesia
Religion Humanities Economics, Econometrics & Finance Languange, Linguistic, Communication & Media Medicine & Pharmacology Social Sciences

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Forging Digital Pathways to Prosperity: A Mixed-Methods Inquiry into Digital Literacy, Community Entrepreneurship, and Sustainable Development Goal Attainment in Rural Indonesia Grace Olivia Silalahi; Delia Tamim; Sandro Louise Oliveirra; Abdul Malik; Muhammad Faiz
Indonesian Community Empowerment Journal Vol. 5 No. 2 (2025): Indonesian Community Empowerment Journal
Publisher : HM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37275/icejournal.v5i2.47

Abstract

The proliferation of digital technology presents a monumental opportunity for economic development, yet its benefits remain unevenly distributed, particularly in the rural regions of developing nations like Indonesia. This study investigates the critical role of digital literacy as a catalyst for community entrepreneurship, and its subsequent impact on achieving Sustainable Development Goal 1 (No Poverty) and Goal 8 (Decent Work and Economic Growth). A sequential explanatory mixed-methods design was employed across three diverse rural regencies in Indonesia. The initial quantitative phase involved a multi-stage cluster survey of 525 rural entrepreneurs, with data analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test hypothesized relationships. The subsequent qualitative phase comprised 30 in-depth, semi-structured interviews with entrepreneurs and community leaders, selected purposively from the quantitative sample. Interview data were analyzed using rigorous thematic analysis to explain and enrich the statistical findings. The PLS-SEM analysis revealed that digital literacy has a significant, positive direct effect on both entrepreneurial intention (b=0.451, p<0.001) and entrepreneurial performance (b=0.382, p<0.001). Entrepreneurial performance, in turn, was a strong predictor of progress toward SDG 1 (b=0.523, p<0.001) and SDG 8 (b=0.610, p<0.001). Qualitative findings identified three core mechanisms facilitating these relationships: (1) the use of digital platforms as a gateway to expanded markets, (2) the vital role of informal, peer-to-peer social networks in digital skill acquisition, and (3) the translation of individual entrepreneurial success into community-wide economic benefits through local job creation and value chain development. In conclusion, digital literacy is a foundational capability that directly empowers rural entrepreneurs, driving local economic performance and accelerating progress toward key SDGs. These findings underscore the necessity of moving beyond infrastructure-centric policies to holistic strategies that cultivate digital skills through community-based learning and support the integration of digital tools into local enterprises.
Harnessing the Digital Revolution for Agricultural Succession: A Multi-Site Mixed-Method Study of the 'Petani Muda Keren' (PMK) Community Network and Youth Engagement in Indonesian Food Andi Fatihah Syahrir; Neva Dian Permana; Muhammad Faiz; Selma Fajic
Indonesian Community Empowerment Journal Vol. 5 No. 1 (2025): Indonesian Community Empowerment Journal
Publisher : HM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37275/icejournal.v5i1.52

Abstract

Indonesia faces a critical agricultural succession crisis, with an aging farmer population threatening the nation's long-term food security (SDG 2). Digital agrifood systems (DAS) are posited as a solution to attract youth, but adoption is uneven, and the socio-structural mechanisms facilitating this transition are poorly understood. This study investigates the role of the 'Petani Muda Keren' (PMK - Cool Young Farmers) community network, a rapidly growing grassroots movement, in bridging this gap. We employed a multi-site (West Java, Yogyakarta, West Sumatra) sequential explanatory mixed-method design. First, a quantitative survey (N=300) was conducted with PMK members (n=150) and a matched control group of non-member young farmers (n=150). We used descriptive statistics, independent t-tests, and Ordinary Least Squares (OLS) regression to analyze differences in digital adoption, productivity, and income. Second, qualitative data from 30 in-depth interviews and 6 focus group discussions with PMK leaders, members, village officials, and Ministry of Agriculture representatives were analyzed using thematic analysis to explain the quantitative findings. PMK members demonstrated significantly (p<0.001) higher adoption scores for digital technologies (such as e-commerce, farm management apps, and IoT sensors). On average, PMK members reported 34.5% higher monthly incomes and 22.8% greater farm productivity compared to non-members. The OLS regression model, controlling for education, farm size, and access to credit, confirmed that PMK membership (β=0.282, p<0.01) is a significant positive predictor of farmer income, distinct from the independent, positive effect of the digital adoption score (β=0.347, p<0.001). Qualitative analysis revealed three core mechanisms: (1) peer-to-peer mentorship de-risking technology adoption, (2) collective action for market access via network-branded e-commerce, and (3) the socio-psychological construction of a modern, 'cool' professional farmer identity. In conclusion, community-based networks like PMK function as critical social infrastructure. They are not merely passive adopters of technology but active "social bridges" that translate digital potential into tangible economic and social outcomes. They de-risk digital adoption, aggregate market power, and reframe agriculture as a high-status, viable career for the next generation. Policies aiming to achieve SDG 2 must move beyond simple technology dissemination and invest in fostering and scaling these vital social learning and innovation ecosystems.
The Future of the Firm: A Comparative Institutional Analysis of Transaction Costs in DAOs versus Traditional Corporations Benyamin Wongso; Caelin Damayanti; Muhammad Faiz; Anies Fatmawati; Aylin Yermekova; Delia Tamim; Dais Susilo; Danila Adi Sanjaya; Gayatri Putri
Enigma in Economics Vol. 3 No. 2 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i2.94

Abstract

The emergence of Decentralized Autonomous Organizations (DAOs) presents a fundamental challenge to the traditional corporate form, which has dominated economic organization for over a century. Built on blockchain technology, DAOs propose a new model for coordinating economic activity. This study addressed the critical question of institutional efficiency by applying the lens of Transaction Cost Economics (TCE) to compare DAOs and traditional corporations. A comparative institutional analysis was conducted using a mixed-methods approach. We employed a multiple case study design, analyzing two representative DAOs and two analogous traditional corporations from Q1 2023 to Q4 2024. Data collection involved the systematic analysis of archival records, including 215 DAO governance proposals and corporate filings, and 32 semi-structured interviews with key participants. A novel analytical framework was developed to categorize transaction costs into ex ante (search, bargaining) and ex post (monitoring, enforcement), further distinguishing between 'on-chain' and 'off-chain' costs. The study revealed significant trade-offs between the two organizational forms. Traditional corporations exhibited high ex ante bargaining costs (legal, negotiation) and ex post monitoring costs (managerial overhead), but benefited from established legal frameworks that reduced enforcement uncertainty. Conversely, DAOs significantly lowered specific transaction costs through automation via smart contracts, particularly in on-chain bargaining and enforcement for codified tasks. However, DAOs incurred substantial, often hidden, new transaction costs related to off-chain social coordination, governance participation, and navigating legal ambiguity. This was termed the 'Governance Overhead Paradox'. In conclusion, DAOs do not represent a universally superior organizational form but rather a new point on an institutional possibility frontier. They are highly efficient for tasks that are global, permissionless, and computationally verifiable. Traditional firms retain advantages in contexts requiring complex, subjective decision-making and legal certainty. The future of the firm is likely not a replacement of one form by the other, but a pluralistic ecosystem where hybrid models emerge.
Plutocracy in the Protocol: A Quantitative Triangulation of Power Concentration in Decentralized Finance Governance Arya Ganendra; Neva Dian Permana; Muhammad Faiz; Henry Clifford
Enigma in Economics Vol. 3 No. 2 (2025): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v3i2.104

Abstract

Decentralized Finance (DeFi) proposes a paradigm shift towards a democratized financial ecosystem governed by its users. This vision of decentralization is predicated on the distribution of governance tokens. However, the verity of this claim lacks rigorous empirical validation, raising concerns about a potential "decentralization illusion." This study quantitatively investigates the concentration of governance power within leading DeFi protocols to empirically test this narrative. We employed a multi-faceted quantitative triangulation framework using on-chain data from three archetypal DeFi protocols, selected to represent the core sectors of the ecosystem: a lending market (ProtoLend), a decentralized exchange (ProtoSwap), and a yield aggregator (ProtoYield). Our methodology integrates: (1) Empirical Network Analysis based on on-chain voting power delegation to map the topology of influence; (2) Economic Inequality Metrics, including the Gini Coefficient and Lorenz Curve Analysis, to quantify the distribution of governance tokens; and (3) Systemic Risk Assessment via the Nakamoto Coefficient to determine the minimum number of colluding actors required for a 51% governance attack. The empirical network analysis revealed a distinct core-periphery topology across all protocols, indicative of highly centralized influence structures. This was substantiated by extreme economic inequality, with Gini coefficients of 0.91 for ProtoLend, 0.95 for ProtoSwap, and 0.89 for ProtoYield. Lorenz curves visually confirmed that a minuscule fraction of holders controls the vast majority of voting power. The Nakamoto coefficients were critically low, calculated at 8 for ProtoLend, 5 for ProtoSwap, and 11 for ProtoYield, exposing profound vulnerabilities to collusion and capture. In conclusion, our findings provide robust, triangulated evidence of a pervasive "decentralization illusion" within DeFi. Governance power is not distributed but is instead highly concentrated, replicating the plutocratic power dynamics of traditional finance. This concentration poses significant systemic risks and fundamentally challenges the core value proposition of the DeFi ecosystem.
Adaptive Quantile Calibration of Daily and Weekly Cycle-Low Forecasts in Bitcoin, S&P 500 Futures, and Gold Muhammad Faiz; Sonia Vernanda
Enigma in Economics Vol. 4 No. 1 (2026): Enigma in Economics
Publisher : Enigma Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61996/economy.v4i1.131

Abstract

Background. Market-cycle forecasts are vulnerable to hindsight because a low becomes identifiable only after subsequent price confirmation. Objective. This study evaluated whether an adaptive, confirmation-aware interval could attain at least 80% chronological forecast precision for daily cycle lows (DCLs) and weekly cycle lows (WCLs) in Bitcoin, S&P 500 futures, and gold. Methods. The Adaptive Quantile-Calibrated Cycle Window used only the latest 20 completed cycles. Its lower endpoint was the empirical 10th percentile of prior low-to-low durations, and its upper endpoint was the 90th percentile of prior-low-to-next-confirmation durations. Forecasts originating from 1 January 2021 through 14 July 2026 were evaluated sequentially, and the retrospective protocol was externally preregistered. Results. Fixed clocks achieved 70.9% DCL precision and 55.6% WCL precision. The adaptive interval achieved 109/127 DCL hits (85.8%; 95% CI 78.7%–90.8%) and 27/27 WCL hits (100.0%; 95% CI 87.5%–100.0%). Mean window width increased from 14.7 to 32.8 days for DCL and from 4.0 to 11.7 weeks for WCL. A wider 5th–95th percentile band produced 93.7% DCL precision with a 95% lower confidence bound of 88.1%. Conclusion. Adaptive interval calibration exceeded the 80% point target, but the gain depended on materially wider windows and a small WCL sample; prospective replication remains necessary.
Co-Authors Abdul Malik Andi Fatihah Syahrir Anies Fatmawati Arya Ganendra Aylin Yermekova Benyamin Wongso Caelin Damayanti Dais Susilo Danila Adi Sanjaya Delia Tamim Eduardo Michael Perez Gayatri Putri Grace Olivia Silalahi Henry Clifford Iting Shofwati Neva Dian Permana Sandro Louise Oliveirra Selma Fajic Sonia Vernanda Syaifudin Syaifudin