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Implications of Fintech and High Frequency Trading (HFT) Developments on Capital Market Efficiency: A Systematic Literature Review Annesa Tasya Maghfirah; Mubdi Dzuwhandy; Syarifuddin Syarifuddin; Darmawati Darmawati
West Science Accounting and Finance Vol. 3 No. 03 (2025): West Science Accounting and Finance
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsaf.v3i03.2352

Abstract

With the rapid development of digital technology, global capital markets are undergoing a major transformation through the emergence of Financial Technology (FinTech) and High-Frequency Trading (HFT). This study aims to examine how these two technologies affect capital market efficiency in various countries. The method used was a Systematic Literature Review (SLR), examining 27 scientific articles published between 2021 and 2025 relevant to the topics of FinTech, HFT, and market efficiency. The results show that the implementation of FinTech and HFT can increase liquidity, transaction speed, and price efficiency through the use of technologies such as trading algorithms, blockchain, and automated trading systems. However, in developing markets, their impact remains limited due to limited digital infrastructure, immature regulations, and low financial literacy. Therefore, technological readiness, adaptive governance, and strong regulations are critical factors in ensuring stable and sustainable market efficiency. The implications of this study provide new insights into the role of financial technology in strengthening market efficiency and serve as a basis for policymakers and researchers in developing future digital capital markets. 
Setting Selling Prices for Tempe Producers Based on Social and Spiritual Values Sahrir Sahrir; Alimuddin Alimuddin; Syarifuddin Syarifuddin; Sultan Sultan
International Journal Of Economics Social And Technology Vol. 5 No. 2 (2026): June, 2026
Publisher : Lembaga Riset Ilmiah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59086/ijest.v5i2.1740

Abstract

This study aims to uncover the social and spiritual values inherent in the pricing practices of tempeh entrepreneurs. This study is important because pricing decisions in microenterprises are often understood merely as economic mechanisms, whereas in practice, pricing also serves as a space for negotiation between business sustainability, concern for buyers, honesty, gratitude, and the responsibility to maintain product quality. Although prior accounting research on MSME pricing has largely emphasized formal cost structures and market mechanisms, limited attention has been given to how informal, values-laden reasoning shapes everyday price-setting among micro-entrepreneurs; this study addresses that gap by offering an interpretive, informant-grounded account of tempe producers' pricing practices. The research employs an interpretive qualitative approach, with data sources consisting of interview transcripts from three tempe business owners: Mr. Suyadi, Mrs. Ti, and Mrs. Kat. The data were analyzed through data reduction, thematic coding, presentation of a findings matrix, and interpretation using the perspectives of social-spiritual accounting and Islamic business ethics. The research findings indicate that the pricing of tempeh is not entirely based on detailed cost records, but rather on simple calculations based on soybean prices, ancillary costs, market prices, and an estimated margin deemed sufficient. Social values are evident in efforts not to burden buyers, maintain price affordability, offer incentives to bulk buyers, and sustain customer relationships through quality. Spiritual values are evident in expressions of gratitude, work as an effort to improve family life, honesty in explaining price increases, and an orientation toward a reasonable livelihood. This study concludes that selling prices in the tempeh business constitute a social-spiritual accounting practice that brings together cost logic, business sustainability, and market morality. Theoretically, these findings extend social-spiritual accounting and Islamic business ethics frameworks by grounding them in the lived pricing practices of tempe MSMEs; practically, they suggest that MSME coaching and support programs should recognize and reinforce these value-based pricing logics rather than replacing them with purely formal costing tools.