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The Continuity Of ASEAN-6 Capital Market Integration Evaluation: The VECM and Granger Causality Approach Harry Budiantoro; Hendryadi; Syahrul Effendi; Faris Faruqi
Ilomata International Journal of Tax and Accounting Vol. 7 No. 3 (2026): July 2026
Publisher : Yayasan Ilomata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61194/ijtc.v7i3.2261

Abstract

This study examines the co-integration relationships among stock indices in the Association of Southeast Asian Nations (ASEAN), with attention to potential changes in market dynamics following the implementation of the ASEAN Economic Community (AEC) in 2015. Rather than formally testing for structural breaks, this research employs a two-period comparative framework to assess differences in long-run equilibrium and short-run dynamics before and after the AEC. Using weekly composite stock price indices from six ASEAN countries (Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam), the analysis is divided into two periods: pre-AEC (2011–2016) and post-AEC (2017–2024). The study applies a Vector Error Correction Model (VECM), threshold cointegration tests, and Granger causality analysis to capture both symmetric and asymmetric adjustments as well as directional relationships. The results indicate that co-integration persists among five markets, excluding Vietnam, with asymmetric short-run adjustments and symmetric long-run convergence. Furthermore, the post-AEC period shows a stronger and more extensive pattern of bidirectional causal linkages, suggesting an increase in financial integration across the region. Overall, the findings suggest that the period following the AEC is associated with stronger regional financial interconnectedness, rather than providing definitive evidence of a structural break. This study underscores the relevance of regional policy initiatives in shaping capital market dynamics and offers insights into how economic integration may be reflected in financial market relationships.
Optimalisasi Struktur Biaya Melalui Circular Business Model Canvas: Bukti dari MySari Pala Syahrul Effendi; Hendryadi Hendryadi; Faris Faruqi; Dean Salomo Antonino
Journal of Entrepreneurship and Community Innovations Vol 5 No 1 (2026): August 2026
Publisher : Lembaga Penelitian Universitas YARSI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33476/jeci.v5i1.529

Abstract

This community service activity aimed to strengthen the sustainability and operational performance of MySari Pala, a nutmeg-processing micro, small, and medium enterprise (MSME), through the implementation of the Circular Business Model Canvas (CBMC). The activity addressed challenges related to cost management, raw material quality, resource utilization, labor productivity, distribution, and market expansion. A participatory approach was implemented through Focus Group Discussions, training, mentoring, observation, interviews, and business model analysis using the Business Model Canvas and CBMC frameworks. The findings indicate measurable improvements in participants’ managerial understanding, strategic planning capabilities, and awareness of cost efficiency, resource utilization, and circular business practices. Participants were able to identify major cost drivers, evaluate resource utilization opportunities, and formulate practical strategies for improving production efficiency, supplier management, digital marketing, distribution, and value-added product development. The novelty of this activity lies in applying CBMC as a practical empowerment framework that integrates cost optimization, circular resource utilization, and sustainable business development within an MSME context. The activity demonstrates that CBMC can support knowledge enhancement and provide an actionable roadmap for improving operational resilience, competitiveness, and long-term MSME sustainability.