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Impact of macroeconomic variables and digital technology on economic growth in ASEAN-5 countries Fito Ardianto Putra; Firdha Aksari Anindyntha
Journal of Enterprise and Development (JED) Vol. 6 No. 2 (2024): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v6i2.10142

Abstract

Purpose — This research aims to examine and analyze the impact of foreign direct investment (FDI), internet users, interest rates, and inflation on economic growth in the five founding ASEAN countries: Indonesia, Malaysia, Singapore, the Philippines, and Thailand.Method — This research employs a quantitative approach using panel regression analysis to identify and measure the impact of macroeconomic variables and digital technology on economic growth in the five founding countries of ASEAN. The data, spanning the period from 2005 to 2022, is sourced from the World Bank and other relevant international databases.Result — The research results indicate that foreign direct investment (FDI), internet users, and interest rates significantly influence economic growth in ASEAN countries. Conversely, inflation has a negative but insignificant effect on economic growth in the region. These findings underscore the importance of FDI, digital technology adoption, and effective interest rate management in driving economic growth. The insignificant impact of inflation suggests that it may not play a major role in the economic growth dynamics of the ASEAN-5.Practical implications — The research has practical implications for ASEAN stakeholders. Governments can attract FDI and promote digital infrastructure to foster economic growth. Investors can target sectors that benefit from FDI and digital technology. Central banks can adjust interest rates to stimulate growth while managing inflation. Businesses can prioritize digital transformation for development. Collaboration among ASEAN states can further enhance regional growth. Aligning strategies with these findings can boost ASEAN's prosperity and competitiveness.
Internal and External Banking Determinants on Conventional Banking Profitability in Indonesia Alisa Fatin Sabreena; Aris Soelistyo; Firdha Aksari Anindyntha
Economics and Business Journal (ECBIS) Vol. 4 No. 5 (2026)
Publisher : PT. Maju Malaqbi Makkarana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/ecbis.v4i5.394

Abstract

This research aims to analyze the influence of internal and external bank factors which include Capital Adequacy Ratio (CAR), Loan to Deposit Ratio (LDR), Non-Performing Loans (NPL), interest rates, inflation and economic growth on Return on Assets (ROA) in conventional banking in Indonesia. This research uses quantitative methods with a causality approach. The data used is secondary data obtained from bank financial reports and official publications related to the research period. The analysis technique used is panel data regression using model selection tests, classical assumption tests, and hypothesis tests. The research results show that all independent variables simultaneously influence ROA. Partially, NPL has a significant negative effect on ROA, while other variables such as CAR, LDR, interest rates, inflation and economic growth show varying effects on bank profitability. This research concludes that credit risk is the dominant factor influencing banking financial performance.
Integrating financial inclusion and digital technology to foster inclusive economic development in Indonesia Anindyntha, Firdha Aksari; Rusdianasari, Fitri
Jurnal Ekonomi & Studi Pembangunan Vol. 27 No. 1: April 2026
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v27i1.28256

Abstract

Equitable economic development is reflected in sustainable economic growth and equitable income distribution. The financial sector plays an important role in supporting inclusive development, which prioritizes financial inclusion among its main policy objectives. Despite the banking sector's digital transformation in Indonesia, regional disparities in financial access and digital penetration persist, particularly in remote areas, thereby hindering the achievement of inclusive development. This study aims to analyze the role of financial inclusion and digital innovation in promoting equitable economic development, as reflected in economic growth and income inequality. This study employs a Fixed Effects Model (FEM) for panel data regression across 33 provinces in Indonesia during 2018-2023 periods. The FEM is used to control for unobserved regional heterogeneity and to ensure more consistent and unbiased estimation. Our research results show that economic growth is positively affected by financial inclusion, particularly through the availability of bank branches and lending. In addition, the adoption of digital technology also significantly contributes to driving economic growth. Furthermore, our findings reveal that the synergy between digital innovation and financial services effectively narrows the income gap across provinces. This study makes a significant scientific contribution by demonstrating that digital innovation serves not only as a technological tool but also as a key factor in enhancing the effectiveness of financial inclusion in driving economic growth and reducing income inequality. These findings provide empirical policy guidance for the development of a digital financial ecosystem to promote more inclusive and equitable economic development in Indonesia.
External and Internal Economic Drivers of Financial Performance: Evidence from PT Pertamina Mercy Nataly; Aris Soelistyo; Firdha Aksari Anindyntha
Jurnal Ilmiah Bisnis dan Ekonomi Asia Vol 20 No 2 (2026): Jurnal Ilmiah Bisnis dan Ekonomi Asia
Publisher : Institut Teknologi dan Bisnis Asia Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32815/jibeka.v20i2.2498

Abstract

This study aims to analyze the influence of external and internal factors on the financial performance of PT Pertamina (Persero) as measured using Return on Asset (ROA). External factors include world oil prices and inflation, while internal factors such as production expenses and total sales. The study used quarterly time series data for the period 2015Q1–2024Q4 with saturated sample technique and analyzed using multiple linear regression of the Ordinary Least Square (OLS) approach, which was preceded by stationariness tests, classical assumptions, and hypothesis testing. The results show that world oil prices and total sales have a significant positive effect on ROA, while inflation and production expenses have a significant negative effect. Simultaneously, all independent variables have a significant effect with a high power to explain the model. These findings confirm that the asset profitability of strategic energy companies is influenced by macroeconomic dynamics and operational efficiency simultaneously. However, the study was limited to the use of specific variables, static OLS approaches, and single objects. Further research is recommended to include additional macroeconomic and structural variables and use dynamic econometric methods or comparative approaches to strengthen the generalization of findings.