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Corruption, public debt, political years, and economic growth in democratic developing countries Rida Srihadiastuti; Mahjus Ekananda
Integritas: Jurnal Antikorupsi Vol. 10 No. 2 (2024): INTEGRITAS: Jurnal Antikorupsi
Publisher : Komisi Pemberantasan Korupsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32697/integritas.v10i2.1264

This study investigates the impacts of political corruption and public debt on the economic progress of 43 democratic developing countries that have experienced varying election cycle frequencies from 2002 to 2021. The research utilizes a PMG-ARDL method and relies on data from the World Bank and International Monetary Fund (IMF). The results show that although corruption can generate ‘temporary’ benefits, it ultimately hinders long-term economic development. Our analysis also compares the impact by grouping countries based on different frequencies of election years, referred to as ‘political years’. In the group of countries with a ‘high’ frequency of political years, the impact of corruption is more detrimental than in the group of countries with a ‘low’ frequency. To anticipate the negative effects of corruption and ensure that the allocation of development funds is on target, we recommend: 1) improving the governance system to minimize corruption; 2) measuring corruption with new, more concrete indicators, not just the perception index; 3) implementing changes to the tax payment mechanism, as direct public control over budget allocations are often inefficient and leaky; and 4) improving the effectiveness of the campaign mechanism to prevent corruption by electoral candidates.

Dynamic of Economic Motives of Indonesia’s Migrant Workers’ Remittances As'ad, As'ad; Ekananda, Mahjus
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 2: October 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i2.22610

This study investigates empirical evidence regarding the economic motives underlying remittances from Indonesian migrant workers. Economic motives play a crucial role in remittances behavior, as they determine the amount of money workers send to their families in their home country based on various economic indicators. Although extensive research exists on this topic, there remains no definitive consensus about the economic motivations behind migrant workers’ remittances. This research provides additional perspectives on these economic motives, particularly in the Indonesian context. Using a fixed effects model to overcome individual effect bias, this study finds evidence of investment motives in Indonesian’s migrant workers’ remittances. However, these findings are contingent upon Indonesia’s economic condition. The motivations tend to be individualistic during periods of economic stability and altruistic during economic uncertainty. The knowledge gained from understanding these economic motives can help related parties formulate strategies for economic activities involving migrant workers' remittances in accordance with Indonesia's economic conditions.

Dynamic of Economic Motives of Indonesia’s Migrant Workers’ Remittances As'ad, As'ad; Ekananda, Mahjus
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 2: October 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i2.22610

This study investigates empirical evidence regarding the economic motives underlying remittances from Indonesian migrant workers. Economic motives play a crucial role in remittances behavior, as they determine the amount of money workers send to their families in their home country based on various economic indicators. Although extensive research exists on this topic, there remains no definitive consensus about the economic motivations behind migrant workers’ remittances. This research provides additional perspectives on these economic motives, particularly in the Indonesian context. Using a fixed effects model to overcome individual effect bias, this study finds evidence of investment motives in Indonesian’s migrant workers’ remittances. However, these findings are contingent upon Indonesia’s economic condition. The motivations tend to be individualistic during periods of economic stability and altruistic during economic uncertainty. The knowledge gained from understanding these economic motives can help related parties formulate strategies for economic activities involving migrant workers' remittances in accordance with Indonesia's economic conditions.

The Impact of MSME’s on Employment, Investment, and Income Malau, Albert Gamot; Mahjus Ekananda
Economics Development Analysis Journal Vol. 14 No. 2 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i2.24026

North Sumatra, a key economic region in Indonesia outside of Java, continues to face persistent challenges such as high unemployment, the dominance of the informal sector, and uneven economic growth. Within this context, Micro, Small, and Medium Enterprises (MSMEs) serve as a cornerstone of the regional economy, particularly through their role in labor absorption and income generation. Despite their significance, MSMEs in North Sumatra still face substantial obstacles, including limited access to financing, inconsistent investment growth, and inadequate policy implementation—factors that hinder their full potential in driving inclusive development. This study examines the dynamic relationship between MSME growth, workforce participation, and Gross Regional Domestic Product (GRDP) in North Sumatra, employing a simultaneous equation model with time-series data from 2009 to 2023. The Two-Stage Least Squares (2SLS) method addresses endogeneity and simulates the effects of policy interventions projected for the 2025–2030 period. The findings indicate that MSME development is significantly influenced by policy instruments such as tax incentives and minimum wage regulations. Increases in wages and tax reductions enhance labor absorption, stimulate MSME performance, and promote GRDP growth. The study provides practical policy insights for strengthening the resilience and sustainability of MSMEs within North Sumatra’s evolving economy.

Loan to Value Ratio, KPR and KPA in Indonesia: An ARDL Approach ardely, Novrianti Putri; Ekananda, Mahjus
Journal of Developing Economies Vol. 8 No. 1 (2023)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jde.v8i1.39737

The COVID-19 pandemic that occurred at the beginning of 2020 has caused economic growth to decline in many countries, including Indonesia. One of the steps taken with the aim of economic recovery is by increasing the consumption in credit channels or non-credit channels, such as social aid. This thesis discusses loan-to-value ratio effects on property loans, KPR, and KPA in Indonesia. Property loans, KPR and KPA, are included in consumer credits, and loan-to-value ratio is one of the macroprudential policy instruments. The method used in this thesis is Autoregressive Distributed Lag linear regression (ARDL) with property credit, KPR, and KPA as the dependent variable, the dummy variable of the loan-to-value ratio as the independent variables, and consumer credit interest rates, gross domestic product and inflation as the control variables. In addition, the interaction variable between the dummy variable of loan-to-value ratio and consumer credit interest rate is also used. The results showed that the interaction variable between the dummy variable of tightening in loan-to-value ratio and consumer credit interest rate is significant to property loans, KPR, and KPA in the long run. Furthermore, GDP and consumer credit interest rates, which are control variables, are also significant to property loans, KPR, and KPA in the long run

Pengaruh Faktor Internal dan Makroekonomi Terhadap Underpricing Saham IPO di Bursa Efek Indonesia: Pendekatan Sektoral Tahun 2022–2024 Wenehen, Caecilia; Ekananda, Mahjus; Safitri, Julia
Journal of Accounting and Finance Management Vol. 6 No. 3 (2025): Journal of Accounting and Finance Management (July - August 2025)
Publisher : DINASTI RESEARCH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jafm.v6i3.2292

Tujuan dari penelitian ini adalah untuk menganalisis pengaruh Financial Leverage Perusahaan (DER), Reputasi Underwriter, Ukuran Perusahaan, Kinerja Keuangan Perusahaan (ROA), Inflasi, Produk Domestik Bruto (PDB), dan Suku Bunga terhadap fenomena underpricing pada perusahaan yang melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia (BEI) selama periode tahun 2022 sampai dengan periode tahun 2024. Underpricing adalah fenomena dimana harga saham ketika IPO lebih rendah dibandingkan harga pasar setelah saham mulai diperdagangkan. Underpricing tidak menguntungkan bagi perusahaan, karena dana yang perusahaan peroleh tidak maksimal. Sebaliknya underpricing menguntungkan bagi investor karena memperoleh keuntungan dari selisih dari harga saham. Data yang digunakan dalam penelitian ini meliputi laporan keuangan perusahaan yang terdaftar di BEI serta variabel makroekonomi yang relevan, seperti inflasi, PDB, dan suku bunga. Metode analisis yang digunakan adalah regresi linier berganda untuk menguji hubungan antara variabel independen dengan underpricing. Hasil penelitian menunjukkan bahwa : Reputasi Underwriter tidak berpengaruh signifikan terhadap underpricing, Financial Leverage (DER) tidak berpengaruh signifikan terhadap underpricing, Kinerja Keuangan Perusahaan (ROA) berpengaruh positif dan signifikan terhadap underpricing, Ukuran Perusahaan (Size) tidak berpengaruh signifikan terhadap underpricing, Inflasi berpengaruh negatif dan signifikan terhadap underpricing, Suku Bunga berpengaruh negatif dan signifikan terhadap underpricing. Temuan dari penelitian ini dapat digunakan oleh investor, perusahaan yang akan melakukan IPO, serta regulator pasar modal dalam merumuskan kebijakan yang lebih baik terkait proses IPO.

Corruption, public debt, political years, and economic growth in democratic developing countries Srihadiastuti, Rida; Ekananda, Mahjus
Integritas: Jurnal Antikorupsi Vol. 10 No. 2 (2024): INTEGRITAS: Jurnal Antikorupsi
Publisher : Komisi Pemberantasan Korupsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32697/integritas.v10i2.1264

This study investigates the impacts of political corruption and public debt on the economic progress of 43 democratic developing countries that have experienced varying election cycle frequencies from 2002 to 2021. The research utilizes a PMG-ARDL method and relies on data from the World Bank and International Monetary Fund (IMF). The results show that although corruption can generate ‘temporary’ benefits, it ultimately hinders long-term economic development. Our analysis also compares the impact by grouping countries based on different frequencies of election years, referred to as ‘political years’. In the group of countries with a ‘high’ frequency of political years, the impact of corruption is more detrimental than in the group of countries with a ‘low’ frequency. To anticipate the negative effects of corruption and ensure that the allocation of development funds is on target, we recommend: 1) improving the governance system to minimize corruption; 2) measuring corruption with new, more concrete indicators, not just the perception index; 3) implementing changes to the tax payment mechanism, as direct public control over budget allocations are often inefficient and leaky; and 4) improving the effectiveness of the campaign mechanism to prevent corruption by electoral candidates.

Pengaruh Risiko Kredit Terhadap Efisiensi Perbankan di ASEAN Syahdin, Akhmad Fajarullah; Ekananda, Mahyus
JURNAL MANAJEMEN PENDIDIKAN DAN ILMU SOSIAL Vol. 6 No. 6 (2025): Jurnal Manajemen Pendidikan dan Ilmu Sosial (Oktober-November 2025)
Publisher : Dinasti Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jmpis.v6i6.6548

Studi ini menyajikan analisis empiris mengenai pengaruh risiko kredit terhadap efisiensi biaya perbankan di negara-negara ASEAN pada periode 2012-2017 dengan menggunakan metode Stochastic Frontier Analysis (SFA) dan Fixed Effect Model (FEM). Penelitian dilakukan dalam dua tahap, yaitu menghitung skor efisiensi biaya perbankan berdasarkan data panel dari 312 bank di 10 negara ASEAN, kemudian mengestimasi hubungan antara risiko kredit dan efisiensi melalui regresi data panel dengan variabel kontrol seperti ukuran bank, profitabilitas, dan modal. Hasil penelitian menunjukkan bahwa efisiensi perbankan di ASEAN secara umum berada di atas 80%, yang mengindikasikan bahwa sebagian besar input yang digunakan dalam proses produksi telah dimanfaatkan secara efektif, dengan tingkat inefisiensi biaya yang relatif kecil dan masih dapat dioptimalkan. Selain itu, ditemukan adanya hubungan negatif antara risiko kredit dan efisiensi perbankan, di mana risiko yang paling berpengaruh menurunkan efisiensi adalah Loan to Asset Ratio (LAR). Hal ini menunjukkan bahwa semakin besar risiko kredit yang diambil oleh bank, semakin besar pula beban biaya yang diperlukan untuk mengelola risiko gagal bayar, sehingga menurunkan nilai efisiensi biaya. Di sisi lain, efisiensi perbankan di kawasan ASEAN mengalami peningkatan dari tahun 2012 hingga 2017, mencerminkan perbaikan signifikan dalam pengelolaan sumber daya di sektor perbankan.

FACTORS INFLUENCING EMPLOYEE GREEN BEHAVIOR AND EMPLOYEE GREEN ATTITUDE AMONG MUSLIMS IN INDONESIA Kasmiarno, Kurnia Sari; Ekananda, Mahjus; Karmanto, Gina Destrianti
Journal of Environmental Science and Sustainable Development Vol. 8, No. 2
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

In a Muslim majority, developing country like Indonesia, religion shapes employees’ work ethic and professional behavior, embedding spiritual and cultural values into the workplace. Despite the increasing attention to pro-environmental behavior, previous studies have largely examined Green Human Resource Management (GHRM), religiosity, and environmental concern separately, often focusing on a single sector. This leaves employees from various occupational backgrounds underexplored. This study aims to examine the effects of Green Concern (GC), Green Motivation (M), GHRM, and Religiosity (REL) on Employee Green Behavior (EGB) and Employee Green Attitude (EGA) of Muslim employees in Indonesia. Data were collected through a quantitative survey of 300 Muslim employees across various occupational sectors and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings revealed that although GC, GHRM, and REL did not have a direct affect on EGB, they exerted a significant indirect effect when M was introduced as a mediating factor. The novelty of this study lies in establishing green motivation as a robust psychological mechanism explaining how GC, GHRM, and REL shape EGA and EGB among an underexplored population: employees across various occupational sectors. Furthermore, this study highlights the unique role of religiosity in influencing EGA and EGB among Muslim employees, differentiating it from prior research. Theoretically, this study advances the green behavior model by highlighting motivation as a key mediator. Practically, it suggest that organizations in Muslim-majority developing countries can enhance green behavior by implementing environmental training programs grounded in religious values and developing culturally sensitive reward systems designed to strengthen employee motivation commitment to sustainable practices.

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