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All Journal ETIKONOMI Jurnal Ekonomi Kuantitatif Terapan Ekonomi Bisnis Jurnal Keuangan dan Perbankan JEJAK Media Ekonomi dan Manajemen Manajemen Krida Wacana JMM17: Jurnal Ilmu Ekonomi dan Manajemen JSEH (Jurnal Sosial Ekonomi dan Humaniora) AKSES: Jurnal Ekonomi dan Bisnis Jurnal Ekonomi & Studi Pembangunan JDE (Journal of Developing Economies) Syntax Literate: Jurnal Ilmiah Indonesia Journal of Economic, Bussines and Accounting (COSTING) Integritas: Jurnal Antikorupsi EKO-REGIONAL JURNAL PENGEMBANGAN EKONOMI WILAYAH International Journal of Economics Development Research (IJEDR) Journal of Environmental Science and Sustainable Development Cakrawala Repositori Imwi Jurnal Manajemen Pendidikan dan Ilmu Sosial (JMPIS) ARBITRASE: JOURNAL OF ECONOMICS AND ACCOUNTING Bahtera Inovasi International Journal on Social Science, Economics and Art Journal of Accounting and Finance Management (JAFM) Media Ekonomi Jurnal Ekonomi dan Pembangunan Indonesia Economic and Finance in Indonesia Economic Development Analysis Journal
Mahjus Ekananda
Department Of Economics, Faculty Of Economics And Business, Universitas Indonesia, West Java
Religion Humanities Chemical Engineering, Chemistry & Bioengineering Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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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

Abstract

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.
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

Abstract

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

Abstract

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

Abstract

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

Abstract

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

Abstract

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.
Estimasi Persamaan Sistem Non Linear Seemingly Unrelated Regression pada Model Perdagangan lnternasional Ekananda, Mahyus
Jurnal Ekonomi dan Pembangunan Indonesia
Publisher : UI Scholars Hub

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

Abstract

The purpose cf this paper is to explain the algorithm solution for system equation which has non linier form in its parameter, especially in system equation of seemingly unrelated regression. For example, the economic model which is used in this paper is taken from dissertation of Ekananda (2003) with its topic of the uncertainty of exchange rates volatility on manufacture commodity export in Indonesia. Particularly, this paper will discuss the model formation by inserting poisons probability function, which cause the non linier form. For the next application, this method can be used for all non linier form especially the non linier form on its parameter. This paper will discuss the utilization of trade standard equation which is developed become non linier system equation of trade by inserting the element of poisons probability, the dynamics of equation and the simultaneous equation.
Asymmetric Price Transmission of Some Basic Commodities in Indonesia Ekananda, Mahjus
Media Ekonomi dan Manajemen Vol 38, No 2 (2023): July 2023
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56444/mem.v38i2.3924

Abstract

The prices of these international goods, world oil prices, exchange rates, and government policies, always influence developments in the current global era that drive domestic commodity prices. This study aims to analyze the effect of asymmetric price transmission on several Indonesian domestic commodities. Asymmetric price transmission occurs if the speed of price adjustment above or below the price trend is not the same. Positive or negative price changes occur if the price is above or below the price trend. Under dynamic conditions, each price will adjust to the long-term price level. This study applies the error correction model (ECM) method to capture the speed of adjustment of each commodity following the long-term price level. This study involves asymmetric price transmission to see price adjustments. Econometric testing through the error correction model is used to determine how much the domestic price adjustments are when there is an increase or decrease in international prices for essential commodities. The results showed an adjustment in domestic prices when global prices increased or decreased for wheat flour, granulated sugar, soybeans, beef, and broiler meat. Based on the coefficient and significance level, there was no domestic price adjustment for rice and broiler chicken eggs. Policy implications include providing input for policymakers in determining prices so that market prices are stable and in line with people's purchasing power.
Panel VAR for Analyzing Business Cycle Influence on the Distribution of Sharia Banking Financing in Indonesian Sharia Banking Ekananda, Mahjus; Syahrivar, Jhanghiz
Media Ekonomi dan Manajemen Vol 38, No 1 (2023): January 2023
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56444/mem.v38i1.3155

Abstract

This paper is structured to explain the effect of the business cycle on the distribution of Islamic banking financing in Indonesia. Furthermore, this research examined the differences between account receivables financing and profit-sharing financing, as well as different forms of Islamic banking. In this case, Islamic banking financing, account receivables financing, and profit-sharing financing will have the same responses or changes in the face of the business cycle in Indonesia. This research is focused and limited to the response of Islamic banking financing to the business cycle in Indonesia. Second, this research used quarterly data from 2007 to 2020 obtained from financial data of each sharia commercial bank and sharia business unit published through the Financial Services Authority (OJK) and Bank of Indonesia; meanwhile, the macro-level data was taken from data from the Central Agency publication Indonesian Statistics. Third, the estimation method used is the Panel VAR to accommodate the heterogeneity between firms. The results show that capital and liquidity respond positively to changes in banking financing, account receivables financing, and profit-sharing financing. The results also show that performing loans and profitability will decrease if there is a shock to the three types of financing.
Co-Authors Abdul Azis Ardely, Novrianti Putri As'ad, As'ad Ashadi Asral Rawang Azwin Alfarizsy, Ahmad Destiartono, Mohamad Egi Etty Puji Lestari Faizal Madya Faizul Mubarok Fatia Fatimah Fralus Dolfy Ellyson Gunawan Kusumaatmaja Harmanta Harmanta Kasmiarno, Kurnia Sari Kristian Coernia Abijoso Lusy Farina Mohd. Syahril Hafizh Mukhammad Syarifuddin Mukyanto, Ali Ni Putu Dewi Partini Pahrudin Pahrudin Partini, Ni Putu Dewi Pattinaya, Lupi Prasasti, Sri Rejeki Rawang, Ashadi Asral Rida Srihadiastuti Rida Srihadiastuti Safitri, Julia Setyowati, Erlina Nur’aini Siti Nurlaila Srihadiastuti, Rida Syahdin, Akhmad Fajarullah Syahrivar, Jhanghiz Syofriza Syofyan Syuparman Syuparman Toengkagie, Reysa Rachmat Wenehen, Caecilia Yanuar Irawan