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FINANCIAL STRUCTURE AND ECONOMIC GROWTH NEXUS IN EMERGING ECONOMICS IN AFRICA Dabi, Rowland; Sari, Maya; Nugraha, Nugraha; Disman, Disman; Alghifari, Erik
Jurnal Riset Bisnis dan Manajemen Vol. 17 No. 1 (2024): February Edition
Publisher : Faculty of Economic and Business, University of Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23969/jrbm.v17i1.7877

Abstract

The study investigates specifically the relationship between Gross Domestic Product (GDP), total stock market traded, market capitalization, private credit by deposit bank, human capital, foreign direct investment, population and trade openness (imports plus exports) and economic growth (GDP per capita). We use the extended endogenous growth model with specifications by employing dynamic panel data methodology. Our empirical application of the dynamic panel model to the finance–growth nexus is based on an unbalanced panel dataset of 29 middle-income African countries1 over the period 1990 – 2019 obtained from World Development Indicators. The findings revelead that financial development exerts significant and positive impacts on economic growth. The overall development of the financial system is essential for enhancing economic outcomes. Therefore, attempts at achieving some fine balance between a bank-based system and a market-based system are trivial to growth.
Fiscal Decentralization and Local Financial Autonomy: A Bibliometric Review of Global Research Trends Lekettey, Edem; Gaffar, Vanessa; Juliana, Juliana; Nugraha, Nugraha
JASF: Journal of Accounting and Strategic Finance Vol. 8 No. 2 (2025): JASF (Journal of Accounting and Strategic Finance) - December 2025
Publisher : Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v8i2.598

Abstract

Purpose: This paper examines the prominent themes of research, intellectual connections, gaps in scholarship on the subject of local government financial autonomy in the world literature through bibliometric tools. Method: Bibliometric analysis of 626 publications in the Scopus index (2000-2025) with the VOSviewer software was performed to chart the occurrence of two or more keywords, thematic networks, citation network, and co-authorship network. The discussion follows the historical developments of the use of fiscal decentralization and local financial autonomy in terms of time, geography, and scientific fields. Findings: Nine thematic clusters were chosen that are reflections of intellectual organization of the subject-area, encompassing such areas as fiscal decentralization, urbanization, intergovernmental transfers, environmental regulation and digital governance. The research output has increased considerably since 2005 where the focus has shifted in terms of fiscal efficiency discussions to sustainability and technology-based governance issues. The best collaboration networks are between China and Europe and low involvement of Africa and Latin Americans. The temporal analysis shows that the financial crisis globally and the COVID-19 outbreak has fueled the study of fiscal resilience and adaptive financial management research. Implications: This study shows the need for developing countries to deploy digital tools and enhance their intergovernmental transfer design, as well as capacity-building strategies that are often used by developed nations to improve their fiscal transparency, revenue performance, and resilience. This will go a long way to strengthen local financial systems. Novelty/Value: The study's nine research clusters and gaps—including the underrepresentation of African and Latin American studies and the development of digital and environmental fiscal themes—provide a clearer intellectual framework for the field than previous reviews.
Unlocking Islamic Finance Potential in Uzbekistan and Central Asia: A Forward-Looking Perspective Ugli, Jalilov Mehroj Erkin; Nugraha, Nugraha; Umarova, Zulayho
Journal of Islamic Contemporary Accounting and Business Vol. 4 No. 1 (2026): JICAB
Publisher : Tazkia Islamic University College

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30993/jicab.v4i1.587

Abstract

This study investigates the socio-demographic determinants influencing public awareness of Islamic finance within the evolving economic landscape of Uzbekistan and the broader Central Asian region. Utilizing a quantitative research design, primary data were harvested from a cross-sectional survey of 400 respondents in 2024. The analytical framework employs descriptive statistics and binary logistic regression to evaluate the predictive power of gender, age cohorts, and educational attainment on Islamic Finance Awareness (IFA). The findings indicate that both age and education level are positively associated with awareness of Islamic finance, while gender shows no significant influence. Logistic regression analysis confirms these results, with education level emerging as the strongest predictor, followed by age. The study underscores the importance of education-based interventions and age-sensitive awareness strategies in promoting the development of Islamic finance in the region.
Enhancing Santri Entrepreneurship through University–Pesantren Engagement Purnamasari, Imas; Machmud, Amir; Nugraha, Nugraha; Ramdhany, Muhamad Arief; Lhutfi, Iqbal; Mulyadi, Hari; Sojanah, Janah; Supardi, Endang; Rasto, Rasto; Istikomah, Navik
IMPOWERMENT SOCIETY Vol 9 No 1 (2026): February 2026
Publisher : Institut Teknologi dan Bisnis Widya Gama Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30741/eps.v9i1.1906

Abstract

This study examines a community engagement initiative aimed at enhancing the entrepreneurial competencies of santri at an Islamic boarding school in West Java, Indonesia. The programme was implemented on 1 November 2025 and involved more than 200 santri. Employing an experiential learning approach, the intervention consisted of interactive training sessions, Business Model Canvas workshops, and experience-sharing activities with successful entrepreneurs who were alumni of Islamic boarding schools. The instructional content covered fundamental entrepreneurship concepts, development of the entrepreneurial mindset, opportunity identification, digital marketing, basic financial management, and Islamic entrepreneurship principles. Pre-test results indicated that 65% of participants had a limited understanding of entrepreneurship, whereas post-test findings revealed substantial improvement, with 85% demonstrating a comprehensive understanding of core entrepreneurial concepts.
The Mediating Role of Financial Performance on the Relationship between Capital Structure and ESG performance of Ghanaian Non-Financial Firms Ampomah, Philipina; Andriana, Denny; Nugraha, Nugraha; Sari, Maya; Mac-Moqu, Francis Kortey
Integrated Journal of Business and Economics (IJBE) Vol 10, No 1 (2026): Integrated Journal of Business and Economics
Publisher : Universitas Bangka Belitung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33019/ijbe.v10i1.1269

Abstract

This study empirically analyzes the mediating effect of financial performance on the relationship between capital structure and the ESG performance of listed non-financial firms in Ghana. Using panel data from 16 firms enlisted on the Ghana Stock Exchange from 2015 to 2024, the study adopts the random-effects model. The results show that (1) both debt and equity capital have a negative influence on ESG performance, corroborating the agency theory; (2) debt capital does not significantly influence financial performance, but equity capital positively influences financial performance, violating the Modigliani and Miller theory; and (3) financial performance has a positive influence on ESG performance, corroborating the resource-based view theory. Further analysis regarding the mediating effect shows that financial performance partially mediates the relationship between capital structure and ESG performance. The study emphasizes the need for managers to be cautious when choosing the optimal capital structure, bearing in mind that improved financial performance is one of the ways their capital structure decisions can enhance ESG performance. The novelty of this study lies in the development and validation of a mediation model of capital structure, financial performance, and ESG performance in a sub-Saharan African context, enhancing our understanding of corporate finance in underdeveloped capital markets.
FISCAL AUTONOMY AND REVENUE GROWTH: THE IMPORTANCE OF SPATIAL CONTEXT IN LOCAL GOVERNMENT REFORM Edem Lekettey; Nugraha, Nugraha; Maya Sari; Denny Andriana
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 6 No. 2 (2026): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.18729038

Abstract

This study examines the revenue growth performance of Ghana's Metropolitan, Municipal, and District Assemblies (MMDAs) and explores the moderating influence of population density on the relationship between financial autonomy and revenue growth. This study analyzes the impact of institutional capability and spatial context on subnational fiscal performance in the context of Ghana's decentralization, based on fiscal federalism and institutional theory. Auditor-General's Reports and the Ghana Statistical Service provided data on 261 MMDAs from 2018 to 2023. Stata 18 and R 4.3 were used for fixed-effects estimation, the system generalized method of moments (GMM), robustness testing, and moderation analysis using Hayes' PROCESS Model 1. The results indicate that financial autonomy substantially improved subnational revenue growth (β = 0.0036, p < 0.001). Population density did not significantly reduce this association (β = -0.0031, p = 0.108). Further analysis indicates that the fiscal benefits of autonomy are more pronounced in low-density assemblies, suggesting that institutional and administrative efficiencies play a more critical role in fiscal performance than population size. The findings indicate that decentralization reforms should prioritize improving governance quality, institutional discipline, and fiscal accountability, rather than demographic or spatial considerations. This study represents the first application of moderated panel models to 261 Ghanaian MMDAs, demonstrating that institutional strength, rather than population density, serves as the principal determinant of fiscal benefits from autonomy in developing countries. This finding contributes to the discussion on fiscal federalism and institutional theories.
Does sustainability strengthen asset pricing models? Moderating effects in the Fama-French framework on ESG leaders Maulana, Yasir; Nugraha, Nugraha; Disman, Disman; Sari, Maya
Asian Management and Business Review Volume 6 Issue 1, 2026
Publisher : Master of Management, Department of Management, Faculty of Business and Economics Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/AMBR.vol6.iss1.art10

Abstract

This research investigates the moderating role of environmental, social, and governance (ESG) risk ratings in the relationship between traditional Fama-French framework and excess stock returns among companies listed in the ESG Leaders Index for the 2021–2023 period. Using moderated regression analysis (MRA), the findings reveal that small minus big (SMB) exerts a significant positive impact on excess returns, confirming the relevance of firm size as a pricing factor even within the sustainability-focused investment universe. Meanwhile, market risk and high minus low (HML) do not show demonstrate statistical relevance direct effects, although HML is marginally significant. Furthermore, ESG risk rating demonstrates a moderating effect only in the relationship between HML and excess returns, suggesting that sustainability considerations may weaken the traditional value premium. These results highlight the partial integration of ESG risk into asset pricing dynamics and underline the essentiality of incorporating ESG factors in developing more robust, sustainable investment strategies. The study provides practical insights for market participants, fund managers, and authorities navigating the transition toward sustainable finance in emerging markets.
Analysis of Aggregate Herding Behavior in the Capital Market: Evidence from Indonesia and Singapore Gusni, Gusni; Nugraha, Nugraha; Disman, Disman; Chochole, Tomas
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.v38i2.3934

Abstract

The high uncertainty in the capital market due to some crises that hit the world over the last few decades has the potential to cause herding behavior in the aggregate capital market, both in developed and emerging capital markets. The main objective of this study is to detect the existence of herding behavior, including asymmetric herding and global factor drives (oil prices and fed fund rates) on aggregate herding behavior in the Indonesian and Singapore capital markets during the period Jan 2015 to December 2020. This study employs a cross-sectional dispersion approach to achieve study goals. Research findings denote aggregate herding behavior occurs only in the Singapore capital market, while in Indonesia no herding behavior is detected. Asymmetric herding testing for both capital markets revealed no herding tendency in up and down market conditions. This condition implies that low volatility cannot ensure the absence of aggregate herding behavior. Global factors have proven to significantly drive herding behavior in the Singapore capital market, while in Indonesia it is only the oil price. The findings of this study will provide information that policymakers can use to maintain capital market stability in both countries.
A Comparative Study of Fintech Literacy between Generation Y and Generation Z Nurhayati, Netti Siska; Yuliawati, Tia; Nugraha, Nugraha; Sari, Maya
Jurnal Ekonomi Manajemen Vol 11, No 2 (2025): November 2025
Publisher : Program Studi Manajemen Fakultas Ekonomi dan Bisnis Universitas Siliwangi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37058/jem.v11i2.17789

Abstract

This study examines whether significant differences in fintech literacy exist between Generation Y and Generation Z in the context of increasing digital financial transformation. The use of technology in the financial sector is known as financial technology (fintech). The purpose of this study is to determine whether there are differences in Fintech Literacy between generation Y and generation Z, given that these two generations absorbed internet technology in their youth to adulthood, in the mid-1990s to 2000s. In this study, Fintech Literacy refers to the Diffusion of Innovation (DOI) theory and the Technology Acceptance Model (TAM) conceptual model. In order to answer the research questions, questionnaires were distributed to 100 generation Y respondents and 183 generation Z respondents. Hypothesis testing was carried out using the Mann-Whitney Test, adjusted for the ordinal scale data form. The results of the hypothesis test show that there is no significant difference in Fintech Literacy between generation Y and generation Z. Beyond its empirical contribution, this study enriches the fintech literacy literature by demonstrating that generational differences may be less pronounced than commonly assumed, particularly when both cohorts are exposed to similar technological environments
Pengembangan Tekstil Ecoprint Berbasis Limbah Kain Hotel untuk Pemberdayaan Perempuan Nugraha, Nugraha; Viviany, Viviany; Tiffany, Florentina; Singgih, Ivan Kristianto; Reza, Caisya Ibni Aulia Putri; Wijaya, Claudia Zefanya; Go, Faith Zefanya Farrel; Pratama, Rafindra Hyoga
GUYUB: Journal of Community Engagement Vol 7, No 1 (2026): Maret
Publisher : Universitas Nurul Jadid

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33650/guyub.v7i1.14366

Abstract

The Ibu Semangat Indonesia Kuat (ISIK) Organization in Surabaya has strong potential in developing ecoprint textiles based on sustainability and women’s empowerment; however, it still faces limitations in production, visual design, as well as branding and marketing aspects. This Community Service Program aims to strengthen production and marketing capacity through the enhancement of technical skills, design, and digital branding. The results indicate measurable improvements, including: (1) a 60–70% increase in production capacity and efficiency through the optimization of equipment and workflow; (2) a 70–80% improvement in members’ ecoprint mapping skills, reflected in more structured and consistent motif compositions; (3) a 100% increase in product diversification, from no derivative products to finished goods such as bags and fashion garments; (4) a 65–75% improvement in visual product quality, indicated by reduced printing failures; and (5) a 70% improvement in packaging and digital branding quality, as shown by more representative packaging and more engaging visual content. These findings imply a significant enhancement in the competitiveness of ecoprint products and the productivity of women-led communities within an environmentally sustainable creative industry.
Co-Authors A.M., M. Dzikron Aaf Saefurrohman, Aaf Abdul Rozak Acep Iwan Saidi adang badru jaman,anggun fergina, adang badru jaman,anggun fergina Adhistian, Patria Adilah, Siti Adriani, Gabriella Haldis Agung, Rendi Marta Agustini, Kamelia Ahiase, Godwin Ahmad Fuad Alam, Muhammad Nur Alamsyah, Indra Fajar Alamsyah, Zaenal Alghifari, Erik Amanda Putri Nahumury Amelia, Tia Amelia, Tia Amir Machmud, Amir Ampomah, Philipina Andriana, Denny Antony, Rian Apriadi, Tedi Arnu, Anggi Pasca Arrazaq, Naufal Raffi Arvian Triantoro Astuti, Anita Dewi Astuti, Hesti Kusuma Aulia Nazala Ramadhani, Aulia Nazala Awudu, Shaibu Baihaqqy, Mochammad Rizaldy Insan Bakhri, Syaeful Bambang Endro Yuwono Budi Purnomo Chairul Furqon, Chairul Chaznin R.M, Chaznin Chochole, Tomas Cintya, Hedi Amelia Bella Dabi, Rowland Dabi, Rowland Seyram Koku Dangi, Dangi Dasril, Yuki Dwi Darma Dewantari, Nuryunita Dewi Shofi M., Dewi Dewi, Friesty Paramitha Dian Kurnianingrum, Dian Didik Nurhadi Diki Wahyu Nugraha Disman, Disman Edem Lekettey Edwin Widia Eeng Ahman, Eeng Effendi, Marwan Elsa, Yulandri Endang Supardi, Endang Euis Bandawaty Fauzianty, Sany Noor Fibiona, Indra Go, Faith Zefanya Farrel Gusni, Gusni Hadi, Faizal Susilo Handoyo, Agus F Handoyo Hardiana, Dian Hardjadi, Dikdik Hari Mulyadi, Hari Hartono, Pierdijono Harun, Muhammad Fiqri Hasbi, Imanudin Heny Hendrayati Herdiana, Wyna Herilna Herlina, Herilna Heryana, Toni Hidayat Arif Nur, Muhaimin Hilda Syaidatul Ulfah, Hilda Syaidatul Ida Ayu Putu Sri Widnyani Ikaputera Waspada, Ikaputera Ikhsan, Sugiyanto Imas Purnamasari Ina Ratnasari, Ina Insany, Gina Purnama Iqbal Lhutfi Irawan, Rini Larasati Irvan, Bagus Iskandar, Alyanissa Putri Ismail, Hariadi Jahidah, Nurul Siti Janah Sojanah, Janah Jayawarsa, A.A. Ketut JB. Yurahman, JB. Yurahman Jefri Khairunnas, Jefri Juliana Juliana Kartikaningsih, Dewi Kastanya, Grace Khay, Khay Kpodo, Percy Chris Krishna Yuliawati, Ayu Kumara, Gatot Kunta Kurnia, Ika Famela Kurniawan, Fakhry Hafiyyan KUSNANTO, DANANG Lekettey, Edem Leni Yuliyanti, Leni Lestari, Siska Nurazizah Luckyardi, Senny Luqman, Citra Aisyah Lusiana Sani Parwati M. Arief Ramdhany Mac-Moqu, Francis Kortey Marbun, Tonggo Mardiani, Rika Maulana, Mahbub Afini Maya Sari Mayasari Mayasari, Mayasari Medidjati, R Adam Medidjati, R. Adam Meta Arief, Meta Mr. Dodi Muhamat, Amirul Afif Muhammad Afif Muhammad, Rizky Alifio Mulyana, Dendi Munir Nur Komarudin Mustikasari, Hany Naiya, Naiya Nasrudin Nasrullah, Baso Nasution, Toni Natanael, Matthew Lucky Navik Istikomah Netti Siska Nurhayati Ningrum, Azizah Puspa Nkansah, Obed Kwabina Opoku Nugroho, Felix Dian Nur Apandi, R Nelly Nurdiani, Mia Silmi Nurtanti, Azizah Nuryuana Dwi Wulandari Pambudi, Wahyu Pasha, Riska Ayu Permatasari, Zulia Nur Pinayani, Ani Pranata, Rengga Madya Pratama, Rafindra Hyoga Pratiwi, Irma Dwi Prawatiningsih, Desty Priyo Wibowo, Priyo Purnomo, Budi S Putri, Medhita Gunawan Qiswatun Mukhoyyaroh Rahim, Sarah Aulia Rahman, Zaidan Al Rasto, Rasto Reza, Caisya Ibni Aulia Putri Rezi Fandiyansyah, Muh Rina Maria Hendriyani Rita Purnamasari Ruri Mutiara Ayuni Ryan Maulana Saffira, Allya Satria, Rita Siman, Siman Simatupang, Frido Sarita Sinderela, Moriska Singgih, Ivan Kristianto Situngkir, Tiar Lina Solihat, Asri solikin, ikin Subaryana Subaryana, Subaryana Sugiharti, Harpa Sugiharto, Nur Aziz Sugiyanto - Supiyadi, Dedi Supriatna, Yayat Supriyono Supriyono Surochman, Arief Sutanto, Dharma Adhi Sutardiyanta, Ihwan Sutisna, Ade Jaya Syafi, Muhammad Abiyu Syaharuddin Rasyid Syaifullah Syaifullah Tania, Adelia Septiani Restanti Tia Yuliawati Tiffany, Florentina Titik Respati Tjandra, Dewi Anggraini Tri Sagirani Ugli, Jalilov Mehroj Erkin Ujang Suherman, Ujang Suherman Umar Faruk Umarova, Zulayho Vanessa Gaffar Vigim, Jaqolina Anggraeni Vinda Maharani Patricia Viviany, Viviany Warawiati, Nuni Ayu Wardana, Oka Wardana, Roihan Kusuma Widiarto, Tasya Evrillia Wijaya, Claudia Zefanya Yanti Sri Rejeki Yasir Maulana Yayat Supriyatna Yogaswara, Andrey Satwika Yusup Junaedi Zahro, Siti