Garuda - Garba Rujukan Digital

Covid19 and World Tourism Research I Nyoman Sudapet; Ronny Durrotun Nasihien; Mohd Haziman Wan Ibrahim; Muhammad Ikhsan Setiawan; Agus Sukoco; Amrun Rosyid
IJEBD (International Journal of Entrepreneurship and Business Development) Vol 4 No 2 (2021): March 2021
Publisher : LPPM of NAROTAMA UNIVERSITY

Purpose: Constructs and visualizes bibliometric networks research in Covid19 and world tourism research with meta-analysis techniques using VOS-viewer analysis. Design/methodology/approach: This research is a bibliometric analysis, a statistical evaluation of published books, or the chapters of a book, scientific articles in COVID19, and tourism field, also it is an effectual way to measure the influence of publication in the scientific community. First analysis using Scopus.com analysis search result, COVID19 and tourism research publication, Next analysis using VOS-viewer, a software tool for constructing and visualizing bibliometric networks in COVID19, and tourism field. Findings: Based on VOS-viewer analysis using COVID19 and tourism research publication, 2020-2021, 303 document results, in scopus.com. COVID19 and tourism research publication, 2020-2021, 303 document results, scopus.com, best 3 affiliations are Texas A&M University, The University of Sydney, and Griffith University; best 3 countries and territories are United Kingdom, United States, and Australia; best 3 funding sponsor are National Natural Science Foundation of China, European Commission, and European Research Council. Paper type: Research Paper

The Influence of Social Media on Investment Decisions in the Capital Market (A Study of Students Active in Stock Investment) Gema Merdeka Goeyardi; Chriestine Ayu Ashari; Agus Sukoco
Jurnal Stagflasi : Ekonomi, Manajemen dan Akuntansi Vol. 3 No. 2 (2025): Jurnal Stagflasi : Ekonomi, Manajemen dan Akuntansi, October 2025
Publisher : Sean Institute

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This study aims to examine and analyze the influence of social media usage on capital market investment decisions among university students in Bandung who are actively investing in stocks. The rapid digitalization of financial information on social media has become a primary driver of young investors' behavior; however, it also carries the potential to trigger the "Fear of Missing Out" (FOMO) phenomenon and speculative behavior. A quantitative approach utilizing an associative causality design was employed. Primary data were collected via online questionnaires using purposive sampling, targeting 100 active student investors who use social media. Data analysis was conducted using SmartPLS software through the Structural Equation Modeling-Partial Least Squares (SEM-PLS) approach. The structural model evaluation reveals that social media usage has a positive and significant effect on students' investment decisions, with a path coefficient of 0.660, a t-statistic of 8.742, and a significance level (p-value) of 0.000. The social media usage variable explains 43.6% of the variance in investment decisions (R² = 0.436). These findings indicate that while the flow of digital information accelerates transaction execution, "bounded rationality" renders young investors susceptible to heuristic biases. Therefore, strengthening rational financial literacy is crucial to balancing the digital inclusion of the capital market.

Digital Transformation of Financial Management: Micro-Enterprises' Experience in Adopting Cashless Payment Systems Gema Merdeka Goeyardi; Chriestine Ayu Ashari; Agus Sukoco
International Journal of Taklimat Science Review Vol. 1 No. 3 (2026): August : International Journal of Taklimat Science Review
Publisher : CV. Sutan Mandiri Sejahtera

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This study aims to explore the experiences and dynamics of micro-entrepreneurs in adopting cashless payment systems as part of the digital transformation of financial management. Employing a qualitative approach with a hermeneutic phenomenological design, data were collected through in-depth, semi-structured interviews with micro-entrepreneurs who have integrated QRIS codes or digital wallets into their business operations. The findings indicate that this digital transformation significantly enhances the accountability of automated cash recording and fosters a clear demarcation between personal finances and business capital. However, the sustainability of this adoption is hindered by techno-economic constraints, such as unstable internet connectivity, transaction cost burdens (merchant discount rates), and delays in daily liquidity. Furthermore, a significant digital literacy gap and a cash-based cultural resilience were identified, resulting in technology utilization at the grassroots level remaining superficial. The study concludes that the success of digital financial transformation in the micro-enterprise sector requires stable macro-infrastructure support, affirmative tariff regulations, and financial literacy education that addresses the socio-cultural aspects of the entrepreneurs

Financial Risk Mitigation Strategies for MSMEs in the Tourism Sector Amidst Economic Uncertainty Gema Merdeka Goeyardi; Agus Sukoco; Chriestine Ayu Ashari
MAR-Ekonomi: Jurnal Manajemen, Akuntansi Dan Rumpun Ilmu Ekonomi Vol. 4 No. 01 (2025): Jurnal Manajemen, Akuntansi dan Rumpun Ilmu Ekonomi (MAR-Ekonomi), october 202
Publisher : SEAN Institute

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The tourism sector is a key economic driver that is highly vulnerable to external shocks and market fluctuations. This study aims to identify the primary financial risks faced by tourism-sector Micro, Small, and Medium Enterprises (MSMEs) in Batu City and to formulate effective mitigation strategies to address economic uncertainty. An exploratory descriptive qualitative research method was employed, utilizing data collection techniques such as in-depth interviews, field observations, and the analysis of relevant secondary documents. The findings indicate that economic uncertainty triggers three critical financial risks for tourism MSMEs in Batu City: acute liquidity risk due to seasonality, debt risk (leverage risk) stemming from reliance on informal capital, and profit margin pressure (margin squeeze risk) caused by supply chain inflation. As an anticipatory measure, the study formulates adaptive mitigation strategies, including cash buffer management, operational cost efficiency, collective revenue diversification, and the acceleration of financial management digitalization through bookkeeping applications and QRIS integration. The study concludes that the implementation of integrated financial mitigation strategies can eliminate the risk of commingling personal and business funds and establish an accountable financial track record, thereby enhancing long-term business resilience. The practical implications of this research offer a strategic guide for business owners and serve as a basis for the Batu City Government to evaluate economic stimulus policies.

The Influence of Dividend Policy (Dividend Payout Ratio and Dividend Yield) on Stock Price Volatility (A Study of Energy Sector Companies Listed on the Indonesia Stock Exchange) Gema Merdeka Goeyardi; Chriestine Ayu Ashari; Agus Sukoco
Jurnal Scientia Vol. 13 No. 02 (2024): Education and Sosial science, March - May 2024
Publisher : Sean Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58471/scientia.v13i02.3169

This study aims to analyze the impact of dividend policy proxied by the Dividend Payout Ratio (DPR) and Dividend Yield (DY) on stock price volatility in energy sector companies listed on the Indonesia Stock Exchange (IDX). This research employs a quantitative method with a causal-comparative approach. The sample was selected using purposive sampling. Secondary data were obtained from annual financial reports and stock performance summaries published by the IDX. Data analysis was conducted using multiple linear regression with SPSS version 21 software. The results indicate that, individually, the Dividend Payout Ratio (DPR) does not have a significant effect on stock price volatility in energy sector companies. Conversely, Dividend Yield (DY) was found to have a positive and significant impact on stock price volatility. These findings suggest the existence of a "dividend trap" phenomenon in the energy sector, where high yields driven by a decline in the underlying stock price elicit an aggressive market response, thereby escalating stock price volatility in the secondary market.

Synergy Between Fiscal Policy and Capital Market Stability in Facing Global Challenges Gema Merdeka Goeyardi; Agus Sukoco; Chriestine Ayu Ashari
Journal of Economics and Business (JECOMBI) Vol. 7 No. 01 (2026): Journal of Economics and Business (JECOMBI), 2026
Publisher : SEAN Institute

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This study aims to analyze the contribution of synergy between fiscal policy and financial market authorities in maintaining domestic capital market stability amidst global economic uncertainty. In an era of high volatility driven by geopolitical dynamics, commodity price fluctuations, and global monetary tightening, capital market resilience serves as a crucial indicator of a nation's macroeconomic stability. Employing a qualitative method based on a literature review approach, this study evaluates the interaction between state budget components specifically state revenue, state expenditure, and the budget balance and performance indicators of the Indonesia Stock Exchange (IDX), namely the growth trends of the Jakarta Composite Index (JCI) and market capitalization, over the 2021–2025 period. Secondary data sourced from official ministry reports, academic journals, and news articles were analyzed using content analysis techniques to identify conceptual themes and map the transmission mechanisms of the macroeconomic policy mix. The findings indicate that the implementation of countercyclical and responsive fiscal strategies effectively serves as a macroeconomic shock absorber. Fiscal interventions, such as increasing energy subsidies, successfully break the transmission chain of global inflation to the real sector, thereby preserving domestic corporate profitability and minimizing mass sell-offs on the stock exchange. Furthermore, fiscal consolidation measures that restore the health of the state budget send a positive signal to international investors by lowering sovereign credit risk, thereby triggering significant foreign capital inflows into the domestic stock market. The successful coordination and synergy among institutions within the Financial System Stability Committee (KSSK) framework fostered a resilient investment climate, culminating in a surge in the Jakarta Composite Index (JCI) performance and a record-breaking market capitalization by the end of the study period.

Constructing the Meaning of Stock Investment for Generation Z: A Phenomenological Analysis of the Influence of Social Media Gema Merdeka Goeyardi; Agus Sukoco; Chriestine Ayu Ashari
Jurnal Ekonomi Vol. 13 No. 03 (2024): Jurnal Ekonomi, Edition July -September 2024
Publisher : SEAN Institute

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This study aims to explore in depth the construction of meaning regarding stock investment among Generation Z and to identify how social media interactions influence their lived experiences in making financial decisions. The current surge of young investors in the capital market marks a cultural deconstruction of financial activity, driven by the proliferation of financial literacy narratives in the digital space. This study employs a qualitative approach using Interpretative Phenomenological Analysis (IPA). Primary data were gathered through semi-structured, in-depth interviews with eight Generation Z informants who actively trade stocks and are intensively exposed to financial content on social media platforms. A sociological analysis using the lens of the Social Construction of Reality theory reveals that the meaning of stock investment for Generation Z manifests in three key essences. First, investment is perceived as a symbol of financial independence and a means of fulfilling a modern lifestyle. Second, social media through the role of "finfluencers" acts ambivalently as both an accelerator of informal financial literacy and a trigger for acute psychological anxiety, specifically the Fear of Missing Out (FOMO) phenomenon. Third, empirical encounters with capital market volatility spark a transformation in the informants' awareness of their economic agency, shifting the orientation of meaning from short-term speculation toward future protection based on self-managed risk. This study concludes that for Generation Z, stock investment is not merely a rational economic instrument but a space for articulating social identity and self-actualization, dialectically constructed by the digital ecosystem.

Exploring Financial Management Obstacles Faced by Local Governments in Implementing E-Budgeting Policies Gema Merdeka Goeyardi; Agus Sukoco; Yulianah Yulianah
Advances in Economics & Financial Studies Vol. 3 No. 2 (2025)
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/aefs.v3i2.1159

Purpose: This review explores the financial management obstacles faced by local governments in implementing e-budgeting policies and identifies integrative strategies for strengthening digital regional financial governance. Research Design and Methodology: A descriptive narrative literature review was conducted using the scholarly sources included in the review, primarily journal articles, complemented by conference proceedings and doctoral dissertations. The literature was synthesized thematically through reduction, categorization, comparison, and interpretation across fiscal, institutional, and governance dimensions. Findings and Discussion: The literature indicates three interrelated obstacle clusters. Fiscal constraints limit investment in reliable technological infrastructure; institutional barriers arise from uneven digital competence, organizational resistance, and dependence on external support; and governance challenges involve regulatory transitions, inter-institutional coordination, political dynamics, and procedural rigidity. The synthesis supports integrated responses combining infrastructure planning, capability development, change management, coordinated policy transitions, and earlier stakeholder dialogue. Implications: The review relies on secondary sources and does not provide direct causal or region-by-region empirical tests. Future research should validate the framework across local governments with different fiscal, institutional, and technological conditions. The review integrates fiscal, institutional, and governance barriers into a unified framework that treats e-budgeting as a multidimensional governance reform rather than a stand-alone technology project.

A Phenomenological Analysis of FOMO, Impulsive Buying, and Personal Financial Management among Generation Z in Surabaya Gema Merdeka Goeyardi; Agus Sukoco; Yulianah Yulianah
Advances in Economics & Financial Studies Vol. 4 No. 3 (2026)
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/aefs.v4i3.1160

Purpose: This study explores how Generation Z in Surabaya experiences fear of missing out (FOMO) and impulsive buying and how these experiences shape personal financial management. Research Methodology: A qualitative phenomenological design was used. Informants were purposively selected from Generation Z residents of Surabaya who actively use social media and had experienced impulsive purchasing influenced by digital trends. Data were generated through in-depth interviews, passive observation of digital-lifestyle activities, and available expense or transaction documentation. Analysis followed phenomenological procedures including bracketing, horizonalization, thematic clustering, and identification of textural and structural essences. Results: Three interconnected themes emerged: digital and urban social pressure, impulsive buying as emotional coping and social validation, and digitally mediated perceptions of purchasing power. The accounts linked these experiences with reactive financial practices, weaker long-term financial prioritization, and greater acceptance of consumer debt. Research limitations/Implications: The context-specific qualitative design limits statistical generalization. Future research should examine broader populations and compare different urban settings. The findings support financial-literacy interventions that address emotional spending, social comparison, and responsible digital-credit use. Originality: The study integrates FOMO, impulsive buying, digital finance, and personal financial management through a phenomenological account of urban Generation Z experiences.

Dynamics of External Borrowing and Fiscal Vulnerability in Indonesia Gema Merdeka Goeyardi; Agus Sukoco; Arasy Alimudin
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 1 (2026): January - February
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i1.1156

Purpose: This study examines shifts in Indonesia’s external borrowing during 2021–2025 and the macro-fiscal and governance channels through which debt composition may create fiscal vulnerability. Research Method: A descriptive qualitative secondary-data design combines year-end external-debt statistics from Bank Indonesia with a focused review of scholarly and institutional sources. Analysis covers debt composition, the external-debt-to-GDP ratio, exchange-rate exposure, refinancing pressure, fiscal space, domestic revenue capacity, and debt governance. Results and Discussion: Total external debt declined in 2022 and then increased to USD 431.7 billion in 2025. From 2021 to 2025, public-sector external debt rose from USD 209.2 billion to USD 238.9 billion, while private-sector external debt fell from USD 205.9 billion to USD 192.8 billion. The external-debt-to-GDP ratio declined from 35.0% to 29.9%. Fiscal vulnerability operates principally through currency exposure, debt-service and refinancing pressure, constrained fiscal space, and governance quality. Implications: The study relies on secondary evidence and does not estimate causal effects. Policy implications emphasize prudent borrowing, productive allocation, currency-risk management, domestic revenue capacity, and transparent debt governance. Originality: The study integrates debt composition, macro-fiscal exposure, governance, and fiscal resilience in a qualitative assessment of Indonesia’s recent external-borrowing dynamics.

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