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THE RELATIONSHIP BETWEEN MINIMUM WAGE POLICY, HUMAN CAPITAL INVESTMENT, AND ECONOMIC GROWTH Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 1 No. 3 (2024): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

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The relationship between minimum wage policy, human capital investment, and economic growth refers to the complex interaction between three key elements in economic development. Minimum wage policy is a government regulation that sets the lowest limit of wages to be paid to workers. Human capital investment involves efforts to improve the quality and capacity of the workforce through education, training and skills development. Meanwhile, economic growth refers to the increase in the production capacity of goods and services in an economy over time. This relationship illustrates how the right wage policy and investment in human capital can work together to boost productivity, innovation, and ultimately sustainable economic growth. The research method uses a literature review. The results show that an appropriate minimum wage policy can improve workers' living standards and encourage consumption, but needs to be implemented carefully to avoid negative impacts on employment. Investments in human capital through education and training are proven to increase productivity and innovation, which in turn boost economic growth. The study concludes that a balanced and integrated approach in managing minimum wage policy and human capital investment is essential to achieve sustainable and inclusive economic growth.
ANALYSIS OF THE IMPACT OF THE COVID-19 PANDEMIC ON UMKM AND ADAPTATION STRATEGIES: A LITERATURE REVIEW Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 1 No. 4 (2024): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

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The COVID-19 pandemic has changed the global economic landscape, having a significant impact on various sectors, including Micro, Small and Medium Enterprises (MSMEs). This study aims to systematically analyse and review the impact of the COVID- 19 pandemic on MSMEs and identify adaptation strategies implemented by MSMEs in the face of this crisis. The results showed that the COVID-19 pandemic brought severe economic challenges to MSMEs, including decreased turnover, disruptions in the supply chain, and difficulties in accessing finance. However, the study also found that MSMEs that were able to adapt quickly, such as through business digitalisation, product diversification, and the use of e-commerce platforms, were able to minimise the negative impacts and even find new opportunities in the crisis. Based on this analysis, it is concluded that government support and access to resources are key in increasing MSMEs' resilience to the impact of the pandemic. This research provides insights for policymakers, practitioners, and academics in developing effective strategies and interventions to support MSMEs in the pandemic era and beyond.
TRANSFORMATION OF SOCIAL ECONOMY LAW: A LITERATURE STUDY ON REGULATORY IMPLEMENTATION AND EFFECTIVENESS Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 1 No. 4 (2024): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

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This research aims to examine the transformation of social economic law, by reviewing various literatures that review the implementation and effectiveness of existing regulations. In the context of this research, legal transformation is considered a dynamic and continuous process that must be able to adjust to the rapidly changing socio-economic environment. The study concludes that an effective regulation in the social economy must be flexible, accessible and responsive to social needs, with an emphasis on community empowerment and broader social interests. In addition, this study highlights the importance of continuous monitoring and evaluation to keep regulations relevant and able to have a positive impact in a sustainable manner.
THE DIGITAL AGE AND THE EVOLUTION OF SOCIAL ECONOMY LAW: AN ANALYSIS OF THE LITERATURE AND ITS IMPACT ON THE FUTURE OF PUBLIC POLICY Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 1 No. 4 (2024): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

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This research analyses relevant literature to identify key changes in copyright regulation, data protection and digital market policies. The analysis shows that the digital age presents new challenges and opportunities that require adaptive responses from legal systems and public policies. The impact of these changes includes the need to update and develop a more responsive regulatory framework that can not only accommodate technological innovation but also protect the public interest and ensure fair competition. This research highlights the importance of collaboration between policymakers, academics and legal practitioners to create policies that support sustainable economic and social development in the face of digital transformation.
INTER-SECTOR COLLABORATION IN SUPPORTING THE WELFARE OF UMKM: A LITERATURE REVIEW Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 1 No. 4 (2024): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

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Inter-sector collaboration has been recognised as a key component in improving the welfare of Micro, Small and Medium Enterprises (MSMEs). The purpose of this literature review is to explore how collaboration between the government, private sector, educational institutions, and communities can contribute to the growth and prosperity of MSMEs. Through a comprehensive analysis, this study identifies that effective collaboration enables MSMEs to overcome various challenges such as limited access to capital, technology, and efficient business management. In addition, the study shows that cross-sectoral cooperation promotes innovation, adaptability and sustainability for MSMEs. Such collaboration also plays a role in strengthening local economic development by creating jobs and promoting equitable income distribution. Based on this literature review, it is concluded that synergy between various sectors is an important catalyst in realising sustainable growth of MSMEs that can contribute significantly to the national economy. This conclusion confirms the importance of an inclusive and integrated collaboration strategy to develop a supportive ecosystem for MSMEs, which in turn will support general welfare and overall economic progress.
SECURITY AND PRIVACY IN CRYPTOVALUTA TRANSACTIONS: AN ANALYSIS OF THE LITERATURE ON BLOCKCHAIN TECHNOLOGY Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 1 No. 5 (2024): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

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Blockchain technology has revolutionised many industry sectors, including finance, through the introduction of cryptovaluta. While it offers significant transparency and decentralisation, it also raises serious challenges related to security and privacy. This article analyses the existing literature to evaluate various aspects of security and privacy in cryptovaluta transactions. The transparency of blockchain, while increasing trust, may result in the risk of disclosure of user identity and transaction details. Advanced technologies such as zk-SNARKs and CoinJoin have been developed to address this issue, enabling the scrutiny of transactions without revealing sensitive information. The security of blockchain networks, while inherently robust, remains vulnerable to attacks aimed at individual users and exchange platforms. Digital wallet theft, phishing attacks, and vulnerabilities in smart contracts are some of the significant risks. The article also emphasises the importance of user education to recognise and address these risks. By combining more advanced security technologies with increased user awareness, it is hoped that an optimal balance between transparency, privacy, and security can be achieved in the cryptocurrency ecosystem.
REGULATION AND LEGAL IMPLICATIONS OF CRYPTOVALUTA: A LITERATURE REVIEW OF GLOBAL POLICIES Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 1 No. 5 (2024): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

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This research explores the regulations and legal implications relating to cryptovaluta through a literature review of global policies. Countries have taken diverse approaches to regulating cryptovaluta, the main objectives of which are to provide legal certainty, protect consumers, and prevent illegal activities such as money laundering and terrorism financing. Market stability and security are key aspects of these regulations, with consumer protection and market transparency prioritised. However, challenges in policy alignment between countries are significant due to the need to prevent regulatory arbitrage and address cross-border criminal offences. This research highlights the importance of international collaboration and the development of common standards to create a consistent and adaptive regulatory framework, capable of supporting the wider and safer adoption of cryptovaluta, providing substantial global economic benefits in the future.
IMPACTS OF CLIMATE CHANGE ON THE GLOBAL ECONOMY: AN IN-DEPTH ANALYSIS OF ECONOMIC LOSS PROJECTIONS AND MITIGATION STRATEGIES Gunawan Widjaja; Tono Mahmudin; Loso Judijanto; Zainal Arifin; Iyad Abdallah Al- Shreifeen
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 1 No. 6 (2024): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

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Climate change is a defining challenge of our time, with far-reaching consequences for the global economy. This study provides a comprehensive examination of the economic impacts of climate change, focusing on projections of economic losses and the effectiveness of mitigation strategies. Our research combines quantitative analysis, case studies, and policy evaluation to offer a holistic perspective on this critical issue. Key findings of this research include the projection of substantial economic losses, potentially amounting to 2% of the global GDP by mid-century, if decisive measures are not taken. We analyze the vulnerabilities of critical sectors, such as agriculture and energy, and underscore the regional disparities in climate impacts through case studies. Adaptation and mitigation strategies are explored, emphasizing the economic benefits of proactive measures. This study is a vital resource for policymakers, businesses, and researchers, offering actionable insights to navigate the complex interplay between climate change and the global economy. It reiterates the urgency of addressing climate change's economic impacts and presents a roadmap for building resilience and seizing economic opportunities in a changing climate.
REGULATION AND SUPERVISION OF ISLAMIC BANKING IN INDONESIA: AN IN-DEPTH EXAMINATION OF RECENT DEVELOPMENTS ANDCONTEMPORARY TRENDS Shohib Muslim; Gunawan Widjaja; Farika Nikmah; Muhammad Naufal Arifiyanto; Mohammad Ahmad Bani Amer
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 1 No. 8 (2025): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
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This paper conducts an in-depth examination of the regulation and supervision of Islamic banking in Indonesia, focusing on recent developments and contemporary trends. The regulatory framework governing Islamic banking has evolved significantly in response to the dynamic financial landscape and the growing prominence of Sharia-compliant finance. The study explores the historical development of regulations, vital legal provisions, and the role of regulatory authorities in overseeing Islamic banking activities. A comparative analysis with conventional banking regulations provides insights into the distinctive features and challenges the Islamic banking sector faces. The discussion delves into the effectiveness of existing regulations in addressing challenges, ensuring compliance, and facilitating enforcement. Furthermore, the study investigates evolving trends, including recent developments within the Indonesian Islamic banking sector and global perspectives on Islamic banking regulation. The implications for future research and practical recommendations are also discussed, contributing to the ongoing dialogue on strengthening the regulatory environment for Islamic banking in Indonesia.
ANALYSIS OF THE INFLUENCE OF CORPORATE GOVERNANCE ON INVESTMENT EFFICIENCY OF PUBLIC COMPANIES IN INDONESIA Gunawan Widjaja
INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS Vol. 1 No. 11 (2025): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Publisher : CV. Adiba Aisha Amira

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Good Corporate Governance is a process that regulates and controls a company in improving its business by paying attention to stakeholders to achieve company goals. The application of good corporate governance principles within a company can improve the company's financial performance and make the company free from fraud and can increase the trust of stakeholders and the public. The problem that companies often face is a lack of professionalism in running a company. Implementation of Good Corporate Governance cannot be separated from talking to companies that have valid legal entities in accordance with the provisions of the Law. The higher the investment efficiency, the more efficient the use of cash or company assets in making an investment, so it can be said that the more efficient investment is made, the higher the impact on cash flow. Corporate Governance influences the investment efficiency of public companies in Indonesia as measured by ROA and ROE. The research results which show that there is a positive influence of GCG on financial performance (ROA and ROE) can be interpreted as meaning that the better the implementation of GCG in a company can result in the company's operational activities being more effective and efficient, which in turn will increase financial performance.
Co-Authors Aat Ruchiat Nugraha Abadi, Songga Aurora Abd. Basir Abdul Samad Arief Abdul Wahab Syakhrani Abdur Rahman Achmad Fazrin Adi Rumanto Waruwu Adrian Bima Putra Adrian Bima Putra Advitama, Dave Affandi Affandi Agus Supriyanto Agus Supriyanto Agustinus Nugroho Jati Aisyah, Shyavara Alam Anbari Anastasia Prestika Andina Rahmayani Andreani Dewanto Andreas Harry Andreas Harry Anggia Az Zahra Anindita Widyapradnya Annas Tasya N.A Annas Tasya N.A, Annisa Rachmawati, Dsk Putu Ayu L.A, Khaerunnisa Ade P., Muhammad Fachri, Pradita Ajeng S.A Annisa Purwo Hastuti Annisa Rachmawati Ari Rahmat Elsad Arif Rahman Baihaqi Arman Harahap Asep Saepullah Aslan Aslan Aslan Aslan Aswan Athalia Christine L Ayu Miya Maryani B.M.A.S. Anaconda Bangkara Bintan R. Saragih Brian Matthew Budi Suranto Bangun Cecep Suhardiman Cecep Suhardiman Cecep Suhardiman Cesarianti, Fransiska Milenia Chairunnissa Chairunnissa Christiawan, Rio Christina Herawati G Damun, Damun Danang Rahmat Surono Dave Advitama Delia Bazlina Deny Wicaksono, Deny Dhanudibroto, Handojo Dheas Syahreza Muslim Diana ., Diana Diana Laila Ramatillah Dimas Tripraditiya Dipo Pramudito Dipo Pramudito Dsk Putu Ayu L.A Dumilah Ayuningtyas Dyah Ersita Yustanti Dyah Ersita Yustanti Dyah Ersita Yustanti Dyah Ersita Yustanti Dyah Ersita Yustanti Ekasari, Silvia Ekha Sri Sugiarti Elisabeth Purnama Massang Enna Budiman Enna Budiman Ersita Yustanti, Dyah Fachrurazi Farika Nikmah Farrel Abiyu Ramadhana Fitra Sri Rahayu Grace Riana Hadenan Towpek Hadenan Towpek Halim , Adriansyah Handojo Dhanudibroto Handojo Dhanudibroto Handojo Dhanudibroto Handojo Dhanudibroto Hansel Kalama Hardijan Rusli, Hardijan Harry, Andreas Hatta, Ignatius Bambang Sukarno Hendra . Hendrawan Hendrawan Hendriarto, Prasetyono Heri Kustanto Hernita Hernita Hernita Hotma P. Sibuea Hotmaria Hertawaty Sijabat Hotmaria Hertawaty Sijabat Hotmaria Hertawaty Sijabat Hotmaria Hertawaty Sijabat Hotmaria Hertawaty Sijabat Hotmaria Hertawaty Sijabat Hotmaria Hertawaty Sijabat Hotmaria Hertawaty Sijabat Ita Nurcholifah Iyad Abdallah Al- Shreifeen Iyad Abdallah Al-Shreifeen Jahidin Kuswanto Januar Agung Saputera Jessica Francis Gunawan Jestin Justian Juliana, Juliana Junior B. Gregorius Karunia Ilham Karim Kevin Neil McVey Khaerunnisa Ade P. Khairul Nizam bin Zainal Badri Khalimi Khalimi Khalimi Lalu Syaifudin Lidya Cristy S Loso Judijanto M Reydhi Suwanda M Ruswan Talaohu M. Hafiz Aini M. Zahari Mahmudin, Tono Mailinda, Nur Martedjo, Wagiman Martin Maurer M.Marpaung Megasari Sijabat, Fittry Mellisa Efiyanti Mellisa Efiyanti Melyana Melyana Mervyn Mervyn Michael Matthew Michelle Angelika S Mika Anabelle Miya Maryani, Ayu Moch. Isra Hajiri Mochammad Roufal Moh. Imam Ishomuddin Zuhri Mohammad Ahmad Bani Amer Monica Monica Mowafg Masuwd Muhammad Anas Ma`arif Muhammad Fachri Muhammad Ikhwan Muhammad Ikhwan Muhammad Nagieb Muhammad Naufal Arifiyanto Muhammad Rayyan Firdaus Muthia Rachman Nadila Citra Aprilia Naiborhu, Mesa Indra Ni Nyoman Ari Triantari Nini Putri Wijaya, Nini Putri Novan Dzaky Pangestu Novi Puji Lestari Novi Rizky Ramadhani Novi Rizky Ramadhani Nugroho, Sudrajat Mukti Nur Ulfa Maulida Nurwita, Nurwita Oggy Satya Tambunan Olivia Pauline Hartanti Poetranto, Soeryo Pradita Ajeng S.A Puji Hastuti Rafa Zahirah Husein Rahadian Bayu Anggoro Rahardja, Tony Rahmat Nasution Raissa Arlyn Manikam Rajes Khana Ramdan Yusuf Renaldi Immanuel Panggabean Retnaningtyas Insyira Retnaningtyas Insyira, Anggia Az Zahra, Nadila Citra Aprilia, Chairunnissa, Muhammad Rayyan Firdaus, Novan Dzaky Pangestu Reza Sutrianingtyas Rahayu Rianti Nurul Oktavia Rif'ah Rif'ah Rifa’at Hanifa Muslimah Rifa’at Hanifa Muslimah Rio Johan Putra Ririn Nurhidayanti Rizka Anindya Manjayani Rizky Yosa Adhi Prabowo Robby Sulivan, Robby Robert Iskandar Rumanto Waruwu, Adi Salmon Sihite Salsa Rizkya Samsuto, Samsuto Sanchita Bhattacharya Sanjaya, Aditya Santika Santika Sarah Ramadona Sardjana Orba Manullang Savira Lovianda Gunawan Sendi Sanjaya Sendi Sanjaya SH Septy Kusuma Septy Kusuma, Arif Rahman Baihaqi, M Ruswan Talaohu, Santika, Sarah Ramadona, Salsa Rizkya Setiawan, Lisno Shella Felicia Shohib MUSLIM Sihite, Salmon Silalahi, Yohanes B O Siti Hafifa Marlinda Putri Siti Nur Azizah Siti Rokayah Songga Aurora Abadi Songga Aurora Abadi Sri Sugiarti, Ekha Sudrajat, Maman Sukh Pawen Jit Kaur Sunnah, Sunnah Syavitri Ramadhani Sylvana, Yana Tahir, Usman Tamrin Tamrin Tanti Herawati Taufik Rahman Taupik Alpiyandi Theresia Vena Tiwi Siftiyani Rosidah Towpek, Hadenan Ummah, Iriaty Khairul Usman Tahir Viony Kresna Sumantri Vivin Caronia Wagiman WAGIMAN Wagiman Wagiman . WAHYUDI Wibowo Laksono Widodo Wibowo, Basuki Rekso Widjaja, Liza Wijaya, Hanna Wirawan, Vani Yana Sylvana Yohanes Firmansyah Yohanes Firmansyah Yohanes Firmansyah Yohanes Firmansyah Yohanes Firmansyah Yuli Supriani Yuri Anggi Yustinus Lambang Setyo Putro Yustinus Rurie Wirawan Yusuf, Ramdan Zainal Arifin