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All Journal Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) JIET (Jurnal Ilmu Ekonomi Terapan) At-Tadbir : jurnal ilmiah manajemen JAST : Jurnal Aplikasi Sains dan Teknologi JSHP (Jurnal Sosial Humaniora dan Pendidikan) ECOPLAN : JOURNAL OF ECONOMICS AND DEVELOPMENT STUDIES International Journal of Economics Development Research (IJEDR) ANALISIS - SCIENTIFIC JOURNAL OF ECONOMICS, MANAGEMENT, BUSINESS, AND ACCOUNTING Journal of Digital Marketing and Halal Industry Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA) Jurnal Riset Ilmu Ekonomi Jurnal Perspektif Pembiayaan dan Pembangunan Daerah PERADABAN JOURNAL of ECONOMIC and BUSINESS Jurnal Pengabdian Masyarakat Bhinneka Jurnal Pengabdian Masyarakat Bangsa Jurnal Ilmiah Bisnis dan Ekonomi Asia (Jibeka) Economics Development Analysis Journal Optimum: Jurnal Ekonomi dan Pembangunan
Muhammad Firmansyah
Universitas Muhammadiyah Malang, Indonesia
Agriculture, Biological Sciences & Forestry Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Medicine & Pharmacology Nursing Physics Public Health Social Sciences Other

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Analysis of the implementation of the minimum wage policy in Batu city Riyanto, Wahyu Hidayat; Firmansyah, Muhammad; Arifin, Zainal
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 15 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v15i1.12105

Abstract

A minimum wage policy is essential to maintaining economic stability and encouraging growth. A well-implemented minimum wage can increase employment opportunities and support industrial growth. Therefore, policymakers must consider local economic conditions and industry characteristics when setting minimum wage levels. This study analyzes the implementation process of minimum wage policy in Batu city. In addition, this study also identifies the impact of the policy on worker welfare and economic dynamics and evaluates the challenges and opportunities in implementing the minimum wage policy. This study is qualitative. Data analysis in this study uses a flow model validated through triangulation techniques to ensure accuracy and reliability. The results of this study indicate that 46% of employers comply with the minimum wage policy in Batu City. Workers who receive wages according to the minimum wage positively impact worker welfare; for the MSME category, entrepreneurs in the production and tourism sectors feel that minimum wage changes every year do not affect their ability to pay workers. Therefore, the Batu City government must actively disseminate the minimum wage policy with more optimal supervision.
Determinants of Foreign Direct Investment in ASEAN-5: Economic, Institutional, and Social Factors Fadlian, Moch. Rizal; Firmansyah, Muhammad; Rahajeng, Lila Widya
Jurnal Riset Ilmu Ekonomi Vol. 5 No. 1 (2025): Jurnal Riset Ilmu Ekonomi (JRIE) Edisi April 2025
Publisher : Universitas Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23969/jrie.v5i1.270

Abstract

In the era of globalization, foreign direct investment (FDI) plays a crucial role in supporting economic growth and stability in developing countries. The ASEAN region strategically attracts FDI due to its diverse economic, social, and institutional characteristics. This study aims to analyze the influence of internal and external factors on FDI in ASEAN-5 countries from 2003 to 2023. The variables studied include corruption, trade openness, Human Development Index (HDI), and economic growth. Using the panel data regression method with a fixed effect model approach, the analysis results show that economic growth positively and significantly affects FDI. In contrast, trade openness shows a significant negative impact. Conversely, the corruption perception index and HDI show no significant effect. These findings emphasize the importance of economic stability and institutional quality in creating a competitive and sustainable investment climate in the ASEAN region.
Interaction Between Investment, Exports, Human Development Index, Technology, and Corruption on Economic Growth of ASEAN Countries Reza, Deft Syatir Putri; Soelistyo, Aris; Firmansyah, Muhammad
Jurnal Ilmiah Bisnis dan Ekonomi Asia Vol 19 No 2 (2025): Jurnal Ilmiah Bisnis dan Ekonomi Asia
Publisher : Institut Teknologi dan Bisnis Asia Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32815/jibeka.v19i2.2365

Abstract

This study aims to analyse the impact of foreign direct investment, exports, the human development index, technology, and corruption on economic growth in ASEAN. This quantitative analysis employs panel data regression to identify the variables affecting economic growth in ASEAN. This study encompasses ten ASEAN countries: Brunei Darussalam, Indonesia, Cambodia, Malaysia, Singapore, Thailand, Vietnam, the Philippines, Myanmar, and Laos, covering the period from 2010 to 2023. This study's results demonstrate that foreign direct investment, exports, the human development index, and technology significantly and positively influence economic growth in ASEAN. Corruption does not significantly impede economic growth within ASEAN. The variables of foreign direct investment, exports, the human development index, technology, and corruption collectively exert a significant influence on economic growth in ASEAN. This study introduces technology as a significant influencing variable. The ASEAN government persists in upholding stability and enhancing the national economy. The government must implement decisive measures in state security and enhance transparency to prevent an increase in state corruption. Further research should focus on broadening the variables associated with economic growth and employing diverse methodologies.
The Impact of Innovative Activities on Social Capital and Business Performance: A Study of Young Entrepreneurs in Malang City Mu'ammal, Immanuel; Firmansyah, Muhammad; Hilmi, Luqman Dzul
Peradaban Journal of Economic and Business Vol. 4 No. 2 (2025)
Publisher : Pustaka Peradaban

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59001/pjeb.v4i2.519

Abstract

This study examines the influence of social capital on business performance and the mediating role of innovative activities, with a specific focus on young entrepreneurs in the Greater Malang area. Using a quantitative positivist approach, data were collected through questionnaires from 65 entrepreneurs aged 18–30 who had operated their businesses for more than two years. Structural Equation Modeling (SEM-PLS) with WarpPLS 8.0 was employed for analysis. The results indicate that social capital significantly affects both business performance (β = 0.255; p < 0.001) and innovative activities (β = 0.381; p < 0.001). Innovative activities, in turn, strongly influence business performance (β = 0.551; p < 0.001) and mediate the relationship between social capital and business performance (β = 0.340; p < 0.001). These findings extend the literature by demonstrating how social networks foster innovation as a pathway to performance enhancement in emerging economies. Practically, this research highlights the importance of integrating social capital and innovation into entrepreneurial development strategies, particularly for youth-led businesses. Penelitian ini mengkaji pengaruh modal sosial terhadap kinerja bisnis serta peran mediasi aktivitas inovatif, dengan fokus pada wirausahawan muda di wilayah Malang Raya. Dengan menggunakan pendekatan kuantitatif-positivistik, data dikumpulkan melalui kuesioner dari 65 wirausahawan berusia 18–30 tahun yang telah menjalankan usahanya lebih dari dua tahun. Analisis data dilakukan dengan Structural Equation Modeling (SEM-PLS) menggunakan WarpPLS 8.0. Hasil penelitian menunjukkan bahwa modal sosial berpengaruh signifikan terhadap kinerja bisnis (β = 0,255; p < 0,001) maupun terhadap aktivitas inovatif (β = 0,381; p < 0,001). Aktivitas inovatif, pada gilirannya, berpengaruh kuat terhadap kinerja bisnis (β = 0,551; p < 0,001) dan memediasi hubungan antara modal sosial dan kinerja bisnis (β = 0,340; p < 0,001). Temuan ini memperluas literatur dengan menunjukkan bagaimana jejaring sosial mendorong inovasi sebagai jalur peningkatan kinerja dalam konteks ekonomi berkembang. Secara praktis, penelitian ini menekankan pentingnya integrasi modal sosial dan inovasi dalam strategi pengembangan kewirausahaan, khususnya bagi usaha yang dipimpin generasi muda.
Efektivitas transmisi kebijakan moneter jalur kredit dan harga aset terhadap pertumbuhan ekonomi pada bank sentral di ASEAN-5 Firmansyah, Muhammad; Mu’ammal, Immanuel
Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA) Vol.4, No.2 (2023): December 2023
Publisher : Universitas Widya Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37631/ebisma.v4i2.1206

Abstract

Kebijakan moneter memiliki peran penting dalam mengatur stabilitas ekonomi suatu negara, termasuk di kawasan negara ASEAN-5. Bank sentral di negara-negara ini bertanggung jawab untuk menjaga inflasi yang rendah, pertumbuhan ekonomi yang stabil, dan stabilitas sistem keuangan. Penelitian ini mengukur pada instrumen kebijakan moneter seperti suku bunga, kredit modal kerja, kredit konsumsi, dana pihak ketiga, dan indeks harga saham gabungan pada masing-masing negara ASEAN-5 sebagai tingkat keberhasilan dalam mengukur variabel pertumbuhan ekonomi. Tujuan penelitian ini adalah memberikan tolak ukur dari kebijakan moneter dalam pengaruhnya terhadap pertumbuhan ekonomi. Penelitian ini merupakan penelitian kuantitatif. Analisis data pada penelitian ini menggunakan model Vector Error Correction Model (VECM) sebagai alat untuk melihat pengaruh jangka panjang. Hasil dari penelitian ini menunjukkan bahwa di 5 negara ASEAN yaitu Indonesia, Malaysia, Singapura, Filiphina, dan Thailand menyatakan bahwa Kredit Modal Kerja, Kredit Konsumsi, Dana Pihak Ketiga, dan IHSG berpengaruh signifikan terhadap Pertumbuhan Ekonomi. Sementara itu, suku bunga tidak berpengaruh signifikan terhadap pertumbuhan ekonomi.
DETERMINANTS OF PORTFOLIO INVESTMENT IN ASEAN COUNTRIES Firmansyah, Muhammad; Yuli, Sri Budi Cantika; Boedirochminarni, Arfida; Flejterski, Stanislaw; Kurniawan, Mahrus Lutfi Adi
Jurnal Ekonomi Bisnis dan Kewirausahaan Vol 14, No 2 (2025): Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK): Article in Progress
Publisher : Fakultas Ekonomi dan Bisnis, UNTAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/jebik.v14i2.91515

Abstract

Portfolio investment is a key indicator of financial market health and an important driver of economic growth in ASEAN through increased liquidity and competitiveness. This study analyzes the effect of credit growth, political stability, governance, and labor on portfolio investment in ASEAN countries. A quantitative design was applied using secondary panel data from seven ASEAN countries from 2017 to 2023. Data were analyzed using the System Generalized Method of Moments (SYS-GMM) to address endogeneity and dynamic panel bias. Results reveal that credit growth significantly enhances financial market liquidity and company performance, while political stability strengthens investor confidence by providing a secure environment. Good governance reduces risk and fosters economic stability, while skilled labor supports investment attractiveness. This study concludes that political stability, healthy credit management, and strong governance are essential for attracting portfolio investment flows in ASEAN. Governments in the ASEAN region must improve governance transparency, provide training programs to improve labor skills, and maintain political stability to create a conducive investment climate.JEL: E22, E51, F66.
Analysis of The Effect of Credit and Financial Technology on Economic Growth in ASEAN-5 Firmansyah, Muhammad
Jurnal Riset Ilmu Ekonomi Vol. 4 No. 2 (2024): Jurnal Riset Ilmu Ekonomi (JRIE) Edisi Agustus 2024
Publisher : Universitas Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23969/jrie.v4i2.120

Abstract

Located at the center of a dynamic economic region, ASEAN-5 countries provide opportunities for each country to improve the socio-economic conditions of its people through developing infrastructure, communication networks, human mobility, and trade in goods and services. Through the provision of credit facilities, the banking sector participates in stimulating investment and economic development. Technological developments in the financial industry and financial technology also influence economic growth. This research measures banking credit service instruments such as third-party funds, investment credit, working capital credit, and financial technology as the level of success in measuring economic growth. This research is quantitative, the analysis technique in this research uses panel data regression to see the influence of the dependent variable on the independent variable. The finding shows that third-party funds, investment credit, and working capital credit significantly affect economic growth. Meanwhile, financial technology does not have a significant effect on economic growth. 
Socioeconomic determinants of blue-collar employment in West Java Province: A binary logistic regression approach Subastian, Alvin; Riyanto, Wahyu Hidayat; Putranto, FX Gugus Febri; Firmansyah, Muhammad
Jurnal Perspektif Pembiayaan dan Pembangunan Daerah Vol. 13 No. 4 (2025): Jurnal Perspektif Pembiayaan dan Pembangunan Daerah
Publisher : Program Magister Ilmu Ekonomi Pascasarjana Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/ppd.v13i4.43213

Abstract

Employment issues remain a persistent national challenge in Indonesia, particularly in West Java Province, which has a high concentration of blue-collar workers. These workers, typically engaged in manual and technical sectors, often face structural vulnerabilities, including low job security, limited social protection, wage stagnation, and restricted career advancement opportunities. This study aims to analyze the characteristics and determinants influencing individuals’ likelihood of becoming blue-collar workers in West Java Province. Using a quantitative approach, the research draws on microdata from the 2022 National Labor Force Survey (SAKERNAS) provided by Statistics Indonesia (BPS). A binary logistic regression model is employed to examine how individual and employment-related characteristics affect the probability of working in blue-collar occupations. The results show that gender, marital status, education level, job training, participation in the Pre-employment Card program, age group, regional minimum wage category, and area classification significantly influence this likelihood. Notably, individuals with lower educational attainment are 2.9 times more likely to become blue-collar workers. The findings underscore the critical role of education in shaping labor market segmentation. Strengthening the education, vocational training, and Pre-employment Card ecosystem is essential to reduce the vulnerability of blue-collar workers and expand their access to decent, inclusive employment opportunities.
Pelatihan Pembuatan Konten Media Sosial pada Takmir Masjid Imam Bukhari Kota Malang Mu'ammal, Immanuel; Yuliati, Uci; Firmansyah, Muhammad
Jurnal Pengabdian Masyarakat Bhinneka Vol. 1 No. 2 (2022): Bulan November
Publisher : Bhinneka Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58266/jpmb.v1i2.29

Abstract

Seiring dengan kemajuan teknologi, masjid juga harus bertransformasi dalam menyebarkan nilai-nilai kebaikan dan ajaran agama dengan memanfaatkan ruang-ruang digital. Saat ini, media sosial menjadi sebuah kewajiban yang menurut para remaja harus dimiliki dan berpengaruh bagi kehidupan generasi masa kini. Mengemas konten dakwah Islam yang disesuaikan dengan kebutuhan dan selera anak muda juga menjadi kesuitan bagi takmir masjid Imam Bukhari kota Malang. Pengabdian masyarakat ini bertujuan untuk memberikan pelatihan pembuatan konten media sosial yang adapatif sesuai perkembangan jaman. Pengabdian ini dilakukan melalui tiga tahap yaitu sosialiasi, pelatihan, dan pendampingan. Hasil dari pendampingan ini adalah tampilan media sosial masjid yang mengikuti perkembangan jaman dan penggungahan konten secara berkala. Ada beberapa hal yang menjadi kendala dalam kegiatan ini seperti takmir masjid senior yang kuang bisa mengikuti materi pelatihan dan kurang lengkapnya peralatan dan perlengkapan media komunikasi digital yang dimiliki masjid Imam Bukhari.
The Influence of Macroeconomic on Investment Performance Firmansyah, Muhammad; Mu'ammal, Immanuel; Anggun Tsalasa, Arini Roro
Economics Development Analysis Journal Vol. 13 No. 3 (2024): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v13i3.8491

Abstract

Shocks caused by macroeconomic variables and monetary transmission have impacted investment portfolios in the five ASEAN countries, both in the short and long term. This research aims to evaluate each country's proficiency in managing macroeconomic variables in relation to portfolio investments. Additionally, it seeks to explore the influence of these macroeconomic variables on portfolio investment and the time required for their effects to manifest in both short-term and long-term contexts. This study is quantitative in nature and uses secondary data. The data were sourced from the central banks of the ASEAN-5 countries and from investing.com for stock price index information. The results indicate that interest rates, exchange rates, and stock price indexes significantly affect portfolio investment in the short term. In contrast, in the long term, inflation, exchange rates, and money supply were found to have a significant impact on portfolio investment. Based on these findings, it is recommended that ASEAN-5 governments focus on exchange rates and economic openness, as these factors influence portfolio investment in the region and can attract investors' interest
Co-Authors Anggun Tsalasa, Arini Roro Arfida Boedirochminarni Aris Soelistyo Bella Bekti Triwulandari Fadlian, Moch. Rizal Flejterski, Stanislaw Ida Nuraini Immanuel Mu&#039;ammal Lila Widya Rahajeng Luqman Dzul Hilmi Mahrus Lutfi Adi Kurniawan, Mahrus Lutfi Adi Mu'ammal, Immanuel Muhammad Khoirul Fuddin Muhammad Sri Wahyudi Suliswanto Mu’ammal, Immanuel Octavia, Azella Nosih Putranto, FX Gugus Febri Reza, Deft Syatir Putri Riyanto, Wahyu Hidayat Sri Budi Cantika Yuli Stanislaw Flejterski Subastian, Alvin Tesa Sindy Prameswari Putri Triwidia, Elsa Tsalasa, Arini Roro Anggun Uci Yuliati Wulan Dwi Lusiarani Zainal Arifin Zainal Arifin