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All Journal JURNAL ECONOMIA 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) Studi Kasus Inovasi Ekonomi 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 Journal of Economic and Social Empowerment Jurnal Ilmiah Bisnis dan Ekonomi Asia (Jibeka) International Journal of Information System and Innovation Management Economics Development Analysis Journal Optimum: Jurnal Ekonomi dan Pembangunan Research in Accounting Journal
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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PENGARUH UANG KARTAL DAN KARTU DEBIT TERHADAP PENGGUNAAN QRIS DI INDONESIA Firmansyah, Muhammad; Boedirochminarni, Arfida; Tsalasa, Arini Roro Anggun
ANALISIS Vol. 15 No. 02 (2025): ANALISIS VOL. 15 NO. 02 TAHUN 2025
Publisher : FACULTY OF ECONOMICS AND BUSINESS FLORES UNIVERSITY

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37478/als.v15i02.6368

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh uang kartal dan kartu debit terhadap penggunaan Quick Response Code Indonesian Standard (QRIS) di Indonesia. Jenis penelitian ini merupakan penelitian kuantitatif dengan data sekunder bulanan periode 2021–2024 yang diperoleh dari Bank Indonesia dan Otoritas Jasa Keuangan (OJK). Analisis data dilakukan menggunakan regresi linier berganda untuk mengidentifikasi hubungan antara variabel independen (permintaan uang kartal dan kartu debit) dengan variabel dependen (QRIS). Hasil penelitian menunjukkan bahwa permintaan uang kartal memiliki pengaruh negatif dan signifikan terhadap penggunaan QRIS, dengan koefisien sebesar -0,458 dan tingkat signifikansi 0,000. Sementara itu, kartu debit memiliki pengaruh positif dan signifikan terhadap penggunaan QRIS, dengan koefisien sebesar 0,316 dan tingkat signifikansi 0,023. Temuan ini menunjukkan bahwa peningkatan penggunaan kartu debit mendorong adopsi QRIS sebagai metode pembayaran digital yang efisien. Penelitian ini menegaskan peran QRIS dalam mendukung transformasi digital di sektor keuangan, terutama dalam mengurangi penggunaan uang kartal dan memperkuat ekosistem pembayaran non-tunai
The Role of Economic Digitalization on Portfolio Investment Firmansyah, Muhammad; Boedirochminarni, Arfida; Yuli, Sri Budi Cantika; Flejterski, Stanislaw
Jurnal Ilmu Ekonomi Terapan Vol. 10 No. 2 (2025)
Publisher : Department of Economics, Faculty of Economics and Business, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jiet.v10i2.75537

Abstract

Objective: Portfolio investment plays an important role in supporting economic growth, especially with the advancement of technology that facilitates access to information and financial transactions. This study analyzes the impact of internet users, fintech, cashless transactions, and e-commerce on portfolio investment in Indonesia. Design/Methods/Approach: This type of research is quantitative research using secondary data sourced from the Central Bureau of Statistics, Financial Services Authority (OJK), Bank Indonesia, and the Indonesian Economic and Financial Statistics. The research objects used in this study include 34 provinces in Indonesia. The data analysis method in this study uses Vector Autoregression (VAR). This analysis method consists of several tests, including the stationary test, optimum lag test, Granger causality test, Impulse Response Function (IRF), and Forecast Error Variance Decomposition (FEVD). Findings: The study results show that the four variables affect portfolio investment with varying significance levels. Internet users increase access to financial markets and investment opportunities. Fintech provides efficient digital financial services, cashless transactions offer convenience in financial management, and e-commerce creates profitable investment opportunities. Originality/Value: Unlike prior research that examined these factors in isolation, our approach provides a comprehensive understanding by integrating four variables of digitalization into a single framework for analyzing how digital transformation shapes investment behavior. Using a Vector Autoregression (VAR) method with provincial-level data from Indonesia, the study offers novel empirical evidence on the dynamic interplay between digitalization and financial markets in an emerging economy. Practical/Policy implication: The findings highlight the importance of expanding digital infrastructure, enhancing financial literacy, and strengthening regulatory frameworks to foster inclusive and secure digital investment ecosystems. Policymakers and monetary authorities can apply these insights to design policies that promote fintech innovation, ensure transaction security, and improve investor protection.
Determinants and Solutions for Youth Unemployment in East Java Province in 2023 Istiqomah, Ayu; Riyanto, Wahyu Hidayat; Putranto, FX Gugus Febri; Firmansyah, Muhammad
Jurnal Economia Vol. 22 No. 1 (2026): February 2026
Publisher : Faculty of Economics and Business, Universitas Negeri Yogyakarta in collaboration with the Institute for

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21831/economia.v22i1.78550

Abstract

Youth unemployment remains a problem in East Java Province. This study aims to analyse the determinants of youth unemployment in East Java Province in 2023. Secondary data from the 2023 National Labor Force Survey (Sakernas), with individual-level observations, were analysed using binary logistic regression. The results showed that gender, marital status, education level, age, work experience, the district/city minimum wage (UMK), and economic growth significantly affected youth unemployment. Synchronisation is needed between the education system and market needs so that graduates can enter the workforce immediately. In addition, quality and inclusive economic growth are essential in increasing youth labour absorption.
The Mediating Role of Good Corporate Governance in the Relationship Between Capital Structure, Investment Opportunity Set, Corporate Social Responsibility, and Firm Value Suryadi, Nanda; Yusnelly, Arie; Zahra, Tiara Aulia; Firmansyah, Muhammad; Castro, Jose Antonio Lopez
Research in Accounting Journal (RAJ) Vol. 6 No. 1 (2025): RAJ (Research in Accounting Journal)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/raj.v6i1.10464

Abstract

This study aims to provide empirical evidence on the mediating role of Good Corporate Governance (GCG) in the relationship between capital structure, investment opportunity set (IOS), corporate social responsibility (CSR), and firm value in state-owned enterprises listed on the Indonesia Stock Exchange during the 2019–2024 period. The population comprised all 24 listed state-owned enterprises, from which 14 firms were selected using purposive sampling based on predetermined criteria. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3.0, applying both outer and inner model evaluations. The findings indicate that CSR and capital structure do not have a direct significant effect on firm value, whereas the investment opportunity set positively influences firm value. Furthermore, Good Corporate Governance strengthens the relationship between CSR and firm value as well as between capital structure and firm value. However, GCG does not moderate the relationship between the investment opportunity set and firm value. These findings highlight the strategic importance of governance mechanisms in enhancing the value relevance of corporate financial and social policies within state-owned enterprises.
Capital Structure, Investment Opportunity Set, and Corporate Social Responsibility as Determinants of Firm Value in Indonesian State-Owned Enterprises Kusdiana, Yayu; Yusnelly, Arie; Firmansyah, Muhammad; Nguyen, Tran Thai Ha
Research in Accounting Journal (RAJ) Vol. 6 No. 2 (2025): RAJ (Research in Accounting Journal)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/raj.v6i2.10530

Abstract

This study examines the effect of Corporate Social Responsibility (CSR), Investment Opportunity Set (IOS), and Capital Structure on the firm value of State-Owned Enterprises (SOEs) listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. Firm value represents investors’ assessment of a company’s future prospects and sustainability, particularly for SOEs that carry both economic and social responsibilities. This research adopts a quantitative approach with a causal research design, utilizing secondary data derived from published financial and annual reports. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) to evaluate both the measurement and structural models. The findings reveal that the Investment Opportunity Set (IOS) has a positive and significant effect on firm value, indicating that growth opportunities and future investment prospects are strongly considered by investors in valuing SOEs. In contrast, Corporate Social Responsibility (CSR) and Capital Structure do not show a significant direct effect on firm value. These results suggest that market participants place greater emphasis on growth potential rather than on leverage decisions or CSR disclosures in assessing SOE performance. The model explains a substantial proportion of the variance in firm value, indicating that IOS, CSR, and Capital Structure jointly contribute to explaining firm valuation, although other factors beyond the model also play a role. This study contributes to the literature by providing empirical evidence on the determinants of firm value in Indonesian SOEs, highlighting the dominant role of growth opportunities in shaping market perception. The findings offer practical implications for policymakers and SOE management in formulating strategic financial and investment policies to enhance firm value.
Brand Trust, Audience Engagement, and Interactivity as Determinants of Purchase Decisions in TikTok Live Commerce Monalisa, Monalisa; Purwati, Astri Ayu; Rusilawati, Ermina; Firmansyah, Muhammad; Flejterski, Stanislaw
International Journal of Information System and Innovation Management (IJISIM) Vol. 3 No. 2 (2025): International Journal of Information System and Innovation Management
Publisher : Yayasan Pendidikan Islam Al-Matani

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55583/ijisim.v3i2.2061

Abstract

The rapid growth of live streaming commerce has transformed consumer purchasing behavior, particularly among Generation Z users of TikTok Live. This study aims to examine the effects of brand trust, audience engagement, and interactivity on purchase decisions among TikTok Live consumers in Pekanbaru City. A quantitative research design was employed, with data collected through a structured questionnaire from 120 respondents who had previously made purchases via TikTok Live. The data were analyzed using multiple linear regression to test the proposed hypotheses. The results indicate that brand trust and audience engagement have a positive and significant effect on purchase decisions. These findings suggest that consumers are more likely to make purchasing decisions when they trust the brand and actively engage with live streaming content. In contrast, interactivity was found to have a positive but insignificant effect on purchase decisions, indicating that interactive features alone do not directly drive purchasing behavior without the support of trust and engagement. Overall, the research model explains 61.4% of the variance in purchase decisions. This study contributes to the literature on live streaming commerce by highlighting the dominant roles of brand trust and audience engagement in shaping purchase decisions within the TikTok Live context. Practically, the findings provide insights for marketers and sellers to focus on trust-building strategies and engagement-driven content to enhance sales performance in live streaming environments.
Sustainable development challenges in Indonesia: A macroeconomics approach to finance, energy, and environment Firmansyah, Muhammad; Mu’ammal, Immanuel; Flejterski, Stanislaw; Castro, Jose Antonio Lopez
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 16 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v16i1.14765

Abstract

This study aims to examine the relationships among credit dynamics, foreign direct investment, energy, economic growth, and environmental degradation in Indonesia from 1990 to 2024. Using a quantitative path analysis, this study examines the direct and indirect effects of working capital credit, consumer credit, foreign direct investment (FDI), and electricity consumption on environmental degradation via economic growth. The results reveal that all variables have a positive and significant effect on economic growth, with electricity consumption (β = 0.361; p < 0.007) being the primary contributor. Economic growth and electricity consumption also significantly increase environmental degradation, supporting the Environmental Kuznets Curve (EKC) hypothesis in Indonesia. Moreover, the analysis of indirect effects shows that economic growth mediates the relationships among credit distribution, FDI, and environmental degradation. This research is important because it examines sustainable development in Indonesia, where economic growth driven by the financial sector, FDI, and electricity consumption could increase carbon emissions and environmental degradation. These findings are relevant because they provide empirical evidence on the impact of financial and energy activities on environmental quality, both directly and through economic growth, in line with Indonesia's commitment to the SDGs and the green economy transition.
MANAJEMEN PENYULINGAN SERAI WANGI PUJON HILL UNIVERSITAS MUHAMMADIYAH MALANG Luqman Dzul Hilmi; Immanuel Mu&#039;ammal; Muhammad Firmansyah
Studi Kasus Inovasi Ekonomi Vol. 9 No. 01 (2025)
Publisher : Program Studi Manajemen, Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/skie.v9i01.40859

Abstract

Universitas Muhammadiyah Malang melalui Kesatuan Pengelolaan Hutan (KPH) di Pujon Hill telah memperhatikan keadaan ini, serta melaksanakan penanaman serai wangi pada sebagian lahan konservasinya seluas 75,09 hektar dengan anakan serai wangi sebanyak 10.000 tanaman, dan menghasilkan setiap panen rata-rata berat 3 kg per rumpun atau 29.450 kg. Disamping itu, masyarakat sekitar juga telah diberdayakan melalui Kelompok Tani Hutan (KTH) Pujon Hill pengelola kawasan hutan. Masyarakat desa Sukomulyo mayoritas bermata pencaharian sebagai peternak susu perah dan petani sayuran. Pada tanggal 23 Mei 2023, tanaman serai wangi yang telah diobservasi dan dipanen kisaran 1 ton berusia kisaran lebih dari 11 bulan, mengingat belum adanya pemanfaatan serai wangi yang berkelanjutan (pasca panen). Hal ini juga diakibatkan akan keterbatasan Sumberdaya Manusia (SDM) internal, sehingga dibutuhkan kolaborasi dengan pihak eksternal (khususnya masyarakat sekitar). Adapun permasalahan program pengabdian terhadap mitra desa, antara lain: Pemanfaatan potensi atas 10.000 rumpun serai wangi siap panen untuk menjadi produk olahan belum tersedia; keterbatasan SDM pengelolaan panen serai wangi; pengunaan mesin penyulingan belum optimal secara berkelanjutan; pengembangan produk dari limbahan olahan sulingan berpotensi besar; dan kebutuhan peningkatan perekonomian masyarakat melalui olahan serai wangi. untuk meningkatkan aspek ekonomi melalui pembinaan bahan olahan produk dan pemasaran bahan karbol, diantaranya: pendampingan penanganan serai wangi siap panen; pembinaan penyulingan serai wangi menjadi olahan bahan produk karbol; dan pengarahan manajemen pemasaran olahan bahan produk karbol. Adapun luaran dari program ini mencakup, diantaranya: keterampilan dalam penanganan serai wangi siap panen; penyulingan serai wangi menjadi olahan bahan produk karbol; manajemen pemasaran olahan bahan produk karbol; Hak atas Kekayaan Intelektual video program pengabdian; dan publikasi ilmiah pada jurnal Pengabdian Masyarakat, atau sederajat.
Peningkatan Kualitas Produksi Keripik Umbi-Umbian Menggunakan Alat Pengering Buatan Muhammad Firmansyah; Arfida Boedirochminarni
JOURNAL OF ECONOMIC AND SOCIAL EMPOWERMENT Vol. 5 No. 2 (2025): JOURNAL OF ECONOMIC AND SOCIAL EMPOWERMENT
Publisher : Program Studi Ekonomi Pembangunan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/joesment.v5i2.40581

Abstract

This community service activity aims to provide solutions for partners who have problems and experience difficulties in drying tuber chips during cloudy/rainy weather. The activity implementation team designed a dryer (spinner) to help the drying process despite insufficient sunlight. Using a dryer (spinner) has been proven to increase the productivity of tuber chips by around 200% during cloudy or rainy weather compared to drying without a spinner. This dryer (spinner) uses low-power electricity (300 watts). It is designed with fairly simple technology so that partners can easily operate it and use it in subsequent community service activities.
Rational and Irrational Factors Influencing Bank Stock Prices: GMM Approach Muhammad Firmansyah; Sri Budi Cantika Yuli; Stanislaw Flejterski
Economics Development Analysis Journal Vol. 14 No. 4 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i4.29643

Abstract

In the dynamic and volatile capital market, understanding the factors that influence stock prices is essential for making informed investment decisions. Stock price movements are influenced by rational, fundamental information, irrational investor behavior, and sentiment. This study aims to analyze the influence of rational and irrational factors on stock prices in the Indonesian banking sector during the 2020-2024 period. The rational variables include price-to-book value (PBV), financial literacy, technology adoption, and interest rates, while irrational influence is represented by investor sentiment or mood. Using a dynamic panel data approach with the Generalized Method of Moments (GMM), this study examines four major Indonesian banks: Bank Mandiri, BNI, BRI, and BCA. The results show that PBV, financial literacy, and technology adoption significantly affect stock prices, while interest rates have a significant negative effect. Additionally, investor sentiment has a considerable positive impact, indicating that emotional and psychological factors can drive stock price movements beyond fundamental valuation. This research presents a novel analytical model that integrates rational and irrational perspectives, offering a comprehensive understanding of stock price volatility in emerging markets. It suggests that investors, companies, and policymakers must consider both fundamental indicators and market sentiment simultaneously to make accurate, timely investment decisions.
Co-Authors Anggun Tsalasa, Arini Roro Arfida Boedirochminarni Arfida Boedirochminarni Arie Yusnelly Aris Soelistyo Ayu Istiqomah, Ayu Bella Bekti Triwulandari Castro, Jose Antonio Lopez Fadlian, Moch. Rizal Flejterski, Stanislaw Ida Nuraini Immanuel Mu&#039;ammal Immanuel Mu&#039;ammal Kusdiana, Yayu Lila Widya Rahajeng Luqman Dzul Hilmi Mahrus Lutfi Adi Kurniawan, Mahrus Lutfi Adi Monalisa Monalisa Mu'ammal, Immanuel Muhammad Khoirul Fuddin Muhammad Sri Wahyudi Suliswanto Mu’ammal, Immanuel Nguyen, Tran Thai Ha Octavia, Azella Nosih Purwati, Astri Ayu Putranto, FX Gugus Febri Reza, Deft Syatir Putri Riyanto, Wahyu Hidayat Rusilawati, Ermina Sri Budi Cantika Yuli Stanislaw Flejterski Stanislaw Flejterski Subastian, Alvin Suryadi, Nanda Tesa Sindy Prameswari Putri Triwidia, Elsa Tsalasa, Arini Roro Anggun Uci Yuliati Wulan Dwi Lusiarani Zahra, Tiara Aulia Zainal Arifin Zainal Arifin