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All Journal JURNAL ECONOMIA Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) Jurnal Ekonomi & Studi Pembangunan 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 Pangripta Jurnal Ilmiah Kajian Perencanaan Pembangunan Jurnal Pengabdian Masyarakat Bangsa e-Jurnal Apresiasi Ekonomi Jurnal REP (Riset Ekonomi Pembangunan) 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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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.
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.
MANAJEMEN PENYULINGAN SERAI WANGI PUJON HILL UNIVERSITAS MUHAMMADIYAH MALANG Luqman Dzul Hilmi; Immanuel Mu'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.
A linkage of welfare: industry, small business, and job creation Suliswanto, Muhammad Sri Wahyudi; Firmansyah, Muhammad; Rofik, Mochamad; Kurniawan, Mahrus Lutfi Adi; Flejterski, Stanislaw
Jurnal Ekonomi & Studi Pembangunan Vol. 27 No. 1: April 2026
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v27i1.29081

Abstract

This study aims to analyze the relationship between industry, small businesses, job creation, and welfare within an integrated analytical framework. This study uses a quantitative approach using Partial Least Squares Structural Equation Modeling (PLS-SEM) analysis, with primary data obtained from questionnaires distributed to 80 respondents in the industrial area of Gresik Regency, East Java, Indonesia. The results of this study indicate that industry significantly influences welfare, both directly and indirectly through small business development and job creation. In this case, small businesses act as a key mediating variable influencing industry's impact on job opportunities and improved welfare. The novelty of this study lies in the development of an empirical model that simultaneously integrates the roles of industry, small business development, job creation, and welfare within a single analytical framework, using small business and job creation as mediating variables. This research contributes to the development economics literature, particularly on inclusive growth. It provides a policy perspective on the importance of effective integration between industry and small businesses as a strategy for improving public welfare.
Youth NEET in Indonesia: Regional Disparities and Urban Planning Implications for Malang Priyambodo, Reza Nugraha Dinda; Riyanto, Wahyu Hidayat; Putranto, FX Gugus Febri; Firmansyah, Muhammad
PANGRIPTA Vol. 9 No. 1 (2026): Pangripta Jurnal Ilmiah Kajian Perencanaan Pembangunan
Publisher : Badan Perencanaan Pembangunan Kota Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58411/1bg8q467

Abstract

The phenomenon of youth Not in Employment, Education, or Training (NEET) poses a serious challenge to human resource development in Indonesia due to its long-term social and economic impacts. This study examines the NEET youth aged 16–30 by considering individual and environmental characteristics, including marital status, age, disability, education level, gender, region of residence, economic growth, and the interaction between marital status and age group. The study uses a quantitative approach, employing binary logistic regression, drawing on SAKERNAS 2023 data and economic growth data from 34 Indonesian provinces. The results show that all variables are significant at the 1 percent level (p < 0.01). Unmarried youth, younger individuals, people with disabilities, women, those with low education, and those residing in urban areas have a higher risk of being NEET. Education significantly reduces this risk. Economic growth has a limited, non-inclusive effect, and the interaction between marital status and age group reduces the probability of NEET status. This research contributes to the growing literature on regional development and planning through spatial disparities, particularly the urban-rural divide that contributes to the NEET phenomenon. The results demonstrate that place-based policies, such as strengthening the integration between education and the labor market, creating specific employment programs tailored to regional conditions, and implementing targeted interventions in rapidly growing urban areas like Malang City, are necessary to promote inclusive youth integration into the labor market.
SUPPLY AND DEMAND SIDE DRIVERS OF REGIONAL ECONOMIC GROWTH: EVIDENCE FROM JAVA ISLAND Tania Zahra Zhafira; Aris Soelistyo; Muhammad Firmansyah
Jurnal Apresiasi Ekonomi Vol 14, No 2 (2026)
Publisher : Institut Teknologi dan Ilmu Sosial Khatulistiwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31846/jae.v14i2.1056

Abstract

This study aims to analyze the influence of supply-side and demand-side factors on economic growth in six provinces on Java Island during the 2015–2024 period. Supply-side factors include mean years of schooling, life expectancy, labor productivity, and the number of employed labor force, while the demand-side factor is represented by government consumption expenditure. Economic growth is measured using Gross Regional Domestic Product (GRDP) at constant prices. This study employs a quantitative approach using panel data regression with 60 observations, and the best estimation model is selected through the Chow test and Hausman test. The results show that all independent variables simultaneously have a significant effect on economic growth in Java. Partially, supply-side variables have a more dominant influence than government expenditure. These findings indicate that improvements in human capital quality and labor productivity play an important role in promoting regional economic growth. This study is limited by its coverage, which only includes six provinces on Java Island, and by the limited number of variables used, so it may not fully capture all determinants of economic growth. Therefore, future research is recommended to incorporate additional variables such as investment, infrastructure, and technology, expand the regional scope, and use a longer observation period or different analytical methods to produce more comprehensive results with stronger generalizability.
Brand Trust, Audience Engagement, and Interactivity as Determinants of Purchase Decisions in TikTok Live Commerce Monalisa Monalisa; Astri Ayu Purwati; Ermina Rusilawati; Muhammad Firmansyah; Stanislaw Flejterski
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.
Co-Authors Aan Fardani Ubaidillah Ahmad Fayaz Naziry Akhsan Makki Alfin Maulana Anindyah Rahmawati Arfida Boedirochminarni Arfida Boedirochminarni Ari Nurwahidah Arie Yusnelly Arie Yusnelly Aris Soelistyo Astiwi Indriani Astri Ayu Purwati Ayu Istiqomah Bella Bekti Triwulandari Castro, Jose Antonio Lopez Charisma Wulan Sari Dheko Dwi Arzhea Ermina Rusilawati Fadlian, Moch. Rizal Fika Fitriasari Firdan Thoriq Faza Flejterski, Stanislaw FX Gugus Febri Putranto Haneef Nouval Alannibras Ida Nuraini Immanuel Mu&#039;ammal Immanuel Mu&#039;ammal Immanuel Mu’ammal Jifatu, Ibrahim Halilu Jordi Fitriano Jose Antonio Lopez Castro Jose Antonio Lopez Castro Kusdiana, Yayu Lila Widya Rahajeng Luqman Dzul Hilmi M. Munawar Ansyori Mahrus Lutfi Adi Kurniawan, Mahrus Lutfi Adi Mayliza, Riri Mirnawati Mirnawati Monalisa Monalisa Mu'ammal, Immanuel Muhammad Aqila Naufal Setiawan Muhammad Khoirul Fuddin Muhammad Sri Wahyudi Suliswanto Museliza, Virna Mu’ammal, Immanuel Najwah Putri Salsabila Nguyen, Tran Thai Ha Octavia, Azella Nosih Priyambodo, Reza Nugraha Dinda Putranto, FX Gugus Febri Ratna Nurani Reza, Deft Syatir Putri Riyanto, Wahyu Hidayat Rofik, Mochamad Sitti Rahmah Sri Budi Cantika Yuli Stanislaw Flejterski Stanislaw Flejterski Stanislaw Flejterski Subastian, Alvin Suryadi, Nanda Tania Zahra Zhafira Tesa Sindy Prameswari Putri Thi Kim Anh Vu Tiara Aulia Zahra Tran Thai Ha Nguyen Triwidia, Elsa Tsalasa, Arini Roro Anggun Uci Yuliati Wahyu Hidayat Riyanto Wulan Dwi Lusiarani Yayu Kusdiana Zahra, Tiara Aulia Zainal Arifin Zainal Arifin