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All Journal IJEBD (International Journal Of Entrepreneurship And Business Development) Jurnal Scientia Jurnal Ekonomi Journal of Economics and Business (JECOMBI) Advances in Human Resource Management Research Advances in Economics & Financial Studies Advances in Taxation Research Advances: Jurnal Ekonomi & Bisnis Jurnal Manajemen, Akuntansi dan Rumpun Ilmu Ekonomi (MAR-Ekonomi) Jurnal Stagflasi : Ekonomi, Manajemen dan Akuntansi Jurnal Taklimat: International Journal of Taklimat Science Review
Gema Merdeka Goeyardi
Management Study Program, Faculty Of Economics And Business, Narotama University Surabaya, Indonesia
Chemistry Economics, Econometrics & Finance Education Library & Information Science Mathematics

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Market Penetration Strategy through Social Media Marketing to Create Consumer Loyalty Gema Merdeka Goeyardi; Dessy Rahayu Ramadhasari; Arasy Alimudin
IJEBD (International Journal of Entrepreneurship and Business Development) Vol 5 No 6 (2022): November 2022
Publisher : LPPM of NAROTAMA UNIVERSITY

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29138/ijebd.v5i6.2065

Abstract

Purpose: To analyze how much influence price, sales discount and brand awareness have on consumer loyalty at Rustic Market Café Surabaya, either partially or simultaneously. Design/methodology/approach: In this study using a quantitative research approach. The sample used in this study were 100 respondents who had visited the Rustic Market Café Surabaya. The sampling technique used is non-probability sampling (purposive sampling). The data collection tool uses a questionnaire. Analysis of the data used is Multiple Linear Regression Test and Hypothesis Testing using SPSS 18. Findings: The results of the partial study, the data showed that there was a partially insignificant effect between the price variable (X1) on Consumer Loyalty (Y) with a significance value of 0.068. The Sales Discount Variable (X2) on Consumer Loyalty (Y) shows a partially significant effect with a significance value of 0.003. The Brand Awareness (X3) variable on Consumer Loyalty (Y) shows a partially significant effect with a significance value of 0.000. Simultaneous research results, the data shows a significant effect simultaneously with a significance value of 0.000. Thus it can be concluded that the variables consisting of Price (X1), Sales Discounts (X2), and Brand Awareness (X3) have a significant simultaneous effect on the Consumer Loyalty variable (Y). Paper type: Research paper
Procedural Ease, Interest Rates, and Trust as Drivers of Credit Decision-Making, Evidence from Bank BRI Customers in Bawean Island Pahrudin Pahrudin; Amrun Rosyid; Gema Merdeka Goeyardi
IJEBD (International Journal of Entrepreneurship and Business Development) Vol 8 No 6 (2025): November 2025
Publisher : LPPM of NAROTAMA UNIVERSITY

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29138/ijebd.v8i6.1265

Abstract

Purpose: This study aims to analyze the influence of perceived procedural ease, interest rates, and trust on the decision-making process of Bank BRI customers in Pulau Bawean when applying for credit. The research addresses gaps in prior studies by integrating these three variables simultaneously in the context of a remote island community. Design/methodology/approach: A quantitative approach was employed using survey data collected from BRI customers in Bawean Island who have taken credit. The study applied descriptive analysis, validity and reliability testing, and multiple linear regression to examine the relationships among variables. Findings: The results indicate that perceived procedural ease, interest rates, and trust each have a significant effect on credit decision-making. Furthermore, these variables collectively exert a strong influence on customers’ willingness to take credit Research limitations/implications: The study is limited to BRI customers in Pulau Bawean and focuses only on three independent variables, excluding other potential factors such as promotion, service quality, or income levels. Practical implications: Findings provide insights for Bank BRI to simplify procedures, set competitive interest rates, and strengthen customer trust, thereby enhancing credit uptake in remote regions. Originality/value: This research contributes by integrating operational, economic, and psychological factors into one model, specifically within the unique context of a geographically isolated island community, which has been underexplored in prior studies. Paper type: Research paper
The Effect of Global Interest Rates on ASEAN Credit Disbursement: ARDL Analysis and Bounds Test Gema Merdeka Goeyardi; Arasy Alimudin; Yulianah Yulianah
Advances in Human Resource Management Research Vol. 4 No. 3 (2026)
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ahrmr.v4i3.1117

Abstract

Purpose: This study examines the short- and long-run effects of global interest rates on bank lending across ASEAN-5 countries and evaluates cross-country differences in credit responses to global financial shocks. It further assesses the Global Interest Rate (GIR) hypothesis and the concept of Regional Structured Financial Equilibrium within ASEAN financial systems. Research Method: The study employs the Autoregressive Distributed Lag (ARDL) Bounds Testing approach to identify short- and long-run relationships between global interest rates, bank lending, and macroeconomic conditions. Country-level analysis is conducted across ASEAN-5 economies to capture heterogeneous responses within regional credit systems. Results and Discussion: The findings indicate heterogeneous responses of banks to global interest-rate shocks across ASEAN-5 countries. While global interest-rate movements may constrain credit conditions in the short run, bank lending demonstrates more favorable long-run dynamics alongside expected economic growth. The results support the relevance of the GIR hypothesis and regional financial-equilibrium perspective. Implications: Policymakers should consider country-specific credit responses when designing monetary policy, financial-stability policy, and regional coordination policies. Originality: This study integrates global interest-rate transmission, ASEAN-5 credit heterogeneity, and Regional Structured Financial Equilibrium within a unified analytical framework.
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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Abstract

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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Abstract

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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Abstract

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

Abstract

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. 6 No. 01 (2026): Journal of Economics and Business (JECOMBI), 2026
Publisher : SEAN Institute

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Abstract

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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Abstract

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.
Analysis of Digital-Based Financial Management for Micro, Small, and Medium Enterprises (MSMEs) Gema Merdeka Goeyardi; Chriestine Ayu Ashari; Sengguruh Nilowardono
Advances in Economics & Financial Studies Vol. 4 No. 1 (2026)
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/aefs.v4i1.1158

Abstract

Purpose: This study examines how culinary Micro, Small, and Medium Enterprises (MSMEs) in Pasuruan City implement digital financial management, the barriers encountered, and conditions supporting sustainable digitalization. Research Method: A descriptive qualitative case-study design involved three culinary MSME owners selected purposively because they used digital financial-recording or payment tools. Data came from in-depth interviews, direct observation, and application-generated financial documents and were analyzed through data reduction, narrative presentation, conclusion drawing, and source/method triangulation. Results and Discussion: Across the three cases, digital tools were associated with more organized bookkeeping, clearer separation of business and personal funds, and more timely financial information. Informants also reported settlement delays, Merchant Discount Rate deductions, unstable connectivity, and limited user capability that pressured daily liquidity. Implications: The small, context-specific sample limits transferability. Future research should examine other sectors, locations, and payment arrangements. MSME support should address digital capability and payment infrastructure alignment with short operating cash cycles. Originality: The study proposes Digital Liquidity Asymmetry as an interpretive concept for the coexistence of digital administrative efficiency and short-term liquidity vulnerability.
Co-Authors Agus Sukoco Amrun Rosyid Arasy Alimudin Chriestine Ayu Ashari Dessy Rahayu Ramadhasari Pahrudin Pahrudin Sengguruh Nilowardono Yulianah Yulianah