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Pengaruh Belanja Kesehatan, Belanja Pendidikan dan Belanja Modal Terhadap Pertumbuhan Ekonomi di Wilayah Sumatera Bagian Utara (Sumbagut) 2020-2023 Imam Murtaza; Fitrian Rizky; Khairita Hasbi
Indonesian Journal of Multidisciplinary on Social and Technology Vol. 4 No. 3 (2026): Juli - Oktober
Publisher : PT Ilmu Data Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijmst.v4i3.13060

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh belanja modal, belanja pendidikan, dan belanja kesehatan terhadap pertumbuhan ekonomi di Sumatera Bagian Utara, yang mencakup Aceh, Sumatera Utara, Sumatera Barat, Riau, dan Kepulauan Riau, selama periode 2020–2023. Dengan pendekatan kuantitatif dan data sekunder dari Direktorat Jendral Perimbangan Keuangan serta Badan Pusat Statistik, penelitian ini menerapkan regresi data panel pada 376 observasi dari 94 kabupaten/kota. Menggunakan Common Effect Model, temuan estimasi menunjukkan bahwa belanja kesehatan berpengaruh positif dan signifikan secara statistik (probabilitas. 0,0000, kurang dari 0,05%), sedangkan belanja modal (probabilitas. 0,3961) dan belanja pendidikan (probabilitas. 0,1876) tidak signifikan. Nilai Adjusted R-squared sebesar 0,0656 menunjukkan bahwa ketiga variabel independen hanya menjelaskan 6,56% variasi pertumbuhan ekonomi. Temuan ini menegaskan bahwa belanja kesehatan secara efektif berfungsi sebagai investasi modal manusia melalui jaminan kesehatan masyarakat, pembangunan infrastruktur kesehatan, dan kesejahteraan tenaga kesehatan, sehingga memberikan dampak ekonomi nyata di wilayah tersebut. Sebaliknya, belanja modal menghadapi time lag panjang dalam penyelesaian proyek, terutama pada masa pemulihan pasca-pandemi yang belum stabil, sementara belanja pendidikan terhambat oleh kesenjangan implementasi kebijakan dan keterlambatan birokrasi. Penelitian ini merekomendasikan reformasi birokrasi dan percepatan pelaksanaan proyek agar belanja modal dan pendidikan dapat berkontribusi lebih optimal terhadap pertumbuhan ekonomi di masa depan
The Role of Corporate Governance in Enhancing the Financial Performance of Artificial Intelligence Companies Worldwide Muhammad Reza Septriawan; Zuliana Zulkarnen; Rizki Putri Nurita Fonna; Fitrian Rizky
Jurnal Investasi Islam Vol. 11 No. 2 (2026): Jurnal Investasi Islam (JII)
Publisher : FEBI IAIN Langsa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32505/jii.v11i2.16169

Abstract

Financial performance represents a fundamental benchmark for ensuring long-term business sustainability, particularly within the rapidly expanding, capital-intensive, and innovation-driven global Artificial Intelligence (AI) industry. While competitive pressures and financing decisions are widely acknowledged as determinants of profitability, there remains a notable research gap concerning the interaction between market mechanisms, debt structures, and corporate governance in AI firms that require substantial capital investment. This study is designed to investigate the effects of Product Market Competition (PMC), capital structure, and leverage on financial performance, while simultaneously assessing the moderating role of corporate governance in AI companies worldwide. The research population comprises 13 global AI firms, all of which are included as a census sample. Employing a quantitative approach, the study utilizes secondary data extracted from financial statements covering the period 2020–2024. Analytical techniques involve panel data regression and Moderated Regression Analysis (MRA), conducted with the assistance of Stata 19 software. The empirical findings reveal that both PMC and leverage exert a positive and statistically significant influence on financial performance, whereas capital structure does not demonstrate a significant effect. Furthermore, moderation analysis indicates that corporate governance strengthens the impact of capital structure and leverage on financial outcomes. However, governance does not moderate the relationship between PMC and financial performance, largely due to the strong substitutive role of external market discipline.