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All Journal El Dinar Ekonomikawan : Jurnal Ilmu Ekonomi dan Studi Pembangunan Jurnal Ekonomi & Studi Pembangunan JURNAL KOLABORASI Journal of Management and Business Review Jurnal Manajemen Keuangan Publik Jurnal Pajak Indonesia (Indonesian Tax Review) Jurnal Ecodemica : Jurnal Ekonomi Manajemen dan Bisnis JURNAL MANAJEMEN INDUSTRI DAN LOGISTIK Jurnal Ilmu Administrasi Publik (JIAP) Sosio e-kons Jurnal ULTIMA Accounting AkMen JURNAL ILMIAH JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Gorontalo Journal of Public Health Journal Publicuho Transparansi Jurnal Ilmiah Ilmu Administrasi Diklat Review : Jurnal manajemen pendidikan dan pelatihan Indonesian Journal of Accounting and Governance International Journal of Economics, Business and Accounting Research (IJEBAR) Jurnal Anggaran dan Keuangan Negara Indonesia (AKURASI) Keberlanjutan : Jurnal Manajemen dan Jurnal Akuntansi Abdi: Jurnal Pengabdian dan Pemberdayaan Masyarakat Journal of Global Business and Management Review Jurnal E-Bis: Ekonomi Bisnis Jurnal Manajemen Publik dan Kebijakan Publik (JMPKP) Bisnis Net : Jurnal Ekonomi dan Bisnis Educoretax Bina Ekonomi: Majalah Ilmiah Fakultas Ekonomi Universitas Katolik Parahyangan Journal of Law, Administration, and Social Science Essence: Entrepreneurship and Small Business Research for Economic Resilience Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Jurnal Bayesian : Jurnal Ilmiah Statistika dan Ekonometrika Jurnal Kebijakan Pembangunan Ecoducation Indonesian Journal of Accounting and Governance Hasina: Jurnal Akuntansi dan Bisnis Syariah
Muhammad Heru Akhmadi
Politeknik Keuangan Negara STAN
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Mathematics Medicine & Pharmacology Public Health Social Sciences Transportation Other

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THE ANALYSIS OF THE WORKING CAPITAL LOAN (WCL) IN MANUFACTURING SECTORS IN BANTEN PROVINCE Prabowo, Sakti; Akhmadi, Muhammad Heru; Solikin, Akhmad
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 8 No 1 (2024): IJEBAR : Vol. 8, Issue 1, March 2024
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v8i1.11923

Abstract

The manufacturing sector is one of the economic sectors that plays a crucial role in economic development in Banten Province. This study aims to identify the impacts of the People’s Business Credit (KUR) Program on the manufacturing sector in Banten Province. The methodology used in this study is input-output analysis to determine how the KUR Program may influence the economic sectors, especially the manufacturing sector in Banten Province. The study uses the input-output table released by the Statistics Bureau at the regional level. In Banten Province, there are five sectors with the highest value of KUR. These sectors are Wholesale and Retail Trade, Accommodation and Food Service Activities, Other Service Activities, manufacturing, and Real Estate Activities. The result suggests that the KUR Program may have a good influence on the flourishing of manufacturing sectors in Banten Province. The KUR Program may have the most significant impact on the manufacturing sector when the KUR Program is distributed to the manufacturing sector itself. However, the allocation of the KUR Program to other economic sectors, especially Wholesale and Retail Trade: Repair of Motor Vehicles and Motorcycles, Accommodation and Food Service Activities, and Other Service Activities, may also have significant effects on the manufacturing sector. It may indicate that the KUR Program strategy in Banten Province may be suitable to develop the manufacturing sector in Banten Province.
Cash Management in Response to COVID-19 Pandemic at Regional Financial and Asset Management Agency of West Nusa Tenggara Akhmadi, Muhammad Heru; Aldimasqi, Lalu Muhammad
Journal of Management and Business Review Vol 21, No 1 (2024)
Publisher : Research Center and Case Clearing House PPM School of Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34149/jmbr.v21i1.421

Abstract

This study aims to explore regional treasury management in the face of the COVID-19 pandemic. This research uses qualitative methods through library research and field research to manage cash availability, optimization, and control at the Regional Financial and Asset Management Agency in West Nusa Tenggara Province. Data analysis uses the Atlas.ti application to get codes, categories, and network diagrams. The result shows that effective and efficient cash management is closely related to the presence of a cash management system. Several internal and external constraints challenge the Government in managing cash. The COVID-19 pandemic is one of the external obstacles that has become the Government's primary concern over the past three years. The Government has maintained financial system stability through responsive and adaptive management of the state budget through a cash management system that can retain cash availability and optimize state/regional cash. Maintaining cash management performance during force majeure conditions, such as during COVID-19, is essential in maintaining the availability of state/regional cash to finance government spending.
Pengaruh Transfer Ke Daerah, Kelahiran, Dan Pengangguran Terhadap Jumlah Penduduk Miskin Di Indonesia Stephanus, Matthew; Muchtar, Masruri; Robinson, Pardomuan; Akhmadi, Muhammad Heru
Journal of Law, Administration, and Social Science Vol 4 No 3 (2024)
Publisher : PT WIM Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jolas.v4i3.763

Abstract

Starting in 2004 with the issuance of the Law on Financial Relations between the Central and Regional Governments, the era of Regional Transfers also began. This transfer to the regions is expected to solve many problems of inequality in the regions that have not been reached by the central government. Based on BPS data in 2020, Indonesia's population reached 270 million with the percentage of poor people still in double digits. The pandemic from 2020 to 2022 also contributed to the increase in poverty. The pandemic in that year increased unemployment in the community which also contributed to poverty. In addition, the high birth rate, which according to several studies, is also a contributor to poverty. This research takes secondary panel data sourced from the Central Bureau of Statistics and the Directorate General of Fiscal Balance, the Ministry of Finance. This study uses the Random-Effect model by taking data for the period 2020 to 2022. The results showed that TKD, Birth, and Unemployment together had a positive impact on poverty. However, it was found that the unemployment variable had no significant effect. With this research, the government is expected to make TKD more targeted and control the birth rate.
Pertumbuhan ekonomi Sumatera Barat: Pengaruh sinergis jumlah penduduk dan belanja negara Arhaninka, Dewi; Muchtar, Masruri; Sihombing, Pardomuan Robinson; Akhmadi, Muhammad Heru
Journal of Law, Administration, and Social Science Vol 4 No 6 (2024)
Publisher : PT WIM Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/jolas.v4i6.975

Abstract

Pemerintah melalui kebijakan fiskalnya dapat mengupayakan pendapatan dan mengatur alokasi belanja agar berdampak positif terhadap pertumbuhan ekonomi. Hampir sebagian besar pengeluaran pemerintah pusat dan daerah berasal dari APBN dan selalu mengalami tren kenaikan positif setiap tahunnya. Penelitian ini bertujuan untuk menganalisis pengaruh jumlah penduduk serta belanja pemerintah yang bersumber dari APBN mampu memberikan dampak positif terhadap pertumbuhan ekonomi kabupaten/kota di Sumatera Barat. Sumber data dari penelitian ini diperoleh dari Badan Pusat Statistik (BPS) Sumatera Barat dan Direktorat Jenderal Perbendaharaan Kementerian Keuangan Republik Indonesia. Penelitian menggunakan metode data panel dengan sampel sebanyak 19 kabupaten/kota di Sumatera Barat dalam rentang waktu lima tahun, mulai dari tahun 2017 sampai dengan tahun 2021, sehingga jumlah observasi yang digunakan pada penelitian ini sebanyak 95 data. Hasil penelitian menunjukkan bahwa jumlah penduduk dan belanja operasional berpengaruh positif terhadap pertumbuhan, sedangkan belanja modal dan belanja transfer tidak berpengaruh signifikan terhadap pertumbuhan ekonomi kabupaten/kota di Sumatera Barat. Hal ini mengimplikasikan perlunya kerja sama erat antara pemerintah pusat dan pemerintah daerah dalam menjamin bahwa alokasi untuk belanja modal dan belanja transfer disesuaikan dengan kebutuhan serta prioritas pembangunan yang spesifik bagi kabupaten/kota di Sumatera Barat.
PENGELOLAAN RISIKO KEWAJIBAN KONTIJENSI PEMERINTAH PADA PROYEK KPBU: Studi Kasus pada Jalan Tol Layang Jakarta-Cikampek II Akhmadi, Muhammad Heru; Syaiban, Arkandisari Atmaja; Wati, Erlita Nurma
Indonesian Journal of Accounting and Governance Vol. 6 No. 1 (2022): JUNE
Publisher : School of Accountancy, University of Agung Podomoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36766/7jw2wq90

Abstract

The Public Private Partnership (PPP) is an alternative in the procurement of publicinfrastructure by involving the private sector in financing, processing and maintaining projects. InPPP projects there are guarantees that pose a contingent liability risk for the government. This articlediscusses the process of managing the risk of government contingent liabilities in the Jakarta-Cikampek II elevated toll road PPP project and looks for an appropriate alternative method totransfer the risk of government contingent liabilities to the private sector in the next project to reducethe burden of the government's contingent liabilities in the APBN. The research uses qualitativemethods by exploring opinions and analyzing perspectives from the Directorate of GovernmentSupport Management and Infrastructure Financing and the Directorate of State Financial RiskManagement as research objects through interview techniques. From the results of the study, it wasfound that risk management in this project uses a modified approach from the application of riskmanagement based on ISO 31000 and the process of managing the risk of government contingentliabilities in this toll road PPP project is optimal because all stages in the risk management processhave been carried out in accordance with the provisions in the regulations and the potential risk canbe minimized. In addition, three alternatives were found related to the method of transferring the riskof the government's contingent liabilities to other parties that can be applied to the next toll roadproject, namely the transfer of risk to a business entity on the condition that the business entity has riskinsurance, transferring all risks to PT. PII, as well as changing the form of cash compensation intocompensation for extension of the concession period or tariff adjustment, where each of these methodshas its own consequences.
Determinants of government debt portfolio management: A VECM analysis of Indonesia’s fiscal dynamics Sumantri, Joko; Akhmadi, Muhammad Heru; Kusumawati, Rahayu; Purnomoputro, Ajik; Setiawan, M Rudy
Educoretax Vol 5 No 8 (2025)
Publisher : WIM Solusi Prima

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54957/educoretax.v5i8.1848

Abstract

This paper explores the macroeconomic determinants shaping the composition of Indonesia’s sovereign debt portfolio, distinguishing between foreign loans, government securities, and sukuk instruments. Using quarterly data from 2010 to 2025 and a Vector Error Correction Model (VECM), the study reveals robust long-run cointegration between key macro variables and debt composition. Exchange rate stability, global interest rate dynamics, and fiscal policy adjustments emerge as dominant drivers. Policy implications underscore the importance of active debt diversification and macroprudential coordination to enhance fiscal resilience. Employing the Vector Error Correction Model (VECM), the analysis examines the impact of the exchange rate (X1), LIBOR (X2), SIBOR (X3), U.S. Prime Rate (X4), Japan Prime Rate (X5), foreign exchange reserves (X6), inflation rate (X7), and GDP growth rate (X8) on the allocation of foreign loans (Y1), government debt securities (Y2), and state sharia securities (Y3) over the period 2010–2025. The findings reveal that the relationships between the dependent variables (Y1, Y2, Y3) and the macroeconomic indicators (X1–X8) are both dynamic and heterogeneous in the short and long term. These results underscore that the effectiveness of economic policy is not solely dependent on direct interventions targeting debt instruments, but also on the government's ability to manage long-term adjustment mechanisms and short-term transmission channels, particularly through key variables such as X5, X3, and X2.
BIMBINGAN TEKNIS ANALISIS KELAYAKAN BISNIS DAN PENYUSUNAN PROPOSAL USAHA BUM DESA DI KABUPATEN GORONTALO Sulaeman, Agus Sunarya; Fuady, Muhammad Syahrul; Akhmadi, Muhammad Heru; Suliantoro, Irwan
Diklat Review : Jurnal manajemen pendidikan dan pelatihan Vol. 6 No. 3 (2022): Penguatan Kompetensi, Pendidikan, dan Pemberdayaan untuk Mendorong Kemandirian
Publisher : Komunitas Manajemen Kompetitif

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35446/diklatreview.v6i3.1171

Abstract

Badan Usaha Milik Desa (BUM Desa) merupakan badan usaha yang dapat memiliki lebih dari satu bidang usaha. Dalam rangka pengembangan bidang usaha baru, BUM Desa harus dapat melakukan analisi kelayakan sehingga terukur dan menciptakan profit. Dalam rangka mewujudkan hal tersebut PKN STAN melakukan kegiatan pengabdian masyarakat melalui bimbingan teknis (bimtek) analisis kelayakan usaha BUM Desa di wilayah kabupaten Gorontalo Provinsi Gorontalo. Kegiatan ini dilakukan melalui empat tahapan yaitu analisis kondisi BUM Desa di Kabupaten Gorontalo, penyusunan modul pelatihan organisasi BUM Desa, sosialisasi penyusunan proposal usaha dan analisis kelayakan bisnis BUM Desa, serta praktik penyusunan proposal dan sistem analisis kelayakan bisnis BUM Desa. Secara umum kegiatan bimtek berjalan dengan sangat dinamis. Para peserta terlihat antusias bertanya dalam memahami materi yang disampaikan narasumber. Dalam interaksi dan diskusi terungkap beberapa hal yang menjadi kendala yang dihadapi pengelola BUM Desa terhadap analisis kelayakan usaha yaitu pemahaman mengenai bidang usaha yang akan dikembangkan, perdagangan antar pulau termasuk ekspor, perikatan kontrak jual beli dan logistik, dan mengelola personalia atas operasional unit usaha.
COMPARATIVE ANALYSIS OF TAX INCENTIVES FOR ELECTRIC VEHICLES AND ECONOMIC IMPACT ESTIMATION IO ANALYSIS Muhamad, Dharmawan Nur; Heru Akhmadi, Muhammad
Ultimaccounting Jurnal Ilmu Akuntansi Vol 17 No 2 (2025): Ultima Accounting : Jurnal Ilmu Akuntansi 
Publisher : Universitas Multimedia Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31937/akuntansi.v17i2.4362

Abstract

The Indonesian government has set a Net Zero Emissions (NZE) target by 2060, requiring a transformation in both the energy and transportation sectors. A key strategy to achieve this goal is the acceleration of the Battery Electric Vehicle (BEV) ecosystem. To support this acceleration, the government has introduced three central tax incentive schemes: PPnBM DPP 0%, PPnBM DTP, and PPN DTP. The coexistence of these incentives raises questions regarding their effectiveness and efficiency, especially amid budgetary constraints. This study aims to compare the three incentives to identify the most optimal scheme. A mixed-method approach is applied, combining qualitative interviews with quantitative analysis using the 2024 Input-Output Table updated through the RAS method. The findings show that PPnBM DTP yields the highest economic output impact, aligning with tax authority perspectives and indicating its potential as an effective fiscal policy tool in future budget allocations.
IMPACT OF MICRO CREDIT ON REGIONAL ECONOMY : THE CASE OF PEOPLE BUSINESS CREDIT (KUR) IN YOGYAKARTA PROVINCE Solikin, Akhmad; Prabowo, Sakti; Akhmadi, M Heru
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 9 No 4 (2025): IJEBAR, VOL. 09 ISSUE 04, DECEMBER 2025
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v9i4.18668

Abstract

Micro, Small, and Medium Enterprises (MSMEs) are very important for Indonesian economy. However, numerous obstacles prevent MSMEs development, including capital. To overcome the obstacle, Indonesian government launched Small or People Business Credit (PBC) or Kredit Usaha Rakyat (KUR). This article aims at analyzing PBC toward regional sectoral economy. This research uses Interregional Input-Output Table approach by using Interregional Input-Output Table of 2016, which is the most update table available. Shock data used was contract value of KUR in Province of Yogyakarta Special Region. The results show that the majority impacts of KUR disbursements are accrued by economic sectors in Yogyakarta Province, especially sectors of Wholesale and Retails, Car and Motorcycle Reparation; Agriculture, Forestry and Fishery; Manufacturing Industry; and Other Services. Impacts of KUR disbursements on economic sectors in other provinces are very limited.
Does Indonesia’s SDGs bonds allocation maximize economic returns through high multiplier sectors? Rahman, Rheza Auliya; Akhmadi, Muhammad Heru
Jurnal Ekonomi & Studi Pembangunan Vol. 26 No. 2: October 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v26i2.28670

Abstract

The financing gap in achieving the Sustainable Development Goals (SDGs) 2030 has led the Government of Indonesia to issue thematic government securities, known as SDGs Bonds, as an innovative financing alternative. The economic effectiveness of this instrument, nevertheless, remains a critical issue. The objective of this study is to evaluate the economic impact of SDGs Bonds allocations during the 2021–2023 period. To this end, an Input-Output (IO) approach with the RAS adjustment method was employed. The analysis demonstrated that SDG Bonds have been systematically allocated to social sectors, namely education, health, and social protection, selected for their high absorption capacity and robust development narratives. Despite this focus, IO analysis revealed that the economic impact extends to 52 sectors, as marked by significant increases in gross value added (GVA) and aggregate income each year. However, it has been estimated that approximately 2 to 3% of the impact flows into sectors not aligned with sustainability principles, and there is unrealized GVA potential ranging from 2.3% to 5.41% due to suboptimal allocation to high-multiplier sectors. Policy simulations suggest that increased allocations to social sectors, when not balanced with sectoral efficiency considerations, can lead to greater unrealized economic potential. Consequently, a sectoral IO-based approach should be considered as a complementary tool in the project selection process. This integration has the capacity to facilitate financing decisions that are not only socially driven but also economically impactful and sustainable in the long term.
Co-Authors Aang Prabudi Sanusi Abdi Patu, Andi Syafirah Putri Adam Wira Sanjaya Aisyah Basandid Akhmad Solikin Aldimasqi, Lalu Muhammad Andi Syafirah Putri Abdi Patu Andreas Oktorinus Anggraini, Novenia Puspita Anindya Enggar Novita Arda Octaviola Rachmalia Arhaninka, Dewi Arkandisari Atmaja Syaiban A’yun, Qurrata Cindy Claudia, Cindy Dandy Ananda Patria Wirawan Dani Sugiri Dzakisyah Alyus Mubarak Egla Margaretta Meliala Erin Widya Butar Butar Erlita Nurma Wati Erlita Nurma Wati Erlita Nurma Wati Erlita Nurma Wati Fuady, Muhammad Syahrul Herman, Nur Ashilah Raihanah Imam Sumardjoko Irvan Taufiq Irwanda Wisnu Wardhana Istinganah, Nur Iyas Theresia Pasaribu Joko Sumantri, Joko Khairiyah, Yotasa Raidah Maulidiyah, Syafrina Moh Badrus Sholeh Muchtar, Masruri Muhamad, Dharmawan Nur Muhammad Syahrul Fuady Novitasari Putri Ramadhani Nurul Khilyati Pardomuan Robinson Sihombing Purnomoputro, Ajik Putu Nanda Priastawa Qur'an, Nurul Rahayu Kusumawati Rahayu Kusumawati, Rahayu Rahman, Rheza Auliya Sakti Prabowo, Sakti Salsabiyla Aden Santorry Santorry Setiawan, M Rudy Shasza Yemima Puteri Atmodjo Stephanus, Matthew Sukarsa, Galuh Sulaeman, Agus Sunarya suliantoro, irwan Sumardjoko, Imam Syahirul Alim (Kementerian Keuangan) Syaiban, Arkandisari Atmaja Wati, Erlita Nurma Yanuar Pribadi