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Dynamics effect of volatility index, interest rates, and commodity prices on Indonesian bond yields Darsono, Susilo Nur Aji Cokro; Firman, Afrizal; Nugraha, Pazri; Isnaini, Nurul; Wardani, Dyah Titis Kusuma
Jurnal Ekonomi & Studi Pembangunan Vol 25, No 1: April 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i1.22189

Several factors influence the movements and dynamics of bond yields in financial markets. The determination of monetary policy, specifically the decisions regarding interest rates made by central banks, is a critical factor. Moreover, bond yields can be influenced by various factors such as geopolitical events, financial volatility, market sentiment, and investor risk appetite. These factors can impact the demand and supply dynamics in bond markets. This research aims to analyze the influence of Interest Rates, IDR to USD Exchange Rates, Volatility Index (VIX), Gold and Oil Prices on Bond Yields in Indonesia. The data used in this research is secondary data, which consists of time series data from 2019-2023. This research investigates the impact of financial and commodity prices on bond yields in Indonesia by using the autoregressive distributed lag (ARDL) model to examine both the long-run correlation and short-run effect. Empirical results found that Interest Rate, Volatility Index (VIX), and Oil Prices have a significant positive influence. Meanwhile, the Gold Price variable has a significant negative influence. This research has several crucial policy implications for investors concerning the national monetary policy, exchange rate fluctuation, and global volatility index to create profitable and sustainable portfolio strategies. Moreover, investment managers and investors should be concerned about the global commodities prices that will affect bond yield performances. This research contributes to the recent literature presenting causal relations of global volatility index (VIX) on Indonesian bond yield.

The Influence of Gross Regional Domestic Product Per Capita and Foreign Direct Investment on Income Inequality: An Empirical Study of 34 Provinces in Indonesia Maichal, Maichal; Hartono, Powell Gian; Firman, Afrizal; Yudha, I Made Endra Kartika
Journal of Economics Research and Social Sciences Vol 8, No 2: August 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jerss.v8i2.23256

The study investigates the correlation between Gross Regional Domestic Product (GRDP) per capita, Foreign Direct Investment (FDI), and the Gini coefficient using panel data from 34 provinces in Indonesia from 2015 to 2023. A panel data regression analysis method was employed for data processing to optimize estimation results. The results obtained from the analysis using the Fixed Effects Model (FEM) consistently show strong positive outcomes. The findings imply a direct connection between higher GRDP per capita, increased FDI, and a higher Gini coefficient, suggesting that more significant foreign investment and higher per capita GDP contribute to increased income inequality across the Indonesian provinces. The study emphasizes the critical role of regional governments in addressing these disparities. It suggests strategies such as implementing regional policies to boost investment, enhancing infrastructure, creating more business opportunities, and promoting tourism. The proposal to establish the National Capital City (IKN) in East Kalimantan is presented as a long-term solution to reduce income inequality among the provinces.

The Influence of Gross Regional Domestic Product Per Capita and Foreign Direct Investment on Income Inequality: An Empirical Study of 34 Provinces in Indonesia Maichal, Maichal; Hartono, Powell Gian; Firman, Afrizal; Yudha, I Made Endra Kartika
Journal of Economics Research and Social Sciences Vol. 8 No. 2: August 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jerss.v8i2.23256

The study investigates the correlation between Gross Regional Domestic Product (GRDP) per capita, Foreign Direct Investment (FDI), and the Gini coefficient using panel data from 34 provinces in Indonesia from 2015 to 2023. A panel data regression analysis method was employed for data processing to optimize estimation results. The results obtained from the analysis using the Fixed Effects Model (FEM) consistently show strong positive outcomes. The findings imply a direct connection between higher GRDP per capita, increased FDI, and a higher Gini coefficient, suggesting that more significant foreign investment and higher per capita GDP contribute to increased income inequality across the Indonesian provinces. The study emphasizes the critical role of regional governments in addressing these disparities. It suggests strategies such as implementing regional policies to boost investment, enhancing infrastructure, creating more business opportunities, and promoting tourism. The proposal to establish the National Capital City (IKN) in East Kalimantan is presented as a long-term solution to reduce income inequality among the provinces.

Dynamics effect of volatility index, interest rates, and commodity prices on Indonesian bond yields Darsono, Susilo Nur Aji Cokro; Firman, Afrizal; Nugraha, Pazri; Isnaini, Nurul
Jurnal Ekonomi & Studi Pembangunan Vol. 25 No. 1: April 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v25i1.22189

Several factors influence the movements and dynamics of bond yields in financial markets. The determination of monetary policy, specifically the decisions regarding interest rates made by central banks, is a critical factor. Moreover, bond yields can be influenced by various factors such as geopolitical events, financial volatility, market sentiment, and investor risk appetite. These factors can impact the demand and supply dynamics in bond markets. This research aims to analyze the influence of Interest Rates, IDR to USD Exchange Rates, Volatility Index (VIX), Gold and Oil Prices on Bond Yields in Indonesia. The data used in this research is secondary data, which consists of time series data from 2019-2023. This research investigates the impact of financial and commodity prices on bond yields in Indonesia by using the autoregressive distributed lag (ARDL) model to examine both the long-run correlation and short-run effect. Empirical results found that Interest Rate, Volatility Index (VIX), and Oil Prices have a significant positive influence. Meanwhile, the Gold Price variable has a significant negative influence. This research has several crucial policy implications for investors concerning the national monetary policy, exchange rate fluctuation, and global volatility index to create profitable and sustainable portfolio strategies. Moreover, investment managers and investors should be concerned about the global commodities prices that will affect bond yield performances. This research contributes to the recent literature presenting causal relations of global volatility index (VIX) on Indonesian bond yield.

Empowering Women Entrepreneurs: Economic, Social, and Environmental Contributions to Tourism Development in South Sulawesi Firman, Afrizal; Maichal, Maichal
Journal of Economics Research and Social Sciences Vol. 9 No. 1: February 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jerss.v9i1.24708

This study explores how economic, social, and environmental empowerment affects women entrepreneurs in micro-small-medium enterprises (UMKM) in the tourism sector of South Sulawesi and the resulting implications for sustainable tourism development. This study shows sustainability traits, and all hypotheses offer substantial evidence for the connection between women's attributes of sustainability empowerment and sustainable tourism. To assess the hypotheses and ascertain the reliability and validity of this study, quantitative methods of SmartPLS-SEM 4.0. tool and questionnaire surveys from 100 women entrepreneurs are employed. The findings enhance our comprehension of women's empowerment within theory and provide managerial insights for women entrepreneurs aiming to effectively engage visitors in sustainable tourism development in South Sulawesi. The research concludes the need for collaborative efforts between government and communities to empower women in tourism enterprises, fostering sustainable development. Collaboration between government and community is essential for facilitating women's empowerment in tourism enterprises, including cultural attractions and social entrepreneurship. This study highlights several limitations, focusing only on South Sulawesi with a low sample size, and proposes directions for future investigation.

Revitalizing Green Economic Capability to Maintain the Financial Stability of MSMEs in Bira Beach Sharon, ST Salmah; Monalisa, Monalisa; Muchtar, Muchtar; Firman, Afrizal; Basir, Mustika Kusuma; Arif, Muh
Jurnal Ekonomi & Studi Pembangunan Vol. 26 No. 1: April 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar

To maintain the financial stability of Micro, Small and Medium Enterprises (MSMEs) is a vital issue which needs a revitalization of green economic capability. This study explores the impact of Green Economy Capability (GEC) on the financial stability of MSMEs in the coastal region of Bira Beach, with a focus on the mediating role of government support. A SmartPLS-SEM used in this study to investigate the survey involving 150 MSMEs. The key variables measured include GEC, financial stability, and government support, with the data analyzed through descriptive and inferential statistical techniques. The findings indicate that GEC significantly influences government support, which in turn has a positive effect on financial stability. However, GEC does not have a direct impact on MSMEs' financial stability. These findings underscore the critical role of government policies in supporting the adoption of sustainable practices among MSMEs, particularly in regions heavily dependent on tourism. This research contributes to the literature by providing empirical evidence of the indirect relationship between GEC and financial stability through government support in the coastal MSME sector. In results, we offered two solutions. First, the policymakers must prioritize initiatives that strengthen MSME’s capacity for sustainable practices. Second, the need for tailored support systems in coastal areas like the adoption of green practices which must be integrated with local economic strategies to yield both environmental and financial benefits.

The interrelations among tourism industry, social media, and technological innovation: A systematic review approach Firman, Afrizal
Bahasa Indonesia Vol 5 No 1 (2025): APRIL 2025
Publisher : School of Tourism, Universitas Ciputra Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37715/jtce.v5i1.5468

Technological approach affecting on tourism industry development is uncertainties from era to era. This study examines the impact of social media and technological innovation on tourism outcomes through a systematic review. Data were collected from three databases: EBSCO (1984-2019), Scopus (2005–2021), and Web of Science (2009-2020), using keywords such as technology innovation, digitalization, social media, and enhancing tourism industry outcomes. Quality assessment was performed using SPSS and Cohen’s Kappa statistics by two reviewers. Out of 156 articles initially screened, nine qualitative studies were included after further review. The findings indicate that social media platforms have the most significant impact on the development of the tourism industry. However, the study has limitations, including not exploring the impact of blockchain technology adoption. The concept of tourism has evolved into smart tourism, influencing tourist behavior through digital marketing, creative digital solutions, and digital payments. This has modernized and enhanced the tourism industry, requiring further efforts to meet tourist demands and expectations. Technologies like AI, IoT, VR, and AR are key factors in improving the tourism industry. To boost competitiveness and sustainable performance, stakeholders, governments, and tourism practitioners need to collaborate on developing strategies and technological innovations.

Information Systems and Sustainable Supply Chains in Makassar Coffee Shops Febrianto Kurniawan Djihan; Bryan Michio Ng; Sachio Sutedja; Michael Gilbert Galla; Christian Archie; Firman, Afrizal
Business and Entrepreneurial Review Vol. 25 No. 2 (2025): Oktober
Publisher : Universitas Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/ber.v25i2.24654

This research examines the role of management information systems (MIS) in enhancing organizational performance through improved stock management in coffee shops. The Study aims to investigate the direct effect of MIS on organizational outcomes and the mediating effect of inventory management. A quantitative method using survey was employed, involving 126 employees engaged in inventory operations in the Makassar coffee industry. Data were analyzed using regression and Path analysis. The results reveal that MIS significantly enhances stock accuracy, reduces operational delays, and improves employee productivity. Real Time analytics play a pivotal role in minimizing stockout incidents, thereby increasing satisfaction. This study contributes by proposing an integrative model for stock monitoring Using MIS as a strategic tool to support sustainable supply chain operations in the coffee retail industry.

Modeling the Effects of Customer Trust and Satisfaction on Behavioral Intention among E-Commerce Users in Makassar Charence Edina Immanuel; Lusiana Luoran Lie; Muhammad Hawari; Angelique Leticia Liliputra; Sanusi Rezka Mulya; Firman, Afrizal
Business and Entrepreneurial Review Vol. 25 No. 2 (2025): Oktober
Publisher : Universitas Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25105/ber.v25i2.24729

This study examines the impact of customer trust and customer satisfaction on customer behavior intention within the e-commerce sector in Makassar. The Quantitative analysis with 100 respondents and SmartPLS 4.1 for structural equation modeling indicates that customer trust does not exert a substantial direct influence on customer behavior intention, suggesting that trust primarily serves as a foundational expectation rather than a catalyst for purchasing behavior. In fact, customer satisfaction exhibits a robust and large positive influence on customer behavior intentions, illustrating the viral role of service quality, precise product delivery, and the whole shopping experience in influencing consumer behavior. The results indicate that in a developed e-commerce environment, customer happiness is the principal factor influencing behavioral intention, whereas trust functions as a fundamental prerequisite rather than a driving force. The study offers actionable insights for e-commerce managers to focus on techniques that enhance customer satisfaction and suggests directions for future research to include wider variables and diverse regional contexts.

TRANSFORMATION OF BUMDES HUMAN RESOURCES: FROM LOCAL MANAGERS TO RURAL ENTREPRENEURS IN THE AGE OF DISRUPTION Jumardi; Utomo, Jason Agustinus Priyogo; Chendry, Efan James William; Monalisa; Firman, Afrizal
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.v9i4.18569

A Village-Owned Enterprises (BUMDes) play a strategic role in rural economic development by managing local resources. However, the ongoing digital disruption, characterized by technological shifts, market volatility, and intensified competition, demands a fundamental transformation of the human capital within BUMDes. This study aims to analyze the capacity of BUMDes human resources in facing disruptive challenges, identify key enabling and inhibiting factors in their transformation from local managers to rural entrepreneurs, and formulate relevant and sustainable strategies for their development. Employing a quantitative approach, data were collected through structured questionnaires distributed to 40 BUMDes administrators across multiple regions. The analysis utilized Partial Least Squares Structural Equation Modeling (PLS-SEM) to assess the interrelationship between variables. The results revealed that digital skills significantly influence the readiness for role transformation, while managerial knowledge and innovation motivation did not show statistically significant effects. The study contributes theoretically by expanding the human capital framework in the context of rural development and offers practical insights for policy design related to structured digital training and mentoring programs. It alsoadvocates for a collaborative ecosystem involving local governments and development actors to support inclusive and sustainable rural entrepreneurship in the face of ongoing disruptions.

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