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All Journal Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) JIET (Jurnal Ilmu Ekonomi Terapan) Journal of Asset Management and Public Economy
Flejterski, Stanislaw
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Economics, Econometrics & Finance Social Sciences

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DETERMINANTS OF PORTFOLIO INVESTMENT IN ASEAN COUNTRIES Firmansyah, Muhammad; Yuli, Sri Budi Cantika; Boedirochminarni, Arfida; Flejterski, Stanislaw; Kurniawan, Mahrus Lutfi Adi
Jurnal Ekonomi Bisnis dan Kewirausahaan Vol 14, No 2 (2025): Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK): Article in Progress
Publisher : Fakultas Ekonomi dan Bisnis, UNTAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26418/jebik.v14i2.91515

Abstract

Portfolio investment is a key indicator of financial market health and an important driver of economic growth in ASEAN through increased liquidity and competitiveness. This study analyzes the effect of credit growth, political stability, governance, and labor on portfolio investment in ASEAN countries. A quantitative design was applied using secondary panel data from seven ASEAN countries from 2017 to 2023. Data were analyzed using the System Generalized Method of Moments (SYS-GMM) to address endogeneity and dynamic panel bias. Results reveal that credit growth significantly enhances financial market liquidity and company performance, while political stability strengthens investor confidence by providing a secure environment. Good governance reduces risk and fosters economic stability, while skilled labor supports investment attractiveness. This study concludes that political stability, healthy credit management, and strong governance are essential for attracting portfolio investment flows in ASEAN. Governments in the ASEAN region must improve governance transparency, provide training programs to improve labor skills, and maintain political stability to create a conducive investment climate.JEL: E22, E51, F66.
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 Role of Fiscal Decentralization on Inequality: Evidence from Papua Province Purna, Fitra Pasapawidya; Hardiningsih, Putri; Kurniawan, Mahrus Lutfi Adi; Sukarniati, Lestari; Flejterski, Stanislaw
JAMPE (Journal of Asset Management and Public Economy) Vol. 5 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan, Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/jampe.v5i1.14475

Abstract

High income inequality is generally accompanied by unequal access to education, job training, and business opportunities, limitingemployment opportunities for the poor. One approach that can be applied to resolve this problem is by implementing a fiscal decentralization policy. Papua is one of the regions categorized as 3T (Underdeveloped, Frontier, and Outermost). This condition indicates serious challenges in development in Papua, especially in the aspects of basic infrastructure and fiscal independence. The main contribution of the study is to analyze the role of fiscal decentralization on development in Papua province. Fiscal decentralization plays an important role in promoting regional development, particularly in disadvantaged areas. The study used a panel data approach that combines time-series data (2019-2023) and cross-sectional data (29 regencies and cities) in Papua Province. The results of the study indicate that fiscal decentralization through the General Allocation Fund (DAU) and Special Allocation Fund (DAK) has no effect in reducing inequality rates in Papua Province. It isdue to geographical challenges and the unconditional transfer nature of DAU and DAK. In this case, DAU is mostly used for regional routine expenditures, while the DAK has a long-term effect on infrastructure development, which is the major obstacle in reducing inequality in Papua. This research implies that local governments need to improve the effectiveness of DAU and DAK utilization by prioritizing productive sectors.
Co-Authors Arfida Boedirochminarni Hardiningsih, Putri Lestari Sukarniati, Lestari Mahrus Lutfi Adi Kurniawan, Mahrus Lutfi Adi Muhammad Firmansyah Purna, Fitra Pasapawidya Sri Budi Cantika Yuli