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All Journal Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) Jurnal Ekonomi & Studi Pembangunan JIET (Jurnal Ilmu Ekonomi Terapan) Journal of Asset Management and Public Economy International Journal of Information System and Innovation Management Optimum: Jurnal Ekonomi dan Pembangunan
Flejterski, Stanislaw
Unknown Affiliation
Decision Sciences, Operations Research & Management 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)
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.
Brand Trust, Audience Engagement, and Interactivity as Determinants of Purchase Decisions in TikTok Live Commerce Monalisa, Monalisa; Purwati, Astri Ayu; Rusilawati, Ermina; Firmansyah, Muhammad; Flejterski, Stanislaw
International Journal of Information System and Innovation Management (IJISIM) Vol. 3 No. 2 (2025): International Journal of Information System and Innovation Management
Publisher : Yayasan Pendidikan Islam Al-Matani

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55583/ijisim.v3i2.2061

Abstract

The rapid growth of live streaming commerce has transformed consumer purchasing behavior, particularly among Generation Z users of TikTok Live. This study aims to examine the effects of brand trust, audience engagement, and interactivity on purchase decisions among TikTok Live consumers in Pekanbaru City. A quantitative research design was employed, with data collected through a structured questionnaire from 120 respondents who had previously made purchases via TikTok Live. The data were analyzed using multiple linear regression to test the proposed hypotheses. The results indicate that brand trust and audience engagement have a positive and significant effect on purchase decisions. These findings suggest that consumers are more likely to make purchasing decisions when they trust the brand and actively engage with live streaming content. In contrast, interactivity was found to have a positive but insignificant effect on purchase decisions, indicating that interactive features alone do not directly drive purchasing behavior without the support of trust and engagement. Overall, the research model explains 61.4% of the variance in purchase decisions. This study contributes to the literature on live streaming commerce by highlighting the dominant roles of brand trust and audience engagement in shaping purchase decisions within the TikTok Live context. Practically, the findings provide insights for marketers and sellers to focus on trust-building strategies and engagement-driven content to enhance sales performance in live streaming environments.
Sustainable development challenges in Indonesia: A macroeconomics approach to finance, energy, and environment Firmansyah, Muhammad; Mu’ammal, Immanuel; Flejterski, Stanislaw; Castro, Jose Antonio Lopez
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 16 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v16i1.14765

Abstract

This study aims to examine the relationships among credit dynamics, foreign direct investment, energy, economic growth, and environmental degradation in Indonesia from 1990 to 2024. Using a quantitative path analysis, this study examines the direct and indirect effects of working capital credit, consumer credit, foreign direct investment (FDI), and electricity consumption on environmental degradation via economic growth. The results reveal that all variables have a positive and significant effect on economic growth, with electricity consumption (β = 0.361; p < 0.007) being the primary contributor. Economic growth and electricity consumption also significantly increase environmental degradation, supporting the Environmental Kuznets Curve (EKC) hypothesis in Indonesia. Moreover, the analysis of indirect effects shows that economic growth mediates the relationships among credit distribution, FDI, and environmental degradation. This research is important because it examines sustainable development in Indonesia, where economic growth driven by the financial sector, FDI, and electricity consumption could increase carbon emissions and environmental degradation. These findings are relevant because they provide empirical evidence on the impact of financial and energy activities on environmental quality, both directly and through economic growth, in line with Indonesia's commitment to the SDGs and the green economy transition.
A linkage of welfare: industry, small business, and job creation Suliswanto, Muhammad Sri Wahyudi; Firmansyah, Muhammad; Rofik, Mochamad; Kurniawan, Mahrus Lutfi Adi; Flejterski, Stanislaw
Jurnal Ekonomi & Studi Pembangunan Vol. 27 No. 1: April 2026
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jesp.v27i1.29081

Abstract

This study aims to analyze the relationship between industry, small businesses, job creation, and welfare within an integrated analytical framework. This study uses a quantitative approach using Partial Least Squares Structural Equation Modeling (PLS-SEM) analysis, with primary data obtained from questionnaires distributed to 80 respondents in the industrial area of Gresik Regency, East Java, Indonesia. The results of this study indicate that industry significantly influences welfare, both directly and indirectly through small business development and job creation. In this case, small businesses act as a key mediating variable influencing industry's impact on job opportunities and improved welfare. The novelty of this study lies in the development of an empirical model that simultaneously integrates the roles of industry, small business development, job creation, and welfare within a single analytical framework, using small business and job creation as mediating variables. This research contributes to the development economics literature, particularly on inclusive growth. It provides a policy perspective on the importance of effective integration between industry and small businesses as a strategy for improving public welfare.
Co-Authors Arfida Boedirochminarni Castro, Jose Antonio Lopez Hardiningsih, Putri Lestari Sukarniati, Lestari Mahrus Lutfi Adi Kurniawan, Mahrus Lutfi Adi Monalisa Monalisa Muhammad Firmansyah Muhammad Sri Wahyudi Suliswanto Mu’ammal, Immanuel Purna, Fitra Pasapawidya Purwati, Astri Ayu Rofik, Mochamad Rusilawati, Ermina Sri Budi Cantika Yuli