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EASE OF DOING BUSINESS DAN INSTRUMEN MONETER SEBAGAI DETERMINAN FDI DI ASEAN-5 DAN ASIA TIMUR Firyal Hilmi Maghfiroh Ilahi; Vidya Purnamasari
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.14.NO.10.TAHUN.2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2025.v14.i10.p11

Abstract

Foreign Direct Investment (FDI) berperan penting dalam mempercepat pertumbuhan ekonomi, terutama di negara berkembang yang bergantung pada modal eksternal untuk mendukung industrialisasi dan penciptaan lapangan kerja. Dalam konteks globalisasi yang semakin dinamis, negara-negara di kawasan ASEAN-5 dan Asia Timur menghadapi persaingan ketat dalam menarik FDI. Kebijakan fiskal maupun moneter yang efektif dalam meningkatkan daya tarik investasi menjadi penting untuk dikaji. Penelitian ini berfokus pada variabel-variabel Ease of Doing Business (seperti Starting Business, getting credit, Paying Taxes, Trading Across Border) dan instrumen moneter (inflasi, suku bunga, nilai tukar, JUB) mempengaruhi  FDI di ASEAN-5 plus 4 negara Asia Timur (Singapura, Malaysia, Indonesia, Thailand, Filipina, China, Jepang, Korea Selatan dan Hongkong). Dalam penelitian ini diaplikasikan metode regresi data panel untuk menganalisis variabel mana yang paling signifikan dalam meningkatkan FDI. Hasil penelitian menemukan variabel Starting Business, Paying Taxes, Inflasi dan Nilai Tukar berpengaruh terhadap arus masuk FDI. Penelitian diharapkan dapat memberikan panduan kebijakan dalam memperbaiki regulasi bisnis dan stabilitas moneter untuk menarik investasi lebih besar.   Foreign Direct Investment (FDI) plays a crucial role in accelerating economic growth, particularly in developing countries that rely on external capital to support industrialization and job creation. In the increasingly dynamic context of globalization, countries in the ASEAN-5 and East Asia regions face intense competition in attracting FDI. Effective fiscal and monetary policies aimed at enhancing investment attractiveness are therefore essential to examine. This study focuses on how Ease of Doing Business variables (such as Starting a Business, Getting Credit, Paying Taxes, and Trading Across Borders) and monetary instruments (inflation, interest rates, exchange rates, and money supply) influence FDI in the ASEAN-5 plus four East Asian countries (Singapore, Malaysia, Indonesia, Thailand, the Philippines, China, Japan, South Korea, and Hong Kong). A panel data regression method is applied to identify which variables have the most significant impact on increasing FDI inflows. The findings reveal that Starting a Business, Paying Taxes, Inflation, and Exchange Rates significantly affect FDI inflows. This study is expected to provide policy guidance for improving business regulations and ensuring monetary stability to attract greater investment.
Enhancing Financial Inclusion in the MSME Sector: An Investigation of Fintech Adoption in Indonesia through Structural Equation Modeling Vidya Purnamasari; Linda Seprillina; Vika Annisa Qurrata; Tamat Sarmidi; Nila Cahayati
International Journal of Islamic Business and Economics (IJIBEC) Vol 9 No 1 (2025): Volume 9 Nomor 1 Tahun 2025
Publisher : Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/ijibec.v9i1.11307

Abstract

This study aims to critically analyze the determinants of fintech adoption among micro, small, and medium-sized enterprises (MSMEs) in Indonesia, utilizing the robust Structural Equation Modelling (SEM) method. Financial Technology (fintech) represents a disruptive innovation that is transforming traditional banking and financial services by integrating digital financial products and services, including payment transactions and security systems such as e-payments, peer-to-peer lending, remittances, crowdfunding, and retail investment. The research focuses on four key variables: the Decision to Use Fintech (DUF) as the dependent variable, and three independent variables —Perceived Ease of Use of the Fintech Platform (POE), Perceived Risk (POR), and Benefits Offered/Sales Promotion (BP). Data was collected via surveys from owners and managers of MSMEs in Malang City, East Java, Indonesia. The findings reveal that the ease of use and time-saving features of fintech significantly influence adoption decisions among MSMEs, underscoring its positive impact on business operations and economic efficiency. Conversely, perceived risks and promotional benefits were found to have no significant effect on the decision to adopt fintech platforms.
Strengthening SME Financing Through the Holding Company Waqf Model: Governance Priorities from an ISM Approach in Indonesia Vika Annisa Qurrata; Ermita Yusida; Vidya Purnamasari; Muhammad Hakimi Mohd Shafiai; Abdul Ghafar Ismail
International Journal of Islamic Business and Economics (IJIBEC) Vol 10 No 1 (2026): Volume 10 Nomor 1 Tahun 2026
Publisher : Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/5mc5ec69

Abstract

This study addresses the limited attention given to governance mechanism required for implementing the Holding Company Waqf Model for SME financing in Indonesia. It is despite the growing discussion on cash waqf and alternative financing scheme. The study aims to identify and prioritize the governance factors required to support sustainable implementation of the model. Data were collected through in-depth interviews with seven experienced cash waqf managers in Malang during 2024. The ISM procedure involved the development of a Structural Self-Interaction Matrix (SSIM), reachability matrix, level partitioning, and driver-dependence analysis to determine the hierarchical relationships among governance variables. The findings reveal that regular and constant communication demonstrates the highest driving power (7) and functions as a key linkage variable in the governance hierarchy. Subjective norms and attitude toward behavior (driving power – 6 each) function as supporting independent variables. Meanwhile standard operating procedure and waqf legal protection as independent governance variables with strong driving influence. Also, the availability of regular monitoring and cash waqf blueprint model demonstrates high dependence on other governance elements. These results indicate that effective governance requires strong regulatory protection, operational clarity, and continuous supervision to reduce moral hazard and strengthen institutional trust.  The novelty of this study lies in the integration of ISM into the governance analysis of the Holding Company Waqf Model, offering a structured governance hierarchy for SME financing implementation in Indonesia. The study also provides a practical governance framework that may support policymakers, waqf institutions, and SME stakeholders in developing sustainable financing mechanisms