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Hasanuddin Economics and Business Review
Published by Universitas Hasanuddin
ISSN : 25493221     EISSN : 2549323X     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Hasanuddin Economics and Business Review (HEBR) is an international triannual open access and peer reviewed journal of economics and business. HEBR is published by Faculty of Economics and Business Hasanuddin University. The journal is published in both print and online versions.
Arjuna Subject : -
Articles 280 Documents
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Strategic Decision Making for Facility Optimisation in Indonesia’s Gunung Kemala Oil Field Using AHP Agung Wibowo; Pri Hermawan
Hasanuddin Economics and Business Review VOLUME 9 NUMBER 3, 2026
Publisher : Faculty of Economics and Business, Hasanuddin University, Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hebr.v9i3.6572

Abstract

The focus of this research is the strategic optimisation of surface production facilities under capital and governance constraints, in Indonesia’s brownfield oil assets of Gunung Kemala (GNK), within a state-owned-enterprise (SOE) governance context. An integrated Multi Criteria Decision Making (MCDM) model is formulated, jointly involving Value-Focused Thinking (VFT) to organise policy objectives, Kepner–Tregoe (KT) Decision Analysis to filter “Must” criteria and “Want” criteria, and the Analytical Hierarchy Process (AHP) for ranking four strategic alternatives: i.e., constructing a new facility, upgrading current facilities, utlisation of idle assets and renting third-party infrastructures. The raw data was obtained through conversation, focused group discussion and expert pairwise comparison with seven experts from domain knowledge. The comparison results reveal that utilization of idle assets appears as the biggest preferred alternative (global priority weight = 0.547) and compared to greenfield & brownfield expansions. This dominance derives from the capital efficiency, faster deployment time, reduced regulatory exposure and better alignment with asset-governance constraints. This research presents an integrated VFT–KT–AHP decision framework that is designed specifically for the brownfield bottle necks in emerging-market upstream settings. It expands the traditional AHP application from technical based ranking to incorporate issues in governance feasibility and asset utilization strategies as an internal capital allocation decision logic, providing a solution model that is applicable with other SOE oriented energy systems.
Converging Paths to Resilience: Analyzing Food and Energy Security Dynamics in SULAMPUA Basri; Yusri
Hasanuddin Economics and Business Review VOLUME 9 NUMBER 3, 2026
Publisher : Faculty of Economics and Business, Hasanuddin University, Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hebr.v9i3.6640

Abstract

This study examines the convergence of food and energy security in the Sulawesi, Maluku, and Papua (SULAMPUA) region as a key element of national resilience. Using a dynamic panel model with the Generalized Method of Moments (GMM) on data from 10 provinces (2018–2023), the analysis reveals that food security is strongly supported by agricultural technology assistance, which boosts productivity despite shrinking farmland. Equitable fertilizer subsidies are also critical, while natural disasters require targeted adaptation strategies. On the energy side, declining crude oil production weakens stability, but renewable energy development offers significant potential. However, infrastructure limitations and global oil price fluctuations remain significant challenges. Policy implications underscore the need to integrate food and energy strategies, combining agricultural technology, fertilizer subsidies, and accelerating renewable energy development. Green infrastructure, including clean-energy irrigation systems, can enhance resilience while reducing carbon emissions. Strengthening disaster risk management through early warning systems and local crop diversification is also vital. Additionally, energy price-stabilization policies, such as buffer stocks and fiscal incentives for renewables, are necessary to reduce dependence on global markets. Overall, the findings underscore the importance of a multisectoral, evidence-based approach to building sustainable resilience in the SULAMPUA region.
Urbanization and Elderly Welfare: Dynamic Evidence from Indonesia I Made Jyotisa Adi Dwipatna; Shadry Andriani; Regina; Dirmansyah Darwin; Hafid Sumarwadji
Hasanuddin Economics and Business Review VOLUME 9 NUMBER 3, 2026
Publisher : Faculty of Economics and Business, Hasanuddin University, Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hebr.v9i3.6710

Abstract

This study examines the relationship between urbanization and elderly welfare in Indonesia by integrating social, economic, and demographic dimensions, addressing the widely held assumption that urban development automatically enhances the well-being of older populations. Using balanced panel data from 34 Indonesian provinces for the period 2017–2022, obtained from the Indonesian Central Bureau of Statistics and the Ministry of Health, the study employs a dynamic panel model estimated through the Generalized Method of Moments (GMM) to capture short- and long-term effects while accounting for endogeneity. The results indicate that past elderly welfare conditions do not significantly influence current welfare levels. Urbanization is found to have no statistically significant effect on elderly welfare in either the short or long term. In the short term, health facility availability, poverty levels, and the proportion of elderly individuals negatively affect elderly welfare, whereas economic well-being exerts a positive influence. In the long term, economic well-being remains a key positive determinant, while the proportion of elderly individuals continues to have a negative effect. Overall, the findings demonstrate that elderly welfare in Indonesia is shaped primarily by socioeconomic factors rather than by the pace of urbanization. The study contributes original policy-relevant insights by challenging urbanization-centered development strategies and emphasizing the importance of targeted economic empowerment and inclusive social protection systems to improve elderly welfare.
Emotional vs. Informational Content: Analyzing Their Impact on Audience Engagement in Instagram Marketing for Local Sportswear Brands in Indonesia Muhammad Maula Razak
Hasanuddin Economics and Business Review VOLUME 10 NUMBER 1, 2026
Publisher : Faculty of Economics and Business, Hasanuddin University, Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hebr.v10i1.6791

Abstract

This study aims to analyze the influence of content type emotional versus informational on the engagement level of Instagram posts by local sportswear brands in Indonesia. This research employs a quantitative approach with an explanatory research design. Data was collected through web scraping of Instagram posts from five local sportswear brands. The final sample consists of 330 posts, which were analyzed using multiple linear regression (OLS). Engagement is measured by an aggregate index based on the number of likes and comments, transformed logarithmically, and re-tested with alternative indicators. The model also controls for post characteristics, content format, posting time, and brand differences. The results show that emotional content has a positive and significant relationship with overall engagement, particularly in driving likes. However, this effect was not significant for comments. The video format did not increase overall engagement or moderate the effect of content type but positively influenced comments, representing a more intensive form of engagement. This study concludes that Instagram content effectiveness is contextual and multidimensional. Emotional content is more effective in triggering immediate responses, while deeper engagement is influenced by a combination of factors beyond message orientation alone. These findings contribute empirically to digital marketing literature and provide practical implications for content strategy in local sportswear brands.
Sharia Finance Inclusion and Poverty Reduction In Palopo City: The Mediation Role of Small and Medium Micro Enterprises Hamida Hamida; Erwin Erwin; Muhammad Nur Alam Muhajir; Nur Ariani Aqidah; Muh Andi Almahdy
Hasanuddin Economics and Business Review VOLUME 10 NUMBER 1, 2026
Publisher : Faculty of Economics and Business, Hasanuddin University, Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hebr.v10i1.6652

Abstract

This study examines the effect of Islamic financial inclusion on poverty alleviation in Palopo City, Indonesia, with specific attention to the mediating role of Micro, Small, and Medium Enterprises (MSMEs). It addresses whether access to Sharia-compliant financial services can generate inclusive economic outcomes through MSME development in a secondary city context. A quantitative approach was used by surveying 100 MSME owners who utilize Islamic financial services in Palopo City. Respondents were selected through purposive sampling based on MSME registration, business experience, and use of Sharia financial products. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test the direct and indirect relationships among Islamic financial inclusion, MSME performance, and poverty alleviation. The results show that Islamic financial inclusion has a positive and significant effect on poverty alleviation and MSME performance. However, MSME performance does not significantly affect poverty alleviation and does not mediate the relationship between Islamic financial inclusion and poverty alleviation. This indicates that Islamic financial inclusion may improve welfare directly, but MSME growth alone is insufficient to translate financial access into poverty reduction. This study contributes to Islamic finance and development economics by challenging the assumption that financial inclusion automatically reduces poverty through MSME performance. Focusing on Palopo City, it provides micro-level evidence that Sharia financial inclusion requires complementary business capacity, market access, and institutional support to become an effective poverty alleviation strategy.
Proposed Business Process Management (BPM) Tools for Optimizing Business Process Management at PT Hutama Karya Infrastruktur Ratna Dwi Astuti
Hasanuddin Economics and Business Review VOLUME 10 NUMBER 1, 2026
Publisher : Faculty of Economics and Business, Hasanuddin University, Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hebr.v10i1.6529

Abstract

This study aims to develop and apply a governance-oriented Business Process Management (BPM) tool selection framework for PT Hutama Karya Infrastruktur, a project-based infrastructure enterprise undergoing digital transformation in Indonesia. A mixed-methods design was employed by combining internal gap analysis, Business Model Canvas analysis, organizational document review, semi-structured interviews, Value-Focused Thinking, Focus Group Discussions, and the Simple Multi-Attribute Rating Technique (SMART). Interview data were analyzed using thematic content analysis supported by ATLAS.ti to derive evaluation criteria, while SMART analysis was used to compare four BPM tool alternatives: ARIS Express, Enterprise Architect Sparx, SAP Signavio, and Bizagi. Sensitivity analysis was conducted to test the robustness of the ranking results. The study identified six evaluation criteria: Cost, System Integration, System Security, Ease of Use, Feature Suitability, and Post-Implementation Support. Feature Suitability and System Security emerged as the most important criteria, followed by System Integration and Post-Implementation Support. The SMART results indicate that Enterprise Architect Sparx achieved the highest aggregate score and remained the top-ranked alternative across different sensitivity scenarios. This study contributes to BPM and digital transformation literature by positioning BPM tool selection as a governance-oriented strategic decision rather than a purely technical software evaluation. The proposed framework offers a structured decision-making approach for infrastructure enterprises, state-owned enterprise subsidiaries, and project-based organizations in emerging economies.
The Contribution of Mangrove Forest to Coastal Household Income in East Lombok, Indonesia Muhamad Bai'ul Hak; Rusmin Nuryadin; Muhammad Dzul Fadlli; Al Furkan; Pahrudin Pahrudin; Dedi Kurniawan
Hasanuddin Economics and Business Review VOLUME 10 NUMBER 1, 2026
Publisher : Faculty of Economics and Business, Hasanuddin University, Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hebr.v10i1.6588

Abstract

This study examines the contribution of mangrove ecosystems to coastal household income in Jerowaru Village, East Lombok, Indonesia, and evaluates how direct economic benefits shape community incentives for mangrove conservation. Positioned within the governance and development agenda, the study addresses the role of natural capital in supporting coastal welfare and nature-based development in an emerging economy context. A mixed-method design was employed using household questionnaires, direct interviews, and focus group discussions involving 115 respondents living near the mangrove area. The study applied a direct use-value and market-price approach to estimate household income from mangrove-related activities, including ecotourism, fish harvesting, crab and prawn collection, and firewood use. Willingness to pay was also assessed to capture community-level conservation incentives. The findings show that 87.8% of respondents receive direct economic benefits from mangrove resources, while 12.2% report no direct income contribution. Most households gain only IDR 100,000–250,000 per month, indicating that mangroves function mainly as a supplementary livelihood source. Despite high conservation awareness, willingness to pay remains limited, revealing a gap between ecological concern and economic incentives. This study contributes household-level evidence on mangrove ecosystem valuation in a small-island Indonesian setting. By linking direct-use valuation, livelihood dependence, and conservation incentives, it offers policy-relevant insights for community-based mangrove governance, coastal development, and nature-based strategies in Indonesia and comparable developing economies.
Service Enhancement Opportunity Of Design And Build Project In Trans Papua Project Fitriana Prahastiwi Pramono; Akbar Adhi Utama
Hasanuddin Economics and Business Review VOLUME 10 NUMBER 1, 2026
Publisher : Faculty of Economics and Business, Hasanuddin University, Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hebr.v10i1.6813

Abstract

This study examines how design-review inefficiencies in a design-and-build infrastructure project can be reduced through process reengineering and digital collaboration, using the Trans Papua Project as an empirical case. A mixed-methods case study was employed by combining quantitative project-control analysis and qualitative process diagnosis. Schedule Performance Index and Schedule Variance were calculated from verified monthly progress reports, while semi-structured interviews with project personnel were analysed using qualitative content analysis. The study then integrated stakeholder analysis, Process Chain Network, value co-creation, DART-PDCA, Building Information Modelling within a Common Data Environment, and Analytical Hierarchy Process to evaluate alternative process-redesign scenarios. The findings show that schedule risk was driven not only by construction productivity constraints but also by technical data misalignment, sequential review routines, and fragmented stakeholder interfaces. Among three PCN alternatives, Alternative 1 was prioritised because it balanced formal design-consultant involvement, contractor-led cost and constructability evaluation, parallel submission of design alternatives, process efficiency, and stakeholder acceptance. Its short-term implementation improved SPI from 1.11 in June 2025 to 1.17 in September 2025. This study contributes to design-and-build infrastructure governance by demonstrating how PCN and BIM-CDE can transform sequential design review into a more collaborative, traceable, and parallel decision-making process in Indonesian public-private infrastructure delivery.
The Impact of CO₂ Emissions on International Tourism Performance: An Empirical Study on G20 Member Countries Ibnu Hajar; Maimun Maimun; Zhafirah Rizqa Farhan
Hasanuddin Economics and Business Review VOLUME 10 NUMBER 1, 2026
Publisher : Faculty of Economics and Business, Hasanuddin University, Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hebr.v10i1.6994

Abstract

This study examines the effect of CO₂ emissions on international tourist arrivals in G20 member countries, with particular attention to the underexplored reverse channel through which environmental degradation may weaken tourism performance. The study positions the CO₂–tourism relationship within the broader agenda of low-carbon development and sustainable tourism competitiveness. This study employs balanced panel data covering 19 G20 member countries from 2014 to 2019. Pooled OLS, Fixed Effect, and Random Effect models are estimated, while the Chow Test, Hausman Test, and Breusch–Pagan Lagrange Multiplier Test are used to determine the most appropriate model. The Fixed Effect Model is selected as the preferred specification to control for unobserved time-invariant country characteristics. The results show that CO₂ emissions are negatively and significantly associated with international tourist arrivals. A one percent increase in CO₂ emissions is linked to a 0.625 percent decline in inbound tourism, suggesting that environmental degradation may reduce destination attractiveness. GDP per capita is the strongest positive correlate of tourism performance, while trade openness and real effective exchange rate appreciation are negatively associated with tourist arrivals. Population size is not statistically significant in the fixed effect specification. This study contributes to the tourism-environment literature by examining the reverse effect of CO₂ emissions on tourism performance using G20 countries as a unified analytical context. The findings offer policy-relevant insights for low-carbon tourism governance, sustainable destination competitiveness, and green development strategies in advanced and emerging economies.
Interdependence of Gold Prices and Macroeconomic Variables Using A Vector Autoregression (VAR) Approach Sri Sukma Wahyuni; Naswatun Zikra; Fakhruddin Fakhruddin; Cut Zakia Rizki; Nur Aidar; Thanawit Bunsit
Hasanuddin Economics and Business Review VOLUME 10 NUMBER 1, 2026
Publisher : Faculty of Economics and Business, Hasanuddin University, Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26487/hebr.v10i1.7037

Abstract

This study examines the dynamic interdependence between gold prices and selected macroeconomic variables in Indonesia, namely inflation, exchange rates, and interest rates, using a Vector Autoregression (VAR) approach. The study uses annual time-series data from 1990 to 2024. The empirical procedure includes the Augmented Dickey-Fuller unit root test, optimal lag length selection, VAR stability test, Granger causality test, Johansen cointegration test, Impulse Response Function, and Forecast Error Variance Decomposition. The VAR model is estimated using stationary first-differenced variables because no long-run cointegration relationship is detected among the variables. The results show that the relationships among gold prices, inflation, exchange rates, and interest rates are partial and mostly unidirectional. Exchange rates significantly influence inflation and interest rates, while inflation significantly influences interest rates. However, domestic macroeconomic variables have relatively weak direct effects on gold prices in the short run. Gold price fluctuations are primarily explained by their own innovations, although interest rate shocks generate a negative response in gold prices, supporting the opportunity cost channel. This study provides updated evidence on gold price dynamics in Indonesia and shows that gold prices are embedded in an asymmetric macroeconomic transmission system. The findings offer implications for investors, policymakers, and financial institutions in understanding gold as a partial hedging asset in an emerging market context.

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