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Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi
Published by Universitas Muhammadiyah Ponorogo
ISSN : 1858165X     EISSN : 25287672     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi is a journal published by the Economic Faculty, Universitas Muhammadiyah Ponorogo (Unmuh Ponorogo) in collaboration with Universitas Muhammadiyah Ponorogo Research and Community Service. Published twice a year (March and September), contains six to ten articles and receive articles in the field of economic and business review studies with research methodologies that meet the standards set for publication. Manuscript articles can come from researchers, academics, practitioners, and other economic observers who are interested in research in the field of economics.
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Articles 12 Documents
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Search results for , issue "Vol 20 No 2 (2025): September" : 12 Documents clear
Antecedents of Improving Service Performance Innovation in Food and Beverage Start Up Businesses Wahyuningsih, Sri Handari; Astuty, Isthofaina; Makarim, Habib Zhafran; Rizqi, Maulidyah Amalina
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 2 (2025): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i2.2025.pp259-270

Abstract

Service innovation is currently a challenge for every business, including start-up food and beverage businesses in Yogyakarta. This study aims to test the importance of service performance innovation by considering positive Thriving at work behavior as a mediator, with antecedents of Leader Member Exchange (LMX) and co-worker support. The approach used in the study is a quantitative approach. The study was conducted by taking a Food and beverage startup business, a Cafe service in the Yogyakarta area. Using Path Analysis and Sobel test, the results show the influence of LMX on Thriving at work, the influence of co-worker support on thriving at work, and the influence of co-worker support on service performance innovation. The results of this study provide implications for the importance of building a model for improving business service performance innovation through positive thriving at work behavior and organizational processes, namely leader member exchange and co-worker support, especially in the context of the food and beverage business.
Analysis of the Altman, Springate, Zmijewski, and Grover Methods in Predicting Bankruptcy in Retail Electronics Sub Sector Companies Listed on the Indonesia Stock Exchange for the 2019-2022 Period Hartono, Arif; Dita, Wahyu Riskina; Ulfah, Ika Farida
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 2 (2025): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i2.2025.pp341-353

Abstract

Companies with good financial conditions are able to maintain the stability of their operational activities so that profits can increase so that the company avoids the possibility of bankruptcy. The purpose of this study is to predict the potential for bankruptcy using the Altman, Springate, Zmijewski, and Grover methods and to measure the level of accuracy of each method in predicting bankruptcy in Electronic Retail Subsector Companies listed on the IDX for the 2019-2022 period. Bankruptcy is a condition that is not expected to occur in a company where the company is unable to carry out operational activities and its financial management stops. To analyze bankruptcy predictions, researchers use the Altman, Springate, Zmijewski, and Grover methods as measuring tools for predicting potential bankruptcy. This study uses a quantitative analysis method with a descriptive research type. The sample used in this study was 6 Electronic Retail Subsector companies listed on the IDX for the 2019-2022 period with a sampling method using saturated samples. Namely, all members of the population are sampled. The data collection method in this study uses financial report documentation. The results of the study show that the company that is predicted to have the most potential to go bankrupt is PT. Globe Kita Terang tbk using all four prediction methods. The bankruptcy prediction method used in this study with the highest level of accuracy is the Zmijewski and Grover method of 66.67%.
Dynamic Panel Data Analysis of the Human Development Index in Indonesia Astuti, Hartiningsih; Susilo, Joko Hadi; trifandha, siskha; Nkembo , Amon Frank
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 2 (2025): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i2.2025.pp229-245

Abstract

The human Development Index is an important indicator for measuring people’s welfare. This study aims to determine the influence of household consumption, Gross Regional Domestic Product, investment, and government expenditure on the human development index (HDI) in 35 provinces in Indonesia for the period 2014-2023. Secondary data was sourced from the Central Statistics Agency and used to estimate the model, a dynamic panel approach was utilized, based on the Generalized Method of Moments. The results showed that Gross Regional Domestic Product (GRDP) has a significant influence on increasing the human development index (HDI), especially through increased consumption for education and health. In addition, achieving economic development in a country requires individual and collective human efforts in improving the quality of life. Important factors that must be built are the quality of human resources, facilities and infrastructure. Government spending focused on sectors that directly affect people's welfare can accelerate the improvement of the quality of human resources. This finding shows the importance of macroeconomic stability and fiscal policy effectiveness in supporting sustainable human development.
Uncovering The Spatial Variation of Factors Influencing Economic Growth: Empirical Evidence from East Java Santoso, Edy; Anggraini, Silvia; Hadipriyono, Teguh
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 2 (2025): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i2.2025.pp246-258

Abstract

Inequality in economic growth across regions often reflects structural imbalances and the limited effectiveness of current development policies. Thus, it is essential to investigate the factors that influence regional growth dynamics. Economic growth is defined as the change in income and the production of goods and services within a specific region or country over a designated period. The varying levels of economic growth, measured by Gross Domestic Product (GDP), are expressed at constant prices during a defined timeframe. This research aims to analyze the impact of Profit-Sharing Funds (DBH), labor, and Gross Fixed Capital Formation (PMTB) on economic growth in East Java. The analysis employs Geographically Weighted Panel Regression (GWPR) to assess how each independent variable influences the dependent variable across various districts and cities in East Java. The findings reveal three regional classifications. The first classification includes regions where none of the predictor variables significantly affect economic growth, which applies to 37 districts including Trenggalek. The second classification identifies areas where LABOR does not serve as a significant predictor variable in the same 37 districts and cities across East Java. Finally, the third classification highlights regions where Profit Sharing Funds (DBH) are significantly relevant to economic growth, with the exception of Trenggalek. Additionally, Gross Fixed Capital Formation (PMTB) is identified as a significant variable for economic growth in the districts of Lumajang, Jember, Bondowoso, Situbondo, Probolinggo, Pasuruan, Sidoarjo, as well as Probolinggo City and Pasuruan.
Structural Cointegration of Exchange Rate, Gross Domestic Product, and External Debt in Indonesia: An Analysis of Macroeconomic Stability with the ARDL–ECM Approach Suripto, Suripto; Athfal , Azkal Azkiya; Kurniawan, Mahrus Lutfi Adi; Salim, Agus
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 2 (2025): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i2.2025.pp271-294

Abstract

This study examines the relationship between Indonesia's external Debt (ULN), gross domestic product (GDP), and exchange rate (ER) using quarterly data from 2011Q1 to 2025Q2. The Autoregressive Distributed Lag (ARDL) method tests long-run cointegration, followed by an Error Correction Model (ECM) to capture short-run dynamics. The selected ARDL (1, 0, 2) model confirms a long-term relationship among external Debt, GDP, and the exchange rate. In the short run, the exchange rate has a significant impact, while GDP does not. The negative and considerable error correction term (ECT) indicates the presence of an adjustment mechanism toward equilibrium. Impulse response analysis reveals that external debt responds strongly to exchange rate shocks, and variance decomposition identifies exchange rate fluctuations as the primary contributor to debt variation. Policy recommendations include diversifying foreign debt portfolios, strengthening foreign exchange reserves, and enhancing fiscal–monetary coordination to mitigate exchange rate risks and improve long-term debt management.
Electronic Money, Materialism, And Social Media: The Triple Threat Reshaping Student Spending Habits Rahardjo, Cahaya Jasmine; Yanto, Yanto; Supriaman, Supriaman
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 2 (2025): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i2.2025.pp295-316

Abstract

This study addresses the changing consumption patterns of university students driven by electronic money usage, materialistic values, and social media exposure, with the objective of examining how these factors influence student consumption behavior among students of the Faculty of Economics and Business at Tanjungpura University. Using a descriptive causal quantitative approach, data were collected through an online survey of 100 respondents and analyzed using Structural Equation Modeling (SEM) by AMOS. The research findings reveal that electronic money usage has no significant effect on consumption behavior. In contrast, materialism, social media intensity, and attitudes toward social media content had a significant beneficial effect on student consumption behavior. These results emphasize the importance of money management skill and financial inclusion strategies in shaping healthy consumption patterns and supporting sustainable development.
Unveiling the Role of Protean Career Orientation and Leadership in Organizational Commitment and Employee Performance: A Systematic Literature Review Asmini, Asmini; Yusuf, Andi Muhammad
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 2 (2025): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i2.2025.pp317-340

Abstract

In today’s dynamic organizational environment, Protean Career Orientation (PCO) and leadership are critical drivers of organizational commitment and employee performance. While extensively studied separately, their combined effects remain underexplored. This study systematically reviews empirical research to clarify how PCO and leadership interact to influence employee outcomes. A systematic literature review was conducted using Scopus-indexed articles published between 2014 and 2024. Targeted keywords related to performance management, leadership, and PCO guided the search. Applying PRISMA protocol and strict inclusion criteria, 863 high-quality studies were retained for qualitative synthesis. PCO was found to positively influence affective and normative commitment through organizational identification, career optimism, and mentoring, but had limited effect on continuance commitment. Leadership styles—particularly participative, transformational, and managerial coaching—consistently improved commitment and performance. The synergy between PCO and supportive leadership promoted proactive behaviors and organizational citizenship, mediating performance gains. The findings emphasize the need for organizations to integrate career autonomy with empowering leadership to strengthen commitment and enhance performance. The proposed framework advances theory by linking PCO with leadership-driven engagement. Practically, it offers HR strategies for fostering autonomy, development, and supportive leadership. Limitations include reliance on secondary data and lack of industry-specific focus.
Uncovering the Map of Poverty in the South Coast Region of East Java: A New Perspective from Spatial Analysis Ifa, Khoirul
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 2 (2025): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i2.2025.pp354-375

Abstract

Poverty alleviation remains a global challenge and a key pillar of the sustainable development agenda. Unlike previous studies that generally examine poverty in aggregate or without considering spatial linkages, through the incorporation of socioeconomic and environmental dimensions into the Spatial Durbin Model (SDM), this research introduces a novel approach to investigating spatial interdependencies of poverty across the South Coast of East Java Province. The analysis using Spatial Weighting Matrix, Moran Index Analysis, Terting the significance of Spatial Parameters, Spatial Panel Model and Goodness of Fit Criteria that poverty in one locality is substantially shaped by the socioeconomic conditions prevailing in adjacent areas. The results show that economic growth and natural resource exploitation has a positive significant on poverty. This suggests that growth and resource exploitation do not necessarily reduce poverty. Conversely, accessibility has a negative and significant effect, confirming that increased connectivity can reduce poverty disparities between regions. Education, unemployment, and health factors show weaker or insignificant effects, although their spatial interactions remain important. The synthesis of these findings confirms that poverty in coastal areas is not merely a local issue, but a spatially contagious phenomenon. The practical implication of this research highlights the necessity of spatial-based policies that fast prioritize inclusive growth, equitable resource allocation, and the development of strategic infrastructure in order to break the cycle of poberty while maximizing positive splillover effects. Thus, this research not only enriches the literature on spatial economics but also provides concrete policy direction for accelerating poverty alleviation in line with sustainable development goals.
The Relationship between U.S. Quantitative Easing Policy, Interest Rate Spread, and Control of Corruption on Short-Term Debt in Developing ASIAN Countries Riandi, Muhammad Vicky; Igamo, Alghifari Mahdi; Liliana, Liliana; Aini, Halia Butra
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 2 (2025): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i2.2025.pp412-423

Abstract

This study examines the impact of U.S. Quantitative Easing (QE), Interest Rate Spread, and Control of Corruption on Short-Term Debt in developing Asian countries. Using panel data from Indonesia, Thailand, the Philippines, Vietnam, and China from 2000 to 2022, the analysis employs a Random Effect Model (REM) approach. The findings reveal that U.S. QE has a positive and significant impact, indicating that increased global liquidity encourages short-term borrowing in these economies. Conversely, Interest Rate Spread negatively affects short-term debt, suggesting that higher spreads reduce reliance on external short-term financing. Additionally, stronger Control of Corruption is associated with lower short-term debt levels, highlighting the role of governance in reducing financial vulnerabilities. These results underscore the importance of maintaining prudent monetary and fiscal policies to manage external debt risks. Policymakers should strengthen governance frameworks, ensure balanced interest rate policies, and develop strategies to mitigate risks from external financial shocks. By improving institutional quality and promoting long-term financing stability, developing Asian economies can enhance financial resilience and reduce excessive reliance on volatile short-term debt.
Determinants of Household Energy Poverty Status in Eastern Indonesia: A Multinomial Logistic Regression Analysis Lestari, Tri; W. Risqilla, Geffanio Ardasya; A. Garin, Fansza; Panjawa, Jihad Lukis; Islami, Fitrah Sari
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 2 (2025): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i2.2025.pp424-440

Abstract

Energy poverty is a complex, multidimensional issue that can hinder sustainable development in many developing nations, including Indonesia. Although the national electrification ratio has improved, gaps in energy access remain, particularly in eastern regions with limited infrastructure. Most prior studies have focused on national trends or developed areas, often relying on single indicators, leaving little detailed analysis for eastern provinces using multidimensional measures and severity levels. This study examines factors influencing household energy poverty in Papua Pegunungan, Papua Tengah, Papua Selatan, and Nusa Tenggara Timur. Data come from the March 2024 Susenas survey, covering 22,989 households. Energy poverty is classified into three levels, and multinomial logistic regression is applied to assess how household characteristics affect the probability of belonging to each level. Findings show that housing size, settlement type (rural/urban), household head’s age, and non-food spending significantly affect energy poverty status. In contrast, education, household size, and household head’s sex have no significant effect. These results point to the need for policies that expand equitable energy infrastructure, improve housing conditions, and ensure affordable, adequate energy access across eastern Indonesia.

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