cover
Article Per Year (5 Year)
All
Home Page
OAI Link
Editorial Team
Contact
Reviewer
Google Scholar
Contact Name
Rochmat Aldy Purnomo
Contact Email
purnomo@umpo.ac.id
Phone
-
Journal Mail Official
ekuilibrium@umpo.ac.id
Editorial Address
-
Location
Kab. ponorogo,
Jawa timur
INDONESIA
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.
Arjuna Subject : -
Articles 15 Documents
 1   2 
Search results for , issue "Vol 21 No 1 (2026): March" : 15 Documents clear
How do Government Expenditures by Function Affect Economic Growth? Evidence from Indonesia Panjaitan, Rido Parulian; Sukmono, Renny; Fuady, Muhammad Syahrul; Salsabila, Nurfiryal; Hadiantoro, Farhan
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 1 (2026): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i1.2026.pp127-149

Abstract

This study addresses a key gap in the empirical literature on fiscal policy and economic growth: while numerous studies assess the impact of total government spending, few examine the differential effects of expenditures by function under the COFOG framework, particularly in emerging economies such as Indonesia. Understanding these functional impacts is essential for aligning budget priorities with long-term development goals, especially amid fiscal volatility and shifting political agendas. Using annual realized expenditure data by function from the Ministry of Finance for 2005–2023, this study employs a multiple regression model grounded in the Keynesian Growth Model and Endogenous Growth Model to evaluate the impact of functional spending on long-term economic growth. The analysis spans four presidential terms (Susilo Bambang Yudhoyono 2004–2014; Joko Widodo 2014–2024) and encompasses major domestic and global economic shocks during the period. Findings shows that Economic Affairs and General Public Services have consistently received the largest shares of Indonesia’s budget from 2005–2023, while Health accounts for a relatively small portion. Compared to OECD countries, which prioritize Social Protection, Indonesia’s spending pattern emphasizes Economic Affairs and Education, with allocations fluctuating significantly from year to year. Regression results show that only Health expenditure has a positive and statistically significant effect on economic growth, aligning with the role of human capital in long-term productivity. In contrast, Social Protection shows a negative significant effect, while major categories such as Economic Affairs, Public Order and Safety, and Education have no significant impact. These findings underscore that the quality, efficiency, and strategic orientation of spending, rather than its size, are critical for aligning fiscal policy with sustainable growth objectives.
Mapping the Landscape of Family Business Conflict: A Systematic Literature Review Harsono, Mugi; Kurniawan, Dhika Amalia; Mutiara Akbar, Nimas Melenia; Ridanasti, Erlita; Syahruddin, Syahruddin; Faradisi , Roghiebah Jadwa
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 1 (2026): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i1.2026.pp150-181

Abstract

Family businesses play a pivotal role in the global economy but are uniquely vulnerable to internal conflict due to the overlap of family and business roles. This systematic literature review (SLR) examines 25 peer-reviewed articles published between 2016 and 2025 to explore the evolving themes, theories, and methodologies in family business conflict research. The review responds to the urgent need for a deeper understanding of conflict dynamics amid rising challenges such as digitalization, intergenerational transitions, and global competitiveness. Using the PRISMA protocol and thematic analysis supported by the Watase Uake system, the study identifies four dominant categories in the literature: types of conflict (e.g., relational, generational, governance), sources of conflict, consequences of conflict on performance and relationships, and conflict resolution strategies. The findings reveal that Agency Theory and Socioemotional Wealth Theory are the most frequently applied, while cultural and digital factors increasingly influence conflict dynamics. Despite methodological diversity, research remains largely Western-centric and quantitatively focused, with limited attention to emotional and cultural dimensions in non-Western contexts. This SLR contributes by offering an integrative conceptual framework that synthesizes key variables, relationships, and contextual influences on family business conflict. It highlights the importance of culturally adaptive and proactive conflict management strategies, particularly in emerging markets. The study also identifies gaps for future research, including the need for longitudinal studies, mixed-method approaches, and exploration of digital tools in conflict resolution. The review informs both academic inquiry and practical governance in sustaining family firms.
Enhancing the Resilience of F&B MSMEs Through Mitigating Environmental Uncertainty Risks Isa, Muzakar; Aisyah, Siti
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 1 (2026): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i1.2026.pp250-267

Abstract

The food and beverage (F&B) industry faces significant challenges in risk management due to the unpredictable quality of internal and external environments. This study aims to classify various types of risks and analyze risk management to improve the resilience of the F&B MSME supply chain. This study was conducted in Surakarta City, Indonesia, involving 250 F&B MSME business units, representing approximately 41.12% of the total MSME population. A total of 20 types of risks were classified into 4 groups using a structural model. MICMAC analysis was used to analyze the role of each type of risk. The interactions of 20 types of risks were classified by MICMAC analysis into four groups: linkage, autonomous dependent, and independent, and identify the types of risks that are relatively critical in the system. The findings of this study provide a clear framework for MSMEs to understand the risks they face and how these risks interact in the system. MICMAC analysis categorizes the many risk types inside the system to aid in the development of suitable mitigation strategies. This study provides a comprehensive understanding to MSMEs on how risks can be managed effectively and serves as a basis for further exploration. The novelty lies in the integration of vulnerability analysis and MICMAC-based risk classification in the context of F&B MSMEs. MICMAC analysis offers clear insights for researchers and MSMEs to understand complex risks.
Export Led Growth Hypothesis on 8 ASEAN Countries Khoirudin, Rifki
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 1 (2026): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i1.2026.pp35-51

Abstract

This study aims to examine the relevance of the export-led growth model in eight countries in the ASEAN region. Panel data analysis was used to examine the corellation between the variables of export growth and gross domestic product, supported by control variables such as exchange rates, consumer price index, real interest rates, and foreign exchange reserves. The Fixed Effect Model was selected as the best analytical model for this study. The data used in this research was sourced from the World Bank, utilizing data from 8 countries: Indonesia, Thailand, Vietnam, Malaysia, Singapore, the Philippines, Brunei Darussalam, and Timor-Leste, covering the period from 2014 to 2023. The study results support the ELG hypothesis, meaning that exports have a significant positive impact on economic growth in the 8 ASEAN countries. Exchange rates and foreign exchange reserves also play a significant positive role in driving GDP. Meanwhile, the CPI does not have a significant impact on GDP. On the other hand, real interest rates have a significant negative effect on GDP. The implications of this study highlight the importance of product diversification and value addition to enhance the competitiveness of export products for the eight ASEAN countries, thereby reducing dependence on oil and gas commodities and raw materials. Additionally, the implementation of responsive monetary policies to global market dynamics is necessary to maintain economic stability and achieve sustainable growth.
Local Raw Materials and Food Quality in Shaping Local Economic Linkages: The Mediating Role of Consumer Satisfaction Sinaga, Hommy Dorthy Ellyany; Loo, Petrus; Purba, Rahmad Dianta; Yusoff, Asliza
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 1 (2026): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i1.2026.pp52-71

Abstract

This study investigates the role of local raw materials in improving food quality and shaping local economic linkages, using the Yoku Yatta restaurant in Medan as a case study. Based on a survey of 140 consumers and analyzed using a quantitative SEM-PLS approach, the research examines the relationships between local raw material quality, food quality, consumer satisfaction, and the local economic linkages impact. The results indicate that the use of local raw materials significantly enhances food quality and contributes to strengthening local economic linkages through supply-side interactions. Food quality is a key driver of consumer satisfaction; however, its effect on economic linkages is fully mediated by consumer satisfaction. Instead, its influence is transmitted indirectly through consumer satisfaction, which serves as a crucial mediating mechanism. This finding highlights the study’s primary theoretical contribution by demonstrating the importance of consumer satisfaction as a mechanism connecting product quality and local economic benefits. These results reflect recent trends in the Indonesian culinary sector, where consumer awareness of sustainability and local sourcing is increasing. Preliminary evidence from the Yoku Yatta consumer survey shows that local ingredient use not only enhances perceived quality but also helps build a positive restaurant image. The managerial implications emphasize the need to strengthen local supply chains, improving value-added communication strategies regarding local sourcing, and promote menu innovation based on local raw materials.
Does Economic Policy Uncertainty Affect the Composite Stock Price Index? Evidence from Seven Asian Countries Pratama, Rizki Febri; Istiqomah
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 1 (2026): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i1.2026.pp199-218

Abstract

Economic Policy Uncertainty (EPU) is one of the crucial factors affecting investors' decisions to invest in global capital markets. This study aims to analyze the movement of the Composite Stock Price Index (CSPI) due to the influence of EPU, covering seven Asian countries, including Hong Kong, Japan, Pakistan, China, India, South Korea, and Singapore. The data used is monthly panel data from January 2010 to January 2025, employing the Feasible Generalized Least Squares (FGLS) method based on Cross-Section SUR (PCSE). The primary independent variable studied is EPU, with control variables including interest rates, inflation, and exchange rates. The analysis shows that EPU has a significant positive effect on the CSPI, indicating that an increase in global EPU can trigger a shift in investment to developing countries and sectors that are safe or resistant to uncertainty shocks. Meanwhile, interest rates and inflation indicate a significant negative impact on the CSPI, consistent with the theory that stock market performance is negatively affected by rising capital costs and declining purchasing power. Conversely, the exchange rate shows a significant positive impact on the CSPI, where the appreciation of the domestic currency increases investor confidence and improves export competitiveness. This study emphasizes the urgency of stabilizing the aggregate economy and managing perceptions in the face of economic policy uncertainty as a tactic to maintain investor interest in the stock market, thereby promoting sustainable economic development through long-term investments.
Forbidden From Getting Sick And Being Literate? Health Care And Education Opportunities For Undocumented Migrant Workers In Asia Maharani, Shinta; Ab Rahman, Asmak; Mohd Noh, Mohd Shahid
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 1 (2026): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i1.2026.pp93-112

Abstract

Migrant workers are considered vulnerable as they remain excluded from various social safety provisions. The Covid-19 pandemic has further exposed significant gaps in policy support for these workers in Asian countries. However, scholarly evidence is lacking in the international literature to guide policy, particularly on undocumented workers. This paper fills this void by critically reviewing emerging evidence on undocumented migrant workers' access to healthcare and formal education in Asian countries according to a comprehensive analysis of research papers released between 2002 and 2022. In total, 72 scientific papers were identified from Scopus, WoS, and Emerald databases. The qualitative research software Nvivo was used to analyze the final 10 studies (out of 72 indexed articles). The findings of the review exercise suggest that the government should develop policies and solutions for undocumented migrant workers to get healthcare and formal education opportunities.
Sustainability Marketing, Entrepreneurial Orientation, and Café SME Performance: The Mediating Effects of Social Media Santoso, Budi; Nursaid, Nursaid
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 1 (2026): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i1.2026.pp108-126

Abstract

This study investigates the strategic role of social media marketing in mediating the influence of sustainability marketing and entrepreneurial orientation on the performance of café SMEs in Jember Regency, East Java, Indonesia, a region recognized as a growing hub of the local creative economy with a strong presence of digitally savvy young consumers. Employing a predominantly quantitative approach, the study utilizes Partial Least Squares–Structural Equation Modeling (PLS-SEM) based on survey data collected from café consumers, complemented by in-depth interviews with café owners to provide interpretive triangulation. The research examines several structural relationships, including both direct and mediating effects among the key constructs. The findings indicate that sustainability marketing does not exert a strong direct influence on SME performance, whereas entrepreneurial orientation, reflected through proactiveness, innovativeness, and risk-taking behavior, plays a more prominent role in enhancing business performance. Furthermore, social media marketing is shown to function as an important mediating mechanism, strengthening the translation of sustainability initiatives and entrepreneurial practices into tangible business outcomes, such as improved sales performance, customer loyalty, and profitability. These results offer contextual empirical insights into the digital mediation processes shaping the transformation of local café SMEs and provide practical implications for business owners to optimize Instagram and TikTok content strategies, including green storytelling, influencer collaborations, and viral campaigns, in order to amplify the impact of sustainability efforts and entrepreneurial dynamics in achieving sustainable growth within a competitive market.
Unlocking Development In Papua: The Reciprocal Relationship between Economic Growth and HDI Under Special Autonomy Lefaan, Yosef; Joni, Joni; Hartiningsih, Endang; Mollet, Julius Ary; Liga, Marthen
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 1 (2026): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i1.2026.pp1-19

Abstract

This study examines the bidirectional relationship between economic growth and human development in Indonesia’s Papua Region, a context characterized by persistent welfare disparities despite the implementation of Special Autonomy. Utilizing a balanced panel dataset covering Papua and West Papua provinces, the research applies a dual fixed-effects panel regression model estimated via Feasible Generalized Least Squares with Panel-Corrected Standard Errors to probe the nuanced feedback connections between Gross Regional Domestic Product (GRDP) per capita and the Human Development Index (HDI). The investigation confirms a vigorous, reciprocal, and mutually augmenting association between economic advancement and human progression, where increases in per capita GRDP significantly predict improvements in HDI, and advancements in HDI in turn drive substantial elevations in regional economic output. Beyond the core economic and human development variables, electricity consumption per capita emerges as a consistent, positive catalyst in both models, functioning as a "keystone catalyst" that simultaneously supports standard of living improvements and economic productivity. Conversely, population growth is identified as exerting a drag on per capita income, highlighting a "denominator effect," where rapid demographic expansion dilutes economic gains even as it expands the potential human capital base. The findings substantiate the existence of a virtuous cycle of development in Papua but underscore that achieving inclusive welfare outcomes requires integrated policy interventions that synchronize economic productivity, human capability enhancement, and energy infrastructure expansion.
Sustainable Village Fund Allocation for Indigenous Communities: A Culturally Responsive Analysis of the Baduy of Indonesia Sumantri, Joko
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 1 (2026): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i1.2026.pp72-92

Abstract

This study examines the misalignment between Indonesia’s standardized Village Fund allocation system and the socio-cultural realities of indigenous communities, highlighting the need for Indigenous Budgeting Systems that better reflect customary governance structures and local priorities. Drawing on participatory budgeting theory, indigenous governance frameworks, and SDG Localization, the study critiques the limitations of uniform fiscal accountability mechanisms and develops a budgeting approach grounded in Local Wisdom-Based Development. The research employs qualitative fieldwork, including in-depth interviews with Baduy leaders, government officials, and financial managers, complemented by document analysis and thematic mapping. A weighted relevance scoring system is used to assess the alignment between all 17 SDGs and both the existing and proposed budgeting models. Findings indicate that the Baduy community rejects the current arrangement due to administrative burdens, documentation requirements, and infrastructure-oriented spending that conflict with customary norms. SDG 1, SDG 2, SDG 13, SDG 15, and SDG 16 emerge as the most relevant to Baduy development priorities. The proposed framework supports Village Fund Reform by emphasizing direct cash assistance, agricultural land expansion, and simplified accountability mechanisms aligned with oral traditions and customary law. The study situates its contribution within ongoing scholarly debates on indigenous public finance and SDG implementation, drawing on qualitative insights from the Baduy case to inform the design of more culturally responsive and context-sensitive budgeting reforms.

Page 1 of 2 | Total Record : 15

 1   2 

Filter by Year

2026 2026


Reset
Filter By Issues
All Issue Vol 21 No 1 (2026): March Vol 20 No 2 (2025): September Vol 20, No 1 (2025): March Vol 20 No 1 (2025): March Vol 19, No 2 (2024): September Vol 19 No 2 (2024): September Vol 19 No 1 (2024): March Vol 19, No 1 (2024): March Vol 18, No 2 (2023): September Vol 18 No 2 (2023): September Vol 18, No 1 (2023): March Vol 17, No 2 (2022): September Vol 17, No 1 (2022): March Vol 16, No 2 (2021): September Vol 16, No 1 (2021): March Vol 15, No 2 (2020): September Vol 15, No 1 (2020): March Vol 14, No 2 (2019): September Vol 14, No 1 (2019): March Vol 13, No 2 (2018): September Vol 13, No 1 (2018): March Vol 12, No 2 (2017) Vol 12, No 1 (2017) Vol 11, No 2 (2016): September Vol 11, No 1 (2016): Maret Vol 10, No 2 (2015): September Vol 10, No 1 (2015): Maret Vol 9, No 1 (2014): Maret Vol 8, No 2 (2013): September Vol 8, No 1 (2013): Maret Vol 7, No 1 (2012): Maret Vol 6, No 1 (2010): September More Issue