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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.
Arjuna Subject : -
Articles 236 Documents
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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.
Determination of Others Comprehensive Income Tax Avoidance in Southeast Asia Pramiana, Omi; Hidayat, Agus Taufik; Wasis, Wasis
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.pp390-411

Abstract

This paper investigate effect target ROA comprehensive (stimulus), determining assets by fair value (opportunity), effectiveness commissioners (opportunity), fluctuations in macroeconomic fundamentals (rationalization), CEO educational background (capability), subjectivity OCI hierarchy level 3 (collusion), and OCI reclassification (arrogance) on avoid OCI tax. Data 11,616 firm-years from annual reports of companies in six countries in Southeast Asia in 2021-2023, this study has succeeded in proving that the factors effect on OCI tax avoidance are the stimulus of target ROA comprehensive, opportunity of assets by fair value, rationalization of macroeconomic fundamental fluctuations, CEO educational background capabilities, and management collusion with external parties through OCI category level 3 fair value hierarchy, while the factors that have a negative effect are the existence of commissioners and their functions and the OCI presentation policy in reclassification.
The Synergy of Entrepreneurship Education, Family Environment, and Income Expectations: A Key to Shaping Entrepreneurial Attitudes and Intentions Among the Millennial Generation Suprapto, Suprapto; Herliansyah, Yudhi; Herminingsih, Anik; Kaidah, Sri
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.pp376-389

Abstract

The increase in the number of new entrepreneurs has become a crucial strategy in addressing high unemployment rates and accelerating national economic growth. This study aims to analyze the influence of entrepreneurship education, family environment, and income expectations on entrepreneurial intention, while considering the mediating role of entrepreneurial attitude. A quantitative approach was employed using a survey method, involving 412 university students as respondents, with data analyzed through Partial Least Squares (PLS) technique. The results indicate that entrepreneurship education has a direct, positive, and significant effect on shaping students’ entrepreneurial attitudes. Similarly, income expectations significantly contribute to strengthening entrepreneurial attitudes. In contrast, the family environment variable shows no significant relationship with either entrepreneurial attitude or intention. Further findings reveal that entrepreneurial attitude plays a critical mediating role in shaping students’ intentions to start a business. Additionally, both entrepreneurship education and income expectations also exhibit a direct and significant influence on entrepreneurial intention. The novelty of this study lies in mapping the mediating role of entrepreneurial attitude in bridging the relationship between external factors (entrepreneurship education and income expectations) and entrepreneurial intention an area that has not been extensively explored in previous research. The implications of these findings provide a conceptual foundation for higher education institutions in designing more targeted entrepreneurship development strategies.
The Influence of Total Quality Management (TQM) and Organizational Culture on Employee Job Satisfaction that Impacts Employee Performance (Case Study on Cooperatives in South Tangerang City) Hamsinah, Hamsinah; Sunarsi, Denok; Narimawati, Umi; Munna, Afzal Sayed; Pawar, Avinash
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 18 No 2 (2023): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v18i2.2023.pp156-168

Abstract

This study aims to determine the effect of total quality management and organizational culture on employee job satisfaction with employee performance as an intervening variable. This research uses quantitative research, which is based on data that can be calculated to produce a strong quantitative interpretation. The data analysis technique used is PLS version 3.0 (Partial Least Square) software which is a variant-based structural equation analysis (Structural Equation Model) and can perform measurement model testing as well as structural model testing. The population and sample in this study were cooperatives in the South Tangerang area. The technique used in this study was the Simple Random Sampling Technique. And the sample used in this study were 191 employees in the South Tangerang Cooperative. With the results of the study that total quality management has a significant effect on employee job satisfaction because the t-statistic value is 19,056 > 1,652 while the latent variable on organizational culture has an effect on the contribution to the latent variable on employee job satisfaction with a statistical value of 14,351 > 1,652. While the latent variable total quality management has no significant effect on employee performance because the value is 1.281 < 1.652. And the organizational culture variable has an effect on employee performance with a t-statistic value of 4.214 > 1.652. And for the variable employee job satisfaction has an effect on employee performance with a value of 5.115> 1.652.
Unsystematic Risk Management based on Financial Literacy as a Supporting Factor in Investment Decisions Riawan, Riawan; Widhianingrum, Wahna; Wijianto, Wijianto
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 19 No 1 (2024): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v19i1.2024.pp136-148

Abstract

This research examines financial literacy's influence on investment decisions through unsystematic risk management. The data source used in this research is primary data obtained through a questionnaire. The sampling technique used was purposive sampling, using sample criteria to enter as a research sample. This research involved 88 respondents as research samples. The analytical tool used to carry out statistical tests is SmartPLS. This study found that financial literacy and unsystematic risk management simultaneously had a significant positive effect on investment decisions. Unsystematic risk management has a significant positive effect on investment decisions. Furthermore, unsystematic risk management can mediate the relationship between financial literacy and investment decisions. This study highlights investor behavior in making investment decisions using the theory of planned behavior approach.

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