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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 218 Documents
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Money Demand Analysis through Business Cycle in Indonesia Isna Melati; Mahrus Lutfi Adi Kurniawan
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.pp203-212

Abstract

There is still debate about the role of monetary aggregates (money demand) and their nature in the domestic economy, whether there is a direct affect and indirect affect. After the 2008 crisis, monetary aggregates became a monetary policy tool that played an important role in maintaining domestic economic stability. This study aims to examine macroeconomic variables on the demand for money in Indonesia from 2000Q1-2021Q4 using the VECM approach. The business cycle is used as a proxy for the income variable with the Hodrick-Prescott Filter method on the GDP variable. The results show that income has a high degree of variability in the demand for money and there is a sensitivity in the response of the demand for money to fluctuations in domestic interest rates. The implication of this research the application of domestic interest rates at the lowest level can encourage income which can increase the demand for money in Indonesia.
The Association between Early Marriage Decisions and Poverty Incidents in Indonesia Najwa Khairina; Muhammad Azhar Tridharma Putra
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.pp227-236

Abstract

Early marriage is one of the social problems prevalent in many emerging countries, including Indonesia. Early marriage is widely believed to impact future economic outcomes negatively and is also associated with higher poverty incidence. Previous research has shown that early marriage significantly affects an individual’s future welfare and makes them vulnerable to poverty (Dahl, 2010). Research on this issue is still limited in Indonesia, and we aim to pursue the impact of early marriage decisions on poverty, using divorce, dropout, and gender as control variables. We use panel logistic regression on Indonesia Family Life Survey (IFLS) data set. We classify early married individuals as someone who marry under 18 years old, while the poverty variable is measured using the national poverty line. The logistic regression shows that early marriage is significantly associated with lower wages and poverty. The marginal effect of the logistic regression shows that an individual who marries early has a higher probability of getting into poverty, as much as 13-15%. We also found that women are more vulnerable to poverty than male with the exact status of marriage and education level. This result implies that the early marriage problem needs further attention from the policymaker. Regulation of the age of marriage should be reinforced and supported by more stringent measures from local governments.
Ability Locus of Control in Mediating Islamic Attitude and Knowledge on Financial Behavior Solihatun Nisak; Rahmat Agus Santoso
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.pp120-135

Abstract

The primary objective of this study was conducted (1) to test the influence of financial knowledge and locus of control on financial behavior, (2) to find the impact of Islamic financial attitudes toward financial conduct and Locus of Control, (3) to investigate influence the role of locus of control as a mediator between financial knowledge and Islamic finance attitudes in relation to financial behavior. Although the model concept used in this study has been explored previously, the specific indicators for the Islamic financial attitude variable have not been studied before.This research follows an explanatory approach, which involves testing hypotheses to understand the relationships between variables. The study included a sample of 130 Muslim farmers from Tuban Regency, selected through cluster sampling. Data analysis was conducted using SmartPLS3 software, employing Path Analysis as the analytical technique.Based on the data analysis and inquiry results, the study found that Islamic financial attitudes had a positive impact on individuals' financial locus of control and financial behavior. However, financial knowledge did not significantly affect financial locus of control and behavior.Furthermore, the locus of control was identified as a mediator between Islamic financial attitudes and individuals' financial behavior, indicating that it played a role in influencing financial behavior based on their attitudes towards Islamic finance. However, the locus of control was not capable of mediating the impact of financial knowledge on financial behavior.
Financial Shenanigans Model: Detecting Hidden Financial Reporting Strategies within the Framework of Forensic Accounting and Fraud Detection Mutiara Karima; Triyono Triyono; Fatchan Achyani
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 2 (2026): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i2.2026.pp309-329

Abstract

This study aims to identify and analyze the indications and forms of financial shenanigans in the financial reporting of PT Timah Tbk. and to examine their implications for stakeholder decision-making. A quantitative approach with a descriptive research design was employed using secondary data derived from the company’s financial statements. Financial statement analysis was conducted to identify patterns, anomalies, and inconsistencies that may indicate potential financial reporting manipulation. The findings reveal indications of financial shenanigans reflected in revenue recognition practices, cash flow management, and fluctuations in key financial performance indicators. These indications suggest the potential occurrence of premature revenue recognition, delayed expense recognition, and the reclassification or timing adjustment of cash flows to portray more favorable liquidity and financial performance conditions. Although such practices may initially convey positive signals to investors and other stakeholders, discrepancies between reported and underlying economic performance may ultimately undermine stakeholder confidence, contribute to stock price volatility, increase reputational risks, and expose the company to greater operational and regulatory risks. The practical implications highlight the importance of strengthening corporate governance mechanisms, enhancing financial reporting transparency, and ensuring regulatory compliance to mitigate the risk of financial reporting irregularities. This study contributes a systematic and applicable detection framework that integrates financial statement analysis with forensic accounting perspectives to examine financial shenanigans more comprehensively. Unlike prior studies that predominantly focus on specific manipulation cases, this research provides a structured analytical approach that can be applied to emerging market contexts, particularly state-owned enterprises, and offers practical insights for auditors, regulators, and investors in identifying early warning signals of potential financial misstatements. 
Sustainable Capital Markets as Exchange Rate Stabilizers: Quantile Evidence on Rupiah Resilience under External Monetary Shocks Dwita Sakuntala; Suriani Suriani; Arsyaf Tampubolon; Dewi Mahrani Rangkuty; Muhammad Hidayat
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 2 (2026): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i2.2026.pp330-350

Abstract

This study examines whether Indonesian capital market instruments are associated with Rupiah movements across the conditional distribution of the nominal effective exchange rate (NEER). Quarterly data from 2010Q1 to 2024Q4 are analyzed using quantile regression after unit root testing, a preliminary ARDL bounds assessment, and stationarity transformations. The U.S. Federal Funds Rate remains at level because it is stationary. Estimates are reported for lower, median, and upper quantiles using Huber Sandwich and XY pair bootstrap inference with 1,000 replications. The results identify the SRI KEHATI Index as the most consistent variable. Its coefficient is positive and significant across representative quantiles in Models 1 and 3, with the strongest robustness in Model 3. At the lower quantile, stronger sustainability-oriented equity performance is associated with more favorable Rupiah movements and reduced depreciation pressure. The LQ45 and Jakarta Islamic indices show no comparable robust relationships. Government bonds and the domestic policy rate are significant only under limited lower-quantile conditions, while the Federal Funds Rate has no robust direct association with NEER movements. Slope equality tests reveal no significant differences across quantiles. Overall, sustainability-oriented equity performance shows the strongest association with Rupiah resilience, although the empirical findings indicate a statistical association rather than causality.
Exploring the Economic and Social Determinants of Income Inequality in Indonesia Aminuddin Anwar; Mustika Noor Mifrahi
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 2 (2026): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i2.2026.pp351-368

Abstract

This study aims to analyze the dynamic aspects of economic and social factors that influence income inequality in Indonesia. This study applies the Autoregressive Distributed Lag (ARDL) time series model for the period 1996-2024, using the Gini Index as an indicator of inequality and including GDP per capita, literacy rate, unemployment, inflation, and population density as determinants. The result of this study show that the existence of a long rung cointegration relationship among variables as a result of Bound Cointegration Test. The short-term result indicates fluctuations of the dynamics of inequality, income, education, unemployment, inflation, and population density influence inequality in Indonesia. The Error Correction Term (ECT) is negative and statistically significant, indicating a stable adjustment from short-run disequilibrium toward long-run equilibrium. Meanwhile, long-term conditions show consistent results, but the inflation variable has no effect on inequality. The implications of this research indicate that the government needs to implement structured policies to encourage national economic growth and improve the quality of education, while simultaneously reducing unemployment and managing population density in Indonesia.
Why Do Future Accountants Stay? Examining the Role of Work–Life Balance and Career Attractiveness in Retention Intentions Rima Sundari; Muhammad Rizal Satria; Mubassiran Mubassiran
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 2 (2026): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i2.2026.pp369-388

Abstract

Prior studies on accounting careers have primarily focused on career entry decisions, offering limited insight into the mechanisms shaping long-term retention intentions, particularly in emerging economies. Addressing this gap, this study examines how work–life balance influences future accountants’ intention to stay in the accounting profession, both directly and indirectly through career attractiveness, in a cross-country context involving Indonesia and Malaysia. Survey data were collected from 624 accounting students (Indonesia = 342; Malaysia = 282) using validated multi-item Likert-scale instruments. The proposed model was analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). Measurement model evaluation included indicator reliability, internal consistency, convergent validity, and discriminant validity (HTMT), while the structural model was assessed using path coefficients, coefficients of determination (R²), and bootstrapping. A multi-group analysis (MGA) was conducted to test cross-country robustness. The results show that work–life balance positively affects career attractiveness, which in turn significantly predicts intention to stay. While the direct effect of work–life balance on intention to stay is relatively weak, its indirect effect through career attractiveness is substantial, indicating partial mediation. MGA results reveal no significant differences between the two countries, suggesting model robustness across contexts. This study contributes by shifting the focus from career choice to career retention and by identifying career attractiveness as a key cognitive mechanism linking work–life balance to long-term professional commitment. Policy implications emphasize integrating career sustainability into accounting regulation, professional standards, and education. The study is limited by its cross-sectional design and student-based sample, warranting future longitudinal and practitioner-focused research.
Islamic Social Finance Ecosystem and Human Development: Panel Evidence from Selected ASEAN Countries Almizan Almizan; Seppi Mustion; Karimaturrizky Syukri Nasution; Rana Nurulita Handra
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 2 (2026): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i2.2026.pp389-403

Abstract

This study investigates the effect of the Islamic Social Finance Ecosystem (ISFE) on human development in selected ASEAN countries by examining the moderating role of institutional quality and the mediating role of financial inclusion. Unlike previous studies that primarily focused on individual Islamic social finance instruments, this research conceptualizes Islamic social finance as an integrated ecosystem comprising Islamic banking, zakat, and waqf. A quantitative panel data approach was employed using annual data from five ASEAN countries Indonesia, Malaysia, Brunei Darussalam, Thailand, and the Philippines covering the period 2010–2022. The ISFE index was constructed using Principal Component Analysis (PCA), while the Human Development Index (HDI) was used as the proxy for human development. The analysis employed panel unit root and cointegration tests, Fixed Effects and Random Effects models, moderated regression analysis, mediation analysis, and the dynamic System Generalized Method of Moments (System-GMM) to ensure robustness and address potential endogeneity. The findings reveal that the Islamic Social Finance Ecosystem has a positive and significant effect on human development. Furthermore, institutional quality strengthens the contribution of ISFE to human development, while financial inclusion partially mediates this relationship by improving access to financial services and expanding economic opportunities. These results suggest that the effectiveness of Islamic social finance depends not only on the availability of Islamic financial resources but also on supportive institutional frameworks and inclusive financial systems. This study contributes to the literature by introducing an ecosystem-based perspective on Islamic social finance and providing cross-country empirical evidence from ASEAN. The findings offer practical implications for policymakers to strengthen governance, enhance financial inclusion, and integrate Islamic social finance into national development strategies to achieve inclusive and sustainable human development.  
The Impact of Local Budget Efficiency on Sustainable Economic Growth: Panel Data Evidence from Jambi Province, Indonesia Irmanelly Irmanelly; Asrini Asrini; Musnaini Musnaini; Deka Veronica; Rian Dani; Trie Hierdawati; Ria Annisa Putri; Viola Novaryca
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 2 (2026): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i2.2026.pp446-458

Abstract

Budget efficiency is an important issue in local government financial management, particularly in regions where fiscal resources arelimited and development needs continue to increase. This study analyzes the relationship between local budget efficiency and regional economic growth in Jambi Province, Indonesia. The analysis covers 12 local governments, comprising the provincial government, nine regencies, and two cities, over the 2018–2024 period. Using 84 observations, this study employs panel data regression with a fixed-effects model. The analysis includes the Efficient Spending Ratio (ESR), Capital Expenditure Ratio (CER), and Fiscal Independence Ratio (FIR), while population and the regional minimum wage are included as control variables. The estimation results show that ESR has a positive and significant relationship with regional economic growth. CER and FIR also show positive and significant relationships, with coefficients of 0.087 (p = 0.007) and 0.029 (p = 0.042), respectively. In contrast, population has a negative and significant relationship with economic growth, while the regional minimum wage has a positive and significant relationship. The fixed-effects model produces an R-squared value of 0.721 and an adjusted R-squared value of 0.681. These results indicate that the quality of local expenditure management and the capacity of local governments to manage their fiscal resources are relevant to regional economic performance. The findings suggest that local governments need to pay greater attention to spending efficiency, productive capital expenditure, and fiscal capacity when formulating regional development policies.
Sustainability Based MSME Financing Policy Model: Integrating Leadership, Financial Literacy, and Financing Access in East Java Andrianto Andrianto; Damis Veri Budianto
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 21 No 2 (2026): September
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v21i2.2026.pp424-445

Abstract

This study aims to formulate an integrated financing policy model for micro, small, and medium enterprises (MSMEs) in Indonesia by incorporating sustainable leadership and financial literacy dimensions. Although prior studies examine MSME financing separately from leadership and sustainability aspects, limited research develops a comprehensive structural framework linking policy design, behavioral financial capability, and business sustainability. This study employs a quantitative survey approach involving MSME actors across various sectors in Indonesia, using validated structured questionnaires and structural equation modeling (SEM) for data analysis. The findings reveal that financing policy significantly improves access to formal financing, enhances financial literacy, and promotes sustainable finance practices. Financial literacy mediates the relationship between financing policy and MSMEs’ financing access, while sustainability-oriented leadership strengthens policy effectiveness in fostering an inclusive and responsible financing ecosystem. The novelty of this study lies in integrating policy, leadership, and financial capability into a unified model that explains MSME sustainability. The results provide empirical support for adaptive, literacy-driven financing policies to enhance MSME competitiveness and resilience.

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