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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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Nexus of Corporate Marketing Activity and Capital Structure : South East Asia and China Anis Marjukah; Dandang Setyawanti; Agung Nugroho Jati; Arif Julianto Sri Nugroho; Mardanung Patmo Cahjono
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.pp404-423

Abstract

This study examines the effect of corporate marketing activity (CMA) on debt and equity funding sources, as well as the moderating role of marketing management incentives in Southeast Asia and China. The observational data used in this study is 4,860 firm-years, consisting of financial statements of listed companies in Southeast Asia and China between 2017 and 2025. The data were analyzed using panel data regression, robustness tests, and two-stage least squares. The results show that CMA significantly reduces the use of debt and equity funding sources, and marketing management incentives strengthen this effect. Consistent with Pecking Order Theory and Agency Theory, this study demonstrates that effective CMA increases internal cash flow through increased sales and operational profitability, thereby reducing dependence on external funding. Well-designed incentives enhance marketing team performance, amplifying the negative effect of CMA on the use of debt and equity funds. These findings provide practical implications for managers optimizing marketing performance and internal funding, and for investors assessing a company's financial health and risk. This study also contributes to the literature by integrating CMA, capital structure, and incentive mechanisms in an emerging market context. Originality of this study lies in examining the relationship between corporate marketing activity and capital structure, disaggregated into debt funding sources and equity funding sources, and examining the moderating role of marketing management incentives in this relationship.
The Impact of Montara Compensation on Business Sustainability and The Potential for Increased Profitability Amongst Small-Scale Fishermen in Rote Ndao Herly M. Oematan; Siprianus Tefa; Maria A. Radjisili
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.pp557-571

Abstract

This study aims to analyse the extent to which the Montara compensation has impacted the business sustainability and increased profitability of small-scale fishermen in Rote Ndao Regency. Previous research on oil spills has generally focused on direct economic losses and the fairness of compensation but has not examined how compensation translates into business sustainability and long-term profitability. This study employs a descriptive qualitative design with a predominantly qualitative approach, supported by SWOT-based strategic analysis using the IFAS and EFAS matrices. The research informants were fishermen receiving Montara compensation in 2024 in Rote Ndao. The research findings indicate that the strategic position of the fishermen’s businesses lies in Quadrant I (aggressive-proactive) with an IFAS score of 0.12 and an EFAS score of 0.12. Although compensation capital is available, low financial literacy and a consumerist mindset are hindering the transformation of Montara’s compensation into a productive asset. The SO strategy is the top priority, supported by the WO, ST and WT strategies to mitigate internal weaknesses and external threats. This research contributes to the fields of accounting and business management in terms of resource allocation, financial behaviour, business sustainability and increased profitability. In practical terms, this study recommends a hybrid policy for the government and relevant stakeholders to integrate technical support, institutional strengthening, financial literacy and fair market access in order to support the sustainability of small-scale fishing businesses and enhance their long-term profitability in Rote Ndao.
Determinants of Managerial Performance: The Mediating Role of Work Ethic in Indonesian Batik MSMEs Elin Herlina; Horas Djulius; Azfahanee Zakaria
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.pp459-475

Abstract

In this study, how managerial performance is shaped by organizational culture, managerial competence, and the work environment through work ethic in batik micro, small, and medium-sized enterprises (MSMEs) in East Priangan, West Java, is examined. Affective mediators are largely relied on by prior performance studies, and limited explanation of how organizational conditions are translated into value-based managerial behavior is provided by them. Survey data from 258 owner-managers and managers were analyzed using partial least squares structural equation modeling (PLS-SEM). The strongest positive relationship with work ethic was shown by the work environment, and it was followed by managerial competence and organizational culture. Work ethic was positively related to managerial performance, while 96,4% of the variance in work ethic and 63,0% of the variance in managerial performance were explained by the model. Partial mediation across the three pathways is indicated by variance-accounted-for values of 41,3–58,8%. Work ethic is positioned by these findings as a value-based behavioral mechanism rather than merely as an individual antecedent of performance. For batik MSMEs, competence building and workplace improvement should therefore be combined by managerial development with routines by which discipline, responsibility, productive use of time, and community-oriented values are reinforced
Digital Strategy and Green Strategy on Business Sustainability: Exploring the Moderating Role of Innovation Eni Setyowati; Zana Zein Hardimanto; Dyah Titis Kusuma Wardani; Firliana Rizki Ramadhina
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.pp476-489

Abstract

The urgency of this study stems from the critical need to understand business sustainability among micro-enterprises in Surakarta, a city characterized by a relatively low density of such businesses within Central Java. Optimizing strategic practices is essential for maintaining competitiveness. This study aims to analyze the direct effects of digital and green strategies on business sustainability, as well as the moderating role of innovation in these relationships. Cross-sectional data were collected from 385 micro-enterprise owners and analyzed using the Partial Least Squares Structural Equation Modeling (PLS-SEM) approach via SMART-PLS software. Empirical findings indicate that both green strategies and digital strategies have a statistically significant positive direct impact on business sustainability. Conversely, innovation exerts a negative effect on the relationship between green strategies and business sustainability. This suggests that the intensity of innovation, when combined with the implementation of green strategies, imposes a temporary operational burden on enterprises due to resource constraints. These results offer valuable insights for policymakers and micro-enterprise owners regarding the need to balance eco-friendly innovation with available resources.
Dynamic Effects and Sectoral Asymmetry of GDP and Wages on National Zakat Revenue in Indonesia Heru Kurniawan; Deyanti Deyanti; Devy Dinda Tribuana; Reza Maulana
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.pp490-511

Abstract

Several studies have examined the macroeconomic factors influencing zakat revenue; however, these studies have not yet identified which business sectors make the most significant contribution and which do not. The aim of this study is to examine the extent of each business sector’s contribution to zakat revenue. This study utilises panel data regression with EGLS estimation. Data sources were obtained from the Central Statistics Agency (BPS) in the form of GDP and sectoral wage data, as well as from the National Zakat Agency (BAZNAZ) in the form of zakat revenue from 2015 to 2024. The results show that GDP and wages have a positive effect on zakat revenue in the current year, but a negative effect in the previous year; furthermore, past effects whether from GDP, wages or zakat revenue influence revenue in the current year. Of the 17 business sectors, Eight of these had a positive impact including gas supply, water treatment, and social and health services whilst nine had a negative impact, including industry, agriculture, trade and construction. The novelty of this study lies in the use of sectoral GDP and sectoral wages to identify the role of each sector in national zakat revenue. The findings of this study contribute to policy-making by suggesting that a more targeted zakat collection strategy is required, tailored to the characteristics of each sector, in order to increase national zakat revenue. Further research is recommended to include variables directly related to the characteristics of each sector in order to obtain more comprehensive results.
The Effect of Institutional Quality and ICT on Financial Inclusion: Evidence from OIC Countries Rifadli D. Kadir; Chitra Yuliashri Katili; Selfia Bintariningtyas; Yeni Puspita
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.pp512-529

Abstract

This study explores how institutional quality and ICT influence financial inclusion in OIC countries. This setting is particularly relevant because many member states show relatively low levels of financial inclusion and face significant disparities in institutional capacity, digital infrastructure, and financial system development. Using panel data for 20 OIC countries from 2016 to 2023, the study constructs composite indices of financial inclusion, institutional quality, and ICT through Principal Component Analysis and estimates a random-effects model selected through the Chow, Hausman, and Lagrange multiplier tests. The results show that institutional quality has a positive and significant effect on financial inclusion, whereas ICT has no significant direct effect. Unemployment reduces financial inclusion, while financial deepening improves it. The interaction between institutional quality and ICT is negative and significant, indicating a weakening or substitution effect: institutional improvements do not automatically amplify ICT benefits and may reduce ICT’s marginal contribution when regulation, interoperability, consumer protection, digital literacy, and market readiness remain insufficiently aligned. The study contributes by jointly testing the direct and interaction effects of institutional quality and ICT using multidimensional indices in the underexamined OIC context. These findings support integrated institutional and digital reforms rather than ICT expansion as a standalone strategy.
What Drives Indonesian Youth to Work Abroad? Evidence from Indonesian Provincial Panel Data and Analytic Hierarchy Process Alexander Gibson Xaverius Sihotang; Nurul Istiqomah; Fauziyah Nisa Rahmawati
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.pp530-541

Abstract

Youth labor migration in Indonesia has become increasingly prominent amid persistent labor market disparities and the growing influence of digital migration narratives. This study aims to analyze the structural and subjective determinants of youth labor migration in Indonesia by integrating panel data regression and the Analytic Hierarchy Process (AHP). The quantitative analysis uses panel data from 34 Indonesian provinces during 2020–2024 to examine the effects of youth unemployment, the provincial minimum wage, the number of Indonesian Migrant Worker Placement Companies, and per capita income on the number of young Indonesian migrant workers. The qualitative stage involved 15 Indonesian migrant workers in Malaysia aged 15–29 years, selected through purposive sampling. Their pairwise judgments were analyzed using AHP to identify the priority factors underlying migration decisions. The regression results indicate that the number of Indonesian Migrant Worker Placement Companies has a positive and significant effect on youth labor migration, whereas provincial minimum wage and per capita income have significant negative effects. Meanwhile, youth unemployment does not significantly influence migration decisions. The AHP findings reveal that economic factors remain the highest priority, followed by individual, social, and policy factors, with personal aspirations and competency readiness emerging as the most influential sub-factors. This study contributes to the migration literature by integrating structural macroeconomic determinants with individual perceptions through a mixed-method framework, thereby extending the conventional push–pull migration perspective with institutional and digital-era dimensions. The findings imply that policies should not only improve domestic employment opportunities but also strengthen migration governance, workforce preparedness, and transparent placement systems.
Does Social Capital Drive Economic Performance? Empirical Evidence from Southeast Asia Isa Elfianto; Romi Bhakti Hartarto; Endah Saptutyningsih
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.pp542-556

Abstract

This study examines the relationship between social capital and economic performance in ASEAN countries, with particular attention to the possibility of a nonlinear effect. While previous studies have generally emphasized the linear contribution of social capital to economic outcomes, empirical evidence regarding its nonlinear influence remains limited, especially in the ASEAN context. Using panel data from nine ASEAN member countries over the period 2012–2024, this study employs panel data regression analysis to investigate the effect of social capital on GDP per capita. Social capital is measured using the social support index from the World Happiness Report, while government effectiveness, military expenditure, female authority, leader age, and the COVID-19 pandemic are included as control variables. The model selection procedure indicates that the Random Effect Model is the most appropriate specification. The empirical findings reveal that social capital has a significant nonlinear effect on economic performance. Specifically, the coefficient of social capital is negative, whereas its squared term is positive and significant, indicating a U-shaped relationship. The estimated turning point is 77.95, suggesting that the economic benefits of social capital emerge only after a sufficiently high level of social support is achieved. In addition, female authority is found to be significantly associated with GDP per capita, while government effectiveness, military expenditure, leader age, and COVID-19 do not exhibit significant effects. These findings suggest that the contribution of social capital to economic performance depends on its level of accumulation and inclusiveness. Strengthening social trust, cooperation, and broader social networks may therefore support sustainable economic development in ASEAN countries.

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