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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 203 Documents
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Identifying Critical Infrastructure for Local Economic Development in Rapidly Growing Small Towns Catur Raharjo Febrayanto; Fitri Susiyanti; Mohammad Agus Yulianto; Muhammad Siwi Nugraha; Ira Amanda Hirbasari; Ahmad Hanfan; Lusiana Indira Isni
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 1 (2025): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i1.2025.pp76-96

Abstract

Brebes Regency, Indonesia, exhibits significant economic growth but also the highest poverty rate in Pekalongan Residency, indicating uneven development. This study identifies local economic potential and prioritizes infrastructure needs for sustainable economic growth in rapidly developing small towns within Brebes Regency, Indonesia. Data were collected through Focus Group Discussions (FGDs) and supplemented by secondary data from relevant Local Government Agencies (OPDs), providing insights on existing infrastructure, potential economic activities, and necessary facilities for local development. The analysis utilized qualitative descriptive methods, regression to assess economic growth trends, and Klassen's typology to classify economic activities. Findings indicate significant opportunities in key sectors such as agriculture and fisheries, highlighting the urgent need for targeted infrastructure investments, including rice mills, fish hatcheries, and vocational training centers, to bolster these sectors. The study concludes that strategic infrastructure development, informed by both primary and secondary data sources, is essential for maximizing economic potential and fostering sustainable growth in Brebes Regency's small towns. This research supports informed policy decisions regarding resource allocation and infrastructure planning, contributing to equitable development and enhanced economic resilience in the region.
The Effect of Marketing Activities on Profitability with Others Comprehensive Income as Moderation: Evidence from Southeast Asia Ririn Andriana; Marhaendra Kusuma; Che Manisah Mohd Kasim; Carlos Afonso Barreto
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 1 (2025): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i1.2025.pp143-160

Abstract

This research aims to know moderated of others comprehensive income in link of marketing activities on the profitability of financial sector firm in the Southeast Asia region. Research on profitability determination has been widely conducted, but testing the moderating role of Others Comprehensive Income (OCI) in link marketing activities on financial profitability in financial sector companies has not been widely conducted. This is important because financial sector companies have large financial assets. The source of funding comes from funding funds that are inseparable from marketing activities. Ownership of large financial assets has an impact of other comprehensive income (OCI), especially the type of unrealized earnings from adjustment assets include financial types that are ready to be realized (AFS). Observation data of 612 from the financial statements of a sample of 153 financial sector companies in 2020 - 2023 in five Southeast Asian countries, namely Indonesia, Thailand, Malaysia, Singapore, and the Philippines. Data analysis using Moderated Regression Analysis and showing the results that the existence of OCI in financial sector companies is proven to strengthen the positive impact activities of marketing to ROA or profitability. The originality of this study is to test OCI’s moderated in link marketing activities on profitability. Large OCI AFS ownership in financial sector companies is important information for investors regarding future profitability, because AFS will be realized in the future, and its realization will certainly affect net income.
Study on the Satisfaction Level of Lecturers and Educational Staff Towards the Quality of Remuneration Services Using the Service Quality Model at Muhammadiyah University Sorong Rais Dera Pua Rawi; Ramli Lewenussa; Hendra Setiawan
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 1 (2025): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i1.2025.pp24-41

Abstract

The purpose of this research is to analyze the factors that influence the quality of remuneration services for educators and educational staff at Universitas Muhammadiyah Sorong as a BLU and to analyze the impact of the quality of remuneration services on the satisfaction levels of educators and educational staff at Universitas Muhammadiyah Sorong as a BLU. The research method used is a survey with statistical testing. The sample used consists of the Implementing Elements and Academic Supporting Elements of Universitas Muhammadiyah Sorong, which represent all users of services at Universitas Muhammadiyah Sorong. Data analysis uses the Importance-Performance Analysis method. The research results show that all dimensions of remuneration service quality (tangible evidence, assurance, responsiveness, and reliability) have a positive and significant impact on satisfaction levels, except for the empathy dimension, which does not have a significant impact. The increase in satisfaction is more driven by the quick responsiveness of the remuneration service, followed by tangible evidence, reliability, and assurance. The implication for Muhammadiyah University of Sorong is the need to prioritize improvements in these dimensions in an effort to enhance the satisfaction of lecturers and educational staff through the provision of optimal remuneration services.
The Influence of Knowledge Management and Learning Organization on Competitive Advantage in Startups in Malang City with Organizational Creativity as a Mediating Variable (A Study on Startup Companies at Stasion Malang) Enaldi Enaldi; Hamidah Nayati Utami; Tri Wulida Afrianty
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 1 (2025): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i1.2025.pp1-23

Abstract

This study explores the impact of learning organization and knowledge management on competitive advantage, with organizational creativity as a mediating variable, within Malang’s startup ecosystem. Using a quantitative approach and Partial Least Squares Structural Equation Modeling (PLS-SEM), data were collected from 104 startups. Results reveal that Learning Organization (β=0.289, p<0.05) and Knowledge Management (β=0.260, p<0.05) significantly enhance Competitive Advantage. Both Learning Organization (β=0.249, p<0.05) and Knowledge Management (β=0.523, p<0.05) positively influence Organizational Creativity, which subsequently strengthens Competitive Advantage (β=0.374, p<0.05). Organizational Creativity partially mediates the impact of Learning Organization (β=0.093, p<0.05) and Knowledge Management (β=0.196, p<0.05) on Competitive Advantage. The model shows that 50.9% of what affects creativity in organizations and 65.5% of what affects their competitive advantage can be understood from the data. This highlights how important creativity and knowledge are for staying competitive over time. Findings emphasize the strategic value for startups in integrating learning and knowledge frameworks to maintain competitive positioning. Findings emphasize the strategic value for startups in integrating learning and knowledge frameworks to maintain competitive positioning. These insights apply not just to startups but also to industries like manufacturing, healthcare, and education. By focusing on learning, managing knowledge well, and encouraging creativity, these sectors can boost innovation, work more efficiently, and become more adaptable. This will help them stay competitive over time.
Stakeholder Collaboration Strategy in the Development of Gegesik Kulon Tourism Village: A MACTOR Analysis Irma Suryahani; Dicky Satria Ramadhan; Suharno Suharno
EKUILIBRIUM : JURNAL ILMIAH BIDANG ILMU EKONOMI Vol 20 No 1 (2025): March
Publisher : Universitas Muhammadiyah Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24269/ekuilibrium.v20i1.2025.pp179-195

Abstract

This study explores the development strategy of Gegesik Kulon, a potential tourism village in Cirebon that uniquely combines travel with cultural preservation. However, it faces challenges such as suboptimal tourism management and low carrying capacity among stakeholders. Additionally, this area has the highest poverty rate in Cirebon Regency. By utilizing the MACTOR method, this study identifies the involvement of stakeholders in the development process of the Gegesik Kulon Tourism Village. Through purposive sampling based on the Quadruple Helix concept, the study highlights the importance of collaboration among academics, local governments, tourists, and business actors. The results indicate that the main actors include Kuwu Gegesik Kulon, the Tourism Awareness Group, the Cirebon Regency Culture and Tourism Office, and academics, all of whom play a crucial role in the development of village tourism. These findings advocate for a development strategy that emphasizes stakeholder integration to promote sustainable tourism, ultimately aiming to enhance the economic viability and integrity of Gegesik Kulon's cultural tourism.
How do Government Expenditures by Function Affect Economic Growth? Evidence from Indonesia Rido Parulian Panjaitan; Renny Sukmono; Muhammad Syahrul Fuady; Nurfiryal Salsabila; Farhan Hadiantoro
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 Mugi Harsono; Dhika Amalia Kurniawan; Nimas Melenia Mutiara Akbar; Erlita Ridanasti; Syahruddin Syahruddin; Roghiebah Jadwa Faradisi
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 Muzakar Isa; Siti Aisyah
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 Rifki Khoirudin
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 Hommy Dorthy Ellyany Sinaga; Petrus Loo; Rahmad Dianta Purba; Asliza Yusoff
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.

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