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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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Does Economic Policy Uncertainty Affect the Composite Stock Price Index? Evidence from Seven Asian Countries Rizki Febri Pratama; 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 Shinta Maharani; Asmak Ab Rahman; Mohd Shahid Mohd Noh
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 Budi Santoso; 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 Yosef Lefaan; Joni Joni; Endang Hartiningsih; Julius Ary Mollet; Marthen Liga
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 Joko Sumantri
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.
Sustainable Development in Central Sulawesi: A Quadrant Approach and Variables that Shape Sustainability Nurnaningsih Nurnaningsih; Yohan Yohan; Mukhtar Tallesang; Ika Rafika; Rita Suirlan; Nurfadila Sindika Sari; Indah Christiani; Mustika
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.pp268-287

Abstract

Sustainable development in Central Sulawesi is demonstrated by long-term disparities between regions, which highlight the imbalance between economic, social, and environmental aspects. This study set out to examine the regional sustainability performance and explain the underlying structural factors that contribute to the existing disparities. This study uses secondary data from 2021 to 2024 to create a Sustainable Development Index (SDI) and combines it with quadrant analysis to identify patterns of regional sustainability. It also uses data regression panels to test the main economic, social, and environmental determinants. The research results show that no regency or city has achieved a completely balanced sustainability position, with areas spread across the quadrants of underutilization, overexploitation, and ecological emergency. The econometric results show that human development, unemployment dynamics, and environmental quality excert a profound impact on sustainability, while economic growth and per capita GDP do not have a significant effect. Model fixed effects confirm there is strong structural heterogeneity across regions, highlighting the importance of spatial and institutional context. This study contributes to theory by improving the understanding of sustainable development and regional development, and it shows that regional sustainability inequality is formed in a structural way and cannot be explained just by growth-based indicators.
Digital Mindfulness, Algorithms, and Sustainability in Shopee Loyalty: Moderated by Consumer Spirituality and Digital Intelligence Abdul Rauf; Ismayudin Yuliyzar; Eka Hendra Priyatna; Ahmad Shabudin Ariffin; Liza Nora
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.pp219-249

Abstract

The rapid growth of e-commerce platforms has intensified competition, making customer loyalty a strategic imperative. However, existing loyalty models often overlook the interplay between digital awareness, algorithmic personalization, and value-based consumption. This study aims to examine the direct and moderating effects of digital mindfulness, recommendation algorithms, and product sustainability on customer loyalty, with consumer spirituality and digital intelligence as moderators. Using a quantitative approach, data were collected from 250 Shopee users in Tangerang Raya and analyzed through Structural Equation Modeling–Partial Least Squares (SEM-PLS). The results reveal that all three main variables significantly influence customer loyalty, with recommendation algorithms showing the strongest effect. Furthermore, consumer spirituality and digital intelligence positively moderate most relationships, although two interaction paths were statistically insignificant. The study contributes to the literature by integrating cognitive, technological, and ethical dimensions into loyalty formation. Its novelty lies in the dual moderation framework and the inclusion of spiritual and digital competencies as behavioral amplifiers. These findings offer theoretical enrichment and practical guidance for e-commerce platforms seeking to foster long-term loyalty through personalized, mindful, and value-driven strategies.
Productivity Changes in The Manufacturing Industry of East Java: An Application of the Malmquist Index Decomposition Analysis Selamet Joko Utomo; Tripitono Adi Prabowo; Alvin Sugeng Prasetyo
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.pp288-308

Abstract

This study examines the productivity performance of East Java’s total manufacturing industry using the Malmquist Productivity Index (MPI) approach, which decomposes productivity growth into Technological Change (TECH), Technical Efficiency Change (TECCH), and Scale Efficiency Change (SECH). The results show that the Total Factor Productivity Change (TFPCH) for the overall industry is greater than one, indicating a positive growth in productivity during the study period. The increase in SECH further suggests that industries are operating closer to their optimal scale of production. The findings imply that sustained productivity improvement requires continuous innovation, investment in technology, human capital development, and stronger supply chain integration. Therefore, strengthening local input industries, enhancing industrial clusters, and promoting digital transformation are essential strategies to ensure sustainable and competitive industrial growth in East Java’s manufacturing sector.
Public Spending and Income Inequality: Evidence from Indonesia Nazah Lailatus Syarifah; Yozi Aulia Rahman
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.pp20-34

Abstract

Income inequality represents a persistent structural challenge that poses a serious threat to inclusive economic development in Indonesia. This study investigates the impact of public expenditure on education, health, and social protection, GRDP per capita, and poverty on income inequality across 34 provinces in Indonesia during the 2015–2023 period. The analysis applies the System Generalized Method of Moments (Sys-GMM) to address dynamic panel characteristics and intertemporal persistence, allowing for consistent and reliable parameter estimation. The empirical findings indicate that lag income inequality, education expenditure, per capita GRDP, and poverty significantly contribute to higher income inequality. In contrast, public spending on health and social protection does not exhibit a statistically significant effect. Overall, the results suggest that fiscal policy, particularly public expenditure allocation, has not yet operated optimally as an instrument for reducing inequality, highlighting the importance of more targeted and equity-oriented fiscal interventions.
Do Public Transfers Crowd Out Private Transfers to the Elderly? Evidence from Indonesia Evi Yulia Purwanti; FX Sugiyanto; Akhmad Syakir Kurnia
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.pp182-198

Abstract

This research explores the potential for government transfer programs to replace or ‘crowd out’ private assistance, with a particular focus on the significant rise in public transfers in Indonesia. Previous studies have not thoroughly examined the relationship between public transfers and the existing network of private transfers. This study adds to the empirical literature on intergenerational transfers by investigating the crowding-out effects between public and private transfers in Indonesia. This research draws on data from wave 5 of the Indonesian Family Life Survey (IFLS-5), with 2,240 selected samples of adult children and elderly parent pairs (dyads). Probit models and ordinary least squares were used to estimate and examine the robustness of the connection between private and public transfers. This study reveals that pension benefits reduce adult children’s propensity to transfer income to elderly parents. This finding reinforces the crowding-out effect hypothesis. Meanwhile, social assistance benefits lead to an increased likelihood of adult children transferring finances to elderly parents, creating a crowding-in effect on private transfers due to public transfers in the form of social assistance. The findings indicate that the needs and capabilities of both parents and children are crucial factors influencing the flow of intergenerational transfers.

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