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EKUITAS (Jurnal Ekonomi dan Keuangan)
Published by Sekolah Tinggi Ilmu Ekonomi Indonesia Surabaya
ISSN : 2548298X     EISSN : 25485024     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Diterbitkan oleh Sekolah Tinggi ilmu Ekonomi Indonesia (STIESIA) Surabaya secara berkala (setiap tiga bulan) yaitu setiap Maret, Juni, September, dan Desember, dengan tujuan untuk menyebarluaskan hasil penelitian, pengkajian, dan pengembangan bidang ekonomi dan keuangan, khususnya bidang akuntansi, manajemen, pasar modal hukum bisnis, perpajakan, sistem informasi, serta bidang ekonomi dan keuangan lainnya. Artikel yang dipublikasikan dalam EKUITAS dapat berupa Artikel Penelitian maupun Artikel Konseptual (non-penelitian).
Arjuna Subject : -
Articles 10 Documents
 1 
Search results for , issue "Vol 9 No 3 (2025): September" : 10 Documents clear
IMPLEMENTATION OF THE MONITORING CENTER FOR PREVENTION AS A MODERATING DETERMINANT OF FRAUD PREVENTION Pituringsih, Endar; Basuki, Prayitno; Akram; Selatan, Liga Ayun
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 3 (2025): September
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2025.v9.i3.7124

Abstract

This study examines the effect of Leadership Style, Ethical Management Culture, and Internal Control System on Fraud Prevention, moderated by the Monitoring Center for Prevention (MCP) in each Regency/City across Lombok Island. The population of this study consists of two thousand one hundred twenty-four employees. Then, the sample was selected using a non-probability purposive sampling technique, resulting in 100 respondents. The research data were analyzed using the Partial Least Squares-Structural Equation Modeling (PLS-SEM) method. Therefore, this study resulted that, partially, Ethical Management Culture and Internal Control System positively affect Fraud Prevention. Whereas this study found that Leadership Style has a negative effect. Furthermore, its finding indicates that implementing the Monitoring Center for Prevention (MCP) has not been able to moderate the determinants of Fraud Prevention within local governments in the Regencies and Cities across Lombok Island. So, the local governments throughout Lombok Island need to enhance their evaluation and supervision efforts.  The fraudulent acts can be prevented and minimized, thereby avoiding losses that could ultimately lead to a decline in the quality of public services.
CAPITAL STRUCTURE CATALYST: CONNECTING FINANCIAL LITERACY, INNOVATION, PROFITABILITY FOR VENTURE GROWTH Andarwati; Suryadi, Nanang; Zulfikar, Rizka
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 3 (2025): September
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2025.v9.i3.7202

Abstract

This study investigated the impact of financial literacy, innovation, and profitability on the performance of new ventures, focusing on the mediating role of capital structure. Addressing a sample of 287 new ventures in East Java, Indonesia, this study employed the Partial Least Squares Structural Equation Modeling (PLS-SEM) approach to analyze the relationships among key constructs. The findings revealed that innovation and profitability significantly influenced capital structure, which had a strong positive effect on firm performance.  The innovation had a direct impact on performance, while financial literacy and profitability did not show significant direct effects. Among the indirect effects, only innovation had a significant impact on performance through capital structure, reinforcing its strategic importance. The results of this study suggest that innovation, more than financial acumen or short-term profitability, plays a central role in shaping financial strategies that enhance new venture outcomes. The findings contributed to the entrepreneurial and financial management literature by integrating financial and non-financial competencies into a comprehensive model of entrepreneurial and financial management. This study also provided policymakers, educators, and practitioners with practical insights on how to strengthen the sustainability of new ventures through targeted innovation support and strategic financial structuring.
EXPERIENCE ECONOMY AND DIGITAL MARKETING STRATEGIES IN ENHANCING HOTEL COMPETITIVENESS Marini, Sri; Superwiratni; Fajri, Ilham; Karnita, Ita
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 3 (2025): September
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2025.v9.i3.7336

Abstract

Consumers are increasingly seeking memorable experiences, not only standard hotel services, but also driving intense competition in West Java's hospitality industry. Although several strategies have been implemented, a literature gap remains in relation to the role of customer engagement as a mediating variable between strategy and hotel competitiveness. Therefore, this study aims to analyze the effect of experience economy and digital marketing strategies on hotel competitiveness, both directly and through customer engagement. The research covers 320 three- to five-star hotels in West Java, with an estimated annual guest population of 57,600. A total of 400 respondents were selected using Slovin's formula, which incorporates a 5% margin of error and employs a multistage sampling approach. Data was analyzed using the SEM-PLS method. The results indicate that both strategies significantly enhance hotel competitiveness, both directly and indirectly, through the partial mediating role of customer engagement. These findings underscore the importance of combining experiential and digital approaches to foster a deeper emotional connection with customers and gain a competitive edge. This study contributes to the theoretical development of hospitality management. It also provides practical insights for hotel managers in West Java to enhance their competitiveness by implementing experience-driven and digitally oriented strategies tailored to meet customer expectations.
STRENGTHENING LOCAL GOVERNMENT'S ROLE IN IMPLEMENTING SUSTAINABLE BUDGETING THROUGH ENVIRONMENT-BASED BUDGETING IN INDONESIA Kurrohman, Taufik; Oktaviani, Siska Aprilia
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 3 (2025): September
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2025.v9.i3.7196

Abstract

Environmental-based budgeting is one of the strategies to achieve the Sustainable Development Goals (SDGs), which were launched globally, including in Indonesia. This study examines whether value-for-money-based local government budgeting can be elaborated to incorporate environmental aspects and their implications for financial reporting. Its objective is to analyze the possibility of implementing sustainable budgeting through economic valuation in the Regional Budget (APBD). Its novelty lies in the implementation of economic valuation in government budgeting and its implications for financial reporting, which are highly relevant today. The research method is a mixed quantitative and qualitative approach, with economic valuation and qualitative analysis through case studies and policy documents. The results indicate that sustainable budgeting can be implemented with specific technical guidelines such as environmental indicators, green budget tagging, and a participatory approach. By implementing this budgeting, local governments will contribute positively to economic growth without harming the environment.
DIGITAL TECHNOLOGY ADOPTION TO SUPPORT SUSTAINABLE INNOVATION AMONG MSMEs IN INDONESIA Akhmad, Khabib Alia; Purnomo, Singgih; Purwandari, Suci; Sentosa, Ilham
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 3 (2025): September
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2025.v9.i3.7221

Abstract

Digital transformation has become a critical necessity for micro, small, and medium enterprises (MSMEs) to enhance competitiveness and foster sustainable innovation. This study aims to analyze some factors influencing the adoption of digital technologies by MSMEs and to examine their impact on sustainable innovation capabilities. Data were collected from 329 MSMEs in the manufacturing sector in Indonesia through a quantitative survey. The analysis employed a bivariate logistic regression model to investigate the relationship between firm characteristics (size, age, sector) and the utilization of digital technologies to support innovation. The findings indicate that firm size and growth orientation have a significant influence on the adoption of digital technologies and the pursuit of sustainable innovation. This study underscores the importance of technological support for larger MSMEs in facilitating innovative processes and ensuring business sustainability. Theoretically, this study contributes to the literature on technology adoption in the context of MSMEs in the developing countries. Practically, the findings offer valuable implications for policymakers and industry stakeholders in designing more targeted digitalization interventions to strengthen the innovation capacity of the MSME sector.
HOW POLICY SHAPES INVESTMENT OPPORTUNITIES? COMPARATIVE INSIGHTS FROM ASIA AND AFRICA Turay, Abu Bakarr S; Maksum, Ali; Kuyateh, Dauda Alusine
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 3 (2025): September
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2025.v9.i3.7249

Abstract

During President Trump's first term, he declared a US-China trade war, which formed numerous opportunities for developing countries. It also urges multinational corporations to relocate their manufacturing factories outside of the US-China region to prevent further increasing tariff. This study used "the dependency theory" to understand that Indonesia is the biggest economy in ASEAN, despite Nigeria and South Africa as the largest economies in Africa.  As Sierra Leone's geographical position connects South America, Africa, and Asia by Sea, but they did not have any significant advantages during the trade war, in comparison to Vietnam. Therefore, this study compares and analyzes two forms of policy competition, Incentives-Based (IBC) and Rules-Based (RBC), to solve the issue of how these Global South nations should benefit from the Trump tariff war. Using qualitative and quantitative methods, it examines the opportunities for the tariff wars ahead between developed countries, which may lead to another great recession. As the results, this study shows that policies do not accommodate to investors as those in Vietnam, whose population is smaller than Indonesia's. Obviously, Nigeria is serving as an alternative for investment, increasing its GDP and creating a favorable public perception of free trade.
NON-LINEAR IMPACT OF THE OFF-BALANCE SHEET ACTIVITIES TO BANK RISK Silalahi, Pristanto; Pakaryaningsih, Elok
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 3 (2025): September
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2025.v9.i3.7348

Abstract

Banks face many restrictions on interest-based income under various regulatory requirements. These conditions provide banks with space to seek alternative income through fee-based activities and are considered to increase banking profitability. The main problem is moral hazard: OBS activities become excessive. This study tested the effect and modelled the non-linear relationship between off-balance sheet banking activity and bank risk using data on large and small banks in Indonesia. Its result confirms that there is a non-linear relationship between OBS and risk. The main implication is that not all OBS activities affect bank risk. What is interesting in our findings is the direction of OBS's influence on bank risk, which has so far been viewed from two perspectives and two conditions: positive and negative. The results also show that each OBS instrument can, of course, have both positive and negative effects on bank risk (concave and convex), depending very much on the bank's size. Finally, it indicates that small-capitalization banks are more sensitive to bank risk than large-capitalization banks.
THE INFLUENCE OF ATTITUDE TOWARD GREEN PRODUCT ON GREEN PURCHASE BEHAVIOR IN E-COMMERCE Hasan, Golan; Fasha, Andina; I, Reyhan Agustival
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 3 (2025): September
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2025.v9.i3.7351

Abstract

This study aimed to identify factors that may influence green purchasing behaviour mediated by green purchasing intention. It used quantitative research designs, distributing questionnaires, and evaluating a specific population or sample. Its collection used a random sampling method, and the data were analyzed quantitatively. In this study, the population consisted of respondents who were aware of customers who previously purchased environmentally friendly, customer-friendly goods in Batam. It targeted 400 respondents. This study found that most of the hypotheses studied had a significant beneficial effect,  except for a few that did not show a significant impact. In particular, attitudes towards green products, green purchasing behavior, perceived behavioral control, environmental concern, and green purchase intention had positive impacts. While the other two were not significantly related to each other. Attitudes towards green products, green purchase intention, and green purchase behaviour are associated with undesirable behaviours. Therefore, purchase intention does not mediate between attitude towards green products and green purchasing behaviour. Although environmental concern and product innovation may not always have the expected direct influence, the results generally imply that psychological and social factors play a significant role in shaping behaviour and intentions to purchase green products.  
THE INTEGRATION OF SHARIA-BASED GOOD CORPORATE GOVERNANCE AND ENVIRONMENTAL, SOCIAL, AND GOVERNANCE IN ENHANCING DONOR PARTICIPATION Muliansyah, Eko; S Hermawan, Marko
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 3 (2025): September
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2025.v9.i3.7185

Abstract

This study examines the influence of Good Corporate Governance based on the Sharia Enterprise Theory on donor participation at LAZNAS Baitul Maal Hidayatullah Central Jakarta. It was conducted with Environmental, Social, and Governance serving as a moderating variable. Effective governance is considered essential for enhancing accountability, transparency, independence, responsibility, and fairness in zakat management. The study aims to fill a gap in the existing literature by investigating how these GCG components shape donor engagement. Using a quantitative research design, the study surveyed 322 active zakat donors selected through the Slovin formula. Statistical analyses were applied to assess both the direct and indirect effects of GCG components on donor participation. The findings indicate that accountability and transparency exert significant positive effects on donor participation, both directly and indirectly through ESG mediation. In contrast, responsibility and independence do not show significant direct effects but do demonstrate meaningful indirect influences via ESG. Furthermore, fairness exhibits both direct and indirect significant impacts on donor participation. These results highlight that integrating Sharia-based GCG with ESG principles effectively strengthens donor trust and loyalty. The study recommends reinforcing transparency, implementing rigorous auditing practices, and adopting comprehensive ESG strategies to ensure sustainable, efficient, and socially responsible zakat governance.
PROFESSIONAL SKEPTICISM AND INTRINSIC MOTIVATION AS DRIVERS OF AUDITORS RESPONSIBILITY FOR FRAUD DETECTION Agung Bagus Amlayasa, Anak; Made Rustini, Ni; Dapit Pamungkas, Imang; Syah, Sultan
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 3 (2025): September
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2025.v9.i3.7231

Abstract

This study investigates the mediating roles of intrinsic motivation and professional skepticism in the relationship between self-efficacy and auditors’ responsibility in detecting fraud. Data were collected via an online survey, involving 110 auditors in Indonesia. The results showed that self-efficacy directly affected the intrinsic motivation variables and professional skepticism, but did not directly affect the responsibility of cheating detection. These findings support self-determination theory and social cognitive theory. Notably, intrinsic motivation and professional skepticism mediate the effect of self-efficacy on auditors' responsibility in detecting fraud. Academically, this study enriches auditing literature by showing how internal psychological traits impact ethical responsibilities. As self-efficacy alone does not directly affect detection responsibility, its influence is channeled through motivational and cognitive constructs. It addresses discussions on why self-efficacy fails to predict detection responsibility directly. From a practical standpoint, professional bodies and public accounting firms are encouraged to strengthen auditors’ self-efficacy, skepticism, and intrinsic motivation through targeted programs such as training, socialization, continuing education, and anti-fraud certification. In conclusion, the study confirms the multi-mediated model, where both intrinsic motivation and professional skepticism are are key in transforming self-efficacy into a strong sense of responsibility for fraud detection.

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