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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 7 Documents
 1 
Search results for , issue "Vol 9 No 4 (2025): December" : 7 Documents clear
EFFECTS OF ACCOUNTING EARNINGS AND AGRIBUSINESS EXPANSION ON GROSS DOMESTIC PRODUCT Yuliyanti; Rudi Nugroho, Moh; Haryono, Slamet
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 4 (2025): December
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.i4.7292

Abstract

This study aims to analyze the impact of accounting earnings, agricultural policies, and agribusiness expansion through stock market returns on economic growth in Indonesia, with Agricultural Gross Domestic Product (AGDP) as an intervening variable. Its usage is based on the difference in levels between the independent variables as micro-level, and Gross Domestic Product (GDP) as macro-level. The data were panel data from 32 out of 68 companies in the agricultural and agribusiness sectors listed on the Indonesia Stock Exchange (IDX) during the period of 2015–2023. The analysis was conducted with hypothesis testing and the Sobel test to examine the direct and indirect effects of the independent variables on economic growth. The results show that accounting earnings and stock market return do not have a significant direct effect on economic growth. However, accounting earnings have a significant indirect effect on economic growth through AGDP as the intervening variable. Agricultural policies are indicated to have a significant effect on economic growth directly and indirectly. AGDP also plays an important role in promoting inclusive and sustainable economic growth in Indonesia.
DOES ENVIRONMENTAL, SOCIAL, AND GOVERNANCE AFFECT FIRM VALUE? THE MEDIATING ROLE OF FINANCING CONSTRAINTS IN SOUTHEAST ASIA Vadilla As'ad, Iffa; Wibisono Lubis, Arief
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 4 (2025): December
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.i4.7359

Abstract

This study aims to evaluate the effect of Environmental, Social, and Governance (ESG) performance on firm value by considering financing constraints as a mediating variable. The study is conducted on non-financial companies listed in the Southeast Asian region, including Indonesia, Malaysia, Singapore, the Philippines, and Thailand during the period 2014 to 2023. Firm value is measured through Tobin's Q ratio, ESG is measured by ESG score taken from Refinitiv Eikon, while financing constraints are assessed using KZ Index. The analysis method used is panel data regression and mediation test using Sobel method. The results show that ESG performance has a positive influence on firm value in Southeast Asia. In addition, financing constraints proved to be a mediator, where improving ESG performance can reduce financing constraints, which in turn contributes to increasing firm value. Regression tests of each country and the three pillars in ESG were also conducted. From the calculation, there is significant variation, which is not captured in the combined panel model. This suggests that there is structural and contextual heterogeneity affecting the relationship of ESG to firm value in each country or each aspect of ESG.
GREEN MARKETING: A SUSTAINABLE BUSINESS STRATEGY IN THE ECO-CONSCIOUS ERA Asiyah, Siti; Anwarodin Brotosuharto, M. Khoirul; Fadri, Firda
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 4 (2025): December
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.i4.7369

Abstract

This research examines the role of green marketing in mediating between green knowledge and CSR on green trust. It investigates the correlation among four key concepts: green trust, green knowledge, CSR, and green marketing. An empirical survey tested the proposed hypotheses. Data were collected from 119 respondents in East Java, Indonesia, who consume Le Minerale bottled drinking water. Structural Equation Modeling using Partial Least Squares (SEM-PLS) was used to assess the research model. Results reveal that all direct relationships are positive and significant. Specifically, the analysis found green marketing does not significantly mediate the relationship between green knowledge and green trust. This means green knowledge does not increase green trust through green marketing. However, the indirect effect of CSR on green trust via green marketing is significant. This highlights that CSR builds green trust when green marketing is a mediator. These results suggest that green marketing can be an effective strategy for building consumer green trust. The research finds that green marketing helps companies enhance their consumers’ green trust. By exploring the roles of green knowledge and CSR in green trust through green marketing, this research highlights the value of honest and effective strategies. It also offers managerial implications for sustainable marketing.
SYMBOLIC OR SUBSTANTIVE? CARBON DISCLOSURE AND EARNINGS QUALITY: THE MODERATING ROLE OF CORPORATE GOVERNANCE MECHANISMS Cahyati, Ari Dewi; Mahmudah, Hadi; Indra Tama, Annafi; Putri, Anisa
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 4 (2025): December
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.i4.7438

Abstract

Abstract This study examines whether carbon disclosure (CD) in the Indonesian reflects a symbolic effort to project environmental responsibility or a substantive commitment that enhances earnings quality. Grounded in stakeholder theory and agency theory, the research investigates the direct effects of CD and corporate governance (CG) on earnings management (EM), as well as the moderating role of CG in this relationship. Using Partial Least Squares Structural Equation Modeling (PLS-SEM) with control variables—Current Ratio, Leverage, Market-to-Book Ratio (MKTB), and Size—the study finds that CD has a positive and significant effect on EM, indicating that it can be strategically employed as a symbolic tool to obscure opportunistic behavior. In contrast, CG has a negative and significant impact on EM, supporting its role as a mechanism to limit managerial opportunism and improve earnings quality. The interaction terms CG and CD are also negative and significant, suggesting that strong governance can mitigate the symbolic use of CD by aligning disclosures more closely with substantive environmental performance. Among the control variables, only the Current Ratio significantly affects EM. These findings underscore the need for robust governance structures to ensure that voluntary carbon disclosures, transition from symbolic gestures to genuine accountability.
FROM SURVIVAL TO SUSTAINABILITY: FINANCIAL PERFORMANCE AND LITERACY EFFECTS IN INDONESIAN SMALL AND MEDIUM-SIZED ENTERPRISES Oktaviani, Retno Fuji; Arief, Rachmat; Niazi, Hakam Ali
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 4 (2025): December
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.i4.7454

Abstract

Tanah Abang Market is the largest fashion hub in Southeast Asia. It faces significant challenges in maintaining business sustainability, particularly for Small and Medium-Sized Enterprises (SMEs) that have experienced severe revenue declines in the post-pandemic era. This study aims to examine the influence of entrepreneurial orientation and risk-taking on business sustainability in Indonesia, with financial performance as a mediating variable and financial literacy as a moderating variable. Therefore, a quantitative approach was employed, using survey data collected from 217 fashion traders, determined using Cochran’s formula. Its data were obtained using a Likert-scale questionnaire (1–5) and analyzed with Structural Equation Modeling–Partial Least Squares (SEM-PLS). Furthermore, the findings reveal that entrepreneurial orientation and risk-taking have a significant positive effect on financial performance. Then, the entrepreneurial orientation does not directly affect business sustainability. In contrast, risk-taking directly affects business sustainability. While financial performance plays a crucial mediating role in both relationships, financial literacy significantly strengthens the effect of financial performance on business sustainability. A key novelty of this study is the finding that Tanah Abang traders tend to emphasize survival rather than long-term sustainability strategies.
MEASURING THE EFFECTIVENESS OF ELECTRONIC WORD OF MOUTH AND BRAND IMAGE IN SHAPING PURCHASE INTENTION Kurniawan, Angga; Lajuni, Nelson; Tasrim, Tasrim; Putri, Cyntiani; Mufti Hasyim Kurniawan, Ali
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 4 (2025): December
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.i4.7457

Abstract

This study aims to analyze the effects of Electronic Word of Mouth Effect, Brand Image, and Email Marketing on Purchase Intention in the context of purchasing official MotoGP merchandise. It was conducted among respondents who are members of large motorcycle communities in Indonesia with a high interest in MotoGP, but who never purchased official merchandise. Its data were collected through a questionnaire using a Likert scale and analyzed using the Partial Least Square–Structural Equation Modeling (PLS-SEM) method. The results indicate that the Electronic Word of Mouth Effect has a positive influence on Purchase Intention. The consumers’ recommendations, reviews, and digital communication play an important role in shaping purchase intentions toward MotoGP merchandise. Email Marketing has a positive influence on Purchase Intention, confirming the effectiveness of direct and personalized marketing communication in encouraging purchase interest. Yet, brand Image does not show a significant effect on Purchase Intention. It indicated that the MotoGP brand image has not become a dominant factor for consumers who lack prior purchasing experience. These findings emphasize the importance of optimizing digital marketing strategies based on Electronic Word of Mouth and Email Marketing to enhance consumers’ purchase intentions toward MotoGP merchandise.
BLUE BOND FINANCING MODEL FOR ENVIRONMENTAL SOCIAL GOVERNANCE SEAWEED FARMING Lestari, Dhoya Safira Tresna; Naomi, Prima
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 9 No 4 (2025): December
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.i4.7492

Abstract

This study investigates the potential of Blue Bonds, grounded in Environmental, Social, and Governance (ESG) principles, as a financing mechanism to advance sustainable seaweed farming and empower coastal communities in Indonesia. Employing a mixed-methods approach, the research examines the interplay between ESG adoption, adherence to Blue Bond guidelines, project feasibility, and local socio-economic outcomes. Quantitative analysis of survey data from 250 respondents using PLS-SEM is complemented by qualitative evidence from stakeholder interviews and field observations. Findings indicate that robust ESG practices foster greater compliance with guidelines, improve project viability, and enhance competitiveness. Nevertheless, the expansion of ESG initiatives is hindered by challenges such as scarce affordable financing, limited institutional capacity, and ambiguous regulatory frameworks. Key obstacles identified include restricted credit access and governance weaknesses, while opportunities exist through ESG certification and emerging market incentives. The study concludes that Blue Bonds hold substantial promise for integrating sustainability objectives with inclusive economic development, offering a pathway for resilient growth among Indonesia’s coastal communities.

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