cover
Contact Name
Mesran
Contact Email
mesran.skom.mkom@gmail.com
Phone
+6282161108110
Journal Mail Official
jurnal.ekuitas@gmail.com
Editorial Address
Jalan Sisingamangaraja No. 338, Simp. Limun, Medan, Sumatera Utara
Location
Kota medan,
Sumatera utara
INDONESIA
EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS)
ISSN : -     EISSN : 2685869X     DOI : -
Core Subject : Economy,
1. Auditing, 2. Financial Management, 3. Marketing Management, 4. Strategic Management, 5. Organizational Behavior, 6. Operations Management, 7. Change Management, 8. Management of Sharia, 9. Knowledge Management 10.Entrepreneurship, 11.E-Business, 12.Business Management, 13.Capital Market, 14.Risk Management, 15.Syariah banking, 16.Economics of Sharia, 17.Islamic Capital Market, 18.Financial accounting, 19.Managerial accounting, 20.Behavioral accounting, 21.Tax accounting, 22.Public Sector Accounting, and 23.Syariah accounting
Articles 626 Documents
Ekonomi Islam: Jumlah Tenaga Kerja, Disparitas PAD Dan Jumlah Industri Besar Terhadap Aglomerasi Industri Samudra, M Andi; Putri, Rosydalina; Setyanto, Alief Rakhman
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9524

Abstract

This research is motivated by the imbalance in industrial concentration in the Southern Sumatra (Sumbagsel) region which has the potential to hinder the realization of equitable economic development. The main problem studied is the influence of the number of workers, disparity in Regional Original Income (PAD), and the number of large industries on industrial agglomeration from an Islamic economic perspective. This study aims to analyze the relationship between these variables and formulate the implications of equitable and sustainable industrial development policies. The study uses an associative quantitative approach with panel data regression analysis techniques in five provinces in the Sumbagsel region during the period 2015–2024. Model selection was carried out through the Chow, Hausman, and Lagrange Multiplier tests, with the results showing that the Random Effect Model (REM) is the most appropriate model. The results show that simultaneously all independent variables have a significant effect on industrial agglomeration, with an F-statistic value of 21.54681 and a probability of 0.0000 (<0.05). However, partially, it was found that the number of workers had a negative and significant effect on industrial agglomeration (coefficient -0.011283; p < 0.05), indicating a mismatch in skills and a mismatch in the quality of the workforce with industrial needs. Meanwhile, the disparity in local revenue (coefficient 0.010390; p > 0.05) and the number of large industries (coefficient 0.000618; p > 0.05) did not show a significant effect. This finding confirms that the quality of the workforce is a more crucial determinant than quantity in encouraging the formation of efficient, inclusive, and sustainable industrial agglomeration.
Efektivitas Implementasi Aplikasi Sakti Dalam mendukung Digitalisasi Penyusunan Laporan Keuangan Fatharani, Fatharani; Fachruzaman, Fachruzaman
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9544

Abstract

Digital transformation in public financial governance is an essential part of bureaucratic reform aimed at enhancing transparency and accountability. This study aims to analyze the effectiveness of the implementation of the SAKTI application in supporting the digitalization of financial statement preparation at the Regional Office of the National Land Agency (BPN) of Bengkulu Province. The research employs a qualitative approach with a descriptive design. Data were collected through in-depth interviews with eleven informants, including operators, validators, and approvers, and were strengthened by documentation and triangulation techniques to ensure data validity. The results indicate that the implementation of SAKTI is effective in improving the efficiency of reporting processes and the accuracy of financial records through automatic validation that minimizes input errors. Systemically, the application integrates all stages of financial management, from planning to accountability, within a single system equipped with a strong audit trail. Employees perceive this digitalization as a shift toward greater personal responsibility and increased compliance with procedures. Although technical issues such as network disruptions and centralized system maintenance were encountered, these were temporary and did not significantly hinder the reporting process. Overall, SAKTI has successfully strengthened the principles of good governance in technical government institutions.
Analysis of Factors Affecting Investment Decision-Making in the Indonesian Capital Market Silaban, Barnabas Tridig; Rusmardiana, Ana; Yusup, Aldian; Adriana, Nana; Yustus, Gratia Tehilla
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9565

Abstract

The Indonesian capital market has experienced significant investor growth, particularly among retail investors and younger generations. However, this increase in participation has not been fully accompanied by rational and high-quality investment decision-making. This study aims to analyze the factors influencing investment decision-making in the Indonesian capital market, with a particular focus on behavioral factors, financial literacy, and risk perception. The study employs a qualitative approach using a systematic literature review method, examining a curated sample of recent and relevant scholarly articles, academic books, and official institutional reports related to investment behavior and decision-making. The data were analyzed using descriptive qualitative analysis and content analysis to identify patterns and relationships among variables. The findings indicate that financial literacy is the most dominant factor in improving the quality of investment decisions, while overconfidence, herding behavior, and risk perception also significantly influence investor behavior. The interaction among these factors creates a complex pattern of investment decision-making. The novelty of this study lies in the development of an integrated analytical framework that simultaneously combines behavioral biases, financial literacy, and risk perception within a single model, particularly in the context of an emerging market such as Indonesia. This study contributes to the literature in three main ways. First, it provides a comprehensive synthesis of prior studies by integrating behavioral and cognitive perspectives into a unified framework. Second, it highlights the mediating role of risk perception and the moderating role of financial literacy in shaping investment decisions. Third, it offers contextual insights specific to the Indonesian capital market, where retail investor dominance and digital influence create unique behavioral dynamics. This study contributes theoretically by extending behavioral finance literature through a multidimensional perspective, and practically by providing insights for investors, regulators, and financial institutions to improve decision quality through a more holistic approach.
Pengaruh Tenaga Kerja, IPM, dan IPTIK Terhadap Ketimpangan Pendapatan di Indonesia Perspektif Ekonomi Islam Mayasari, Ratih; Nurlaili, Nurlaili; Zulaikah, Zulaikah
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9599

Abstract

Income inequality is still an important problem in Indonesia's economic development even though development continues to progress. This study aims to analyze the influence of labor, the Human Development Index (HDI), and the Information and Communication Technology Development Index (IP-ICT) on income inequality in Indonesia for the period 2018–2023 from an Islamic economic perspective. The data used is panel data from 34 provinces sourced from the Central Statistics Agency (BPS) and analyzed using a quantitative approach with the panel data regression method through EViews software. Based on the results of the t-test in this study, it is shown that partially labor has a positive and significant effect on income inequality with a probability value of 0.0140 (< 0.05). Meanwhile, the HDI variable had no significant effect on income inequality with a probability value of 0.7060 (> 0.05). The IP-ICT variable has a negative and significant effect on income inequality with a coefficient value of -0.008716 and a probability of 0.0019 (< 0.05). Simultaneously, labor, HDI, and IP-ICT have a significant effect on income inequality with an F-statistic value of 97.78723 and a probability of 0.000000 (< 0.05). From an Islamic economic perspective, income inequality is contrary to the principles of justice ('adl) and the equitable distribution of wealth as reflected in maqāṣid al-syarī'ah, so development policies need to be directed at improving the quality of labor, equitable distribution of education, and inclusive technology development to realize a fair and sustainable distribution of income.
Investment Model Design Based on Financial Behavior to Achieve Financial Independence in Gen-Z Suryadana, Rahmat; Halpiah, Halpiah; Putra, Hery Astika
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9613

Abstract

The financial crisis is prone to affect Gen-Z due to a consumptive lifestyle, which is both a problem and the background for conducting this research with the aim of designing financial behavior models and investment choice models that can be used to achieve the level of financial independence in the future. The study uses qualitative methodology with a design thinking approach; data collection was conducted through interviews, analyzed using triangulation techniques, with data being reduced, presented, and conclusions drawn. The validity was tested using member checking with eight informants who are working students, aged 20-25 years, with income ranging from Rp.1,000,000 to Rp.3,000,000 per month. The research findings indicate that 7 out of 8 informants tend to be consumptive, are cautious in making investment decisions, but have a target of achieving financial independence in the future. The results of this study are expected to provide a contribution as a basis for decision-making regarding changes in financial behavior patterns from consumptive to productive by allocating funds wisely to investment options that increase assets, in order to achieve the targeted financial independence in the future.
Perbandingan Performa dan Volatilitas JII dan IHSG Periode 2020-2025 di Indonesia Riswanti, Riswanti; Rohmi, Misfi Laili; Apridasari, Esty; Ismail, Vera
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9614

Abstract

The Indonesian capital market experienced significant pressure, particularly during the early period of the COVID-19 pandemic, followed by a recovery phase amid persistently high global economic uncertainty. These conditions affected the performance and volatility of stock indices, both conventional and Sharia-based indices. This study aims to analyze and compare the performance and volatility of the Composite Stock Price Index (IHSG) and the Jakarta Islamic Index (JII) during the 2020–2025 period in Indonesia. The novelty of this research lies in the integration of performance and volatility analysis within a single comparative framework, as well as its focus on both crisis and economic recovery phases simultaneously, which remains limited in previous empirical studies. This study employs a quantitative approach with a descriptive-comparative method using secondary data in the form of monthly closing prices of IHSG and JII. Index performance is measured using average monthly returns, while volatility is analyzed through variance and standard deviation. The results show that IHSG has an average monthly return of 0.005134, while JII records −0.001511. These findings indicate that IHSG demonstrates better performance compared to JII, as it yields a positive return, whereas JII shows a negative return during the study period. In terms of risk, JII exhibits a higher level of volatility compared to IHSG. These findings suggest that Sharia stock indices do not always have lower risk than conventional indices, particularly under conditions of economic uncertainty, and highlight the importance of considering index structure in investment decision-making. The implications of this study are that investors, both conventional and Sharia, need to conduct more in-depth analyses of the risk and return characteristics of each index before making investment decisions. Furthermore, this research contributes to regulators and index providers in evaluating the stability and competitiveness of Sharia indices within the dynamics of the global capital market.
Faktor-Faktor Yang Mempengaruhi Kecenderungan Fraud Akuntansi di Pemerintahan Desa Anwar, Muhammad Syaiful; Trisnaningsih, Sri
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9683

Abstract

Accounting fraud is a serious problem that has occurred in both the business and public sectors from the past to the present. Accounting fraud is closely related to fraudulent practices. Since 2015, the central governmnet has allocated funds intended for villages and distributed them to all villages as an effort to improve community welfare and reduce poverty levels. However, in its implementation, there are still varios cases of misappropriation of village funds committed by village officials. Based on this condition, this study aims to examine and determine whether there is an effect of internal control effectivennes, organizational ethical culture, and individual morality on the tendency of accounting fraud. This study uses a quantitative approach with a sampling technique in the form of a census or total sampling method. Primary data were used in this study, obtained through the distribution of online questionnaires. The number of respondents in this study was 48 people, consisting of village heads, village secretaries, and heads of financial affairs of village governments in Wringinanom District, Gresik Regency. The data analysis technique used was multiple linear regression analysis. The partial result show that the internal control effectivennes variable has a significance value of 0,000 < 0,05 and a regression coefficient of -0,517, the organizational ethical culture variable has a significance value of 0,000 < 0,05 and a regression coefficient of -0,634, and the individual morality variable has a significance value of 0,000 < 0,05 and a regression coefficient of -0,770, this means that all independent variables in this study have a negative effect on the tendency of accounting fraud. Simultaneously, the significance value obtained is 0,000 < 0,05, indicating that internal control effectiveness, organizational ethical culture, and individual morality simultaneously have an effect on the endency of accounting fraud.
Pengaruh Financial Distress, Financial Literacy, dan Lifestyle Terhadap Keputusan Penggunaan Paylater Pada Mahasiswa Akuntansi Sabrina, Nadia Putri; Trisnaningsih, Sri
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9684

Abstract

The development of fintech has led to many developments in payment services, including Paylater, which has gained popularity among the masses, particularly among generation Z. The objective of this study is to investigate the factors that affect the use of Paylater, which include Financial Distress, Financial Literacy, and Lifestyle in college students. The selection of college students was done because they belong to the young generation that utilizes many financial services through technology, and at the same time is subject to pressure from both the economy and consumption practices owing to technological advancements and future trends. In this study, the methodology used was SEM-PLS analysis method through the use of SmartPLS software version 4.0. This study gathered data by administering an online survey using Google Forms among 91 students from the Accounting Study Program in the 2022–2023 intake from UPN “Veteran” East Java. Based on the findings, this study concludes that Financial Distress, Financial Literacy, and Lifestyle have a significant positive effect on the intention to adopt Paylater among Accounting Students in the 2022–2023 intake from UPN “Veteran” East Java with the financial distress variable having a significance value of 0.042 <0.05 with a coefficient value of 0.180, the financial literacy variable having a significance value of 0.000 <0.05 with a coefficient value of 0.501, and the lifestyle variable having a significance value of 0.037 <0.05 with a coefficient value of 0.197.
Pengaruh Kurs, Pasar Modal Konvensional dan Pasar Modal Syariah Terhadap Pertumbuhan Ekonomi Indonesia Tahun 2013 – 2024 Dyas Rizky Dwijayanto; Muhammad Iqbal; Dinda Fali Rifan
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9694

Abstract

This research is motivated by the phenomenon of weakening economic growth in Indonesia, which often fails to align with financial sector dynamics due to exchange rate volatility. The primary problem addressed in this study is the extent to which exchange rate stability and capital market performance—both conventional and Sharia—serve as key determinants in driving national economic growth. This study aims to analyze the influence of the exchange rate, the conventional capital market (proxied by the Jakarta Composite Index or JKSE), and the Sharia capital market (jakarta islamic indeks JII ) on Indonesia’s ekonomic grwot ) for the 2013–2024 period. The research methodology employed is quantitative, using the Vector Error Correction Model (VECM) approach to capture both short-term and long-term relationships between variables. The results indicate that, partially, the exchange rate has a significant negative effect on Indonesia’s economic growth , while both conventional and Sharia capital markets show a significant positive influence. Simultaneously, these three independent variables contribute 89.4% to the variation in Indonesia’s economic grwoth, while the remaining 10.6% is explained by factors outside the model. These findings imply the importance of exchange rate stability policies to optimize the role of capital markets in accelerating the economy.
Solvency vs Information Asymmetry vs Intellectual Capital: Who Wins in Earnings Manufacturing Management? Lakilaki, Eogenie; Wahyuni, Tri; Irsa, Muhammad Andrian; Rijal, Khoirur
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9700

Abstract

This study addresses the research problem of inconsistent empirical findings regarding the determinants of earnings management, particularly the roles of information asymmetry, intellectual capital, and leverage in Indonesian manufacturing firms. Despite extensive prior research, limited consensus exists on how these factors simultaneously influence managerial discretion in financial reporting. This study aims to examine the interplay among these variables in shaping earnings management practices. Adopting a quantitative design, this study utilises balanced panel data from manufacturing companies listed on the Indonesia Stock Exchange over the period 2015–2024. The analysis employs a Fixed Effects Model, selected through Chow and Hausman tests, to control for unobserved heterogeneity across firms. The findings indicate that information asymmetry has a statistically significant negative effect on earnings management, suggesting that improved transparency constrains opportunistic reporting behavior, while intellectual capital and leverage exhibit statistically significant positive effects, indicating that firms with greater intangible resources and higher financial pressure are more likely to engage in earnings management practices. Overall, this study provides stronger empirical support that earnings management is shaped by informational conditions, firm capabilities, and financial constraints, offering important implications for strengthening corporate governance and enhancing the reliability of financial reporting in emerging markets.