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ARBITRASE: JOURNAL OF ECONOMICS AND ACCOUNTING
Published by Forum Kerjasama Pendidikan TInggi
ISSN : -     EISSN : 2722841X     DOI : -
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
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
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 303 Documents
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Pengaruh Pendapatan dan Biaya Operasional terhadap Laba Bersih Perusahaan IDX Basic Materials dan IDX Industrials Muhammad Fiqrianto; Cynthia Eka Violita; Achmad Zaki; M. Mustaqim
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3268

Abstract

This study aims to analyze the effect of revenue and operating costs on net profit in companies in the IDX Basic Materials and IDX Industrials sectors listed on the Indonesia Stock Exchange for the 2022–2024 period. This study uses a quantitative approach with secondary data obtained from the companies' annual financial reports. The research sample was determined using a purposive sampling technique, resulting in 68 companies with a total of 204 observations. Data analysis was performed using multiple linear regression with the help of the IBM SPSS 27 program and through classical assumption testing, t-test, F-test, and coefficient of determination. The results show that revenue has a positive and significant effect on net profit. Operating costs also have a positive and significant effect on net profit. Simultaneously, revenue and operating costs have a significant effect on net profit. The Adjusted R Square value of 0.805 indicates that 80.5% of the variation in net profit can be explained by these two independent variables, while the remainder is influenced by other factors outside the study. This study makes an empirical contribution to the development of accounting and financial management literature by providing current evidence regarding the effect of revenue and operating costs on net profit in companies in the IDX Basic Materials and IDX Industrials sectors. In addition, the results of this study can be used as a consideration for company management and investors in evaluating financial performance and formulating strategies to increase company profitability.
Pengaruh Strategi Bisnis Asset-Light Terhadap Net Profit Margin nazma awwaliyah khonitatillah; Achmad Zaki; Cynthia Eka Violita; M Mustaqim
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3269

Abstract

The shift in the global economic structure towards the digital era encourages companies to improve operational efficiency through the implementation of asset-light business strategies. This study aims to analyze the effect of asset-light business strategies proxied by Sales to Net Fixed Assets (SNA), Total Asset Turnover (TATO), Capital Expenditure (CAPEX), and Intangible Asset Ratio (RATB) on Net Profit Margin (NPM) in companies included in the IDX30 index for the 2022–2024 period. The study uses a quantitative approach with an associative-causal design. The sample was selected using a purposive sampling technique, resulting in 24 companies with a total of 72 observational data. Data analysis was performed using multiple linear regression with SPSS 27. The results showed that the SNA variable has a positive and significant effect on NPM with a regression coefficient value of 0.478, a t-value of 4.859, and a significance level of 0.000. The TATO variable has a negative and significant effect on NPM with a regression coefficient of -0.188, a t value of -2.144, and a significance of 0.036. The CAPEX variable has a positive and significant effect on NPM with a regression coefficient of 0.267, a t value of 4.977, and a significance of 0.000. Meanwhile, RATB has no significant effect on NPM with a regression coefficient of -0.023, a t value of -0.456, and a significance of 0.650. The Adjusted R Square value of 0.360 indicates that 36.0% of the variation in NPM can be explained by the four independent variables in this study, while the remaining 64.0% is influenced by other factors outside the research model. This finding indicates that efficient management of fixed assets and appropriate capital investment can increase company profitability, while high asset turnover and ownership of intangible assets are not necessarily able to increase net profit margins.
Pengaruh Pengungkapan Environmental, Social, Governance (ESG) dan Profitabilitas Terhadap Return Saham Perusahaan Indeks IDX30 Nadila Eka Apriyanti; Nina Febriana Dosinta; Fera Damayanti
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3273

Abstract

This study aims to analyze the effect of Environmental, Social, Governance (ESG) disclosure and profitability on stock returns in IDX30 index companies for the 2022–2024 period. This study uses a quantitative method with secondary data obtained from annual reports, sustainability reports, and stock price data taken from the Yahoo Finance website. The research sample was selected using a purposive sampling technique, resulting in 26 companies with a total of 78 observational data. Data analysis used panel data regression with the help of EViews 12 software. The results show that environmental disclosure (coefficient = 0.734; prob = 0.0081), social (coefficient = 1.072; prob = 0.0015), governance (coefficient = 0.657; prob = 0.0048), and profitability (coefficient = 3.660; prob = 0.0000) have a positive effect on stock returns. These results indicate that investors are starting to consider financial and non-financial information in making investment decisions to assess a company's prospects and sustainability. This study expands the empirical evidence on the influence of ESG and profitability on stock returns by testing the influence of each ESG dimension separately, namely environmental, social, and governance, thus providing a more specific analysis of the influence of each ESG dimension on stock returns.
Efektivitas Penggunaan QRIS Dalam Memfasilitasi Transaksi UMKM Perspektif Ekonomi Syariah Ilfin Hamida; Hayatul Millah; Moh Abd Rahman
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3279

Abstract

The development of digital technology has encouraged a shift in payment systems from cash-based transactions to non-cash transactions. Although the Quick Response Code Indonesian Standard (QRIS) has been widely implemented as a standardized digital payment system in Indonesia, its utilization among Micro, Small, and Medium Enterprises (MSMEs), particularly in rural areas, still faces various challenges that affect its effectiveness. This study aims to analyze the effectiveness of QRIS in facilitating non-cash transactions among MSMEs in Karangbong Village and to examine its compatibility with Islamic economic principles. This research employed a descriptive qualitative approach using observation and interview techniques involving ten MSME owners who use QRIS in Karangbong Village. The findings indicate that the use of QRIS provides convenience, efficiency, security, and speed in transactions, thereby supporting smoother business operations. However, its utilization has not yet been fully optimized due to low digital literacy, the persistence of cash-based transaction habits among the community, and limited technological understanding. From the perspective of Islamic economics, the use of QRIS is permissible because it functions as a payment instrument that does not contain elements of riba (usury), gharar (uncertainty), or maysir (gambling), and is in line with the principles of justice, transparency, public benefit (maslahah), and convenience in economic activities.
Model Loyalitas Nasabah: Pengaruh Pengalaman Pelanggan dan Kualitas Pelayanan Melalui Citra Merek Fajar Maulana; Pamuji Gesang Raharjo; Meylani Tuti
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3282

Abstract

This study aims to analyze the influence of customer experience and service quality on customer loyalty with brand image as an intervening variable at PT Jaminan Pembiayaan Askrindo Syariah. The research is motivated by the importance of building customer loyalty in the sharia financing industry through improving customer experience, service quality, and strengthening brand image as strategic factors that can create long-term relationships with customers. The study uses a quantitative approach with a survey method. Primary data was obtained by distributing questionnaires to 200 customers of PT Jaminan Pembiayaan Askrindo Syariah selected using a purposive sampling technique. Data analysis was carried out using Partial Least Squares–Structural Equation Modeling (PLS-SEM) assisted by SmartPLS software version 3. Testing includes evaluation of the outer model (validity and reliability), the inner model, and hypothesis testing through bootstrapping techniques. The results show that customer experience has a positive and significant effect on brand image with a t-value of 8.213 >1.96 and customer loyalty with a t-value of 8.783 >1.96. Service quality also has a positive and significant effect on brand image with a t-value of 11.451 > 1.96 and customer loyalty with a t-value of 6.595 > 1.96). Furthermore, brand image is proven to have a positive and significant effect on customer loyalty with a t-value of 13.422 > 1.96. The results of the mediation test indicate that brand image is able to mediate the influence of customer experience on customer loyalty (with a t-value of 6.015 > 1.96) and mediate the influence of service quality on customer loyalty with a t-value of 7.675 > 1.96. The contribution of this study lies in strengthening empirical evidence regarding the strategic role of brand image as a mediating mechanism in the relationship between customer experience, service quality, and customer loyalty in the Islamic financing industry. The research findings are expected to provide input for the management of PT Jaminan Pembiayaan Askrindo Syariah in formulating strategies to improve service quality, manage customer experience, and strengthen brand image to create sustainable customer loyalty.
Determinasi Customer Loyalty: Peran Service Quality dan Customer Experience dengan Mediasi Customer Satisfaction Febri Arisandi; Meylani Tuti; Etty Nurwati
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3287

Abstract

This study aims to analyze the effects of Service Quality and Customer Experience on Customer Loyalty, with Customer Satisfaction serving as a mediating variable among customers of PT. Asrinda Arthasangga Reinsurance Brokers. The study is motivated by the importance of service quality and customer experience in creating customer satisfaction and fostering customer loyalty within the reinsurance brokerage industry, which emphasizes long-term business relationships. A quantitative approach with a causal research design was employed. Primary data were collected through questionnaires distributed to 250 respondents representing client companies of PT. Asrinda Arthasangga Reinsurance Brokers, selected using a purposive sampling technique. Data were analyzed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method with the assistance of SmartPLS software. The results indicate that Service Quality has a positive and significant effect on Customer Satisfaction (t-statistics = 6.806 > 1.96) and Customer Loyalty (t-statistics = 5.454 > 1.96). Customer Experience also has a positive and significant effect on Customer Satisfaction (t-statistics = 4.785 > 1.96) and Customer Loyalty (t-statistics = 8.166 > 1.96). Furthermore, Customer Satisfaction has a positive and significant effect on Customer Loyalty (t-statistics = 5.666 > 1.96). The mediation analysis reveals that Customer Satisfaction partially mediates the effect of Service Quality on Customer Loyalty (t-statistics = 4.354 > 1.96), as well as the effect of Customer Experience on Customer Loyalty (t-statistics = 3.778 > 1.96). These findings suggest that improving service quality and customer experience in ways that enhance customer satisfaction constitutes an important strategy for strengthening customer loyalty in reinsurance brokerage service companies.
Mapping Global Research Trends on Job Insecurity: A Bibliometric Analysis of Labor Force Transformation Rahmat Hidayat; Syamsul Bahri
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3290

Abstract

The available literature on job insecurity exists in various disciplines, using a variety of theoretical frameworks and indicators, thus giving rise to the need to systematically map the structure of knowledge and the direction of findings. This study aims to map the global development of research on job insecurity in the context of workforce transformation, especially due to digitalization, automation, organizational change, and psychological dynamics of workers. In addition, this study also identifies publication trends, key scientific actors, dominant countries, keyword relationships, as well as thematic clusters that make up the knowledge structure of this field. The method used is a bibliometric analysis based on Scopus data with the search keyword "job insecurity". Document selection was carried out using the PRISMA approach, for publication in 2016-2025, in the fields of business, management and accounting and psychology, types of article documents, and English-language journal sources. The data is analyzed using VOSviewer through network mapping and visualization. The results of the study show a significant increase in publications on job insecurity, with a peak in 2025 of 219 documents. This study is dominated by the fields of social sciences, management, and psychology. The United States, China, and the United Kingdom are the most prolific countries, while Jiang, De Witte, and Probst are among the lead authors. This study recommends that future researchers combine various methods for bibliometric research, such as using the B-SLR method, which is a bibliometric method combined with a systematic literature review.
Pengaruh Nilai Tukar, Suku Bunga dan Transaksi Digital terhadap Velocity of Money di Indonesia Anne Fitrianovaline; Stannia Cahaya Suci; Muhammad Nasim Harahap
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3292

Abstract

This study aims to analyze the effects of the exchange rate (NT), Bank Indonesia policy interest rate (SB), e-money transaction volume (VUE), e-moneytransaction value (NUE), and the number of Electronic Data Capture (EDC) machines on the Velocity of Money in Indonesia during the period of 2021M1–2025M12. The study is motivated by the digital paradox phenomenon, in which the rapid growth of digital payment transactions has not been accompanied by an increase in the Velocity of Money. This research employs a quantitative approach using monthly time-series data obtained from Bank Indonesia and Statistics Indonesia (Badan Pusat Statistik). The analysis is conducted using the Autoregressive Distributed Lag (ARDL) model with two dependent models, namely the M1-based Velocity of Money (VOM1) and the M2-based Velocity of Money (VOM2). The findings indicate that, in the short run, VOM1 is significantly influenced by e-money transaction value (NUE), the number of EDC machines, and the fourth lag of the policy interest rate, while VOM2 is negatively and significantly affected by e-money transaction volume (VUE) and EDC. In the long run, VOM1 is positively and significantly influenced by the policy interest rate, whereas NUE and EDC have significant negative effects. In contrast, VOM2 is negatively and significantly affected by VUE and EDC, while the exchange rate, the policy interest rate, and NUE have no significant effects. This study contributes to the empirical literature by demonstrating that the determinants of the Velocity of Moneydiffer between the M1 and M2 monetary aggregates, thereby providing further evidence of asymmetric responses to macroeconomic factors and the digitalization of payment systems. These findings enrich the monetary economics literature and offer policy implications for Bank Indonesia in formulating more effective monetary and payment system policies.
The Impact of Rice Imports on The Welfare of Local Farmers: An Islamic Economic Ethics Perspektif (2023 – 2025) Ainol Yaqin; Nur Wahidatul Istiqomah; Azizi Abu Bakar
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3295

Abstract

This study analyses the impact of rice import policies on the welfare of local farmers in East Java from the perspective of Islamic economic ethics. As a national rice barn province, East Java faces a paradox between increasing productivity and economic pressure due to massive rice imports. Using a descriptive qualitative approach with case studies and systematic literature review, this research finds that rice imports aimed at stabilizing national prices actually suppress grain prices at the farm level, erode income, and create unfair competition between local and imported rice. Data shows that although East Java's rice production increased in 2023-2025, the national import volume reaching 4.52 million tons in 2024 significantly impacted the decline in farmers' bargaining power. From the perspective of Islamic economic ethics, this policy is evaluated based on the principles of justice (al-'adl), benefit (maslahah), and the prohibition of causing harm (la dharar wa la dhirar). The results of normative analysis indicate that rice import policies potentially contradict Islamic values when they neglect protection for farmers as a vulnerable group and guardians of food security. This study recommends the need for import policies oriented toward balance between national price stability and distributive justice, with strengthening state intervention through fair government purchase prices and import restrictions during the main harvest season.
Pengaruh Profitabilitas, Kebijakan Dividen, dan Kepemilikan Manajerial terhadap Nilai Perusahaan Perbankan 2021-2024 Puja Dwi Ramadhani; Erna Sulistyowati
ARBITRASE: Journal of Economics and Accounting Vol. 7 No. 1 (2026): July 2026
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/arbitrase.v7i1.3296

Abstract

This study explores the dynamics of firm value in the Indonesian banking sector over the period from 2021 to 2024, a crucial post-economic recovery period. The main focus of the analysis lies in the interaction between profitability performance, dividend policy, and governance structure through managerial ownership. Adopting a quantitative methodology, this research processes secondary data sourced from annual financial reports. To ensure the accuracy of the results, sample selection was strictly conducted using the purposive sampling method, yielding 10 banking entities equivalent to 40 data observation units. In order to dissect the influence of these variables, statistical analysis was performed using panel data regression by applying the Random Effect Model (REM), which was selected due to its capability to accommodate variations in characteristics among banking companies during the observation period. Partially, the findings of this research confirm that profitability efficiency acts as the main driver in strengthening firm value (? = 24.930; p = 0.0000), where solid earnings performance is responded to positively by the market. Interestingly, there is an anomaly in the dividend policy which demonstrates a significant negative correlation (? = -0.561; p = 0.0263), a condition that often reflects investor skepticism regarding the company's long-term growth prospects when profits are allocated to dividends rather than reinvestment. Meanwhile, the managerial ownership variable does not show statistical significance (p = 0.4146) in affecting valuation, implying that for market participants in the banking industry, the concentration of shares in the hands of management has not become a crucial signal for market value. However, when these three variables were tested collectively (simultaneously), their predictive power on firm value became highly robust (F = 8.571; p = 0.0002; Adjusted R² = 0.368). The discrepancy in results between the partial and simultaneous tests emphasizes that capital market investors have specific priorities: they tend to position the fundamental capability of banks to generate net profit as the dominant indicator, which is capable of overshadowing the dynamics of dividends and managerial ownership structure in determining their investment decisions. As a main contribution, this study provides strategic guidance for banking management to prioritize reinvestment strategies and strengthen profit fundamentals to maximize shareholder wealth, while also enriching empirical financial literature by providing evidence of anomalous market responses to dividend distribution in the banking sector during the post-economic recovery phase.

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