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Jurnal Ekonomi dan Bisnis Digital (MINISTAL)
Published by PT FORMOSA CENDEKIA GLOBAL
ISSN : -     EISSN : 28278259     DOI : https://doi.org/10.55927/ministal.v1i2
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Jurnal Ekonomi dan Bisnis Digital (MINISTAL) is a peer-reviewed journal providing a space for both practitioners and academics for disseminating research results that work in Economic, finance, management, information technology and related fields. MINISTAL provides an outlet for the increasing flow of interdisciplinary research cutting across business, management, finance, information system, accounting, Entrepreneurship, Business ethics, Sustainability, Knowledge Management, Learning Organization and economics disciplines. It is an essential reading for academics, graduate students, policy makers and business practitioners. MINISTAL publishes articles four times in a year on January, April, August and December. Scope The main objective of the Jurnal Ekonomi dan Bisnis Digital (MINISTAL) is to disseminate the cutting edge methodology and technology in business, management, finance, information system, accounting, Entrepreneurship, Business ethics, Sustainability, Knowledge Management, Learning Organization and economics disciplines with an advanced methodologies, models, , techniques, methods, processes, and principles in high level of efficiency and actionable manners in supporting business stake holders in making a decision.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 11 Documents
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Search results for , issue "Vol. 4 No. 4 (2025): December 2025" : 11 Documents clear
Analysis of the Impact of Macroeconomic Variable Volatility on Equity Mutual Fund Net Asset Value in Indonesia Dewi, Kemala; Rejekiningsih, Tri Wahyu
Jurnal Ekonomi dan Bisnis Digital Vol. 4 No. 4 (2025): December 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ministal.v4i4.15297

Abstract

This research investigates the effect of interest rate volatility, exchange rate volatility, and competitor stock price volatility on the performance of equity mutual funds in Indonesia. Monthly data from January 2013 to December 2023 were analyzed using ARCH–GARCH models to measure volatility and the ARDL approach to assess relationships. The results reveal that interest rate and competitor stock price volatility significantly reduce NAV, while exchange rate volatility show no immediate effect, suggesting a delayed adjustment. These findings contribute to understanding how macroeconomic and market factors influence mutual fund performance and provide insights for fund managers and investors in developing strategies to navigate volatile market conditions.
Opportunities and Challenges of Implementing the One Village One Product (OVOP) Model for Cooperative and Tourism Development in Southwest Sumba Fanggidae, Apriana H.J.; Agustian, Efandri
Jurnal Ekonomi dan Bisnis Digital Vol. 4 No. 4 (2025): December 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ministal.v4i4.15578

Abstract

This research examines the application of the One Village One Product (OVOP) model for cooperative and tourism development in Southwest Sumba, East Nusa Tenggara. Southwest Sumba has great potential in the co-operative and tourism sectors, but still faces major challenges in improving community welfare. OVOP, which began to be recognised in Japan in 1980, aims to empower communities by developing local superior products that can compete in the global market. This research uses a qualitative approach with interviews and documentation analysis to explore opportunities and challenges in implementing the OVOP model in Southwest Sumba. The results showed that although the OVOP programme can improve the competitiveness of local products and create business opportunities, the main challenges are limited infrastructure, weak management, and lack of human resource capacity. Therefore, stronger collaboration between the government, cooperatives, and tourism actors is needed to overcome these obstacles. In conclusion, the implementation of OVOP in Southwest Sumba can have a positive impact if supported by appropriate policies, increasing the capacity of business actors, and strengthening cooperatives as a forum for managing local superior products.
Audit Tenure and Auditor Reputation on the Going Concern Audit Opinion of Firms on the Indonesian Stock Exchange: Does Audit Quality Mediate? Nur’Illiyyien, Nur’Illiyyien; Triani, Neks; Kartini, Kartini; Sundari, Sri
Jurnal Ekonomi dan Bisnis Digital Vol. 4 No. 4 (2025): December 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ministal.v4i4.15668

Abstract

This research aims to investigate the impact of auditor reputation and audit duration on ongoing concern audit opinions through audit quality. The research sample consists of 17 manufacturing companies published between 2020 and 2024 on the Indonesia Stock Exchange (IDX). Logistic regression was used to analyze the data with the aid of of Smart Partial Least Square (SmartPLS) software. Based on the results of hypothesis testing, audit tenure has no effect on the issuance of a going concern audit opinion. On the other hand, auditor reputation has been proven to influence both the going concern audit opinion and the quality of the audit itself. However, audit quality does not affect the going concern audit opinion, nor does it mediate the relationship between audit tenure and auditor reputation on the opinion.
The Influence of Digital Transformation and Free Cash Flow on Cost Stickiness Moderated by Firm Complexity Ramli, Yosua Samuel; Olivia, Theresia
Jurnal Ekonomi dan Bisnis Digital Vol. 4 No. 4 (2025): December 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ministal.v4i4.15676

Abstract

In the era of globalization and rapid technological advancement, digital transformation has become a crucial strategy for companies to enhance operational efficiency and competitiveness. Implementing technologies like automation, big data, and artificial intelligence (AI) enables companies to cut expenses and enhance productivity. However, not all companies are able to optimally adjust their cost structures, especially amid market demand fluctuations, such as those experienced during the Covid-19 pandemic. This study aims to analyze the effect of digital transformation and free cash flow on the level of cost stickiness in manufacturing companies, with firm complexity as a moderating variable. The study also considers control variables such as profitability and firm size to provide a more comprehensive analysis. A quantitative approach is employed in this research, utilizing secondary data sourced from the financial reports of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period 2020 to 2022. A total of 43 manufacturing companies were analyzed. Data processing was carried out using EViews version 10. The results show that digital transformation has a negative effect on cost stickiness. Conversely, free cash flow has a positive effect on cost stickiness, indicating that excess liquidity may lead to higher fixed costs during periods of declining activity. Firm complexity is not proven to significantly strengthen the relationship between the independent variables and cost stickiness, despite being theoretically relevant.
Evaluation of the Effectiveness of Student Worksheets (LKPD) in Differentiated Learning in Economics Activities at Nusantara Indah High School Marganingsih, Anna; Pelipa, Emilia Dewiwati; Suriyanti, Yulia; Relita, Dessy Triana; Marsitoh, Siti
Jurnal Ekonomi dan Bisnis Digital Vol. 4 No. 4 (2025): December 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ministal.v4i4.15677

Abstract

This study aims to evaluate the effectiveness of using Student Worksheets (LKPD) in differentiated learning on economic activities in senior high schools. The background of this study is based on the importance of innovative teaching materials that can adapt to the diverse learning needs of students in accordance with the principles of differentiated learning in the Independent Curriculum. The research method used is a quantitative descriptive method with data analysis techniques in the form of calculating averages, percentages, and effectiveness tests. The research respondents consisted of ninth-grade students of SMA Nusantara Indah who used differentiation-based LKPD in the process of learning economic activities. The results of the study indicate that the use of differentiated LKPD is effective in increasing active participation, understanding of economic concepts, and student learning motivation. Thus, differentiation-based LKPD can be used as an alternative innovative teaching material that supports the optimal achievement of learning objectives at the senior high school level.
The Influence of Idealism and Relativism Ethical Orientations on Whistleblowing with Ethical Sensitivity as a Moderating Variable Syamsuddin, Sofyan; Riyanti, Riyanti; Sundari, Sri; Kartini, Kartini
Jurnal Ekonomi dan Bisnis Digital Vol. 4 No. 4 (2025): December 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ministal.v4i4.15734

Abstract

This study aims to analyze the influence of idealism and relativism ethical orientations on whistleblowing behavior, as well as to examine the role of ethical sensitivity as a moderating variable in auditors at the Inspectorate throughout Luwu Raya. The research method used is quantitative with a causality approach, using data from questionnaires distributed to 102 auditors who have carried out at least one audit task. Data analysis was carried out using validity tests, multiple linear regression, and moderation tests using SPSS 30. The results showed that idealism ethical orientation had no significant effect on whistleblowing behavior, while relativism ethical orientation had a significant effect. Ethical sensitivity was proven to strengthen the influence of both idealism and relativism ethical orientations on whistleblowing behavior. This finding emphasizes the importance of ethical sensitivity in increasing auditors' tendency to whistleblow, both in idealism and relativism oriented auditors. This study provides implications for the Inspectorate in formulating policies to strengthen ethics and an effective whistleblowing system to support clean and accountable governance.
The Determinants of Inclusive Logistics on Foreign Direct Investment: Comparative Evidence from Upper and Lower Middle-Income Countries Kumala, Irna; Subiyantoro, Heru; Rambe, Jooner
Jurnal Ekonomi dan Bisnis Digital Vol. 4 No. 4 (2025): December 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ministal.v4i4.15764

Abstract

This study investigates the impact of inclusive logistics factors on foreign direct investment (FDI) in two groups middle income countries, upper middle and lower middle. This study was conducted in 24 countries using panel data analysis with FMOLS, DOLS, and dynamic GMM from 2007-2023. Six dimensions of the Logistics Performance are customs, infrastructure, international shipments, logistics competence, tracking & tracing, and timeliness are examined as determinants of foreign direct investments inflows. The results reveal that timeliness significantly drives FDI in UMI countries, while infrastructure is the main determinant in LMI countries. This study highlights heterogeneity in logistics performance related to FDI linkages across countries development stages is consistent with the Investment Development Path theory.
A Study on Tourist Motivation for Doing Plastic Surgery in South Korea Lestari, Ayu Diah
Jurnal Ekonomi dan Bisnis Digital Vol. 4 No. 4 (2025): December 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ministal.v4i4.15821

Abstract

This study examines the motivations of international tourists to undergo plastic surgery in South Korea, known for its advanced medical services and strong reputation in cosmetic surgery. Using a quantitative approach through an on-site survey conducted in the Gangnam area on May 2–3, 2024, data were collected from 40 respondents. Most participants were female tourists aged 21–30, mainly from China. Findings show that service quality is the primary factor influencing destination choice, followed by accessibility, and 82% underwent surgery to improve appearance rather than for medical reasons. Despite awareness of potential side effects, 90% remained willing to proceed. Overall satisfaction was high, indicating that Korea’s medical excellence and destination appeal strengthen its position in global medical tourism.
Data Driven Amenity Strategies: Evidence from Online Reviews and Hotel Ratings in Bali Adyatma, Prastha; Kartini, Luh Putu; Priliani, Ni Luh Dita
Jurnal Ekonomi dan Bisnis Digital Vol. 4 No. 4 (2025): December 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ministal.v4i4.15823

Abstract

This study translates large-scale online reviews into actionable guidance for hotel amenity investment in Bali. We quantify how specific amenities relate to guest ratings using three complementary lenses: (i) bivariate rating uplift (Welch’s t, effect sizes, confidence intervals) to estimate standalone associations, (ii) a coverage–impact matrix that maps market prevalence against rating uplift to categorize amenities into INVEST, MAINTAIN, HYGIENE, or NICETOHAVE, and (iii) interpretable machine learning (Random Forest with modelagnostic importance and optional SHAP) to validate which amenity bundles best separate highrated properties (≥4.7). Additionally compare resort vs. city segments to reflect contextdependent preferences. Results indicate a consistent “core utilities + family readiness + convenience” bundle free Wi Fi, kid friendly facilities, laundry service, air conditioning, parking, and onsite restaurant as the strongest predictors of high ratings, with outdoor pool, free breakfast, spa, beach access, and airport shuttle providing further differentiation. The coverage impact matrix highlights where to allocate capital: for example, high impact/low coverage features fall into INVEST, while widely available, reliabilitycritical utilities align with MAINTAIN. discuss managerial implications for amenity roadmapping and budgeting, note the study’s associational nature and outline robustness steps to enhance generalizability.
Moderating Role of MSME Collaboration on Digital Innovation Toward Adaptive Capability and MSME Performance in Indonesia Setyawan, Antonius Ary; Setyawati, Endang; Tyoso, Jaluanto Sunu Punjul
Jurnal Ekonomi dan Bisnis Digital Vol. 4 No. 4 (2025): December 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ministal.v4i4.15832

Abstract

This study investigates the effect of digital innovation on MSME performance in Indonesia, focusing on the mediating role of digital adaptive capability and the moderating effect of MSME collaboration. Drawing on the Dynamic Capabilities Theory, a structural equation model was developed and tested using data from 100 MSMEs across various sectors. The results indicate that digital innovation has a significant direct effect on performance and also enhances adaptive capability. However, adaptive capability itself does not significantly influence performance, suggesting it may require complementary factors to be effective. Contrary to expectations, MSME collaboration did not moderate the effects of innovation or adaptive capability on performance, implying that collaboration must be strategically aligned to be beneficial. The findings highlight the need for MSMEs to focus on internal digital readiness while being cautious about over-relying on external partnerships. The study contributes to the digital transformation literature in emerging economies and provides practical guidance for MSME policy and strategy. Future research is recommended to use longitudinal data and explore additional moderators or mediators in the innovation–performance relationship.

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