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Journal of Indonesian Economy and Business
Published by Universitas Gadjah Mada
ISSN : 20858272     EISSN : 23385847     DOI : https://doi.org/10.22146/jieb.v37i2.3449
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Journal of Indonesian Economy and Business (JIEB), with registered number print ISSN 2085-8272; online ISSN 2338-5847, is open access, peer-reviewed journal whose objective is to publish original research papers related to the Indonesian economy and business issues. This journal is also dedicated to disseminating the published articles freely for international academicians, researchers, practitioners, regulators, and public societies. The journal welcomes authors from any institutional backgrounds and accepts rigorous empirical research papers with any methods or approach that is relevant to the Indonesian economy and business context or content, as long as the research fits one of three salient disciplines: economics, business, or accounting. The JIEB is Internationally indexed in SCOPUS, EBSCOHost (Business Source Corporate Plus and Business Source Complete), EconLit, ProQuest, Google Scholar, DOAJ, Microsoft Academic Search, and ACI (ASEAN Citation Index). Furthermore, this journal has been nationally accredited by the Directorate-General for Research Strengthening and Development, the Ministry of Research and Technology for Higher Education, Republic of Indonesia (Decree No. 148/M/KPT/2020) in SINTA 2 (Indonesian Science & Technology Index).
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 77 Documents
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Entrepreneurship Education and Other Exogenous Variables in the Theory of Planned Behavior Model: A Systematic Literature Review Rustiana
Journal of Indonesian Economy and Business Vol 40 No 1 (2025): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v40i1.10323

Abstract

Introduction/Main Objectives: The aim of the study is to: 1) identify the role entrepreneurship education (EE) in the theory of planned behavior (TPB) model, and how it enhances students’ entrepreneurship intention (EI), 2) identify various other exogenous variables commonly paired with EE that increase EI, 3) map the various roles of EE and the exogenous variables in improving students’ EI into a single model. Background Problems: What is the role of entrepreneurship education and the exogenous variables in the TPB model, and how do they increase students’ entrepreneurship intention? Novelty: This paper’s novel contributions include 1) filling the knowledge gap in the field of entrepreneurship related to the TPB model, 2) proposing a map to depict the integration of EE and other exogenous variables into the TPB model, to make one comprehensive model. Research Methods: The data sets were drawn from the Scopus database with a systematic literature review approach, with a protocol that used the keywords "entrepreneurship education," "entrepreneurial education," and "TPB." The protocol found 108 articles in the Scopus database, published between 2006 and 2023, which were extracted. Then, the articles underwent further analysis using exclusion and inclusion criteria, resulting in 24 articles that met our requirements. Quantitative and qualitative analysis were then carried out, using statistical descriptive and bibliometric analysis. Finding/Results: This study shows that entrepreneurship education and the exogenous variables that influence entrepreneurship intention in the TPB model have various roles. Conclusion: The results expose critical research gaps and the need to develop new theoretical frameworks that combine and extend the TPB model with other relevant variables in higher education.
Does the Use of Solid Cooking Fuels Increase Household Out-Of-Pocket Medical Expenses? Evidence from Indonesia Siagian , Theo Ojahan Pardamean; Hartono, Djoni
Journal of Indonesian Economy and Business Vol 40 No 1 (2025): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v40i1.11412

Abstract

Introduction/Main Objectives: The objective of this study is to assess how the utilization of solid cooking fuels influences out-of-pocket medical expenses incurred by households in Indonesia. Background Problems: Solid cooking fuel use remains prevalent in Indonesia, negatively impacting the health of household members, and consequently affecting associated medical expenses as well. Novelty: To the best of the authors’ understanding, this study is the first to explore how the use of solid cooking fuels affects the out-of-pocket medical expenses of households in Indonesia. Research Methods: This study employs instrumental variables to address existing endogeneity issues. Finding/ Results: On average, households using solid cooking fuels show a 0.0041 increased proportion of out-of-pocket medical expenses to total household expenditure compared to households using non-solid cooking fuels. Conclusion: The Indonesian government can reduce household medical expenses by improving the use of cleaner cooking fuels. Implementable policies include providing assistance with clean energy cooking equipment and ensuring the availability of clean energy in areas in need.
Balancing Caution and Expansion: The Non-Performing Loans Threshold for the Credit-Growth Nexus Zuhroh, Idah; Rofik, Mochamad
Journal of Indonesian Economy and Business Vol 40 No 2 (2025): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v40i2.8017

Abstract

Introduction/Main Objectives: This research explores how non-performing loans (NPLs) affect economic growth while assuming that the economy can sustain a certain ratio of NPLs without disruption. Background Problems: Studies employing the threshold approach have not explicitly defined the upper limit of NPLs that supports economic growth. Novelty: This study adds to the existing literature by examining the non-linear relationship between NPLs and economic growth, grounded in two key assumptions: 1) the complete elimination of NPLs is unrealistic, and 2) a threshold level of NPLs exists. Research Methods: Based on this assumption, the study constructs a non-linear model with an inverted U-shape pattern, applying annual data from 33 provinces in Indonesia during 2010–2021 and employing dynamic panel data regression with the GMM estimator. Finding/Results: The results reveal that NPLs will have a negative impact on growth when the NPL ratio exceeds 5.8% in total credit and 2.4% for household credit. However, no inverted U-shaped pattern is observed for working capital and investment credit. In addition, bank credit in total, as well as working capital credit and household credit show a significant positive coefficient on growth, while investment credit has an insignificant negative coefficient. We also introduce the concept of NPLs-growth risk, categorizing it as risk-free, low-risk, moderate-risk, and high-risk based on the area under the curve. The findings indicate that the NPLs-growth risk in Indonesia is generally at a low level. Conclusion: Ensuring that NPLs remain within a safe threshold is essential for sustaining economic growth and avoiding financial instability.
Rebuild the Trust: Predicting the Financial Well-Being of Indonesian Insurers Astuti, Endang Dwi; Hilman, Muhammad Irfan; Suryajaya, Edbert
Journal of Indonesian Economy and Business Vol 40 No 2 (2025): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v40i2.8968

Abstract

Introduction/Main Objectives: The emerging markets’ economic growth relies on stable insurance sectors, which mitigate risk, maintain liquidity, and manage profitability for sustainable growth. This paper aims to examine the financial well-being prediction model using logit regression for Indonesian life and general insurance companies one year and two years before a failure event. Background Problems: The rise of insurance failures erodes people's trust, especially in Indonesia where financial literacy is still an ongoing issue. Novelty: Numerous studies examine the methodology for predicting insurance failure, but some of these procedures have statistical limitations or do not address the unique issue in the emerging markets’ setting. Research Methods: This study employs logistic regression as its methodology and focuses on the life and general insurers operating in Indonesia between 2012 and 2020, using publicly available data. Finding/Results: This study finds the financial well-being of general insurance companies is dependent on their investment performance, profitability, liquidity, change in asset mix, premiums, and surplus growth, leverage, the inflation rate, and change in money reserves. While firm size, the operating margin, premium growth, liquidity change in the asset mix, the combined ratio of loss and expense ratios, surplus growth, and leverage are the key leading indicators of life insurers’ insolvency. Conclusion: Firms with poor investment performance, low premium growth, and extreme levels of leverage are more likely to be insolvent. This study suggests that local authorities should regulate insurance companies' investment strategies, moderate their asset mix changes, and implement sound risk management systems to mitigate performance fluctuations.
The Role of Corporate Governance, Type of Ownership, and Capital Structure, in the Achievement of Sustainable Development Goals Surifah; Krismiaji
Journal of Indonesian Economy and Business Vol 40 No 2 (2025): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v40i2.10086

Abstract

Introduction/Main Objective: This study presents research that makes a theoretical contribution to the literature on the achievement of sustainable development goals (SDGs), and provides empirical evidence of the role of corporate governance (CG), type of ownership, and capital structure of companies in Indonesia in achieving the SDGs. Background Problem: This research is motivated by the phenomenon that the business sector plays major roles in economic growth, damage to the natural environ­ment—as well as its preservation—well the social life of local and global communities. The active involvement of the business world is needed to support the achievement of the SDGs. This research is important because the president directors and president commissioners (as proxies for CG) are the parties that play the biggest roles in their companies in achieving the SDGs. In addition, owners can pressure directors and commissioners to commit to achieving SDGs. A capital structure that reflects the company's financial flexibility also plays a role in realizing the SDGs. Novelty: This research uses unique proxies for the SDGs and CG variables. The SDGs are proxied using the SDG index, covering 17 SDGs fields, consisting of 101 items.CG is proxied by the competence of president directors and president commissioners. Competence is measured by level of education, work experience, and global insight. In addition, research examining the effect of the four types of ownership and capital structure on the SDGs is still very limited. This research was conducted on all companies listed on the Indonesia Stock Exchange during the period 2017 to 2021. The samples were taken purposively, with certain criteria. The dependent variable is SDGs, while the independent variables are CG, type of ownership, and capital structure. The analysis technique uses multiple linear regression. Findings/results: The research proves that the president commissioner, government, and individual shareholders, as well as leverage have a significant positive effect on SDGs disclosure. Meanwhile, domestic institutional share­holders, capital structure, and company size negatively affect SDG’s disclosure. Conclusion: The results show that the president commis­sioner, government, and individual shareholders become the key shareholders who significantly affect the company’s SDG disclosure policy. Thus, the results confirm and support the stakeholder theory and stewardship theory.
Uncertainty about Economic Policy and Decisions to Engage in Real Earnings Management: Evidence from Indonesia’s Capital Market Januarsi, Yeni; Taufik, H. E. R.; Akhmadi
Journal of Indonesian Economy and Business Vol 40 No 2 (2025): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v40i2.10194

Abstract

Introduction/Main Objectives: This study examines whether economic policy uncertainty (EPU) influences managers’ choice to engage in real earnings management (EM) in the Indonesian capital market. Background Problems: As a major driver of aggregate economic growth and business cycles, EPU may induce information asymmetry, affect the quality of financial reporting, and raise concerns about how macroeconomic conditions may impact how managers behave in managing reported accounting numbers. Novelty: This study explains how the lean against the wind theory and the lean with the wind theory affect real EM behavior in emerging markets. In addition, this study considers the endogeneity problem, which has frequently been overlooked in similar studies, and provides a robust analysis utilizing a variety of tests to validate the proposed hypothesis. Research Methods: This study investigates 1,800 firm-year observations represented by 200 Indonesian publicly listed firms from all industries that have data available, except the banking and financial industries, from 2012 to 2020.The researchers employ time-series cross-sections, pooled ordinary least squares (OLS),and robust standard errors clustered by years. Finding/Results: EPU causes managers to engage in more real EM. This result holds for a series of robustness tests, including testing by using a presidential election for alternative measurements for EPU. From additional analysis, this study reveals that the effect of EPU on real EM is more significant for more profitable firms. Conclusion: This study supports the lean against the wind theory for emerging markets. This evidence implies that EPU conditions induce managers to engage in more real earnings management in emerging market firms, and the uncertain environment can reduce the quality of financial information .
Determinants of Indonesian SMEs’ Intentions to Adopt Fintech: an Innovation Diffusion Theory Perspective Bailusy, Muhsin N.; Pollack, Julien; Fahri, Johan; Amarullah, Dudi; Buamonabot, Irfandi
Journal of Indonesian Economy and Business Vol 40 No 2 (2025): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v40i2.10843

Abstract

Introduction/Main Objectives: Financial technology (Fintech) has become a solution for many SMEs seeking to improve business perfor­mance in an increasingly competitive business environment. Thus, it is important to investigate the factors underlying SMEs’ decision to adopt Fintech. Background Problem: Previous studies have applied various theoretical frameworks to explore Fintech adoption. Despite this, limited knowledge exists regarding the determinants influencing the adoption of Fintech among SMEs. Novelty: By using innovation diffusion theory, this study examines the underlying elements that contribute to the adoption of Fintech by SMEs. Research Methods: Data were collected using the survey approach. Self-administered question­naires were distributed to SMEs in Indonesia using purposive sampling, yielding 273 responses. The data were then analyzed using the partial least square structural equation modelling (PLS-SEM) method. Findings/Results: The results confirmed all hypotheses developed for the study. Specifi­cally, relative advantage, compatibility, complexity, and observability positively affect attitude towards Fintech adoption. In turn, positive attitude towards the adoption of Fintech has a significant impact on the intention to use Fintech. In addition, attitude mediates the relation­ship between IDT factors (relative advantage, compatibility, complexity, and observability) and Fintech adoption intention. Conclusion: Innova­tion diffusion theory is able to explain the factors that form SMEs' attitude and adoption intention toward Fintech. The outcomes of this research provide important implications both theoretically and practically.
RETRACTED ARTICLE: E-Blue: Implementation of an Integrated Blue Economy Ecosystem to Increase Coastal MSMEs Competitiveness Perdana, Tito Aditya; Purusa, Nanda Adhi; Kurniawan, Rudi; Suryawijaya, Tito Wira Eka
Journal of Indonesian Economy and Business Vol 40 No 2 (2025): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v40i2.10994

Abstract

Introduction/Main Objectives: This study aims to determine the implementation and the right business strategy for sustainable fisheries that adopt the "E-Blue" blue economy ecosystem model. Background Problems: The challenges faced in developing a booming blue economy emphasize the need for strong commitment and collaboration between central and regional governments, to support overall development. The background problems also recognize technology’s impact on the activities of micro, small and medium enterprises (MSMEs) and stress the significance of quick responses to these changes. Novelty: This lies in the study’s exploration of the role of digital transformation in sustainable fisheries within the blue economy framework. It emphasizes the need for commitment, innovation, and technological adaptation to ensure the success of blue economy-based development. Research Methods: This qualitative study adopts a narrative approach to gather data on sustainable fisheries strategies aligned with the blue economy ecosystem model. The research utilizes this approach to gain insights into the development possibilities for the research object. Finding/Results: The study's findings highlight the crucial role of the government’s commitment and decisive actions for the successful development of the blue economy in the fisheries sector. The study underscores the potential of digital transformation as a bridge between stakeholders and consumers, enabling efficient supply chain management and diverse product processing for community welfare. Conclusion: The study concludes that successful blue economy development relies on strong collaboration between governments, innovative policy programs, and swift responses to technological changes. The study emphasizes the importance of conti­nuous innovation to enhance competitiveness and market access in Indonesia's fisheries sector.
Innovative Governance in the Startup Era: The Interplay of Technology, Innovation, and Value Creation Kartika Rahajeng, Dian
Journal of Indonesian Economy and Business Vol 40 No 2 (2025): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v40i2.12038

Abstract

Introduction: This groundbreaking paper examines the uncharted territory of corporate governance within non-traditional organizations, focusing on the dynamic landscape of start-up enterprises. Background Problem: In an era dominated by rapid technological advancements and unprecedented growth in start-ups, this research sheds light on the intricate relationship between innovation processes and value creation that fundamentally reshapes corporate governance mechanisms. Novelty: The novelty of this study paper lies in bridging the research gap in corporate governance studies, specifically in non-traditional settings like start-up enterprises. Research Methods: Embarking on a multi-exploratory study, the author examines the value of co-creation processes in eleven vibrant start-up organizations. The study unravels the interplay between stakeholders' value creation and innovation through primary and secondary data from interviews, focus group discussions, observations, and documentary analyses. This exploration vividly illustrates how these dynamics influence organizational culture and, consequently, redefine the very structure of these innovative entities. Findings: The findings spotlight unique innovation and co-creation processes intricately tied to customer needs and leadership styles. From product newness to bespoke offerings and active, dynamic leadership, these factors intricately mold the organizational structure of start-ups. Contributions: This paper offers insights into successful corporate governance in start-ups, focusing on the social impact of value generation. It outlines transformations like strong leadership, integrated communication systems, innovative remuneration schemes, and technology use, promoting a holistic approach to governance in the fast-paced startup world.
Digitalization and Access to Household Credit in Indonesia: Pre- and-Post-COVID-19 Pandemic (2019 and 2021) Puspita Sari, Cita; Sulistyaningrum, Eny
Journal of Indonesian Economy and Business Vol 40 No 3 (2025): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v40i3.8766

Abstract

Introduction/Main Objective: This study examines the effect of digitalization on access to household credit during the National Economic Recovery (PEN) program in Indonesia. Background Problems: Financial inclusion plays an important role in improving welfare and quality of life, accelerating economic growth, and alleviating poverty. Digitalization can affect financial inclusion through the transmission of mobile financial services, such as internet banking. Novelty: This study contributes to the literature on financial inclusion from the perspective of household credit. Research Method: This study uses the binomial log it model and data from the national socio-economic survey (SUSENAS) and statistics on village potential (PODES) from 2019 (before the pandemic) and 2021 (one year after the pandemic). Findings/Results: The results show that the average marginal effect of a household’s internet use was 1 percent higher than non-use before COVID-19. Meanwhile, after COVID-19, the marginal effect was 1.6 percent greater for households accessing credit through internet use than for those not using the internet. Furthermore, the probability of credit access is 4.6 percent higher for cell phone users than for non-users pre-COVID-19; meanwhile, post-COVID-19, the probability was 4.1 percent smaller than pre-COVID-19.The majority of households with access to credit are headed by males living in rural areas; they are married and working; they graduated from junior high school or above; and they are 30-59 years old. Conclusion: This study, by comparing 2019 to 2021, concludes that, as a result of the COVID-19 pandemic, digitalization accelerated access to household credit.

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