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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 87 Documents
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UTAUT 2 Modifications in Relation to External Stimuli and Customer Engagement: Evidence of Online Shopping Activity in Indonesia Nur Halimah Siahaan; M Halim; Aldini Nofta Martini
Journal of Indonesian Economy and Business Vol 41 No 2 (2026): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v41i2.8932

Abstract

Introduction/Main Objectives: This study examines external stimuli and customer engagement within a modified Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) framework. Background Problems: During the pandemic, online shopping applications gained rapid popularity, signaling the maturation of e-commerce as a retail channel and causing substantial shifts in consumer purchasing patterns. This study provides empirical evidence that UTAUT2 can explain how technological features influence customer engagement and, in turn, stimulate impulsive buying behavior. Novelty: This study extends UTAUT2 by analyzing how external stimuli and customer engagement interact to explain impulsive purchasing in online shopping applications, particularly in the context of a developing economy. Research Methods: Data were collected through a web-based survey of 246 active online shoppers. Hypotheses were tested using structural equation modeling (SEM). Finding/Results: The results show that external stimuli significantly affect customer engagement, which subsequently drives impulsive purchasing. Customer engagement acts as a mediating mechanism that links technological features with consumer behavior. Conclusion: This study advances the theoretical development of UTAUT2 by proposing a customer engagement model that explains impulsive buying in e-commerce. The findings also provide practical insights into online platforms on how to design features that enhance engagement and strategically encourage impulsive purchases.
The Digital Economy and Green Economic Growth in Indonesia: Spatial Spillover and Nonlinear Effects Fitri Handayani
Journal of Indonesian Economy and Business Vol 41 No 2 (2026): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v41i2.10469

Abstract

Introduction/Main Objectives: This study aims to investigate the digital economy and its spatial effects on green economic growth in Indonesia. It also explores nonlinear or U-shaped effects of the digital economy. Background Problem: The research addresses the background problem of balancing economic growth and environmental sustainability, emphasizing the spatial interdependencies in the digital economy's impact on green economic growth. Understanding these spatial effects is crucial for designing effective regional policies. Novelty: The novelty of this study lies in its examination of the impact of the digital economy on green economic growth using an aggregate index constructed using the Entropy value method. Furthermore, spatial effects are incorporated to account for interdependencies among regions. Research Methods: Spatial analysis using the spatial Durbin model with random-effects models is employed to analyze the data. Findings/Results: Empirical findings from this study indicate a negative impact of the digital economy on green economic growth in Indonesia. Moreover, the study confirms the presence of a nonlinear relationship, specifically a U-shaped effect between the digital economy and the environment-economy index. The coefficients of spatial effects, encompassing both the digital economy and green economic growth, demonstrate significant influences on this relationship. Conclusion: Currently, Indonesia finds itself in the early evolutionary stage of digitalization, which has potential to improve the green economy in the longer term. Optimizing the digital economy is imperative to mitigating unsustainable outputs and inputs in the manufacturing process. Furthermore, achieving a sustainable economy necessitates considering the effects of other regions on local green economies, emphasizing the importance of understanding spatial interdependencies.
Addressing Cyberloafing through Gamification Strategy to Increase Productivity in the Digital Era Arief Dwi Saputra; Alfina Rahmatia; Zulmi Ramdani; Rr. Sri Handari Wahyuningsih
Journal of Indonesian Economy and Business Vol 41 No 2 (2026): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v41i2.11620

Abstract

Introduction/Main Objectives: The digital era has led to cyberloafing behavior in the process of digital transformation, thereby reducing productivity. Background Problems: The increasing prevalence of cyberloafing behavior in the digital era presents a challenge. While it may alleviate boredom and stress, it can also lead to decreased workplace productivity if not appropriately managed. Novelty: The use of gamification strategies will be tested on cyberloafing factors towards increasing productivity. Research Methods: This study uses a quantitative approach. Data are collected using a questionnaire administered to a sample recruited using a purposive sampling technique. The total sample comprises 170 respondents who are employees in the micro, small and medium enterprise (MSME) business sector. The data is processed using SEM with the assistance of AMOS 24 software. Findings/Results: The findings in this study indicate positive and significant relationships between all variables and indicators. Conclusion: Cyberloafing behavior can be directed in a positive direction by increasing productivity through gamification strategies. This is because gamification addresses the psychological tendency of humans to become bored by creating a more pleasant work environment through interesting activities and experiences while still maintaining a focus on managerial goals through game design.
G20 Presidency and the Economic Symbiosis of India and Indonesia Based on the Stock Market, Exchange Rate, and Foreign Trade T Mohanasundaram; Shanthi D; Rizwana M; Vetrivel SC; Dheepa T
Journal of Indonesian Economy and Business Vol 41 No 2 (2026): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v41i2.12346

Abstract

Introduction/Main Objectives: The primary aim of the research is to assess the long-run and short-run dynamic interaction of the stock market, exchange rate and foreign trade between India and Indonesia during the period covered by their successive G20 presidencies. Background Problems: Given the economic significance of India and Indonesia, it is important to examine the performance of their stock market, exchange rate and foreign trade, and explore any connections between them, with the two-year period covered by their recent G20 presidencies providing an interesting window. Novelty: Despite India and Indonesia being emerging economic powerhouses, there are no studies exploring their economic nexus in the context of their successive G20 presidencies This period is chosen because under the G20 framework, both countries intensified their economic and climate collaboration, in turn enhancing their interdependence to make it pivotal. Research Methods: This study examines the empirical relationship between exchange rates, foreign trade, and the stock market indices of India and Indonesia during their G20 presidencies. It analyses historical data from December 2021 to November 2023 using econometric methods to understand the dynamic interactions among these variables. Finding/Results: Over the two years analysed, all economic variables are non-stationary and integrated at level one. Johansen's cointegration test shows long-run equilibrium between the chosen variables. The VECM suggests that short-run deviations in the JKSE are corrected by other variables. The OLS regression finds that changes in the JKSE are significantly explained by Indonesia's net trade. Additionally, the study confirms short-run interaction between the selected economic variables. Conclusion:The study uncovers connections between India and Indonesia's key economic variables, empowering both countries to make informed decisions on bilateral trade, currency policies, and economic cooperation. This understanding of short-term dynamics and long-term associations also assists investors in shaping investment strategies and managing risks effectively.
Yield Spread as a Predictor of Recession in Asia-Pacific: The Role of Monetary Policy Objectives Axel Azriel Alfarizqy; FX. Sugiyanto
Journal of Indonesian Economy and Business Vol 41 No 2 (2026): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v41i2.13892

Abstract

Introduction/Main Objectives: This research examines the predictive power and stability of yield spread in relation to recession for five Asia-Pacific Countries, with monetary policy as the control variable. Background Problems: Yield spread has been extensively studied in industrial countries, but its impact on the real economy in developing regions remains underexplored. Moreover, the informational content underlying the yield spread is still unclear. Novelty: This research incorporates the role of monetary policy objectives in influencing the informational content and stability of the predictive power of yield spread. Research Methods: The research utilizes a fixed effects panel probit approach to conduct in-sample forecasting using monthly secondary data from October 2004 to May 2022. To test parameter stability, Likelihood Ratio Tests were also used. Findings/Results: The yield spread outperforms money supply and stock index for predicting recessions, with an optimal lag of three months. Monetary policy plays a crucial role as every inversion of the yield curve is associated with an interest rate hike, but the model performs better when central bank have prioritized output stabilization and the relationship between interest rate and output is not disturbed. Conclusion: Yield spread is a reliable predictor of recession in Asia-Pacific, but its predictive power depends on the interest rate–output relationship. Therefore, central banks shouldn't use the yield spread during zero lower bound or supply shock conditions.
Dynamic Linkages Between Key Macroeconomic Variables and Economic Growth Siew Ling Liew; Evan Lau; Bei Kee Lee; Dimas Bagus Wiranatakusuma
Journal of Indonesian Economy and Business Vol 41 No 2 (2026): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v41i2.19774

Abstract

Introduction/Main Objectives: This study investigates the dynamic linkages between Malaysia’s economic growth and the key macroeco­nomic variables of foreign direct investment (FDI), inflation, interest rates, and exchange rates, using annual time series data from 1990 to 2019. Background Problems: Malaysia’s economic progress is closely tied to macroeconomic stability and external financial flows, yet fluctuations in inflation, interest rates, and exchange rates often create uncertainty that may weaken the effectiveness of FDI as a catalyst for growth. Novelty: This study offers a comprehensive empirical assess­ment by integrating long-run cointegration analysis with short-run causality testing, providing new insights into the dominant role of FDI within Malaysia’s macroeconomic framework. Research Methods: Time series econometric techniques, including cointegration tests and Granger causality analyses, are applied to annual data covering 1990–2019 to capture equilibrium relationships and directional causality among the variables. Findings/Results: The findings confirm a long-run equilibrium relationship between economic growth, FDI, inflation, interest rates, and exchange rates, with Granger causality results indicating a unidirectional causal flow from FDI to other macroeconomic indicators. Conclusion: FDI emerges as a key driver of Malaysia’s economic growth, under­scoring the importance of strategic investment policies and macro­economic stability for sustaining long-term development.
Counterfeit Craze: Why Gen Z is Buying Fake Products? Viet Quoc Cao; Nhung Trinh; Mai Nguyen
Journal of Indonesian Economy and Business Vol 41 No 2 (2026): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v41i2.23071

Abstract

‘Authentic’ and ‘fake’ are two adjectives that both luxury brands and policymakers need to pay attention to every day, especially in the age of technology, where purchasing and producing goods become increasingly convenient, leading to more complex problems. Therefore, this research aims to empirically investigate factors driving purchase intention of counterfeit luxury goods among Gen Z, who are redefining the market trends. Data was collected via survey questionnaires from 250 Gen Z consumers in Vietnam, an emerging market with contextual similarities to Indonesia. PLS-SEM was applied to examine the predictive research model, following a two-step approach to validate measurement models and assess the hypothesized structural model. Results indicated that value consciousness, integrity, and information susceptibility significantly influence attitudes towards luxury counterfeits, whereas ethical consciousness and materialism are not significant predictors. Furthermore, value consciousness and attitudes towards luxury counterfeits significantly impact purchase intention, with the mediating role of attitudes also being emphasized. These findings offer insights for emerging Southeast Asian markets including Indonesia, where the growing Gen Z demographic and rising counterfeit activities pose similar challenges. The study recommends that marketers of authentic brands and government entities develop regional strategies to raise consumer awareness, encourage boycotts of counterfeit products, and empower luxury brands to reinforce their value propositions against counterfeits.

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