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Inkubis: Jurnal Ekonomi dan Bisnis
Published by Politeknik Siber Cerdika Internasional
ISSN : 27753913     EISSN : 27751848     DOI : 10.59261
Core Subject : Economy,
Economics, Econometrics & Finance
INKUBIS: Jurnal Ekonomi dan Bisnis is a scientific periodical published twice a year or 6 months. INKUBIS: Jurnal Ekonomi dan Bisnis is managed by the Politeknik Siber Cerdika Internasional which publishes scientific manuscripts in the family of economics and business
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekomomi dan Ekonometrika
Articles 200 Documents
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Measuring Tourism Economic Impact Approach with Keynesian Multiplier: Case on Prambanan Temple Nining Yuniati; A. Citra Rahadevi
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.184

Abstract

Background: One way to assess the economic benefits of tourism is by determining the multiplier value, and one of the most widely applied valuation approaches is the Keynesian multiplier model. Although several studies have examined the multiplier effect of tourism in general, limited empirical research has specifically examined Prambanan Temple as a heritage tourism destination with the highest visitor volume in Yogyakarta, indicating a notable gap in the literature. Objective: The Keynesian multiplier uses inputs involving the direct impact of expenditure, or Tourist Expenditure (E), and local business income in the tourism sector (D); the indirect impact based on the income or wages of local labor in the tourism sector (N); and the induced impact based on tourist spending on local products (U). Method: The Keynesian multiplier is formulated as (D + N + U)/E. A sample of 100 tourists and 10 informants representing tourism businesses and tourism workers was selected as the parties to be interviewed. Result: The analysis yielded a Keynesian income multiplier of 6.75, indicating that every IDR 965,630 spent by an average tourist generated an estimated total economic impact of IDR 6.52 million within the local tourism economy. A multiplier value exceeding 1 indicates that Prambanan Temple, as a tourism destination, demonstrates a significant economic impact in improving the economic welfare of the surrounding community. Conclusion: In measuring job creation, a ratio of 1:4 was obtained, meaning that the arrival of every one tourist can create four job opportunities.
Market Reaction to Information Signals: Evidence from the Indonesian Stock Market Esi Fitriani Komara; Intan Permata Dewi
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.212

Abstract

Background: The capital market is involved in the allocation of funds and the reflection of economic information. However, in emerging markets such as Indonesia, responses to macroeconomic signals are not consistently observed due to information asymmetry, investor heterogeneity, and high economic uncertainty. Objective: This study aims to analyze the impact of interest rates, inflation, and exchange rates on market returns and to describe the response to macroeconomic signals in the Indonesian stock market. Methods: This study uses monthly time-series data from the Indonesia Stock Exchange, Bank Indonesia, and the Central Statistics Agency from 2016 to 2025. Multiple linear regression analysis is used to examine the relationships among the variables. Results: Results show that exchange rates have a negative and significant impact on market returns, while interest rates and inflation have no significant impact on market returns. These findings suggest that external macroeconomic factors, especially currency fluctuations, have a greater impact on stock market reactions than domestic financial variables. Conclusion: This study concludes that among the three macroeconomic information signals analyzed, exchange rates have the most dominant and statistically significant impact on market returns in Indonesia. These findings highlight that market responses in emerging markets are context-dependent and shaped by prevailing macroeconomic conditions and investor risk perceptions.
How Cultural Hotels Create Cultural Meaning: With the Role of Interior Design, Art Experience, Hotel Brand Image, and Staying Experience Moch Sabur; Rofialdi Ramadhan Djamin; Willy Arafah
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.215

Abstract

Background: Cultural hotels have emerged as a distinctive segment of the hospitality industry, integrating local cultural values, traditional aesthetics, and symbolic experiences into the guest stay. In Jakarta, where cultural diversity and urban tourism intersect, cultural hotels serve as important sites for the transmission of local identity and meaning. Despite growing interest in culture-based hospitality, empirical studies examining how interior design, art experience, brand image, and marketing strategies collectively shape cultural meaning among hotel guests remain limited, particularly in the Indonesian context. Objective: This study aims to analyze the influence of interior design, perceived art experience, cultural marketing, hotel brand image, and pleasant staying experience on the formation of cultural meaning among guests of cultural hotels in Jakarta. Methods: This study uses a quantitative explanatory research approach. Data were collected through an online survey distributed to 270 respondents who had stayed at a cultural hotel in Jakarta, using a purposive sampling technique. Data analysis was conducted through validity tests, reliability tests, classical assumption tests, and multiple linear regression analysis using SPSS. Results: The results indicate that all independent variables have a positive and significant effect on cultural meaning. These findings suggest that culture-based experiences, reflected through interior design, perceived art experience, cultural marketing, hotel brand image, and pleasant staying experience, play a crucial role in shaping the cultural meaning perceived by guests. Conclusion: This study concludes that all five independent variables—interior design, perceived art experience, cultural marketing, hotel brand image, and pleasant staying experience—significantly and positively influence cultural meaning among guests of cultural hotels in Jakarta. Perceived art experience and pleasant staying experience demonstrated the strongest contributions. These findings imply that cultural hotels must holistically integrate aesthetic, symbolic, and experiential elements to enhance cultural meaning. This study contributes to the literature on cultural tourism and service marketing by empirically validating a meaning-transfer framework in the Indonesian hospitality context.
Marketing Strategy of Inpari 40 and Kusuma 06 Rice Farming (Oryza sativa L.) in Mangulewa Village, Ngada Regency Rofinus Neto Wuli; Marten Umbu Kaleka; Kornelia Roswita Moi
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.230

Abstract

Background: The rice sector is strategic for food security and rural welfare in Indonesia. In Ngada Regency, dry unhusked rice (GKG) production declined from 57,618.67 tons in 2023 to 46,144.71 tons in 2024, while farm-gate prices remained volatile. Studies on the marketing of specific superior varieties such as Inpari 40 and Kusuma 06 at the village level remain scarce. Objective: This study analyzes the marketing strategy of Inpari 40 and Kusuma 06 rice farming (Oryza sativa L.) in Mangulewa Village, Ngada Regency, focusing on marketing channels, marketing margins, and farmers' share. Methods: A convergent mixed-methods design was applied between February and May 2025. Thirty respondents (25 purposively selected farmers and 5 traders) were interviewed, and data were triangulated with observation and documentation. Qualitative data were analyzed using the Miles-Huberman model, while quantitative data employed marketing-margin and farmers'-share formulas. Results: Findings indicate a direct (zero-level) channel for Inpari 40 organic rice and Kusuma 06 seed, with a farmers' share of 100% for direct sales and an average marketing margin of IDR 3,500/kg when traders are involved. Inpari 40 is sold as organic rice at IDR 15,000/kg, and Kusuma 06 as unlabeled seed at IDR 20,000/kg. Digital promotion via WhatsApp and Facebook contributed approximately 30% of orders. Conclusion: An integrated strategy combining product differentiation, direct channels, and digital promotion enhances farmers' share and supports farming sustainability. Future research should test these findings on a larger sample and include cost-benefit analyses.
Financial Performance and Beer Distribution Game with Competition: Comparison of Supply Chains Without Strategy, Simple Moving Average and Single Exponential Smoothing Nengah Widiangga Gautama; Tri Gunarsih; Andi Harmoko Arifin; Mursalim Nohong
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.241

Abstract

Background: Supply chain management is challenged by demand uncertainty, inventory inefficiency, and rising operational costs. Existing Beer Distribution Game (BDG) studies generally overlook competitive dynamics and consumer trust considerations. Objective: This study compares the financial performance of BDG scenarios using no forecasting, SMA, and EMA strategies under competitive conditions and evaluates their impact on consumer shifts. Methods: A quantitative simulation-based experimental approach was employed using a modified Beer Distribution Game model developed in AnyLogic. The model incorporated consumer trust dynamics and competition mechanisms. Three forecasting scenarios were tested through 5,000 simulation replications. Financial performance was measured using total operational costs across retailer, wholesaler, distributor, and factory units. Data were analyzed using one-way ANOVA, followed by Bonferroni and Games-Howell post-hoc tests at a significance level of 0.05. Results: The results revealed significant differences among the three forecasting scenarios. The Single ES (EMA) strategy achieved the lowest average total operational cost (USD 1,163.07), significantly outperforming SMA (USD 1,771.21) and the no-strategy scenario (USD 1,810.81). EMA consistently reduced costs across all supply chain units, including retailer, wholesaler, distributor, and factory levels. However, EMA also generated the highest average consumer shift rate (32.90%), indicating a trade-off between cost efficiency and customer retention. The findings further suggest that adaptive forecasting improves supply chain stability and partially mitigates the bullwhip effect under competitive conditions. Conclusion: EMA offers superior cost efficiency, but should be complemented by customer retention strategies to ensure sustainable performance.
The Influence of Emotional Intelligence, Work-Life Balance and Leadership Style on Generation Z Employee Loyalty on PT View Indonesia Septiana Arvina; Nur Wening
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.244

Abstract

Background: This research is motivated by the low level of loyalty among Generation Z employees, characterized by a high rate of job turnover and decreased organizational commitment. This condition is also observed in PT View Indonesia, which is dominated by Generation Z employees. Objective: This study aims to empirically examine the influence of emotional intelligence, work-life balance, and leadership style on the loyalty of Generation Z employees at PT View Indonesia, as well as to identify the individual contribution of each variable to employee loyalty outcomes. Method: The research employed a quantitative approach with data collected through questionnaires administered to 113 respondents using the saturated sampling method. Data analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) through two stages: measurement model testing and structural model evaluation. Results: The findings indicate that emotional intelligence, work-life balance, and leadership style each have a positive and significant influence on the loyalty of Generation Z employees. Conclusion: The study concludes that these three variables are critical factors in enhancing the loyalty of Generation Z employees within the company.
Ibn Khaldun's Production Ethics and Islamic MSME Market Supply: A Civilizational Perspective Rosidah Rosidah; Nur Ela; Deni Prastiono; Sri Rokhlinasari; Alvien Septian Haerisma
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.250

Abstract

Background: The low halal certification rate among Indonesian MSMEs, with fewer than 10% of 64 million business units certified halal, and the sharia economic literacy rate of only 9.14%, indicate a weak internalization of Islamic production ethics in market offerings. Meanwhile, Ibn Khaldun’s thought, which contains strong values of Islamic production ethics, has not been sufficiently explored as a conceptual basis for strengthening Indonesian Islamic MSMEs. Objective: This study aims to analyze Ibn Khaldun’s concept of Islamic production ethics, examine its relevance to Islamic market offerings, and describe its implications for strengthening Indonesian sharia-compliant MSMEs. Method: This study employs qualitative library research with a historical-analytical approach. It systematically examines Ibn Khaldun’s ethical production thought through Muqaddimah as the primary source and relevant classical and contemporary Islamic economic literature as secondary sources, then contextualizes the findings within Indonesian sharia MSMEs. Results: The findings show that Ibn Khaldun’s production ethics is centered on ‘umran, which integrates labor value, ‘asabiyyah or social solidarity, justice, ethical efficiency, and civilizational sustainability. This study constructs a five-principle operational framework for Islamic production ethics applicable to Indonesian halal MSME market supply. Conclusion: Integrating ‘umran and ‘asabiyyah into MSME production orientation may address the dualism between Islamic identity and profit-driven conventional business practices.
The Effect of Dividend Policy and Corporate Governance on Company Value: The Role of Tax Avoidance Moderation in Manufacturing Companies Santoso Chandra; Herman Ruslim
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.256

Abstract

Background: Corporate value reflects market assessments of managerial decisions and governance quality. While prior studies have examined determinants of firm value, the combined effects of dividend policy, leverage, gender diversity, and CEO compensation remain underexplored in Indonesia's non-cyclical consumer sector, particularly the moderating role of tax avoidance. Objective: This study investigates the effects of dividend policy, leverage, gender diversity, and CEO compensation on firm value (Tobin's Q) in non-cyclical consumer companies listed on the Indonesia Stock Exchange (IDX), and examines whether tax avoidance, proxied by the Cash Effective Tax Rate (CETR), moderates these relationships. Methods: A quantitative causal-comparative design was applied using panel data from 36 IDX-listed non-cyclical consumer companies over 2020–2024, yielding 180 firm-year observations. Purposive sampling was employed, and data were analyzed through panel data regression with the Fixed Effect Model (FEM), followed by Moderated Regression Analysis (MRA). Results: Gender diversity exerts a significant negative effect on firm value, suggesting that greater board diversity is associated with lower Tobin's Q. Tax avoidance significantly and positively moderates the relationship between gender diversity and firm value. Conversely, dividend policy, leverage, and CEO compensation show no statistically significant effects, either directly or in the moderated models. Conclusion: Governance dynamics and tax management outweigh traditional financial indicators in shaping firm value. Gender diversity negatively affects Tobin's Q, reflecting market skepticism toward uninstitutionalized board changes, yet tax avoidance positively moderates this relationship. The findings emphasize strategic tax management and sound governance as key drivers of corporate value.
Business Process Management of Vehicle Sales and After-Sales Services: A Case Study in an Indonesian Auto Company Billie Enceil; Gunawan Wang
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.257

Abstract

Background: XYZ, Inc., a medium-sized automotive company specializing in vehicle sales and repair services, faces significant operational challenges arising from manual processes, fragmented information systems, and limited interdepartmental coordination. These inefficiencies result in extended processing times, reduced data accuracy, and a negative impact on customer satisfaction (CSAT). Objective: This study aims to analyze and redesign the vehicle sales and repair service processes at XYZ, Inc. using the Case Study framework. BPMN 2.0 was employed to identify bottlenecks, misalignments among sales, repair, and inventory units, and sources of manual data entry inefficiency. Methods: This research adopts a qualitative descriptive case study design following the five-stage BPM Lifecycle (identification, discovery, analysis, redesign, and implementation). Data were collected through structured interviews, direct observation, and document review. BPMN 2.0 was used to model as-is and to-be processes, and performance gaps were measured by comparing actual versus expected processing times across key activities. Results: The redesigned processes led to faster processing times, a reduction of errors, and improved data sharing among departments. Post-project assessments showed that BPM enhances customer experience by facilitating faster service delivery and response. Additionally, performance analytics were implemented to track top-level metrics such as cycle time, data quality, and repair response time. Conclusion: BPM implementation at XYZ, Inc. resulted in significant reductions in processing time for vehicle sales and repair activities, including a reduction in Sales Order Preparation from 18.5 to 9 hours and Parts Ordering from 8 to 2 hours. The redesigned processes improved data accuracy, interdepartmental integration, and overall operational efficiency. These findings demonstrate the practical value of the BPM Lifecycle approach in the automotive retail and service sector.
E-Budgeting and the Effectiveness of Pro-Poor Public Spending: An Institutional Governance Perspective from Local Government in Indonesia Sawaluddin Fitri Tanjung; Syamsurijal Tan; Achmad Hizazi; Zamzami Zamzami
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.260

Abstract

Background: Despite continuous increases in local fiscal capacity and budget allocations, governance constraints—such as weak transparency, accountability, and coordination—often undermine the effectiveness of pro-poor public spending. From an institutional governance perspective, these constraints challenge not only policy performance but also the sustainability of poverty alleviation efforts. Objective: This study examines the relationships among local government budget management quality, e-budgeting implementation, and the effectiveness of pro-poor public spending at the subnational level in Indonesia. Methods: Drawing on survey data collected from officials in local government agencies in West Tanjung Jabung Regency, the study employs Partial Least Squares–Structural Equation Modeling (PLS-SEM) to analyze direct and indirect relationships among multidimensional governance constructs. Results: The results indicate that the Regional Revenue and Expenditure Budget (APBD) does not have a significant direct effect on poverty reduction (β = −0.036, p = 0.776). However, APBD has a positive and significant effect on E-Budgeting implementation (β = 0.667, p < 0.001), while E-Budgeting significantly contributes to poverty reduction (β = 0.673, p < 0.001). These findings suggest that effective E-Budgeting implementation plays a crucial role in enhancing transparency, accountability, and budget efficiency, thereby supporting poverty reduction efforts in Tanjung Jabung Barat Regency. Conclusion: By strengthening transparency, accountability, budget traceability, and interagency coordination, e-budgeting enhances consistency between budget planning and implementation processes and supports the sustainable effectiveness of pro-poor public spending in decentralized government systems. Theoretically, this study contributes to the public financial management and digital governance literature by positioning e-budgeting as an institutional mediating mechanism linking budget quality to sustainable policy implementation.

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