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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 309 Documents
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Can Enterprise Risk Management Truly Boost Firm Value? Evidence From ROA and Board Independence Agung Sriwardhani; Ria Sandra Alimbudiono
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 3 (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.v8i3.266

Abstract

Background: Enterprise Risk Management (ERM) has been widely recognized as a strategic approach to managing organizational risks. However, previous studies have reported inconsistent findings regarding its effect on firm value, particularly in the financial sector. This study further examines whether financial performance and board independence strengthen the relationship between ERM and firm value. Objective: This study aims to investigate the effect of Enterprise Risk Management (ERM) on firm value and to examine the moderating roles of financial performance (ROA) and board independence in the Indonesian financial sector. Methods: This quantitative study employed panel data from 95 financial sector companies listed on the Indonesia Stock Exchange during 2019–2024, resulting in 570 firm-year observations. ERM was identified through Python-based content analysis of annual reports using predefined ERM-related keywords. Panel regression analysis was conducted using Common Effect, Fixed Effect, and Random Effect Models, with the most appropriate model selected through Chow, Hausman, and Lagrange Multiplier tests. Results: The findings indicate that ERM has a significant negative effect on firm value. However, financial performance (ROA) significantly strengthens the relationship between ERM and firm value, whereas board independence does not significantly moderate this relationship. Conclusion: ERM alone does not enhance firm value. Its effectiveness depends on strong financial performance, while board independence does not reinforce the value-creating role of ERM. These findings suggest that firms should integrate ERM with profitability improvement strategies to maximize shareholder value.
The Influence of Country Governance on Environmental Performance: A Global Data Analysis Nika Sella Adriani Ginting; Deni Kusumawardani
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 3 (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.v8i3.284

Abstract

Background: Environmental degradation and the urgency of achieving global sustainability targets have increased attention to institutional factors affecting environmental outcomes. However, evidence regarding the contribution of individual governance dimensions to environmental performance across countries remains inconclusive. Objective: This study examines the effect of country governance on the Environmental Performance Index (EPI) across countries. Methods: The study used biennial panel data from 102 countries covering 2006–2022 and applied a Fixed Effects Model for estimation. Results: Country governance generally had a positive effect on environmental performance. Specifically, Control of Corruption, Government Effectiveness, and Regulatory Quality had positive and statistically significant effects on EPI, demonstrating the importance of strong institutions in supporting effective environmental policies. Among the control variables, economic growth had a negative and significant effect, suggesting that increased economic activity may intensify environmental pressures. The service sector also showed negative effects at certain significance levels. Conversely, energy intensity had a positive and significant effect, indicating that higher energy consumption does not necessarily worsen environmental performance when supported by effective governance and efficient technologies. Conclusion: Country governance is an important institutional determinant of environmental performance, particularly through corruption control, government effectiveness, and regulatory quality. Strengthening institutional capacity and regulatory effectiveness is therefore essential for improving environmental outcomes and supporting long-term sustainable development and net-zero emission targets.
The Influence of Green Finance on Reducing Emission Intensity in Electric Utility Companies in ASEAN Okky Aufarul Mawahib; Wisnu Wibowo
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 3 (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.v8i3.285

Abstract

Background: The decarbonization of electric utilities in ASEAN requires financing instruments that can reduce corporate carbon intensity without compromising energy security. Objective: This study examines whether green finance reduces emission intensity and whether leverage and return on investment condition this effect.Methods: The study uses secondary panel data from electric utility and energy companies in ASEAN during 2015–2024. Green finance is proxied by green loans and green bonds scaled by total assets and lagged by one year, while emission intensity is measured as emissions per unit of sales. The empirical model is estimated using panel regression, and model selection tests support the random-effects specification. Results: The results show that green finance has a negative and statistically significant effect on emission intensity. The interaction between green finance and leverage is positive and significant, indicating that higher debt weakens the emission-reducing effect of green finance. Conversely, the interaction between green finance and return on investment is negative and significant, indicating that stronger investment returns enhance the effectiveness of green finance. ESG scores are also associated with lower emission intensity, while state-owned enterprises tend to exhibit higher emission intensity. Conclusion: The findings imply that green finance is more effective when supported by a sound capital structure, adequate investment returns, and effective sustainability governance.
CO₂ Emission Drivers and Decoupling across Net-Zero Commitment Clusters Yosafat Mathias Sihombing; Deni Kusumawardani
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 3 (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.v8i3.286

Abstract

Background: Progress toward net-zero emissions requires evidence of whether economic growth is becoming less carbon-intensive across countries with different levels of net-zero commitment. Objective: This study identified the main drivers of changes in CO₂ emissions and compared economic-growth decoupling across net-zero-emission commitment clusters. Methods: Secondary panel data for 27 high-emitting countries, selected from six net-zero commitment-status clusters, were analyzed for 2008–2023. Logarithmic Mean Divisia Index (LMDI) decomposition was used to estimate the contributions of economic activity, population, energy intensity, carbon intensity, and the energy mix; Tapio analysis was used to classify emission–growth decoupling before and after the Paris Agreement. Results: Economic activity and population were the principal drivers of emissions, whereas improvements in energy and carbon intensity generally offset part of the increase. Commitment clusters with targets embedded in law or policy documents showed more stable decoupling outcomes than declaration and proposed clusters; only Gabon, in the achieved cluster, reached strong decoupling in the post-Paris period. Conclusion: Integrating LMDI and Tapio analyses shows that the credibility and institutionalization of net-zero commitments are associated with more stable decoupling patterns, while improvements in efficiency and decarbonization remain essential for offsetting growth-related emissions.
Coal Consumption Dynamics in Indonesia: Evidence from the Coal Kuznets Curve (CKC) Framework Widya Wahyuni; Deni Kusumawardani
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 3 (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.v8i3.293

Abstract

Background: Indonesia, as one of the world’s largest coal producers and consumers, faces a critical tension between coal-driven economic growth and the imperative of environmental sustainability. Despite existing studies on the Environmental Kuznets Curve (EKC), empirical evidence on the Coal Kuznets Curve (CKC) in Indonesia remains limited, particularly regarding the nonlinear dynamics of coal consumption over time. Objective: This study analyzes the influence of economic growth on coal consumption in Indonesia within the framework of the Coal Kuznets Curve (CKC), using time-series data for the period 1994–2023. Methods: The study employs an Autoregressive Distributed Lag (ARDL) model with an Error Correction Model (ECM) approach, along with robustness tests using Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS). Results: The results reveal a U-shaped nonlinear relationship between economic growth and coal consumption, indicating that the relationship varies across income levels: at lower income levels, economic growth is associated with declining coal consumption, whereas beyond a certain income threshold, coal consumption rises again. This pattern deviates from the conventional inverted U-shaped Coal Kuznets Curve hypothesis. Population density and industrial activity are also found to significantly increase coal consumption. Conclusion: Overall, these findings confirm that economic growth in Indonesia has not been accompanied by a reduction in dependence on coal, underscoring the urgent need for structural energy-transition policies that decouple economic growth from fossil-fuel consumption.
Fiscal Expansion, Government Size, and Long-Run Economic GroFiscal Expansion, Government Size, and Long-Run Economic Growth: Evidence from Economic Freedom and Institutional Qualitywth: Evidence from Economic Freedom and Institutional Quality Yusri Hazmi; Muhammad Nasir; Syahril
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.v8i2.299

Abstract

Background: Fiscal expansion is widely used to stabilize economic activity during periods of uncertainty, yet its long-run relationship with economic growth remains debated, particularly regarding fiscal sustainability, allocative efficiency, and institutional effectiveness. Objective: This study examines the relationship between fiscal expansion, government size, economic freedom, institutional quality, and long-run economic growth within a cross-country macroeconomic framework. Methods: A quantitative approach was employed using an unbalanced panel dataset of 131 countries from 2019–2025, comprising up to 917 country-year observations. Data were obtained from the World Bank, the Heritage Foundation, and Transparency International. A Fixed Effects Model (FEM) was applied following the Hausman test (χ² = 47.32, p < 0.001), indicating that country-specific effects were correlated with the explanatory variables. Results: Business freedom (β = 0.0202–0.0251), fiscal freedom (β = 0.0141–0.0167), government size (β = 0.0094–0.0192), and institutional integrity (β = 0.0391–0.0453) positively and significantly affect GDP per capita (p < 0.01). Institutional integrity shows the strongest influence across model specifications. The findings also support Wagner’s Law, indicating a positive relationship between GDP per capita and government size. Conclusion: Fiscal expansion alone is insufficient to sustain long-run economic growth. Strong institutional quality, economic freedom, efficient public expenditure management, and effective regulation are essential for supporting sustainable economic development.
Beyond ESG and Innovation: Construct Development and Validation of Sustainability Innovative Value Maximization (SIVM) Ahmad Junaedi; Christian Herdinata; Murpin Josua Sembiring Gurky
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 3 (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.v8i3.310

Abstract

Background: SIVM is conceptualized as a firm’s ability to transform sustainability pressures into value creation. Despite the exponential growth of ESG adoption globally, with over 90% of S&P 500 companies publishing sustainability reports, empirical evidence on the ESG–performance nexus remains inconclusive, signaling the need for a capability-based construct that bridges this theoretical gap. Objective: This study addresses inconsistent findings regarding the relationship between Environmental, Social, and Governance (ESG) disclosure and corporate performance by introducing Sustainability Innovative Value Maximization (SIVM) as a novel strategic capability. Methods: This research employs a construct development approach using Exploratory Factor Analysis (EFA) and Confirmatory Factor Analysis (CFA) on data from 187 respondents drawn from firms operating in industries with high ESG exposure in Indonesia (mining, palm oil, and tobacco). Data were collected between January and May 2025 through purposive sampling. Results: The results confirm that SIVM is a valid, reliable, and multidimensional construct that is distinct from ESG disclosure and Sustainability-Oriented Innovation (SOI). Structural model analysis reveals that ESG significantly influences SIVM, which, in turn, has a strong positive effect on corporate performance, both directly and indirectly through Corporate Political Activity (CPA). Meanwhile, SOI does not significantly affect performance, indicating the limitations of innovation-centric explanations. Conclusion: This study contributes to the literature by positioning SIVM as a critical internal capability that bridges sustainability pressures and value creation, thereby extending stakeholder and agency perspectives. Practically, the findings suggest that firms should move beyond disclosure and focus on developing capabilities for converting sustainability pressures into value.
Integrated Green Economy Policy for Fishery Waste Valorization in the Cirebon Coastal Area: A Mixed-Method PLS-SEM Analysis Ria Adriyani; Erna Erna; Adie Irwan Kusumah
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.v8i2.311

Abstract

Background:  Cirebon coastal area generates approximately 15,000–20,000 tons of fishery waste annually, with more than 60% remaining unutilized, leading to environmental pollution and missed economic opportunities. Existing waste management policies remain fragmented among Regional Apparatus Organizations and lack an integrated framework that combines local wisdom, green economy principles, and fishery waste valorization. Objective: This study analyzes the relationships among local wisdom, green economy policy, fishery waste transformation, and waste-based economic products by examining the mediating role of an integrated policy model using Partial Least Squares Structural Equation Modeling (PLS-SEM). Methods: A convergent mixed-methods design was employed, involving 132 respondents from coastal fishery communities. Quantitative data were collected using stratified random sampling and analyzed using PLS-SEM, while qualitative data were obtained through purposive interviews and integrated through triangulation to enrich the interpretation of the findings. Results: The direct effects of local wisdom (β = 0.097; t = 0.674), green economy policy (β = 0.018; t = 0.280), and fishery waste transformation (β = 0.059; t = 0.698) on waste-based economic products were statistically insignificant. However, all three variables significantly influenced economic products through integrated policy model (p < 0.05), confirming its full mediating role. The findings indicate that institutional support, including quality standards, technical assistance, and market facilitation, is essential for successful waste valorization. Conclusion: Integrated green economy policies are critical for transforming fishery waste into sustainable economic products while reducing coastal pollution. Strengthening collaboration among government, academia, and local communities can accelerate waste valorization and enhance sustainable coastal development.
Examining the Influence of Employer Branding and Work-Life Balance on Employee Retention: The Mediating Role of Organizational Commitment Yollanda Salsabillah Wibowo; Muthia Pramesti
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.v8i2.341

Abstract

Background: The automotive finance industry in Indonesia faces the challenge of high employee turnover, which negatively affects workforce stability and the achievement of organizational objectives. This situation highlights the need to implement human resource management strategies that enhance employee retention. Objective: This study aims to examine how work-life balance and employer branding influence employee retention in an automotive finance company in Pekanbaru. Organizational commitment is examined as a mediating variable. Methods: A quantitative research design was employed, involving 167 employees who completed questionnaires. The data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). Results: The results indicate that work-life balance and employer branding have positive and significant effects on employee retention and organizational commitment. Furthermore, organizational commitment was found to mediate the relationship between work-life balance and employer branding with employee retention. These findings suggest that a supportive work-life balance and a strong corporate image can strengthen organizational commitment and encourage employees to remain with the company. Conclusion: To sustainably improve employee retention, this study highlights the importance for organizations to strengthen work-life balance initiatives and employer branding strategies.
Learning Management System, Employee Engagement, and Employee Performance: A Mediation Analysis in Pharmaceutical Retail I Putu Cahya Swandhika Negara; Fariz Fariz
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.v8i2.343

Abstract

Background: Digital transformation encourages healthcare organizations to adopt Learning Management Systems (LMS) for flexible and measurable employee development. However, prior studies report inconsistent direct and mediated effects of LMS on performance, particularly in pharmaceutical retail. Objective: This study examines the effects of LMS implementation on employee engagement and performance at ApotekKU Bali, including the mediating role of employee engagement. Methods: A quantitative design and purposive sampling with a saturated (census) approach were applied. Of 413 questionnaire respondents, 409 met the analysis criteria. Data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). Results: LMS implementation positively affected employee engagement (β = 0.714; p < 0.05), while employee engagement positively affected performance (β = 0.718; p < 0.05). LMS had no significant direct effect on performance (β = 0.090; p > 0.05). Employee engagement fully mediated this relationship (indirect effect = 0.512; p < 0.05; VAF = 85.1%). The model explained 51.0% of employee engagement variance and 61.6% of performance variance. Conclusion: LMS improves performance through employee engagement rather than directly. Organizations should combine technological implementation with strategies that strengthen employees’ psychological engagement in digital learning.

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