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West Science Journal Economic and Entrepreneurship
Published by Westscience Press
ISSN : -     EISSN : 29863996     DOI : https://doi.org/10.58812/wsee.v1i02
Core Subject : Economy,
Journal of Economics and Entrepreneurship published since 2023 by Westscience Press. Editors receive scientific articles from research results, surveys, and literature reviews closely related to the Economics and Entrepreneurship sectors. WSJEE is a peer-reviewed and open-access scientific magazine. Manuscripts of articles are published after going through a thorough peer-review process. Journal publications are managed by Westscience Press as the publisher.
Articles 400 Documents
Understanding Innovation in Small Firms: A Systematic Literature Review of Heterogeneity in Definitions, Drivers, and Measurement Subarna Roy Chowdhury; Debdatta Saha
West Science Journal Economic and Entrepreneurship Vol. 4 No. 03 (2026): West Science Journal Economic and Entrepreneurship
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsjee.v4i03.2853

Abstract

Innovation in small firms is widely recognized as a critical driver of economic growth and competitiveness, yet its conceptualization and measurement remain highly fragmented. This paper addresses this gap by conducting a systematic literature review of 367 studies on innovation in small firms across diverse geographical and institutional contexts. Drawing on the resource-based view and institutional theory, the study examines how small firms are defined, how their innovation activities are characterized, and how such activities are measured in the existing literature. The findings reveal substantial heterogeneity in the definition of small firms, with significant variation across countries, datasets, and registration status. The analysis further shows that innovation in small firms is predominantly incremental, necessity-driven, and often takes the form of frugal and informal practices, particularly in resource-constrained environments. However, widely used indicators such as patents and R&D expenditure largely capture formal innovation and therefore systematically underestimate the innovative activities of small firms. The paper identifies a critical measurement gap between actual innovation practices and their empirical representation. By highlighting this misalignment, the study contributes to the literature by demonstrating the limitations of conventional innovation metrics and emphasizing the need for more inclusive and context-sensitive measurement frameworks. The findings have important implications for both researchers and policymakers, suggesting that current approaches may overlook a significant portion of innovation activity in small firms, particularly in emerging economies.
Governance, Risk Management, and Compliance as Organizational Capabilities for Sustainable Halal Certification Implementation: Evidence from Indonesian Food and Beverage MSMEs Danny Daniel; Dewi Hanggraeni; Indra Kusumawardhana
West Science Journal Economic and Entrepreneurship Vol. 4 No. 03 (2026): West Science Journal Economic and Entrepreneurship
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsjee.v4i03.3054

Abstract

Halal certification research has predominantly examined awareness, knowledge, adoption intention, consumer responses, or downstream business outcomes. Less is known about the organizational capabilities that enable micro, small, and medium enterprises (MSMEs) to sustain halal requirements after certification enters day-to-day operations. This study investigates governance, risk management, and compliance (GRC) as distinct but complementary organizational capabilities influencing halal certification implementation among food and beverage MSMEs in Greater Jakarta (Jabodetabek), Indonesia. Institutional Theory is used to explain why firms respond to regulatory and normative pressures, while the GRC perspective explains how those pressures are translated into internal managerial mechanisms. A quantitative, explanatory, cross-sectional survey was conducted with 200 MSME owners or managers selected through purposive sampling. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) in SmartPLS 4. Following measurement-model purification, the final model demonstrated satisfactory reliability, convergent validity, and discriminant validity. The structural model explained 78.9% of the variance in halal certification implementation (R² = 0.789; adjusted R² = 0.785), with predictive relevance (Q² = 0.783) and good model fit (SRMR = 0.041). Governance (β = 0.341, t = 6.692, p < 0.001), risk management (β = 0.379, t = 7.999, p < 0.001), and compliance (β = 0.321, t = 7.439, p < 0.001) all exerted positive and significant effects. Risk management was the strongest predictor. The study contributes by reframing halal certification implementation from a predominantly administrative-compliance issue into an organizational-capability problem. It argues that Institutional Theory explains why MSMEs respond to external halal pressures, whereas GRC explains how those responses are operationalized internally through direction and accountability, anticipation and control, and regulatory alignment. The findings imply that certification programs should extend beyond application assistance toward post-certification governance, halal risk management, and continuous compliance capability.
The Impact of the Sustainable Financing Ratio on Credit Risk and Profitability of KBMI IV Banks in Indonesia for the Period 2015 - 2025 Qaedi Taris
West Science Journal Economic and Entrepreneurship Vol. 4 No. 03 (2026): West Science Journal Economic and Entrepreneurship
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsjee.v4i03.3055

Abstract

This study analyzes the impact of the Sustainable Financing Ratio (SFR) on the credit risk and profitability of KBMI IV banks in Indonesia during the 2015–2025 period. Credit risk is proxied by the Non-Performing Loan (NPL) ratio, while profitability is proxied by Return on Assets (ROA). The Capital Adequacy Ratio (CAR), Loan-to-Deposit Ratio (LDR), and Bank Size are used as control variables. The sample comprises Bank Mandiri, Bank Negara Indonesia, Bank Rakyat Indonesia, and Bank Central Asia, yielding 44 observations. Secondary data were obtained from annual reports, sustainability reports, financial statements, and publications by the Financial Services Authority (OJK). The analysis employs panel data regression using the Random Effect Model (REM), Nerlove transformation, and bank-level clustered standard errors. The results indicate that SFR has a positive and significant effect on NPLs, with a coefficient of 0.0439874 and a p-value of 0.0000821. Conversely, SFR has a negative and significant effect on ROA, with a coefficient of −0.0139732 and a p-value of 0.0005. Collectively, SFR, CAR, LDR, and Bank Size significantly influence both NPLs and ROA. These findings suggest that the increase in the proportion of sustainable financing among KBMI IV banks during the observation period is associated with higher credit risk and lower profitability. Therefore, the expansion of sustainable financing must be accompanied by strengthened risk management, monitoring of credit quality, and attention to the banks' efficiency and financial performance.
Analysis of Strategic Agility and Digital Transformation on Innovation Capability and Competitive Advantage in Technology Startups in Bandung Heny Fitriani; Siska Mayratih; Lena Erdawati; Eko Sudarmanto
West Science Journal Economic and Entrepreneurship Vol. 4 No. 03 (2026): West Science Journal Economic and Entrepreneurship
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsjee.v4i03.3062

Abstract

This study examines the effects of strategic agility and digital transformation on innovation capability and competitive advantage among technology startups in Bandung, Indonesia. A quantitative research design was employed using a cross-sectional survey involving 190 respondents who were directly engaged in technology startup activities. Data were collected through a structured questionnaire using a five-point Likert scale and analyzed through Partial Least Squares Structural Equation Modeling using SmartPLS 3. The findings show that strategic agility has a positive and significant effect on innovation capability and competitive advantage. Digital transformation also has a positive and significant effect on innovation capability and competitive advantage. Innovation capability has a strong positive and significant effect on competitive advantage. Furthermore, innovation capability significantly mediates the relationships between strategic agility and competitive advantage and between digital transformation and competitive advantage. The model explains 68.4% of the variance in innovation capability and 75.6% of the variance in competitive advantage. These findings indicate that technology startups can strengthen their competitive position by combining strategic responsiveness, digital integration, and continuous innovation. The study contributes to the Resource-Based View and Dynamic Capabilities perspective by demonstrating that innovation capability functions as a key mechanism through which strategic agility and digital transformation generate competitive value.
Analysis of Islamic Financial Literacy and Islamic Fintech Adoption on Financial Inclusion and Business Performance of Halal MSMEs in Banten Province Eko Sudarmanto; Irwan Irawadi Barus; Junet Kaswoto; Mutia Pamikatsih
West Science Journal Economic and Entrepreneurship Vol. 4 No. 03 (2026): West Science Journal Economic and Entrepreneurship
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsjee.v4i03.3063

Abstract

The development of Islamic financial services and digital financial technology provides significant opportunities to strengthen financial inclusion and improve the competitiveness of halal Micro, Small, and Medium Enterprises (MSMEs). However, limited financial knowledge and restricted access to appropriate financial services remain major challenges faced by many halal MSMEs. This study aims to analyze the influence of Sharia Financial Literacy and Sharia Fintech Adoption on Financial Inclusion and Business Performance of Halal MSMEs in Banten Province. This research employs a quantitative explanatory approach using a cross-sectional survey method. Data were collected from 155 halal MSME actors in Banten Province using a structured questionnaire measured with a five-point Likert scale. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3. The results indicate that Sharia Financial Literacy has a positive and significant effect on Financial Inclusion, while Sharia Fintech Adoption also positively influences Financial Inclusion. Furthermore, Sharia Financial Literacy, Sharia Fintech Adoption, and Financial Inclusion, significantly contribute to improving MSME Business Performance. The mediation analysis confirms that Financial Inclusion partially mediates the relationship between Sharia Financial Literacy and Business Performance, as well as between Sharia Fintech Adoption and Business Performance. These findings highlight that strengthening Islamic financial knowledge and accelerating the adoption of Sharia-based digital financial services are essential strategies for improving financial accessibility and sustainable growth of halal MSMEs. The study provides practical implications for policymakers, Islamic financial institutions, and fintech providers in developing inclusive financial ecosystems that support halal MSME development.
Electronic Word-of-Mouth (e-WOM): A Bibliometric Mapping of Scientific Literature Loso Judijanto; Sintia Permata Sari; Tina Isnaeni
West Science Journal Economic and Entrepreneurship Vol. 4 No. 03 (2026): West Science Journal Economic and Entrepreneurship
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsjee.v4i03.3076

Abstract

With the rise of importance of digital platform use, social media interaction and online consumer activities in decision-making and brand perception processes, Electronic Word-of-Mouth (e-WOM) becomes one of the active fields for scholarly investigations. In order to study the intellectual structure, research development and trends in e-WOM literature, the present study used a bibliometric analysis method. The data was gathered from academic database entries of scientific publications and were analyzed using bibliometric methods, such as citation analysis, co-authorship analysis, keyword co-occurrence analysis, thematic mapping and trends analysis. It was found out that the research on e-WOM was gradually shifting from the issues of consumer motivation, online reviews, and credibility of information towards more general issues like social media, user generated content, purchase intention, brand image and digital consumer behavior. Citation analysis allows identifying fundamental research papers that shaped this field to a great extent, especially in terms of e-WOM adoption, credibility and consumer involvement in it. The cooperation analysis shows that despite the global development of e-WOM research, the fragmentation of authorship, institutionality and inter-country collaboration still exists. Additionally, the thematic evolution proves that modern researches in the area of e-WOM is gradually shifting towards the issues of digital platforms, social media marketing, sentiment analysis and data-driven consumer insights. The present study provides a comprehensive look into the evolution and knowledge base of e-WOM research and defines the possible directions of future research related to artificial intelligence, influencer communication, recommendation algorithms and digital trust.
Business Process Reengineering: A Bibliometric Study Loso Judijanto; Muhamad Ammar Muhtadi; Dila Padila Nurhasanah
West Science Journal Economic and Entrepreneurship Vol. 4 No. 03 (2026): West Science Journal Economic and Entrepreneurship
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsjee.v4i03.3077

Abstract

Business Process Reengineering (BPR) has become an important research domain for understanding organizational transformation, process improvement, and technology-driven change. This study aims to examine the intellectual structure, research development, influential contributions, and emerging themes in BPR literature through a bibliometric analysis approach. Data were collected from the Scopus database using relevant keywords related to Business Process Reengineering, and the retrieved publications were analyzed using VOSviewer to identify citation patterns, collaboration networks, keyword co-occurrence, thematic evolution, and research density. The findings indicate that BPR research has developed through several major knowledge streams, including process optimization, information systems integration, organizational change, enterprise resource planning, and supply chain management. Citation analysis reveals that influential studies have primarily focused on the relationship between information technology, process redesign, and successful implementation strategies. The keyword analysis demonstrates that BPR has evolved from a traditional efficiency-oriented approach toward a broader transformation framework involving digital technologies, organizational capabilities, and strategic adaptation. Furthermore, collaboration analysis highlights the contribution of leading researchers, institutions, and countries in shaping the development of BPR knowledge. This study contributes by providing a comprehensive overview of BPR research evolution and identifying future research opportunities related to artificial intelligence, automation, Industry 4.0, and digital transformation.
Human Capital: A Bibliometric Analysis of Research Evolution Loso Judijanto; Paramita Andiani; Ilham Akbar Bunyamin
West Science Journal Economic and Entrepreneurship Vol. 4 No. 03 (2026): West Science Journal Economic and Entrepreneurship
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsjee.v4i03.3078

Abstract

Human capital has become a fundamental concept in explaining economic development, organizational competitiveness, innovation capability, and sustainable growth. However, the evolution of research themes, intellectual structures, and emerging directions within human capital studies remains fragmented across different disciplines. This study aims to examine the development and research landscape of human capital through a bibliometric analysis approach. Data were collected from the Scopus database using relevant search terms related to human capital, and the retrieved publications were analyzed using bibliometric techniques, including performance analysis, citation analysis, co-authorship analysis, keyword co-occurrence analysis, and thematic evolution mapping. The findings reveal that human capital research has experienced significant growth and has developed into a multidisciplinary field involving economics, management, entrepreneurship, education, innovation, and sustainability. The citation analysis identifies influential studies focusing on entrepreneurship, psychological capital, strategic management, and sustainable competitive advantage, while the keyword analysis demonstrates a transition from traditional themes such as education, employment, and productivity toward emerging themes including innovation, intellectual capital, social capital, and sustainable development. Furthermore, collaboration analysis highlights the dominant contribution of institutions and countries from North America, Europe, and Asia in shaping global human capital research. This study contributes to the literature by providing a comprehensive understanding of the intellectual evolution of human capital research and identifying future research opportunities related to digital capabilities, green human capital, and adaptive workforce development.
Behavioral Finance: A Bibliometric Review and Future Research Agenda Loso Judijanto; Salwa Aulia Novitasari; Sintia Permata Sari
West Science Journal Economic and Entrepreneurship Vol. 4 No. 03 (2026): West Science Journal Economic and Entrepreneurship
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsjee.v4i03.3079

Abstract

Behavioral finance has emerged as an important research domain that challenges traditional financial theories by emphasizing the role of psychological factors, cognitive biases, and human behavior in financial decision-making. This study aims to map the intellectual structure, research development, influential contributions, and future research directions of behavioral finance literature using a bibliometric analysis approach. Data were collected from the Scopus database using relevant keywords related to behavioral finance and analyzed through VOSviewer to examine publication trends, citation performance, author collaboration networks, country collaboration patterns, and keyword co-occurrence structures. The findings indicate that behavioral finance research has experienced significant growth and has been primarily shaped by influential studies focusing on behavioral biases, investor psychology, financial literacy, and market anomalies. The citation analysis identifies Barberis and Thaler (2003), Shiller (2003), Hirshleifer (2015), and Ritter (2003) as among the most influential contributions in establishing the theoretical foundation of the field. The collaboration analysis demonstrates that the United States, China, and India play central roles in global research networks, while keyword analysis reveals the dominance of themes related to behavioral finance, investments, financial decision-making, and risk perception. Furthermore, emerging research trends indicate a growing integration between behavioral finance and digital transformation, including artificial intelligence, big data, cryptocurrency, electronic trading, and sustainable finance. This study contributes to the literature by providing a comprehensive overview of the evolution of behavioral finance and identifying potential future research directions toward technology-driven and interdisciplinary financial behavior studies.
Business Incubation: A Bibliometric Analysis of Global Literature Loso Judijanto; Rani Eka Arini; Dila Padila Nurhasanah
West Science Journal Economic and Entrepreneurship Vol. 4 No. 03 (2026): West Science Journal Economic and Entrepreneurship
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsjee.v4i03.3080

Abstract

Business incubation has become an important mechanism for supporting entrepreneurship, fostering innovation, and strengthening entrepreneurial ecosystems. However, the rapid growth of research in this field has resulted in diverse perspectives and fragmented knowledge development. This study aims to examine the intellectual structure, publication trends, influential contributions, collaboration patterns, and emerging research themes in global business incubation literature through a bibliometric analysis approach. Data were collected from the Scopus database using relevant keywords related to business incubation and business incubators. The collected publications were analyzed using bibliometric techniques, including performance analysis, citation analysis, co-authorship analysis, country collaboration analysis, keyword co-occurrence analysis, and thematic evolution mapping with the support of VOSviewer. The findings reveal that business incubation research has developed from a traditional focus on startup support toward broader perspectives involving entrepreneurship ecosystems, innovation development, technology transfer, and sustainable economic growth. The most influential studies emphasize the evolution of incubator models, technology business incubation, social capital, and incubation outcomes. The analysis also indicates that the United States, the United Kingdom, and China represent the most active contributors in shaping global research collaboration. Furthermore, keyword analysis highlights entrepreneurship, innovation, business incubators, SMEs, and technology commercialization as the dominant research themes, while recent studies increasingly explore incubation networks, digital transformation, and ecosystem-based approaches. This study contributes to the existing literature by providing a comprehensive mapping of global business incubation research and identifying future research opportunities related to digital incubation, artificial intelligence-supported entrepreneurship, and sustainable innovation ecosystems.

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