Economy and Finance Enthusiastic
"Economy and Finance Enthusiastic" (EFE) is a peer-reviewed journal dedicated to advancing the understanding and knowledge of various aspects within the fields of economy and finance. EFE provides a platform for researchers, scholars, practitioners, and policymakers to engage in scholarly discourse and contribute to the exploration of key issues, trends, and developments in the realms of economics and finance. Focus of the Journal The primary focus of "Economy and Finance Enthusiastic" encompasses the exploration and analysis of theories, concepts, and practices that shape and influence economic and financial systems. The journal aims to provide insights into how economic and financial phenomena impact individuals, societies, businesses, and governments. By examining these factors, the journal aims to contribute to informed decision-making, policy formulation, and sustainable economic development. Scope of the Journal "Economy and Finance Enthusiastic" invites submissions of original research articles, reviews, case studies, and theoretical papers that address a wide and evolving range of topics within the fields of economy and finance. The scope of the journal includes, but is not limited to, the following areas: Macroeconomics and Microeconomics: Analysis of economic behavior, market dynamics, and policy implications at both macro and micro levels. Financial Markets and Institutions: Exploration of financial instruments, market structures, banking systems, and regulatory frameworks. Corporate Finance and Investments: Studies on financial management, capital allocation, investment strategies, and risk assessment in corporations. International Finance and Trade: Research on global economic integration, cross-border investments, trade policies, and currency dynamics. Public Finance and Fiscal Policies: Examination of government expenditures, taxation, public budgeting, and fiscal strategies. Behavioral Economics and Finance: Investigations into psychological factors influencing economic and financial decision-making. Sustainable and Ethical Finance: Analysis of environmentally and socially responsible financial practices, impact investing, and ethical considerations. Emerging Technologies and Fintech: Study of technological advancements, digital currencies, blockchain, and their implications for finance. Data Analytics and Quantitative Methods: Application of data-driven approaches, modeling, and quantitative techniques in economic and financial research. The scope of "Economy and Finance Enthusiastic" is dynamic and forward-looking, reflecting the evolving nature of economic and financial landscapes. The journal encourages interdisciplinary research that anticipates future challenges and opportunities, providing valuable insights that can inform strategies for sustainable economic growth and financial stability.
Articles
34 Documents
<![CDATA[Effects of Overconfidence Bias, Loss Aversion, and Herding on University Students’ Investment Decisions in Surabaya ]]>
<![CDATA[Maria Yovita R. Pandin]]>;
<![CDATA[Feriona Ayurizta Iliyas]]>;
<![CDATA[Amalia Tizka Zhahrina]]>;
<![CDATA[Aim Matus Noer Solehah]]>
<![CDATA[ Economy and Finance Enthusiastic Vol. 3 No. 2 (2025): July-December ]]>
Publisher : <![CDATA[Tinta Emas Publisher ]]>
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DOI: 10.59535/efe.v3i2.599
<![CDATA[This study investigates the effects of overconfidence bias, loss aversion, and herding behavior on university students’ investment decisions in Surabaya. Using a quantitative approach, data were collected via an online questionnaire (Google Form) distributed to students from state and private universities, yielding 102 valid responses. The population frame referred to the 34,464 students in Surabaya, and the minimum sample size was determined using the Isaac and Michael formula. Each construct was measured with 10 indicators, all of which passed validity (r count > r table, Sig. < 0.05) and reliability tests (Cronbach’s Alpha > 0.60). Data were analyzed using multiple linear regression with SPSS, preceded by classical assumption tests (normality and multicollinearity), which indicated that the model was appropriate. The results show that overconfidence bias, loss aversion, and herding behavior each have a significant partial effect on investment decisions, as evidenced by t-count values of 8.176, 65.159, and 8.822 respectively, all greater than t-table (1.984) with significance levels of 0.000. Simultaneously, the three psychological factors also have a significant joint influence on investment decisions (Sig. 0.012 < 0.05). These findings confirm that behavioral biases play a crucial role in shaping students’ investment behavior, implying the need to strengthen financial education and awareness of psychological biases among young investors.]]>
<![CDATA[The Factors Affecting on Financial Distress: Empirical Study of Energy Sector of Indonesia ]]>
<![CDATA[Fatma Laila Ali]]>;
<![CDATA[Lidiyawati, Lidiyawati]]>
<![CDATA[ Economy and Finance Enthusiastic Vol. 3 No. 2 (2025): July-December ]]>
Publisher : <![CDATA[Tinta Emas Publisher ]]>
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DOI: 10.59535/efe.v3i2.630
<![CDATA[Financial distress is a state a company experiences before bankruptcy whereares financial performance in crysis situation on generating profit or payment current obligation. In line with the signal theory, financial distress can be indicated through management actions. This study aims to determine and predict the effects of profitability, leverage, and sales growth on financial distress. The study uses secondary data from 69 energy companies listed on Indonesia Stock Market during 2021-2023. The purposive sampling used for this research. Logistic regression analysis, conducted using SPSS 27, result that profitability has a negative effect on financial distress significantly, but leverage and sales growth do not have a significant positive effect. Thus, Return on Assets (ROA) is relevant to financial distress, but leverage and sales growth can be considered as variables that need to be explored in further fundamental research.. This finding can direct future research to explore more result trought use others sector and involved additional variables or extent the research periode. Specifically assessing the energy sector in investment activities can also be considered considering the average leverage value is more than 4 times the total equity value and profit is only at 0.15.]]>
<![CDATA[The Resilience of Sharia Microfinance Institutions in Post-Pandemic Recovery: A Case Study of BMTs in Rural Java ]]>
<![CDATA[Remi Kartina]]>
<![CDATA[ Economy and Finance Enthusiastic Vol. 1 No. 2 (2023): July-December ]]>
Publisher : <![CDATA[Tinta Emas Publisher ]]>
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DOI: 10.59535/efe.v1i2.651
<![CDATA[The COVID-19 pandemic created serious economic disruption for micro, small, and medium enterprises in Indonesia, particularly in rural communities with limited access to formal banking services. This study examines the resilience of Sharia microfinance institutions, specifically Baitul Maal wa Tamwil (BMT), in supporting post-pandemic recovery in rural Java. Using a qualitative descriptive approach, data were collected through semi-structured interviews with 15 participants, direct observation at selected BMT offices, and documentation from institutional reports, meeting notes, and local media sources from 2020 to 2022. The findings reveal that BMTs maintained their institutional functions through repayment restructuring, emergency social financing, community-based communication, and the reinforcement of Islamic values. Flexible repayment schemes helped members avoid permanent default, while zakat, infaq, sadaqah, and qard al-hasan supported vulnerable members during periods of economic hardship. The study also shows that social capital, trust, and religious legitimacy were central to BMT resilience. However, BMTs continued to face challenges related to problematic financing, limited digital infrastructure, staff workload, and weak access to external liquidity. This study concludes that BMT resilience is shaped by the interaction of social, religious, and institutional capacities. Strengthening BMTs requires not only financial support, but also improvements in digital systems, governance, human resources, and risk management.]]>
<![CDATA[Consumer Trust and Intentions in Using Halal Self-Declare Certification Among Food Micro-Enterprises in Jakarta ]]>
<![CDATA[Aldian, Aldian]]>
<![CDATA[ Economy and Finance Enthusiastic Vol. 2 No. 2 (2024): July-December ]]>
Publisher : <![CDATA[Tinta Emas Publisher ]]>
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DOI: 10.59535/efe.v2i2.652
<![CDATA[This study examines consumer trust and behavioural intentions toward halal self-declare certification among food micro-enterprises in Jakarta. The self-declare certification system was introduced to simplify halal certification access for micro and small enterprises, particularly those producing low-risk food products with simple ingredients and production processes. However, its implementation raises important questions regarding consumer trust, process transparency, and business adoption. This study employed a qualitative research design using netnography, in-depth interviews, observation, and documentation. Netnographic data were collected from Indonesian-language digital platforms, while interviews were conducted with Muslim consumers and food micro-enterprise owners in Jakarta. The data were analysed thematically with the assistance of NVivo to identify major themes and patterns across data sources. The findings show that consumer awareness of halal self-declare certification remains limited. Although consumers generally recognise halal labels, many do not clearly understand the difference between conventional certification and the self-declare pathway. Consumer trust is shaped by institutional credibility, process transparency, perceived religious risk, and the visibility of certification information. From the business perspective, micro-enterprise owners view self-declare certification as beneficial because it reduces cost, accelerates certification, and improves customer confidence. However, they also face barriers related to digital literacy, documentation, and consumer scepticism. This study concludes that halal self-declare certification has strong potential to expand halal assurance among micro-enterprises, but its effectiveness depends on clearer public communication, transparent certification display, and stronger support for business owners.]]>
