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
38 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.]]>
<![CDATA[Regime-Dependent Directional Accuracy of Fibonacci Retracement, SMA100, and RSI: A Rule-Based Backtest of Indonesian Consumer Stocks ]]>
<![CDATA[Putra Aditya Danis Wara Daffa]]>;
<![CDATA[Alamsyah Alamsyah]]>;
<![CDATA[Adrianda Anwar]]>
<![CDATA[ Economy and Finance Enthusiastic Vol. 4 No. 1 (2026): January-June ]]>
Publisher : <![CDATA[Tinta Emas Publisher ]]>
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DOI: 10.59535/efe.v4i1.685
<![CDATA[Technical indicators are often evaluated as if their performance were transferable across assets and market states, although trend-following, momentum, and retracement rules encode different assumptions. This study evaluates the directional hit rate of Fibonacci retracement, a 100-day simple moving average (SMA100), a 14-day relative strength index (RSI14), and a composite rule for PT Unilever Indonesia Tbk (UNVR), PT Indofood Sukses Makmur Tbk (INDF), and PT Mayora Indah Tbk (MYOR). The supplied archive contains 1,211 synchronized daily closing-price observations from 2 January 2020 to 30 December 2024; the Pine Script evaluation window was bounded from 1 January 2020 to 30 January 2025. Signal correctness was defined by the direction of the next closing price for stand-alone rules and the third subsequent close for the composite rule. Fibonacci hit rates were 38%, 39%, and 52%; SMA100 achieved 63%, 41%, and 44%; RSI14 achieved 42%, 43%, and 80%; and the composite rule achieved 58%, 74%, and 57% for UNVR, INDF, and MYOR, respectively. The composite macro-average (63%) exceeded each stand-alone macro-average, but it underperformed the best stand-alone rule by 5 percentage points for UNVR and 23 points for MYOR. Thus, the apparent benefit of indicator aggregation was concentrated in INDF and cannot be generalized across issuers. The results support regime-conditioned indicator selection rather than indiscriminate signal stacking. Because the rules use different forecast horizons, omit transaction costs, and allow overlapping signals, the reported hit rates measure directional classification—not trading profitability.]]>
<![CDATA[Transformation of The Regional Economic Structure of West Nusa Tenggara Province: Sectoral GRDP Analysis 2015-2024 ]]>
<![CDATA[Rizwan Aldi]]>;
<![CDATA[Baiq Ismiwati]]>;
<![CDATA[M. Jumaedi]]>
<![CDATA[ Economy and Finance Enthusiastic Vol. 4 No. 1 (2026): January-June ]]>
Publisher : <![CDATA[Tinta Emas Publisher ]]>
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DOI: 10.59535/efe.v4i1.686
<![CDATA[This study identifies the direction, magnitude, and temporal reversals of structural change in West Nusa Tenggara (NTB), a resource-dependent Indonesian province. Official real gross regional domestic product (GRDP) for 17 industries in 2015–2024 is reconstructed into transparent primary, secondary, and tertiary groups. The analysis combines annual growth, contribution shifts, compound growth, volatility, end-point and chained Structural Change Indices (SCI), and concentration measures. All underlying values are disclosed, and an internal-consistency audit is applied to the draft’s reported location quotients. Real GRDP increased from IDR 89.338 trillion to IDR 109.415 trillion (2.28% compound annual growth). The primary share declined by 7.56 percentage points, the tertiary share increased by 6.04 points, and the secondary share rose by only 1.52 points. Mining alone explains a 7.35-point loss, whereas trade (+2.69 points) and construction (+1.28 points) were the largest gainers. Tertiary output grew 3.90% annually and secondary output 3.54%, compared with 0.31% for the primary group. Yet the cumulative annual three-group SCI (19.17 points) was 2.54 times the net 2015–2024 SCI (7.56), showing that end-point comparisons conceal substantial shock-driven reversals. NTB experienced service-led diversification rather than deep industrialization. The result supports a policy shift from interpreting sector shares as an automatic productivity transition toward strengthening tradable services, manufacturing linkages, skills, and resilience to mining cycles.]]>
<![CDATA[When Do Bank Fundamentals Matter for Stock Performance? A Structured Review of NIM, ROA, LDR, CAR, NPL, and GDP ]]>
<![CDATA[Karina Wulansari]]>;
<![CDATA[Aloysius Ajab Amin]]>
<![CDATA[ Economy and Finance Enthusiastic Vol. 4 No. 1 (2026): January-June ]]>
Publisher : <![CDATA[Tinta Emas Publisher ]]>
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DOI: 10.59535/efe.v4i1.687
<![CDATA[Bank stock valuation is often modeled as a direct function of accounting ratios, yet the literature reports unstable signs for net interest margin (NIM), return on assets (ROA), loan-to-deposit ratio (LDR), capital adequacy ratio (CAR), and non-performing loans (NPL). This review asks when these indicators become informative for stock performance and whether gross domestic product (GDP) should be treated as a conditioning state rather than a routine control. A structured integrative search of Crossref and OpenAlex identified 2,056 records published from January 2021 to July 2026. After deduplication, relevance screening, and extended metadata or abstract appraisal, 56 evidence sources were synthesized; four methodological and primary institutional sources supported reporting and construct definition. The synthesis shows that ROA provides the most stable positive signal, whereas NPL has the most consistent adverse association. NIM is positive only when asset yields reprice faster than funding costs and the margin is not produced by excessive risk. LDR and CAR exhibit trade-offs: both support intermediation and resilience, but extreme liquidity deployment or excess capital can weaken market valuation. GDP growth changes borrower quality, credit demand, margins, provisioning, and risk appetite, making the ratio–return relationship asymmetric across expansions and contractions. The review therefore proposes a state-contingent framework in which GDP moderates five bank-fundamental channels through earnings persistence, funding risk, loss absorption, and credit impairment. The framework clarifies contradictory findings and provides testable designs for bank-level research, including the Indonesian market.]]>
<![CDATA[Do Tourism Arrivals and Hospitality Capacity Translate into Local Revenue? Evidence from West Nusa Tenggara, Indonesia, 2017–2024 ]]>
<![CDATA[Baiq Nurhaditini]]>;
<![CDATA[Prayitno Basuki]]>;
<![CDATA[Siti Fatimah]]>
<![CDATA[ Economy and Finance Enthusiastic Vol. 4 No. 1 (2026): January-June ]]>
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DOI: 10.59535/efe.v4i1.688
<![CDATA[Tourism is expected to enlarge subnational fiscal space, but observable tourism activity does not automatically translate into local own-source revenue (PAD). This study estimates the associations between tourist arrivals, registered hotels, registered restaurants, and PAD across the ten districts and cities of West Nusa Tenggara, Indonesia, during 2017–2024. The balanced panel comprises 80 district-year observations compiled from official statistical, tourism, and regional-revenue agencies. Pooled, fixed-effects, and random-effects specifications were compared. The Chow test rejected the pooled model, the Hausman test did not reject the random-effects estimator (χ² = 1.622, p = 0.654), and the Breusch–Pagan Lagrange-multiplier test rejected pooled ordinary least squares (χ² = 120.883, p < 0.001); accordingly, the reported specification is a random-effects generalized least-squares model. Tourist arrivals were positively associated with PAD (b = 153.002 thousand IDR per arrival, SE = 32.596, p < 0.001), as were registered restaurants (b = 281,174.4 thousand IDR per unit, SE = 112,616.4, p = 0.015). The hotel count was negative but statistically inconclusive (b = −108,990.1 thousand IDR, SE = 92,628.1, p = 0.243). The model was jointly significant (F = 11.718, p < 0.001) and explained 28.9% of the adjusted variation. Because the source output does not report shock controls, robust covariance estimates, or the row-level replication file, the coefficients are interpreted as conditional associations rather than causal effects. The results favor policies that convert visitor spending into traceable taxable transactions and improve occupancy, business registration, and digital tax administration rather than simply increasing facility counts.]]>
