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Economic Military and Geographically Business Review
Published by Institute for Advanced Science, Social, and Sustainable Future
ISSN : -     EISSN : 30253160     DOI : -
Core Subject : Science, Social,
Decision Sciences, Operations Research & Management Earth & Planetary Sciences Law, Crime, Criminology & Criminal Justice
Economic Military and Geographically Business Review (EMAGRAP) is an international reference journal published articles once every six months a year January - June (online and print editions), and July - December (online and print) by the OJS EMAGRAP website. It aims to be a leading place for authors to share their work on interesting and emerging topics in political-geography, political-economics, ideological-economics and related disciplines with a global community of academics, researchers, students, civil society, policy makers, and development specialist. EMAGRAP accepts economics and geographical analysis papers (research articles and research summaries) on topics that lie in or with implications for international areas that use sound methodology and adopt comparative, and inter, multi, and transdisciplinary approaches. EMAGRAP is also Humanities research friendly and will consider submissions in defense politics, military, and economics involving topics and issues related to military strength and geographic distance of countries.
Arjuna Subject : Ilmu Bumi dan Planet (semua kategori) - Ilmu Bumi dan Planet (Lain-Lain)
Articles 44 Documents
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Strategic governance for hybrid maritime threats: A hexa-helix model approach Fakhri Reza; Adi Subiyanto; Sutanto
Economic Military and Geographically Business Review Vol. 3 No. 2: (January) 2026
Publisher : Institute for Advanced Science Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/emagrap.v3i2.2026.2310

Abstract

Background: Indonesia's eastern maritime region, despite its immense geostrategic importance, faces persistent defense infrastructure gaps, limited naval presence, and fragmented policy implementation. This study aims to address these challenges by proposing the Hexa-Helix collaboration model as a strategic policy framework for maritime defense reinforcement. Methods: Employing qualitative strategic analysis and literature review, the research elaborates the evolution of innovation collaboration theory from the Triple Helix to a novel Hexa-Helix model tailored to the archipelagic defense context. Findings: Findings indicate that existing maritime defense efforts in Eastern Indonesia are hindered by underdeveloped naval infrastructure, limited local shipbuilding industries, and weak stakeholder integration. The Hexa-Helix model incorporates six key actors: government, navy, academia, industry, society, and media to establish a more inclusive and adaptive defense ecosystem, particularly in high-risk zones such as the Sulu Sea. Conclusion: This study concludes that the Hexa-Helix collaboration model provides an effective governance framework for addressing hybrid maritime threats by integrating defense, innovation, and public engagement across key stakeholders. The model strengthens maritime security and institutional resilience in archipelagic regions facing complex transboundary challenges. Novelty/Originality of this article: The novelty of this study lies in institutionalizing the Navy and media as independent helices, expanding conventional innovation frameworks to address hybrid threats in maritime border areas. The model offers strategic pathways for enhancing Indonesia's maritime sovereignty and fostering sustainable local defense industry growth.
The role of mobile commerce service quality in enhancing consumer loyalty: A strategic business perspective Mochamad Zevazaky Langit; Khairani Ratnasari Siregar
Economic Military and Geographically Business Review Vol. 3 No. 2: (January) 2026
Publisher : Institute for Advanced Science Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/emagrap.v3i2.2026.2469

Abstract

Background: The development of e-commerce in Indonesia shows significant growth, with the number of users predicted to continue to increase until 2029. This phenomenon is driven by easier internet access and the widespread use of smartphones. This study aims to analyze the effect of mobile commerce aplication (MCA) service quality on consumer loyalty intentions in Shopee e-commerce through consumer satisfaction. Methods: This research uses a quantitative method with a causal approach. Data was collected through a Google Form questionnaire distributed to 238 respondents with a sampling process using non-probability techniques with samples selected purposively. The SERVQUAL model, is adopted to evaluate MCA service quality and its influence on customer satisfaction and loyalty intention. The statistical method of partial least squares structural equation modeling (PLS-SEM) analyzed with SmartPLS 4 software and then evaluated through combined importance performance map analysis (cIPMA). Findings: The results of this study show that customer satisfaction has a positive and significant effect on customer loyalty intention. Service quality has a positive and significant effect on customer loyalty intention through customer satisfaction, including variables of information quality, personalization, reliability, and usability while assurance, responsiveness, and security do not have a positive and significant effect. Conclusion: The study concludes that customer satisfaction plays a crucial role in strengthening customer loyalty intention in Shopee’s mobile commerce. Among the examined service quality dimensions, information quality, personalization, reliability, and usability significantly enhance loyalty through satisfaction, while assurance, responsiveness, and security show no significant impact. Novelty/Originality of this article: This study offers novelty by identifying which specific dimensions of Mobile Commerce Application (MCA) service quality directly strengthen customer loyalty intention through satisfaction in the context of Shopee—revealing that only information quality, personalization, reliability, and usability have significant effects, while assurance, responsiveness, and security do not.
Energy diplomacy as a repositioning strategy Indonesia's geopolitics in the Arab World Nur Kumalatuz Zahroh
Economic Military and Geographically Business Review Vol. 3 No. 2: (January) 2026
Publisher : Institute for Advanced Science Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/emagrap.v3i2.2026.2599

Abstract

Background: The Arab world is undergoing a fundamental transformation in its geopolitical and energy landscape as global dependence on fossil fuels declines and green energy transitions accelerate, reshaping regional power configurations and opening new opportunities for non-Middle Eastern actors. This study aims to analyze how global energy transformation and shifting Arab geopolitics reconfigure regional power structures and to formulate strategic pathways for Indonesia to reposition its foreign policy through energy diplomacy. Previous scholarship highlights energy as not merely an economic commodity but a strategic instrument of power, emphasizing the rise of energy diplomacy and governance in defining global influence. Methods:  This research employs a qualitative, descriptive-analytical method, combining literature review, policy document analysis, and geopolitical mapping to assess regional dynamics, Indonesia–Arab relations, and multilateral energy frameworks, particularly the role of the OPEC. Findings: The findings indicate that the transition towards renewable energy in Gulf countries has transformed energy from a trade-based asset into a model of political leverage, while Indonesia remains constrained by fragmented and largely bilateral energy diplomacy. The analysis shows that Indonesia’s suspended participation in OPEC limits its access to strategic energy governance networks and emerging green energy funding mechanisms, reducing its bargaining power in global energy forums. The theoretical framework of energy as a source of geopolitical power is substantiated by empirical evidence demonstrating that countries actively shaping energy governance gain greater diplomatic leverage and strategic depth. Conclusion: The study concludes that proactive energy diplomacy and strategic re-engagement with multilateral energy institutions are essential for strengthening Indonesia’s geopolitical role. Novelty/Originality of this article: The novelty of this article lies in conceptualizing Indonesia not merely as an energy consumer or market actor but as a potential “bridge state” in the emerging architecture of Islamic world energy diplomacy and green energy governance, integrating state-led and non-state diplomatic pathways.
Cybersecurity education for the elderly as a strategic tool to mitigate digital economic risks Daffa Mahdy Brata; Bainul Dwi Tri Putra; Anindito Anindito
Economic Military and Geographically Business Review Vol. 3 No. 2: (January) 2026
Publisher : Institute for Advanced Science Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/emagrap.v3i2.2026.2631

Abstract

Background: The vulnerability of older people to online fraud has increased drastically, with national losses reaching IDR 2 trillion by April 2025. These frauds pose a significant threat not only to the elderly but also to the stability of Indonesia’s financial sector and fintech industries, highlighting the need for systemic solutions that protect both individuals and businesses. This study aims to develop a cybersecurity education application for the elderly, which not only addresses common fraud patterns in Indonesia, such as fake lotteries, digital bank fraud, and WhatsApp social engineering, but also serves as part of a broader strategy to protect the digital economy, mitigate business risks, and strengthen financial sector security. Methods: The study uses the R&D method with the analysis, design, development, implementation, evaluation model. The application features an elderly-friendly interface with large fonts, simple navigation, and adaptive learning. User testing was conducted with elderly participants to assess usability and effectiveness, incorporating experiential learning principles to enhance engagement. Findings: Initial prototype evaluation with 15 elderly participants (aged 62-74) showed that 87% successfully completed basic navigation tasks independently, and 73% completed the full learning flow without assistance. The experiential learning approach integrated into the prototype design proved more effective than traditional lecture-based methods in preliminary testing. Common usability challenges identified included back navigation difficulties (40% of participants) and quiz submission confusion, informing iterative design improvements. Conclusion: This application offers a sustainable, cost-effective solution that not only reduces cybercrime-related losses among the elderly but also contributes to a broader strategy of economic digital security. Novelty/Originality of this article: This research introduces a unique approach that combines cybersecurity education for the elderly with strategies to mitigate economic risks in the digital economy. The application integrates an elderly-friendly interface and experiential learning techniques to enhance digital literacy, while simultaneously offering a scalable solution to reduce the broader impact of online fraud on the financial sector.
Integrating social protection and digital platforms for workforce reintegration of disabled workers: A hexahelix approach Muhammad Adnan Nurcahyo; Dewinta Iga Wardani; Christian Farold Purba
Economic Military and Geographically Business Review Vol. 3 No. 2: (January) 2026
Publisher : Institute for Advanced Science Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/emagrap.v3i2.2026.2681

Abstract

Background: Workers with permanent total disability face high risks of job loss, long-term income insecurity, and social exclusion, while existing social protection in Indonesia remains largely short-term and compensatory. This study examines regulatory and institutional gaps in disability protection, the limitations of Employment Injury and Unemployment Insurance, and explores optimizing the SiapKerja digital platform through cross-sector collaboration to enhance inclusive workforce reintegration. Methods: This study employs a qualitative case study approach focusing on the SiapKerja platform as a central case within the broader context of social protection policies and return-to-work mechanisms. The analysis uses secondary data derived from national regulations, official institutional documents, and relevant academic literature. Data are analyzed using thematic analysis to identify patterns related to policy design, institutional fragmentation, and barriers to workforce reintegration. Findings: The analysis reveals three main challenges: exclusion of workers with permanent total disability from unemployment insurance benefits limits income continuity and access to labor market services; employment injury insurance benefits are predominantly lump-sum and insufficient for long-term economic resilience; and utilization of Return-to-Work programs remains minimal due to weak referral systems, limited adaptive training capacity, and low employer participation. Additionally, SiapKerja has not yet been designed as disability-friendly and lacks integration with accident insurance and Return-to-Work data, reducing its effectiveness as a career reintegration tool. From a public value perspective, fragmented governance and non-inclusive digital design constrain equitable access to skills development and decent work for injured workers with disabilities. Conclusion: An integrated, career-based return-to-work ecosystem is required to shift social protection from passive compensation toward active reintegration. Novelty/Originality of this article: This study proposes a hexahelix collaboration model that integrates social protection data, disability adaptive vocational training, inclusive employers, and an upgraded SiapKerja platform featuring a dedicated disability mode, automatic enrollment, and capability-based job matching supported by progressive employer incentives.
Geoeconomic risk and digital assets: Evaluating bitcoin’s hedge role against Indonesia’s stock market Darrel Afrian Tjahjadi; Rahmat Aryo Baskoro
Economic Military and Geographically Business Review Vol. 3 No. 2: (January) 2026
Publisher : Institute for Advanced Science Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/emagrap.v3i2.2026.3300

Abstract

Background: This study assesses whether Bitcoin functions as a hedge and safe-haven against the Jakarta Composite Index/Indeks Harga Saham Gabungan (IHSG), particularly following the launch of the Spot Bitcoin ETF on January 10, 2024. Despite being widely portrayed as “digital gold,” prior studies show mixed evidence on Bitcoin’s protective role, especially in emerging markets. Given the relatively high volatility of the Indonesian stock market, evaluating Bitcoin’s risk-mitigation potential becomes increasingly relevant. Methods: The analysis employs the Dynamic Conditional Correlation GARCH (DCC-GARCH) model to estimate time-varying correlations between Bitcoin and IHSG, alongside Ordinary Least Squares (OLS) and quantile regression to examine hedge and safe-haven behavior under normal and extreme market conditions. The study explicitly compares pre- and post-ETF periods to capture potential structural changes. Findings: results indicate that Bitcoin does not function as a hedge, reflected in its positive and volatile average correlation with IHSG. Quantile regression further shows that Bitcoin fails to provide protection at extreme IHSG quantiles, both before and after the ETF launch. DCC-GARCH estimates confirm that correlations are time-varying but remain predominantly positive, failing to meet safe-haven characteristics. Moreover, the Spot Bitcoin ETF launch did not significantly enhance Bitcoin’s protective role, despite improving legitimacy and institutional participation. Conclusion: Overall, Bitcoin is better positioned as a diversifier with unstable correlation patterns rather than as a hedge or safe-haven for the Indonesian stock market, with important implications for investors, portfolio managers, and regulators. Novelty/Originality of this article: This study provides early emerging-market evidence on Bitcoin’s hedge and safe-haven properties using a combined DCC-GARCH, OLS, and quantile regression framework while explicitly comparing pre- and post-Spot Bitcoin ETF periods.
Operating expenses enhance employee productivity and strengthen anti-fragility in the pawnshop business causal evidence from double machine learning Iman Supriadi; Mochamad Fatchurrohman
Economic Military and Geographically Business Review Vol. 4 No. 1: (July) 2026
Publisher : Institute for Advanced Science Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/emagrap.v4i1.2026.3344

Abstract

Background: Digital transformation has reshaped how firms convert operating expenses into productivity gains, especially in service-based and financial institutions. While prior studies emphasize cost efficiency and technological adoption as performance drivers, evidence on whether rising operating expenses generate positive productivity shocks remains inconclusive. The literature also has not fully examined whether firms can become anti-fragile, where increasing operational costs strengthen capability. This study estimates the causal impact of operating expense growth on employee productivity and examines whether a state-owned financial institution evolves toward an anti-fragile model post-pandemic. Methods: This study applies a quantitative causal inference approach using post-pandemic annual secondary data from Pegadaian’s audited financial and sustainability reports. Employee productivity is measured by revenue and net profit per employee, with operating expense growth as the main treatment and financial stability indicators as controls. Double Machine Learning isolates the pure causal effect while addressing non-linearity and endogeneity, supported by visual analysis to validate patterns and identify digital efficiency thresholds. Findings: The results show a positive and statistically meaningful causal effect of operating expense growth on revenue per employee, with a coefficient of 6,755.68, indicating that higher operational spending significantly enhances productivity. Visual evidence supports anti-fragility, as post-pandemic observations consistently exceed predicted productivity trends, with the peak deviation in 2024, suggesting a digital efficiency threshold where intangible investments yield disproportionate gains, reinforcing anti-fragility theory and extending the Solow residual toward digital capability accumulation. Conclusion: The study concludes that strategically managed operating expenses function as productivity-enhancing investments rather than cost inefficiencies, confirming the emergence of an anti-fragile business model. Novelty/Originality of this article: This article introduces a causal machine learning framework to operationalize anti-fragility in firm-level productivity analysis and identifies a digital efficiency threshold that has not been empirically documented in prior financial services research.
Financial inclusion through gold pawn services in Indonesia: A comparative analysis of conventional and Islamic systems Muhammad Thoha Ainun Najib; Khoirun Nisak; Endah Setyowati
Economic Military and Geographically Business Review Vol. 4 No. 1: (July) 2026
Publisher : Institute for Advanced Science Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/emagrap.v4i1.2026.3345

Abstract

Background: Financial inclusion is essential for inclusive economic development, particularly in developing countries where access to formal financial services remains limited. In Indonesia, gold pawn services provided by non-bank financial institutions serve as an important alternative financing mechanism for communities facing barriers to banking access. These services operate under conventional and Islamic systems, yet comparative empirical evidence on their roles in promoting financial inclusion remains limited. This study aims to analyze the role of gold pawn services in enhancing financial inclusion in Indonesia, considering operational and macroeconomic factors, and to compare inclusion mechanisms between conventional and Islamic systems. Methods: This study employs a quantitative approach, drawing on secondary data on gold pawn services in Indonesia. Financial inclusion is proxied by the ratio of service outlets to gold pawn accounts, reflecting spatial and institutional accessibility. A stacked regression model is applied to examine the effects of operational factors and economic growth while capturing structural differences between the two systems. Findings: The results show that operational factors significantly influence financial inclusion in both conventional and Islamic gold pawn services. Economic growth also affects financial inclusion, with differing sensitivities observed between the two systems, indicating distinct operational and structural mechanisms. These findings support the theoretical view that alternative financing instruments with simplified access can complement the formal financial system in expanding financial inclusion. Conclusion: Gold pawn services contribute significantly to financial inclusion in Indonesia, with clear differences in the mechanisms of inclusion between conventional and Islamic systems. Novelty/Originality of this article: This study contributes by using the outlet-to-account ratio as a proxy for financial inclusion and by providing an integrated empirical comparison of conventional and Islamic gold pawn services.
Exploring how blockchain transparency and bullion business synergy foster trust in Islamic gold tokenization among digitally literate urban Muslims in Indonesia Sumar'in; Mokmin Basri
Economic Military and Geographically Business Review Vol. 4 No. 1: (July) 2026
Publisher : Institute for Advanced Science Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/emagrap.v4i1.2026.3362

Abstract

Background: Background: The rapid development of blockchain technology has encouraged the emergence of Islamic gold tokenization as an innovative Sharia-compliant digital financial instrument. However, public trust in blockchain-based Islamic financial products remains a critical challenge, particularly among urban Muslim investors in emerging markets such as Indonesia. Methods: This study investigates the effects of blockchain transparency and bullion business synergy on trust in Islamic gold tokenization, with digital literacy acting as a moderating variable. The research adopts a quantitative explanatory design grounded in the Technology Acceptance Model (TAM) and Trust-Based Adoption Theory. Data were collected through online surveys from 376 urban Muslim respondents in Indonesia and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Findings: The results demonstrate that blockchain transparency, bullion business legitimacy, and digital literacy each have positive and significant effects on trust in Islamic gold tokenization. In addition, digital literacy significantly strengthens the relationships between blockchain transparency and trust, as well as between bullion business legitimacy and trust. These findings indicate that digitally literate investors tend to place greater trust in blockchain-based Islamic financial products supported by tangible gold assets. Conclusion: The study concludes that trust in Islamic gold tokenization is shaped not only by technological transparency and asset-backed legitimacy but also by the level of users’ digital literacy. Strengthening digital literacy can therefore enhance public confidence in Sharia-compliant fintech ecosystems. Novelty/Originality of this article: This study contributes to the Islamic fintech literature by empirically examining digital literacy as a moderating variable in the relationship between blockchain transparency, bullion business legitimacy, and trust in Islamic gold tokenization. The study also provides a contextual contribution by focusing on urban Muslim investors in Indonesia and the integration of blockchain transparency with bullion-backed Islamic digital finance.
Digital finance and pawnshop lending growth: Evidence from Indonesia Nafis Dwi Kartiko
Economic Military and Geographically Business Review Vol. 4 No. 1: (July) 2026
Publisher : Institute for Advanced Science Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/emagrap.v4i1.2026.3358

Abstract

Background: This study is situated within the rapid expansion of digital finance that has reshaped financial intermediation in emerging economies, while empirical attention has remained disproportionately focused on banks and fintech firms rather than collateral-based intermediaries. Prior literature emphasizes that digitalization reduces information frictions and transaction costs, yet evidence on how digital finance transforms pawnshop lending as an alternative credit channel remains limited. This study aims to examine the role of digital finance in driving pawnshop financing growth and to assess whether its impact varies across institutional types and financing distributions. Methods: The study adopts a quantitative empirical approach using monthly cluster-level data on pawnshops in Indonesia over an extended period. The analysis applies Robust Ordinary Least Squares to estimate average effects and Quantile Regression to capture heterogeneity across the financing distribution, with controls for customer scale, leverage structure, capital composition, and macro-financial conditions. Findings: The results indicate that greater digital finance intensity is associated with a statistically significant expansion of pawnshop financing, with stronger effects observed in government and conventional private pawnshops compared to sharia private pawnshops. Distributional estimates show that the positive effect of digitalization is most pronounced at low to medium financing levels, suggesting that digital finance primarily alleviates binding access constraints rather than amplifying already high lending volumes. Conclusion: Overall, the study demonstrates that digital finance complements rather than replaces collateral-based financial institutions by strengthening their intermediation capacity and expanding inclusive access to liquidity. The findings highlight digitalization as a structural mechanism supporting the resilience and evolution of traditional nonbank credit institutions in developing financial systems. Novelty/Originality of this article: This article provides original evidence on digital adaptation within pawnshop networks by integrating digital finance indicators into collateral-based lending models and employing a distributional econometric approach to reveal heterogeneous effects across institutional contexts.

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