cover
Article Per Year (5 Year)
All
Home Page
OAI Link
Editorial Team
Contact
Reviewer
Google Scholar
Contact Name
Randi Mamola
Contact Email
admin@iasssf.com
Phone
-
Journal Mail Official
emagrap@journal-iasssf.com
Editorial Address
Cluster Kukusan No 25 M, Jl. Rw. Pule I, Kukusan, Beji, Depok City, West Java 16425
Location
Kota depok,
Jawa barat
INDONESIA
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
 1   2   3   4   5 
Applying spatial autocorrelation concept for pawnshop business insight Heri Purwadi; Sinta Ramadhania Putri Maresi; Andri Puji Prasetiyo
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.v4i1.2026.3476

Abstract

Background: Pawnshop businesses play a strategic role in supporting financial inclusion and regional liquidity; however, nationally aggregated indicators may obscure substantial variations in business activity at finer geographical scales. Methods: This study examines the spatial patterns and geographic dependence of pawnshop business activity in the Jabodetabek metropolitan region from May 2024 to May 2025 using a combination of Local Moran’s I (LISA), Local Getis–Ord Gi*, and Local Geary’s C. Due to the absence of district transaction data, regency/municipality-level customer and loan totals from the Financial Services Authority (OJK) were disaggregated using population and land-area proxies from Statistics Indonesia (BPS). These proxy-based estimates were then analyzed within a GIS framework using a row-standardized spatial weight matrix to capture local spatial dependence. Findings: The results reveal a segmented spatial structure, characterized by strong customer and total-loan concentrations in Central Jakarta and Tangerang City, transitional and outlier patterns in surrounding areas, and a high-intensity corridor of average loan value per account (AL) in Bogor City and adjacent districts. Conclusion: The findings demonstrate that pawnshop business development should not rely solely on national or metropolitan averages but should adopt cluster-based and context-sensitive strategies for branch expansion, service optimization, and regional resource allocation. Novelty/Originality of this article: The originality of this study lies in integrating three complementary local spatial statistics at the district level to transform pawnshop indicators into geoeconomic business insights, while explicitly acknowledging that the proxy-derived values represent exploratory estimates that require further validation using branch- or transaction-level data.
State-owned bullion banking through gold institutionalization as the foundation of Indonesia's economic sovereignty Alif Asy’ari; Fauzia Gustarina Cempaka Timur; Aulia Akmalina
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.v4i1.2026.3483

Abstract

Background: The freezing of USD 300 billion in Russian reserves by Western nations in February 2022 exposed a critical vulnerability: foreign exchange reserves have become weaponized instruments of geopolitical coercion. For developing economies, this shift has prompted reassessment of reserve composition and ownership. Gold, with jurisdictional independence and absence of counterparty risk, has re-emerged as a strategic hedge against financial coercion, sanctions, and currency dependencies. Indonesia, a resource-rich developing economy integrated into the global financial system, faces pressures to balance monetary stability with strategic autonomy. This article examines how Indonesia institutionalizes gold as economic resilience through legal, regulatory, and institutional innovation. Methods Qualitative research design using conceptual and policy-oriented analytical approaches. The study relies on document analysis and systematic literature review to examine regulatory structures, institutional governance, and their strategic implications, interpreted within political economy and security studies without conducting original quantitative estimation. Findings: The article identifies a tripartite gold ecosystem (upstream: Bullion supply chain actors; midstream: Bank Indonesia; downstream: Bullion distributors) and proposes three institutional pillars: (1) Structure & management of financial reserves; (2) Open and Fair Institutional Governance; and (3) Shifting to Security Instrument in Strategic Realm. Conclusion: Gold's strategic value is institutionally contingent. Recent reforms position Pegadaian as a state-owned bullion bank transforming sovereign reserves into operational liquidity, household inclusion, and non-kinetic resilience. This represents quiet hedging constructing parallel institutional capacity for strategic autonomy without rejecting dollar integration or accepting weaponization vulnerability. Novelty/Originality of this article: This work fills a critical gap by connecting gold reserve policy to institutional design and security governance in a Global South context. Unlike existing macro-reserve or enforcement-centric literature, it integrates political economy, institutional economics, and gray-zone theory to demonstrate how gold institutionalization simultaneously addresses macroprudential resilience, domestic value retention, and illicit finance prevention.
Evaluation of individual stock portfolio performance on the Indonesia stock exchange using the Ortiz, Jorion, and Markowitz approaches Enggal Dwi Mulyaningtyas; Rofikoh Rokhim
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.v4i1.2026.3789

Abstract

Background: Indonesia's capital market has experienced a sustained increase in investor participation, creating a stronger need for systematic and implementable portfolio construction methods. This study evaluates estimation risk in mean-variance optimization by comparing traditional Markowitz optimization with two mean-shrinkage approaches: the parameter-focused Bayes-Stein estimator of Jorion and the decision-focused optimal shrinkage of means proposed by Ortiz et al. Methods: The study uses monthly individual stock data from the Indonesia Stock Exchange over January 2006-December 2025. Excess returns are calculated relative to a monthly risk-free proxy, and portfolios are evaluated using a 120-month rolling-window out-of-sample backtest under long-only constraints. The sample is a balanced panel of 74 stocks with complete monthly data, and the monthly deposit insurance rate of the Indonesia Deposit Insurance Corporation (LPS) is used as the risk-free proxy. Portfolio performance is assessed using monthly and annualized Sharpe ratios, while weight stability is assessed using average weight volatility and turnover. Newey-West tests are used to evaluate whether differences across methods are statistically significant. Findings: The Ortiz approach consistently selects an optimal shrinkage intensity of zero, making its weights and performance effectively identical to the traditional Markowitz portfolio. Markowitz and Ortiz record an annualized out-of-sample Sharpe ratio of 0.0713, while Jorion records 0.0608. The statistical tests indicate that differences in out-of-sample performance and stability are not significant across the three approaches. In economic terms, the annualized Sharpe ratios of all three methods are very low (below 0.08), indicating that long-only optimization of individual Indonesian stocks delivered only marginal risk-adjusted excess returns over the sample period. Conclusion: In the Indonesian stock market setting, more complex mean-shrinkage methods do not automatically produce superior portfolio outcomes. Novelty/Originality of this article: This article provides Indonesian market evidence on the comparison between parameter-focused and decision-focused shrinkage approaches within a consistent rolling-window portfolio backtesting framework.
Do corruption and political connections drive bank risk-taking behavior? The moderating role of governance across Asian economies Bekti Ayu Selawati; Rofikoh Rokhim
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.v4i1.2026.3805

Abstract

Background: Previous studies have examined the effects of corruption and political connections on bank risk taking; however, evidence regarding their effects on banking stability remains inconclusive. This study examines the effects of corruption, political connections, and the role of corporate governance in moderating the relationship between corruption and banking risk, considering the income classification of Asian countries. Methods: This study uses descriptive analysis and random-effects panel regression to examine the effects of corruption, political connections, and corporate governance on bank risk. The sample comprised 95 Asian banks observed from 2019 to 2024. Findings: The results indicate that corruption has a negative and significant effect on banking stability. Corruption increases the risk of bank insolvency. Testing of subsamples of middle-income and high-income countries shows that corruption increases the risk of bank insolvency in middle-income countries but has a different effect on high-income countries’ banks. The positive and significant effect of political connections on bank stability is only observed in middle-income countries. In middle-income countries, governance, proxied by gender composition and educational qualifications, moderates the effect of corruption on the dependent variable. The findings indicate that increasing the proportion of women in the board structure moderates the effect of corruption on banking risk in the sample of banks in middle-income countries. Conclusion: Corruption increases risks in middle-income countries. Political connections and governance variables demonstrate different effects in countries with different income categorization levels. Novelty/Originality of this article: By integrating the variables of corruption, political connections, and corporate governance into banking risk analysis, this study offers a novel contribution while also considering heterogeneity in income levels across countries.

Page 5 of 5 | Total Record : 44

 1   2   3   4   5 

Filter by Year

2023 2026


Reset
Filter By Issues
All Issue Vol. 4 No. 1: (July) 2026 Vol. 3 No. 2: (January) 2026 Vol. 3 No. 1: (July) 2025 Vol. 2 No. 2: (January) 2025 Vol. 2 No. 1: (July) 2024 Vol. 1 No. 2: (January) 2024 Vol. 1 No. 1: (July) 2023