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Advances in Economics & Financial Studies
Published by Yayasan Pendidikan Bukhari Dwi Muslim
ISSN : -     EISSN : 29857562     DOI : https://doi.org/10.60079/aefs
Core Subject : Economy,
Economics, Econometrics & Finance
Founded in 2023, Advances in Economics & Financial Studies publishes original research that promises to advance our understanding of Economics & Financial Studies over diverse topics and research methods. This Journal welcomes research of significance across a wide range of primary and applied research methods, including analytical, archival, experimental, survey and case study. The journal encourages articles of current interest to scholars with high practical relevance for organizations or the larger society. We encourage our researchers to look for new solutions to or new ways of thinking about practices and problems and invite well-founded critical perspectives. We provide a forum for communicating impactful research between professionals and academics in Economics & Financial Studies research and practice with discusses and proposes solutions and impact the field. Advances in Economics & Financial Studies addresses a broad range of issues within the fields of finance and economics. Research involving financial institutions, financial policy, control issues for firms, central bank policy, risk and uncertainty, and the economics and financial dimensions of market and non-market phenomena, as well as more specialized topics, all fall within its purview.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 47 Documents
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Limited Access to Capital for SMEs and its Impact on Growth in Competitive Markets Ermawati, Yana
Advances in Economics & Financial Studies Vol. 3 No. 1 (2025): October - January
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/aefs.v3i1.426

Abstract

Purpose: This study investigates the multidimensional challenges of limited access to capital for Small and Medium Enterprises (SMEs) in competitive markets. It aims to analyze how capital constraints affect SME growth, innovation, and competitiveness while exploring the interplay of institutional, regulatory, and market factors that shape financial accessibility. Research Design and Methodology: Adopting a qualitative approach, this research utilizes a systematic literature review (SLR) to synthesize findings from recent studies. The review focuses on the structural, institutional, and operational barriers impacting SMEs’ access to finance, alongside the role of alternative financing solutions and institutional quality in mitigating these challenges. Findings and Discussion: The study identifies capital constraints as a critical barrier limiting SMEs’ ability to innovate, expand production, and compete effectively in dynamic markets. Weak institutional frameworks, such as underdeveloped credit systems and regulatory inefficiencies, exacerbate financial exclusion, particularly in developing economies. Furthermore, competitive pressures amplify these challenges, highlighting the need for alternative financing solutions like fintech and crowdfunding. However, adoption remains limited due to low financial literacy and inadequate digital infrastructure. These findings emphasize the necessity of systemic reforms to create an enabling financial ecosystem for SMEs. Implications: The study contributes to academic literature and practical applications by providing actionable insights for policymakers and financial institutions. Recommendations include simplifying credit processes, enhancing financial literacy, and fostering public-private collaborations to address systemic barriers. These strategies can empower SMEs to overcome capital constraints, drive innovation, and contribute to sustainable economic development.
Risk Evaluation of the Use of Derivative Products in Financial Management Strategies Nianty, Dara Ayu
Advances in Economics & Financial Studies Vol. 3 No. 1 (2025): October - January
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/aefs.v3i1.429

Abstract

Purpose: This study evaluates the risks associated with using derivative products in financial management strategies and their potential impacts on corporate financial stability. By addressing dimensions such as regulatory environments, managerial decision-making, and market dynamics, the study provides a holistic understanding of derivatives' dual role as risk mitigation tools and potential sources of financial instability. Research Design and Methodology: The study employs a qualitative approach using the Systematic Literature Review (SLR) method to synthesize findings from existing research. This method enables the integration of theoretical and practical insights from multiple industries and markets, ensuring a comprehensive analysis of derivatives' impacts. Findings and Discussion: The findings reveal that when used strategically, derivatives enhance cash flow stability, mitigate market risks, and support operational resilience. However, misuse due to high leverage, speculative trading, or inadequate oversight can amplify financial instability. The study underscores the importance of robust regulatory frameworks, corporate governance, and managerial expertise in optimizing derivative strategies. Sector-specific and market-dependent nuances further highlight the need for tailored approaches in managing derivative-related risks. Implications: This research offers practical and managerial insights by advocating best practices such as transparent reporting, independent risk committees, and robust risk management frameworks. Policymakers are encouraged to develop adaptive regulatory measures to mitigate systemic risks. Additionally, the findings highlight the need for organizations to align derivative strategies with long-term financial goals while fostering collaboration between regulators, managers, and stakeholders to enhance economic stability.
Long-Term Financing Challenges for Companies in Maintaining Business Expansion and Innovation Ramadhan, Muhammad
Advances in Economics & Financial Studies Vol. 3 No. 1 (2025): October - January
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/aefs.v3i1.435

Abstract

Purpose: This study investigates long-term financing companies' challenges in sustaining business expansion and innovation. It aims to identify the barriers to accessing sustainable funding, analyze their implications for innovation, and propose strategies to address these constraints across various sectors. Research Design and Methodology: The research employs a Systematic Literature Review (SLR) to analyze existing studies and synthesize findings from diverse industries, including technology, manufacturing, and clean energy. Theoretical frameworks such as Agency Theory and the Resource-Based View (RBV) guide the interpretation of findings, focusing on regulatory and market dynamics, corporate strategies, and innovation processes. Findings and Discussion: The study reveals key barriers, including regulatory rigidity, market volatility, and limited access to capital markets, which create significant imbalances between corporate financing needs and market preferences. These constraints hinder companies from pursuing long-term investments, particularly in R&D and technology development, affecting their capacity for sustained innovation. Strategies such as funding diversification, financial risk management, and cross-sector collaborations emerge as effective solutions. The interplay between regulatory frameworks and market mechanisms is highlighted as a challenge and an opportunity to enhance financing accessibility. Implications: The findings offer valuable insights for policymakers, financial institutions, and corporate managers. Policymakers are encouraged to design regulatory frameworks and incentives that align with market needs, while businesses are advised to adopt innovative financial strategies and foster collaborative ecosystems. The study contributes to the theoretical discourse on financing and innovation and provides practical recommendations for promoting sustainable business growth.
The Impact of Financial Market Instability on Economic Growth and Long-Term Investment Yulfajar, Amrina; Noor, Gusti Muchran; Putranto, Rachmad Sukma
Advances in Economics & Financial Studies Vol. 3 No. 1 (2025): October - January
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/aefs.v3i1.454

Abstract

Purpose: This study explores the impact of financial market instability on economic growth and long-term investment. It investigates how market volatility, liquidity crises, and weak institutional frameworks influence resource allocation, investor confidence, and sustainable investment sectors, particularly in developing economies. Research Design and Methodology: The research employs a qualitative systematic literature review (SLR) approach, synthesizing theoretical and empirical studies from credible sources such as Emerald, Springer, Elsevier, and Wiley. The SLR method allows for a comprehensive literature analysis to identify trends, gaps, and critical insights regarding financial instability and its broader implications. Findings and Discussion: The findings reveal that financial market instability disrupts capital allocation, weakens investor confidence, and significantly impacts sectors requiring stability, such as green equity markets and infrastructure. Institutional weaknesses exacerbate these effects, particularly in developing countries. Robust regulatory frameworks like Basel III are critical in mitigating instability, enhancing market resilience, and promoting long-term investments. However, the study identifies challenges in regulatory implementation and institutional capacity, emphasizing the need for targeted policy reforms and proactive risk management strategies. Implications: This research underscores the importance of strengthening institutional and regulatory frameworks to stabilize financial markets and foster sustainable economic growth. For practitioners, adopting risk management tools such as portfolio diversification and hedging is essential to protect investments from market volatility. Policymakers are encouraged to develop transparent and inclusive policies that enhance investor confidence and support sustainable investments in critical sectors.
Challenges of New Technology Adoption in Improving Company Growth and Competitiveness Tajuddin, Imran
Advances in Economics & Financial Studies Vol. 3 No. 1 (2025): October - January
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/aefs.v3i1.458

Abstract

Purpose: This study examines the challenges and strategies of adopting new technologies to enhance organizational growth and competitiveness in the digital era. It focuses on identifying financial, skill-based, cultural, and external barriers and exploring practical approaches to overcoming them. Research Design and Methodology: A qualitative systematic literature review (SLR) method was employed, synthesizing findings from peer-reviewed articles and academic sources. This approach allowed for a comprehensive analysis of empirical and theoretical perspectives, integrating concepts from innovation diffusion, financial management, and organizational change theories. Findings and Discussion: The study identifies financial constraints, skill gaps, resistance to change, and external factors such as regulatory challenges and inadequate digital infrastructure as critical barriers to technology adoption. It highlights the dynamic interactions among these barriers, revealing how they collectively influence organizational readiness for digital transformation. Strategies such as pilot testing, portfolio diversification, continuous employee training, and regulatory alignment are discussed as essential for overcoming these challenges. The findings also emphasize the role of advanced technologies like Artificial Intelligence (AI), the Internet of Things (IoT), and cloud computing in driving operational efficiency, innovation, and market competitiveness. Implications: The research contributes to academic discourse by offering a holistic framework for understanding technology adoption challenges. Practically, it provides actionable insights for organizations to foster a culture of innovation and align technological initiatives with business goals. Policymakers are urged to invest in digital infrastructure and create supportive regulations to facilitate sustainable digital transformation.
Strengthening Cybersecurity Protocols to Safeguard U.S. Financial Infrastructure Against Emerging Threats Alam, Md Ashraful; Sarna, Sanjida Akter; Rakibuzzaman, Md; Reza, Jafrin
Advances in Economics & Financial Studies Vol. 3 No. 2 (2025): February - May
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/aefs.v3i2.506

Abstract

Purpose: This study examines the escalating cybersecurity threats facing the U.S. financial sector between 2020 and 2025, with a focus on identifying emerging attack patterns and proposing strategic responses to protect critical financial infrastructure. Research Design and Methodology: This study employs a mixed-methods approach, combining qualitative analysis of high-profile cyber incidents, such as ransomware and Advanced Persistent Threats (APTs), with quantitative data from cybersecurity reports and institutional records. The methodology includes expert interviews, case study reviews, and statistical analysis to assess the effectiveness of cybersecurity measures. Findings and Discussion: The research reveals that ransomware and advanced persistent threats (APTs) have resulted in significant financial losses, operational disruptions, and reputational damage for financial institutions. The adoption of advanced encryption technologies, Zero Trust Architecture (ZTA), and AI/ML-based threat detection was found to reduce the impact of breaches significantly. Moreover, institutions with integrated cybersecurity strategies and strong public-private collaboration demonstrated greater resilience against cyber threats. Implications: The study underscores the necessity for adaptable, multi-layered cybersecurity frameworks that extend beyond mere compliance. Practical recommendations include ongoing employee training, investment in advanced security systems, and enhancing collaboration with regulatory agencies. These findings provide a roadmap for institutional leaders and policymakers to reinforce the stability and security of the financial sector.
Asymmetric Impacts of Palm Oil Expansion and Industrial Downstreaming on Ecological Footprint: Evidence from Indonesia Muhammad Ridwan Manulusi; Juan Gabriel Kaseger; Abd Malik Adlu; Estelita Monika Tungka; Sifra Jelita Sendow
Advances in Economics & Financial Studies Vol. 4 No. 2 (2026): February - May
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/aefs.v4i2.777

Abstract

Purpose: This study empirically investigates the asymmetric impacts of palm oil production, downstream industrialization, and trade openness on the ecological footprint. The primary objective is to determine whether environmental degradation responds differently to positive and negative macroeconomic shocks. Research Method: The research employs a nonlinear autoregressive distributed lag framework to analyze annual time-series data spanning 30 years. The analytical procedure involves descriptive statistics, unit root tests to confirm stationarity, nonlinear bounds testing for long-run cointegration, and short-run Granger causality tests. Results and Discussion: The empirical findings reveal a statistically significant asymmetric relationship. A positive shock in palm oil production exacerbates environmental degradation, while a negative shock is associated with measurable ecological recovery. Furthermore, downstream industrialization marginally reduces the ecological footprint in the long run, suggesting the potential for adopting circular economy practices. Conversely, trade openness slightly increases environmental pressures, indicating a global telecoupling effect in which international demand influences domestic industrialization and upstream expansion. Implications: To mitigate imported environmental burdens, producing nations must implement robust integrated policies. Strategic interventions, such as enforcing strict forest moratoriums, facilitating land swaps to degraded mineral soils, and accelerating sustainable certification for smallholders, are critical for achieving long-term ecological resilience. Originality: This research breaks new ground by employing a nonlinear framework to reveal asymmetric "ecological hysteresis," in which environmental recovery fails to keep pace with the degradation caused by palm oil expansion.
The Impact of Effective Digital Onboarding on the Growth of Islamic Bank Customers in Indonesia Salwa Latipah Saleha; Muhammad Arif; Laylan Syafina
Advances in Economics & Financial Studies Vol. 4 No. 2 (2026): February - May
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/aefs.v4i2.822

Abstract

Purpose: This study aims to analyze the relationship between the effectiveness of digital onboarding and the acceptance of digital banking services at Bank Syariah Indonesia in Medan. Research Method: This study employs an associative quantitative approach with a cross-sectional design. Data were collected through a questionnaire distributed to 100 respondents who had used the digital onboarding service at Bank Syariah Indonesia in Medan. Data analysis was conducted using simple linear regression in SPSS, supported by tests of validity, reliability, normality, and heteroscedasticity. Results and Discussion: The study indicates that digital onboarding has a positive and significant relationship with the acceptance of digital banking services. Ease of registration, time efficiency, flexibility of access, and ease of use of the system shape the public’s positive perception of digital banking services. These findings support the Technology Acceptance Model (TAM) and the Diffusion of Innovations Theory. Implications: This study offers practical guidance for Islamic banking institutions on improving the quality of digital onboarding services to enhance public acceptance of digital services and advance financial inclusion. Originality: This study focuses on digital onboarding as an initial mechanism for adopting digital services in Islamic banking in Medan
The Impact of Transformational Leadership Style of School Principals and Work Motivation on Teacher Performance: An Empirical Study Muhamad Qumarudin; Kosasih Kosasih; Yuyun Yuniarsih
Advances in Economics & Financial Studies Vol. 4 No. 2 (2026): February - May
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/aefs.v4i2.755

Abstract

Purpose: This study aims to examine the influence of principals’ transformational leadership and teachers’ work motivation on the performance of senior high school teachers in Keerom Regency, Papua. The study addresses concerns regarding suboptimal teacher performance, limited instructional innovation, and leadership practices that remain largely administrative rather than transformational. Research Method: This study employed a quantitative approach with descriptive and inferential designs. The population consisted of 113 senior high school teachers in Keerom Regency, of whom 88 were selected using the Slovin formula with a 5% margin of error. Data were collected through structured questionnaires based on indicators of transformational leadership, work motivation, and teacher performance. The data were analyzed using multiple linear regression to examine the partial and simultaneous effects of the independent variables. Results and Discussion: The findings show that transformational leadership has a positive and significant effect on teacher performance. Work motivation also has a positive and significant effect, emerging as the dominant factor. Simultaneously, transformational leadership and work motivation significantly contribute to improving teacher performance. Implications: The findings suggest that principals should strengthen transformational leadership practices, while policymakers should support teacher motivation through professional development and conducive work environments. Originality: This study contributes by examining teacher performance in the specific context of the geographically challenging border areas of Keerom Regency, Papua.
The Influence of Financial Literacy and Lifestyle on Accounting Students’ Investment Interest Karmila Nasution; Parlaungan Nasution; M. Irwansyah Hasibuan
Advances in Economics & Financial Studies Vol. 4 No. 2 (2026): February - May
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/aefs.v4i2.766

Abstract

Purpose: This study aims to examine the influence of financial literacy and lifestyle on theinvestment interest of Accounting students at Universitas Labuhanbatu.Research Design and Methodology: This study employed a quantitative approach with acausal-associative design. The population consisted of all active Accounting students atUniversitas Labuhanbatu, and a saturated sampling technique was used to select respondents.Data were collected through questionnaires and analyzed using SPSS version 26. Theanalysis included validity and reliability tests, classical assumption tests, multiple linearregression, t-tests, and F-tests.Findings and Discussion: The results indicate that financial literacy has a positive andsignificant effect on students’ investment interest. In contrast, lifestyle has a negative andsignificant effect on investment interest. Simultaneously, financial literacy and lifestylesignificantly influence students’ investment interest. These findings suggest that studentswith higher financial literacy are more likely to engage in investment activities, whereas amore consumptive lifestyle tends to reduce investment interest.Implications: Universities should strengthen financial education programs and encourageresponsible lifestyle behaviors to enhance students’ investment awareness and participation.Originality: This study provides empirical evidence on the simultaneous effects of financialliteracy and lifestyle on investment interest among accounting students in an Indonesianhigher education context.

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