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Aditya Halim Perdana Kusuma Putra
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Advances: Jurnal Ekonomi & Bisnis
Published by Yayasan Pendidikan Bukhari Dwi Muslim
ISSN : -     EISSN : 29859859     DOI : https://doi.org/10.60079/ajeb
Core Subject : Economy,
Economics, Econometrics & Finance
Established in 2023, Advances: Journal of Economics & Business is dedicated to publishing original research that contributes to the advancement of knowledge in the fields of economics, management, and accounting. This esteemed journal encompasses a wide range of research topics and employs various rigorous methodologies. The publication warmly welcomes significant research employing diverse primary and applied research methods, including analytic, archival, experimental, survey, and case studies. The journal particularly encourages articles that hold substantial relevance to economics scholars while also offering practical insights for organizations and society at large. We strongly encourage researchers to explore innovative solutions and novel perspectives on practices and problems, while also inviting reasoned and critical analysis. Advances: Journal of Economics & Business serves as a platform for facilitating the exchange of impactful research among professionals and academics engaged in economic studies, management, and accounting research and practice. By fostering discussions and proposing solutions, the journal aims to generate practical implications and field-level impacts. Published articles in our journal have the potential to reach and be referenced by researchers worldwide, amplifying the influence and reach of your work.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 101 Documents
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Profitability as a Mediator of the Effects of Green Accounting, CSR, and Environmental Performance on Firm Value in Indonesia’s Raw Materials Sector Rasyid, Shafri Zakariyya; Adi, Suyatmin Waskito
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 3 (2026): May - June
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i3.821

Abstract

Purpose: This study examines the effects of Green Accounting, Corporate Social Responsibility (CSR), and Environmental Performance on firm value, with profitability as a mediating variable, in basic materials companies listed on the Indonesia Stock Exchange during 2021–2023. Research Method: This study uses a quantitative approach with secondary data from annual reports, sustainability reports, and PROPER ratings. The sample includes 57 observations selected through purposive sampling. Data were analyzed using multiple linear regression, path analysis, and the Sobel test with SPSS. Results and Discussion: The findings show that Green Accounting has a negative and significant effect on profitability but a positive effect on firm value. Environmental Performance positively and significantly affects profitability, while CSR has no significant effect on profitability or firm value. Profitability significantly affects firm value but does not mediate the relationships among Green Accounting, CSR, Environmental Performance, and firm value. Implications: The findings encourage companies to strengthen environmental management and transparent sustainability disclosure to improve firm value and investor confidence. Originality: This study simultaneously examines Green Accounting, CSR, Environmental Performance, and profitability in Indonesian basic materials companies.
The Role of Interest Rate Policy in Controlling Indonesian Government Debt Salma Aparatunisa; Yulianah Yulianah; Satrio Sulistiyanto; Agustina Septiana; Marintan Anastasya Putri
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 3 (2026): May - June
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i3.834

Abstract

Purpose: This study analyzes the role of the benchmark interest rate policy implemented by Bank Indonesia in controlling Indonesia’s government debt burden through monetary and fiscal policy coordination. Research Method: This study uses a qualitative descriptive approach based on secondary data from Bank Indonesia reports, Ministry of Finance of the Republic of Indonesia publications, DJPPR reports, state budget documents, and macroeconomic policy reports during the 2020–2025 period. Data were analyzed through document review, descriptive interpretation, and source triangulation. Results and Discussion: The findings indicate that benchmark interest rate policy influences debt-servicing costs, sovereign bond yields, exchange-rate stability, SBN auction effectiveness, and investor confidence. Global monetary tightening and exchange rate volatility also affect refinancing conditions and government debt management strategies. Implications: The findings emphasize the importance of monetary-fiscal coordination in maintaining fiscal sustainability and financial market stability. Originality: This study integrates benchmark interest rate dynamics, sovereign financing conditions, and fiscal sustainability within Indonesia’s post-pandemic economic context.
The Effect of Digital Literacy on Entrepreneurial Intention via Locus of Control: A Study of Accounting Students Hairudin Hairudin; Mahmud Mahmud; Ibrahim Zakariah
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 3 (2026): May - June
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i3.813

Abstract

Purpose: This study aims to empirically examine the direct effect of digital literacy on entrepreneurial intention and its indirect effect, mediated by locus of control, among accounting students. Research Method: This explanatory quantitative research involved 98 accounting students at STIE Yapis Dompu, selected through purposive sampling. Data were collected using an offline questionnaire with a 5-point Likert scale. The variables examined were digital literacy, locus of control, and entrepreneurial intention. Data were analyzed using SEM-PLS to test both direct and mediating effects. Results and Discussion: The findings show that all hypotheses were accepted. Digital literacy has a positive and significant effect on locus of control and entrepreneurial intention. Locus of control also has a positive and significant effect on entrepreneurial intention and significantly mediates the relationship between digital literacy and entrepreneurial intention. These results indicate that students’ technological competence, supported by strong self-belief and internal control, can strengthen their commitment to entrepreneurship. Implications: Higher education institutions should integrate practical digital literacy training and character-building programs into the curriculum to strengthen students’ internal locus of control. Future studies may include moderating variables such as subjective norms or family entrepreneurial background. Originality: This study contributes by explaining how locus of control bridges digital literacy and entrepreneurial intention among accounting students in Dompu.
Pengaruh Biaya Operasional dan Likuiditas Terhadap Profitabilitas Pada PT PLN (Persero) Unit Pelaksana Pelayanan Pelanggan (UP3) Kupang Tahun 2020-2024 Jonathan Christian Maromon; Antonius Yohanes William Timuneno; Maria Goreti Malut
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 3 (2026): May - June
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i3.818

Abstract

Tujuan: Penelitian ini bertujuan untuk menganalisis pengaruh biaya operasional dan likuiditas terhadap profitabilitas PT PLN (Persero) UP3 Kupang. Metode Penelitian: Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder berupa laporan keuangan tahunan periode 2020–2024. Variabel penelitian meliputi biaya operasional, likuiditas, dan profitabilitas. Data dianalisis menggunakan regresi linier berganda dengan bantuan SPSS. Hasil dan Pembahasan: Hasil penelitian menunjukkan bahwa biaya operasional berpengaruh negatif dan signifikan terhadap profitabilitas, sedangkan likuiditas memiliki hubungan positif tetapi tidak signifikan secara parsial terhadap profitabilitas. Secara simultan, kedua variabel tersebut berpengaruh terhadap profitabilitas perusahaan. Implikasi: Temuan ini menunjukkan pentingnya efisiensi biaya operasional dan pengelolaan likuiditas dalam menjaga kinerja keuangan perusahaan. Originalitas: Penelitian ini mengkaji hubungan antara biaya operasional dan likuiditas terhadap profitabilitas pada unit operasional PLN yang masih terbatas diteliti.
The Role of Sustainability Risk in the Relationship Between Profitability and Firm Value in Indonesia Meiny Grace Porajouw; James Leri S; Billy Ivan Tansuria
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 3 (2026): May - June
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i3.819

Abstract

Purpose: The study aims to determine whether, for IDX-listed companies, sustainability risk mitigates the correlation between profitability and firm value. Research Method: The following metrics are used to assess the worth of a company: Tobin's Q for profitability, ESG Risk Ratings for sustainability risk, and imbalanced panel data from 84 businesses spanning 2022–2024 (140 firm-year observations). Controlling for business size, age, leverage, and liquidity, the research employs REM GLS with robust standard errors and moderated regression. Results and Discussion: Profitability is positively related to firm value. The profitability–sustainability interaction is negative but not statistically strong in the linear model, indicating limited evidence of moderation. However, simple slopes analysis showed that the effect of profitability on firm value declines as sustainability risk increases, suggesting a conditional pattern rather than a direct moderating effect. Implications: Sustainability risk may influence how the market interprets profitability signals. Managers should manage sustainability risk to maintain valuation credibility, while investors may consider it contextual information when evaluating performance. Originality: This study provides an early exploration from Indonesia that sustainability risk acts as a contextual factor that conditions, rather than directly determines, the profitability–firm value relationship.
Analisis Kinerja Keuangan Berdasarkan Keputusan Menteri Dalam Negeri Nomor 47 Tahun 1999 Pada Perusahaan Umum Daerah (PERUMDA) Air Minum Wair Pu’an Kabupaten Sikka Maria Ananias Sofia; Rere Paulina Bibiana; Antonius Y.W Timuneno
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 3 (2026): May - June
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i3.824

Abstract

Tujuan: Penelitian ini bertujuan untuk menilai kinerja keuangan Perusahaan Umum Daerah (PERUMDA) Air Minum Wair Pu’an Kabupaten Sikka pada periode 2022–2024 berdasarkan Keputusan Menteri Dalam Negeri Nomor 47 Tahun 1999, serta mengidentifikasi faktor-faktor penyebab fluktuasi kinerja keuangan selama periode tersebut. Metode: Penelitian ini menggunakan pendekatan deskriptif kuantitatif. Data yang digunakan berupa laporan neraca dan laporan laba rugi PERUMDA Air Minum Wair Pu’an tahun 2022–2024. Analisis dilakukan menggunakan sepuluh rasio keuangan yang mengacu pada pedoman penilaian kinerja Perusahaan Daerah Air Minum sebagaimana diatur dalam Keputusan Menteri Dalam Negeri Nomor 47 Tahun 1999. Hasil dan Pembahasan: Hasil penelitian menunjukkan bahwa nilai kinerja keuangan PERUMDA Air Minum Wair Pu’an pada tahun 2022 sebesar 21,74, pada tahun 2023 sebesar 21,74, dan pada tahun 2024 sebesar 24,75. Ketiga nilai tersebut berada pada kategori tidak baik dengan nilai kinerja 1. Kondisi ini dipengaruhi oleh tingginya beban operasional, belum produktifnya pengelolaan aset lancar, serta belum optimalnya penagihan piutang. Implikasi: Temuan ini menunjukkan perlunya peningkatan efisiensi biaya operasional, optimalisasi aset lancar, serta penguatan penagihan piutang secara rutin. Originalitas: Penelitian ini memberikan gambaran empiris mengenai kinerja keuangan PERUMDA Air Minum Wair Pu’an, Kabupaten Sikka, dalam konteks evaluasi perusahaan daerah air minum.
Analysis of the Effectiveness of Chicken Egg Distribution in Maintaining Food Price Stability Shira Raigung Renata; Nisrina Salma Putri; Neng Dinda Septia; Muhamad Nur Amin; Yulianah Yulianah
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 3 (2026): May - June
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i3.835

Abstract

Purpose: This study aims to analyze the effectiveness of chicken egg distribution in maintaining food price stability and to identify factors influencing distribution efficiency within the national food system. Research Method: This study employed a qualitative library research approach using content analysis. Secondary data were collected from academic journals, books, and policy reports via Google Scholar, ScienceDirect, SpringerLink, and the Garuda database, using keyword searches, screening, and thematic coding. Results and Discussion: The findings indicate that the distribution of chicken eggs in Indonesia remains inefficient due to long distribution chains, high logistics costs, weak coordination among supply chain actors, unequal market information, and intermediary dominance. Geographic fragmentation and seasonal demand fluctuations also contribute to regional price disparities and food price instability. Implications: The study emphasizes the importance of strengthening logistics infrastructure, institutional coordination, market transparency, and digital distribution systems to improve food price stability. Originality: This study integrates perspectives on distribution effectiveness, supply chain coordination, intermediary structures, and value chain inequality within a single analytical framework.
Analysis of the Role of Perum Bulog in Maintaining the Stability of the National Rice Supply Chain Shofia Rofifah Azhaara; Yulianah Yulianah; Elsa Rosmiati Alisa; Tri Ceysha Nur Wahyuni; Sulaiman Ar Rasyid Al Khoirullahu
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 3 (2026): May - June
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i3.836

Abstract

Purpose: This study aims to analyze the role of Perum BULOG in maintaining the stability of Indonesia’s rice supply chain and to identify operational constraints affecting distribution effectiveness and food price stabilization. Research Method: This study employed a descriptive qualitative approach using semi-structured interviews, field observations, and secondary data from BULOG annual reports, BPS statistics, and food policy regulations. Data were analyzed through interactive qualitative analysis involving data reduction, presentation, and conclusion verification. Results and Discussion: The findings indicate that Perum BULOG contributes to rice supply chain stability through Government Rice Reserves (CBP), domestic rice procurement, SPHP market intervention, food aid distribution, equitable distribution systems, and logistics modernization. However, operational effectiveness remains constrained by infrastructure disparities, transportation barriers, warehousing limitations, and institutional coordination challenges across regions. Implications: The study highlights the importance of strengthening logistics governance, digital distribution systems, and inter-agency coordination to improve supply chain responsiveness and regional food accessibility. Originality: This study provides an operational and supply chain governance perspective in evaluating BULOG’s role beyond normative policy discussions.
Impact of Interest Rate Hike on Financing Debt, Indonesian Government Toll Road Project Azhar Eka Septiana; Neyla Mutiara Sabrina; Silvia Ananda Putri; Kayla Ardi Putri; Muhammad Fauzan Akbar Rafsanjani; Galuh Boga Guswara
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 3 (2026): May - June
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i3.838

Abstract

Purpose: This study analyzes the impact of rising interest rates on the sustainability of debt financing in Indonesian government toll road projects, using the Cisumdawu Toll Road project as a case study. Research Method: The study employed a quantitative case study approach, using financial feasibility analysis and scenario-based sensitivity analysis. Secondary data were obtained from Bank Indonesia benchmark interest rates (BI 7-Day Reverse Repo Rate), project financing structures, and toll road investment assumptions. Financial indicators used in the analysis included Cost of Debt, Weighted Average Cost of Capital (WACC), Debt Service Coverage Ratio (DSCR), Net Present Value (NPV), and Internal Rate of Return (IRR). Results and Discussion: The findings indicate that rising interest rates significantly increase borrowing costs and debt-servicing obligations, thereby reducing project cash-flow resilience and investment feasibility. Higher interest rates also weaken DSCR performance, increase WACC, and reduce NPV and IRR values. Implications: The study highlights the importance of stable monetary policy, effective governance of infrastructure financing, and government support mechanisms in maintaining the resilience of long-term infrastructure investment. Originality: Integrating interest rate sensitivity analysis with debt financing sustainability in the context of the Cisumdawu Toll Road project, which has rarely been discussed comprehensively in previous infrastructure financing studies in Indonesia.
Political Economic Dilemma in Infrastructure Funding: The Impact of The Whoosh Project Debt on State Finances Sherly Andari; Muhhamad Rizkie; Sri Yuningsih; Vidhini Nazhifa Rachmalimy; Firman Kurniawan; Dewi Yolanda Putri
Advances: Jurnal Ekonomi & Bisnis Vol. 4 No. 3 (2026): May - June
Publisher : Yayasan Pendidikan Bukhari Dwi Muslim

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.60079/ajeb.v4i3.839

Abstract

Purpose: This study analyzes the political economy and fiscal implications of the Jakarta–Bandung High-Speed Rail (Whoosh) project within the framework of China’s Belt and Road Initiative (BRI). Research Method: This study employs a qualitative explanatory case study approach using document analysis of government regulations, Ministry of Finance reports, KCIC publications, academic journals, and reports from international institutions. Results and Discussion: The findings show that the project’s financing structure increased fiscal exposure for Indonesian state-owned enterprises, particularly PT KAI, due to cost overruns and debt servicing pressures. The study also indicates that concerns about geopolitical dependency should be interpreted with caution, as domestic governance capacity, financing structures, and institutional risk management strongly influence the project outcomes. Implications: The study emphasizes the importance of transparent fiscal governance, stronger risk-sharing mechanisms, and comprehensive ex-ante fiscal evaluation for strategic infrastructure projects. Originality: This study integrates political economy and public financial management perspectives to explain the fiscal consequences of debt-financed infrastructure projects in developing countries.

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