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Journal of Management, Economic, and Financial
Published by Politeknik Siber Cerdika Internasional
ISSN : -     EISSN : 29866863     DOI : https://doi.org/10.46799/jmef.v2i3
Core Subject : Economy, Humanities, Science, Education, Social,
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences
The Journal of Management, Economic, and Financial is a double-blind peer review and open access academic journal. This journal is a scientific magazine published six issues per year has published its first issue in 2022 with e-ISSN 2986-6863. The journal publishes research papers, technical papers, conceptual papers, and case study reports in the Management, Economics, and Finance families. The Journal of Management, Economic, and Financial facilitates researchers and academics to publish their scientific manuscripts and support the development of research culture in Indonesia. The journal publishes research articles covering economics and business, which include: Finance and Banking, Econometric Applications, Time Series Econometrics, Cross-sectional Data Econometrics, Panel Data Econometrics, Financial Econometrics, International Trade and Development, Tourism Economics, Business Economics, Microfinance, International Finance, Economics, Finance, and Education Management, Management, Marketing, Human Resources, Organizations, Maznagement Information Systems.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 226 Documents
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Geopolitics of Finance: The Impact of Global Economic Fragmentation on Multinational Corporate Risk Management Strategies Arulfalah Nurwahid
Journal of Management Economic and Financial Vol. 3 No. 2 (2025): Journal of Management, Economic and Financial
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jmef.v3i2.167

Abstract

The fragmentation of the global economy triggered by geopolitical tensions, such as trade wars, financial sanctions, and supply chain disruptions, further pressured the financial stability of multinational corporations. This phenomenon emphasizes the importance of studying the geopolitics of finance, which is the close relationship between geopolitical dynamics and international financial architecture. This study aims to analyze the impact of global fragmentation on the financial architecture of multinational corporations, evaluate the risk management strategies adopted, and formulate its systemic implications. The research method used a mixed methods approach, with secondary data sourced from the IMF, World Bank, UNCTAD, as well as geopolitical risk indexes, and primary data through semi-structured interviews with corporate financial risk managers. Qualitative analysis was carried out by thematic content analysis, while quantitative analysis used data panel regression to measure the influence of macro variables on the company's financial stability. The results show that the decline in global trade and FDI flows increases the financial risk of companies, while the rise in the geopolitical risk index is negatively correlated with corporate stability. Multinational companies respond to this condition with a strategy of geographical diversification, the use of derivative instruments, and financial regionalization. However, the strategy also poses systemic implications in the form of hidden risks (hidden leverage) and increased regional financial concentration. These findings confirm that corporate risk management cannot be separated from geopolitical analysis, and demand international policy coordination to prevent deeper fragmentation of the global financial system.
The Role of Artificial Intelligence in Systemic Risk Management: A Financial Market Perspective of Emerging and Developed Countries Nova Yuningrat
Journal of Management Economic and Financial Vol. 3 No. 2 (2025): Journal of Management, Economic and Financial
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jmef.v3i2.168

Abstract

The development of Artificial Intelligence (AI) technology has brought significant changes in the global financial sector, especially in the context of systemic risk detection and mitigation. The complexity of financial market integration and the experience of previous global crises demonstrate the urgency of leveraging AI to strengthen the resilience of the financial system. This study aims to analyze the role of AI in systemic risk management by comparing its implementation in developed and developing countries. The research method uses a systematic literature review (SLR) approach enriched with bibliometric analysis to identify global research patterns, as well as comparative analysis to compare practices between the two groups of countries. Secondary data is obtained from academic articles, reports of international institutions, and financial risk indicators such as the Volatility Index (VIX), Capital Adequacy Ratio (CAR), and Non-Performing Loan Ratio (NPL). The results show that AI consistently improves the accuracy of systemic risk detection by up to 40% compared to traditional models. Developed countries are emphasizing the use of AI in the framework of macroprudential supervision, supported by adaptive regulations and mature data infrastructure. In contrast, developing countries are leveraging AI primarily for micro-risk management, such as credit risk and liquidity, but still face regulatory limitations, data infrastructure, and human resources. The main findings of this study confirm the gap in AI implementation between developed and developing countries, while demonstrating the urgency of international collaboration for regulatory harmonization and cross-border data exchange. This research contributes to the literature by presenting a cross-border comparative perspective, as well as providing policy recommendations that emphasize AI transparency, strengthening data infrastructure, and global cooperation to strengthen financial stability in the digital age.
Strategic Development of Economic Innovation Management for Sustainable Organizational Performance Agis Ahmad Rodiansjah; Agus Rohmat Hidayat; Nur Alifah; Kyra Kholilah Wardaniyah
Journal of Management Economic and Financial Vol. 3 No. 2 (2025): Journal of Management, Economic and Financial
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jmef.v3i2.193

Abstract

This study investigates the strategic development of economic innovation management as a driver of sustainable organizational performance, synthesizing theoretical frameworks and empirical evidence from recent Scopus-indexed research. Economic innovation management encompassing financial, digital, and institutional dimensions has become a critical determinant of organizational resilience in an era of accelerating globalization, digitalization, and environmental regulation. Employing a mixed-methods approach that integrates a systematic literature review, a conceptual model, and a composite Innovation-Sustainability Performance Index (ISPI), this article identifies five strategic dimensions: (1) digital transformation and green innovation, (2) financial optimization and investment efficiency, (3) governance and stakeholder alignment, (4) human capital and knowledge management, and (5) circular economy and supply chain integration. Empirical analysis across 104 selected high-impact studies reveals a statistically significant positive relationship (r = 0.74, p < 0.001) between innovation management sophistication and sustainable performance indicators. The proposed ISPI model allows organizations to benchmark their innovation trajectories and diagnose strategic gaps. Policy implications and managerial recommendations are presented for practitioners and policymakers seeking to foster long-term value creation within sustainability-oriented frameworks.
Financial Performance Analysis: Profitability, Liquidity, and Solvency Ratios in Indonesian Property Sector Companies Aurelia Widya Astuti; Muhamad Zaenal Asikin
Journal of Management Economic and Financial Vol. 4 No. 1 (2026): Journal of Management, Economic and Financial
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jmef.v4i1.195

Abstract

The property sector in Indonesia faces complex financial challenges, including the need to simultaneously manage profitability, liquidity, and solvency under conditions of post-pandemic economic recovery and high capital dependency. Despite the sector’s strategic role in the national economy, empirical studies that comprehensively assess financial performance across multiple ratio dimensions within a single analytical framework remain limited. This study aims to analyze the financial performance of PT XYZ Tbk, an Indonesian property sector company listed on the Indonesia Stock Exchange (IDX), through a multidimensional financial ratio analysis encompassing four dimensions: profitability, liquidity and solvency, operational efficiency, and managerial policy. A descriptive quantitative approach was employed using secondary data drawn from the company’s audited financial statements for the first quarter of 2025 (January–March 2025), with comparative data from the first quarter of 2024, both obtained from the IDX official platform. Sixteen financial ratio indicators were calculated and interpreted against recognized industry benchmarks. The results reveal a critical disparity between the Gross Profit Margin (GPM 21.71%) and net-profit-based indicators (NPM 0.0231%; ROA 0.0002%; ROE 0.0006%), indicating severe compression of bottom-line profitability driven by non-operating expenses under high leverage conditions (DER 1.6354). Although the Current Ratio (1.4423) appears nominally adequate, the very low Quick Ratio (0.0994) exposes a hidden liquidity risk attributable to inventory dominance (93.1% of current assets). Operational efficiency indicators further reflect structural weaknesses, with Asset Turnover recorded at only 0.0102 times and Inventory Turnover at 0.0162 times. On the managerial policy dimension, sales declined by 13.98% and net profit contracted by 99.77% year-on-year, signaling acute multidimensional financial pressures. These findings imply that property sector companies must adopt more balanced and adaptive financial management strategies—particularly in optimizing capital structure, accelerating inventory conversion, and strengthening operating cash flow—to sustain long-term performance stability and competitiveness.
Non-Performing Financing (NPF) at Islamic Pawnshop of Indonesia: A Systematic Literature Review Izzatul Muna; Yusuf DINC
Journal of Management Economic and Financial Vol. 4 No. 2 (2026): Journal of Management, Economic and Financial
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jmef.v4i3.194

Abstract

Islamic pawnshops in Indonesia play an important role in providing pawn-based financing alternatives that are in accordance with sharia principles. Despite rapid development, the sector faces serious challenges in managing Non-Performing Financing (NPF). High NPF indicates gaps in the implementation of sharia principles and can threaten the financial stability of institutions. This research aims to identify the factors influencing NPF at Pegadaian Syariah and provide recommendations for improving financing management. Some factors that influence NPF include risk management, inappropriate selection of contract types, and low customer understanding of Islamic contracts. Additionally, macroeconomic factors such as the impact of the Covid-19 pandemic have further worsened this situation. To address this issue, there needs to be an increase in Islamic financial literacy, a strengthening of the customer selection system, and better application of information technology to monitor problematic financing. The findings of this research are expected to help Pegadaian Syariah reduce NPF and maintain its financial health.
Integration Of Islamic Social Finance And Green Finance In Improving The Economic Resilience Of Halal Msmes Agus Rohmat Hidayat; Feri Hardiyanto; Rudi Ferdiansah
Journal of Management Economic and Financial Vol. 4 No. 2 (2026): Journal of Management, Economic and Financial
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jmef.v4i2.196

Abstract

This study examines the integration of Islamic Social Finance (ISF) and Green Finance (GF) in strengthening the economic resilience of Halal MSMEs in Kuningan Regency, West Java. Using a quantitative approach with Ordinary Least Squares (OLS) multiple regression and Sobel mediation test on 120 sample respondents, the findings show that ISF (B = 0.384; P< 0.001), GF (B= 0.291; p < 0.001), their interaction terms ISF×GF (B = 0.178; P= 0.006), and Halal Business Index (B = 0.214; p < 0.001) significantly and positively affects economic resilience. The model explains 72.14% variance (R² = 0.7214). Furthermore, the Halal Business Index partially mediates the relationship between ISF, GF, and economic resilience (Sobel z > 3.0; P < 0.01). These results confirm that synergistic integration of ISF and GF, underpinned by halal principles and productive social financing (zakat, infaq, waqf), substantially enhances the economic resilience and sustainability of Halal MSMEs.
Analysis : From Operational Frameworks to Classical-Keynesian Theoretical Debates Muhammad Permadi; Atin Risnawati
Journal of Management Economic and Financial Vol. 4 No. 2 (2026): Journal of Management, Economic and Financial
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jmef.v4i2.197

Abstract

Macroeconomic monetary policy is a key instrument in maintaining economic stability through the control of inflation, interest rates, and money supply. In the theoretical framework, the ideas of John Maynard Keynes emphasize the importance of an active role of monetary authorities in stimulating the economy, particularly during periods of declining aggregate demand. This Keynesian approach is reflected in expansionary monetary policies such as lowering interest rates and increasing liquidity to encourage investment and consumption. In international practice, countries such as the United States through the Federal Reserve and Japan through the Bank of Japan have implemented similar policies, especially during global economic crises, by using both conventional and unconventional instruments such as quantitative easing. However, modern monetary policy is not purely Keynesian, as it combines various approaches to maintain macroeconomic stability. Therefore, macro monetary policy across countries is adaptive and contextual, aiming to ensure financial system stability, support economic growth, and improve public welfare.
The Effect of Sustainability Committee, Leverage, and Firm Size on Material Disclosure Bintang Ghani Nugroho; Erna Hernawati
Journal of Management Economic and Financial Vol. 4 No. 2 (2026): Journal of Management, Economic and Financial
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jmef.v4i4.198

Abstract

Sustainability reporting has become increasingly important for Fast-Moving Consumer Goods (FMCG) companies because their business activities rely heavily on packaging materials that contribute to plastic waste generation and environmental degradation. In ASEAN countries, this issue has become more urgent as several nations face significant challenges related to marine plastic pollution and waste management. This study aims to examine the effects of the Sustainability Committee, leverage, and firm size on material disclosure based on GRI 301 among FMCG companies listed on five Southeast Asian stock exchanges. This research employed a quantitative approach using secondary data obtained from sustainability reports, integrated reports, and annual reports of FMCG companies listed on the Philippine Stock Exchange, Bursa Malaysia, the Indonesia Stock Exchange, the Ho Chi Minh Stock Exchange, and the Stock Exchange of Thailand during the 2014–2023 period. The sample consisted of 231 companies with 1,635 firm-year observations selected through purposive sampling, and the data were analyzed using multiple linear regression analysis. The findings revealed that the Sustainability Committee and firm size had positive and significant effects on material disclosure, indicating that stronger sustainability governance mechanisms and larger organizational scale encourage greater transparency. However, leverage did not have a significant effect on material disclosure. This study concludes that governance structures and firm size are important determinants of material disclosure among ASEAN FMCG companies.
Sharia-Based Financial Literacy and Digital Innovation in Strengthening MSME Business Performance Ginna Novarianti Dwi Putri Pramesti; Agus Rohmat Hidayat
Journal of Management Economic and Financial Vol. 4 No. 2 (2026): Journal of Management, Economic and Financial
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jmef.v4i2.199

Abstract

Sharia-based financial literacy and digital innovation are increasingly recognised as pivotal yet under-studied co-determinants of MSME business performance in Muslim-majority emerging economies. This study examines the individual and interactive effects of sharia-based financial literacy and digital innovation on MSME business performance in Indonesia. A quantitative approach with moderated multiple regression analysis was applied to primary data from 248 Muslim-owned MSMEs across West Java, Central Java, and East Java, selected through stratified random sampling. Variables were operationalized across nine dimensions and 27 indicators on a five-point Likert scale. Sharia-based financial literacy (B = 0.421, p < 0.001) and digital innovation (B = 0.318, p < 0.001) each significantly and positively affect MSME business performance. Their interaction is significant (B= 0.171, p = 0.002), indicating a synergistic effect with a Cohen's f² = 0.090 (small-to-medium). The integrated model accounts for 63.4% of variance in business performance. MSMEs that simultaneously develop Islamic financial literacy and embrace digital innovation achieve disproportionately higher business performance. Sharia financial institutions, digital ecosystem architects, and policymakers should design integrated halal-digital capacity programs targeting this synergistic pathway.
What Drives Customer Loyalty in Digital Banking? Insights From A Systematic Literature Review of Technology Acceptance and Hedonic–Utilitarian Perspectives Adhelia Budi Pratiwi; Novita Ikasari
Journal of Management Economic and Financial Vol. 4 No. 2 (2026): Journal of Management, Economic and Financial
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jmef.v4i4.201

Abstract

Digital banking has transformed the way financial institutions deliver services and maintain customer relationships in an increasingly competitive digital environment. Although prior studies have extensively examined technology adoption, the formation of customer loyalty in digital banking remains fragmented, particularly when technology acceptance, hedonic–utilitarian motives, and customer satisfaction are considered collectively. This study aims to synthesize existing empirical evidence regarding the factors that drive customer loyalty in digital banking. Using a Systematic Literature Review (SLR) method guided by the PRISMA 2020 framework, this study reviewed peer-reviewed English-language journal articles published between 2016 and 2026 from Scopus, Emerald Insight, ScienceDirect, and SpringerLink. Following the identification, screening, eligibility assessment, and quality evaluation processes using Parsifal, 43 articles were included in the final synthesis. The findings indicate that perceived ease of use and perceived usefulness remain fundamental determinants of digital banking adoption, while utilitarian motives, such as efficiency, convenience, and functional benefits, more consistently influence customer satisfaction and loyalty. Hedonic motives, including enjoyment and engagement, also contribute to loyalty, although their effects vary depending on contextual factors. Customer satisfaction serves as a key mediating mechanism that links technology acceptance and user experience with customer loyalty. This study concludes that digital banking loyalty is a multidimensional construct involving continued usage intention, satisfaction, emotional attachment, and customer advocacy.

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