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Moneta : Journal of Economics and Finance
Published by PT Penerbit Ilmiah Indonesia
ISSN : -     EISSN : 30308666     DOI : https://doi.org/10.61978/moneta
Core Subject : Economy,
Economics, Econometrics & Finance
Moneta : Journal of Economics and Finance with ISSN Number 3030-8666 (Online) published by Indonesian Scientific Publication, published original scholarly papers across the whole spectrum of economics and finance. The journal attempts to assist in the understanding of the present and potential ability of accounting to aid in the recording and interpretation of international economic transactions and taxation practices.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 50 Documents
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Factors Influencing Company Valuation in the Indonesian Cement Sector Wangi, Risfa Mustifa; Putra, Okta Eka; Kusumawardhani, Aninditha Putri
Moneta : Journal of Economics and Finance Vol. 3 No. 1 (2025): January 2025
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v3i1.425

Abstract

Investigation elucidates the characterization and impact of IC, effective corporate governance, and environmental performance on corporate valuation within the cement industry. Empirical evidence reveals a deterioration in corporate valuation within the cement industry during the period spanning 2019 to 2023. Among the novel contributions distinguishing this research from antecedent studies is its targeted examination of companies within the cement industry, a focus that remains underexplored in existing literature. The methodology adopted is quantitative, utilizing both descriptive and verification approaches. The research population comprises all cement industry during the 2019-2023 period. Sample selection was executed through purposive sampling based on specified criteria, resulting in the acquisition of 25 financial reports from five distinct companies. The findings of this study indicate that IC, GCG, and Environmental Performance collectively exert an influence on Firm Value within cement industry companies on the IDX throughout the 2019-2023 timeframe. These findings suggest that enterprises exhibiting robust IC, adhering to sound corporate governance practices, and demonstrating commendable environmental performance are predisposed to achieving elevated firm value. Additionally, this research reveals that IC has the most pronounced effect on firm value, succeeded by Environmental Performance, whereas GCG appears to have an insubstantial impact. It is imperative for cement industry companies in Indonesia to adopt a comprehensive strategy aimed at enhancing firm value.
The Moderating Role of Independent Commissioners on the Effect of Corporate Social Responsibility (CSR) Disclosure and Chief Executive Officer (CEO) Tenure on Earnings Management Utami, Ratna Sri; Hariyani, Diyah Santi; Juliyanti, Wiwin; Rahmiyati, Nekky
Moneta : Journal of Economics and Finance Vol. 3 No. 3 (2025): July 2025
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v3i3.620

Abstract

Earnings management is a significant concern in financial reporting, as it has the potential to mislead stakeholders and distort a company’s actual performance. This study aims to examine the effect of Corporate Social Responsibility (CSR) disclosure and Chief Executive Officer (CEO) tenure on earnings management, while also evaluating the moderating role of independent commissioners. A quantitative approach was adopted, employing multiple linear regression and Moderated Regression Analysis (MRA), based on 124 firm-year observations from 31 manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2023 period. The findings reveal that CSR disclosure does not significantly influence earnings management (p = 0.089 > 0.05), suggesting that CSR activities are not effectively mitigating manipulative financial reporting. In contrast, CEO tenure has a significant positive effect on earnings management (β = 0.094; p = 0.001 < 0.05), indicating that longer-serving CEOs are more likely to engage in such practices. Furthermore, independent commissioners significantly moderate the relationship between CSR disclosure and earnings management (β = –1.689; p = 0.004), while their moderating effect on the relationship between CEO tenure and earnings management is not statistically significant (p = 0.350 > 0.05). These results emphasize the need to strengthen internal governance mechanisms to promote greater transparency in CSR reporting and to deter opportunistic behavior by executive leadership.
Investment Feasibility of the Teluk Gelam Tourism Area in Ogan Komering Ilir Regency Sadewo, Rifki Ari; Sartika, Dewi
Moneta : Journal of Economics and Finance Vol. 3 No. 2 (2025): April 2025
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v3i2.529

Abstract

This study analyzes the financial feasibility and development strategy for the Teluk Gelam Lake Tourism Area in Ogan Komering Ilir Regency (OKI). Financial feasibility is assessed using Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period (PP), and Benefit-Cost Ratio (BCR). A mixed-method approach was applied, involving questionnaires distributed to 450 respondents across 18 sub-districts and interviews with key stakeholders. The financial indicators show the project is feasible: NPV IDR 27.6 billion, IRR 5.94%, BCR 1.19, and a payback period of 10 years. While financially viable, the low IRR and lengthy payback period highlight the need for strategies to boost revenue and tourism appeal. Recommendations include providing investment incentives, improving accessibility, enhancing facilities, and applying an ecotourism framework. With proper planning and collaboration among stakeholders, Teluk Gelam Lake has strong potential to become a leading sustainable tourism destination.
Profitability's Ability to Moderate the Effect of Carbon Emission Disclosure and Environmental Performance on Firm Value Purnama Sari, Siti Nuralisya; Paramita, Veronika Santi
Moneta : Journal of Economics and Finance Vol. 3 No. 3 (2025): July 2025
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v3i3.721

Abstract

This study aims to examine the effect of carbon emission disclosure (CED) and environmental performance on firm value, with profitability acting as a moderating variable. The research was conducted on energy sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2019–2023. A quantitative approach using descriptive-causal analysis was applied. The study used secondary panel data obtained from financial and sustainability reports. Thirteen energy companies were selected through purposive sampling. Data were analyzed using panel data regression and moderated regression analysis (MRA). The results show that CED does not significantly affect firm value, while environmental performance has a positive impact. Profitability does not moderate the relationship between CED and firm value but does strengthen the influence of environmental performance on firm value. These findings highlight the importance of environmental initiatives combined with strong financial performance in enhancing firm value. For corporate managers and policymakers, this underscores the need to integrate sustainability practices into strategic decision-making to improve long-term firm valuation.
The Effect of Macroeconomic, Microeconomic, and Systematic Risk on Firm Value in the Jakarta Islamic Index 30 (JII30) Hilmi, Muhammad Irfan; Desmiza
Moneta : Journal of Economics and Finance Vol. 3 No. 3 (2025): July 2025
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v3i3.724

Abstract

This research examines the influence of macroeconomic, microeconomic, and systematic risk factors on firm value inside the Jakarta Islamic Index 30 (JII30) from 2019 to 2023. The imperative is to comprehend investor perception in Sharia-compliant capital markets, where investment choices are influenced by ethical standards and a long-term perspective. This study analyzes inflation and interest rates (macroeconomic factors), ROE and TATO (microeconomic indicators), and beta (systematic risk), chosen for their significance in indicating corporate performance and investor appeal. The population comprises 52 companies listed in the JII30 during 2019–2023. Using purposive sampling, 21 firms were selected, producing 105 observations. Data were analyzed through panel data regression with the Random Effect Model (REM), determined by the Chow, Hausman, and Lagrange Multiplier tests. Results show that all variables simultaneously have a significant effect on firm value, while only ROE and TATO individually have a significant positive influence. Inflation, interest rates, and beta are insignificant. These findings indicate that Sharia investors focus more on internal performance, such as profitability and asset efficiency, rather than reacting to short-term macroeconomic changes. Practically, management should prioritize strategies that enhance efficiency and profitability, while regulators can encourage transparent disclosure of internal performance indicators to sustain investor trust and support long-term market stability.
The Effect of Return on Assets, Current Ratio, Debt to Equity Ratio, and Company Size on Firm Value : A Study on Telecommunications Sub-Sector Companies in Indonesia Kroy, Monica; Desmiza
Moneta : Journal of Economics and Finance Vol. 3 No. 4 (2025): October 2025
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v3i4.726

Abstract

This research examines the worth of businesses in Indonesia's telecommunications industry, a crucial area of the economy that has seen considerable expansion. Changes in company value within this field, frequently tied to fluctuating stock prices, prompt inquiries into the key factors at play. The aim of this research is to evaluate how return on assets (ROA), cash-to-assets ratio (CR), debt-to-equity ratio (DER), and company size affect the value of telecommunications firms listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. Employing a descriptive associative quantitative method, this study investigates panel data from 12 telecommunications firms chosen using purposive sampling from a total of 22. Panel data regression analysis was performed utilizing EViews 13 software. The findings reveal that return on assets (ROA) has a meaningful positive effect on company value. In contrast, the debt-to-equity ratio (DER) significantly harms company value. The liquidity ratio (CR) and company size, however, do not exhibit significant partial impacts. Overall, ROA, CR, DER, and company size do affect firm value. This research concludes that ROA and capital structure (DER) are vital elements in influencing the worth of telecommunications companies. It is recommended that these companies enhance ROA through efficient asset use and effectively manage DER to boost investor trust and company value in a competitive environment.
The Influence of Income, Islamic Financial Literacy, and Education on Well-Being through Financial Planning in Semarang Sapta, Andriyan Eka; Samani; Nurhayati, Ida; Karyanti, Tutik Dwi; Wardana, Yanuar Wendy
Moneta : Journal of Economics and Finance Vol. 3 No. 3 (2025): July 2025
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v3i3.819

Abstract

The COVID-19 pandemic has caused economic instability in Indonesia, including in Semarang City, which has impacted the increasing poverty rate and difficulties in managing family finances. Under these conditions, financial literacy and financial planning have become crucial aspects that can help society face economic challenges. This research examines how income, Islamic financial literacy, and education influence community welfare through financial planning in the context of post-pandemic economic recovery. This research uses the Structural Equation Model (SEM) method based on variance with AMOS version 20 and involves 149 respondents selected using purposive sampling technique to analyze the relationships between income, Islamic financial literacy, education, financial planning, and welfare. The research results show that income does not have a significant influence on financial planning, while Islamic financial literacy and education have positive influences on financial planning. The study confirms that good financial planning contributes significantly to improving community welfare, with families having mature financial strategies being better able to achieve economic stability. These findings confirm the importance of improving Islamic financial literacy and broader access to education as main strategies to enhance community welfare. With better financial understanding, society can be wiser in managing income and developing more effective financial planning to achieve a more prosperous life, particularly in post-pandemic economic recovery contexts.
The Ethics of Persuasion: Cognitive Bias and Platform Design in Emerging E Commerce Markets Muharam, Husni
Moneta : Journal of Economics and Finance Vol. 2 No. 1 (2024): January 2024
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v2i1.820

Abstract

This study investigates the psychological dynamics influencing consumer behavior within Indonesia’s digital commerce ecosystem, emphasizing how anchoring, social proof, impulsivity, and status quo bias shape online purchasing decisions. As mobile first commerce and fintech adoption accelerate across Southeast Asia, consumers increasingly rely on cognitive shortcuts, leading to predictable and sometimes suboptimal buying behaviors. The research aims to localize these behavioral tendencies by examining their cultural, technological, and demographic triggers. A mixed-methods approach was employed, combining experimental surveys, literature synthesis, and platform-based observational data to examine how pricing cues, interface design, social validation, and fintech adoption interact with cognitive biases in shaping decisions. The findings show that anchoring is amplified by mobile-first interfaces and urgency-driven promotions, especially among younger and lower-income users; social proof exerts strong influence in collectivist cultures; impulsivity is intensified by fintech tools facilitating immediate gratification; and status quo bias reinforces habitual platform dependence. Collectively, these dynamics distort price perception, reduce market efficiency, and promote habitual rather than evaluative purchasing. This study contributes by offering a localized behavioral framework for Southeast Asia’s e-commerce markets and providing actionable implications for ethical platform design, evidence-based regulatory frameworks, and targeted consumer education. Transparency in promotional logic, educational nudges, and friction points are suggested as strategies to mitigate cognitive distortions while fostering consumer-centered growth.
Financial Inclusion and Rural Economic Resilience: Evidence from Indonesia’s Digital Payment Expansion Setiawati, Ira
Moneta : Journal of Economics and Finance Vol. 2 No. 1 (2024): January 2024
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v2i1.821

Abstract

This study addresses the research gap on how digital financial inclusion, particularly through digital payment systems, shapes rural economic development in Indonesia. Despite rapid national growth of digital transactions, rural adoption lags significantly behind urban areas. The study aims to examine the extent to which digital payments influence rural GDP growth, household consumption, and economic resilience, especially in the post–COVID-19 period. The methodology employed a panel data regression framework with fixed effects and structural break analysis across 33 Indonesian provinces, supported by secondary data from national digital transaction trends, rural digital infrastructure, and post pandemic economic indicators. Supplementary qualitative insights were drawn from international case comparisons. The results show a strong positive correlation between digital payment adoption and regional GDP growth, particularly post 2020 reforms. Rural areas with improved digital infrastructure experienced enhanced financial participation, better household spending behavior, and increased micro enterprise productivity. However, persistent challenges such as limited digital literacy, infrastructural gaps, and regional inequalities hamper the full realization of digital financial benefits. The discussion situates these findings within global best practices (Kenya’s M-Pesa, India’s Digital India), showing that inclusive digital ecosystems require infrastructure, literacy, and regulatory coherence. The study advances the field by demonstrating how digital payment adoption can serve as a catalyst for rural resilience and inclusive development in emerging economies. In conclusion, digital financial inclusion represents a key lever for rural transformation in Indonesia. The integration of accessible, trusted, and scalable digital payment solutions into everyday economic life can promote inclusive growth and mitigate regional disparities.
Fiscal Transfers and the Persistence of Regional Inequality: A Critical Review of Indonesia's Intergovernmental Funding System Paulina; Adiawaty, Susi
Moneta : Journal of Economics and Finance Vol. 3 No. 4 (2025): October 2025
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v3i4.822

Abstract

This study critically examines the effectiveness of Indonesia’s intergovernmental fiscal transfer mechanisms primarily the General Allocation Fund (DAU) and the Special Allocation Fund (DAK) in addressing persistent regional inequality since the implementation of the post Otonomi Daerah decentralization reforms. The research aims to assess whether these fiscal instruments have fulfilled their redistributive mandate and to identify structural and governance related barriers that limit their impact. Employing a mixed-method approach with secondary data, the study analyzes fiscal gaps, transfer effectiveness, and regional disparities. The analysis combines statistical indices (Gini coefficient, Theil index) with case studies from West Sumatra, East Java, and Eastern Indonesia, complemented by international comparisons and policy evaluations. The findings show that DAU and DAK have expanded fiscal flows to poorer regions but remain constrained by formulaic designs that overlook socio-economic diversity. Administrative inefficiencies, weak planning capacity, and limited accountability reduce fund utilization. Comparative international models suggest alternatives through performance-based and needs-responsive allocation formulas. In conclusion, Indonesia's fiscal transfer framework must evolve from a volume based to an outcome driven model. By incorporating equity sensitive criteria, decentralizing planning autonomy, and strengthening transparency, fiscal transfers can transition from redistributive tools to transformative instruments that narrow regional inequality and foster inclusive national development.

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