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Grimsa Journal of Business and Economics Studies
Published by PT. Graha Primera Saintifika
ISSN : -     EISSN : 30320534     DOI : https://doi.org/10.61975/gjbes
Core Subject : Economy, Science, Social,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Energy Environmental Science Social Sciences
Grimsa Journal of Business and Economics Studies aims to provide a platform for researchers, scholars, and professionals to share their innovative ideas, findings, and insights in the following areas: Economic Theory and Analysis, Business Management and Strategy, Finance and Investment, Marketing and Consumer Behavior, Entrepreneurship and Innovation, International Business and Trade, Economic Development and Policy, Sustainable Business Practices, Data Analytics and Business Intelligence, Labor Economics and Human Resources, Financial Technology, Business Ethics and Corporate Governance
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekomomi dan Ekonometrika
Articles 23 Documents
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The Impact of Foreign Direct Investment, Private Investment, Government Expenditure, and Labor on Economic Growth in Indonesia Annisa, Nur; Jamal, Abd; Syahnur, Sofyan
Grimsa Journal of Business and Economics Studies Vol. 2 No. 1 (2025): January 2025
Publisher : Graha Primera Saintifika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61975/gjbes.v2i1.39

Abstract

Sustainable economic growth is a key goal for every developing country, including Indonesia. In this context, several key factors have been identified as the main determinants influencing the pace of economic growth. This study investigates Indonesia’s economic growth in relation to foreign direct investment (FDI), private investment, government spending, and labor. The Autoregressive Distributed Lag (ARDL) method is applied to analyze time series data from 1986 to 2022. The results indicate that, in the long term, government spending has a positive and significant effect on economic growth in Indonesia, while labor has a negative effect. In the short term, FDI has a positive and significant impact on economic growth. Therefore, regulations and policies are needed in Indonesia regarding tax collection, currency stabilization, and the facilitation of permit acquisition, protection, and legal certainty.
The Effect of Aceh Government Spending Policy on Inclusive Growth: Income per Capita as a Mediating Variable Saputra, M. Eka; Zulham, Teuku; Srinita, Srinita
Grimsa Journal of Business and Economics Studies Vol. 2 No. 1 (2025): January 2025
Publisher : Graha Primera Saintifika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61975/gjbes.v2i1.41

Abstract

In 2021, inclusive growth in Aceh Province, Indonesia, as measured by the Inclusive Economic Development Index (IPEI), declined compared to the ranking achieved in 2011. Government intervention through spending policy faces new challenges, particularly due to a decrease in the allocation of the special autonomy fund (OTSUS) in 2022, which is set to fully end in 2027. This study aims to analyze the effect of local expenditure policies implemented by the Aceh government, using per capita income as a mediating variable. The analysis was conducted using the Random Effects Model (REM) and panel data from 23 districts/cities from 2011 to 2021. The results show that capital expenditure and social assistance expenditure negatively impact inclusive growth, whereas grant expenditure and per capita income have a positive effect. Additionally, the findings indicate that per capita income mediates the impact of capital expenditure on inclusive growth but does not mediate the effects of grant expenditure or social assistance on inclusive growth. Therefore, it is necessary to improve governance, budgeting policies, and regional expenditures in a more sustainable and targeted manner to promote inclusive growth and achieve more equitable welfare for all people in Aceh Province.
Foreign Investment, Domestic Savings, and Exchange Rates as Drivers of Per Capita Income and Financial Sector Development in OIC Countries Garini, Fitri Ardiya; Majid, M. Shabri Abd.; Suriani, Suriani
Grimsa Journal of Business and Economics Studies Vol. 2 No. 1 (2025): January 2025
Publisher : Graha Primera Saintifika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61975/gjbes.v2i1.42

Abstract

This study examines the roles of foreign investment, financial sector development, domestic savings, and exchange rates on per capita income in 25 Organization of Islamic Cooperation (OIC) countries. A panel data regression model is applied to annual data from 2010 to 2022. The results indicate that foreign investment and domestic savings positively influence financial sector development, while the exchange rate has no significant effect. Additionally, both foreign investment and savings positively impact economic growth, whereas the exchange rate and financial sector have a negative effect. Based on these findings, it is recommended that the governments of the OIC-25 countries enhance the attractiveness of foreign investment through policies that foster a conducive investment climate and increase awareness and incentives for domestic savings. This approach would strengthen the financial sector and boost per capita income growth. The study suggests that while foreign investment and domestic savings can drive financial sector development and economic growth, exchange rate fluctuations and inefficient financial sector management can hinder increases in per capita income.
Digital Economy Dynamics: How E-Money, Debit Cards, Inflation, and Exchange Rates Shape Money Demand Stability in Indonesia Ulfah, Cut Farah; Suriani, Suriani
Grimsa Journal of Business and Economics Studies Vol. 2 No. 1 (2025): January 2025
Publisher : Graha Primera Saintifika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61975/gjbes.v2i1.37

Abstract

In the current era, technological advances are developing rapidly, one of which is e-banking through a non-cash payment system that uses APMK (Payment Tools Using Cards) in Indonesia. This study aims to analyze the effect of electronic money, debit cards, inflation, and exchange rates on the stability of money demand in Indonesia and the causal relationship between each variable. This research uses the ARDL (Autoregressive Distributed Lag) model for the period January 2009 - November 2023. The findings show that electronic money has a negative effect on the demand for money in the short term, while in the long term, electronic money has a positive effect on money demand. Debit cards and exchange rates have a positive effect on the demand for money only in the short term. However, inflation has no effect on the demand for money in either the short or long run. There is a two-way causality between the exchange rate and the demand for money, while there is a one-way relationship from debit cards to money demand, from debit cards to electronic money, and from debit cards to exchange rates. The implication of the research is that Bank Indonesia must continue to monitor the use of electronic payment instruments, including debit cards, and estimate their impact on the stability of cash demand and overall monetary policy. Bank Indonesia must also continue to pay attention to price stability when making monetary policy decisions.
Long-Term Impact of Dirty and Clean Energy on Indonesia’s Economic Growth: Before and During the COVID-19 Pandemic Ringga, Edi Saputra; Hafizah, Iffah; Idroes, Ghifari Maulana; Amalina, Faizah; Kadri, Mirzatul; Idroes, Ghalieb Mutig; Noviandy, Teuku Rizky; Hardi, Irsan
Grimsa Journal of Business and Economics Studies Vol. 2 No. 1 (2025): January 2025
Publisher : Graha Primera Saintifika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61975/gjbes.v2i1.49

Abstract

Dirty (non-renewable) energy, considered environmentally harmful due to greenhouse gas emissions, is contrasted with clean (renewable) energy, which is believed to have positive ecological impacts that can boost economic growth in the long term. This study analyzes the long-term effects of electricity generation from both dirty and clean energy sources on economic growth in Indonesia, using data from two periods: before the COVID-19 pandemic (2000–2019) and the full period including the COVID-19 pandemic (2000–2022). Empirical findings from Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) methods reveal that dirty energy significantly impacts long-term economic growth in both periods, while clean energy does not have a substantial effect. A robustness check conducted using the Canonical Cointegrating Regression (CCR) method confirms that dirty energy continues to play a crucial role in Indonesia's long-term economic growth. A key finding is that the positive impact of dirty energy generation on economic growth was stronger in the full period including the COVID-19 pandemic compared to before. This suggests that dirty energy contributed more to economic growth during the pandemic. The study recommends a balanced approach to economic growth by prioritizing the transition to clean energy while recognizing the importance of dirty energy in Indonesia's economy. This transition should be gradual, using the current role of dirty energy to support economic development while investing in clean energy alternatives for sustainable growth.
Effect of Food Security on Stunting Prevention via Protein Consumption Mediation Pratama, Chris Candra Januar; Nazamuddin, B. S.; Dawood, Taufiq Carnegie
Grimsa Journal of Business and Economics Studies Vol. 2 No. 1 (2025): January 2025
Publisher : Graha Primera Saintifika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61975/gjbes.v2i1.52

Abstract

The value of potential GDP lost due to stunting varies between countries. Stunting is not only an indicator of well-being but also a prerequisite for increasing productivity. The problem of stunting can lead to a decrease in productivity, which, in turn, can lead to lower economic output. Indonesia is one of the countries that still faces stunting problems. This study aims to analyze the role of protein consumption in mediating the effect of food security on stunting prevention in Indonesia. The data used is panel data covering 34 provinces in Indonesia for the period 2018-2021, resulting in 136 observations. The model used in this study is path analysis. There are two models estimated using panel data regression analysis: the stunting prevention equation model and the protein consumption equation model. Stunting prevention is estimated against the variables of food security and protein consumption. In the second model, the effect of food availability for consumption is estimated on consumption through the food security approach. The results show that increasing food security and protein consumption influences stunting prevention. Increasing food security affects protein consumption. Protein consumption mediates the effect of food security on stunting prevention. Government policies to increase protein consumption can be achieved through formal and informal education. Fiscal policies such as a sugar tax and a tax on unhealthy foods or drinks with low nutritional value can be applied to create a substitution effect that impacts increased protein consumption. Labor-intensive economic policy in the agricultural sector is also needed to promote food security, protein consumption, and stunting prevention simultaneously.
The Influence of Information and Communication Technology and Demographic Variables on the Indonesian Economy: Before and During COVID-19 Ferayanti, Ferayanti; Varlitya, Cut Risya; Sitepu, Novi Indriyani; Seftarita, Chenny
Grimsa Journal of Business and Economics Studies Vol. 2 No. 1 (2025): January 2025
Publisher : Graha Primera Saintifika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61975/gjbes.v2i1.60

Abstract

Changes in population and advancements in information and communication technology (ICT) have significantly transformed the global economy. While the individual effects of these factors on economic growth have been extensively studied, little is known about their interaction, particularly in the context of the COVID-19 pandemic. The pandemic introduced new economic dynamics by altering consumer behavior and accelerating the adoption of digital technology. This study investigates the combined impact of ICT advancements and demographic shifts on Indonesia's economic growth before and after the pandemic. Using panel data from 2015 to 2021, a regression model explores the correlations between these factors. The results reveal that e-commerce, internet usage, and demographic factors positively influence economic growth. However, a negative correlation is observed between economic growth and mobile phone usage. Notably, economic expansion driven by ICT was more pronounced in the pre-COVID-19 period than in the post-pandemic era. To fully harness the potential of digital transformation and sustain growth, government interventions are essential. These include supporting MSMEs in developing digital capabilities, accelerating digital infrastructure development, enhancing digital human resources, streamlining regulations, and leveraging big data to guide policy decisions.
The Analysis of QRIS Usage and Its Impact on the Velocity of Money in Indonesia Fadhil, Muhammad; Dawood, Taufiq C.; Seftarita, Chenny
Grimsa Journal of Business and Economics Studies Vol. 2 No. 2 (2025): July 2025
Publisher : Graha Primera Saintifika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61975/gjbes.v2i2.53

Abstract

QRIS, or Quick Response Code Indonesian Standard, represents one of the key evolutions in the payment system in Indonesia, utilizing QR Code technology to enhance payment system efficiency. QRIS has gained popularity in supporting payment systems in Indonesia and ensuring the velocity of money within the country. The velocity of money plays an important role in enhancing the effectiveness of monetary policy through its influence on the predictability of major monetary aggregates and money demand. This study aims to analyze the impact of QRIS usage on the velocity of money in Indonesia. The study employs a quantitative approach, using quarterly time series data (2019 Q1 - 2023 Q4) and incorporating several additional variables that can influence the velocity of money. The findings indicate that QRIS affects the velocity of money in the long term, as demonstrated through the Error Correction Model, a method capable of analyzing both short-term and long-term economic phenomena and evaluating the consistency of empirical models with economic theory. Based on these empirical results, it is recommended that the government of Indonesia enhance QRIS infrastructure to foster greater confidence and trust among citizens, thereby accelerating transactions.
How Investment Mediates Infrastructure Effect on Economic Growth in Indonesia Irwandi, Herwin; Jamal, Abd; Nasir, Muhammad
Grimsa Journal of Business and Economics Studies Vol. 2 No. 2 (2025): July 2025
Publisher : Graha Primera Saintifika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61975/gjbes.v2i2.59

Abstract

The availability of adequate infrastructure is one of the important foundations in encouraging investment and economic growth in a country. In Indonesia, over the last ten years, infrastructure development has become one of the main priorities to improve competitiveness and public welfare. This study aims to analyze the effect of the availability of road, electricity, and telecommunications infrastructure on investment and economic growth in Indonesia. The analysis uses panel regression analysis and path analysis methods in 34 provinces during the period 2014-2023. The research findings show that road infrastructure has no effect on economic growth, electricity infrastructure has a positive and significant effect on economic growth, while telecommunications infrastructure has a negative and significant effect on economic growth. Other findings show that investment partially mediates the effect of electricity and telecommunications infrastructure on economic growth; however, it does not mediate the effect of road infrastructure on economic growth. For this reason, the government needs to prioritize the development of electricity and telecommunications infrastructure because of its significant contribution to economic growth. Further evaluation and adjustment of road infrastructure policies are needed. Increasing investment, especially in sectors related to electricity and telecommunications infrastructure, also needs to be encouraged because it has a positive impact on economic growth.
The Effect of Foreign Direct Investment, Labor, Manufacturing Industry and Government Expenditure on Economic Growth in Indonesia Qanita, Qanita; Nasir, Muhammad
Grimsa Journal of Business and Economics Studies Vol. 2 No. 2 (2025): July 2025
Publisher : Graha Primera Saintifika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61975/gjbes.v2i2.72

Abstract

Progressive economic growth is a fundamental objective for all countries, including Indonesia, as it serves as a key indicator of national development and a means to enhance prosperity and public welfare. This study examines the impact of foreign direct investment, labor, the manufacturing industry, and government spending on economic growth in Indonesia. It utilizes secondary panel data from 34 provinces over the period 2018-2023 and applies a panel data regression method using the Common Effect Model (CEM). The estimation results show that both foreign direct investment and the manufacturing industry have a positive and significant effect on Indonesia’s economic growth, while labor and government spending exhibit an insignificant impact. Based on these findings, the study recommends the development of policies that attract foreign investment, particularly in the manufacturing sector, supported by adequate infrastructure development. Moreover, improving workforce quality through targeted education and training programs is essential. Government spending should be directed toward critical sectors and routinely evaluated to ensure that budget allocations effectively promote inclusive and sustainable growth.

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