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Economics Development Analysis Journal
Published by Universitas Negeri Semarang
ISSN : 22526560     EISSN : 25022725     DOI : https://doi.org/10.15294/edaj
Core Subject : Economy,
Economics, Econometrics & Finance
Economic Development Analysis Journal publishes original research and conceptual analysis of economic development, problems and policies in Indonesia.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekomomi dan Ekonometrika
Articles 69 Documents
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What Makes Society Happy? Exploring Factors Influencing Happiness in Indonesia Toni Andreas Susanto; Muliati Muliati
Economics Development Analysis Journal Vol. 14 No. 4 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i4.23365

Abstract

Happiness is a crucial aspect in evaluating development, as it reflects both the output and outcome for society. This study aims to examine the influence of environmental quality index (IKLH), human development index (IPM), economic growth, and government expenditure on the happiness index of Indonesia and 34 provinces in Indonesia. A panel data regression model is employed to identify the factors of Indonesia’s happiness index, while Geographically Weighted Panel Regression (GWPR) is specifically for 34 provinces in Indonesia. This model combination introduces a novel methodology for happiness studies by providing a comprehensive perspective. Both models produce consistent relationships and significant variables: IKLH has a significant negative relationship, while IPM and economic growth have significant positive relationships, but government expenditure is not significant. Specifically, the GWPR indicate that happiness in Kalimantan Island, parts of Sumatra, South Sulawesi, and Bali is influenced solely by IPM. The happiness of most provinces in Sumatra and the Nusa Tenggara Islands is driven by IPM and economic growth. Meanwhile, all provinces in Java Island, Lampung, North Maluku, and most of Sulawesi Island, have happiness influenced by IPM and IKLH. Finally, in the majority of eastern Indonesian provinces, happiness is shaped by IPM, IKLH, and economic growth.
Household Consumption, Inequality, and the Diffusion of E-Cigarettes in Indonesia Maylaffayyaza Salmayusti Fajri; Estro Dariatno Sihaloho
Economics Development Analysis Journal Vol. 14 No. 4 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i4.34851

Abstract

Tobacco use remains one of Indonesia’s significant public health burdens, and the rapid growth of electronic cigarettes (e-cigarettes) introduces new regulatory challenges. Data from the 2018 Basic Health Research Survey (Riset Kesehatan Dasar; RISKESDAS) show that adolescent e-cigarette use increased sharply from 1.2% in 2016 to 10.9% in 2018. Drawing on consumer behaviour theory and the diffusion of innovations framework, this study examines how household consumption, income inequality, poverty, unemployment, and demographic factors influence e-cigarette uptake in Indonesia. Using nationally representative data from the 2023 National Socio-Economic Survey (Survei Sosial Ekonomi Nasional; SUSENAS), this study applies logistic regression and accounts for clustering at the provincial level. The results indicate that higher household consumption significantly increases the likelihood of e-cigarette use. Income inequality exhibits a strong positive association, suggesting diffusion driven by more affluent adopters, whereas unemployment and poverty show negative but statistically insignificant effects. E-cigarette adoption remains concentrated among men and urban residents. Overall, the findings indicate that the diffusion of e-cigarettes in Indonesia reflects underlying socioeconomic disparities. These results underscore the importance of policies addressing affordability and marketing practices—such as excise taxation, price floors, and integrated regulatory frameworks—to mitigate the expansion of nicotine-related inequalities and Indonesia’s existing tobacco burden.
Rational and Irrational Factors Influencing Bank Stock Prices: GMM Approach Muhammad Firmansyah; Sri Budi Cantika Yuli; Stanislaw Flejterski
Economics Development Analysis Journal Vol. 14 No. 4 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i4.29643

Abstract

In the dynamic and volatile capital market, understanding the factors that influence stock prices is essential for making informed investment decisions. Stock price movements are influenced by rational, fundamental information, irrational investor behavior, and sentiment. This study aims to analyze the influence of rational and irrational factors on stock prices in the Indonesian banking sector during the 2020-2024 period. The rational variables include price-to-book value (PBV), financial literacy, technology adoption, and interest rates, while irrational influence is represented by investor sentiment or mood. Using a dynamic panel data approach with the Generalized Method of Moments (GMM), this study examines four major Indonesian banks: Bank Mandiri, BNI, BRI, and BCA. The results show that PBV, financial literacy, and technology adoption significantly affect stock prices, while interest rates have a significant negative effect. Additionally, investor sentiment has a considerable positive impact, indicating that emotional and psychological factors can drive stock price movements beyond fundamental valuation. This research presents a novel analytical model that integrates rational and irrational perspectives, offering a comprehensive understanding of stock price volatility in emerging markets. It suggests that investors, companies, and policymakers must consider both fundamental indicators and market sentiment simultaneously to make accurate, timely investment decisions.
Crime Traps in Inclusive Economic Development Meita Indah Fadilla; Gabriella Natalie Krista Anindita; Dini Hariyanti; Nauviero Farizi Syarif
Economics Development Analysis Journal Vol. 14 No. 4 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i4.30098

Abstract

Increased crime is frequently assumed to be an unavoidable consequence of economic growth and development. The impact of criminal activity creates new challenges within the community. The purpose of this research is to investigate how criminal activities affect Indonesia's inclusive economic development. Panel data using the Least Squares Dummy Variable (LSDV) method covering 34 Indonesian provinces from 2018 to 2022 were used in this research. The findings indicate that the specific types of crime, namely crimes against decency, crimes against freedom of the person, and crimes against public order, notably influence inclusive economic development. The findings indicate that crimes against life, crimes including embezzlement, fraud, and corruption; crimes against property, both violent and non-violent; crimes related to narcotics; and crimes against physical bodies do not exert a significant influence on inclusive economic development. This study underscores the necessity of a comprehensive strategy that prioritizes crime-prevention tactics and involves a variety of stakeholders to address the underlying causes of criminal activity.
Determinants of Cryptocurrency Prices in Indonesia Ainur Rohma; Ris Yuwono Yudo Nugroho
Economics Development Analysis Journal Vol. 14 No. 4 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i4.20067

Abstract

This study explores the key determinants influencing cryptocurrency in Indonesia, focusing on macroeconomic variables including inflation, money supply, gold prices, and crude oil prices over the period from 2013 to 2023. It investigates the dynamic relationships between these variables and Bitcoin, the most widely recognized cryptocurrency globally. The research offers a novel contribution by integrating both domestic economic indicators and external commodity prices into a comprehensive framework for cryptocurrency pricing tailored specifically to the Indonesian market context. This innovative and comprehensive approach significantly enhances the understanding of how macroeconomic factors interact with cryptocurrency behavior, which is crucial for various stakeholders and policymakers alike. The findings aim to provide valuable insights to support the formulation of effective monetary policies in an evolving, increasingly complex financial landscape. Future studies are encouraged to build upon this framework by examining the connections between cryptocurrency and other components of the broader financial system.
The Role of Government Spending in Water Pollution Control Ari Anggrayni Ramadhan; Benedictus Raksaka Mahi
Economics Development Analysis Journal Vol. 14 No. 4 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i4.21415

Abstract

The global clean water crisis is an urgent challenge. Althought the water stress level in most provinces in Indonesia remains low, the water quality index does not reach good status. Water quality index calculated through pollution index of surface water. This study examines how environmental protection spending by local governments defined as the combined spending of provincial and regency/municipality governments within each province affects the water quality index in Indonesian provinces, and compare it with central government spending and non-government spending. Government spending has three effects on water pollution: scale, composition, and technique effects. These three effects are expected to follow a quadratic pattern.  Using provincial panel data from 2017 – 2022, this study estimates these with fixed effect model. Initially, the estimation uses quadratic specification on local government spending, but likelihood ratio test shows that the quadratic term does not improve model fit, so the analysis proceeds with the linear specification. The results show that local government spending and non-government spending increase the water quality index, but central government spending is not significant due to its long-term effects. Non-government spending is more effective than government spending. Therefore, the local government should enforce regulations on businesses/ local-owned enterprises that use surface water to make efforts to maintain water sources. In addition, the local government needs to consider the development of a localized wastewater management system but still considering the necessary technical matters.
E-Commerce Road Map and Equal Digital Opportunity in Indonesia Sartika Lestari
Economics Development Analysis Journal Vol. 14 No. 4 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i4.22559

Abstract

Understanding the program's impact on digital capability growth is considered necessary to support progress in digital inclusion through measured evaluation. This study seeks to understand the influence of regulation on the level of digital opportunity and its growth in Indonesia. Utilizing a descriptive-comparative analysis with the Digital Opportunity Index framework, this study measures digital opportunity through e-commerce among Small and Medium Enterprises across 34 provinces. The results show that while the DOI score at the national level remained stagnant, 21 provinces experienced growth, 12 provinces experienced negative growth, and 1 province remained unchanged. Furthermore, in the opportunity category, 26 provinces and the national level experienced growth, while the other 8 provinces experienced zero growth. The infrastructure category showed that 6 provinces experienced growth, 27 provinces and the national level presented negative growth, and 1 province showed zero growth. The utilization category showed that 33 provinces and the national level experienced positive growth, leaving only one province with negative growth. This research suggests that, to provide continuous support for digital development, the government and related institutions should consider regulations or programs that promote infrastructure development, ensuring it is available and affordable at the provincial level.
Post-Pandemic MSME’s and Sustainable Development in Solo City Maulidyah Indira Hasmarini; Ali Zainal Abidin; Kenny Pradipta Montoya Putra Pratama
Economics Development Analysis Journal Vol. 14 No. 4 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i4.31688

Abstract

Micro, Small, and Medium Enterprises (MSMEs) play a pivotal role in Indonesia’s economy, accounting for approximately 60% of the national GDP and employing 97% of the workforce. However, the COVID-19 pandemic severely disrupted MSME sustainability, particularly in Solo, thereby impacting their contribution to the Sustainable Development Goals (SDGs). This study explores the role of MSMEs in advancing the SDGs and identifies the challenges they face. Employing a qualitative case study approach, data were collected through in-depth interviews with 15 purposively selected MSME actors. Thematic analysis revealed that MSMEs contribute significantly to SDG 8 (Decent Work and Economic Growth) by sustaining employment, to SDG 9 (Industry, Innovation, and Infrastructure) through digital adaptation, and to SDG 10 (Reduced Inequalities) by promoting inclusive entrepreneurship. Despite these contributions, MSMEs continue to face obstacles, including declining revenues, restricted access to financing, and supply chain disruptions. The findings underscore the need for targeted policy interventions, including streamlined financial access, capacity-building initiatives, and infrastructure support. Strengthening digital literacy and fostering collaborative business ecosystems are essential strategies to enhance the resilience and long-term sustainability of MSMEs in the post-pandemic recovery phase
Household Carbon Footprint: How Does Age Structure Affect Emissions? Meli Nopiyani; Djoni Hartono
Economics Development Analysis Journal Vol. 15 No. 1 (2026): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v15i1.32449

Abstract

This study analyzes the influence of household age structure on carbon emissions in Indonesia using a quantitative approach based on micro-level survey data. Employing an Ordinary Least Squares (OLS) regression model, it introduces the average age of household members and its squared term to capture potential non-linear effects. The results reveal a non-linear, inverted U-shaped relationship between household age and per capita carbon emissions. The turning point occurs at approximately 36 years, suggesting that households with members around this average age tend to have the highest emissions, which then decline as the average age increases further. This finding aligns with the Life-Cycle Hypothesis, which posits that households in their productive years exhibit more energy-intensive consumption patterns. In addition, the study explores variations in emissions across different household age compositions those dominated by children, adults,  and elderly structures. By incorporating these classifications, along with relevant socio-economic and physical household characteristics, the analysis provides deeper insights into how demographic profiles shape energy use and emissions. These findings offer valuable input for developing more targeted and equitable low-carbon policy interventions.
Demographic Drivers of Labor Migration and Their Impact on Rural-Urban Development Mohammad Rizal
Economics Development Analysis Journal Vol. 14 No. 4 (2025): Economics Development Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/edaj.v14i4.34174

Abstract

Rural-urban labor migration serves as a pivotal driver of local development transformation in developing countries, encapsulating demographic shifts and reshaping economic structures via remittances. This study investigates demographic factors influencing migration patterns in Malang Regency, East Java, Indonesia, and their ramifications for sustainable rural-urban development, emphasizing remittances as a key economic contribution metric. A mixed-methods design was employed, gathering data from migrant workers across five high-migration subdistricts through purposive sampling, with questionnaires facilitating quantitative analysis and in-depth interviews providing qualitative depth. Multinomial logistic regression evaluated settlement intentions, multiple linear regression examined income determinants, and descriptive statistics delineated migrant profiles. Findings reveal that age, education, and marital status exert significant negative effects on settlement intentions, whereas education positively impacts income; factors such as family responsibilities and work tenure proved insignificant. Descriptively, most migrants exhibit no settlement intent, characterized by low education levels, productive ages, and strong origin asset ties, thereby reinforcing circular migration dynamics. These outcomes underscore migration's transient character aimed at enhancing family welfare, highlighting the imperative for policies promoting rural education investments, informal sector formalization, and remittance optimization to cultivate equitable, inclusive development while averting long-term depopulation risks.

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