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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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Halal MSME Sustainability: Digital Marketing, Innovation, and Islamic Economics Synergy Hendro Sukoco; Ade Yuliana; Sinta Anggraeni; Melli Andini
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.v14i4.34455

Abstract

This study examines the effects of digital marketing strategy and halal innovation on the sustainability of halal micro, small, and medium enterprises (MSMEs), with Islamic economic implementation as a mediating variable and Sustainable Development Goals (SDGs) orientation as a moderating variable. The research was conducted among 160 halal-certified MSMEs in six regions of Central Java (Banyumas, Purbalingga, Banjarnegara, Cilacap, Kebumen, and Brebes), using a quantitative approach and Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings provide mixed empirical support. Halal innovation demonstrates a positive and statistically significant effect on MSME sustainability. In contrast, the digital marketing strategy shows a positive but statistically insignificant direct relationship. Islamic economic implementation plays a limited, marginal mediating role in the relationship between halal innovation and sustainability. Furthermore, SDGs orientation does not significantly moderate the proposed structural relationships. These results suggest that halal innovation serves as the primary driver of sustainability. In contrast, digitalization and alignment with global sustainability appear not yet strongly embedded in the strategic practices of the sampled halal MSMEs. The study contributes by clarifying the empirical boundaries of integrating digital strategies, halal innovation, and Islamic economic values within MSME sustainability frameworks in emerging economies
Government Foreign Debt and Macroeconomic Stability in Indonesia La Ode Suriadi; Rostin Rostin; Andriani Puspitaningsih; Surianti; Puspa Dewangga
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.v15i1.34575

Abstract

This study examines the short- and long-run relationships between Government Foreign Debt (GFD) and Indonesia’s macroeconomic stability using the Vector Error Correction Model (VECM) and annual time-series data covering the period 1995–2024. The analysis incorporates five key variables: Government Foreign Debt (GFD), inflation, economic growth, the exchange rate, and investment. Data were obtained from Statistics Indonesia (BPS), Bank Indonesia, the Ministry of Finance, and relevant international publications. The VECM framework was employed following unit root and cointegration tests to capture both the long-run equilibrium relationships and the short-run dynamic adjustments among the variables. The estimation results indicate that GFD exerts significant long-run effects by increasing inflation, depreciating the exchange rate, and constraining economic growth. In the short run, however, its effects are more limited, although debt-financed fiscal spending may provide temporary support for economic activity. The Impulse Response Function (IRF) analysis further shows that shocks to GFD generate negative responses in economic growth and investment while increasing inflation and causing exchange rate depreciation. Variance Decomposition (VD) results demonstrate that the contribution of GFD to fluctuations in economic growth, inflation, and the exchange rate becomes increasingly substantial over time. Overall, the findings suggest that Government Foreign Debt plays a critical yet potentially risky role in maintaining macroeconomic stability. Therefore, prudent debt management should prioritize productive long-term financing to minimize external vulnerabilities, maintain fiscal sustainability, and strengthen long-term macroeconomic stability
How Literacy and Savings Link Digital Finance to Sustainability? Efriyani Sumastuti; C.Tri Widiastuti; Ika Indriasari; Antono Herry Purnomo Adhi
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.v15i1.35159

Abstract

This study analyzes how digitalization, financial inclusion, and financial literacy affect business savings and the sustainability of culinary Micro, Small, and Medium Enterprises (MSMEs) in Central Java, Indonesia. Data from 210 MSME owners were examined using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results show that digitalization and financial inclusion significantly increase business savings, thereby enhancing MSME sustainability. Financial literacy does not directly affect sustainability but moderates the relationship between savings and sustainability, strengthening the effectiveness of savings utilization. The model shows strong explanatory power, with R² values of 0.37 for business saving and 0.90 for sustainability. The Importance–Performance Map Analysis identifies financial literacy and digitalization as highly important yet moderately performing variables, marking them as priorities for policy development. Overall, the findings highlight that MSME sustainability in Central Java depends on integrating digital finance, inclusive access, and sound saving behavior, supported by financial literacy. The study provides policymakers and financial institutions with practical insights for designing integrated digital finance and literacy programs that strengthen MSME resilience and regional economic growth.
SAW-GIS Analysis: Economic Potential of Batik MSME’s in Surakarta Maulida Sania Taufikkurrohmah; Evi Gravitiani; Tetuko Rawidyo Putro; Danur Condro
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.v15i1.39966

Abstract

Surakarta is the national center of the batik industry; however, its growth has not been supported by comprehensive spatial-economic mapping, resulting in overly general development policies. This study analyzes the economic potential of batik MSMEs in Surakarta using the Simple Additive Weighting (SAW) method and Geographic Information Systems (GIS). Unlike descriptive approaches, this study introduces a quantitative framework to measure potential based on three related variables: distance (accessibility), product completeness (competitive advantage), and price (market equilibrium). The SAW method is applied to determine development priority rankings. The results indicate that 53.7% of MSMEs fall into the high-priority category, 37% into the medium-priority category, and 9.3% into the low-priority category. These findings suggest that batik development in Surakarta requires differentiated strategies based on regional typologies. This study contributes to the development of a visual database and decision-support tools for local governments to formulate appropriate location-based empowerment programs. The integration of SAW and GIS provides a robust economic-spatial perspective, ensuring that development policies account for both geographical and competitive factors simultaneously. This approach offers practical contributions to MSME digitalization and regional economic planning, particularly for traditional industries transitioning into a digital ecosystem.
Spatial Effects of Logistics Infrastructure on Interregional Growth in Indonesia Dhieva Leona Febriant; Wahyu Widodo
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.v15i1.40321

Abstract

This study aims to analyze the impact of logistics infrastructure, physical capital growth, human capital, and population growth on interregional economic growth in Indonesia from 2014 to 2023, and to evaluate the presence of interregional spillover effects. The analysis uses panel data of 34 provinces with a Spatial Durbin Model (SDM) under a fixed effect approach. The results indicate that the effect of logistics infrastructure varies across types and regions: road length consistently shows a positive and significant effect, whereas airports and seaports tend to have negative effects, especially in Eastern Indonesia. The land transport (trucks) contributes positively, though significance varies across regions. Spatial analysis indicates heterogeneous spillover effects: roads generate positive spillovers, while airports, seaports, and truck may produce negative spillovers in certain regions. Physical capital has a relatively small and insignificant direct effect, whereas human capital shows positive and significant effects, particularly in Eastern Indonesia. Population growth has a directly negative effect in Eastern Indonesia, but total effects can be positive through labor mobility and interregional market integration. These findings highlight the importance of improving the quality and efficiency of logistics infrastructure, spatially based development planning, and affirmative policies to support more equitable economic growth
A Dynamic Panel Analysis of Human Development and Environmental Sustainability in Indonesia Ariyan Bajrayuda; 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.v15i1.41791

Abstract

As decentralized emerging economies navigate the complex trade-offs between rapid industrialization and ecological preservation, understanding the nuanced drivers of environmental sustainability becomes critically imperative. This study investigates the dynamic interplay between human development and environmental quality across 34 Indonesian provinces from 2013 to 2020. Recognizing that regional ecological trajectories are highly path-dependent and that traditional static panel models frequently yield biased estimates, we employ a System Generalized Method of Moments (GMM) approach. This methodological framework rigorously addresses the inherent endogeneity and reverse causality between macroeconomic expansion and environmental outcomes. The model incorporates Foreign Direct Investment (FDI), physical capital, economic growth, and population as control variables, all of which exhibit negative coefficients, suggesting that current macroeconomic expansion and demographic pressures pose significant challenges to regional environmental quality. Despite these pressures, the research novelty reveals that human development dimensions particularly education and welfare—act as critical countervailing forces. Our findings confirm that while industrial and population scaling currently degrade the environment, qualitative improvements in human capital can catalyze a transition toward green growth. Policy implications suggest that Indonesia must shift from a 'grow first, clean up later' strategy toward selective FDI screening and 'green-weighted' development metrics to decouple economic progress from ecological decline.
ESG, Ownership Structure, and Firm Performance: Evidence from Indonesia Febriann Dedy Syahputra; Noer Azam Achsani; Linda Karlina Sari
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.v15i1.42051

Abstract

Understanding how firms sustain performance under heightened uncertainty remains a prior issue in corporate finance, particularly in emerging markets characterized by institutional constraints. This study examines the effects of Environmental, Social, and Governance performance, ownership structure, and the COVID-19 crisis on firm performance in Indonesia. This study uses panel data of 39 ESG-committed listed firms over the period 2015–2024, the analysis applies static panel regression and dynamic Difference Generalized Method of Moments to address endogeneity and unobserved heterogeneity. This study shows that Environmental, Social, and Governance performance is positively associated with firm performance in Indonesia. The mean difference tests and scatter plot analysis indicate that firms with higher ESG engagement tend to exhibit higher return on assets and greater performance stability, particularly during the COVID-19 period. These patterns are confirmed by the dynamic GMM results, which reveal a positive and statistically significant effect of ESG performance on return on assets after accounting for endogeneity. The GMM estimates further show that liquidity and firm size positively influence asset-based profitability, while the COVID-19 shock exerts a negative effect on firm performance. Overall, the findings suggest that ESG integration enhances operational efficiency and functions as an effective risk-mitigation mechanism, underscoring the importance of embedding sustainability into core business strategies and strengthening ESG-related policy frameworks in emerging markets.
Analysis of the Work Motives of Wonocolo Traditional Oil Miners Joko Hadi Susilo; Hartiningsih Astuti; Jennifer Kasanda Sesabo; Sahra Dwi Irma Rosida; Dimas Surya Atmaja
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.v15i1.42417

Abstract

This study aims to analyze the influence of physical environmental factors (geosite) and cultural environmental factors (culturesite) on the work motivation of traditional oil miners in Wonocolo Village, Bojonegoro Regency in 2025. This research is motivated by the unique characteristics of Wonocolo traditional oil mining which is still managed traditionally and is a historical legacy from the Dutch era. In addition, the issue of developing geosites, geoparks, and sustainable economic transformation is currently an important concern in local resource-based regional development. The research subjects were traditional oil miners who were still actively working and directly involved in the production process. The study used a descriptive quantitative approach with data collection techniques through closed questionnaires using a Likert scale. The research sample was determined using the snowball sampling technique considering the informal characteristics of workers. Data analysis was carried out using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method with the help of WarpPLS software. The results of the study show that geosites have a negative and significant effect on work motivation, which indicates that increasing public awareness of the geological value and potential for regional development encourages reduced dependence on mining activities as the main livelihood. However, this condition does not necessarily make people leave their jobs as miners due to limited alternative jobs and household economic considerations. Meanwhile, culturesite does not have a significant effect on work motivation, which shows that cultural values and mining traditions have not become a dominant factor in people's decisions to work as miners. These findings indicate that economic motives are still the primary consideration for people in maintaining employment in the traditional mining sector. This research contributes to the development of geosite and culturesite-based development economic studies, and has important implications for the formulation of Wonocolo area management policies towards a more sustainable local economic transformation through the development of geotourism and alternative economies based on local potential.
Family Structure and Child Labor in Indonesia: Evidence from Widowed and Divorced Single-Mother Households Bayu Kharisma
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.v15i1.46626

Abstract

This study examines whether child labor differs between households headed by divorced mothers and those headed by widowed mothers in Indonesia. Using IFLS wave 5 data, the analysis estimates associations using an instrumental variables approach. The estimates indicate a higher likelihood of child labor among children living with divorced single mothers than among children living with widowed single mothers. The difference is larger for girls in divorced mother households relative to girls in widowed mother households. These findings support stronger enforcement of child support after divorce to reduce financial pressure on single mothers. Targeted social and psychosocial support may be especially relevant for girls in divorced mother households. Skills training and employment support for divorced single mothers may also reduce the need for children to contribute labor during schooling years

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