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Journal of Economics and Management
Published by Lembaga Publikasi Ilmiah Nusantara
ISSN : 29877407     EISSN : 29877407     DOI : https://doi.org/10.70716/ecoma.v2i2
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Journal of Economics and Management (ECOMA) is a peer-reviewed, open access, and online journal about research, reports, book reviews, and commentaries on all aspects of Economics and Management which is published by Lembaga Publikasi Ilmiah Nusantara or PUBLINE Institute. ECOMA provides open access to anyone so that the information and findings in these articles are useful for everyone. This journal article content can be accessed and downloaded for free, free of charge, following the creative commons license used. However, suppose the data in this article is used as material in article writing or anything else. In that case, you must quote and include the article author name in the item being made.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 110 Documents
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Creative Economy Collaboration in Enhancing the Global Competitiveness of Solo City as an International MICE Destination Hasna Wijayati; Haryo Kusumo Aji
Journal of Economics and Management Vol. 4 No. 3 (2026): Journal of Economics and Management, September 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i3.564

Abstract

This study examines how creative economy subsectors in Solo City collaborate to strengthen the city’s global competitiveness as an international MICE (Meetings, Incentives, Conferences, and Exhibitions) destination. Previous studies have largely examined creative economy subsectors separately and have paid limited attention to the integration of collaborative governance and Global Value Chain (GVC) perspectives within the context of MICE development. Using a qualitative descriptive approach, data were collected from seven key informants through semi-structured interviews, focus group discussions, observations, and document analysis. Data were analyzed using the interactive model of Miles and Huberman, consisting of data reduction, data display, and conclusion drawing. The findings show that Solo’s creative economy subsectors significantly strengthen the city’s cultural identity and attractiveness as a MICE destination. However, collaboration among stakeholders remains fragmented and largely event-based, while integration into the global MICE value chain is constrained by weak institutional coordination, limited international networking, and insufficient digital capacity. The study further demonstrates that collaborative governance contributes to value chain upgrading by strengthening institutional coordination, knowledge sharing, and cross-sector collaboration, thereby creating opportunities for process and functional upgrading within the MICE ecosystem. The main contribution of this study lies in integrating Collaborative Governance and Global Value Chain perspectives to explain how collaborative mechanisms facilitate value chain upgrading and enhance the international competitiveness of medium-sized culture-based MICE destinations.
Predicting Predatory Lending Vulnerability among Female Industrial Workers: Digital Financial Literacy, Financial Stress, Self-Efficacy, and Peer Influence Etty Sri Wahyuni; Mercy Reyne Marlina Tirayoh; Nolla Puspita Dewi; Nurhatisyah
Journal of Economics and Management Vol. 4 No. 3 (2026): Journal of Economics and Management, September 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i3.581

Abstract

This study examines the predictive roles of digital financial literacy (DFL), financial stress (FS), financial self-efficacy (FSE), and peer influence (PI) in predicting predatory-lending vulnerability (PLV) among female industrial workers, a structurally exposed yet under-studied demographic within Indonesia's digital-credit ecosystem, where 6,991 illegal lending platforms were blocked between 2022 and 2024. A cross-sectional explanatory survey was administered to 378 female workers in three Batam integrated industrial estates using validated instruments (OECD/INFE DFL; Prawitz IFDFW; Lown FSES). Data were analyzed through PLS-SEM (SmartPLS 4) with bootstrapping (5,000 resamples), following STROBE reporting guidelines. All four hypotheses were supported (p < .001). The model explained 52.4% of the variance in PLV (Q² = .342). Financial stress was the strongest predictor (β = +.342), followed by peer influence (β = +.276), digital financial literacy (β = –.218), and financial self-efficacy (β = –.187), confirming a push-pull risk architecture. The single-region cross-sectional design limits causal inference and external validity, while self-reported use of illegal lenders likely understates the actual prevalence due to social desirability bias. The findings apply primarily to feminized manufacturing labor in Southeast Asian export zones. This study presents the first integrated PLS-SEM model testing cognitive, affective, psychological, and social predictors of predatory-lending vulnerability among Indonesian female industrial workers. It advances gender-sensitive financial-vulnerability research and provides rank-ordered evidence for demand-side interventions under OJK Regulation No. 11/2024, aligned with SDG 5 and SDG 8.
The Moderation of Health Motivation on The Adoption of Wearable Health Devices (WHD), Quantitative Study of Millennials in Indonesia Eries Setiyawan; Daniel Tumpal Hamonangan Aruan
Journal of Economics and Management Vol. 4 No. 3 (2026): Journal of Economics and Management, September 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i3.582

Abstract

The rapid growth of wearable health devices (WHD) has not been matched by equivalent adoption, particularly in emerging economies such as Indonesia. Previous studies have primarily focused on technological determinants, while the moderating role of health motivation in linking behavioral intention to actual usage remains underexplored. This study extends the Technology Acceptance Model (TAM) by integrating perceived product value and health motivation to explain WHD adoption among Indonesian millennials. A quantitative approach with a cross-sectional survey design was employed. Data were collected from 350 millennial respondents in Indonesia and analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS). The measurement model assessment confirmed that all variables met the criteria for validity and reliability. The findings reveal that health motivation significantly moderates the relationship between intention to use and actual usage of WHD. Perceived compatibility, perceived technology accuracy, and perceived usefulness positively and significantly influence perceived product value. In addition, perceived product value significantly affects intention to use, while intention to use and health motivation significantly affect actual WHD usage. Conversely, perceived cost, perceived personal privacy, and social image do not significantly influence perceived product value. These results indicate that WHD adoption among Indonesian millennials is primarily driven by functional factors, including device compatibility with users’ lifestyles, technological accuracy, usefulness, perceived product value, and health motivation. This study contributes theoretically to the literature on health technology adoption and provides practical implications for WHD manufacturers in developing marketing strategies focused on product value and health motivation.
Pet Influencer in Influencer Marketing: Examining How Pet Influencer Attributes Could Influence Audience Purchase Intention Syeikhah Ananda Nurrahma; Safina Alya Zahira; Hasanah Dinar Ayati; Evelyn Hendriana
Journal of Economics and Management Vol. 4 No. 3 (2026): Journal of Economics and Management, September 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i3.585

Abstract

The development of digital marketing has introduced social media influencers (SMIs) as key players in shaping consumer perceptions and behaviors. Although human influencers remain more familiar, pet influencers, a specific type of SMI, also hold strong potential to influence customer responses. However, research on pet influencers remains limited. Although the elaboration likelihood model (ELM) has been widely applied to explain persuasion in human influencer marketing, its applicability to non-human influencers remains largely unexplored. Using ELM, this study examines the effectiveness of pet influencers in shaping audiences' purchase intention and perceived sincerity through three proposed attributes: authenticity, attractiveness, and anthropomorphism. Data were collected from 157 audiences who had viewed pet influencer content at least three times within the past year and analyzed using partial least squares structural equation modeling (PLS-SEM). The results show that anthropomorphism is the only attribute related to both purchase intention and perceived sincerity. Authenticity is directly related to perceived sincerity but not purchase intention, while attractiveness shows no relation to either outcome. Perceived sincerity itself does not translate into purchase intention. These results suggest that persuasion in the pet influencer context is driven more by the ELM peripheral route, centered on emotional and symbolic cues such as anthropomorphism, than by the central route typically associated with authenticity in human influencer marketing. As most measurement items were adapted from human influencer research, they may not fully capture pet influencer traits, and future studies are encouraged to develop and validate measures specific to the pet influencer context.
Forecasting the Stock Price of PT Astra International Tbk on the Indonesia Stock Exchange Using the Single Exponential Smoothing Method Historical Data 2020–2025 Adz Dzukran Zaki Zharauri Naimullah Shalih; Achmad Fitro; Nadia Nur Thahirrah
Journal of Economics and Management Vol. 4 No. 3 (2026): Journal of Economics and Management, September 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i3.587

Abstract

This study evaluates the sensitivity of the Single Exponential Smoothing (SES) parameter in forecasting the monthly end-of-month closing prices of PT Astra International Tbk (ASII) during a period covering the COVID-19 market disruption and subsequent recovery, rather than merely applying forecasting software. The dataset comprises 72 monthly observations from January 2020 to December 2025. Data from January 2020 to December 2024 were used for model training, while January–December 2025 was reserved for out-of-sample testing. SES was initialized with  ​ and evaluated using α values of 0.1, 0.3, 0.5, 0.7, and 0.9. Forecasting accuracy was assessed through rolling one-step-ahead forecasts. The recalculated results show that α = 0.9 achieved the lowest out-of-sample errors, with a MAPE of 5.63%, MAD of Rp301.62, and MSD of Rp115,141.97. These values represent test-set accuracy, not in-sample model fit. The high α enabled the model to respond rapidly to recent price changes, but also increased its sensitivity to short-term fluctuations. After refitting the selected model using all observations through December 2025, the forecasts for January, February, and March 2026 were each Rp6,700. This constant forecast reflects the level-only structure of SES, which does not explicitly extrapolate trend or seasonality. The accuracy obtained can serve as a transparent baseline for short-term investment analysis. However, it should not be the sole basis for investment decisions, as it does not account for market volatility, fundamental information, structural changes, or other risk factors.
Orchestrating Green HRM and Green Marketing Capability through Green Innovation for Sustainable Marketing Performance: An East Java SME Framework Abdul Ghofur; Muhamad Imam Syairozi
Journal of Economics and Management Vol. 3 No. 3 (2025): Journal of Economics and Management, December 2025
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v3i3.780

Abstract

Sustainable marketing performance in small and medium-sized enterprises (SMEs) requires coordination between internal employee systems and external market-facing capabilities. This conceptual and methodological paper develops a capability-orchestration framework linking green human resource management (GHRM), green marketing capability (GMC), green innovation (GI), and sustainable marketing performance (SMP) in the context of East Java SMEs. The natural-resource-based view identifies the strategic value of environmentally oriented resources; the ability–motivation–opportunity perspective explains how GHRM builds employee ability, motivation, and opportunity; and dynamic-capability logic explains how GMC senses and responds to green market change. GI is proposed as the shared conversion mechanism that combines these capabilities into market-relevant environmental improvements. To demonstrate the instrument architecture and the PLS-SEM workflow rather than to test empirical relationships, the paper employs a transparent synthetic dataset consisting of 250 simulated cases and 21 reflective indicators. The simulation produces internally consistent reliability, validity, structural path, mediation, and predictive results. However, no actual owner-managers or SMEs were surveyed, and the numerical results should not be interpreted as empirical evidence for East Java SMEs. The contribution is therefore theoretical and methodological: it specifies capability orchestration across HR, marketing, and innovation domains, distinguishes SMP from broad firm-performance outcomes, and provides an empirically testable instrument and analysis protocol for future field research. Any managerial or policy implications remain conditional on validation with genuine field data.
The Influence of Influencer Marketing, Electronic Word-of-Mouth (E-WOM), and E-Service Quality on Purchase Intention Mediated by E-Trust in Food MSMEs in Bogor Raya Rachmat Gunawan; Chandra Ayu Pramestidewi
Journal of Economics and Management Vol. 4 No. 3 (2026): Journal of Economics and Management, September 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i3.646

Abstract

This study examines the effects of Influencer Marketing, Electronic Word-of-Mouth (E-WOM), and E-Service Quality on Purchase Intention through the mediating role of E-Trust among consumers of food MSMEs in Greater Bogor, Indonesia. A quantitative explanatory research design was employed using survey data collected from 350 consumers who had purchased food MSME products online within the previous six months. Respondents were selected through purposive sampling, and the data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results indicate that Influencer Marketing (β = 0.241), E-WOM (β = 0.417), and E-Service Quality (β = 0.293) significantly and positively influence E-Trust, with E-WOM emerging as the strongest predictor. Furthermore, Influencer Marketing (β = 0.128), E-WOM (β = 0.181), E-Service Quality (β = 0.247), and E-Trust (β = 0.462) positively affect Purchase Intention, with E-Trust representing the most influential determinant. The structural model explains 68.4% of the variance in E-Trust and 76.1% of the variance in Purchase Intention. In addition, E-Trust significantly mediates the relationships between Influencer Marketing, E-WOM, E-Service Quality, and Purchase Intention, with the E-WOM–E-Trust pathway exhibiting the strongest indirect effect. These findings contribute to the digital marketing literature by confirming the pivotal role of E-Trust as the underlying psychological mechanism connecting digital marketing strategies with consumers' purchase intention. Practically, food MSMEs should prioritize customer review management, continuously improve digital service quality, and collaborate with credible influencers to strengthen consumer trust and stimulate purchase intention.
Examining the Effects of Total Quality Management on Operational Performance, Quality Performance, and Employee Performance Nurullaily Kartika; Faradilah Hanum
Journal of Economics and Management Vol. 4 No. 3 (2026): Journal of Economics and Management, September 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i3.696

Abstract

The banking sector is one of the most significant service industries contributing to a country's economic development. The increasing complexity of banking operations necessitates continuous improvements in organizational quality to remain competitive in an increasingly globalized business environment. One of the most widely adopted approaches to enhancing organizational quality is Total Quality Management (TQM). TQM can be implemented in all industries, including service industries. Banks primarily provide intangible services; thus, their operational performance encompasses not only financial metrics but also service quality. This study examines the relationship between TQM practices and operational, quality, and employee performance in conventional commercial banks in Indonesia. This study uses Structural Equation Modeling (SEM) as the statistical analysis technique, and the sample consists of 300 employees from several conventional commercial banks in Indonesia. The findings indicate that TQM practices are positively associated with operational and employee performance in the banking sector.
Strategic Sustainability Marketing Framework: Integrating Marketing Capability and Environmental Analysis in Indonesia's Glass Industry Totok Yuliarto; Anna Wulandari; Adibah Yahya
Journal of Economics and Management Vol. 4 No. 3 (2026): Journal of Economics and Management, September 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i3.706

Abstract

The increasing emphasis on sustainability has encouraged manufacturing firms to reconsider how they formulate marketing strategies to support long-term organizational performance. Rather than viewing sustainability as a separate corporate initiative, firms are increasingly expected to integrate environmental considerations into strategic marketing decisions. Drawing on empirical evidence from a qualitative single-case study of a leading Indonesian glass manufacturer, this study proposes a Strategic Sustainability Marketing Framework that integrates marketing capability and strategic environmental analysis. Data were collected through semi-structured interviews, direct observation, and document analysis, complemented by strategic assessment tools including SWOT, PESTEL, and Porter’s Five Forces. The findings suggest that integrating marketing capability with systematic environmental analysis provides a conceptual basis for managerial decision-making in formulating sustainability-oriented marketing strategies. The resulting framework offers a conceptual basis for aligning internal marketing capabilities with external environmental dynamics, which may contribute to organizational adaptability, stakeholder responsiveness, and the pursuit of sustainable business performance. This study contributes to the strategic marketing and sustainability literature by offering a case-derived integrative framework for understanding sustainability-oriented marketing strategies within a dynamic manufacturing context. As the framework is derived from a single-case context, further empirical validation across diverse manufacturing sectors, geographical contexts, and methodological approaches is recommended to assess its broader applicability.
The Role of Psychological Capital in Improving Employee Performance Gustini; Mulyadi; Azuwandri; Rahmat Alhidayat; M Bima Eka Putra
Journal of Economics and Management Vol. 3 No. 3 (2025): Journal of Economics and Management, December 2025
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v3i3.817

Abstract

Psychological Capital (PsyCap) has increasingly attracted attention as an important psychological resource that can contribute to positive employee outcomes and organizational effectiveness. This study examines the role of Psychological Capital in improving employee performance. Psychological Capital is conceptualized through four core dimensions: self-efficacy, hope, optimism, and resilience, which collectively provide employees with psychological resources to cope with challenges, maintain motivation, and achieve work-related goals. This study employs a quantitative approach using a survey method. Data were collected from employees through structured questionnaires and analyzed using descriptive statistics and inferential analysis to examine the relationship between Psychological Capital and employee performance. The findings indicate that Psychological Capital plays a significant positive role in improving employee performance. Employees with higher levels of self-efficacy, hope, optimism, and resilience tend to demonstrate greater motivation, adaptability, persistence, and effectiveness in completing their tasks. These findings suggest that organizations should pay greater attention to employees' psychological resources through supportive leadership, employee development programs, training, and a positive work environment. Strengthening Psychological Capital can therefore serve as an important managerial strategy for enhancing individual performance and supporting organizational effectiveness. The study contributes to the human resource management literature by emphasizing the importance of positive psychological resources as a strategic factor in achieving sustainable employee performance.

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