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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 65 Documents
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Deviations in the Initial Public Offering (IPO) Process as the Root of Stock Price Manipulation: A Case Study of Issuers in Indonesia for the 2020–2025 Period Dewa Putu Yohanes Agata L. Sandopart; Lie Adek; Dewa Ayu Indiana Ida Loemongga Sandopart; Erma Wijayanti
Journal of Economics and Management Vol. 4 No. 1 (2026): Journal of Economics and Management, March 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i1.459

Abstract

This study analyzes deviations in the Initial Public Offering (IPO) process as the root of stock price manipulation among issuers in Indonesia for the 2020-2025 period. Using a qualitative approach with a multiple case study method, this research examines three issuers sanctioned by the Financial Services Authority (OJK): PT Berkah Beton Sadaya Tbk (BEBS), PT Repower Asia Indonesia Tbk (REAL), and PT Multi Makmur Lemindo Tbk (PIPA). Data were collected through in-depth interviews with 12 informants consisting of former OJK/Indonesia Stock Exchange (IDX) officials, capital market practitioners, academics, investigative journalists, and legal practitioners, as well as document analysis of prospectuses, financial statements, and OJK documents. The results identify four forms of IPO deviations: manipulation of material fact information, share allotment engineering, due diligence procedure violations, and discrepancies in the use of IPO funds. The BEBS case demonstrates how IPO deviations create structural conditions that facilitate pump-and-dump schemes through 57 nominee accounts, generating manipulative profits of IDR 14.5 trillion. This study identifies five factors causing weak detection and prevention: regulatory factors, law enforcement, corporate governance, market structure, and economic incentives. These findings confirm the OJK's statement that the root of stock price manipulation originates from deviations in the IPO process and emphasize the need for stronger supervision and enforcement.
Violations of the Prudential Principle and Fraudulent Practices in Indonesia’s Capital Market: A Case Analysis of OJK Sanctions Against Listed Firms Dewa Putu Yohanes Agata L. Sandopart; Lie Adek; Dewa Ayu Indiana Ida Loemongga Sandopart; Erma Wijayanti
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.v3i3.461

Abstract

This research investigates how breaches of the prudential principle contribute to fraud within Indonesia’s capital market, focusing on listed entities penalized by the Financial Services Authority (OJK). Utilizing a qualitative multiple-case study approach, the analysis centers on four prominent cases: PT Repower Asia Indonesia Tbk (REAL), PT Multi Makmur Lemindo Tbk (PIPA), PT Bliss Properti Indonesia Tbk (POSA), and PT Mirae Asset Sekuritas Indonesia. Secondary data were gathered from OJK official statements, sanction rulings, national media reports, and legal documents spanning 2022–2025. Through pattern-matching and cross-case synthesis, three recurring violation patterns emerged: inadequate customer due diligence by underwriters, submission of inaccurate information during share subscription and allocation, and lapses in directors’ internal oversight. Fraudulent schemes primarily involved masking true beneficial ownership via nominee structures and offshore vehicles, alongside the fictitious recognition of assets financed by IPO proceeds. OJK’s enforcement strategy demonstrates a tiered, proportionate approach that extends to market intermediaries and, in select instances, crosses national borders. A notable systemic flaw identified is an enforcement delay of up to two years, which may weaken deterrence. The study validates the applicability of the fraud pentagon framework in emerging markets and offers actionable recommendations for enhancing risk-oriented supervision.
Resilience of Poultry SMEs: Sustainable Innovation for Environmental Management in Jakarta: A Literature Review Sandopart, Dewa Putu Yohanes Agata L.
Journal of Economics and Management Vol. 2 No. 3 (2024): Journal of Economics and Management, December 2024
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v2i3.464

Abstract

This study analyzes the development of the topic of SME resilience and sustainable innovation published between 2021 and 2024. Based on an analysis of 92 registered documents, it was found that the number of publications each year has grown by 27.23% annually, reflecting rapid development in this field. The majority of the publications are scholarly articles with an average document age of 1.38 years, indicating that this topic is highly relevant and receiving significant attention in the current period. Furthermore, these documents have been well received in the academic community, with an average citation per document of 5,228. The study also reveals widespread collaboration among authors, with 307 authors involved, 34.78% of whom are international, indicating a global dimension to this research. Topics discussed include resource management, operational efficiency, and the social and environmental impacts of SMEs. Overall, the results of this study show that SME resilience and sustainable innovation are gaining significant attention in the academic community, driven by international collaboration and innovative approaches to addressing sustainability challenges in business.
The Influence of Cristiano Ronaldo's Individual Record Achievements on Sponsor Firms' Abnormal Stock Returns: A Case Study of Nike and Herbalife Sandopart, Dewa Putu Yohanes Agata L.
Journal of Economics and Management Vol. 1 No. 3 (2023): Journal of Economics and Management, December 2023
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v1i3.499

Abstract

This study analyzes the influence of Cristiano Ronaldo's individual record achievements on the abnormal stock returns of sponsoring companies, focusing on Nike and Herbalife as case studies. The phenomenon of elite athlete endorsement has become a common practice in corporate marketing strategy; however, the literature remains limited in explaining the mechanism through which positive athletic performance affects shareholder value. This research employs a qualitative approach with a multiple-case study design. Data were collected through in-depth interviews with 12 informants comprising financial analysts, sports marketing experts, and retail investors, as well as document analysis of financial reports, analyst reports, and media coverage from the 2017–2023 period. The findings reveal that Cristiano Ronaldo's individual record achievements exert an asymmetric influence on abnormal stock returns: Nike demonstrates a positive response characterized by increased trading volume and investor sentiment, whereas Herbalife shows no significant response. Four key moderating factors are identified: brand-athlete congruence, investor profile, framing in analyst reports, and macroeconomic context. This study concludes that the effectiveness of athlete endorsement in creating shareholder value is not automatic but depends heavily on the alignment between the athlete's image and the sponsor's brand identity. The theoretical implication extends congruence theory into the domain of behavioral finance, while the practical implication guides corporate management in evaluating endorsement investments.
Integrating Green Economy and Islamic Finance in The Development of Halal Tourism in Lombok Abdul Muttalib; Sebastiana Viphindrartin
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.v3i3.501

Abstract

The purpose of this research is to formulate an integrative framework that connects Islamic financial instruments with green economy strategies to strengthen the sustainability and inclusiveness of halal tourism development. The study employs a qualitative-descriptive approach through literature review, field observation, and semi-structured interviews with key stakeholders, including local government authorities, Islamic financial institutions, and community leaders in Lombok’s tourism sector. Data were analyzed using thematic analysis to identify patterns of synergy between green economy initiatives and Islamic finance mechanisms such as green sukuk, productive waqf, and environmental-based zakat. The findings indicate that Islamic financial instruments hold significant potential for financing sustainable tourism projects, particularly in environmental conservation, waste management, and community-based ecotourism development. The integration of green financing principles and Islamic ethical values has proven effective in enhancing environmental awareness while simultaneously strengthening the socio-economic empowerment of local communities. This study recommends the adoption of an Islamic Green Financing Model as a strategic policy framework to foster sustainable, inclusive, and resilient halal tourism. The proposed model can serve as a practical guide for policymakers, Islamic banks, and tourism stakeholders in aligning financial practices with the Maqasid al-Shariah and the Sustainable Development Goals (SDGs). Moreover, this research contributes a novel conceptual model that bridges Islamic finance and green economy perspectives within the context of halal tourism an area that remains underexplored in the existing literature. The model represents an initial contribution toward integrating Shariah-based financing with environmental and social sustainability in Muslim-majority tourism regions.
Heritage Marketing and City Branding: Positioning Lasem as a Living Heritage City Nur Endah Retno Wuryandari; Setiyo Purwanto; Achmad Sudiro; Kusuma Ratnawati
Journal of Economics and Management Vol. 4 No. 2 (2026): Journal of Economics and Management, June 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i2.443

Abstract

Lasem has valuable cultural heritage assets, especially its batik traditions, urban history, and multicultural identity; however, these resources have not yet been fully developed into a heritage-based city branding strategy. This study examines how Heritage Marketing can enhance Lasem's promotion as a Cultural Heritage Town in line with the Sustainable Development Goals (SDGs). Using a qualitative case study approach, the research includes in-depth interviews, visual and textual documentation, and thematic analysis of narratives created by batik entrepreneurs and local heritage stakeholders. The findings highlight four key issues. First, Lasem has significant heritage assets linked to batik motifs, collective memory, historical narratives, and community-driven cultural practices. Second, there is a major challenge in effectively translating these assets into clear city narratives and market communications. Third, digitalization and AI tools offer significant opportunities to enhance the visibility of these heritage elements through storytelling, visual content, and social media marketing. Fourth, the success of digital promotion relies on maintaining cultural authenticity, especially regarding the original motifs, colors, and meanings of Batik Lasem. This article offers a conceptual model that connects heritage assets, cultural storytelling, digital activation, collaboration among various actors, and sustainable city branding, advancing heritage-focused urban marketing and culturally rooted local development.
The Potential of Tanjung Pinang Seaside Coast as a Blue Economy Model Zubair Arza; Haria Saputri; Hendra Candra
Journal of Economics and Management Vol. 4 No. 2 (2026): Journal of Economics and Management, June 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i2.462

Abstract

This study examines the potential of the Seaside Coast in Tanjung Pinang to be developed through a blue economy approach that integrates environmental sustainability, community participation, and local economic development. The research is motivated by the growing environmental challenges in coastal tourism areas, including plastic pollution, coastal erosion, and unmanaged reclamation, which threaten marine ecosystems and the sustainability of tourism. The novelty of this study lies in its contextual and field-based analysis of how blue economy principles can be practically implemented in small-scale coastal tourism management through community involvement and collaborative governance. This study employed a qualitative case study approach. Data were collected through literature reviews, field surveys, semi-structured interviews with 10 informants, Focus Group Discussions (FGDs) involving 12 participants, and direct observations of tourism and environmental conditions in the coastal area. The data were analyzed using thematic analysis and SWOT analysis to identify strategic issues related to sustainable tourism management. The findings indicate that Seaside Coast has strong potential for blue economy-based tourism development, driven by its strategic location, active local MSMEs, and attractive coastal landscape. However, several challenges remain, including weak institutional coordination, limited environmental awareness, plastic waste pollution, and coastal abrasion. The study also highlights that community participation and stakeholder collaboration are essential factors in supporting sustainable coastal tourism governance. In conclusion, the successful implementation of blue economy principles in Tanjung Pinang depends on integrating environmental management, participatory governance, and sustainable tourism planning to ensure long-term ecological and socio-economic sustainability.
ARDL Panel Prediction on the Management of Liquidity and Profitability of Islamic Banking in Muslim Emerging Market Countries: Evidence from Indonesia, Pakistan, Bangladesh, and Turkiye Anwar Sanusi; Andri Soemitra; Isnaini Harahap
Journal of Economics and Management Vol. 4 No. 1 (2026): Journal of Economics and Management, March 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i1.473

Abstract

This study aims to analyze the prediction of Return on Assets (ROA) and Liquidity (LIK) in response to changes in macroeconomic indicators, namely Inflation, Money Supply, Exchange Rate, and Gross Domestic Product, with the expectation of maintaining their stability in Muslim emerging market countries: Indonesia, Pakistan, Bangladesh, and Turkiye. Data were analyzed using a Panel ARDL model for the period 2005 to 2023. ROA Prediction results indicate that Indonesia remains strong in controlling ROA through maintaining the stability of Inflation, Money Supply, Exchange Rate, Gross Domestic Product, and Liquidity. Pakistan, Bangladesh, and Turkiye similarly demonstrate strong ROA control through Inflation, Money Supply, Gross Domestic Product, and Liquidity, except for the Exchange Rate. Liquidity Prediction results indicate that Indonesia remains strong in controlling Liquidity through maintaining the stability of Inflation, Money Supply, Exchange Rate, Gross Domestic Product, and ROA. Pakistan, Bangladesh, and Turkiye demonstrate equally strong Liquidity control through Inflation, Money Supply, Gross Domestic Product, and ROA, except for the Exchange Rate. Policy implications suggest that monetary authorities must address the impact of monetary stability and eliminate obstacles to achieving ROA and Liquidity of Islamic banks by maintaining interaction, synergy, and harmonization between monetary policies and macroeconomic variables. The study acknowledges that interpretations must be made with care and encourages further exploration of Islamic bank liquidity and profitability from a macroeconomic perspective, as a stimulus for more comprehensive analysis, noting that monetary policy is considerably responsive in controlling macroeconomic stability.
Bank Ownership Dynamics and Macroprudential Policy Effectiveness in Mitigating the Impact of Monetary Shocks on Asset Quality Karona Cahya Susena; Nenden Restu Hidayah; Mujiono; Ahmad Syafran
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.v3i3.546

Abstract

This study explores how bank ownership affects the effectiveness of macroprudential policies in reducing the impact of monetary shocks on bank asset quality in Indonesia. The study is motivated by the idea that monetary tightening does not affect all banks equally, as ownership characteristics shape how banks respond to changes in the policy rate. Quarterly panel data from 40 Indonesian commercial banks during 2020Q1–2025Q4 are analyzed using the two-step System Generalized Method of Moments (System-GMM) to address dynamic effects, endogeneity, and differences across ownership groups. Bank asset quality is measured by the non-performing loan (NPL) ratio, while monetary shocks are proxied by changes in the Bank Indonesia policy rate. Macroprudential policy is represented through a composite index of prudential instruments, and ownership is divided into state-owned and private banks. The findings show that monetary tightening may initially improve asset quality by prompting banks to apply stricter lending standards. However, the effect weakens over time as higher borrowing costs reduce borrowers' repayment capacity and increase credit risk. The results also indicate that macroprudential policies help strengthen banking stability by containing the rise of risky credit. Furthermore, ownership structure plays an important role in policy transmission, with private banks responding more strongly to monetary policy changes than state-owned banks. These findings suggest that effective financial stability policies require stronger coordination between monetary and macroprudential measures, while accounting for differences in bank behavior driven by ownership structures.
AI-Generated Content and Perceived Personalization on Purchase Intention of Generation Z: The Mediating Role of Brand Credibility Hadiansyah Ma'sum; Ratih Hurriyati; Heny Hendrayati; Mokh Adib Sultan; Amirul Afif Muhamat
Journal of Economics and Management Vol. 4 No. 1 (2026): Journal of Economics and Management, March 2026
Publisher : Lembaga Publikasi Ilmiah Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70716/ecoma.v4i1.563

Abstract

This study examines the effects of AI-Generated Content and Perceived Personalization on Purchase Intention, with Brand Credibility as a mediating variable, in the context of digital marketing. A quantitative approach was employed using primary data collected from 168 respondents across several provinces in Indonesia. The data were analyzed using Structural Equation Modeling (SEM) with AMOS to test the proposed hypotheses and relationships among variables. The results indicate that AI-Generated Content and Perceived Personalization significantly influence Brand Credibility, and that Brand Credibility also significantly influences Purchase Intention. Furthermore, AI-Generated content directly affects Purchase Intention. However, Perceived Personalization does not have a direct effect on Purchase Intention; instead, it influences Purchase Intention indirectly through Brand Credibility, indicating a full mediation effect. These findings highlight the important role of Brand Credibility in bridging digital marketing strategies and consumer behavior. Therefore, companies should optimize AI-driven content while strengthening brand credibility to enhance consumers' purchase intent, whereas personalization strategies should focus on building consumer trust.

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