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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 55 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 Sandopart, Dewa Putu Yohanes Agata L.; Adek, Lie; Sandopart, Dewa Ayu Indiana Ida Loemongga; Wijayanti, Erma
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 Sandopart, Dewa Putu Yohanes Agata L.; Adek, Lie; Sandopart, Dewa Ayu Indiana Ida Loemongga; Wijayanti, Erma
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 Muttalib, Abdul; Viphindrartin, Sebastiana
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.

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