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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 106 Documents
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Sharia Compliance of Subsidized Mortgage Financing Products at Bank Jabar Syariah Garut Lazuardi Arip Muhammad; Yudi Wahyudin; Ahmad Syaeful Rahman
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.v4i2.447

Abstract

Subsidized mortgage financing is a government-supported housing program designed to help low- and middle-income families obtain affordable home ownership through Islamic banking institutions. At Bank Jabar Syariah Garut Branch, this financing scheme is implemented using the musyarakah mutanaqishah contract, under which the ownership certificate is registered in the customer’s name from the beginning of the financing period. This practice raises legal questions regarding its compliance with the principles of Islamic Economic Law and the applicable DSN-MUI fatwas. Therefore, this study aims to analyze the implementation of subsidized mortgage financing based on the musyarakah mutanaqishah contract and examine the legal status of registering the financed property under the customer’s name. The study employs an empirical juridical approach with a qualitative research design. Data were collected through interviews, observations, and documentation, and analyzed by comparing banking practices with the provisions of Islamic Economic Law and relevant DSN-MUI fatwas. The findings show that the implementation of subsidized mortgage financing at Bank Jabar Syariah generally complies with sharia principles and is consistent with DSN-MUI Fatwa No. 73/DSN-MUI/XI/2008 concerning Musyarakah Mutanaqishah. Furthermore, the registration of ownership certificates under the customer’s name is permissible under DSN-MUI Fatwa No. 01/DSN-MUI/X/2013, provided that it is based on mutual agreement and the agreed ujrah mechanism. These findings provide empirical evidence that the financing model implemented by Bank Jabar Syariah is legally and sharia compliant while offering practical guidance for the implementation of Islamic home financing products in Indonesia.
Analysis of Net Profit Margin, Return on Assets, and Earnings Per Share on Stock Prices in Food and Beverage Subsector Companies Listed on the Indonesia Stock Exchange Dede Hertina; Herry Achmad Buchory; Yana Hendayana; Tasya Nafila; Mohamad Bayu Herdiawan Hidayat
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.v4i2.448

Abstract

This study examines the relationship between financial performance indicators—namely Net Profit Margin (NPM), Return on Assets (ROA), and Earnings per Share (EPS)—and the stock prices of Food and Beverage companies listed on the Indonesia Stock Exchange from 2018 to 2022. A quantitative research framework was implemented using descriptive and hypothesis-testing (verificative) methods. The research sample comprised 19 companies selected purposively from a population of 39 firms, generating 95 panel data observations. Prior to hypothesis testing, the data were subjected to classical assumption tests, followed by multiple linear regression analysis to evaluate the effects of the independent variables on stock prices. The results show that partially NPM and EPS have a positive and significant effect on stock prices, while ROA has a negative and insignificant effect. Simultaneously, the three independent variables significantly influence stock prices with a coefficient of determination (R²) of 81.4%, indicating that 81.4% of stock price variation can be explained by NPM, ROA, and EPS, while the remaining 18.6% is influenced by other factors outside the model. The findings imply that profitability indicators, particularly NPM and EPS, are important considerations for investors in evaluating stock performance within the Food and Beverage industry. This study contributes to strengthening empirical evidence regarding fundamental analysis in investment decision-making.
Digital Transformation in Small Business: Understanding the Role of Trust and Social Influence in Fintech Use Intention Siska Yulia Defitri; Nova Ramadhani; Nidia Anggreni Das; Kamisah Supian
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.v4i2.455

Abstract

The increasing adoption of financial technology (fintech) has transformed payment practices among small and medium-sized enterprises (SMEs). However, evidence regarding the determinants of fintech usage intention among business operators in emerging regional economies remains limited. This study examines the influence of perceived ease of use, trust, and social influence on fintech usage intention among café and restaurant operators in Solok City, Indonesia. Drawing on the Technology Acceptance Model (TAM), the Unified Theory of Acceptance and Use of Technology (UTAUT), and Trust Theory, this study employs a quantitative approach using survey data collected from 124 respondents. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that perceived ease of use and social influence have significant positive effects on fintech usage intention, whereas trust does not. The results suggest that business owners prioritize operational convenience and social expectations over security-related considerations when adopting fintech payment systems. Furthermore, trust appears to function as a prerequisite condition rather than a direct determinant of fintech usage intention in contexts where fintech services are already widely recognized and regulated. This study contributes to the fintech adoption literature by providing evidence from SME operators in an emerging regional economy and highlighting the contextual role of trust in digital payment adoption. The findings offer practical implications for fintech providers and policymakers seeking to accelerate digital payment adoption among SMEs.
Working Capital Management and Bank Profitability: Evidence from Indonesian Listed Banks Sujono; Anggy Wardhani Ruslan; Harmiati Bahar
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.v4i2.463

Abstract

When banks don't make enough money, their capacity to function as a middleman, their internal capital, and their liquidity all get weaker. This study examines whether indicators of working capital and liquidity management clarify the disparities in Return on Assets (ROA) among banks listed on the Indonesia Stock Exchange. This study included Current Ratio (CR), Loans/Advances to Total Assets (LATA), Current Assets to Total Assets (CATA), Current Liabilities to Total Assets (CLTA), and Loan to Deposit Ratio (LDR) as explanatory variables. This study utilizes balanced panel data from 29 banks for the period 2019–2023, encompassing 145 bank-year observations. This research estimates panel data regression and use the Hausman test to select the fixed effects model. This study use robust standard errors to address indications of heteroscedasticity and autocorrelation. The results show that LATA has a big positive effect on ROA. The results show that LDR has a big negative effect on ROA. The results show that CR, CATA, and CLTA do not have a big effect on ROA. The discussion links the LATA results to the enhancement of productive assets. The conversation links the LDR results to the trade-off between making money and having enough cash on hand when credit growth puts pressure on the liquidity buffer. The results demonstrate that a combination of productive assets and liquidity discipline is more significant for ROA than static liquidity ratios.
Strengthening the Competitiveness of Higher Education Institutions Through a SWOT Analysis Approach at UNTARA Slamet Riyanto; Sutarman
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.v4i2.465

Abstract

This study aims to analyze strategies for strengthening the competitiveness of higher education institutions through a SWOT analysis approach at UNTARA. Increasing competition among universities requires institutions to formulate effective strategies to enhance academic quality, institutional performance, and stakeholder trust. This research employs a qualitative descriptive method to identify internal factors, including strengths and weaknesses, as well as external factors, namely opportunities and threats, faced by UNTARA. Data were collected through document analysis, interviews, and observations involving university leaders, lecturers, and administrative staff. The results indicate that UNTARA possesses significant strengths in institutional commitment, human resource potential, and community engagement, while facing challenges related to infrastructure development, research productivity, and digital governance. Externally, opportunities arise from policy support, growing demand for higher education, and technological advancement, whereas threats include intense competition, rapid changes in educational standards, and globalization. Based on the SWOT matrix, several strategic alternatives are proposed, including optimizing human resource development, improving academic quality assurance, strengthening partnerships, and enhancing institutional governance. These strategies are expected to sustainably strengthen UNTARA's competitiveness.
Baz Mart's Management Model in Improving the Living Standards of the Poor Muhammad Erwin Soaduan Pohan; Mustafa Kamal Rokan; Yenni Samri Juliati Nasution
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.v4i2.470

Abstract

The BAZ Mart program is a management model designed to improve the lives of people experiencing poverty who cannot manage or develop businesses due to physical disabilities, limited knowledge, or lack of experience. This model enables zakat funds to continue growing and expanding, ensuring their sustainability in meeting the basic needs of beneficiaries. This study aims to determine the improvement in the lives of low-income communities in Pelalawan Regency, Riau, through Baz Mart, a self-service business managed with zakat funds. Buyers are encouraged to shop at Baz Mart through collaboration among the Pelalawan Regency Government, PT Riau Andalan Pulp and Paper (RAPP), and Baznas Pelalawan's outreach program to zakat donors and the wider community under the slogan, "Shopping at Baz Mart means helping to reduce poverty in Pelalawan." This study applies Fred's (2011) strategic management theory, which consists of strategy formulation, implementation, and evaluation. A descriptive qualitative approach was employed using both primary and secondary data. Data were collected through field observations, interviews, and documentation, then analyzed using data reduction, data presentation, and conclusion drawing. The results demonstrate that the empowerment program has had a positive and significant impact on poverty alleviation in Pelalawan Regency. The findings also confirm that poverty alleviation for mustahik aligns with the developed concept. The most important change is the transformation of mustahik into individuals who are more aware, motivated, and committed to improving their economic condition. Furthermore, this study reveals several empirical facts regarding the implementation of the Baznas Mart (Baz Mart) program in Pelalawan Regency, Riau.
Analyzing the Effectiveness of Marketing Sasak Handwoven Crafts through Immersive Metaverse Media Baiq Handayani Rinuastuti; Abdurrahman; Regania Pasca Rassy
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.v4i2.474

Abstract

This study explores the potential of Metaverse-based marketing in promoting Tenun Sasak, a traditional handwoven textile that represents the cultural identity of Lombok, Indonesia. Using the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) as the analytical framework, the study evaluates how several technology acceptance factors influence consumers’ intention to purchase Tenun Sasak after experiencing the product through a virtual reality gallery developed by the researchers. The examined factors include performance expectancy, effort expectancy, social influence, facilitating conditions, hedonic motivation, price value, and habit. A quantitative explanatory research design was applied, involving 100 respondents selected through purposive sampling. The collected data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that purchase intention is significantly influenced by performance expectancy (β = 0.19, p = 0.001), effort expectancy (β = 0.16, p = 0.009), hedonic motivation (β = 0.21, p < 0.001), price value (β = 0.14, p = 0.011), and habit (β = 0.18, p = 0.002). Meanwhile, social influence and facilitating conditions do not demonstrate significant effects. These results suggest that consumers are more likely to develop purchase intentions when Metaverse-based product experiences are perceived as beneficial, accessible, enjoyable, reasonably valuable, and aligned with their existing digital behavior. The findings highlight the relevance of immersive technology as an alternative marketing approach for traditional cultural products.
Policy Interest Rate, Risk Management and Profitability: Study Of Public Listed Banks in ASEAN Countries Gracia S. Ugut; Liza Handoko
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.v4i2.478

Abstract

The paper aims to explore the impact of low interest rate policy and prudent behavior on the profitability of ASEAN-4 publicly listed banks. The study uses net interest margin as a measure of profitability because it reflects a bank's ability to manage its operations and interest-bearing assets effectively. A panel data regression model is used to analyze data from 79 publicly listed banks in ASEAN-4 countries (Thailand, Indonesia, the Philippines, and Malaysia) from 2005 to 2019. There are three variables for risk management: the capital adequacy ratio (CAD), which measures the prudential approach to risk management; the asymmetric Z-score, an accounting measure of insolvency risk; and the volatility of net interest income. The study also includes two control variables: bank control variables (equity, size, and lending) and Country control variables (real GDP and average inflation). The model employs General Method of Moments (GMM) estimators to mitigate potential endogeneity issues in the panel data regression. The interaction terms of prudential behavior and the interest rates are negative and significant for the Z-score; positive and significant for the volatility of NIM and the capital adequacy ratio. Therefore, the profitability of banks and interest rates are more closely related when banks' risk management policies and practices are better managed.
Strengthening MSME Resilience After Crisis: The Role of Business Culture, Social Capital, and Digital Literacy (A Study on MSMEs in Makassar) Sri Adrianti Muin; Syamsuddin B; Virza Hadrianti; Rachmat Sugeng
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.v4i2.479

Abstract

This study aims to analyze the influence of local business culture, social capital, and digital literacy on the post-crisis resilience of MSMEs in South Sulawesi. Resilience is defined as the ability of business actors to survive, adapt, and recover after experiencing a crisis. This study employs a quantitative approach based on the SmartPLS method. The sample consists of MSME actors who are still actively running their businesses and have experienced an economic crisis or pandemic, totaling 200. Business culture has been shown to significantly influence MSME resilience, both directly and through the mediating role of digital literacy. Social capital does not directly affect resilience, but it does have a significant relationship with digital literacy. Digital literacy serves as a strategic link between cultural values and social networks in strengthening business resilience. This study offers a novel contribution by integrating three approaches—business culture, social capital, and digital literacy—into a single structural model. This study also enriches the literature by highlighting the local context, grounded in Bugis-Makassar ethnic cultural values, in shaping MSME resilience after the crisis.
Organizational Justice Among Private University Lecturers in Riau, Indonesia Arrafiqur Rahman; Norhayah Zulkifli; Adolf Bastian; Gilang Nugroho; Andi Afrizal
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.v4i2.480

Abstract

Organizational justice, defined as employees’ perceptions of fairness in institutional outcomes, procedures, and interpersonal treatment, is a crucial issue in human resource management, particularly in higher education. While this construct has been widely examined in Western corporate and healthcare contexts, empirical evidence from private higher education institutions in developing economies remains limited and inconsistent. Indonesian private university lecturers have received little scholarly attention, despite ongoing welfare and governance challenges. Addressing this gap, this study investigates lecturers’ perceptions of organizational justice in private universities in Riau Province, Indonesia. Using a quantitative survey design with proportional stratified random sampling, data were collected from 298 lecturers across seven private universities. The research instrument, adapted from Colquitt and Zipay (2015), measured three dimensions of organizational justice: distributive, procedural, and interactional justice, through 20 items on a five-point Likert scale. Descriptive statistical analysis was employed to calculate achievement scores for each item and dimension. The findings show a mean organizational justice score of 3.167, with an achievement level of 63.35%, indicating that lecturers perceive institutional fairness as moderately adequate. The highest frequency appeared in the 56–64 interval class, suggesting a generally moderate perception of justice. These results indicate the need for private universities in Riau to strengthen fairness in reward distribution, decision-making procedures, and interpersonal treatment. This study contributes an empirical baseline for organizational justice among lecturers in a resource-constrained Indonesian higher education context and offers practical insights for governance reform and human resource policy development.

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