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Greenation International Journal of Economics and Accounting

GIJEA
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Published by Greenation Research

ISSN : 29865336 EISSN : 29865050 DOI : https://doi.org/10.38035/gijea

Core Subject : Economy,

Economics, Econometrics & Finance

Greenation International Journal of Economics and Accounting (GIJEA) is managed and published by Greenation Research & Yayasan Global Research National, periodically four times a year every March, June, September, and December. GIJEA is a peer-reviewed journal that publishes scientific articles in the fields of Economics and Accounting. Articles published on GIJEA include the results of original scientific research (top priority), new scientific review articles (not priority), as well as results of studies in the fields of Economics and Accounting.

Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)

Articles 306 Documents

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Analysis of The Impact of Revitalization of The Blok M Area on Business Growth And Local Economic Activity Lazarus Sinaga; Erwin Permana; Elsa Rachmawati
Greenation International Journal of Economics and Accounting Vol. 4 No. 1 (2026): Greenation International Journal of Economics and Accounting (March - April 202
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i1.766

This study aims to analyze the impact of the revitalization of the Blok M area on urban economic dynamics through transportation integration and the development of creative public spaces. Using a qualitative method with a descriptive-analytical approach, this study examines the phenomenon of regional transformation after the integration of the transportation system and local economic activities through a literature review. The results show that the revitalization of Blok M has successfully transformed the previously stagnant area into a dynamic economic ecosystem. The application of the Transit-Oriented Development (TOD) concept significantly improves accessibility through the connectivity of the Jakarta MRT and TransJakarta. The increase in visitor flow (foot traffic) not only restores Blok M's function as a transportation hub but also makes it a relevant social destination for the younger generation. The emergence of economic agglomeration through the growth of new business units provides a multiplier effect on the local economy and empowers MSMEs. This revitalization contributes positively to the structure of DKI Jakarta's GRDP, especially in the trade sector and the provision of food and beverage accommodations. These findings confirm that an integrated urban regeneration strategy with mass public transportation is an important catalyst in driving sustainable urban economic growth.

Evaluation of the Impact of PSAK 71 Implementation on the Financial Performance of Regional Development Banks: A Comparative Study Before and After the Adoption of the Standard Rahayu Rahayu; Netty Herawaty; Lutfi Lutfi; Albetris Albetris; Musthafa Luthfi
Greenation International Journal of Economics and Accounting Vol. 4 No. 1 (2026): Greenation International Journal of Economics and Accounting (March - April 202
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i1.782

The study uses data from 24 Regional Development Banks (BPD) over a six-year period (2018–2023), consisting of two years before and four years after the implementation of PSAK 71. The ratios examined include Capital Adequacy Ratio (CAR), Non-Performing Loan (NPL), Return on Assets (ROA), Return on Equity (ROE), Operating Expenses to Operating Income (BOPO), and Loan to Deposit Ratio (LDR). The analysis results indicate that there are significant differences in the ROA and BOPO variables after the implementation of PSAK 71, while the other variables do not show significant changes. These findings suggest that the new accounting standard has a selective impact on indicators of bank financial performance. This study provides empirical contributions for regulators, public accountants, and banking management in understanding the implications of new accounting policies on the stability and efficiency of the banking sector.

Digital and Legacy Telecommunications Efficiency in Indonesia: Evidence from a Two-Stage DEA Eka Budiandri; Dadan Rahadian; Sora Baltasar; Sri Retnaning Sampurnaningsih
Greenation International Journal of Economics and Accounting Vol. 4 No. 1 (2026): Greenation International Journal of Economics and Accounting (March - April 202
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i1.786

This study examines operational efficiency of Indonesian telecommunications firms by distinguishing digital and legacy services within a two-stage framework, addressing whether efficiency differences arise from managerial performance rather than firm size amid digital transformation. Audited annual reports of three major operators from 2014 to 2024 are analysed. The first stage applies output-oriented Data Envelopment Analysis under Variable Returns to Scale to measure technical efficiency in converting operational inputs into heterogeneous revenue outputs. The second stage employs panel regression estimated using weighted EGLS with Cross Section SUR to explain efficiency variations through firm-level profitability indicators. Results reveal pronounced heterogeneity across firms. PT Telkomsel consistently achieves the highest VRS efficiency, reflecting superior managerial control independent of scale advantages. Input slack analysis identifies operational expenditure as the primary source of inefficiency, whereas labour input remains near optimal utilization and total assets show structural rigidity. Second-stage estimation indicates that Return on Equity positively and significantly affects efficiency, while Net Profit Margin lacks a significant individual effect, though profitability indicators are jointly meaningful. Sustainable efficiency improvement depends on strategic resource allocation, effective equity utilization, and disciplined cost management rather than scale expansion. This study contributes by integrating digital and legacy outputs within a two-stage DEA framework and linking operational efficiency to financial performance, offering actionable insights for managers seeking to enhance firm-level performance during digital transformation.

The Effect of Service Quality and Container Availability on Export Market Share: Evidence from Fresh Coconut and Natural Rubber Export Services in South Sumatra, Indonesia Larsen Barasa; Natanael Suranta; April Gunawan Malau; Aditya Rinaldi; Sopia Zahra
Greenation International Journal of Economics and Accounting Vol. 4 No. 1 (2026): Greenation International Journal of Economics and Accounting (March - April 202
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i1.787

Container shipping logistics is a key determinant of the competitiveness of agricultural commodity exports; however, the mechanism by which service quality at the shipping agent level and container availability jointly determine export market share remains under-examined theoretically, and no empirical research exists on this topic—particularly in the export corridors of developing countries, where no previous studies have modeled these two driving factors simultaneously using causal inference methodology. This study examines the simultaneous effects of service quality (the five dimensions of SERVQUAL) and container availability on the export market share of PT Samudera Agro Logistics (SAL), a shipping agency operating fresh coconut and natural rubber export corridors in South Sumatra, Indonesia. A quantitative cross-sectional design was employed using Partial Least Squares Structural Equation Modeling (PLS-SEM), with data collected from 50 operational and managerial decision-makers at 10 active exporting companies, selected through purposive sampling based on direct involvement in SAL’s export service cycle and a minimum of one year of container logistics experience. The results indicate that container availability is the primary driver of export market share (β = 0.557; t = 5.054; p < 0.001), exerting a stronger influence than service quality (β = 0.432; t = 3.502; p < 0.01)—a finding that challenges the dominant view in maritime logistics literature, which focuses on service quality. Together, these two variables explain 57.9% of the variance in export market share (R² = 0.579), with large effect sizes (f² = 0.430 and 0.717) and adequate predictive relevance (Q² = 0.384), confirming the model’s robustness. As its primary theoretical contribution, this study introduces the Logistics Agent Competitiveness Model (LACM), an original framework that integrates SERVQUAL, Resource Based View (RBV), and Service Dominant Logic (SDL), which establishes that container availability is an independent strategic resource, not merely a sub-dimension of service quality, in determining the competitiveness of shipping agents. Practical implications are directed toward shipping agency managers prioritizing container fleet reliability, major shipping companies optimizing feeder allocation strategies, and policymakers addressing structural container imbalances in secondary export corridors.

Digital-Based Customer Service Development Strategy in the Business Development Division of Merchant Marine in Indonesia Suhartini Suhartini; Larsen Barasa; Aliya Izet Begovic Yahya
Greenation International Journal of Economics and Accounting Vol. 4 No. 1 (2026): Greenation International Journal of Economics and Accounting (March - April 202
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i1.788

Digital transformation in customer service is reshaping how educational institutions manage stakeholder engagement, yet systematic evidence from Indonesian maritime vocational institutions remains scarce. This study examines the digital-based customer service development strategies implemented by the Business Development Division of Sekolah Tinggi Ilmu Pelayaran (STIP) Jakarta, analyzing how five integrated digital tools web-based service platforms, AI-powered chatbots, WhatsApp customer service, Zoom consultations, and Google Forms satisfaction surveys collectively affect communication efficiency, responsiveness, and service quality. A qualitative case study design was employed, drawing on semi-structured interviews with 8 key informants from the Business Development Division, direct observation of digital tool deployment, and analysis of CRM logs and satisfaction survey data across one academic year. Data were analyzed through a systematic six-phase thematic analysis with intercoder verification (Cohen's Kappa κ = 0.82). The study's key findings reveal three interdependent success factors: technological infrastructure quality, staff digital literacy and training, and data-driven iteration and identify digital literacy constraints among customers as the most significant remaining implementation barrier. The principal theoretical contribution is a contextually grounded integration of SERVQUAL service quality dimensions (Parasuraman et al., 1988) with digital transformation theory within an Indonesian maritime higher education context the first such integration for this institutional type demonstrating that reliability and responsiveness dimensions of service quality are most substantially improved by AI chatbot and WhatsApp integration, while assurance and empathy dimensions are most effectively addressed through Zoom consultation. The findings provide maritime educational institutions with an evidence-based digital service integration model transferable across analogous vocational higher education contexts.

The Influence of Religiosity and Destination Image on Tourist Decisions From The Perspective of Religious Moderation (A Study of Tourists at Puja Mandala Bali) Siska Yuli Anita; Esti Liana
Greenation International Journal of Economics and Accounting Vol. 4 No. 1 (2026): Greenation International Journal of Economics and Accounting (March - April 202
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i1.798

The aim of this research is to determine the partial and simultaneous influence of religiosity and destination image on tourist decisions. This type of research is quantitative research with a sampling technique, namely the Accident Sampling method (determining the sample by chance). The exact population in this study is not known (Unknown Population) so that in taking samples using the formula according to Sujarweni, the sample in this study was 96 respondents and the sample selection criteria was that they were Mandala puja visitors, aged 25-50 years. By using a data processing tool in the form of the SPPS vers 20 application. The results of the research that has been carried out show that simultaneously religiosity and destination image have an influence on tourists' decisions, while partially religiosity has no effect on tourists' decisions and destination image has an influence on tourists' decisions.

Determination of Net Income of Shipping Companies: Analysis of Fuel Costs, Shipping Rates, and Shipping Routes mediated by Shipping Insurance Atong Soekirman; Yuliantini Yuliantini; Primadi Candra Susanto; Euis Saribanon; Reni Dian Octaviani; Irwan Chairuddin
Greenation International Journal of Economics and Accounting Vol. 4 No. 1 (2026): Greenation International Journal of Economics and Accounting (March - April 202
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i1.800

This study aims to analyze the determination of net income in shipping companies in Indonesia by examining the influence of fuel costs, shipping rates, and shipping routes through the mediation of shipping insurance. Using a descriptive qualitative approach through a systematic literature study of 30 relevant articles (SINTA and Scopus), this study synthesizes various findings related to maritime financial performance for the period 2022–2025. The results of the study indicate that: 1) Fuel costs affect shipping insurance; 2) Shipping rates affect shipping insurance; 3) Shipping routes affect shipping insurance; 4) Fuel costs affect net income; 5) Shipping rates affect net income; 6) Shipping routes affect net income; 7) Shipping insurance affects net income; 8) Fuel costs affect net income through shipping insurance; 9) Shipping rates affect net income through shipping insurance; and 10) Shipping routes affect net income through shipping insurance. This research provides a strategic contribution to management in addressing market volatility and IMO 2020 regulations.

Determinants of Firm Financial Performance: A Panel Data Analysis of Macroeconomic Stability and Market Factors in LQ45 Companies in Indonesia Mohammad Sofyan; Fatchur Rochman; Indah Purnama Sari Mardjuni; Vicky Oktavia; Mochamad Ramza Rapier Gussa
Greenation International Journal of Economics and Accounting Vol. 4 No. 1 (2026): Greenation International Journal of Economics and Accounting (March - April 202
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i1.809

This study aims to examine the factors affecting the financial performance of companies included in the LQ45 index on the Indonesia Stock Exchange by integrating macroeconomic stability and market-based indicators. Financial performance is measured by return on equity, while the independent variables include inflation, exchange rate, price-to-book value, dividend yield, and firm size. This study employs a quantitative approach using panel data from 37 companies over the period 2021 to 2025. The data are analyzed using panel regression with model selection conducted through Chow test, Lagrange Multiplier test, and Hausman test. The results indicate that the fixed effect model is the most appropriate model. Partially, price-to-book value, dividend yield, and firm size have a positive and significant effect on financial performance, while the exchange rate has a negative and significant effect. Inflation does not have a significant effect on financial performance. These findings indicate that firm-specific factors play a more dominant role than macroeconomic variables in determining financial performance. This study contributes to financial literature in emerging markets and provides insights for investors and policymakers in decision making.

Improving Local Financial Performance for Sustainable Regional Economic Development in the Regencies and Municipalities of Jambi Province Faradilla Herlin; Wella Sandria; Endah Trikurniasih
Greenation International Journal of Economics and Accounting Vol. 4 No. 2 (2026): Greenation International Journal of Economics and Accounting (May - June 2026)
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i2.875

This study aims to identify the dominant factors influencing local government financial performance and to formulate improvement strategies. Nine regencies and cities in Jambi Province were selected as a sample using a quantitative explanatory approach through panel data regression and Dapel Indept analysis. Given that the implementation of regional autonomy requires regencies and cities to finance development independently, with a minimum target of 30% of Local Own-Source Revenue (PAD). However, during the 2017–2022 period, the average Fiscal Decentralisation Degree (DDF) across all regencies and cities in Jambi Province was only 9.46% (classified as very low). The Fixed Effects Model was identified as the most appropriate model. The results indicate three significant variables: Special Allocation Funds (prob. 0.0496), regional economic growth (prob. 0.0189), and the performance of regional enterprises (prob. 0.0300). Consequently, improving regional financial performance requires an integrated strategy focused on strengthening economic growth, optimising regional enterprises, and maximising the utilisation of the Special Allocation Fund.

Comparative Analysis of Optimal Stock Portfolio Results using The Markowitz Method and a Single Index (Study on LQ 45 Company Shares Listed on the Indonesia Stock Exchange Period January – December 2024) Matdio Siahaan; Jhonni Sinaga; David Pangaribuan
Greenation International Journal of Economics and Accounting Vol. 4 No. 2 (2026): Greenation International Journal of Economics and Accounting (May - June 2026)
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i2.902

In the era of digital technology advancement, Indonesia has become an alternative investment destination in the capital market, attracting global attention. Investing in the capital market offers high returns and significant risks. Therefore, investors need strategic skills to mitigate risk. Risk reduction can be achieved through asset diversification, also known as portfolio formation. This study aims to develop an optimal portfolio using the Markowitz Single Index method and to determine the optimal investment proportion for the LQ45 Index. The sample used was the LQ45 index members from January 2024 to December 2024. This method is a comparative study with daily data, using calculations of realized return, variance, covariance, and cut-off rate for a single index. The analysis using the Markowitz method resulted in seven stocks as optimal portfolio recommendations, the stock composition is different between the two methods with a return of 0.15% and a risk of 1.25%. The analysis using the Single Index method resulted in seven stocks as optimal portfolio recommendations, with a return of 0.037% and a risk of 0.07%.

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Home Page

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Editorial Team

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Reviewer

Google Scholar

Contact Name M. Rizky Mahaputra

Contact Email greenation.info@gmail.com

Phone +6281210467572

Journal Mail Official greenation.info@gmail.com

Editorial Address Jl. Kapt. A. Hasan, Telanaipura Jambi-Indonesia

Location Kota jambi, Jambi INDONESIA

Abstract

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Contact Name
M. Rizky Mahaputra

Contact Email
greenation.info@gmail.com

Phone
+6281210467572

Journal Mail Official
greenation.info@gmail.com

Editorial Address
Jl. Kapt. A. Hasan, Telanaipura Jambi-Indonesia

Location
Kota jambi,

Jambi

INDONESIA