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Optimum: Jurnal Ekonomi dan Pembangunan
Published by Universitas Ahmad Dahlan
ISSN : 14116022     EISSN : 26139464     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
The Optimum: Jurnal Ekonomi dan Pembangunan aims to publicize the results of research concerning economics and development at national, and international levels with particular emphasis on the application of quantitative and qualitative analysis.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 111 Documents
 8   9   10   11   12 
Investigating the theory of environmental Kuznets curve on environmental quality index in Indonesia Nurcahyo, Yanuar Bangun; Fatin, Sausan; Reza, Muhammad Fathur
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 15 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v15i1.8752

Abstract

The relationship between economy, environment, and human capital has developed into a discourse that has attracted the attention of all parties, especially academics. The inconsistency of research results that occur in developing and developed countries is our basis for conducting research with the hypotheses that have been built. This research aimed to determine the effect of human capital and gross domestic product on environmental quality in Indonesia. This study used panel data during the 2015-2020 period. The ordinary least square analysis measures the effect of the independent variables on the dependent one in the model. The results of this study indicate that human capital has a positive and significant impact on improving the quality of the environment. There are several aspects on which human capital can positively affect the environment, one of which is education. On the other hand, an increase in GDP has an inverse effect on the environment. This is because the economy's orientation in developing countries still focuses on the industrialization sector, which negatively impacts the environment. Moreover, this is reinforced by the low level of supervision carried out by the regional or central government.
Transformation of Toronipa beach tourism: Valuation and exploring the socio-economic factors on tourist attraction Anggraini, Yuyun; Sapriyadi, Sapriyadi; Zizih, Andi Rezah Tenri
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 15 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v15i1.11659

Abstract

Toronipa beach is one of the famous marine tourism destinations in Southeast Sulawesi, particularly in Konawe. With its beautiful natural potential and relatively straightforward accessibility, Toronipa Beach attracts many local and out-of-town tourists. However, this region has not fully realized its economic potential. To facilitate the decision-making process for its management and development, Economic valuation is very much needed. This study was carried out to estimate the economic value of Toronipa Beach and to identify the socioeconomic factors that influence the number of tourist visits.  This study uses the individual travel cost method as an analytical approach and multiple linier regression. The findings indicate that the economic value estimation of Toronipa beach tourism using the individual travel cost method results in an economic value estimate of Rp 75.280.509.614,00 with a consumer surplus value per individual of Rp 450.000,00 per year. According to socio-economic factors that travel costs are inelastic even though the parameter elasticity value is less than 3% and visitor income is positive indicates that visits to Toronipa beach is negative inferior, means that income increases demand to Toronipa beach will increase. The implication of the study that accessibility can be improved by lowering the cost of renting tourist facilities, which can reduce the cost of tourist travel.
The impact of globalization, macroeconomic variables, and financial development on economic growth: Evidence from ASEAN countries Syahda, Putri Eliza; Retnasih, Nora Ria
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 15 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v15i1.12113

Abstract

Globalization in the modern world is behind the formation of emerging market countries through the transition in economic growth. ASEAN is considered as the driving force of the world economy, including the emerging market countries that grow within it.  However, economic growth in ASEAN emerging market countries still has to face many challenges. In macro analysis, the parameter of economic growth is GDP. Over time economists have highlighted that there are many other indicators, one of which is globalization, macroeconomic performance and financial development. The aim of this research is to analyze the impact of globalization, inflation, public spending, human capital and financial development on economic growth. This research is relevant because it relates to factors that affect economic growth amid increasingly complex global challenges by providing a comprehensive view of the relationship between variables. This type of quantitative research is based on secondary data. The sampling procedure employed is purposive sampling, which was applied to 5 countries. Data analysis using the PVECM or panel VECM method. The results showed that in the long run globalization, inflation, physical capital, and financial development affect economic growth, but government spending has no effect. While in the short term both lag 1 and 2 all variables affect economic growth. The implication of the study that  government to prioritize the effective allocation of public spending, ensuring that funds are directed toward productive sectors such as infrastructure, education, and health.
Indonesia and the complex global economic order: Implication of global and regional economic arrangements on Indonesia’s trade Prinanda, Devita; Prasodjo, Haryo; Kusumawardany, Rennatha Pradhesty
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 15 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v15i1.12102

Abstract

The complexity of the world economic order means that countries have to follow many regional and global rules. International agreements involve many joint commitments built primarily in the economic field. Indonesia is a developing country that is involved in many international economic frameworks. At the global level, Indonesia is subject to the rules of the Bretton Woods system. Meanwhile, in the regional framework, Indonesia plays a full role in ASEAN's economic system. It does not contain Indonesia's involvement in other international economic orders such as APEC, G20, and so on. This research maps the global economic order in which Indonesia is involved and looks at the implications for Indonesia's international trade. The author uses world economic order approach to examine this topic. The result show that Indonesia has been involved in several economic order regionally and globally. The implication of the study government of Indonesia need to maintains its positive balance of trade although struggles with regional and global competitions.
Environmental quality, economic growth and population density: A panel study in Indonesia Perwithosuci, Winny; Anas, Muhammad; Hidayah, Nur; Putri, Rania Nurdiana; Hadibasyir, Hamim Zaky
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 15 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v15i1.12559

Abstract

Environmental quality is one of the topics that is widely discussed. The environmental quality degradation such as increasing greenhouse gases will induce climate change that will affect many sectors. This study aims to estimate the determinants of environmental quality in 33 provinces in Indonesia from 2016 to 2022. The data was generated from Ministry of Environment and Forestry and Statistics Indonesia. Many studies observe the determinant of environmental quality or its relationship with economy and population. However, the results are still varied.  This study fills the gap by utilizing the Environmental Quality Index (EQI) as the proxy of environmental quality while most studies in Indonesia use CO2. Economic growth, human development index, population density, and forest coverage are treated as independent variable. This study employs the Fixed-Effects model in estimating the data. The results revealed that the human development index positively and significantly affects the environmental quality index. Meanwhile, it is found that population density affects The Environmental Quality Index (EQI) negatively. Policymakers can construct policies in sustainable development such as building more extensive green space, restricting land use, and increasing human development to keep the environmental quality better.
Sustainable invesment challenges in emerging markets: Case of India’s NIFTY100ESG indices Luthfiya, Kyla Alifiya Syahla; Darsono, Susilo Nur Aji Cokro
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 15 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v15i1.12706

Abstract

The NIFTY100 ESG Indices in India are influenced by macroeconomic factors such as currency exchange rates, economic policy uncertainty (EPU), CBOE VIX, and global commodity prices like gold and crude oil. Despite the increasing relevance of sustainable investing, limited research has explored how these factors impact ESG-focused indices in emerging markets. This study examines their short- and long-term effects using the Autoregressive Distributed Lag (ARDL) model, analyzing monthly data from January 2019 to December 2024. The findings indicate that in the short term, CBOE VIX, exchange rates, and gold prices negatively affect the index, while gold prices have a positive impact in the long run. Meanwhile, exchange rates, EPU, and crude oil prices show no significant influence. By specifically focusing on India’s ESG investments, this research fills a crucial gap in the literature, moving beyond conventional stock market studies. The results emphasize the importance of strong economic policies and risk management strategies to enhance market stability and promote sustainable investments, offering valuable insights for investors, policymakers, and regulators in an evolving financial landscape.
Model development for estimating sales adjusment magnitude in real estate appraisal using hedonic price model and paired data analysis Bagaskara, Bagaskara; Prativi, Fatima Putri
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 15 No. 2 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v15i2.11478

Abstract

This study aims to develop a model that can identify a reference for determining the adjustment magnitude in the market approach used in appraisal practice. Currently, it is challenging for appraisers to accurately determine the extent of these adjustments. Data collection in this study employed purposive sampling, ensuring that the criteria and specifications closely mirrored the data collection process in appraisal practices. The researcher selected three districts to capture any possible variations in location affecting the adjustment magnitude. The collected data was regressed to build a hedonic price model, which was later analyzed using the paired data analysis method to meet ideal model conditions and specifications. The results of this study demonstrate that the adjustment magnitude in the market approach can be identified from price differences resulting from variations in a single attribute. The highly heterogeneous housing market conditions in Indonesia present significant challenges for conducting paired data analysis in a practical context. Artificial conditions were required to meet the specifications for paired data analysis. The implication of the study that appraisers in determining adjustments in the market approach. Additionally, the model/procedure developed in this study can be applied in research across different contexts and objects, contributing to the advancement of real estate valuation science.
Examining the contribution of Islamic bank to Indonesia economic growth Taqiyya, Faz Fachry; Sudarsono, Heri; Perdana, Andika Ridha Ayu
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 15 No. 2 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v15i2.12395

Abstract

This study thoroughly examines the impact of Islamic finance on economic growth in Indonesia, considering key variables such as total financing, total deposits, inflation, and trade openness. This study uses quarterly data covering the period from the first quarter of 2005 to the fourth quarter of 2021, providing a comprehensive overview of the dynamics between Islamic finance and economic growth for more than a decade. Through panel data regression analysis using the ARDL model, this study effectively explains the interaction between the dependent and independent variables and identifies the long-term impact of Islamic finance variables on Indonesia's economy. The findings indicate that Islamic finance positively contributes to long-term economic growth in Indonesia, with increases in total financing and deposits playing crucial roles in accelerating economic growth. These results underscore the importance of further developing the Islamic finance sector as a key driver of economic growth with significant implications for policies that support financial inclusion and macroeconomic stability. This study offers new insights for policymakers and financial practitioners to maximize the potential of Islamic finance to promote sustainable economic growth in Indonesia.
The transformative impact of information and communication technology on regional economies in Indonesia Wardhana, Adhitya; Kharisma, Bayu; Fauzy, M. Zidan; Anggana, Adrian Kevianta
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 15 No. 2 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v15i2.12529

Abstract

The development of information communication technology (ICT) has made it easier for people to carry out activities. People's dependence on ICT has become greater, which impacts increasing per capita income, business efficiency, and costs. The impact of ICT causes the flow of goods and services to be more efficient so that economic growth can be faster. This study aims to analyze the effect of ICT on economic development across all provinces in Indonesia over the period 2012–2022. The data used in this study from the Central Bureau of Statistics and the DJPK or the Ministry of Finance of Indonesia and used Generalized Least Squares (GLS) model approach. The results shows the Information and Communication Technology Development Index as a proxy for ICT, government spending, and investment significantly affected economic growth in all provinces. The labor variable does not significantly affect economic growth. The investment variable has the power prediction on economic growth. Implication of the study the government needs to build digital infrastructure and  government budget is more focused on digital literacy.
Optimizing invesment decisions: A comparative analysis of fundamental and technical approaches Amraini, Amraini; Muchran, Muchriana; Mira, Mira
Optimum: Jurnal Ekonomi dan Pembangunan Vol. 15 No. 2 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/optimum.v15i2.12537

Abstract

This study discusses the comparison between using technical analysis independently and combining fundamental analysis with technical analysis in optimizing stock investment decision-making. The data used is secondary data from LQ45 stocks during the period of February to July 2024. Technical analysis in this study uses the Stochastic RSI indicator, while fundamental analysis refers to the Price to Book Value (PBV) ratio. The results show using technical analysis has an accuracy rate of 92% with a profit of 16.224, which is higher than the combination of both analyses which recorded an accuracy of 87% and a profit of 5.999. Nevertheless, the combined strategy is proven to be more effective in reducing investment risk, making it still relevant for investors who focus on long-term security. This study is important because in investment practice, market participants often face confusion in choosing the most suitable analytical approach. By empirically comparing the two strategies, and this study provides insights that can help investors adjust their strategies based on their goals, risk tolerance, and investment horizon, so that the decisions made are more targeted and measurable.

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