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Journal of Economics Business Industry
Published by Lembaga Penelitian dan Ilmu Pengetahuan JEPIP
ISSN : 30250528     EISSN : 30250986     DOI : https://doi.org/10.59976/jebin
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Journal of Economics Business Industry is a journal through a peer-review process.  Journal of Economics Business Industry for academics and researchers to publish their articles which is an original text that has not been published in another journal. The focus and scope are in the fields of Economics Industry, Mangement and Industry Businees, Economics Finance, Economics accounting, Economics Business.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 45 Documents
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Potential Islamic Finance as an Alternative for UMKM Scale, Instrument Development and Validation in Indonesia Ayu Anita Novanka; Evi Devi Nurkarimah; Farida Aryani; Susan Cholidiyah
Journal of Economics Business Industry Vol. 2 No. 1 (2024): July
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v2i1.246

Abstract

This study examines the potential of Islamic finance as an alternative financing channel for Micro, Small, and Medium Enterprises (UMKM) in Indonesia, addressing a persistent gap in empirically validated measurement instruments for this purpose. A purpose-built 21-item scale, designated the Potential Islamic Finance as an Alternative for UMKM Scale (PIFAUS), was developed and administered to 420 UMKM operators across five provinces on the island of Java through a structured face-to-face survey. Exploratory factor analysis revealed a six-dimensional structure accounting for approximately 76.29% of total variance, with the six factors identified as Personal Religious and Social Values, Sectoral Appropriateness, Financing Schemes and Opportunities, Accessibility, Cost Competitiveness, and Ease of Financing Access. Confirmatory factor analysis conducted within a PLS-SEM framework confirmed the model's construct validity, with multiple goodness-of-fit indices meeting either perfect or acceptable threshold criteria. The Cronbach's Alpha coefficient of 0.843 confirmed the high internal reliability of the instrument. Findings indicate that religious and social values constitute the most influential dimension driving UMKM orientation toward Islamic finance, while cost competitiveness and ease of financing access remain underdeveloped relative to the sector's stated positioning. The PIFAUS instrument offers both a theoretical contribution to the Islamic finance measurement literature and a practical diagnostic tool for policymakers, financial regulators at the Otoritas Jasa Keuangan (OJK), and institutional stakeholders seeking to expand Islamic finance penetration within Indonesia's UMKM economy.
Capital Buffer Dynamics and Risk-Taking Behaviour of Nigerian Commercial Banks in the Post-Reform Era Ngozi Okonjo-Iweala; Charles Chukwuma Soludo; Folarin Ikpesu; Tolulope Osinubi; Kazeem O. Ajide
Journal of Economics Business Industry Vol. 2 No. 2 (2024): November
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v2i2.250

Abstract

This study examines the long-run determinants of capital buffer accumulation and risk-taking behaviour among listed Nigerian commercial banks during the period H1:2012 to H2:2023 an era marked by successive Basel III-aligned regulatory reforms, oil price shocks, pronounced naira depreciation, and persistent macroeconomic volatility. The purpose of this study is to investigate how bank-specific variables, macroeconomic cycle indicators, oil revenue cycles, and regulatory pressure jointly shape the long-run capital and risk-taking decisions of Nigerian banks a question that existing short-run simultaneous equation frameworks have been unable to adequately address. The methodology employs a Panel Autoregressive Distributed Lag (Panel ARDL) model estimated using the Pooled Mean Group (PMG) technique on hand-collected semi-annual data from eleven listed Nigerian commercial banks, incorporating a novel oil revenue cycle variable (OIL) to capture the compound procyclicality unique to Nigeria's resource-dependent macroeconomic structure. The findings reveal that Nigerian banks exhibit moral hazard behaviour, whereby rising non-performing loans erode capital buffers in the long run through the risk-weight channel rather than triggering proactive capital rebuilding. Capital buffer adjustment operates primarily through lending contraction and leverage compression rather than equity issuance a structural constraint imposed by the shallowness of Nigeria's domestic equity market. While higher capital buffers significantly reduce long-run risk-taking, regulatory pressure simultaneously induces undercapitalised banks to increase risk exposure, confirming a moral hazard channel. Both the non-oil business cycle and the oil revenue cycle generate compound procyclicality in Nigerian bank capital and risk-taking behaviour. The originality of this study lies in its introduction of the oil revenue cycle as an explicit explanatory variable and its application of the Panel ARDL-PMG framework — which disentangles long-run equilibrium effects from short-run dynamics to the Nigerian banking context for the first time. The findings carry direct implications for the CBN's 2024 recapitalization mandate and macro-prudential policy design in resource-dependent banking systems.
The Impact of Social Commerce On Local Sme Resilience In Indonesia: Evaluating The Effectiveness Of The Tiktok Shop Prohibition Policy Arina Manasikana; Sri Purnama Sari; Eka Nurmala; Zizi Arsyabila
Journal of Economics Business Industry Vol. 2 No. 2 (2024): November
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v2i2.255

Abstract

The Indonesian government enacted Ministerial Regulation on Trade (Permendag) No. 31 of 2023, which took effect on October 4, 2023, prohibiting social commerce platforms from conducting direct retail transactions. This regulation was primarily directed at TikTok Shop, which had amassed approximately 2.1 million registered sellers in Indonesia by mid-2023. The central policy rationale was that unfettered social commerce activity was eroding the revenue base of traditional and physical market-based SMEs. This study evaluates the actual effectiveness of this prohibition from the perspective of local SME resilience, examining whether the regulation genuinely enhanced market access and revenue recovery for physical marketplace sellers, or whether it created new barriers to digital market participation for SMEs that had invested in online channels. A mixed methods design was employed, combining a structured survey of 245 SMEs across Greater Jakarta (Jabodetabek) with in-depth interviews of 18 key informants from market associations, SME cooperatives, and government trade officials. Data collection took place between October 2023 and January 2024. Quantitative analysis used ordinary least squares regression and difference-in-differences estimation, while qualitative data were analyzed thematically. Findings reveal a highly asymmetric impact: physical-market SMEs experienced a statistically significant average revenue increase of 18.3 percent in the two months following the ban, while digitally dependent SMEs reported an average revenue contraction of 43.6 percent over the same period. The regulation effectively displaced the problem rather than resolving its structural cause. Policy recommendations emphasize a hybrid regulatory framework that separates predatory pricing enforcement from platform access restrictions, enabling equitable market participation across both physical and digital channels.
A Dynamic Bayesian Regional Input–Output Model for Forecasting Provincial Economic Transformation, Resource Constraints, and Poverty Reduction Yi-Ming Mei; Zhu Tian; Jianwu Li; Xiaobo He
Journal of Economics Business Industry Vol. 2 No. 2 (2024): November
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v2i2.256

Abstract

China's structural economic transformation presents a critical analytical challenge: how to forecast macroeconomic phenomena at the provincial level while simultaneously incorporating resource constraints and poverty reduction objectives within a single modelling framework. This study constructs a dynamic, stochastic, Bayesian provincial input–output model for the Chinese economy denoted hereafter the SD R-IO China model capable of producing regional gross value added (GVA) forecasts and provincial multiplier estimates. The model couples system dynamics modelling with regional input–output analysis. Sector growth follows the limits-to-growth hypothesis. Application is made to China's resource sectors (agriculture, coal, oil and gas, electricity and water) and to provincial poverty indices. The model is constructed in Vensim®. Bayesian inference calibrates Type I and Type II multipliers (output, income, employment, GVA) within empirically defensible ranges. Model accuracy is assessed using the mean absolute percentage error (MAPE) statistic. The model replicates national GVA with a MAPE of 4.1% over the test period 2018–2022. Provincial forecasts achieve "highly accurate" classification for 11 of 31 provincial units and at least "reasonable" for all others. Sector multipliers conform to a priori expectations. A negative correlation between resource sector multipliers and provincial poverty headcount is observed, most prominently in the agriculture and electricity subsectors. The SD R-IO China model offers a scientifically rigorous, freely accessible tool for provincial macroeconomic analysis, with direct implications for green economy policy and poverty alleviation programming.
Risk Management in Islamic Banking: The Influence of Leadership, Islamic Work Ethics, and Length of Service Hery Wuryanto; Arif Aria Manggala; Kemal Wiranataatmadja
Journal of Economics Business Industry Vol. 2 No. 2 (2024): November
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v2i2.260

Abstract

This study examines the influence of Leadership and Islamic Work Ethics on the Risk Management function at Bank Jabar Banten Syariah, with Employee Characteristics as mediating variables, aiming to identify which individual attributes condition the strength of these relationships within a regional Islamic banking institution. : A quantitative associative-descriptive design was adopted. The population comprised all BJB Syariah employees across 30 office units in West Java and Banten Province. Purposive sampling yielded 250 respondents from positions engaged in risk management functions. Structured Likert-scale questionnaires were distributed and analyzed using Partial Least Squares Structural Equation Modeling via SmartPLS. Leadership significantly influences Risk Management (β = 0.263, p = 0.011). Islamic Work Ethics showed a stronger effect (β = 0.412, p = 0.000), making it the dominant predictor. Among five employee characteristics tested as mediators, only Length of Service produced significant indirect effects on both paths (Leadership: β = 0.091, p = 0.022; Islamic Work Ethics: β = 0.083, p = 0.030). Gender, Educational Level, Conventional Banking Experience, and Age were non-significant. The model explained 50.1 percent of Risk Management variance. BJB Syariah management is encouraged to embed Islamic Work Ethics more deeply into institutional culture, emphasizing justice, the conception of work as worship, and commitment to halal income, while implementing ISO 31000 to strengthen institutional risk culture beyond formal certification programs. This study also provides evidence that religiosity-grounded Islamic ethical values carry greater explanatory power for risk management behavior than structural leadership, contributing a novel empirical perspective to Islamic banking governance literature
Energy Consumption, Economic Growth, and Environmental Trade Offs in Java and Bali: Nexus of Foreign Direct Investment Jana Wiharja; Dandung Sukmawan; Andung Subekti; Sumarna Sumarna
Journal of Economics Business Industry Vol. 2 No. 2 (2024): November
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v2i2.263

Abstract

Environmental degradation has become a growing concern across Indonesia's most densely populated and economically active regions. This research examines the impact of energy consumption, economic growth (GDP), and foreign direct investment (FDI) on environmental degradation measured by greenhouse gas (GHG) emissions in four provinces spanning Java and Bali, namely DKI Jakarta, West Java, East Java, and Bali, from 2000 to 2023, with reference to the Environmental Kuznets Curve (EKC). Using secondary data from BPS Statistics Indonesia, the Ministry of Energy and Mineral Resources (KESDM), the Investment Coordinating Board (BKPM), and the Ministry of Environment and Forestry (KLHK), the study employed various econometric techniques. First, the stationarity of variables was assessed through panel unit root tests. Long run connections were subsequently established using panel cointegration tests. Three panel ARDL estimation approaches, namely the Pooled Mean Group (PMG), Mean Group (MG), and Fixed Effects (FE), were employed to estimate the models, while descriptive statistics provided a summary of the data. A heterogeneous panel causality analysis was conducted to examine causal links among factors. In the short run, energy consumption and GDP exert a notable positive effect on greenhouse gas emissions. In the long run, energy consumption and FDI have a positive and significant impact, whereas GDP squared representing the inverted U shaped EKC exerts a negative and significant impact, thereby validating the EKC hypothesis. Based on these results, several environmental welfare improvement policy recommendations are proposed, including promoting green investment, monitoring and regulating foreign direct investment, fostering sustainable economic growth, and encouraging economic diversification, while also recommending the exploration of alternative economic indicators for future research
Regional Competitiveness and Strategic Development of Seaweed Cultivation in East Nusa Tenggara Jackson Kubang
Journal of Economics Business Industry Vol. 2 No. 3 (2025): March
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v2i3.266

Abstract

Seaweed represents one of the most economically significant marine commodities in East Nusa Tenggara Province, yet the development potential of the commodity remains unevenly distributed and analytically underdocumented across individual regencies. This study examines the competitive position, production dynamics, development constraints, and strategic priorities of seaweed cultivation across five regencies in East Nusa Tenggara, namely East Flores, Alor, Sikka, Lembata, and East Sumba. The study employs an integrated multi-method framework combining contribution level analysis, Static Location Quotient (SLQ), Dynamic Location Quotient (DLQ), Shift Share Analysis, Strengths Weaknesses Opportunities Threats (SWOT) analysis, and the Analytical Hierarchy Process (AHP). Secondary data on production volume and production value were obtained from the Central Statistics Agency of East Nusa Tenggara and the respective regency Maritime and Fisheries Offices. Primary data were gathered through structured stakeholder interviews organized around four production factors: capital, labor, natural resources, and the business environment. East Flores is the only regency classified as Superior, combining an SLQ of 1.02 with a DLQ of 1.04. Alor and Sikka are classified as Potential, while Lembata and East Sumba are classified as Leading, with East Sumba recording the highest DLQ at 1.67 and a cumulative production growth of 143.52 percent. Shift Share Analysis identifies positive Differential Shift components in East Flores, Lembata, and East Sumba, confirming locally driven competitive advantages. The dominant constraints across all regencies are nature related, including cyclone disruption, ice ice disease pressure, and inadequate post harvest infrastructure. AHP prioritization places drying and processing facility improvement (global weight 0.136) and certified seedling access (0.124) as the two highest strategic priorities. This study is the first to integrate SLQ, DLQ, Shift Share, SWOT, and AHP into a single comparative analytical framework applied to seaweed as a distinct commodity across five regencies in East Nusa Tenggara, generating both a competitive classification and a prioritized development strategy that extends beyond the descriptive outputs of prior single-tool studies.
The Impact of Special Economic Zone Policy on High Quality Economic Development in Indian Cities: Evidence from a Difference in Differences Approach Mandira Sarma; Pralok Gupta; Priya Ramesh; Arjun Menon; Brishti Guha
Journal of Economics Business Industry Vol. 2 No. 3 (2025): March
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v2i3.269

Abstract

This study aims to examine the causal impact of Special Economic Zone policy on high-quality economic development in Indian cities, with particular attention to regional heterogeneity between inland and coastal cities and the mechanisms through which the policy influences development quality. This research employs city-level panel data from 51 large and medium-sized Indian cities during 2013–2021. A Difference-in-Differences model is used to estimate the causal effect of SEZ policy on the High-Quality Economic Development Index. The index is constructed using the CRITIC weighting method across five dimensions: innovation, coordination, green development, openness, and shared prosperity. Robustness is assessed through parallel trend testing, placebo tests, alternative dependent variables, and regional heterogeneity analysis. Stepwise regression, Sobel tests, and Bootstrap tests are applied to examine the mediating roles of trade facilitation and investment liberalization. The findings show that SEZ policy significantly improves high-quality economic development in treated cities. The effect is stronger and statistically significant in inland cities, while the impact in coastal cities is insignificant. The results further reveal that SEZ policy promotes development quality by enhancing trade facilitation and investment liberalization. This study contributes to SEZ and regional development literature by shifting the focus from output growth to multidimensional development quality and by providing causal evidence from Indian city-level data. The findings suggest that policymakers should prioritize inland SEZ development, strengthen trade infrastructure, simplify regulatory procedures, improve investment access, and design region-specific SEZ policies to support balanced and sustainable urban economic transformation.
The Effect of Inflation on Fertility Rates across Regencies and Cities in West Java Vivie Kartika Yodha; Widimas Faisal; Sutrisno Wibowo
Journal of Economics Business Industry Vol. 2 No. 3 (2025): March
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v2i3.273

Abstract

This study examines the macroeconomic determinants of fertility in West Java, Indonesia, with particular emphasis on the role of inflation in shaping the trajectory of the regional fertility rate. Using an unbalanced panel dataset of 27 kabupaten/kota (regencies and cities) over the period 2016 to 2023, this study employs the panel Fixed Effect estimator to quantify the extent to which inflation influences the total fertility rate and the crude birth rate. The empirical results consistently demonstrate a negative and statistically significant association between the Consumer Price Index and fertility rate. The negative effect of inflation on fertility is concentrated in the Metro region of Greater Jakarta's periphery, where the cost of living pressure is most acute. Further analysis reveals that the adverse effect of inflation on fertility is amplified over the long run, implying that persistent price level increases translate into sustained downward pressure on reproductive decisions. The results remain robust when the crude birth rate is used as an alternative measure of fertility and when the bias-corrected Least Squares Dummy Variables estimator is applied as a robustness check. This study contributes to the emerging literature on the macroeconomic determinants of fertility in middle-income developing regions by providing new district-level evidence from Indonesia's most populous province and by underscoring the long-run implications of sustained inflationary pressure on fertility outcomes. Several policy measures are proposed, including the expansion of the Program Keluarga Harapan conditional cash transfer to include a dedicated child benefit component, the extension of the childcare subsidy under Kartu Prakerja to female workers in informal sectors, and the acceleration of the Tapera housing savings program to reduce household financial burdens associated with family formation.
Compact Cities and Consumption Growth, Evidence from Urban Households Huynh Phuc Phan; Le Quoc Du; Van Kim Hoang
Journal of Economics Business Industry Vol. 2 No. 3 (2025): March
Publisher : Lembaga Penelitian dan Ilmu Pengetahuan JEPIP

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59976/jebin.v2i3.277

Abstract

Vietnam's rapid urbanization has produced a mosaic of urban spatial forms, from compact delta cities to strikingly elongated coastal provinces, raising the question of whether city morphology shapes household consumption behavior. This study provides empirical evidence on the impact of city shape compactness on household consumption in Vietnam, using nighttime light satellite data to construct four indices of city shape compactness for 63 provinces and municipalities. Micro-level data from the Vietnam Household Living Standards Survey (VHLSS) 2024 yield a sample of 21,247 urban households across 30 provinces. Instrumental variables are constructed from hypothetical circular expansion paths calibrated on historical population growth rates and topographic constraints, addressing endogeneity arising from omitted variables, reverse causation, and selection effects. The results indicate that higher city shape compactness induces higher household consumption primarily through two channels: expanding intra-city travel frequency and enhancing disposable income. A reduction of 1 km in the average intra-city transportation distance is associated with approximately 3.1 percent higher per capita consumption, and this effect is concentrated in food and housing expenditures. Households with middle-aged heads are more sensitive to changes in compactness than those with younger or older heads. Compact city shape does not alter households' marginal propensity to consume. These findings highlight the importance of integrated spatial planning and transportation infrastructure investment as instruments for boosting domestic consumption in Vietnam's rapidly urbanizing economy.

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